Mediating role of perceived supervisor support in the relationship between job autonomy and mental health: moderating role of value–means fit

Based on self-determination theory (SDT), this study investigates the relationship between job autonomy and mental health and the mediating role of perceived supervisor support (PSS) in that relationship. The study also examines whether employees’ work values moderate the relationships between job autonomy and PSS and mental health. Although it is well known that job autonomy has close relationships with mental health, we know little about the roles of PSS and employees’ values in these relationships. Using data from a nationally representative survey, this study found that PSS mediated the relationship between job autonomy and mental health. Furthermore, intrinsic work values positively moderated the relationships of job autonomy with PSS and mental health, whereas extrinsic work values negatively moderated these relationships. These findings support the idea of value–means fit. The findings provide important implications, beyond SDT, for how employees’ mental health can be improved and which employees benefit more from job autonomy.     

Testing for a Debt‐Threshold Effect on Output Growth

Using the Reinhart–Rogoff dataset, we find a debt threshold not around 90 per cent but around 30 per cent, above which the median real gross domestic product (GDP) growth falls abruptly. Our work is the first to formally test for threshold effects in the relationship between public debt and median real GDP growth. The null hypothesis of no threshold effect is rejected at the 5 per cent significance level for most cases. While we find no evidence of a threshold around 90 per cent, our findings from the post‐war sample suggest that the debt threshold for economic growth may exist around a relatively small debt‐to‐GDP ratio of 30 per cent. Furthermore, countries with debt‐to‐GDP ratios above 30 per cent have GDP growth that is 1 percentage point lower at the median.     

Corporate derivatives use policy and information environment

We provide evidence consistent with the notion that prudent use of financial derivatives improves firms’ information environment. We show that firms with sophisticated and comprehensive derivatives use policies display lower levels of uncertainty about future cash flows, volatility of future income and sales growth, and equity mispricing than those that do not use derivatives. However, we also show that policies that consist of large positions in a single type of derivative contract are not likely to produce similar benefits. These results remain intact even after accounting for the endogenous nature of derivatives use policy and information risk and mispricing.     

A geometric treatment of time-varying volatilities

In this article, we propose a new framework for addressing multivariate time-varying volatilities. By employing methods of differential geometry, our model respects the geometric structure of the covariance space, i.e., symmetry and positive definiteness, in a way that is independent of any local coordinate parametrization. Its parsimonious specification makes it particularly suitable for large dimensional systems. Simulation studies suggest that our model embraces much of the nonlinear behaviour of the covariance dynamics. Applied to the US and the UK stock markets, the model performs well, especially when applied to risk measurement. In a broad context, our framework presents a new approach treating nonlinear properties observed in the financial market, and numerous areas of application can be further considered.     

Unintended Consequences of Well-Intentioned Policies of South Korea: Lessons for Emerging Economies on Capital Market Liberalisation

While South Korea has achieved remarkable economic and democratic transformation during the past decades, it has suffered from two major economic crises, both of which are essentially liquidity crises. In this regard, the purpose of this study is twofold: one is to review the debates on capital market liberalisation and highlight the dark sides of South Korea’s experience. The other is to explain why South Korea has experienced another crisis in 2008 even though it already experienced the same liquidity crisis in 1997. We highlight the unintended consequences of policies with their own legitimate purposes and provide lessons on capital market liberalisation for emerging economies.     

Legal frameworks and credit information systems in China,Korea, and Singapore

We analyse the relationship between Public Credit Registries and Credit Bureaus in East Asia by observing credit information markets, in particular, in China, Singapore, and Korea. Singapore's credit information system consists of only a Credit Bureau. China and Korea have gone in different directions. Public Credit Registries play the role of credit information sharing in China, while Public Credit Registries and Credit Bureaus coexist in Korea. The results suggest an important relationship between the development of financial markets and credit information systems. The lower the income level and the heavier the government's hand in financial markets, the greater the need for Public Credit Registries; whereas, financial liberalisation and rising incomes encourage Credit Bureaus.     

A semantic analysis approach for identifying patent infringement based on a product–patent map

Identifying patent infringement beforehand is highly important for reducing the risk of damages. However, as the approach to patents is changing from the technological and legal approaches of the past to the business approach, strategic patent infringement litigation and securement of patents can be important tools for companies. From various viewpoints, companies can consider an aggressive patent infringement litigation as well as evasion strategy of patent infringement litigation to keep competitors in check. Previous research on patent infringement identification only considered the possibility of infringement between patents. However, infringement cases between patent and product are prevalent. Thus, this research aims to suggest an automated method for identifying patent infringement between the patent and product in business. To this end, this paper proposes the subject–action–object (SAO) semantic technological similarity-based product–patent method for generating infringement maps. Several indices and subgrouping methods are suggested to interpret the map. As an exemplary case, data on technology and products related to the light emitting diode (LED) lamp are collected and exploited.     

Credit money and Kaldor’s ‘institutional’ theory of income distribution

This paper combines two major contributions by Kaldor: the view that the supply of money, ensuing mainly from bank credit, is endogenous, and the framework which assigns a crucial role to the saving and investment behaviour of corporations in determining the general rate of profit (the neo‐Pasinetti theorem). Bank loans are introduced as another means of financing investment by firms, in addition to retained profits and the new issuance of shares. The proposed model provides a convenient framework in which two different approaches in the money‐endogeneity view are classified. Kaldor’s neo‐Pasinetti theorem is shown to hold for only one of these approaches and is then extended to include the influence of banks.     

Raw materials price and technological uncertainty in a small open economy

This paper examines the implications of raw materials price uncertainty for capital allocation and compares the impact of production uncertainty and raw materials price uncertainty. It shows that the economy may avoid risk by allocating more capital in a sector using an input (for example, raw materials) which has a random price. This contrasts with multiplicative production uncertainty case, in which the economy avoids risk by allocating less capital to the risky (uncertainty) sector. Input efficiency uncertainty and materials input price uncertainty have the same implications for a raw-materials-importing economy, but quite opposite implications for a raw-materials-exporting economy.