Doing what comes naturally? Why we need a practical ethics of teamwork

This paper challenges the belief that teamwork is a ‘natural’ form of work organization that satisfies universal human needs such as social affiliation and self-actualization. A corollary of this belief–that teamwork is a morally superior form of work organization–unnecessarily restricts debate about the desirability and usefulness of teams because any criticism comes to be seen as a denial of our essential humanity. Using an approach inspired by Michel Foucault's concept of ‘care of the self’, I will propose a practical ethics of teamwork that allows us to appreciate the moral ambiguities of teamwork.     

The Adoption of the Multi-divisional Form in Large Czech Enterprises: The Role of Economic, Institutional and Strategic Factors

In the Czech Republic and elsewhere in the region, researchers have noted the widespread adoption of the multi-divisional form (MDF) by the former state-owned enterprises. In contrast to the accepted explanations in western capitalist societies, the spread of the MDF in post-Communist economies has had little or nothing to do with growth strategies such as diversification. Developing ideas from the existing western literature, the paper examines the role of economic, institutional and strategic choice factors in three large, former state enterprises within the Czech post-Communist context. The findings suggest that all three factors are theoretically important, but neither equally nor independently so. In particular, economic factors acted as a major constraint on structural choice only under extreme conditions, while institutional factors and strategic choice are best understood as interdependent moments in a recursive process of structural enactment.     

W. H. Hutt (1899–1988): Free Markets and Social Justice

W.H. Hutt reaffirmed the principles of classical economics and classical liberalism and, by applying them to urgent issues he observed in the world around him, he demonstrated the contemporary relevance of freedom and competitive institutions. A wide‐ranging critique of Keynes was founded upon a classical analysis of the labour market, while his trenchant opposition to apartheid advanced along economic and political paths. Hutt questioned the justice of the accumulation of wealth from the exploitation of monopoly power over generations. In all of these respects there are affinities between Hutt's thought and that of ‘Bleeding Heart Libertarians’.     

TESTS OF EQUAL FORECAST ACCURACY FOR OVERLAPPING MODELS

This paper examines the asymptotic and finite‐sample properties of tests of equal forecast accuracy when the models being compared are overlapping in the sense of Vuong (Econometrica 1989; 57 : 307–333). Two models are overlapping when the true model contains just a subset of variables common to the larger sets of variables included in the competing forecasting models. We consider an out‐of‐sample version of the two‐step testing procedure recommended by Vuong but also show that an exact one‐step procedure is sometimes applicable. When the models are overlapping, we provide a simple‐to‐use fixed‐regressor wild bootstrap that can be used to conduct valid inference. Monte Carlo simulations generally support the theoretical results: the two‐step procedure is conservative, while the one‐step procedure can be accurately sized when appropriate. We conclude with an empirical application comparing the predictive content of credit spreads to growth in real stock prices for forecasting US real gross domestic product growth. Copyright © 2013 John Wiley & Sons, Ltd.     

Good timing: The economics of optimal stopping

This paper presents an economic interpretation of the optimal “stopping” of perpetual project opportunities under both certainty and uncertainty. Prior to stopping, the expected rate of return from delay exceeds the rate of interest. The expected rate of return from delay is the sum of the expected rate of change in project value and the expected rate of change in the option premium associated with waiting. At stopping the expected rate of return from delay has fallen to the rate of interest. Viewing stopping in this way unifies the theoretical and practical insights of the theory of stopping under certainty and uncertainty.     

Editorial: Trust and HRM: Current insights and future directions

Over the last 20 years, HRM has been identified as one of the most influential organisational contexts in which to explore trust, and yet scholars have been slow to look systematically at both the systems and practices that underlie this assertion. Organisations make choices regarding both the design and implementation of HRM policies and practices, with research considering the impact on trust for both key single policy areas and bundles of policies. We outline the previous dominance on teleological approaches compared with a dearth of more deontological perspectives which would highlight moral and ethical considerations implicit in definitions of trustworthiness. We review the contribution of five new articles to further our understanding of trust and HRM and identify future research and practice agendas.     

Environmental protection and management: A water pollution case study within the Greater Blue Mountains World Heritage Area,Australia

The Grose River is contained almost entirely within a World Heritage Area. While sewage pollution in the area has been addressed, pollution at damaging levels continues from a disused coal mine, closed in 1997. Despite some surface rehabilitation, no action has occurred to remediate zinc polluted waters emanating from the mine. We examine the historical regulation and management of the Australian Commonwealth and New South Wales governments and highlight gaps in both regulatory systems. We conclude that there is an urgent need to improve regulation of water pollution, mining and management of the environment in highly valued world heritage areas.     

The transfer of Tax Increment Financing (TIF) as an urban policy for spatially targeted economic development

Urban policy transfer between the US and UK has long been of interest to researchers and practitioners. Given the recent wider context of reduced direct funding and the absence of a coherent regeneration policy, this paper considers the introduction of Tax Increment Financing (TIF) to the UK as a method of stimulating spatially targeted economic development initiatives. The paper explores whether TIF could be considered a form of policy transfer, and in doing so uncovers whether the transfer of TIF could – (a) be successful and unsuccessful under certain circumstances; (b) require the actions of certain stakeholders; and (c) be enabled via prescribed frameworks and negotiation. The results are evidenced using qualitative approaches and find that TIF is more of a modified policy ‘idea’ rather than transfer. Further discussion argues that TIF can be successful, if it considers flexible but local elements and has the capacity to balance stakeholders for development brokerage.