Financial Disclosure in the Travel and Leisure Industry

This study explores the determinants of Internet financial disclosure in the travel and leisure industry. Studying the case of the firms that are listed in the London Stock Exchange, we employ the generalized method of moments in order to investigate the cross‐sectional variation in the quantity of financial information, which is disclosed on corporate websites of travel and leisure firms. We find that disclosure is positively associated with corporate size, financial leverage, concentrated ownership, dual listing and profitability. We also discover that profitability is not only a determinant of financial disclosure in the travel and leisure industry but also its consequence: More profitable firms yield more requests for transparency among their stakeholders, and they also have the necessary resources to respond to these requests. Copyright © 2016 John Wiley & Sons, Ltd.     

A system-optimization perspective for supply chain network integration: The horizontal merger case

In this paper, we present a new theoretical framework for the quantification of strategic advantages associated with horizontal mergers through the integration of supply chain networks. The framework is a system-optimization one in which each firm is represented as a network of economic activities associated with manufacturing, distribution, and storage and with explicit capacities imposed on the links. We present the models pre- and post-horizontal mergers and define a measure for the quantification of the gains, if any, associated with the mergers. We illustrate the framework with several numerical examples. For simple classes of mergers we derive formulae for the strategic advantages.     

Herzberg's Two-Factor Theory of work motivation tested empirically on seasonal workers in hospitality and tourism

The objective of this study was to understand work motivation in a sample of seasonal workers at a tourism destination strongly steered by seasonality. Furthermore, it was investigated whether seasonal workers could be divided into worker subgroups on the basis of their work motivation. A structural equations model tested Herzberg's Two-Factor Theory of work motivation empirically. The findings of the study support the Two-Factor Theory of work motivation. Furthermore, results indicated that a migrant community of workers was significantly less concerned about wage level as well as significantly more concerned about meeting new people than resident workers. As a result of these findings, it is suggested that management of businesses in hospitality and tourism need to consider that the seasonal workforce consists of different kinds of worker subgroups, which have different needs to be satisfied.     

R&D COOPERATION WITH UNIT-ELASTIC DEMAND

The present paper shows that R&D cooperation leads to the monopoly outcome in terms of price and quantity if demand is unit-elastic. If the demand function exhibits an upper bound for the willingness to pay, R&D cooperation is inferior to a scenario in which firms cooperate both in their R&D and their output decision.     

The monitoring of the e-government projects realization in the South of Russia

A methodology for electronic government projects’ evaluation, taking into account the specifics of its implementation in the regions of Russia, is provided. Four blocks of interconnected indicators are the base of the assessment. The subsystems of indicators describe the information and communication infrastructure of the region, the information sector condition of the region’s economy, the human development index and the level of online presence of the regional authorities. The rating method is used for the construction of the integral measure. The integral measure, the index of the electronic government development, is calculated according to an additive scheme. The information and analytical system of complex regional electronic government projects’ monitoring is constructed on the basis of the given system of indicators. The methodology approbation is carried out on the regions of the South of Russia with the construction of the regions rating by the index of the electronic government development.     

Telephone advisory services—nursing between organisational and occupational professionalism

In this paper, we explore how telephone advisory services (TAS) and the implementation of new technology affect nurses and the nursing profession. This study shows that TAS and applied technology embodies ideas of standardisation and efficiency, and promotes an organisational professionalism such that it challenges occupational professionalism. Torn between organisational and occupational professionalism, the nurses develop strategies to deal with their contradictory demands.     

Optimal Asset Allocation and Risk Shifting in Money Management

This article investigates a fund manager's risk-taking incentivesinduced by an increasing and convex relationship of fund flowsto relative performance. In a dynamic portfolio choice framework,we show that the ensuing convexities in the manager's objectivegive rise to a finite risk-shifting range over which she gamblesto finish ahead of her benchmark. Such gambling entails eitheran increase or a decrease in the volatility of the manager'sportfolio, depending on her risk tolerance. In the latter case,the manager reduces her holdings of the risky asset despiteits positive risk premium. Our empirical analysis lends supportto the novel predictions of the model.     

Peers and Culture*

We analyze the evolution of culture when parents socialize children to the cultural variants that maximize child lifetime utility. Parents invest in cultural transmission by taking into account that children are also influenced by peers. We model the influence of peers by assuming that children observe different cultural variants in their peer group, assign merit to them and adopt one variant, following a probabilistic adoption rule. We show that cultural diversity is sustainable even if all parents strive to transmit the same variant. We also show that a parental demand for cultural pluralism does not guarantee cultural diversity.     

The Challenge of Multinational Corporation (MNC)-Led Growth and Internationalization: The Case of Nokia-Dependent Suppliers

Purpose: This research is aimed at gaining a better understanding of supplier–customer relationships in the context of asymmetrical dependence. Of particular interest is to develop an enhanced understanding of the conditions under which such relationships can be mutually beneficial despite the problems traditionally associated with relationship asymmetry.

Methodology: The empirical context is provided by a case study of Nokia and three of its Finland-based suppliers that have grown and internationalized in a customer-led manner. Following a review of the literature, we introduce a conceptual model and then test it against findings from the case study.

Findings: We find that relationships characterized by asymmetrical dependence can be mutually beneficial as long as the boundary conditions governing the relationship remain favorable. In particular, relational variables such as trust and commitment can balance an otherwise asymmetrical relationship. However, such relationships are vulnerable to changes in the external environment, which may expose the more dependent party to power influences. Thus high customer dependence is best viewed as a temporary condition and the supplier should actively seek for strategies to reduce dependence.

Originality: Much of existing research on interorganizational relationships fails to provide an understanding of relationship development over time and, in particular, in relation to changing environmental conditions. This study provides such a perspective and does so in the context of a supplier–customer relationship characterized by asymmetrical dependence.