Addressing causality in the effect of capital account liberalization on growth

Evidence supporting the positive effects of capital account liberalization on growth is mixed at best. Even after conditioning on the quality of domestic financial institutions, a significant number of studies still find no effect. One possible explanation is reverse causation. If low growth countries liberalize in order to spur growth, the observed correlation between growth and liberalization will underestimate the impact of capital account openness. To eliminate this bias, I instrument capital account liberalization with the average level of openness of other countries to capture the “fad” element in financial liberalization. IV estimates indicate a significant positive effect of liberalization on growth, confirming the predictions of economic theory.     

Designing and Implementing Corporate Social Responsibility: An Integrative Framework Grounded in Theory and Practice

This article introduces an integrative framework of corporate social responsibility (CSR) design and implementation. A review of CSR literature – in particular with regard to design and implementation models – provides the background to develop a multiple case study. The resulting integrative framework, based on this multiple case study and Lewin’s change model, highlights four stages that span nine steps of the CSR design and implementation process. Finally, the study identifies critical success factors for the CSR process.     

A model of person‐pay interaction: how executives vary in their responses to compensation arrangements

A wealth of research indicates that both executive characteristics and incentive compensation affect organizational outcomes, but the literatures within these two domains have followed distinct, separate paths. Our paper provides a framework for integrating these two perspectives. We introduce a new model that specifies how executive characteristics and incentives operate in tandem to influence strategic decisions and firm performance. We then illustrate our model by portraying how executive characteristics interact with a specific type of pay instrument—stock options—to affect executive behaviors and organizational outcomes. Focusing on three individual‐level attributes (executive motives and drives, cognitive frame, and self‐confidence), we develop propositions detailing how executives will vary in their risk‐taking behaviors in response to stock options. We further argue that stock options will amplify the implications of executive ability, such that option‐heavy incentive schemes will increase the performance of talented executives but worsen the performance of low‐ability executives. Our framework and propositions are meant to provide a starting point for future theorizing and empirical testing of the interactive effects of executive characteristics and incentive compensation on strategic decisions and organizational performance. Copyright © 2010 John Wiley & Sons, Ltd.     

Virtue ethics and customer relationship management: towards a more holistic approach for the development of ‘best practice’

This paper focuses much‐needed attention on the ethical nature of customer relationship management (CRM) strategies in organisations. The research uses an in‐depth case study to reflect on the design, implementation and use of ‘best practice’ associated with CRM. We argue that conventional CRM philosophy is based on a fairly narrow construct that fails to consider ethical issues appropriately. We highlight why ethical considerations are important when organisations use CRM and how a more holistic approach incorporating some of Alasdair MacIntyre's ideas on virtue ethics could be relevant.     

Live Broadcasting,Gate Revenue,and Football Club Performance: Some Evidence

This paper presents new evidence concerning the main argument of the English Premier League for collective arrangements in selling television broadcast rights. Matches that are broadcast live on television can be considered as a substitute for watching at the stadium. New panel-data show that broadcasting live has a small negative effect on gate revenue for the best performing clubs and a much larger effect for the worst performing clubs. However, the marginal cost is outweighed by the marginal revenue, concluding that restrictions on quantity stemming from collective arrangements are detrimental to the consumers, broadcasters, and clubs themselves.     

COMPARISONS OF PURCHASING POWER, REAL OUTPUT AND LABOUR PRODUCTIVITY IN MANUFACTURING IN JAPAN, SOUTH KOREA AND THE U.S.A., 1975–85

This study presents binary comparisons of real output and labour productivity in manufacturing in Japan, South Korea and the U.S.A. in 1975, made according to an "industry of origin approach." The 1975 benchmark comparisons have been updated to 1985. Value added per hour worked in Japanese manufacturing increased from 54 percent of the U.S. level in 1975 to 76 percent in 1985. In certain important branches such as electrical machinery, metal products and machinery and transport equipment, productivity leadership shifted to Japan. In South Korea, labour productivity in manufacturing increased rapidly from 1975 to 1985, both in absolute terms and relative to the U.S.A. Nevertheless, in 1985 value added per hour worked was only 14 percent of the U.S. level.