How strong is the causal relationship between globalization and energy consumption in developed economies? A country-specific time-series and panel analysis

We examine the causal relationship between globalization, economic growth and energy consumption for 25 developed economies using both time series and panel data techniques for the period 1970–2014. Due to the presence of cross-sectional dependence in the panel (countries from Asia, North America, Western Europe and Oceania), we employ the cross-sectional augmented IPS test to ascertain unit root properties. The cointegration test results indicate the presence of a long-run association between globalization, economic growth and energy consumption. Long-run heterogeneous panel elasticities are estimated through the common correlated effects mean group estimator and the augmented mean group estimator. The empirical results reveal that, for most countries, globalization increases energy consumption. In the USA and UK, globalization is negatively correlated with energy consumption. The causality analysis indicates the presence of the globalization-driven energy consumption hypothesis. This empirical analysis suggests insightful policy guidelines for policy makers using globalization as an economic tool to utilize energy efficiently for sustainable economic development in the long run.     

Strategic restructuring

Never before has there been so much organizational restructuring, in spite of consistently mixed results. This article argues that the reason organizational restructuring so often fails to increase productivity and profit is that it is not guided by business strategy. While most managers agree that structure should follow strategy, few have a process for moving from strategy to restructuring at the business level where most restructuring occurs. A number of businesses, however, have based restructuring decisions on a clear and well-understood strategy. This article describes what is common to the processes these businesses have followed. Human resource managers, whose role and competence should include the alignment of change processes with business needs, have often abdicated responsibility for ensuring that restructuring efforts are strategic and are competently implemented. © 1996 by John Wiley & Sons, Inc.     

The Reversal of the Monday Effect: New Evidence from US Equity Markets

This article re-examines the Monday effect in the US stock market from 1964–1999 using daily returns from three large-cap indexes and two small-cap indexes. In the period before 1987, Monday returns are significantly negative in all five US stock indexes, confirming previous empirical findings. In the post-1987 period, we uncover a significant reversal of the Monday effect in the large-cap indexes (NYSE, S&38;P500 and DJCOMP), since Monday returns are significantly positive. Furthermore, significant differences in the persistence and reversal of the Monday effect are found between large-cap and small-cap stock indexes.     

Economic Activity and Social Indicators: A Rural-Urban Discontinuum?

A bstract . Comparisons of urban and rural areas tend to assume that a rural-urban continuum exists as regards economic and social indicators of well-being and that rural places are fairly homogeneous. Analysis of Kentucky counties indicates that rural-urban differences exist as regards economic well-being and objective social indicators. However, rural-urban differences are not consistent with respect to subjective social indicators; and there are important differences among economic types of rural counties as regards both economic and social indicators. Thus, the rural-urban continuum is not general and it is important to distinguish types of rural counties.     

“Please don't make me a hero”: A re-examination of corporate heroes

Recent discussions of corporate heroes focus on benefits without examining costs. Although our perceptions are not entirely negative, we have discovered several reasons to be cautious about corporate heroes. We present some of the potential problems associated with creating heroes, and another set of dysfunctions occurring once heroes have been created. Our intention is not to debunk heroes, but to attach a cautionary note to their use in organizations. We fully expect the natural emergence of heroes in many organizations, but also propose that managers can accomplish as much, and often less hazardously, by working on perspective, praise, and trying to influence daily practice in their organizations. This approach is both more explicit and direct in infusing organizations with the same benefits of motivation and meaning derived from having heroes. Moreover, it can lay a foundation of values that ultimately determines what kinds of individuals emerge as heroes.     

A report card on HMOs

Many Americans are scared to death about the care at HMOs. But a coast-to-coast Fortune survey turns up surprisingly impressive results.     

Auctions for Split-Award Contracts

The buyer of a homogeneous input divides his input requirements into two contracts that are awarded to different suppliers. He uses a sequential second-price auction to award a primary and a secondary contract. With a fixed number of suppliers the buyer pays a higher expected price than with a sole-source auction. The premium paid to the winner of the secondary contract must also be paid to the winner of the primary contract as an opportunity cost. When entry is endogenous, we identify the conditions under which a secondary contract can increase the number of suppliers and lower the expected price.     

欧盟经济放缓或比美国持续更长

欧元区经济已显露急速放缓迹象；而由于该地区劳动力市场不够灵活、决策部门不愿大幅下调利率，这种苗头有可能发展成持久的经济疲软。 据官方数据显示，德国消费市场下滑、法国商业库存下降等因素导致欧元区四季度经济增幅从三季度的0．8％降低一半，至0.4％。