Profit and equity trade‐offs in the management of small pelagic fisheries: the case of the Japanese sardine fishery*

The management of small pelagic fisheries is difficult due to environmental regime changes that generate multi‐decadal cyclic fluctuations in stock abundance. Lagged management responses to environmental factors can amplify the effects of fishing and may even result in stock collapse. In this paper, we develop an age‐structured bioeconomic model to explore the effectiveness of alternative management approaches for cyclically fluctuating small pelagic fish stocks. The fishery outcomes are evaluated against the overall profit of the fishery and the intertemporal distribution of fishing profits. The model is parameterised for the Japanese sardine fishery, once the largest fishery in Japan, which has experienced a prolonged period of stock collapse over the last 100 years. The results show that the duration of fishery collapse is mostly determined by the extent of cyclic fluctuations in the recruitment of immature sardines, but the effects of the fluctuations on the fishery are heightened by the cumulative impact of fishing. We further show that restricting fishing reduces the fishery’s overall profits, but smooths the intertemporal distribution of profits, resulting in greater intergenerational equity. This income smoothing effect is particularly pronounced when the stock exhibits high levels of cyclic fluctuations.     

Affective Effects of Offering Options on Persuasiveness of Fear Appeals

Research on fear level and options available for consumers to reduce their level of threat was undertaken to determine what effect these variables have on attitudes, purchase intentions, and emotions besides fear. Using an experimental design, it was found that higher levels of fear induce elevated levels of anger and disgust. There was also a positive correlation between fear and positive attitudes and purchase intention, but only in cases where more options were offered. This suggests that if advertisers want to induce a high level of fear in audiences, offering multiple options to reduce fear can lead to more positive attitudes and purchase intention.     

The implications of TARP: Evidence from bank performance and CEO pension benefits

This study examines the effect of compensation restrictions introduced by the Troubled Assets Relief Program (TARP) of 2008 on the performance of banks and their compensation structures. It documents significant performance improvement among TARP banks that experienced Chief Executive Officer (CEO) resignations after their banks accepted TARP funds. The improvement is most significant in the year following CEO resignation. In addition, TARP banks that kept their CEOs show a significant increase in CEO pensions post-TARP. TARP banks that did not experience CEO resignations, thus, appear to substitute pension increases for their CEOs to mitigate the TARP-induced decrease in conventional forms of compensation. Further analysis on all banks without CEO resignations shows that TARP banks have significantly higher increase in pension benefits post 2009 than banks that chose to decline TARP funds. The evidence shows that increased pension arrangements play a significant role in CEOs’ decisions to remain in their roles despite the constraints imposed by TARP.     

A Global Analysis of Corporate Social Performance: The Effects of Cultural and Geographic Environments

As more and more multi-national companies expand their operations globally, their responsibilities extend beyond not only the economic motive of profitability but also other social and environmental factors. The objective of this article is to examine the impact of national culture and geographic environment on firms’ corporate social performance (CSP). Empirical tests are based on a global CSP database of companies from 49 countries. Results show that the Hofstede’s cultural dimensions are significantly associated with CSP. In addition, European companies are found to out-perform other regions and countries in CSP.     

Performance Implications of MNEs' Diversification Strategies and Institutional Distance

By proposing a conceptual outline for a general model that explains the link between multinational enterprises' (MNEs') diversification and their performance, this study tests the moderating effects of institutional distance empirically. Integrating literature from a strategic perspective within international business research, the proposed integrated, multidimensional framework can analyze MNEs' product diversification, international diversification, and institutional distance, as well as the impacts of these elements on firm performance. A sample of Fortune Global 500 companies confirms this moderation and extends prior research by establishing the importance of relationships among MNEs' product and international diversification, institutional distance, and performance. © 2012 Wiley Periodicals, Inc.     

How do Heterogeneous Beliefs Influence Asset Volatility?

We investigate the influence of heterogeneous beliefs on asset volatility when agents' degrees of confidence differ. With a continuous‐time model subsuming agent's heterogeneous beliefs in the expected increase in dividends, a stock price formula is derived. Based on this formula, the stock volatility is computed via Monte Carlo simulation. The results show that the influence of belief heterogeneity in expectation on volatility depends on the confident agents' level of optimism. Empirical results are also provided.     

Funding liquidity and equity liquidity in the subprime crisis period: Evidence from the ETF market

Using index and financial exchange-traded funds (ETFs), this study explores the relation between funding liquidity and equity liquidity during the subprime crisis period. Our empirical results show that a higher degree of funding illiquidity leads to an increase in bid–ask spread and a reduction in both market depth and net buying imbalance. Such findings indicate that an increase in funding liquidity can improve equity liquidity, with a stronger effect for the financial ETFs than for the index ETFs. Our study provides a better overall understanding of the effect of the liquidity–supplier funding constraint during the subprime crisis period.     

Die Einführung einer mehrdimensionalen Kostenkalkulation am Beispiel der Fresenius Kabi - Betriebsstätten Clinico

Ohne Zusammenfassung Ricardo David Gabutti Dipl.-Kffr., Fresenius Kabi AG, Corporate Controlling Dr. Jennifer Kunz Dipl.-Kffr., Diplom-Mathematikerin, Johann-Wolfgang Goethe Universit?t Frankfurt am Main, Habilitandin am Lehrstuhl für Controlling und Auditing Carmen Voigt Dipl.-Kffr., Fresenius Kabi Deutschland GmbH, Produktionsst?tte Bad Hersfeld, Produktionscontrolling     

Gestaltungsparameter zur Förderung des innerbetrieblichen Wissenstransfers – Ein Strukturierungsrahmen

There is an ongoing discussion regarding the management of knowledge transfer in firms in theory and practice. Over time, a considerable amount of measures to foster this transfer has been proposed. However, their interplay in practice is difficult to judge. This paper picks up this aspect and develops a theory-based framework of factors that have to be considered when trying to influence knowledge transfer. This framework offers the possibility to improve the analysis regarding the mentioned interplay between different measures.     

服务型领导供求匹配一致性与创造力：内在动机与主动性人格的作用

服务型领导有效性取决于领导者和下属双方匹配的一致性,但现有研究局限于仅从领导或下属单一视角考察服务型领导的影响。基于个体-环境匹配理论,对服务型领导供求匹配一致性与创造力的关系进行分析,探讨追随者内在动机的中介作用与追随者主动性人格的调节作用。通过对200个领导与726个员工的配对数据进行多项式回归与响应面分析,结果发现：与服务型领导低匹配（低供给-低需求）相比,追随者的内在动机在服务型领导高匹配（高供给-高需求）时更高;服务型领导供求匹配通过追随者内在动机影响创造力;追随者主动性人格在服务型领导供求匹配与追随者内在动机之间并不存在显著调节作用。