A CYCLING METHOD FOR CONSTRUCTING INPUT–OUTPUT TABLE TIME SERIES FROM INCOMPLETE DATA

There are a number of approaches for constructing time series of input–output tables. Some authors generate an initial estimate for a base year, and then serially estimate tables for subsequent years using the balanced prior-year table as an initial estimate. Others first generate a series of initial estimates for the entire period, and then balance tables in parallel. Current serial methods are affected by sudden leaps in the magnitude of table elements, which occur straight after a period of data unavailability. Current parallel methods require two complete tables for base and final years in the same classification, and therefore do not work under misaligned or incomplete data. We present a new method for constructing input–output table time series that overcomes these problems by averaging over alternate forward and backward sweeps across the time series period. We also solve the problem of hysteresis causing forecast and backcast table estimates to differ.     

Negative emotions of an entrepreneurial career: Self-employment and regulatory coping behaviors

Although we know a great deal about the relationship between self-employment and the experience of positive emotions such as passion, excitement, happiness, satisfaction, and flow, there is some research that suggests that the self-employed may be more susceptible than employees to negative emotions such as stress, fear of failure, loneliness, mental strain, and grief. We draw on the literature on role requirements to develop a model of career pursuit based on individuals' willingness and abilities to regulate these emotions. Using a nation-wide survey of more than 2700 US citizens we show that over and above the effects of positive emotions, the self-employed experienced fewer negative emotions than those who are employed, contingent on their regulatory coping behaviors. We discuss implications of these results for the literature on entrepreneurial emotions.     

The effects of educational delivery methods on knowledge retention

In today's dynamic learning environment, educational delivery methods have become increasingly diverse. Using a unique opportunity to assess three types of course delivery—face-to-face, interactive television (iTV), and purely online delivery—the authors look at both initial knowledge acquisition and the retention of this knowledge. The results indicate that the online class outperformed the face-to-face and iTV sections on the initial performance evaluation; however, knowledge retention was greater in the face-to-face and iTV sections. The authors' findings suggest that diverse educational delivery methods provide unique benefits to students, but these benefits vary in relation to immediate learning outcomes and knowledge retention.     

Is Financial Reporting Still Useful? Australian Evidence

There has been recent and growing criticism of the usefulness of financial reporting for investors, particularly the annual financial statements. In response, the IASB is pursuing several projects aimed at improving the relevance of financial information. To inform the IASB’s work, we investigate, using a mixed-method approach, the extent and nature of the use of annual financial statements by equity investors. We examine the relevance of financial reporting for equity valuation in Australia across time. We find that financial reporting (specifically, reported net income, shareholders’ equity, and operating cash flows) remains relevant for investment decisions. We further support this finding with evidence from field interviews that provide insight into how and why financial statements are used by equity investors. The field evidence also demonstrates that no one financial statement dominates in investor decision making. Given the increasing availability of more timely, forward-looking information from alternative sources, we examine the relevance of non-GAAP financial information and other non-financial information for investor decision making. We find that non-GAAP financial information (as proxied by EBIT and EBITDA) is more value relevant than statutory measures. We further find a broad range of non-financial information is utilized by investors in making investment decisions both as a ‘screen’ and for valuation purposes. Our findings inform regulators and other stakeholders as we provide evidence of the continuing relevance of financial statements and the complementary role of non-GAAP financial and other information. Our evidence provides a rebuttal to the recent criticism.     

INPUT PRICE UNCERTAINTY,INVESTMENTS IN FLEXIBILITY AND COMPETITIVE INDUSTRY EQUILIBRIUM

This paper assumes that firms can respond to input price uncertainty by selecting a flexible technology. A simple model of industry equilibrium is used to examine the choice of flexibility. It is shown that the industry equilibrium is not characterized by excess capacity. This contrasts with the result in the previous literature dealing with equilibrium under product demand uncertainty. It is also shown that the effect of an increase in input price dispersion on the optimal level of flexibility and the equilibrium number of firms depends on the interaction between flexibility and the optimal size of the firm.     

Individual Decision-Making in Organizations: Contribution of Uncertainty and Controversy in China

Uncertainty has been thought to challenge the cognitive capabilities of managers and thereby undermine their decision-making abilities. However, managers who experience uncertainty in that they are unsure of the adequacy of their own position may open-mindedly consult with their colleagues in the organization before they make the decision. A sample of 122 Chinese mainland managers described and rated a critical incident when they tried to make a decision. Regression analyses indicated that to the extent that managers initially felt uncertain about the solution they engaged in constructive controversy, i.e. the open-minded discussion for mutual benefit, which, in turn, led to effective decision-making. Cooperative goals further moderated the association of uncertainty with cooperative goals such that the positive association was stronger with less cooperative goals. These results underline the positive role of uncertainty in solving difficult problems, especially under competitive goals.     

Social Capital,Tourism and Regional Development: SPCC as a Basis for Innovation and Sustainability

Traditional views of regional development have focused on economic factors and potential innovation in technical and resource exploitation processes. Similarly, regional tourism development is usually couched in economic terms, such as number of jobs and increasing land values. This approach usually ignores the social and community aspects of tourism development; thus an alternative view argues that the community needs to be factored into our planning and development strategies to balance the traditional economic view. It is argued in this paper that fostering innovation in regional development is much more than a process of community consultation. Rather, what needs to be factored in is SPCC – social, political and cultural capital. This works in both directions; tourism development depends on a level of social, political and cultural capital in order to be a successful regional development tool (even in economic terms) while at the same time tourism development can be undertaken in a way that contributes to SPCC in the region. The paper outlines the key concepts of social capital, political capital and cultural capital. It does so within the context of regional tourism development and the concepts of systems of innovation and sustainable development.