Book Reviews

Anthony J. Whitten, Sengli J. Damanik, Jazanul Anwar and Nazaruddin Hisyam, The Ecology of Sumatra, Yogyakarta: Gadjah Mada University Press, Second Edition, 1987, pp. 583 + xx.

Christine Drake, National Integration in Indonesia: Patterns and Policies, Honolulu: University of Hawaii Press, 1989, pp. 354 + xvi. Cloth: US$ 35.00.

Geoffrey B. Hainsworth (ed.), Environmental Linkages, Halifax: School for Resource and Environmental Studies, Dalhousie University, 1985, pp. 97.

R. Repetto et al., Wasting Assets: Natural Resources in the National Income Accounts, Washington DC: World Resources Institute, June 1989, pp. 69 + vi. Paper: US$10.00.

William E. James, Seiji Naya and Gerald M. Meier, Asian Development: Economic Success and Policy Lessons, Madison, Wisconsin: University of Wisconsin Press, 1989, pp. 281 + Xviii.

Robert B. Dickie and Thomas A. Layman, Foreign Investment and Government Policy in the Third World: Forging Common Interests in Indonesia and Beyond, London: MacMillan, 1988, pp. 240 + xxxi. £35.

Alan Gelb and Associates, Oil Windfalls: Blessing or Curse? New York: Oxford University Press, for the World Bank, 1988, pp. 357 + x. $32.50.

Benjamin Higgins, The Road Less Travelled: A Development Economist's Quest, History of Development Studies 2, Canberra: National Centre For Development Studies, the Australian National University, pp. 204 + x. Paper: A$20.00

BRIEFLY NOTED: Sarwar Hobohm, Indonesia to 1993: Breakthrough in the Balance, London: Economist Intelligence Unit, Special Report no. 2012, 1989, pp. 91, £190 for this Plus the Companion Report, Indonesia to 1991: Can Momentum be Regained?

Geoffrey Hainsworth and Hasan Poerbo (eds), Local Resource Management: Towards Sustainable Development, Halifax: School for Resource and Environmental Studies, Dalhousie University, 1987, pp. 69 + xii.

H.W. Dick, Industri Pelayaran Indonesia: Kompetisi dan Regulasi, Jakarta: LP3ES, 1990, 306 + xxv.     

The coexistence of transaction and relational marketing: Insights from the Chinese business context

Transaction and relational approaches to marketing have been promoted as alternative forms but recent evidence suggests that they may coexist. We explore this in the context of China. If firms operating in a highly relational society, such as China, exhibit transactional behavior, these two approaches must be compatible. We argue that Chinese values give rise to business practices consistent with both transactional and relational perspectives. These are summarized in six propositions for research. Theory building and managerial practice could benefit from thinking in terms of how elements from the two perspectives can be brought together rather than remain as alternatives.     

The role of corrosive internalisation and denial of responsibility in stabilising inequality in South Africa

ABSTRACT

This paper examines how capabilities inequality is stabilised through its consequences on those at both ends of the distribution. It outlines the development of the balance model, which is argued to help highlight these consequences. Specifically, how adverse environments associated with lack of access to resources and poor treatment can lead to internal consequences which further corrode capabilities. At the same time, denial of this corrosion or its importance is critical for those who benefit from the inequality. To avoid moral constraints being triggered it is important, necessary even, for them to see those who suffer as outside of their moral universe, or their suffering to be in no way associated with their advantage. Corrosion and denial work to stabilise the system. For those in the middle of the distribution, they may work to do so in combination. Appreciating these internalised consequences is key to addressing inequality in South Africa.     

中国经济复苏将经历一段曲折之路

【美国《华尔街日报》5月25日】中国经济似乎正在丧失增长动力，一些经济领域在一度出现井喷式增长后，目前显现了增速放缓迹象，不过经济学家们说，现在就断言中国的经济复苏已经终止还为时尚早。     

旅游对传统村落的影响研究——以安徽齐云山为例

旅游影响一直是国内外旅游研究的重要课题,旅游地居民对旅游发展的感知是研究旅游影响的重要途径。此次调查以安徽省黄山市休宁县齐云山为例,采用问卷调查和现场访谈相结合的方式,运用SPSS、CATPACTM等软件对调查结果进行数理统计,从居民与游客角度分析了旅游开发给齐云山居民带来的经济、社会文化、环境的若干影响,以及居民对旅游业所持的态度。文章着重于探讨居民对于因旅游开发所带来的村落影响的感知,以及他们对于当前旅游影响的评测和对未来旅游发展的期待。     

A Re-examination of the Performance of Value Strategies in the Athens Stock Exchange

This study tests the performance of contrarian (value) strategies in the Athens Stock Exchange (ASE) in a recent period of time (2003–8) on the basis of the price to earnings ratios, dividend yields, firm size (market value), market to book ratios, financial leverage ratios, and market beta. Apart from the univariate portfolio analysis, we implement a novel panel data analysis based on the procedure suggested by Pesaran (2004, Econometrica 74:967–1012, 2006) that provides a valid estimation and inference under cross sectional dependence. Our portfolio analysis results highlight for investors in the ASE the superiority of value strategies formed on the basis of stocks with low price-to-earnings, high dividend yield ratios, and low market-to-book ratios. Our panel data analysis results depend on whether or not we correct for the problem of cross-sectional correlation in the regression residuals as suggested by Pesaran’s (Econometrica 74:967–1012, 2006) method. When we correct for this problem, we obtain evidence which support only a negative association between annual stock returns and market-to-book ratios. This may imply to investors that an adoption of a value strategy based on the market-to-book ratio may constitute a safer option compared with the other two alternatives suggested by the portfolio analysis results.     

Reinforcing organizational defensive routines: An unintended human resources activity

Although human resources professionals are against the proliferation of defensive routines, they often design programs that reinforce them. This paper examines one organization in depth in order to illustrate how its human resources professionals acted in ways that unintentionally reinforced the very defensive routines that they were trying to reduce. Organizational defensive routines organized into self-reinforcing loops can result in lack of effective line leadership and increasing difficulty for management development, organizational development, education, organizational diagnosis, and compensation to achieve their objectives.