Textile trade and the pattern of economic growth

Zusammenfassung Handel mit Textilien und wirtschaftliches Wachstum. — Dieser Aufsatz untersucht den Handel mit Textilien und Bekleidung sowie die Produktionsfaktoren, die mit der Wettbewerbsf?higkeit der Exporteure verbunden sind, und die Wirkung der allgemeinen Wettbewerbsf?higkeit auf den Entwicklungsproze\. Die Ausweitung der Textil- und Bekleidungsproduktion scheint im Entwicklungsproze\ sehr wichtig zu sein. Denn die Ausfuhr von Textilien und Bekleidung der gro\en Exportl?nder ist mit einem schnellen allgemeinen Exportwachstum sowie mit dem Zugang zu internationalem Kapital und mit schnellem Wachstum des Pro-Kopf-Einkommens verknüpft. Diejenigen L?nder, die bei der raschen Ausdehnung ihres Anteils auf den Weltm?rkten für Textilien und Bekleidung am erfolgreichsten gewesen sind, haben gleichzeitig mit Erfolg die Lohnstückkosten durch einen effizienten Kapitalcinsatz niedrig zu halten gewu\t. In diesen L?ndern sind die Ertr?ge für die Produktionsfaktoren au\er für den Faktor Arbeit sehr hoch. Insgesamt scheinen die effiziente Verwendung von Kapital und der hohe Lohn für die unternehmerische T?tigkeit eine Schlüsselstellung in dem dynamischen Entwicklungsproze einzunehmen.

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Résumé Le commerce de textile et la croissance économique. — Cet article examine le commerce de textile et de vêtement ainsi que les facteurs de production qui sont associés avec la compétitivité d’exportations et l’effet de la compétitivité générale sur le procès de développement. L’expansion de la production des textiles et des vêtements semble être un élément-clé dans le procès de développement. Les exportations des textiles et des vêtements par les grands pays exportatrices sont associées avec une rapide croissance des toutes les exportations, avec l’accès au capital international et avec une montée sensible du revenu par habitant. Les pays qui avaient beaucoup de succès d’augmenter rapidement leur rapport sur les marchés mondiaux des textiles et des vêtements sont ceux qui avaient beaucoup de succès de tenir les co?ts unitaires de main-d’oeuvre sur un niveau bas en utilisant le capital très effectivement. Ils sont aussi les pays qui offrent des taux de rendement très hauts aux facteurs exclusivement de la main-d’oeuvre. Comme résumé on peut dire que lútilisation effective de capital et les rémunérations hautes pour l‘activité des entrepreneurs semblent être le part-clé du procès dynamique de croissance.

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Resumen Comercio de textiles y el patrón de crecimiento económico. — En este artículo se examinan los patrones del comercio de textiles y vestuario, factores de producción que están asociados con la competitividad de exportatión y el impacto de la competitividad general sobre el proceso de desarrollo. La expansión de la producción de textiles y vestuario parece ser un elemento clave en el proceso de desarrollo. Las exportaciones de textiles y vestuario de los grandes países exportadores están asociadas con el rápido crecimiento general de las exportaciones, con el acceso a capitales internacionales y con el rápido incremento en el ingreso per cápita. Aquellos países que han mostrado ser los más exitosos en incrementar su participación en los mercados mundiales de textiles y vestuario son aquéllos que han tenido mayor éxito en mantener los costos de trabajo unitarios bajos, usando el capital en la forma más eficiente. Son también los países que ofrecen altas tasas de retorno a los factores no laborales. En suma, la eficiente utilizatión del capital y la alta recompensa al factor empresarial parecen ser elementos claves para un proceso de crecimiento dinámico.

     

How long is a piece of elastic? The measurement of female activity rates in British censuses, 1951-1981

The available evidence concerning the growth of female labor force participation in the United Kingdom since World War II is reviewed. The authors first discuss changing concepts, methods, and results in British censuses from 1951 to 1981. They then reconstruct female labor force trends to take into account the biases identified. They propose a series of economic activity and employee rates for females aged 20-59 and for the proportion of part-time female employees.     

A comparison of blue- versus white-collar grievance behavior: A field assessment

This study examines the differences between blue-collar and white-collar employees with respect to grievance behavior in the work place. Specifically, the grievance-filing behavior of blue-collar and white-collar bargaining unit workers-members of the same union local-were compared with respect to number of actions, their severity, and their outcomes. Analyses of these grievances (n=604) indicated gross differences in the grievance-filing activity of these groups. These groups are, however, invariant with respect to severity or outcomes of the contested issues.     

