A theoretical model of the relationship between value added elements and end product

This paper focuses on the development of a theoretical scheme describing the transformation of primary incomes into end consumption and savings in the Russian economy. This scheme is basically a system of interrelated tables reflecting the distribution of primary incomes across the institutional sectors and their further reallocation and use. The scheme makes allowances for the specific features of the Russian economy and existing statistics. In terms of methodology, it is coordinated with the interindustry balance in current buyer prices and, from the theoretical standpoint, describes the connection between Quadrant II and Quadrant III of the balance. Therefore, the proposed system of tables is treated in the paper as Quadrant IV of the interindustry balance. The theoretical scheme is used by the authors as a necessary basis for constructing an empirical model of the relationship between value added and end product, which will be published in the next issue of this journal.     

Grounded Theory und ihre bisherige Anwendung in der empirischen Controlling- und Rechnungswesenforschung

Zusammenfassung  Die Bildung von Forschungshypothesen ist zwar immer ein kreativer, sollte aber gleichzeitig kein unsystematischer Prozess sein. Im vorliegenden Artikel liegt der Fokus auf der Methodenunterstützung des Entdeckungszusammenhangs. Die Methode der Grounded Theory bietet einen Bezugsrahmen für qualitative empirische Studien, mit dem Theorien entwickelt werden, die aus dem Textmaterial zu begründen sind. Eine Literaturanalyse verdeutlicht, dass das Potenzial dieser Methode bisher in der Controlling- und Rechnungswesenforschung weitgehend ungenutzt bleibt. Anhand einer Diskussion empirischer Studien, welche auf die Methode zurückgreifen, werden Anwendungsm?glichkeiten der Grounded Theory für diese Disziplinen aufgezeigt.

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Summary  Creating research hypotheses is always a creative but not necessarily an unsystematic process. In our study we introduce a method supporting the logic of discovery. The grounded theory approach provides a framework for a systematic development of theories emerging from empirical data. A literature review stresses that the potential of the method so far is unused in accounting research. The grounded theory approach is introduced to support empirical work within this research field. Options for an application of the method in accounting research are shown by the means of a discussion of empirical studies. Furthermore the reader gets hints for reference studies.

     

No Chinese Capitalism without Property Rights

The speed with which communist China has embuaced markets has surprised Western analysis and observers, But Chinese economic progress will founder in corruption and inefficiency, argues Professor Steven Cheung of the university of Hong Kong, untess she insitutes a well-defined system of private property rights to safeguord investment and stimulate trade.     

UNIT MANAGEMENT BUYOUTS, STOCKHOLDER WEALTH, AND SELLING FIRMS' CHARACTERISTICS

Previous research on unit management buyouts, UMBs, has shown that selling firms benefit from the selloff transaction. The current research demonstrates that when the selling firm has either poor liquidity or poor earnings, selling firm shareholders do not benefit as much. We hypothesize that the unit managers have knowledge about the selling firm's difficulties so they do not pay as large a premium for the assets. Since the unit managers technically are employed by the selling firm shareholders, their bargaining to achieve a better price is an agency cost. Finally, selloff frequency does not affect seller abnormal returns.     

Common Stock Returns in Corporate Takeover Bids: The Case of Brokerage House Acquisitions

This paper examines the common stock returns of three groups of bidders that purchased brokerage houses. Only in the cases of horizontal mergers, one brokerage house purchasing another, are there abnormal returns associated with the purchase. Neither bank holding company bidders nor non-financial bidders gain significantly when purchasing a brokerage house. Bank holding company bidders face considerable regulatory delays, and these economic disturbances may eliminate their gains. Bank holding company expansion into these non-bank activities does not appear, at the time of announcement, to either hurt or benefit them; hence, this expansion does not appear to further the loss exposure of the Federal Deposit Insurance Corporation.     

Analysing Materials and Energy Flows in an Industrial District using an Enterprise Input–Output Model

Recent approaches to sustainable development leave much room for policies at a local level. In fact, it is becoming evident that targets such as increasing resource productivity, preserving natural cycles, or extending the present level of welfare, are best pursued within the confines of a local area. In particular, environmental changes are best brought about by considering local systems of firms as cornerstones of cooperative strategies and using data on materials and energy use in physical terms. In this paper, an enterprise input–output model is developed for an industrial district, i.e. a local group of firms specialized in the production of a single final output. The model allows for a detailed quantitative analysis of materials and energy flows and the consequent generation of waste and pollution. As a planning tool, the model may be used to evaluate alternative scenarios, such as the possibility of re- using waste taking account of sustainability requirements. An empirical case study applies the model to an industrial district in Southern Italy producing leather sofas.     

CAN INEFFICIENT TRADERS CREATE VALUE?

I examine the aggregate expected profit generated by informed traders of diverse ability in a competitive market. I assume that efficient traders get perfect information on asset values whereas inefficient traders get noisy information. In the presence of order size restrictions, I show that the aggregate expected profit generated by efficient and inefficient traders together can be higher than that generated by efficient traders alone. Thus, inefficient traders can create value in a constrained trading environment.