Substitutability and weighting of ecological and economic indicators: Exploring the importance of various components of a synthetic index

The establishment of an information system is meaningful to develop a dynamic assessment of environmental quality and degradation. In this paper an original, empirical framework called Factor Weighting Model (FWM) is proposed to integrate different indicators into a composite index. The FWM is able to work with variables depicting different themes (e.g. climate, soil, landscape, demography, economy) collected at various geographical and temporal scales. Three case studies carried out at different spatial scales were considered as examples of FWM application to a composite index of Land Degradation. It consists of several variables collected from various data sources and available at different temporal and spatial scales, which are aggregated into some thematic indicators. The FWM approach was applied separately for each case study to the single variables transformed into sensitivity indicators through standard procedures. A multiway factor analysis (MDA) was carried out to explore over time the relationships among indicators. The importance of the environmental indicators was estimated by attributing a percent weight to each of them according to MDA outputs. Climate and soil dimensions account for the highest weights in all the cases considered. These findings are in accordance with the results obtained in previous studies. The implications of FWM in the assessment of environmental quality are finally discussed.     

On the Importance of National Culture for the Design of Information Systems

In this contribution a literature review is conducted to illustrate how national culture influences phases of the design of information systems. For this purpose, we review the literature in order to identify reliable and commonly approved findings as well as still open remaining questions. Fundamentally, our literature review is a comprehensive framework that sets typical dimensions of system design as well as main types of cultural research in relation to each other. The existing research results in the area of national culture are classified along the levels of system design and attributed to typical phases of the design of information systems. It thus becomes apparent that in the domain of culture and information system design it is often only the design subject or the design object that is addressed. Contributions that connect both levels rarely exist. In our review, only a limited number of publications could be identified that covered concrete phases of the development providing system design, implementation, as well as verification and validation. From a theoretical perspective, there is an obvious dominance of Hofstede??s cultural dimensions that well address single topics of the design, such as user interface and inter cultural problems in development teams. Other domains, however (e.g., technology and architecture), are inadequately explained. Further, a predominantly phenomenological focus becomes obvious. The observed cultural phenomena and the connected interpretations are usable in a limited way for concrete development initiatives. The contribution ends with the vision of a theory for the culturally sensitive design of socio-technical information systems that absorbs current scientific knowledge and unites it in a structured approach.     

Future-oriented higher education: Which key competencies should be fostered through university teaching and learning?

Universities play an important role in shaping the future of the world society in terms of sustainable development by generating new knowledge as well as contributing to the development of appropriate competencies and raising sustainability awareness. During the last years, many universities have undertaken activities for implementing Higher Education for Sustainable Development (HESD). Many have asked which key competencies are most relevant for sustainable development and hence should be developed in future-oriented higher education. Different approaches for the selection of sustainability key competencies have been developed, but there is little international agreement in the debate around the most important key competencies. Consequently, this paper asks which individual key competencies are crucial for understanding central challenges facing the world society and for facilitating its development towards a more sustainable future, and thus identifies those competencies which should be fostered through university teaching and learning. The empirical design of the study is related to a Delphi study in which ‘sustainability key competencies’ are defined by selected experts from Europe (Germany, Great Britain) and Latin America (Chile, Ecuador, Mexico). The results show that twelve key competencies crucial for sustainable development can be identified; the most relevant ones are those for systemic thinking, anticipatory thinking and critical thinking.     

Differences in digitalization levels: a multivariate analysis studying the global digital divide

This papers aims to identify and explain the differences in information and communications technologies (ICT) adoption for a sample of 142 developed and developing countries. In addition, we examine the relationships between specific combinations of technologies and the factors explaining them. Although income is a key factor for all country groups, its role is more significant for middle-digitalization countries. Using several multivariate techniques, we detect different patterns of digitalization. The patterns are explained to differing degrees by the type of country, by differences in economic development, and by socio-demographic and institutional variables. Factors such as quality of regulation and infrastructure explain ICT adoption in high-income countries. The ICT combination associated with specific income groups as well as the explanatory variables detected for each of them might be useful to implement the most appropriate policy actions to reduce the digital divide.     

