Valuation and Forecasting Roles of Dividends of Indonesian Listed Firms

We study the role of dividends in valuation and in forecasting future earnings in a low‐protection environment with highly concentrated ownership that is expected to yield low earnings quality. Using a sample of 372 distinct Indonesian firms listed on the IDX during the period 1995 to 2012 we show that dividends are reliably positively priced by the capital market, violating thus the dividend displacement theorem. This result persists even after controlling for some typical factors that affect firm value (capital structure, risk) and the effect of factors not separately identified, but priced by the Indonesian capital market (other information). Dividends replace accounting earnings entirely in valuation. Dividends are positively correlated to future earnings over and above current accounting earnings and other accounting and market variables. Both findings show that dividends play a central role on the Indonesian capital market. Finally, we show evidence consistent with the view that earnings management of Indonesian firms after 2002 is contractually efficient rather than opportunistic.     

Libraries in transition to a marketing orientation: are librarians' attitudes a barrier?

• This study examines librarians' attitudes toward the marketing of library services, as libraries continue their transition to a marketing orientation. Although prior studies had observed misunderstandings and hostility to marketing among librarians, most previous discussions of this topic were either speculative or based on extremely small samples. In order to provide more evidence in this matter, a large‐scale survey of members of the New Jersey Library Association (NJLA) was conducted. A ‘Pro Marketing’ scale was introduced and used to segment participants with respect to their attitudes. The findings indicate that most respondents expressed relatively positive attitudes toward marketing, but that more positive attitudes were expressed by public librarians than school or college/university librarians, and by administrators as opposed to reference and technical services librarians. Illustrative respondent comments and implications for library management are included.

Copyright © 2007 John Wiley & Sons, Ltd.     

Why some firms adopt telecommuting while others do not: A contingency perspective

Using a contingency perspective and data from 122 CEOs of Spanish firms, this paper examines what makes a firm likely to adopt telecommuting. We hypothesized that employer adoption of telecommuting would depend on organizational constraints (age and size of the firm), the international composition of the workforce, and the top executives' leadership style. In turn, we argue that firms adopting telecommuting would emphasize outcome‐based control systems. Our empirical evidence showed that telecommuting correlated with small organizational size, a high proportion of international employees, and variable compensation. A contingent reward leadership style at the top moderated the effects of firm age and internationalization on the adoption of telecommuting. © 2009 Wiley Periodicals, Inc.     

Project management systems: Moving project management from an operational to a strategic discipline

This article illustrates one aspect of the concept of “fit” between an organization's implementation of project management and its organizational context by exploring how the underlying drivers of an organization's strategy might influence not only the nature of the projects that it undertakes, but also the appropriateness of the arrangements that it makes to manage those projects. Using a model conceptualized from the literature on strategic management, an analysis of four organizations that have made significant investments in project management over the past 5 years supports the hypothesis that the degree of “fit” between an organization's strategic drivers of value and the configuration of its project management system influences the value it obtains from project management.     

An Initial Investigation of Integrating Innovation Diffusion Models for Drawing First‐time Visitors

Prior studies in the existing tourism literature have frequently emphasized the relatively expensive costs for drawing first‐time visitors. These studies, however, have largely failed to explain how to draw first‐time visitors to a destination. In other words, little was known regarding what destinations should do to attract first‐time visitors in an effective way. To provide more insights, this research investigated the impact of three diffusion models on attracting first‐time visitors. These models included an external influence model for impact of mass media, an internal influence model for impact of interpersonal communications, and a mixed model for impacts of both mass media and interpersonal communications. Assessing the model impact in a macroapproach for first‐time visitors to Hong Kong, empirical findings indicated that the mixed influence model provided the highest explanatory quality, with word‐of‐mouth being a dominant factor.     

