BOOK REVIEWS

THE WORKER DIRECTORS: A SOCIOLOGY OF PARTICIPATION P. Brannen, E. Bastone, D. Fatchett and P. White. b     

BOOK REVIEWS and BOOK NOTES

Book reviews in this article: GROUP PROCESS AND PRODUCTIVITY: by Ivan D. Steiner WILL THORNE: CONSTRUCTIVE MILITANT: A study in New Unionism and New Politics by Giles and Lisanne Radice INDUSTRIAL STUDIES: Industrial Studies 1: The Key Skills by Ed. Coker and Geoffrey Stuttard (Eds). INDUSTRIAL STUDIES: Industrial Studies 1: The Organized Worker: by Tony Topham. INDUSTRIAL STUDIES: Industrial Studies 1: The Activist's Handbook: by Bob Houlton. INDUSTRIAL STUDIES: Industrial Studies 1: Statistics for Bargainers: by Karl Hedderwick INDUSTRIAL STUDIES: Industrial Studies 1: Calculating: by Joyce Bill Hutton. JESSE BOOT OF BOOTS THE CHEMISTS: by Stanley Chapman TRAINING IN INDUSTRY: THE MANAGEMENT OF LEARNING: by Bernard M. Bass and James A. Vaughan. ORGANISATION DESIGN: An analytical approach to the structuring of organisation by Derek Newman. INDUSTRIAL DEMOCRACY AND THE WORKER-OWNED FIRM: A study of twenty-one plywood companies in the Pacific Northwest by Carl J. Bellas. SOCIOLOGY and INDUSTRIAL LIFE: by J. E. T. Eldridge. BRITISH INDUSTRIAL RELATIONS: Attitudes to Price Increases and Pay Claims by H. Behrend. BRITISH INDUSTRIAL RELATIONS: Management and Unions - the theory and reform of industrial relations: by A. Flanders. BRITISH INDUSTRIAL RELATIONS: Coming to Terms with Trade Unions - Six case studies in Collective Bargaining Strategy: by W. E. J. McCarthy A. S. Collier. BRITISH INDUSTRIAL RELATIONS: Managers and Shop Stewards - shop floor revolution: by A. I. Marsh. BRITISH INDUSTRIAL RELATIONS: Manpower and Pay in Retail Distribution: Distributive Trades E.D.C., National Economic Development Office BRITISH INDUSTRIAL RELATIONS: Collective Agreements - a guide to their Drafting: by J. C. Ramsey in association with J. M. Hill. INDUSTRIAL DEMOCRACY: Socialising the Company by D. R. Allan. INDUSTRIAL DEMOCRACY: The new Unionism - the case for Workers Control by K. Coates and T. Topham.     

New venture strategy and profitability: A venture capitalist's assessment

This study uses theoretically justified criteria from the industrial organization (IO) strategy literature and applies it to a new domain, namely, venture capitalists' decision making. Specifically, the study investigates the types of information venture capitalists utilize when evaluating new ventures and how venture capitalists use this information to assess likely new venture profitability. In the interest of advancing our understanding of the decision making policies of venture capitalists, this study addresses many of the limitations of previous research.A review of IO research suggests important relationships between a number of strategy variables and new venture profitability. Some of the relationships proposed by IO strategy research are contingent in nature. The strategy variables and their relationships with profitability are investigated in the domain of venture capitalists' decision making. Individual and aggregate decision making analyses identified those strategy variables (criteria) venture capitalists utilize in assessing likely new venture profitability, namely, timing, key success factor stability, lead time, competitive rivalry, educational capability, industry-related competence, timing × key success factor stability interaction, timing × lead time interaction, and timing × educational capability interaction.On average, the most important criterion for venture capitalists in their assessment of profitability is industry-related competence. The second tier of importance is competitive rivalry, timing, and educational capability. The third tier of importance is lead time, key success factor stability, and timing × lead time interaction. Other interactions are less important. Therefore, while venture capitalists use contingent decision policies, main effects dominate. If venture capitalists use a reported 8 to 12 minutes on average to evaluate a business plan (Sandberg 1986), then this study's findings may help the inexperienced venture capitalist allocate time towards assessing those attributes of primary importance. Although more complex relationships exist between the attributes, the inexperienced venture capitalist can take comfort from this study's findings that main effects dominant amongst senior venture capitalists. Senior venture capitalists may take less comfort from their importance placed on main effects in light of research from IO, which suggests the importance of contingent relationships. The results may also have practical application towards training.How should venture capital firms train their new employees? Should venture capital firms rely solely on experienced venture capitalists lecturing the inexperienced on the criteria they use in assessing a new venture proposal? Like most decision makers, venture capitalists have limited insight into their assessments and venture capital firms need to be aware of the gap between “espoused” policies and policies “in use.” The information being taught needs to be supplemented with venture capitalists' decision-making research that investigates decision policies “in use”, such as this study. Venture capitalist training could also involve experiential learning, in conjunction with cognitive feedback about the decision policies used, to accelerate the learning process. Experiential learning using cognitive feedback maximizes industry related learning while minimizing the cost of inexperienced decisions. For the entrepreneur seeking capital, this increased understanding of venture capitalists' decision making may help them better target their business plans and presentations at those criteria venture capitalists' find most critical to the profitability of a new venture.     

