School tracking and intergenerational income mobility: Evidence from the Finnish comprehensive school reform

This paper estimates the effect of a major education reform on intergenerational income mobility. The Finnish comprehensive school reform of 1972–1977 replaced the old two-track school system with a uniform nine-year comprehensive school and shifted the selection of students to vocational and academic tracks from age 11 to age 16. We estimate the effect of this reform on the intergenerational income elasticity using a representative sample of males born between 1960 and 1966. The identification strategy relies on a differences-in-differences approach and exploits the fact that the reform was implemented gradually across the country during a six-year period. The results indicate that the reform reduced the intergenerational income elasticity by 23% from the pre-reform elasticity of 0.30 to post-reform elasticity of 0.23.     

Mediating role of job stress between work-family conflict,work-leisure conflict,and employees' perception of service quality in the hotel industry in France

This study investigates the relationships among work-family conflict (WFC), work-leisure conflict (WLC), job stress, and quality of service. This study examines the mediating role of WLC between WFC and job stress. Also, it tests the mediator effect of job stress between WFC, WLC, and quality of service. Data were collected from employees in interaction with customers (648) in the hotel industry in France. The results indicate that WFC and WLC have a positive influence on job stress. The analyses of indirect effects tests based on a bootstrap analysis (Preacher &; Hayes, 2004 Preacher, K. J., &; Hayes, A. F. (2004). SPSS and SAS procedures for estimating indirect effects in simple mediation models. Behavior Research Methods, Instruments, &; Computers, 36, 717–731.[Crossref], [PubMed] , [Google Scholar]) showed an indirect effect between WFC and job stress. Similarly, the results demonstrated that job stress mediates the relationship between WFC, WLC, and quality of service. The results of the study provide implications for managing employees in the hospitality and tourism industries.     

Employee stock option plans and stock market reaction: evidence from Finland

This paper examines whether the adoption of stock option plans results in changes in shareholders’ wealth, and whether the stock market reactions to ESOP announcements could be explained by the target group of ESOP and the dilution effect. Short-horizon test methods are applied for this purpose. The sample consists of ESOP announcements of Finnish publicly quoted companies on the Helsinki Stock Exchange during the time period 1988–1998. The event study results show a slightly positive market reaction to announcements of ESOPs targeted to management and a negative market reaction in the case of ESOPs targeted to all employees. The results of regression analysis show that the ESOPs with limited dilution convey positive information to the stock market and the dilution effect has a negative impact on stock returns, especially in the case of ESOPs targeted to all employees.     

Coercive Pressures and Anti-corruption Reporting: The Case of ASEAN Countries

This paper aims to investigate the extent of anti-corruption reporting by ASEAN companies and examine whether coercive factors influence the level of disclosure. The authors adopt indicators from the Global Reporting Initiative version 4.0 to measure the extent of anti-corruption disclosures in 117 companies’ reports. Informed by a coercive isomorphism tenet drawn from the institutional theory, the authors propose that several institutional factors influence the extent of their voluntary disclosures. The findings reveal that a large degree of variability difference between the average levels of anti-corruption disclosure in Thailand (434 words) and the Philippines (149 words). The dependence on government tenders and foreign ownership are associated with the level of disclosure. Surprisingly, the United Nation Global Compact membership is not a significant determinant of anti-corruption reporting. This signifies that the membership in the international initiative does not correspond to individual company’s commitment to disclose anti-corruption information. In spite of significant efforts undertaken by global organizations to combat corruption, the level of anti-corruption disclosure is significantly different among the four countries under study. The disclosure of sensitive information such as the confirmed incidences of corruption cases requires careful consideration by the top management as it is subjected to legal implications and reputational risks. Thus, impression management can complement the coercive pressure in explaining the level of anti-corruption reporting. This study is among the first studies which explores the association between coercive factors and the level of anti-corruption disclosure in ASEAN region.

     

The Changing Role of Financial Stress,Oil Price,and Gold Price in Financial Contagion among US and BRIC Markets

The objective of this paper is to explore the determining factors behind financial contagion between US and BRIC (Brazil, Russia, India, and China) equity markets. To this end, we investigate the effects of global macroeconomic factors on the time‐varying correlations among these markets obtained by asymmetric dynamic conditional correlation method. Utilizing quantile regression analysis, we examine the determinants of financial contagion at different levels of time‐varying correlations. The results of quantile regression analyses reveal that global financial crisis (GFC) (2008) leads to changes in the dependence structure between dynamic conditional correlations among equity markets and global macroeconomic factors, such as global financial stress, oil prices, and gold prices. Following the GFC, monetary, and fiscal policy changes in the BRIC markets and hence changing macroeconomic risks of these markets are conducive to these changes. Our findings also demonstrate the importance of cross‐market rebalancing channel for information transmission across US and BRIC markets.     

Employee knowledge and the effects of a deferred profit‐sharing system: A longitudinal case study of personnel funds in Finland

We explain the special features of the Finnish profit‐sharing system and explore what outcomes this deferred plan has for the company under longitudinal conditions. We measure changes in employee attitudes, effects of the system, and, in particular, the changes in the employee's pay knowledge before and after the combination of a deferred profit‐sharing system with a cash‐based one. Statistical analyses are preceded by qualitative analyses of interview data to provide the reader with an understanding of the context. Even though the employees' pay knowledge has increased and they perceive that they get more feedback on company key ratios, there still is a need for human resource management and managers to provide training and enhance discussions on the pay system for both supervisors and subordinates. © 2010 Wiley Periodicals, Inc.     

Multiple Objective Approach as an Alternative to Radial Projection in DEA

Radial projection is a standard technique applied in data envelopment analysis (DEA) to calculate efficiency scores for input and/or output variables. In this paper, we have studied the appropriateness of radial projection for target setting. We have created a situation where the decision making units (DMUs) are free to choose their own target values on the efficient frontier and then compared the results to those of radial projection. In practice, target values are primarily used for future goal attainment; hence, not only preferences but also, and on the whole, change in time frame, affect the choice of target values. Based on that, we conducted an empirical experiment with an aim to study how the DMUs choose their most preferred target values on the efficient frontier. The subjects, who all were students of the Helsinki School of Economics, were given the freedom to explore their personalized efficient frontiers by using a multiple objective linear programming (MOLP) approach. To study various and relevant scenarios, the personalized efficient frontiers for all students were constructed in such a way that the current position of each student in relation to the frontier made him/her inefficient, efficient, or super-efficient. The results show that the use of radial projection for target setting is too restrictive.     

A Study of the Key Strategic Drivers of the Use of the World Heritage Site Designation as a Destination Brand

This article examines the emergence of the World Heritage Site (WHS) designation as a de facto brand. The study applies Balakrishnan’s (2009) strategic framework for destination branding to the demand for World Heritage Sites. A total of 72 countries currently applying for WHS status for national sites are examined. Previous studies in this area have been based mainly on case-study methodologies and/or are limited either to a single country or to a comparison among a small number of countries. The study finds, inter alia, that countries that have a large number of foreign arrivals but are not yet fully integrated into the global economy are particularly disposed to expanding the number of WHS on their national territories.