International Evidence on Cash Holdings and Expected Managerial Agency Problems

This article uses managerial control rights data for over 5000firms from 31 countries to examine the net costs and benefitsof cash holdings. We find that when external country-level shareholderprotection is weak, firm values are lower when controlling managershold more cash. Further, when external shareholder protectionis weak we find that firm values are higher when controllingmanagers pay dividends. Only when external shareholder protectionis strong do we find that cash held by controlling managersis unrelated to firm value, consistent with generally prevailingU.S. and international evidence.     

The new science of sales force productivity

For years, sales managers at many companies have relied on top performers and sheer numbers of sales reps to stay competitive. But while they may have squeaked by on this wing-and-a-prayer technique, their sales teams haven't thrived the way they once did. Today's most successful sales leaders are taking a more scientific approach. Savvy managers are reshaping their tactics in response to changing markets. They are reaching out to new customers in innovative ways. And they are increasing productivity by helping the reps they already have make the most of their skills and resources. Leaders who take a scientific approach to sales force effectiveness have learned to use four levers to boost their reps' productivity in a predictable and manageable way. First, they systematically target their firms' offerings, matching the right products with the right customers. Second, they optimize the automation, tools, and procedures at their disposal, providing reps with the support they need to boost sales.Third, they analyze and manage their reps' performance, measuring both internal processes and results to determine where their teams' strengths and weaknesses are. Fourth, they pay close attention to sales force deployment--how well sales, support, marketing, and delivery resources are matched to customers. These four levers can help sales leaders increase productivity across the board, the authors say, though they have the greatest impact on lower-ranked performers. The overall effect of increasing the average sales per employee can be exponential; it means a company won't have to rely on just a few talented individuals to stay competitive. This is especially important because finding and keeping star salespeople is more difficult than ever. What's more, managers who optimize the sales forces they already have can see returns they never thought possible.     

Affirmative Action in a Changing Legal and Economic Environment

This study examines the effects of changing legal and economic pressure on a large manufacturing firm in the 1980s and shows that the firm was able to pursue two potentially contradictory goals: equal employment opportunity compliance and product market competitiveness. The firm's institutionalized affirmative action commitment and diverse local labor market shaped innovations in production and employment practices in a way that encouraged meeting both goals rather than trading off one for the other.     

Negotiating European Works Councils: contours of constrained choice

This paper presents a systematic analysis of the factors influencing the nature of the ‘constrained choices’ being made by management and employee representatives in concluding agreements establishing EWCs. Four influences—a ‘statutory model effect’; a ‘learning effect’; a ‘country effect’; and a ‘sector effect’—are found to be at work.     

Broadband and contributions to economic growth: Lessons from the US experience

The connection between broadband deployment and economic prosperity in the United States has garnered public attention due to stimulus plan funding authorized in February 2009 for broadband planning and deployment initiatives. The importance of innovation for a nation's economic well-being is fairly well understood. Through a literature survey, this article analyzes the connection between information and communications technologies and economic growth, as well as the connection between broadband and economic growth. There appears to be a positive economic impact from expanded broadband deployment and adoption. However, various research challenges including methodological problems and access to sufficiently granular data have prevented the authors from drawing more definitive conclusions from the US broadband experience. Another finding is the time lag for businesses to effectively exploit innovative broadband applications.