The role of the tour operator in South America: Argentina,Chile, Paraguay and Uruguay

The role of the tour operator in the supply chain has focused traditionally on the dominant position of companies situated in the generating countries of Europe and North America; despite recognition of the tour operator located in emergent receiving countries, the area has not been discussed extensively. This paper investigates the opinions of 37 tour operators in four emerging countries in South America, with a view to evaluating the nature and level of contact with foreign tour operators and suppliers. It assesses the degree of internationalisation that occurs, and the extent to which tour operators are involved in the process of tourism development. The paper confirms the role of the receiving tour operator within the distribution chain, but concludes that in terms of stimulating tourism development there is a need for more research into the relationships between government and the wide range of organisations involved in the process. Copyright © 1999 John Wiley & Sons, Ltd.     

Narratives in managers’ corporate finance decisions

This article uses the extended case method to explore senior executives’ corporate finance decisions. We quantified firm’s finance practices using a mail survey, and then – to resolve puzzles in managers’ decision processes – conducted face‐to‐face interviews with chief finance officers of large listed firms. The interviews identified six themes as consistent influences on finance decisions: pressures imposed by clienteles; constraints on resources; risk management; heuristics; real options; and sustainability. We conclude that managers are logical and rational in their decisions, but employ a wider range of criteria than assumed in conventional finance theories.     

Informal Insurance Arrangements with Limited Commitment: Theory and Evidence from Village Economies

Recent work on consumption allocations in village economies finds that idiosyncratic variation in consumption is systematically related to idiosyncratic variation in income, thus rejecting the hypothesis of full risk-pooling. We attempt to explain these observations by adding limited commitment as an impediment to risk-pooling. We provide a general dynamic model and completely characterise efficient informal insurance arrangements constrained by limited commitment, and test the model using data from three Indian villages. We find that the model can fully explain the dynamic response of consumption to income, but that it fails to explain the distribution of consumption across households.     

The future of walking in Europe: a Delphi project to identify expert opinion on future walking scenarios

There is increasing recognition of the importance of walking to the sustainability of cities, set against a continuing decline in everyday walking. This paper reports on a research project, which predicts trends in walking in Europe by 2010 by seeking opinion of experts who are knowledgeable about non-motorised transport. There is a consensus that there will be more walking for leisure and health, but less everyday walking. This will happen despite walking being seen as more important and there being more facilities, infrastructure, information and funding for walking.     

Reflexivity,stress, and unlearning in the new product development team: the moderating effect of procedural justice

The success of new product development (NPD) depends on a team's abilities to integrate, build, and reconfigure internal and external competences and the flexibility to address rapidly changing environments. To develop innovative products it is desirable that these processes should not be constrained by current beliefs and routines. NPD teams therefore need to engage in an unlearning process to overcome any resistance to new ideas and to facilitate a fresh approach. The paper recognizes that the controlled experience of stress plays a part in unlearning (e.g., confusion about technology or market change can encourage changes) and argues that teams should systematically reflect on the progress they are making in projects and in unlearning. The fairness of procedures used by the management moderates the proposed relationships. Two hundred and ninety eight team members and 77 NPD team leaders participated in the study. The results indicate that team reflexivity positively influences unlearning and product innovation, while team stress has a negative effect. The perceived fairness of management procedures strengthens the positive effects of team reflexivity on unlearning and product innovation, and reduces negative effect of team stress.