Corporate Social Responsibility as an Organizational Attractiveness for Prospective Public Relations Practitioners

This study viewed students majoring in public relations as prospective public relations practitioners and explored their perceptions about corporate social responsibility (CSR) as their job attraction condition. The results showed that the students perceived CSR to be an important ethical fit condition of a company. One of the significant findings is that CSR can be an effective reputation management strategy for prospective employees, particularly when a company’s business is suffering. In examining the effect of CSR efforts on attitudinal and behavioral outcomes, person–organization (P–O) fit appeared to serve as a mediator between CSR performances and organizational attractiveness.     

The effect of human capital, social capital, and perceptual values on nascent entrepreneurs�� export intentions

This study investigates the influence of human capital, social capital, and cognition on nascent entrepreneurs' export intentions. The results indicate that while human capital and social capital influence the level of intended export, cognitive characteristics, such as self-efficacy and risk aversion, do not seem to influence entrepreneurs' intended level of export. The study makes three original contributions to international entrepreneurship research. The first one is the focus on “Real” Born Globals, i.e. entrepreneurs who express export intentions in the prefounding phase. The second is the focus on the individual-level factors rather than firm-level factors that explain export. Finally, the effect of experience is investigated from a path-dependency perspective rather than a “the-more-the-better” perspective. Our study suggests that it may be productive for researchers to look further into the concept of intention, as entrepreneurs' decision to internationalize presupposes a conscious intention of carrying out the action. Thus, the factors influencing the decision to internationalize may have been present prior to the founding of the venture.     

A hospital-initiated multisectoral road safety campaign with speed-adapted coconut drop test in Northern Laos

We investigate the efficacy of a multisectoral road safety campaign initiated at Luang Namtha Provincial Hospital (LNPH), North-Laos. Road safety days (RSD) with helmet promotion were organised prior to the Lao and International New Year 2007. Motorbike helmet protectiveness was demonstrated by dropping peeled versus unpeeled coconuts from 6-m high sticks simulating city speed-limit (40?km/h). The primary outcome was the number of road traffic injuries (RTI) needing admission (severe RTI) before and after the first RSD. Secondary outcomes were helmet usage, total RTI, hospital staff's behavioural changes and law enforcement. Neighbouring Bokeo Provincial Hospital (BPH) had no intervention. Severe RTI dropped by 34.7% within 12 months (from 449 to 293, p?≤?0.0001, BPH +123% [from 88 to 196]). Total RTI increased by 10.8% (from 772 to 855, p?=?0.0396, BPH +260.8% [from 186 to 671]). Police started the law enforcement right after the RSD. Helmet use increased from 11.2 to 42.5% (p?相似文献   

The voluntary adoption of International Financial Reporting Standards and loan contracting around the world

Using a sample of non-U.S. borrowers from 40 countries during 1997 through 2005, this paper investigates the effect of the voluntary adoption of International Financial Reporting Standards (IFRS) on price and nonprice terms of loan contracts and loan ownership structure in the international loan market. Our results reveal the following. First, banks charge lower loan rates to IFRS adopters than to non-adopters. The difference in loan rates in excess of a benchmark rate between the two groups is about 20 basis points for all loans and nearly 31 basis points for London Interbank Offered Rate (LIBOR)-based loans. Second, banks impose more favorable nonprice terms on IFRS adopters, particularly less restrictive covenants. We also provide evidence suggesting that banks are more willing to extend credit to IFRS adopters through larger loans and longer maturities. Finally, IFRS adopters attract significantly more foreign lenders participating in loan syndicates than non-adopters.     

Building capabilities to manage strategic alliances

Recently, academics have attributed a large part of alliance success to a firm's ability to successfully manage its alliances, also called its level of alliance management capability. We contribute to this growing body of literature by (1) verifying the impact of alliance management capability on alliance performance and (2) analyzing the drivers of alliance management capability. We measure this capability through four types of alliance learning processes and study how each of these processes affects alliance outcome. Furthermore, we take into account several possible drivers of alliance management capability such as organizational culture, commitment of the top team, alliance experience and the alliance function. We refine the results by examining how these factors affect each of the four learning processes underpinning alliance management capability. Our research model will be tested on a sample of 189 Belgian companies using PLS. We find that the commitment of the top management team is the most critical factor in explaining success with alliances.     

CFOs versus CEOs: Equity incentives and crashes

Using a large sample of U.S. firms for the period 1993-2009, we provide evidence that the sensitivity of a chief financial officer's (CFO) option portfolio value to stock price is significantly and positively related to the firm's future stock price crash risk. In contrast, we find only weak evidence of the positive impact of chief executive officer option sensitivity on crash risk. Finally, we find that the link between CFO option sensitivity and crash risk is more pronounced for firms in non-competitive industries and those with a high level of financial leverage.     

IFRS and the regulatory environment: The case of U.S. investor allocation choice

This paper investigates whether a country’s use of international financial reporting standards (IFRS) is associated with increased US investment in foreign equities. The recent global trend towards the use of IFRS may signal attempts by policy makers to reduce information asymmetries for international investors. However, a concern is that these standards must be accompanied by a stronger regulatory environment in order for them to gain legitimacy. Investor allocation choice is based on US holdings of foreign equities and the regulatory environment is interpreted using two distinct factors: the legal standards system and the enforcement regime. We document that US investment is associated with IFRS only when it is combined with a strong regulatory environment, specifically a strong enforcement regime. We also find that mandating IFRS is attractive to US investors only when combined with a strong regulatory environment.     

Stock return predictability and the adaptive markets hypothesis: Evidence from century-long U.S. data

This paper provides strong evidence of time-varying return predictability of the Dow Jones Industrial Average index from 1900 to 2009. Return predictability is found to be driven by changing market conditions, consistent with the implication of the adaptive markets hypothesis. During market crashes, no statistically significant return predictability is observed, but return predictability is associated with a high degree of uncertainty. In times of economic or political crises, stock returns have been highly predictable with a moderate degree of uncertainty in predictability. We find that return predictability has been smaller during economic bubbles than in normal times. We also find evidence that return predictability is associated with stock market volatility and economic fundamentals.     

Tick size,market structure,and market quality

Large tick sizes imposed on high-priced stocks on the Korea Stock Exchange (KSE) are significant binding constraints on bid-ask spreads. Nearly 60% of quoted spreads are equal to the tick size for stocks with the largest tick size and more than 87% of quoted spreads are equal to the tick size for stocks in the largest size portfolio. We also show that the average spread of KSE stocks with large tick sizes is greater than that of matched NYSE stocks, whereas the average spread of KSE stocks with the smallest tick size is smaller than the corresponding figure for the matched NYSE stocks. We interpret these results as evidence that traders on the KSE are paying large trading costs because of the artificially imposed large tick sizes.     

Solving the multi-country Real Business Cycle model using a perturbation method

This paper solves the multi-country RBC model described in den Haan et al. (this issue) and Juillard and Villemot (this issue), using a perturbation method. We explain how to apply first- and second-order versions of the gensys2.m algorithm to this model. The perturbation method is computationally cheap and can easily be applied to large models with possibly hundreds of state variables.