Intervention from an information perspective

This paper surveys some important recent developments, which have the common theme of interpreting intervention in terms of its effects on the flow of information. The article considers the role of information in generating expectations, the formation of trading rules, price discovery, and the importance of institutional arrangements for the implementation of intervention policy. Suggestions for future research directions are discussed.     

The United States as an informed foreign-exchange speculator

US exchange-market interventions have no direct effect on market fundamentals, but they may influence expectations. If intervention has value as a forecast of exchange-rate movements, knowledge that the United States is trading will cause dealers to alter their prior estimates of the distribution of exchange-rate changes. This paper finds that US intervention has had value only as a forecast that recent exchange-rate movements would moderate. Less than half of the interventions, however, seemed successful, and the favorable results were generally confined to two short periods that were characterized by uncertainty about future Federal Reserve policies.     

An equilibrium model of a second economy market in a centrally planned economy

We study a CPE in which an identical good is sold on the official market (OM) and a “second economy” market (SEM ). Planners set parameters. Managers divide inputs between markets to maximize expected utility of wealth. Consumers are expected utility maximizers who purchase the good on the OM or SEM. On the OM, excess demand exists at the non-Walrasian price; delivery date is stochastic. The SEM offers immediate availability. Our solution concept involves the rational expectations of managers, the consistency of consumers' decisions, and a market-clearing SEM. We solve for SEM price and supply and investigate various comparative statics.     

Integrated Reporting: A Review of Developments and their Implications for the Accounting Curriculum

Integrated reporting (IR) is a major development in a number of sustainability-related accounting initiatives and, if widely adopted, will require significant developments in professional and university accounting curricula. These will include: a strategic rather than operational or transactional focus; longer- rather than short-term outlook; prospective rather than retrospective analysis; qualitative commentary as well as quantitative information; and reports on wider business performance metrics rather than on narrower external financial reporting data or audit compliance. This paper reports on ACCA's support of and response to the latest initiatives in IR, in particular the impact this will have on the education and training of accountants in order to reflect these new principles to prepare the twenty-first-century accountant for a much more challenging role in the near future. These developments can only be in the wider public interest of improving the relevance of information for decision-making, for all stakeholders, and allow greater efficiency in the allocation of financial and other resources and in adding public value.     

Corporate life cycle and M&A activity

We investigate the impact of corporate life cycle on takeover activity from the perspective of acquiring firms. Using the earned/contributed capital mix as the proxy for firm life cycle, we find a highly significant and positive relation between firm life cycle and the likelihood of becoming a bidder. This finding is, however, driven by the mature rather than the old acquirers in the sample. Further we find that, whilst firm life cycle has a positive effect on the probability that a deal will be negotiated, it is negatively related to tender offers. In addition, the likelihood of making both cash and mixed deals are positively related to the corporate life cycle. Finally, we find that life cycle has a negative impact on the abnormal returns generated on the announcement of a deal although it is unable to distinguish between the returns received by firms at different stages in their life cycle.     

Short sales and speed of price adjustment: Evidence from the Hong Kong stock market

We present empirical evidence that short sales contribute to market efficiency by increasing the speed of price adjustment to not only private/public firm-specific information but also market-wide information. Shortable stocks are characterized by weaker trade continuity and stronger quote reversals. They adjust faster to new information than non-shortable counterparts. These findings remain robust even in an “up” market condition in which short sales are not binding. The amount of information incorporated in each trade is also significantly higher for shortable than non-shortable stocks in both “up” and “down” market conditions. After controlling for firm size, trading volume, liquidity, price and option trading, short sales stand out as one of the significant factors that speed up the price adjustment.     

Strategic Social Media Use in Public Relations: Professionals’ Perceived Social Media Impact,Leadership Behaviors,and Work-Life Conflict

Using the E-leadership theory as the conceptual framework, the study examined strategic communicators’ perceptions of the impact of social media use on their work, leadership behaviors, and work-life conflict. Through a national sample of communication professionals (N = 458), this study revealed the following key findings. The use of YouTube in professionals’ work, social media use in media relations, employee communications, and cause-related marketing/social marketing were significantly, positively associated with participants’ perceptions of the enhancing impact of social media use. Social media use in crisis management and employee communications significantly, positively predicted professionals’ perceptions of social media’s aggravating impact (e.g., extended work hours, increased workload) on their work. The use of Facebook and YouTube in strategic communication, the use of social media in environmental scanning, as well as the positive and negative impact of social media use all significantly and positively predicted communication professionals’ leadership behaviors. When the unintended negative effects of social media use happened, professionals perceived a low control over their work and thereby experienced a high level of time-based and strain-based work-life conflict. Finally, public affairs/governmental relations professionals who were frequent users of social media for their work reported a high level of strain-based work-life conflict.