An investigation of the role of justice in turnover intentions,job satisfaction,and organizational citizenship behavior in hospitality industry

The relationship of organizational justice perceptions of hotel employees in North Cyprus with various work-related variables was investigated. A total of 208 employees and their managers filled out questionnaires. It was found that distributive justice tended to be a stronger predictor of all of the study variables compared to procedural justice. Findings suggest that the fairness of personal outcomes that employees receive may have more impact on turnover intentions, job satisfaction and organizational citizenship behavior (OCB) than the perceived fairness of a firm's procedures. It was also found that even though improved job satisfaction seems to be related to OCB, organizational justice seems to be the key factor that has a strong effect on both OCB and job satisfaction.     

Accurate estimation of expected coverage: revisited

As noted in several studies (Batta et al., Transp. Sci. 23 (1989) 277), (Burwell et al., Comput. Opns. Res. 20 (1993) 113), (Daskin, Network and Discrete Location, Wiley, New York, 1995), (Marianov and ReVelle, Eur. J. Opns. Res. 93 (1996) 110), (Saydam et al., Socio-Econ. Plann. Sci. 28(2) (1994) 113), the accurate estimation of expected coverage is an important and open issue. Although the maximum expected coverage model is empirically shown to prescribe a robust set of “optimal” locations, earlier findings suggest that it could also over or underestimate the coverage by a significant margin. In this study, we present a genetic algorithm (GA) that combines the expected coverage approach with the hypercube model (Jarvis, Mgmt. Sci. 31 (1985) 235), (Larson, Comput. Opns. Res. 1 (1974) 67), (Larson, Opns. Res. 23 (1975) 845) to solve the maximum expected coverage location problem with increased accuracy and realism. Our findings suggest that the GA provides at least as good solutions 94% of the time making it a viable alternative to the two-step procedures stipulated earlier.     

The role of private equity group reputation in LBO financing

This paper investigates whether the reputation of acquiring private equity groups (PEGs) is related to the financing structure of leveraged buyouts (LBOs). Using a sample of 180 public-to-private LBOs in the US between January 1, 1997 and August 15, 2007, we find that reputable PEGs are more active in the LBO market when credit risk spreads are low and lending standards in the credit markets are lax. We also find that reputable PEGs pay narrower bank and institutional loan spreads, have longer loan maturities, and rely more on institutional loans. In addition, while we find that PEG reputation is positively related to buyout leverage (i.e., LBO debt divided by pre-LBO earnings before interest, taxes, and amortization (EBITDA) of the target), and leverage is significantly positively related to buyout pricing, we do not find any direct relation between PEG reputation and buyout valuations. The evidence suggests that PEG reputation is related to LBO financing structure not only because reputable PEGs are more likely to take advantage of market timing in credit markets and but also because PEG reputation reduces agency costs of LBO debt.     

Financial services spillover effects on informal economic activity: evidence from a panel of 20 European countries

ABSTRACT

This study aims to investigate the spillover effects of the financial services sector development on the size of informal economic activity in the case of the European Union (EU) countries. The results from panel data analysis show that there exists an inverted U-shaped relationship between financial services and informal economic activity in the EU; that is, at the initial levels of the financial development, the reaction of informal economic activity is positive while it becomes negative at the further stages of the financial development in the EU. Thus, this study finds that financial services sector is a major contributor to changes in the volume of informal economic activity in the EU countries.     

Immeasurable inequality in the European Union

Over time, the European Union has acquired more and more of the attributes of a state and, in economic terms, it can arguably be considered a single market. Nevertheless, the differences between member states are enormous. Small, rich countries, such as Luxembourg, contrast sharply with big, poor ones, such as Romania. Despite this, many indicators are published which refer to the EU as a whole, including measures of income inequality. According to Eurostat1, the ratio between the incomes of the top and bottom quintiles is 5. But is this figure even roughly adequate? This paper will argue that it vastly underestimates the true level of inequality in the EU which, unfortunately, is immeasurable in the twofold sense that it is both hard to measure and extremely high.     

A New Framework for Service Supply Chains

Despite the extensive amount of academic work devoted to supply chain management, today the structure of service supply chains still remains unexplored. The aim of this paper is to verify and explain this gap with regard to the unique nature of the services industry and the applicability of existing supply chain management literature to service businesses. This paper develops a new model for service supply chains and applies it to the healthcare industry. The results of this study are relevant both to practitioners in the services industry and to researchers conducting further studies in the field.     

Economic (dis)integration in the presence of evolutionary learning

We use a two-factor, two-sector model to study the effects of economic integration and its reversal in the presence of input-generated external economies in one of the sectors. The equilibrium selection problem that arises is solved by applying a simple trial-and-error learning rule. Economic integration can take individual economies ridden with coordination failures to better equilibria, i.e., can solve the coordination problem. We show that integration (and disintegration) may generate cycles in wages, rentals and the sectoral allocation of factors.JEL Classification: F15, F16, F37 Corespondence to: Diego Méndez-Carbajo     

The First Analyst Coverage of Neglected Stocks

We examine the first analyst coverage of 549 “neglected” stocks that publicly traded at least one year without research coverage. The stocks experience a +4.86% abnormal return at initiation announcement. Positive returns are driven by positive coverage and not the mere introduction of coverage. Initiations from investment banks elicit lower announcement returns if the bank had a prior business relationship with the covered firm. Research firms paid by the covered company to provide coverage elicit announcement returns that are not significantly different from other analysts. Announcement returns are also influenced by liquidity increases and factors consistent with downward-sloping demand curves.     

The interaction between monetary and fiscal policies in Turkey: An estimated New Keynesian DSGE model

This paper estimates a New Keynesian open economy DSGE model for Turkey by using Bayesian estimation technique for the period of 2002:q1–2009:q3. It studies fiscal and monetary policy interactions and their role in stabilisation of the economy using a small-scale model following the methodology outlined in Lubik and Schorfheide (2007). The general features of the model can be summarised as follows: Calvo style nominal price rigidities, perfect exchange rate pass-through, complete international asset markets, rule of thumb price setters and distortionary taxation.