Annuity Values in Defined Contribution Retirement Systems: Australia and Singapore Compared

Annuities promise to play an increasingly important role in countries with national defined contribution retirement systems. In this article we examine life annuities in two countries, Singapore and Australia, each of which has a national mandatory pension program. Exploiting data on annuity pricing and purchase behaviour, we compare the money's worth of life annuity products across these two nations. Our results indicate that, after controlling on administrative loadings, there are important differences in measured adverse selection. Part of the explanation may be due to the different structures of the two countries’retirement systems.     

Determinants of Canadian bilateral aid allocations: humanitarian,commercial or political?

Abstract.  In this paper we examine the determinants of the allocation of Canadian bilateral aid over the period 1984–2000. We draw on models of donor behaviour that allow us to incorporate humanitarian, commercial and political considerations – the 'trinity of mixed motives'– that affect Canadian aid. We find that allocations are moderately altruistic. Recipient country human rights and membership in the Commonwealth and La Francophonie also affect aid flows. Most strikingly, our results suggest that Canadian aid flows became less altruistic over this period and commercial motives became increasingly important. JEL Classification: H50, O10     

Corporate Cultural Change – Is It Relevant For the Organisations of the 1990s?

Partly as a consequence of the popularity of the ‘excellence’ literature of the early 1980s, there was a widespread acceptance that ‘corporate cultural change’ was one of the effective mechanisms within a strategic HRM approach to people management. However, recent research into imposed cultural change programmes in the late 1980s raises doubts about their effectiveness as change mechanisms, as management control devices and as contributors to business performance. This article engages in the current debate concerning the aims, design and implementation of cultural change but goes on to question the relevance of such an idea for organisations in the context of the 1990s. the article extends the many debates within the HRM and corporate culture literature by contextualising them within the emerging features of organisations in the 1990s.     

THE MANAGEMENT OF NEW OFFICE TECHNOLOGY: CHOICE, CONTROL AND SOCIAL STRUCTURE IN THE INSURANCE INDUSTRY

Amongst the growing literature on the technical and social aspects of microelectronics in work organizations, a considerable portion has direct or indirect pertinence to the question of managerial practice. That segment of the literature relating to new office technology is perhaps especially conscious of this angle — not least because this sphere of innovation has a clear bearing on the managerial role itself. Drawing both on theoretical issues extracted from this literature, and on empirical studies in three insurance companies, it is argued that while control is of crucial long-term importance in shaping the general direction of organizational change using new technology, there are sound sociological reasons why the path which is beaten out in that direction remains a far from straight one. Moreover, while differences in organizational practice between these organizations are found to exist, these appear to be associated only indirectly with the diverse levels of technological sophistication.     

INTRODUCING MARKET FORCES INTO MANAGERIAL DECISION-MAKING IN CHINESE INDUSTRIAL ENTERPRISES

This paper focuses on the fundamental changes in the management of state enterprises that are taking place in China. Specifically, we discuss the expansion of enterprise autonomy and changes in the managerial decision-making structure. The genesis of the reform programme is traced back to inefficiencies caused by the over-centralized state planning system which reduced enterprise management to little more than an administrative function dominated by the Party secretary. As a consequence, managerial and technical cadres became demoralized and the growth of staff functions such as accounting, marketing and personnel management was stunted. From a series of experiments launched in 1978 has grown the realization that tinkering around with the state planning apparatus is insufficient to stimulate entrepreneurship and vigorous industrial expansion. Accordingly, reform has been launched on a broad front both within the state apparatus, in an endeavour to roll back external constraints on enterprise, and within the enterprise itself, by seeking to provide powerful incentives both to managerial cadres and workers through a system stressing individual responsibility and rewards commensurate with results. A number of severe constraints on the reform programme are analysed, in particular, the changing balance of power within the enterprise between the factory director, the Party secretary, the workers’congress and the trade union. Contradictions exist within the new structure of decision-making but, given a period of political stability and sustained economic growth, there should be sufficient surplus to mollify discontent and stifle those who refuse to give up their belief in the virtues of having‘politics in command’of the industrial enterprise.