IMPACT OF DIVIDEND‐PROTECTED EMPLOYEE STOCK OPTIONS ON PAYOUT POLICIES: EVIDENCE FROM TAIWAN

Abstract. This study used a sample of 1035 Taiwanese firms to examine the impact of dividend protected employee stock options on stock repurchase and cash dividend policies from 2000 to 2005. This study finds a positive relationship between cash dividends and executive options, implying that executives holding stock options might prefer to distribute cash dividends to boost the stock price. This result, unlike in earlier studies, arises from the dividend protected characteristic of Taiwanese employee stock options. Finally, free cash flow, firm profitability, level of debt, investment opportunities and firm size are found to considerably influence payout decisions.     

Estimation of physical intensity models for default risk

The estimation of physical intensity processes in the context of default risk is investigated here. Using data from Moody's Corporate Bond Default Database, a term structure of default probabilities for different rating classes is constructed each year from 1970 to 2001. Two specifications used for modeling the dynamics of the (risk‐neutral) intensity process in the bond‐pricing literature are then examined empirically: the Ornstein–Uhlenbeck and square‐root cases. The results reveal that the Ornstein–Uhlenbeck case is not an adequate modeling alternative with a rejection of this specification in five out of seven credit classes and nonsignificant mean reverting behavior for all credit classes. The square‐root case obtains better results with four credit classes out of seven for which this specification cannot be rejected and significant mean reversion parameters in many cases. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 29:95–113, 2009     

Estimation of trade elasticities in the presence of trade barriers, multinationals and imperfect competition

Recent research highlights the role that multinational trading companies may play in impeding price transmission. In markets characterised by imperfect competition, an estimate of the partial elasticity of demand may be of limited practical value if no account is taken of the reaction of competitors. In this paper, we demonstrate the potential for market structure to affect price transmission and trade elasticities, and challenge the presumption that only government intervention can impact upon price transmission, with examples supporting why theory would suggest otherwise.     

Offshoring Professional Services: Institutions and Professional Control

We examine the reasons why one might expect it to be more difficult to offshore professional work than manufacturing work in a globalized world. We then provide data on the variations in a specific case — the offshoring of diagnostic radiology from the USA, UK and Singapore. We show that existing theories on the ‘offshorability’ of jobs have not captured how national institutions and occupational regulations continue to define professional work. We then review the question of supply from India's perspective and report that both macro‐institutional and organizational contexts make it complicated for Indian doctors to supply much of this service.     

Marketing charitable bequests to lawyers

There is scant literature about the role of the lawyer in influencing the likelihood of a charitable bequest being made in a will. Charities regularly advertise in legal journals and supply bequest materials to lawyers, but the effectiveness of these strategies for influencing lawyers appears not to have been measured in the literature or in practice. Our exploratory research indicates that specialist estate lawyers report that they pay little or no attention to traditional marketing of charitable bequests to them and that lawyers' specific information needs from charities about bequests are not being satisfied appropriately. Our study reveals that lawyers do seek information from charities in order to write a will's bequest clause, once a bequest has been considered by the client. Lawyers indicated frustration with obtaining this information from charities, and we recommend some actions for charities to rectify this situation. Recommendations for enhanced bequest solicitation are made together with suggestions for pathways for future bequest research involving lawyers. Copyright © 2011 John Wiley & Sons, Ltd.     

La transición de Tailandia en las esferas laboral y sanitaria

La economía de Tailandia ha cambiado rápidamente de la agricultura a la industria manufacturera y el sector de los servicios, pero el ordenamiento del mercado laboral y la representación de los trabajadores son mucho menos consistentes que en los países desarrollados, donde hubo una transición más lenta y gradual hace ya décadas. Los autores estudian el robustecimiento de las políticas y la legislación tailandesas en el ámbito de la seguridad y la salud en el trabajo, que obedece a las normas internacionales y a la nueva Constitución democrática. Por último, identifican los principales retos pendientes, entre ellos el cumplimiento de la ley y una medición mejor de los efectos del trabajo en la salud física y mental.     

Assessing the Effects of Cultural Intelligence on Team Knowledge Sharing From a Socio‐Cognitive Perspective

Drawing upon social cognitive theory, this research postulates cultural intelligence as a key driver of knowledge sharing among culturally diverse teams. An empirical testing of the proposed model, by investigating team leaders from high‐tech industries, reveals the applicability of social cognitive theory in understanding cultural intelligence, perceived team efficacy, and knowledge sharing. Specifically, the test results herein show that knowledge sharing is directly influenced by metacognitive, cognitive, and motivational cultural intelligence. At the same time, knowledge sharing is indirectly impacted by metacognitive and behavioral cultural intelligence through the mediation of perceived team efficacy. Lastly, this research provides managerial implications and limitations. © 2013 Wiley Periodicals, Inc.     

国有企业改革的背景差异与变革型领导者催生

变革型领导是国有企业改革的中坚力量,推动着改革的进程。在体制转型情景下,国有企业性质和目标的转变给国有企业领导者提出历史性的新要求,国有企业改革的进程与力度决定国有企业领导者的类型与结构,促使了变革型领导的形成。变革型领导根据国有企业改革和企业实际需要,在生产经营中采取生产与营销模式改革、产权与人事制度改革、企业文化改革等变革创新行为,并通过制度创新促进和推动国有企业改革。     

浅议燃油税与养路费利弊

燃油消费税取代养路费等行政事业费，成为募集公路交通建设资金的主要方式。改革初期阶段的燃油税存在税率确定、征收额预测以及非公路用油补贴等缺点和难点。而有近二十年征收历史的养路费，在统一集中管理、审批流程、预测等方面又具有其自身的优点。分析燃油费税改革前后两种征收方式的利弊，有利于发挥燃油税节能减排的优点，从而进一步深化和优化此项改革。