Balancing corporate culture: Grid-group and Austrian economics

The aim of this paper is twofold: firstly to discuss the foundations of Grid-Group “Cultural Theory” and highlight the compatibility with Austrian economics, and secondly to apply this framework to the context of organisational culture. My claim is that “Corporate Cultural Theory” provides a rigorous and grounded social anthropological framework to take Austrian economics beyond its traditional uses and improve upon competing explanations of corporate culture.     

Do Teachers Matter? Measuring the Variation in Teacher Effectiveness in England*

Using a unique primary dataset for the UK, we estimate the effect of individual teachers on student outcomes, and the variability in teacher quality. This links 7,305 pupils to the individual teachers who taught them, in each of their compulsory subjects in the high‐stakes exams at age 16. We use point‐in‐time fixed effects and prior attainment to control for pupil heterogeneity. We find considerable variability in teacher effectiveness, a little higher than the estimates found in the few US studies. We also corroborate recent findings that observed teachers’ characteristics explain very little of the differences in estimated teacher effectiveness.     

WHAT AUSTRIAN BUSINESS CYCLE THEORY DOES AND DOES NOT CLAIM AS TRUE

Contemporary economic commentators have a habit of dismissing Austrian business cycle theory on the grounds that the implications for policy responses are unconvincing. Often the ‘Austrian’ position is misunderstood. But even if we wish to draw on other schools of thought to understand depressions, this does not affect the importance of Austrian insights to explain the boom.     

Recognition of tacit skills: sustaining learning outcomes in adult learning and work re‐entry

This paper is based on the project ‘Recognition of Tacit Skills and Knowledge in Work Re‐entry’ carried out as a part of the ESRC‐funded Research Network ‘Improving Incentives to Learning in the Workplace’. The network aims to contribute to improved practice among a wide range of practitioners. The study has investigated the part played by tacit forms of personal competences in the education, training and work re‐entry of adult learners. The models of learning produced within this study with the assistance of the Dynamic Concept Analysis method are used to provide a better understanding of individual case studies.     

Intergenerational equity and the social discount rate

Recent modelling of the costs and benefits of climate change has renewed debate regarding assumptions for the social discount rate in analysing the impacts of environmental change. Previous literature suggests two key factors influence estimates of the social discount rate: the rate of pure time preference and the elasticity of marginal utility of future consumption. These components of the social discount rate reinforce the linkages between the choice of social discount rate and intergenerational distribution. This paper addresses the question of the relationship between intergenerational equity and the social discount rate and promotes the application of intergenerational distributional weights as a means of incorporating intergenerational equity preferences in policy analysis. Intergenerational equity‐adjusted social discount rates are derived as a means of decomposing the intergenerational equity aspect of the social discount rate. The work has significant policy implications for projects with long time frames given the sensitivity of Cost Benefit Analysis outcomes to decisions regarding the social discount rate.     

Harmonization relating to auditor independence: the Eighth Directive,the UK and Germany

The European Union Eighth Directive on the approval of auditors covers auditor independence only to a very limited extent. The provisions in the five articles on this subject are far less detailed than they were in the drafts of the directive, so that almost all specific regulation is left to the Member States. An examination of the development of the articles dealing with independence and integrity shows how the need to compromise, in order to reach an agreement, frustrated the intentions of the harmonizers. This paper traces the development of the independence rules in the Eighth Directive from the avant projet through the drafts to the final directive. It assesses the extent to which pre-Eighth Directive regulation in the UK and Germany may have affected the directive and then examines the implementation of the directive in the two countries. It concludes that national culture and accounting traditions prevented harmonization of independence rules through the Eighth Directive.     

Imports,monopoly power,profits and exchange rates

This study uses pooled data on U.S. manufacturing industries and on U.S. imports to analyze the level of monopoly power and the restraining influence of the import penetration ratio at the industry level. In general, industries with higher levels of imports have lower levels of monopoly power. In addition, imports have a greater impact on industries with more monopoly power (i.e., higher concentration), even though the level of imports may be lower. Finally, the impact of imports on monopoly power appears to be increasing over time indicating that U.S. manufacturing has become significantly more competitive over the 1961 to 1984 period. (JEL F14, L12)     

A Quantitative Exploration on the Determinants of (De-)Industrialisation: The case of Greece

The aim of this paper is to explore the main determinants of (de-) industrialisation, taking Greece as a case study. Industrialisation in postwar Greece measured in terms of manufacturing industry's share of output was not impressive. It reached its peak (20.2% of GDP) in the mid 1970s and, since then, it followed a declining path. Relevant theory relates the evolution of industry to macro and micro variables, stressing the role of structural change or 'trading up' within manufacturing. The regression results underline that the reasons behind the unimpressive Greek industrialisation performance, compared with advanced capitalist economies, are to be found in the low GDP per capita, the deep and long economic recession and the unfavourable manufacturing trade conditions. The preponderance of traditional, low technology, consumer goods sectors over high technology industries is also found to affect negatively the share of manufacturing, but its statistical significance is relatively small. The implications for industrialisation policies are that macro-variables should preferably be used, since micro-tools are not likely to be particularly effective.     

The Impact of Market Orientation on the Internationalization of Retailing Firms: Tesco in Eastern Europe

This paper investigates a Western retailer's market orientation levels in two emerging markets. We examine whether the market orientation-company performance link holds true for retailers in emerging economies, despite environmental differences. By using concepts from key studies we have assimilated a fully representative model - applied through interviews with top management from Tesco and its subsidiaries and affiliates in Hungary and Slovenia. Using this example, we find that the market orientation-business performance link is valid for Western retailers in emerging economies. Here, the retailer applied market orientation predominately through; the use of matching with suppliers of own brand goods; top management emphasis on market orientation and risk taking. Intelligence generation and dissemination was exercised via global processes such as brand review.