The Influence of Confucianism on Women’s Leisure in Taiwan

Abstract

Confucian philosophy has traditionally had a considerable influence on many aspects of the lives of the Taiwanese people. It is therefore necessary to take this belief structure into account in order to explain Taiwanese women’s leisure perceptions and behaviours. The purpose of this study is to examine this issue. The factors that constrain women’s leisure in Taiwan are identified. These categories can be broadly termed economic, domestic, social, and cultural constraints     

Job autonomy, trust in leadership, and continuous improvement: An empirical study in health care

This research examines the influence of autonomy in day-to-day work on commitment of frontline employees to continuous improvement. Our hypothesized model links the job characteristics theory of work design that associates job autonomy with responsibility for outcomes, and the total quality management perspective that advocates empowering employees in order to generate commitment to continuous improvement. Further, as leadership is known to have a role in shaping job behaviors, and is considered important for the success of total quality management, the influence of trust in leadership on the relationship between job autonomy and commitment to continuous improvement is also examined. We test our hypotheses on data collected from individual employees working for an outpatient health care organization that is applying lean principles for managing and improving work processes. Based on our results, we present implications for organizations implementing continuous improvement initiatives such as lean, particularly in service environments such as health care.     

Real Existing Regionalism: The Region between Talk,Territory and Technology

In this essay, we propose the notion of real existing ‘lived’ regionalism as a rejoinder to the normative and ideological debates around new regionalism. Regional forms have shown little convergence in this age of globalized regionalization. Instead of an ideational construct or set of predictable practices, we argue that regionalism is a contested product of discourses (talk), territorial relationships (territory) and technologies (material and of power). The concept of real existing regionalism confronts the tensions between the discursive constructions and normative interventions characterizing much current regionalist debate and the territorial politics and technologies reflecting, generating and directing new state spatial strategic choices. The essay demonstrates the utility of the real existing regionalism framework through an analysis of the greenbelt, transport planning and post‐ suburbanization in Southern Ontario. We argue that regulatory institutions capture the Toronto region in a mix of rhetorical and technological change that complies with neither preconceived notions of regionalization nor the pessimism of total regional dysfunctionality. Rather, the lived experience of regionalization illuminates the emergent assemblages, multiplicity of everyday flows and ongoing multiscalar negotiations of diverse communities that produce the real existing region.     

Production Technology Estimates and Balanced Growth

Capital‐labour substitution and total factor productivity (TFP) estimates are essential features of many economic models. Such models typically embody a balanced growth path. This often leads researchers to estimate models imposing stringent prior choices on technical change. We demonstrate that estimation of the substitution elasticity and TFP growth can be substantially biased if technical progress is thereby mis‐specified. We obtain analytical and simulation results in the context of a model consistent with balanced and near‐balanced growth (i.e. departures from balanced growth but broadly stable factor shares). Given this evidence, a constant elasticity of substitution production function system is then estimated for the US economy. Results show that the estimated substitution elasticity tends to be significantly lower using a factor‐augmenting specification (well below one). We are also able to reject conventional neutrality forms in favour of general factor augmentation with a non‐negligible capital‐augmenting component. Our work thus provides insights into production and supply‐side estimation in balanced‐growth frameworks.     

Has the CSR engagement of electrical companies had an effect on their performance? A closer look at the environment

Even though electrical companies attain a top ranking in the publication of CSR reports, they are often accused of 'green‐washing' due to their bad environmental reputation. The current economic crisis is testing their real CSR commitment more than ever, especially when this goes beyond its economic consequences. Based on a worldwide sample of electrical companies, we are going to study why companies are being socially responsible. We wish to know if it is due to the impact on the firms' performance or whether there are other motives (legitimation, improving their reputation) that lead companies to carry out these practices. We will also consider if it changes across the kind of CSR action considered. The results show that there is an economic justification beyond the socially responsible behaviour of the electrical companies. Additionally, most kinds of CSR action (community, diversity, corporate governance, product responsibility) are also carried out looking for economic rewards. However, the CSR actions oriented to the environment are mainly motivated by their need to improve their image and reverse their negative impact. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment