Building society mergers and the size—efficiency relationship: a comment

This study uses the 1988 CPS Displaced Workers Surveyto analyse the effect of written advance notification of plant closings and relocations on the re-employment earnings of blue-collar and, for comparison purposes, white-collar workers in the United States. The results show that written notification given less than 60 days in advance of the layoffs did not have any significant effect on the re-employment earnings of either blue-collar or white-collar workers of either gender. However, the results show that dislocated male blue-collar workers who were given advance notification of 60 days or more before their layoffs had significantly higher re-employment earnings. This result is supportive of the federal plant closing legislation mandating 60-day advance notification to dislocated workers in the United States.     

Evaluating the SDC Mergers and Acquisitions Database

We compare 20 years of data from Thompson Financial SDC Platinum (SDC)'s Mergers and Acquisitions database with a hand‐collected database, providing evidence on the completeness and accuracy of SDC data across time. We find that our hand‐collected data is generally more accurate than SDC, but SDC's accuracy and coverage improves over time. Our investigation of discrepancies between the databases finds that SDC is more prone to errors on smaller, high book‐to‐market acquirers with weak announcement period market responses. Preliminary analyses suggest that this potential bias is not significant, but could affect inferences when examining smaller, high book‐to‐market firms.     

The individual learning account experiment in the UK: A conjunctural crisis?

Individual learning accounts (ILAs) were a flagship policy of the 1997 Labour Government in the UK. ILAs provided a new universal right for all adults to receive State financial support to pursue lifelong learning that was delivered through markets in ways consistent with the prevailing neo-liberal hegemony. The scheme was suspended following allegations of fraud and abandoned after regulators of markets associated with the neo-liberal hegemony published reports. An analysis of these reports is used to highlight how they failed to emphasise the positive and novel universal right of financial support from ILAs, but instead criticised the adoption of light-touch accounting controls and gave these as a reason for fraud being possible and over-expenditure. Subsequently, when a replacement scheme was introduced, the novel principle of universal financial support was abandoned. Gramsci's concept of a conjunctural crisis is used to explain the abandonment of the novel element of ILAs while the neo-liberal hegemony endured.     

Product market relationships and cost of bank loans: Evidence from strategic alliances

This paper examines the relation between strategic alliances and non-financial firms’ bank loan financing. We construct several measures to capture firms’ alliance activities. The key finding is that borrowing firms with active alliance involvement experience lower cost of bank loans. The reduction of borrowing cost is strongest for financially unconstrained firms and firms with high G-index and intensive monitoring from institutional investors. We also relate various characteristics of alliance agreements to the cost of bank borrowing, and find evidence supporting market power hypothesis and organizational flexibility hypothesis. We further report that allying with a prestigious partner (i.e., S&P 1500 firms) provides certification effect that lowers bank loan cost. In addition, firms positioned in the center of the alliance network enjoy lower cost of bank loans. Lastly, we document that firms engaging in alliance activities expand their debt capacity and are less likely to use collaterals and covenants in their bank loan contracts.     

非内生式成长

中国的整车制造商已经至少落后了国外对手1-2个产品周期,有一种切实可行的方法可以让中国汽车制造能够非内生式成长     

The customer wants service: Why technology is no longer enough

In today's marketplace, the customer is presented with a myriad of products and services of greater variety and value than ever before. As competition becomes more intense, product and service providers are increasingly turning towards “service” or “service quality” as a means of achieving competitive advantage. Even in industries such as telecommunications, where significant technological advances have characterized the industry, companies are realizing that the best product no longer guarantees an advantage over the competition. The key ingredient in the formulation of a competitive service strategy is the proper measurement of service quality dimensions, as defined by the customer, and the continual monitoring of company performance along those dimensions. This article describes the process of identifying service quality dimensions as applied in two telecommunications network providers, one in Canada and one in Ireland. Results are compared and contrasted between the two countries.     

Reflecting on Reflexivity: Reflexive Textual Practices in Organization and Management Theory

abstract    This paper identifies four sets of textual practices that researchers in the field of organization and management theory (OMT) have used in their attempts to be reflexive. We characterize them as multi-perspective, multi-voicing, positioning and destabilizing. We show how each set of practices can help to produce reflexive research, but also how each embodies limitations and paradoxes. Finally, we consider the interplay among these sets of practices to develop ideas for new avenues for reflexive practice by OMT researchers.     

Global managers and Japanese multinationals: internationalization and management in Japanese financial institutions

The paper examines the internationalization of Japanese banks in the 1980s and 1990s and the experiences of managers within them. These banks underwent a vast expansion in international activities in the 1980s, followed by an equally rapid contraction in the 1990s. Building on a series of interviews conducted in London and Tokyo in the period 1999-2001, the paper examines how this impacted on the careers and expectations of both Japanese and non-Japanese managers. The paper argues that the organizations have been fundamentally changed by these experiences and have become in varying ways ‘transnational social spaces’. The idea of multinationals as transnational social spaces is developed as a general way of linking flows (of people, practices and ideas) inside the firm to broader processes in the development of global political economy.     

Farmer perceptions of legumes and their functions in smallholder farming systems in east Africa

Legumes play an important role in sub-Saharan Africa (SSA) farming systems through the provision of food, feed, fuel, income and a range of biophysical benefits, such as soil fertility enhancement and erosion control. However, their full potential is not being realized. The purpose of this study was to assess farmers’ perceptions and knowledge towards legumes and the rationale of farmers for current legume production practices using a survey of 268 farmers in the Democratic Republic of Congo and Kenya. Most of the farmers had some knowledge of legumes and their characteristics. However, they had little knowledge of some key functions, including soil erosion control and soil fertility improvement. Most farmers relied on radio and other farmers for legume-related information. Farmers with relatively large livestock holdings ranked provision of livestock feed as an important legume function. We conclude that farmers put more value on short-term benefits of legumes including food and income than long-term benefits such as natural resource management and thus grain legumes are more readily identified by farmers than forage species. Also, we conclude that farmers require more than just information about legumes to increase uptake, they also require improved market access to procure inputs and sell products to realize other benefits that are associated with growing legumes.     

Income Mobility and Income Inequality in Scottish Agriculture

The paper explores the distributional consequences of farm income mobility in Scotland, focusing on the extent to which farm income inequality is a chronic as opposed to a temporary phenomenon and on the nature of the dynamic processes driving changes in farm income inequality over time. The empirical results reveal that the majority of farm income inequality was long‐run or structural in nature, reflecting differences in both farm business size and farm‐specific factors such as land quality, managerial ability and business structures. Evidence of absolute convergence in farm incomes is explained by short‐run adjustments towards equilibrium or target incomes conditional upon prices, technology and farm business size, with farm business growth conditional upon survival found to have had no significant redistributive effect.