„Politische Kommunikation“: Kern und Rand des Begriffsverständnisses in der Fachgemeinschaft

Terms and concepts are both premises and results of research. Controversies about the basic concepts of a discipline prompt scientific advancement. The aim of this paper is not to put forward an authoritative definition of “political communication,” but—based on prototype semantics—rather to work out what the core of the understanding of this concept is within the scientific community, and what the margin. This is also a test for a method of analyzing the understanding of concepts in general. The basis is a dimensional analysis of the concept of “political communication,” in which a four-dimensional basic structure established by deduction was tested by means of a content analysis of textbook definitions. This leads to a tool for a factorial survey to empirically analyze students’ and lecturers’ understanding of this concept (n = 161). The findings were: At the heart of the understanding of the concept are communication participants deeply involved in the political system in a context of mass media communication. Differences in content and consequences of communication have no influence on the understanding of the concept, and the differences between students and lecturers are small. Comparisons between countries and longitudinal studies are possible on this basis.     

Dividends and Market Signalling: an Analysis of Corporate Insider Trading

This study tests the multiple‐signal theory of dividends of John and Lang (1991) in the context of a European market. Our evidence shows that investors are more sensitive to insider trading signals than to signalled changes in existing dividends. In effect, the insider sales signal is universally understood as bad news. After controlling for the quality of a firm's investment opportunities, investors are found to penalise dividend outflows by mature firms that exhibit more informed insider sales activity. Finally, we offer an innovative exploration of the role of earnings announcements in market reaction to the dividend signal.     

The Banking Relationship's Role in the Choice of the Target's Advisor in Mergers and Acquisitions

We analyse the factors influencing the target company's choice of bank advisor in mergers and acquisitions (M&As). We first examine the choice of hiring an advisor, which is nontrivial, since in one‐third of transactions our sample target companies did not hire one. We also analyse the choice to hire as advisor a bank with a strong prior relationship with the company (i.e., the main bank). Using data on 473 European M&A transactions completed in the period 1994–2003, we find evidence that the decision to hire an advisor depends on three main factors: (i) the intensity of the previous banking relationship, (ii) the reputation of the bidder company's advisor, and (iii) the complexity of the deal. We also investigate the impact of the bank advisor on shareholder wealth. We find that the abnormal returns of target company shareholders increase with the intensity of the previous banking relationship, thus indicating a ‘certification role’ on the part of investment banks.     

Mutual Fund Incentive Fees: Determinants and Effects

We investigate the how and why of performance fee provisions in a free contracting environment such as the Italian mutual fund market until 2006. We find weak support for the hypothesis that these provisions emerge as an economically efficient solution in a rational asset management industry plagued by asymmetric information. They appear to emerge mainly as the product of strategic pricing by asset managers wishing to ease market competition, leverage on investors' sentiment, and hedge their cost structure. Alternatively, fears that managers may opportunistically alter funds' investment policies to maximize the option value embedded in the incentive provisions appear unjustified.     

Strategies,Uncertainty and Performance of Small Business Startups

Personal strategies of owners/founders of small business startups are related to performance and to environmental uncertainty. This is done using a longitudinal data set. Personal strategies are operationalized by a behavioral measure of the manners in which small business founders deal with situations. The results suggest a dynamic process between strategy and performance. Business owners that perform poorly employ a Reactive Strategy, with poor performance leading to increased use of reactive behavior. High performing business owners start out focussing on the most crucial issues (Critical Point Strategy), with high performance leading to a more top-down (Complete Planning) approach. These relations are controlled for characteristics of the environment of the firm. Strategy use is dependent upon the type and level of environmental uncertainty. Complete Planning strategy is used less frequently in a fast changing environment and more often in a complex environment. Use of Opportunistic Strategy is negatively related to the complexity of the environment, while the Reactive Strategy is used more frequently in a non-munificent environment. This revised version was published online in August 2006 with corrections to the Cover Date.