Employee turnover intentions

Most empirical studies testing models of turnover intentions have relied on samples of specific organizations or occupational groups, raising reservations as to the generalizability of their results for broader and more comprehensive populations. To begin to fill this gap, a nearly national sample of employed urban males was utilized and sub–populations were examined in terms of their turnover intentions. A set of biodemographic, organizational, perceptional and job satisfaction variables were incorporated into a multivariate analysis to determine factors best explaining turnover intent. At a second stage, the overall measure of job satisfaction was substituted by four component factors: intrinsic, extrinsic, hygienic and social, which were obtained by a factor analysis of thirteen job satisfaction items. The results of the bivariate and multivariate analysis strongly suggest that specific case findings are congruent with this study's national level of turnover intent. Older age, longer periods of service, lower occupational level were found to have a negative and significant relationship to a worker's intention to change an employer. Intrinsic and hygienic job satisfaction components were found to lead towards a lower intention to leave.     

Policy Effects in Hyperbolic vs. Exponential Models of Consumption and Retirement

This paper constructs a structural retirement model with hyperbolic preferences and uses it to estimate the effect of several potential Social Security policy changes. Estimated effects of policies are compared using two models, one with hyperbolic preferences and one with standard exponential preferences. Sophisticated hyperbolic discounters may accumulate substantial amounts of wealth for retirement. We find it is frequently difficult to distinguish empirically between models with the two types of preferences on the basis of asset accumulation paths or consumption paths around the period of retirement. Simulations suggest that, despite the much higher initial time preference rate, individuals with hyperbolic preferences may actually value a real annuity more than individuals with exponential preferences who have accumulated roughly equal amounts of assets. This appears to be especially true for individuals with relatively high time preference rates or who have low assets for whatever reason. This affects the tradeoff between current benefits and future benefits on which many of the retirement incentives of the Social Security system rest.Simulations involving increasing the early entitlement age and increasing the delayed retirement credit do not show a great deal of difference whether exponential or hyperbolic preferences are used, but simulations for eliminating the earnings test show a non-trivially greater effect when exponential preferences are used.     

The Fall and Rise of Keynesian Fiscal Policy

This paper reviews the recent evolution of thinking and evidence regarding the effectiveness of activist fiscal policy, including how policy multipliers might vary with respect to economic conditions. Like many other countries that were hit by the “Great Recession,” the USA responded initially with active fiscal policy measures. But a more positive view of fiscal intervention appears to have developed earlier in the decade, and estimated decision rules confirm that there was an increase in policy activism. While this positive view has been tested by the unclear effects of fiscal policy during the Great Recession, recent evidence does suggest that fiscal policy may be especially effective in recession. Fiscal policy activism has also been tempered by recent concerns about growing government debt, a development which potentially might also undercut the effectiveness of expansionary fiscal policy.     

Corporate social responsibility,stock prices,and tax policy

We model a market in which some investors get utility from owning shares of firms that engage in corporate social responsibility (CSR). In equilibrium, investors' CSR considerations influence portfolio choices, stock prices, and CSR spending. We study tax policy designed to maximize total giving (individual and corporate) net of government tax breaks and find that its effectiveness is non‐monotonic in the proportion of altruistic investors: with few or many altruistic investors, it has little impact on giving, but, at intermediate levels, effective tax policy intuitively relates the corporate tax rebate rate on giving and the cap on allowable tax savings.     

Evaluating international financial integration under leverage constraints

The global financial crisis has undermined many economists' views about the benefits of open financial markets. Anecdotal evidence seems to indicate that financial linkages may propagate shocks during crises. This paper develops a simple two-country model in which financial liberalisation across countries takes place in the presence of credit market distortions within countries. Countries may be subject to macro risk coming from productivity shocks and direct shocks to the credit system (‘financial shocks’). Three different degrees of financial linkages between countries are examined. It is shown that the type of financial integration is critical for both macroeconomic outcomes and welfare. In particular, financial integration in bond markets alone may increase aggregate consumption volatility and reduce welfare. Financial integration in both bond and equity markets generates high positive co-movement across countries, but is welfare-improving.     

Research Note: Resolving Contested Notions of Tourism Sustainability on Western Australia's 'Turquoise Coast': The Squatter Settlements

Squatter's shacks, or informal holiday homes, have been a feature of sections of Western Austalia's coastline for many years. However, population growth and improved accessibility have brought pressure on government to deal with the problems they present. This paper outlines the procedures being used to address the squatter situation, while also suggesting that many of the characteristics of the squatter communities might be used to advantage in the development of new holiday-based settlements.     

Managing Visitor Impacts at Visitor Attractions: An International Assessment

This paper presents the findings of a study designed to extend and develop a previous study conducted by the authors on the management of visitor impacts at visitor attractions in Scotland. This follow-up study sets out to discover the extent to which attractions in other countries experience similar impacts, with comparable management challenges to those already identified in the Scottish visitor attraction sector. In order to provide a direct comparison to the Scottish study, a replication of the research methodology employed in that study was considered necessary. A self-completion survey was thus mailed to managers of paid-admission attractions in Canada, Australia and New Zealand: three ‘leading-edge’ destinations selected for comparison. Findings suggest that although many impacts are perceived to be similar across the four countries, a number of important differences are evident. Given that the reasons for such differences vary, the paper concludes that the development of a generic strategy for the management of visitor impacts internationally remains something for the future. In the meantime, the sector should rely on the identification and adoption of best practice on a case-by-case basis. The sector’s diversity and fragmentation suggest that qualitative research holds the key to identifying appropriate techniques for managing visitor impacts.     

The Effect of Attending a Small Class in the Early Grades on College-test Taking and Middle School Test Results: Evidence from Project Star

This paper provides a long-term follow-up analysis of students who participated in the Tennessee STAR experiment. In this experiment, students and their teachers were randomly assigned to small, regular-size, or regular-size classes with a teacher aide in the first four years of school. We analyse the effect of past attendance in small classes on student test scores and whether they took the ACT or SAT college entrance exam. Attending a small class in the early grades is associated with an increased likelihood of taking a college-entrance exam, especially among minority students, and somewhat higher test scores.