代理成本与经营管理者财务监督

委托代理关系存在三类形式,各类委托代理关系都存在相应的代理成本。本文从第三类代理成本的理论阐述入手,分析了经营管理者财务监督存在的客观必然性,探讨了第三类代理成本对经营管理者财务监督体制的影响,并按照降低第三类代理成本的要求,对构建经营管理者财务监督体制思路提出了设想。     

Dynamics of fertility and labour force participation of Canadian women in 1971 and 1981: a cohort approach

The authors analyze the relationship between labor force participation and fertility in Canada using data from the Public Use Sample Tapes from the 1971 and 1981 censuses. Factors considered include age, religion, educational status, and marital status. The authors conclude that "labour force participation of women seems to have less influence on fertility compared to [the] fertility effect on labour force participation."     

Book Reviews

Anthony J. Whitten, Sengli J. Damanik, Jazanul Anwar and Nazaruddin Hisyam, The Ecology of Sumatra, Yogyakarta: Gadjah Mada University Press, Second Edition, 1987, pp. 583 + xx.

Christine Drake, National Integration in Indonesia: Patterns and Policies, Honolulu: University of Hawaii Press, 1989, pp. 354 + xvi. Cloth: US$ 35.00.

Geoffrey B. Hainsworth (ed.), Environmental Linkages, Halifax: School for Resource and Environmental Studies, Dalhousie University, 1985, pp. 97.

R. Repetto et al., Wasting Assets: Natural Resources in the National Income Accounts, Washington DC: World Resources Institute, June 1989, pp. 69 + vi. Paper: US$10.00.

William E. James, Seiji Naya and Gerald M. Meier, Asian Development: Economic Success and Policy Lessons, Madison, Wisconsin: University of Wisconsin Press, 1989, pp. 281 + Xviii.

Robert B. Dickie and Thomas A. Layman, Foreign Investment and Government Policy in the Third World: Forging Common Interests in Indonesia and Beyond, London: MacMillan, 1988, pp. 240 + xxxi. £35.

Alan Gelb and Associates, Oil Windfalls: Blessing or Curse? New York: Oxford University Press, for the World Bank, 1988, pp. 357 + x. $32.50.

Benjamin Higgins, The Road Less Travelled: A Development Economist's Quest, History of Development Studies 2, Canberra: National Centre For Development Studies, the Australian National University, pp. 204 + x. Paper: A$20.00

BRIEFLY NOTED: Sarwar Hobohm, Indonesia to 1993: Breakthrough in the Balance, London: Economist Intelligence Unit, Special Report no. 2012, 1989, pp. 91, £190 for this Plus the Companion Report, Indonesia to 1991: Can Momentum be Regained?

Geoffrey Hainsworth and Hasan Poerbo (eds), Local Resource Management: Towards Sustainable Development, Halifax: School for Resource and Environmental Studies, Dalhousie University, 1987, pp. 69 + xii.

H.W. Dick, Industri Pelayaran Indonesia: Kompetisi dan Regulasi, Jakarta: LP3ES, 1990, 306 + xxv.     

“Do Fiscal Deficits Influence Current Accounts? A Case Study of India”

This paper examines the effects of fiscal deficits on the current account deficits in the Indian economy. In many developing countries, fiscal deficits are mostly financed through monetization, causing crowding out of private investment expenditures. However, fiscal deficits in India are mostly financed through official borrowings from various external sources, leading to higher interest payments and outgoings on the external account. Such a policy could eventually precipitate balance of payments crises despite favorable trade account and real exchange rate. Data over three decades for the Indian economy show that, in addition to the real exchange rate and the ratio of private investment to GDP, fiscal deficits significantly contribute to the current account deficits.     

A brief study of age specific birth proportions,Japan and Singapore

The suitability of age-specific birth proportions (ASBP), or percentage distribution of births, as a rough and ready index of fertility change was analyzed by establishing a theoretical framework for its limitations and uses. The discussion suggested that the utility of ASBP as an indicator of fertility change depends on the characteristics and behavior of the population being considered. The concept was then empirically applied to birth trends in Japan and Singapore for 2 different time periods. Analysis suggested that ASBP trends in Japan reflected changes in age-specific fertility rates relative to general fertility rate as well as trends in parity distribution. The Singapore analysis was more complicated, raising different issues. As very limited empirical work has been done on ASBPs, the utility of ASBPs as an indicator of fertility change cannot be definitely ascertained. It was suggested however that ASBP trends may be applicable in countries where the age distribution of fertile-aged women is fairly stable. More empirical research should be done on ASBP trends in other countries, the behavior of A matrix as discussed in this paper, and useful empirical relationship of ASBP with other fertility measures.     

Retraining midcareer managers: Career history and self-efficacy beliefs

Many corporations are retraining midcareer managers in order to combat employee obsolescence and boost corporate competitiveness. The receptivity of midcareer managers to retraining is mixed. Those managers who believe they can master new work-related learning (in the terms of this study, those who have positive self-efficacy in learning beliefs) are most amenable to retraining. The objective of the present study was to determine the antecedents of positive self-efficacy beliefs for midcareer managers facing retraining. We discovered that managers' advancement potential and the relevance of their previous training had a profound impact on their self-efficacy beliefs. These findings have important practical implications. The seeds of receptivity to retraining are planted throughout managers' careers. Hence, retraining should not be viewed on a program-by-program basis, but rather should be understood in the broader context of corporate life and individual career history. To prepare for the inevitable corporate evolution and change demanded in a dynamic business environment, senior executives and human resource managers should be proactive in creating those conditions that facilitate the development of positive self-efficacy in learning beliefs.     

Dynamic effects of externalities,optimal saving and economic growth

Conclusion Recognizing the fact that provision of mixed public goods can result in both consumption externalities of the Samuelsonian variety as well as production externalities we set out to extend the earlier results of Rao and Kalpagam (1977) on the effect of public goods on economic growth. In so doing, we considered three standard specifications of production externalities and enlarged the concept of consumption displacement. Our basic conclusion is that the results of our earlier paper remain valid under the more general conditions set out in this paper.