Export channel structure in a newly industrialized economy

Using data from the Hong Kong electronics industry, this paper studies the “make” or “buy” decisions associated with export channel strategies (Peng, Zhou, & York, 2006). Findings show that the integrated channels (the “make” decision in transaction cost theory) play a more important role on exporting than the market governance channels (the “buy” decision, i.e., buying channel services from local export intermediaries). In addition to manufacturers’ integrated channels, from the buyers’ standpoint, we find two active integrated channels, namely, (1) the buying offices of firms from developed economies which are located in Hong Kong and (2) the regular visiting buyers of firms from developed economies. These two export channels are integrated channels from the buyers’ standpoint. They are not found in the export distribution structure of developed economies. This paper explains the development and the importance of these buyers’ channels in newly industrialized economies. It also examines the similarities and dissimilarities of export behavior between manufacturing firms in developed and newly industrialized economies, using Hong Kong as an example.

Macro explanatory factors of Turkish tourism companies’ stock returns

This study examines whether the stock prices of Turkish tourism companies respond to growth in eight macro-economic variables namely, consumer price index, imports, exchange rate, consumer confidence index, oil price, money supply, foreign tourist arrivals, and monthly stock market return. By applying the Granger causality procedure, we find that growth in the consumer confidence index and imports could Granger cause tourism companies’ stock returns among eight macro factors in Turkey during the 2005 to 2013 period. After considering the structural break that occurred in 2007, the pre-break results indicate that the consumer confidence index, exchange rate, and foreign tourist arrivals could Granger cause tourism stock returns. However, the results in the post-structural break period reveal that only growths in oil prices and imports are significant.     

The effects of national culture on the role of participation in different task situations

Prior studies primarily in Anglo-American and Asian cultural settings have found that budgetary participation interacts with reliance on accounting performance measures and task situations to affect managerial attitudes. Researchers have questioned if such findings can also be found in different cultural environments. As France has a high power distance and high individualism culture which is different from those of both the Anglo-American and Asian nations, this study investigates if such cultural differences may affect the findings of prior studies. Based on a sample of 44 French managers, the results indicate a similar significant three-way interaction effect. However, they also indicate that French managers have low levels of budgetary participation. Participation also has an insignificant effect on managers' job satisfaction in high task difficulty situations. These results are contrary to those of prior studies in Anglo-American and Asian cultural settings and may have important implications for the study of cultural effects on management control systems.     

Sustainability and Capital Markets—Are We There Yet?

The High Meadows Institute issued a report in 2016 called ‘Charting the Future of Capital Markets’ that surveyed the mainstream capital market ecosystem by soliciting the views and practices of its key stakeholders around the issue of long‐term value creation. In this follow‐up report, the authors report that much has changed during the past three years. The role of investors in proactively shaping corporate practices is gaining more attention as ESG issues and responsible investment have become mainstream concerns, as new responsible investment regulations and frameworks have been implemented, and as shifting demographics continue to pressure capital market participants and stakeholders to change their practices. At the same time, the report notes significant remaining challenges. The lack of a standard industry definition and framework for ESG data and reporting on ESG continues to be a significant impediment, as does the shortage of qualified ESG analysts and infrastructure to support true ESG integration. Surveys also suggest most corporate boards have yet to recognize the full significance of ESG integration or its value to the firm.     

Convergence clustering in the Chinese provinces: New evidence from several macroeconomic indicators

In this paper, the convergence clustering in 31 Chinese provinces regarding several important economic indicators over the period 1952 to 2016 was empirically investigated. Several provincial clusters were identified in the per capita (real) gross domestic product (GDP), consumption–income ratio, retail price, and consumer price inflation rates, using a club convergence and clustering procedure. The empirical findings are as follows. First, it was found that all series of the original data contain a significant nonlinear component. Second, it was observed that there are five significant clusters for the per capita income in China. Third, it was found that there are four significant clusters for the consumption–income ratio. Fourth, it was observed that there are four significant clusters for the retail inflation rates and two significant clusters for the consumer inflation rates in China. These results will enable local and central planners to implement economic growth, savings and price adjustment policies for different groups of provinces.     

The effect of game-based learning as the experiential learning tool for business and accounting training: A study of Management Game

The authors examine the determinants of the effective implementation of game-based learning (GBL) for experiential learning. They focus on the successful GBL initiative called Management Game (MG) and adopt the theory-driven deductive thematic analysis approach of Boyatzis along with the Matsuo model as theoretical rationale. Overall, the findings show that MG is an effective GBL that addresses the five seminal factors of the Matsuo model. Further, the study sheds light on the optimal structure of the successful GBL that allows learners to effectively acquire knowledge and skills. Several implications of the study are discussed in the conclusion together with the limitations of the study.     

Of substitutes and complements: trade credit versus bank loans in Japan, 1980–2012

Review of Quantitative Finance and Accounting - This paper explores the interplay of trade credit and short-term bank loans between 1980 and 2012 in Japan. Many of the issues discussed for the U.S....     

A multilevel Gini decomposition approach to measuring the geographic concentration of tourism

This research highlights findings from an application of a multilevel Gini decomposition method to measure the degree of spatial concentration of tourism markets in Australia. The overall level of spatial concentration in Australia is decomposed into two levels: inbound country and travel purpose. While travel purpose is an important factor associated with the concentration patterns of tourism, the nature of its impact differs significantly by country of origin. Due to the variation in market share and the market’s underlying dispersal characteristics, an increase in the share of one market may require a more than proportionate increase in the shares of several markets in order to counterbalance the spatial concentration pressures. Findings show that considering only one factor in the decomposition process can hide important offsetting influences of market segments on concentration and dispersion.