Culture influences on emotional responses to on-line store atmospheric cues

On-line retailing created a global marketplace with an innumerable array of competitors. Essential to on-line store's ability to attract and retain customers globally is its store atmospherics, which are design elements used to garner attention and create a positive buying environment [Kotler Phillip. Atmospherics as a marketing tool. Journal of Retailing 1974; 49: 48-64.]. The research presented here assesses how behavioral and emotional responses to on-line store atmospherics vary across collectivist and individualist cultural value systems. The contribution is significant because additional research on understanding how culture affects customers' responses to the on-line store site design is needed [Chan Ricky Y. K. and Tai Susan. How do in-store environmental cues influence Chinese shoppers? A study of hypermarket customers in Hong Kong. Journal of International Consumer Marketing 2001; 13 (1): 73-104.; Eroglu Sevgin, Machleit Karen and Davis Lenita. Atmospheric qualities of on-line retailing: A conceptual model and implications. Journal of Business Research 2001; 54 (2): 177-184.; Menon and Kahn, 2002]. Using two different site designs for a fictional on-line retailer, American and Chinese University students evaluated their shopping experience at an assigned site. Findings: Cultural values do affect customers' responses to atmospheric cues. The study examines the inter-relationships between customers' emotional responses.     

The contrasting interaction effects of improvisational behavior with entrepreneurial self-efficacy on new venture performance and entrepreneur work satisfaction

Although improvisation is often considered to be an elemental component of entrepreneurship, little work has been done to evaluate factors that influence the relationship of entrepreneur improvisational behavior with important outcome variables. In an attempt to partly fill this gap, the current study examines the moderating effect of entrepreneurial self-efficacy on the relationship of founders' improvisational behavior with both the performance of their startups and their individual level of work satisfaction using a national (United States) random sample of 159 entrepreneurs. In alignment with our predictions, improvisational behavior was found to have a positive relationship with new venture performance (i.e., sales growth) when exhibited by founders who were high in entrepreneurial self-efficacy, whereas improvisational behavior was found to have a negative relationship with new venture performance when exhibited by founders who were low in entrepreneurial self-efficacy. Contrary to our expectations, entrepreneurial self-efficacy was found to have a negative moderating effect on the relationship between entrepreneur improvisational behavior and work satisfaction.     

Fisher’s hypothesis,survey-based expectations and asymmetric adjustments: Empirical evidence from South Africa

Our study re-examines Fisher’s hypothesis for the South African economy in the post-inflation targeting era and presents two empirical novelties over preceding works for the same country. Firstly, we examine Fisher effect by making use of survey-based inflation expectations data for financial analysts, business sector, trade unions and households, hence making our study more disaggregate in nature. Secondly, we examine both short-run and long-run asymmetric cointegration effects in Fisher’s relation using the nonlinear autoregressive distributive lag (NARDL) model as an econometric framework. For the full quarterly sample of 2002:01 – 2019:04, our study finds interest rates respond more aggressively to falling expectations than rising ones, with a full Fisher effect found for financial analysts, partial effects for households and business, and no effect for trade unions. However, when the data is split into two sub-samples corresponding to pre- and post-financial crisis periods, we observe changing dynamics in which interest rates respond more aggressively to rising inflation, with partial effects being also found for trade unions. Policy recommendations based on our study are offered.

     

Voter turnout and intergenerational redistribution

Electoral reforms that lead to reduced turnout modify the composition of the electorate, potentially overrepresenting specific interests in policy implementation. Intergenerational redistribution tilts in favor of the elderly when they are sufficiently numerous, but in favor of the young rich otherwise. We exploit a natural experiment provided by the repeal of compulsory voting in Austrian parliamentary elections to study how exogenous turnout decline affects intergenerational redistribution through pro-young public education spending in Austrian municipalities. Empirically, education spending falls when the proportion of elderly voters exceeds 21% of the electorate, but rises when the proportion of elderly voters is below this threshold.