Strategic Response to a Volatile Environment: The Case of Cross-Cultural Cooperative Ventures

Unlike free-standing companies, joint ventures involve more complex governance structures and organizational systems. Because of interpartner dependence in the managerial process, it is more difficult for joint ventures to configure their strategies with environmental dynamics. Without such configuration, however, joint ventures will suffer from operational instability and resource misallocation. This study assesses the strategic response of joint ventures to a dynamic environment. Based on a survey of top managers in international joint ventures (IJVs) in China, it is found that managerial perceptions of increased environmental complexity and hostility are positively related to an Analyzer strategy. Proactive and Defensive strategies are either negatively or non-significantly linked with perceived environmental dynamics. Further, the Analyzer strategy is associated with superior performance for IJVs in the context of an emerging economy.     

Career concerns for revealing misreporting

Review of Accounting Studies - We examine whether revealing misreporting affects the careers of executives and independent directors. To isolate the effects of revealing misreporting from the...     

A CROSS-SECTIONAL REGRESSION TEST OF THE MEAN-VARIANCE EFFICIENCY OF AN AUSTRALIAN VALUE WEIGHTED MARKET PORTFOLIO

This paper tests the Mean-Variance efficiency of a value weighted Australian market portfolio using a multivariate cross-sectional regression approach developed by Shanken (1985). This test methodology is sufficiently powerful to reject the null hypothesis that the market portfolio is ex ante Mean-Variance efficient when test assets are constructed on the basis of size (market capitalisation). However, when test assets are constructed on the basis of industry classification the model is unable to reject the Mean-Variance efficiency of the market portfolio. This test statistic provides some useful diagnostics which are examined in the paper.     

Fair division with no information

Summary. We consider a situation in which a central authority must allocate non-tradeable and non-marketable goods between a group of individuals in a fair way. There are exogenous divisibility constraints imposed on the goods to be allocated. The authority has absolutely no information on the preferences of the recipients; moreover, no interaction is allowed among recipients or between the authority and the recipients. Envy-freeness is the equity criterion adopted. Using a remarkable property of simplices (which we introduce and prove) we argue that assigning bundles of equal expected value (forming what is called in this paper the class of balanced allocations) is hardly fair unless extra effort is made to discriminate between these proposed allocations.Received: 7 April 2003, Revised: 9 October 2003JEL Classification Numbers: C65, D63, D89. Correspondence to: J. LerouxThe authors wish to thank Marc Fleurbaey, Alan Kirman, Serge-Christophe Kolm, Hervé Moulin and the late Louis-André Gérard-Varet for stimulating discussions, as well as an anonymous referee for comments on an earlier draft.     

The Distributional Effects of Inflation in Australia 1980–1995

This paper examines the distributional effects of price changes in Australia over the period 1980 to 1995, using equivalent variations and equivalent incomes. The Linear Expenditure System is applied to each of a range of income groups rather than using a single set of parameters. The price changes are found to impose a relatively higher burden on lower income groups in some years, although in other years the higher income groups were affected relatively more. The distribution of equivalent incomes has the highest inequality in years of high overall inflation. However, the effects on inequality are low: the highest increase in inequality as a result of differential price changes is less than one per cent.     

Commerce,clusters, and community: a re‐evaluation of the occupational geography of London,c. 1400–c. 1550

The economic geography of cities is often thought to have changed dramatically between the medieval and early modern eras. The medieval city is seen as having been strictly regulated, both in terms of markets, and in terms of space. The early modern city, by contrast, is associated not only with growth, but with the breakdown of rigid regulation by guilds and a new commercial outlook. However, empirical studies of the spatial organization of medieval cities have been limited, and quantitative surveys of urban economic geography have focused on the seventeenth century and later. This article analyses the spatial distribution of occupations in the City of London between the 1370s and the 1550s using a large probate dataset. It examines occupations that remained clustered or dispersed, but concentrates on the apparent breakdown in economic clustering among London's leading trades. Prosopographical analysis reveals that merchants and retailers became more specialized, but that this was accommodated within London's existing guild‐based occupational identities, which had become ossified. Rather than the end of the middle ages having marked a dramatic change from guild‐based spatial organisation, occupational clusters simply continued to evolve in line with the principles of locational economics throughout the period.     

Work Me Not Into Temptation: Exploring the Relationship between Work and Healthy Eating in Dieters Using Data from the HILDA Survey

We explore if competing demands measured in terms of market and non‐market activities impact on dieters’ resolve to eat healthily. The analysis uses data from 2007 and 2009 of the Household Income and Labour Dynamics of Australia (HILDA) survey. The estimation strategy employs a random effects maximum likelihood estimator. For women, being unemployed is negatively associated with healthy eating whereas having young children is positively associated with healthy eating. For both genders, being divorced is negatively associated with healthy eating. Working in higher socioeconomic occupations is positively associated with healthy eating.     

A review of research on outward foreign direct investment from emerging countries,including China: what do we know,how do we know and where should we be heading?

Using the Antecedents, Decisions and Outcomes (ADO) format as an organizing framework, this article gives an overview of the literature on different dimensions and characteristics of outward foreign direct investment (OFDI) by firms from emerging countries. Based on an extensive coverage of studies published over a period of nearly 25 years between 1993 and 2017, we review extant research on this phenomenon from mainly China, as well as other emerging countries. We identify advances and analytical areas of OFDI research and pinpoint the key theories, methodologies, observed characteristics and the variables that have been examined in this growing research literature. Many areas of the above research themes remain underexplored, despite recent significant advancements, and may provide directions for future research.