Productivity measurement for a distribution firm

The paper derives a consistent accounting framework for the treatment of inventories when measuring the productivity of a distribution firm. The average purchase price of an inventory item during an accounting period must be distinguished from its average selling price and these two average prices should be distinguished from the corresponding balance sheet prices. The accounting framework is implemented for a distribution firm which sold 76,000 separate items. The firm achieved a 9.6 percent per quarter total factor productivity growth rate over 6 quarters.The first author is a Professor of Economics at the University of British Columbia and a research associate of the NBER. He thanks the SSHRC of Canada for research support. The second author is a recent graduate of the University of British Columbia.     

Cultivating Quality Employee-Organization Relationships: The Interplay among Organizational Leadership,Culture, and Communication

Based on a random sample of employees (n = 391) working in various industrial sectors in the United States, we examined the respective linkages between employee–organization relationships (EORs) and authentic leadership, symmetrical internal communication, and organizational culture. Results indicated that authentic leadership, organizational culture of supportiveness, emphasis on reward, and stability were significant predictors of the symmetrical internal communication system of an organization and EORs. Symmetrical internal communication cultivates quality EORs and mediates the effects of authentic leadership and cultural dimensions of supportiveness on EOR outcomes. The theoretical and practical implications of the findings were also discussed.     

Why are Some Engaged and Not Others? Explaining Environmental Engagement among Small Firms in Tourism

This paper examines the reasons for different levels of environmental engagement among small firms in tourism. Drawing on theories of motivation, notably Social Cognitive Theory, Motivation Systems Theory and Goal Orientation Theory, as well as the literature on environmental sensitivity, it proposes a novel conceptual framework that is subsequently used to inform an empirical study. The findings of the research suggest that varying levels of environmental engagement may be explained by differences in worldviews, self‐efficacy beliefs, context beliefs and goal orientation. The paper concludes by considering the policy implications of the results. Copyright © 2011 John Wiley & Sons, Ltd.     

GOVERNANCE INSTITUTIONS AND PRIVATE INVESTMENT: AN APPLICATION TO THE MIDDLE EAST AND NORTH AFRICA

This paper addresses the issue of the low level of private investment in the Middle East and North Africa (MENA) region, with special emphasis on the role of governance. Based on the existing published reports, we categorize what types of governance institutions are more detrimental to entrepreneurial investments. We then estimate a simultaneous model of private investment and governance quality where economic policies concurrently explain both variables. Our empirical results show that governance plays a significant role in private investment decisions. This result is particularly true in the case of “administrative quality” in the form of control of corruption, bureaucratic quality, investment‐friendly profile of administration, law and order, as well as for “political stability.” Evidence in favor of “public accountability” is also found. Our estimations also stress that structural reforms like financial development, trade openness, and human development affect private‐investment decisions directly, and/or through their positive effect on governance.     

Data driven rank test for the change point problem

Data driven test procedure for detection of change is introduced and its properties are studied. The new solution is max-type statistic related to data-driven rank tests for two-sample subproblems. Simulations show that the new test possesses high and stable power. The test is consistent at essentially any alternative. Asymptotic null distribution of the test is derived. The work of the first two authors has been partially supported by the grants GAČR 201/06/0186 and MSM 02160839.     

Does tick size influence price discovery? Evidence from the Toronto Stock Exchange

We investigate the price discovery role of an exchange‐traded fund and the futures contract for the same market index. We find that the fund predicts the index in the subperiod after but not in the subperiod before a substantial decrease in the minimum tick size. The futures predict the index in both subperiods. The results are consistent with the view that the factors leading to successful price discovery do not depend on zero investment, as in futures markets, but do depend on a small tick size. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:49–66, 2003