Exploring subcultural differences in hofstede's value survey: The case of the Chinese

Hofstede's Value Survey Module (VSM) identifies fundamental differences in the way people in various countries perceive and interpret their worlds. After adjusting value scores on the basis of demographic features of samples in the present study, values between subcultural groupings in four Chinese-populated regions (Taiwan, Beijing, Hong Kong, and Wuhan) were compared, and strong subcultural differences revealed. A methodology is proposed to facilitate VSM comparisons using limited, secondary data sources. Propositions concerning subcultural differences are suggested on the basis of the findings.     

Money and capital

The effects of money (anticipated inflation) on capital formation is a classic issue in macroeconomics. Previous papers adopt reduced-form approaches, putting money in the utility function, or imposing cash in advance, but using otherwise frictionless models. We follow instead a literature that tries to be explicit about the frictions making money essential. This introduces new elements, including a two-sector structure with centralized and decentralized markets, stochastic trading opportunities, and bargaining. These elements matter quantitatively and numerical results differ from findings in the reduced-form literature. The analysis also reduces a gap between microfounded monetary economics and mainstream macro.     

Venture Capitalists, Business Angels, and Performance of Entrepreneurial IPOs in the UK and France

Abstract:  Using a unique sample of 444 entrepreneurial IPOs in the UK and France, this paper analyses the investment patterns and the stock-market performance effects of two types of early stage investors: venture capitalists (VCs) and business angels (BAs). Extending existing research, we identify important endogeneity and institutional effects. Our findings indicate that UK IPOs have a higher retained ownership and lower participation ratio by BAs, but a lower retained ownership and participation ratio by VCs than in France. BA and VC investments are substitutes, and they are endogenously determined by a number of firm- and founder-related factors, such as founder ownership and external board 'interlocks', and underwriter reputation. UK VCs are effective third-party certifying agents who reduce underpricing in UK IPOs, whereas in French IPOs they increase it by appearing to engage in grandstanding. This certification effect is more significant in UK IPOs involving both high VC and BA ownership. Finally, underpricing increases with VC participation ratio, where the higher exit of VCs seems to increase the risk premium required by outside investors, in particular in the UK.     

The Role of Ideas in Understanding Industrial Relations Policy Change in Liberal Market Economies

This paper analyzes the uneven processes underpinning industrial relations policy liberalization in New Zealand, Australia, the UK, and Ireland. Drawing upon 140 elite interviews and building upon ideational comparative political theories, the paper highlights the role of ideas in the policy change process. It identifies how particular ideas can be used to construct policy problems, how these ideas can gain legitimacy through battles with competing ideas, and how policy legacies can influence whether ideas take root. The findings from the comparative case analysis expose a critical difference between “positive legacies” and “negative legacies” to account for different liberalization trajectories.     

Resourceful Sensemaking in an Administrative Group

ABSTRACT In this study, we present the concept of resourceful sensemaking as an extension of Weick's sensemaking theory. Resourceful sensemaking extends Weick's theory by carefully examining the influence of the lifeworld on organizational sensemaking practices. Lifeworld factors that affect organizational sensemaking are brought out in a dialectical method wherein a working definition of the resourceful sensemaking concept is compared with the sensemaking practices of an administrative group. We then show how this dialectical method can help develop a more robust formulation of the resourceful sensemaking concept. The paper ends by discussing the strengths and shortcomings of the concept and suggesting directions for future organizational sensemaking research.     

An analysis of the impact of adopting IFRS 8 on the segment disclosures of European blue chip companies

Amidst the IASB's post-implementation review of IFRS 8, we examine how the standard's adoption changed the reporting of segments by European blue chips (i.e. companies comprising the top tier index of 14 European stock exchanges). We focus on anticipated benefits articulated in the IASB's Basis for Conclusions and concerns expressed by IFRS 8 opponents.In addition to convergence with U.S. GAAP, IFRS 8 results in the reporting of significantly more operating segments on average. However, most companies report the same number or fewer segments. Refuting claims regarding the loss of geographic data at the entity-wide level, we identify an improvement in the fineness of disclosures and a significant increase in the disclosure of geographic groupings. We do not identify an improvement in consistency of segment disclosures with other sections of the annual report, which is due to the consistency already achieved under IAS 14R.IFRS 8 results in a significant decline in the number of reportable segment information items (notably liabilities) and a significant decline in the reporting of capital expenditures at the entity-wide level. Furthermore, adoption of the standard produces a lack of comparability in segment profitability measures and extensive reporting of non-IFRS measures. However, almost all companies report a measure of segment profitability tied to a number on the consolidated income statement or reconciled to the income statement.     

Two-stage adoption of different types of pollution prevention (P2) activities

Pollution prevention (P2) remains the key pollution reduction strategy in the US despite its limited success in improving environmental performance. To aid the targeting of policies to promote the types of P2 that achieve environmental goals, this study investigates the intricate nature of P2 adoption by (1) distinguishing among three types of P2: procedural changes, input and material changes and equipment and product changes, (2) disentangling the adoption decision into a binary and a count decision, and (3) analyzing benefit- and cost-related factors. Using a sample of facilities of S&P 500 firms, I employ NB hurdle models to analyze how facilities respond to these factors in making P2 adoption decisions. I find that facilities that have lower cost of adoption due to past P2 experience have higher likelihood of adoption and higher rates of adoption of all types of P2. However, those exposed to greater threat of enforcement action find limited scope for P2 in achieving environmental compliance objectives. Some regulatory threat variables even have a negative effect. Facilities also adopt P2 to enjoy market-related benefits: final good producers are more likely to adopt P2 that appeal to consumers (input and material changes), while intermediate good producers are more likely to adopt P2 that is valued by its supply chain (procedural changes). Community characteristics and other knowledge sources are not always positively associated with the likelihood of adoption nor with the rate of adoption.     

Women abroad: getting the best results from women managers

Abstract This study explores the work environment of expatriate women managers in American corporations and investigates the determinants of their job satisfaction. The strategic importance of global assignments has increased over the years. The real cost of unsuccessful expatriates extends beyond the monetary expenses. As the number of women managers working overseas increases, so does the importance of this topic. Additionally, because women in expatriate positions are relatively new, their needs for job satisfaction and career aspirations are not known to most organizations. This research intends to fill this gap. The study concentrates on four major areas that are considered important for obtaining job satisfaction: (1) the way in which organizations design their overseas jobs, (2) women's skills and characteristics, (3) international human resource policies of companies and (4) the cultural environment of host countries. The applied research covers two phases: a study of expatriate managers during their assignments overseas and the evaluation of overseas experience upon their return. The results indicate that women in overseas assignments are satisfied overall with their jobs. However, organizational variables are more strongly related to job satisfaction. The nature of job design in overseas postings has the greatest impact on women's job satisfaction. When the jobs are enriched, women gain intrinsic rewards and have high job satisfaction. Organizational support also contributes to the satisfaction of women expatriates. Training, mentoring and repatriation preparations have high impact on women's success and satisfaction. Women expatriates are more concerned with their repatriation and future advancement than their present assignments. The findings are important for theoretical and practical reasons. Theoretically, the achievement and satisfaction of women managers overseas cannot be simplified without taking into account organizational, personal and cultural factors. Practically, companies need to respond to the individual needs of expatriate women managers and then decide on their assignments and their repatriation accordingly.