Parametric and Non‐Parametric Estimates of Willingness to Pay for Forest Recreation in Northern Ireland: A Discrete Choice Contingent Valuation Study with Follow‐Ups

In this study we show that forest areas contribute significantly to the estimated benefits from outdoor recreation in Northern Ireland. Secondly we provide empirical evidence of the gains in the statistical efficiency of both benefit and parameter estimates obtained by analysing follow‐up responses with Double Bounded interval data analysis. As these gains are considerable, it is clearly worth considering this method in CVM survey design even when moderately large sample sizes are used. Finally we demonstrate that estimates of means and medians of WTP distributions for access to forest recreation show plausible magnitude, are consistent with previous UK studies, and converge across parametric and non‐parametric methods of estimation.     

Government measures in support of the financial sector in the EU and the United States

In the last issue of Intereconomics, a first article by the present authors looked into the measures that central banks have taken in support of the financial sector in an effort to mitigate the effects of the financial crisis. This second article describes the measures taken by governments to contain the impact of the financial crisis and discusses potential exit strategies. Although the focus is on the measures implemented by euro area governments, the article also compares these measures with the ones taken in the United Kingdom and the United States.     

Respect and relational contracts

Assuming that people care not only about what others do but also on what others think, we study respect in a labor market context where the length of the employment relationship is endogenous. In our three-stage gift-exchange experiment, the employer can express respect by giving the employee costly symbolic rewards after observing his level of effort. We study whether symbolic rewards are used by the employers mainly to praise employees or as a coordination device to build relational contracts by manipulating the balance between labor demand and supply in the market. We find that a high proportion of long-term relationships have been initiated by the assignment of symbolic rewards. However, the assignment of symbolic rewards decreases when it becomes clear that the relationship is durable, suggesting that employers mainly use symbolic rewards as a coordination device to initiate relational contracts. Compared to the balanced market condition, assigning symbolic rewards in initial relationships is less likely when there is excess demand in the market and more likely when there is excess supply, i.e., when the relationship is more valuable. Receiving symbolic rewards increases the employees’ likelihood of accepting to continue the relationship with the same employer. It also motivates them to increase their effort further but only when the market is balanced. Overall, the ability to assign symbolic rewards does not give rise to higher profits because it is associated with lower rents offered to the employees on average, leading to lower effort levels.     

Disclosure and determinants studies: An extension using the Divisive Clustering Method (DIV)

Abstract

Past accounting research contains an extensive range of disclosure and determinants studies. But these studies have one major methodological drawback: the disclosure analysis is often restricted to determination of the disclosure index, that is, the sum of disclosed items, weighted or unweighted. The disclosure profile (which reflects the structure of published information) is generally not part of the research design. The objective of this paper is to introduce a divisive (descendant) clustering method, which splits the sample into homogeneous sub-groups corresponding to disclosure patterns (or profiles), for clearer determination of the financial characteristics of each group. This methodology is illustrated by a study of disclosure on provisions by large French firms. The results show that the disclosure pattern is related to provision intensity, size, leverage and market expectation, but not to profit, return and industry. This new research method is a valuable complementary tool for expanding on disclosure and determinants studies, moving from disclosure levels to disclosure patterns.     

Different Manifestations of the Concept of Empowerment: The Politics of Urban Renewal in the United States and the United Kingdom

Over the course of the 1990s the concept of empowerment became firmly established within the vocabulary of urban politics in several different national contexts. This article analyzes the spread of this concept by looking at the politics of urban renewal in the United States and the United Kingdom. It shows that even if (and possibly because) the definition of empowerment remained vague, the turn to empowerment came out of and contributed to a shift in the nature of urban politics and to a reconfiguration of governmental methods, the role of the state and, consequently, to changes in civil society, all of which were associated with a rise to prominence of a neoliberal perspective.     

The role of business support organisations in the process of retailer internationalisation

In the field of international retail research, there has been little attention paid to the role of business support organisations in the process of internationalisation. Given the barriers to foreign market expansion, the focus of this study is to investigate the importance of facilitating factors, in the form of business support organisations, which can assist retailers in the process of international expansion. A qualitative research methodology was employed and the findings provide evidence relating to three important areas: firstly, the types of business support programmes available to retailers seeking to internationalise from the UK, secondly, the barriers encountered by retail companies expanding overseas, and thirdly, how government and private organisations can assist in helping retailers overcome these hurdles.