Foreign ownership wage premia in emerging economies

In this article we examine the relationship between wages, labour productivity and ownership using a linked employer–employee dataset covering a large fraction of the Czech labour market in 2006. We distinguish between different origins of ownership and study wage and productivity differences. The raw wage differential between foreign and domestically‐owned firms is about 23 percent. The empirical analysis is carried out on both firm‐ and individual‐level data. A key finding is that industry, region and notably human capital explain only a small part of the foreign–domestic ownership wage differential. Both white and blue collar workers as well as skilled and unskilled employees obtain a foreign ownership wage premium. Foreign ownership premia are more prevalent in older and less technologically advanced firms. Joint estimation of productivity and wage equations show that, controlling for human capital, the difference in productivity is about twice as large as the wage differential. Overall, results indicate that the international firms share their rents with their employees.     

Pay to Play in Parks: An Australian Policy Perspective on Visitor Fees in Public Protected Areas

Many public protected areas worldwide charge fees for entrance, overnight camping, and commercial tour permits. These visitor or user fees raise revenue and may also influence visitor behaviour. Many protected areas are forced to charge fees because government funding is inadequate for conservation and visitor management in the face of rapidly rising visitor numbers and demands. Acceptance and effects of fees, however, depend on the historical, political, legal, economic and social context. Two issues are particularly significant: (a) equity between various social groups; and (b) control and use of funds raised.     

Assessing the Comprehensiveness of Supply Chain Environmental Strategies

As environmental awareness grows, firms are expected to expand the scope of their environmental strategies beyond organisational boundaries and to address more comprehensively environmental issues in their supply chains and product life cycles. Drawing on different literature streams, international standards and corporate disclosure, this paper presents a conceptual framework for the quantitative assessment of the comprehensiveness of firms' environmental strategies. This framework allows us to capture: (i) the environmental inputs and outputs addressed, (ii) the firm versus supply chain orientation of environmental strategies, and (iii) the environmental management practices adopted by companies. We illustrate the application of this framework with a content analysis of corporate sustainability reports for a cross‐sectoral sample of sustainability leaders. Our results indicate that there is a need for greater specificity in environmental reporting and that, overall, companies remain firm‐oriented. It is also observed that supply chain orientation can generally be associated with stakeholder pressure. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment.     

Rush as a key motivation in skilled adventure tourism: Resolving the risk recreation paradox

At least 14 different motivations for adventure tourism and recreation, some internal and some external, have been identified in ∼50 previous studies. Skilled adventure practitioners refer to ineffable experiences, comprehensible only to other participants and containing a strong emotional component. These are also reflected in the popular literature of adventure tourism. This contribution draws on >2000 person-days of ethnographic and autoethnographic experience to formalise this particular category of experience as rush. To the practitioner, rush is a single tangible experience. To the analyst, it may be seen as the simultaneous experience of flow and thrill. Experiences which provide rush are often risky, but it is rush rather than risk which provides the attraction. Rush is addictive and never guaranteed, but the chance of rush is sufficient motivation to buy adventure tours.     

What drives the performance of convertible-bond funds?

This paper examines the performance of US mutual funds that invest primarily in convertible bonds. Multivariate cross-sectional analyses show a significant relation between a fund’s performance and its asset composition: the higher the difference in the percentage of assets invested in convertible bonds compared to the percentage invested in stocks, the higher the performance, on average. We show that this result can be explained by factors associated with investment opportunities in the convertible-bond market and trading strategies related to convertible arbitrage, as typically performed by hedge funds. Overall, convertible-bond fund performance measured by alpha is comparable to a passive investment in stocks, bonds, and convertible bonds. This performance is the result of weak selection skills and successful timing strategies related to convertible arbitrage.     

Corporate Narratives of Information Society: Making Up the Mobile Consumer Subject

The purpose of the article is to study how corporate actors participate in the cultural construction of the Information Society. By means of a case study, the article explores how a multinational corporation is involved in forming consumer identities—making up the subjects of consumption—by shaping the interpretive repertoires and cultural practices that are available for consumers as members of the emerging information society. The article elaborates on the ways in which the corporation invokes a discourse of shareholder value in its visionary strategic narrative entitled Mobile Information Society, and how this discourse operates to mobilize consumer conduct in particular ways, by making up, framing and formatting the consumer as a mobile subject of the global economy. The article’s aim is to contribute to the empirical bases of policy debates about the roles and responsibilities of different market actors in the production of the information society.