EU Policies for Refugee Protection and Immigration: Cooperation is Key

The contrast between the common sense messages and humanitarian aspirations of the Compact on the one hand, and certain influential proposals for EU asylum policy on the other, points to a deeper problem with the EU asylum system.     

Die Erwartungen der Wirtschaft für 2018

The German economy experiences a boom period. The leading economic research institutes upgrade their economic balance for 2017 to a growth rate exceeding two per cent and their forecasts for 2018 are equally positive. This optimism is widespread despite the UK’s exit from the EU, the protectionist tendencies and the difficult coalition-building in Germany. Technological innovations look ahead: manufacturing industry and trade sector have to react to digital transformation — i.e. electro-mobility, autonomous driving, the use of artificial intelligence and the spread of online trading.     

Deploying strategic resources: comparing members of farmer cooperatives to non-members in sub-Saharan Africa

Abstract

Primary producers in global value chains, like any other firm, aim for entrepreneurial success through deploying strategic resources, collective action, strategic intent, and a supportive institutional environment. In the current article, we analyze the extent to which members of farmer cooperatives in Ethiopia succeed in deploying strategic resources. We find that non-members utilize resources more efficiently and that the potential for collective action is not realized. The potential for collective action remains unrealized due to the institutional environment. We suggest pathways for further research.     

Net value created: measuring a non-life insurer’s performance

The measure Net Value Created (NVC) captures periodic deviations of planned for and realized net present values at a specific reporting date. Therefore, NVC provides control-related signals about the company’s performance additional to economic value added/residual income measures. In this paper we adopt the NVC to the Flow to Equity approach, commonly used in non-life insurance company valuation. In a multi-period context the NVC allows for an update of information over time regarding planned for and realized values and, it further allows for a separation of value contributions of the main insurer’s business units and value contributions due to a change in cost of capital. Thus, NVC is useful for value-based performance measurement in the retrospect and for strategic (investment-) decision support in the prospect for non-life insurance companies.     

Incentive compatibility in non-quasilinear environments

We derive several implications of incentive compatibility in general (i.e., not necessarily quasilinear) environments. Building on Kos and Messner (2013), we provide a (partial) characterization of incentive compatible mechanisms.     

Federal Reserve Communications and Emerging Equity Markets

Work on the impact of U.S. monetary policy on emerging financial markets mostly focuses on official target rate announcements; empirical evidence using data on informal communication channels, such as speeches, is scant. Employing a unique data set covering formal and informal communication channels in a generalized autoregressive conditional heteroskedasticity model framework, we provide comprehensive evidence on the effects of U.S. monetary policy on 17 emerging equity market returns over the period 1998–2009. We find, first, that both monetary policy actions and communications have a significant impact on market returns. Second, target rate change surprises are an important driver of emerging market returns. However, informal communications—particularly when taking into account their higher frequency—have a larger (cumulative) influence on returns than do target rate surprises. Third, during the recent financial crisis, central bank communication played an even more pronounced role. Finally, American emerging markets react more to communications than do non‐American markets.     

Strategic Practice Drift: How Open Strategy Infiltrates the Strategy Process

This paper builds theory on the process of open-strategy infiltration through an ethnographic study investigating how open strategy entered a financial services firm's strategy process behind the backs of top managers. Based on our analysis, we show how open strategy infiltrates the strategy process through a ‘strategic practice drift’, i.e., a gradual and partly unnoticed shift towards open strategy that occurs through ‘accommodating’ and ‘legitimizing’ the performance of transparency and inclusion in the strategy process. We show how the ‘goal-based ambiguity’ and ‘procedural certainty’ of initiatives that latently imply the performance of transparency and inclusion in the strategy process enable open-strategy infiltration. Furthermore, we show how top managers' ‘goal-based rationalization’ and ‘procedural renegotiation’ of practising transparency and inclusion contribute to the eventual reproduction of open strategy in the strategy process. Our model generates an understanding of how and why open strategy can enter the strategy process behind the backs of top managers and adds nuance to extant understandings of the role of top managers in this process. In addition, our findings contribute to research on strategy as practice by theorizing ‘strategic practice drifts’ and extending our understanding of the role of ambiguity therein.     

The relevance of reputation in the nonprofit sector: the moderating effect of socio-demographic characteristics

This paper extends prior research on the reputation of nonprofit organizations (NPOs) by investigating the moderating role of socio-demographic characteristics in forming NPO reputation and reputation's effects on donating and volunteering behavior. The findings offer new insights into the role an NPO's reputation plays and its effects on key outcomes such as willingness to donate and work as a voluntary member in specific subgroups. The results show that successful reputation management is specifically important for male, older, highly educated, and affluent respondents. Communicational measures aimed at strengthening an organization's social responsibility are particularly promising regarding triggering favorable donor behavior and voluntary support. Copyright © 2014 John Wiley & Sons, Ltd.