Volatility in Oilseeds and Vegetable Oils Markets: Drivers and Spillovers

Food price volatility has re‐emerged as an important topic of political discussion since the food price crisis of 2007–2008. Different volatility drivers have been identified for different markets in the theoretical and empirical literature. However, there is no comprehensive analysis that considers a large number of potential drivers and investigates their joint effects in a dynamic model of interrelated markets. Our study provides such a volatility analysis for the oilseeds and vegetable oils markets. We use a common GARCH approach and a VAR model to identify volatility drivers and spillover effects. Our results show that exchange rate volatility is very important. However, the hotly debated financialisation of commodity markets is not found to be volatility increasing in our monthly data. Impulse response functions show strong spillover effects. Because many volatility drivers found to be important in other markets have no significant effect in our study, our results suggest that volatility drivers are market specific. This implies that any volatility‐reducing policies need to be designed for the market in question.     

Vertrauen in Public Relations

When PR research addresses trust, the perspective that PR provides trust in organizations dominates in most cases. For PR to successfully providing trust, trust in PR seems to be a central condition. This applies to its relations to journalism as well as to its relations to other organisational environments. Since the motives behind PR as strategic communication usually arouse suspicion, trust in PR tends to be improbable. Trust in PR has been an unobserved subject in PR research so far. Thus, this paper will develop, on a systems-theoretic and non-dualistic approach, a theoretic understanding of trust in PR. After discussing the present state of research regarding the subject of trust and PR, the paper will briefly introduce the theoretic basis of PR and trust, in order to develop in the following a new theoretic perspective for trust in PR. In this context, internal and external trust in PR will have to be differentiated.     

Do workers perceive high wage settlements of craft unions as fair?

In recent years, Germany has experienced an increasing impact of craft unions that negotiate high wage increases for the occupations they represent. This article analyses under which conditions workers perceive such over-proportional wage increases for occupational groups represented by craft unions as (rather) fair. We use a vignette approach, asking respondents for their fairness perceptions of several hypothetical scenarios. The results show that perceptions depend on the burdens of the occupational group, the size of the wage increase, information policies and potential consequences for other groups. These findings are in line with social and organizational justice theories about equity and informational justice.     

Reassessment of cross-impact analysis

Five problems in cross-impact methodology are discussed, solutions are proposed, and a simple illustrative case is provided. The problems are lack of commutativity, probabilistic imbalances, double counting of impacts, linearity, and two-dimensionality.     

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Ohne Zusammenfassung     

From relationships to partnerships—new forms of cooperation between buyer and seller

An increased focus on operational performance and the reliance on fewer suppliers by industrial customers call for a higher quality of buyer-seller relationships.This article elaborates on economic explanations for value generated partnerships and describes the distinctive qualities of partnerships as something more than ordinary customer relationships. Particular attention is paid to the managerial implications and pitfalls awaiting companies when pursuing a partnership approach and a definition of vertical partnerships is provided.     

Trade Policy and Environmental Regulation in the Asia–Pacific: A Simulation

The Asia–Pacific Economic Cooperation (APEC) has the potential to become the world's largest free trade area, encompassing both developed and developing countries. At the same time environmental standards vary substantially in the region. A multilateral computable general equilibrium (CGE) model combined with environmental sub–models simulates the environmental effects of trade and environmental policy changes. The simulations show: (i) Even drastic reductions in trade barriers have only a small effect on pollution; (ii) Low environmental standards relative to trade partners do not necessarily result in increased pollution when trade is liberalised; (iii) Unilaterally raising environmental standards does not crowd out pollution to countries with laxer standards.     

Open Innovation in Practice: Goal Complementarity and Closed NPD Networks to Explain Differences in Innovation Performance for SMEs in the Medical Devices Sector

Cooperation with other organizations increases the innovation performance of organization, especially for small and medium‐sized enterprises (SMEs) as they encounter liabilities of “smallness” (e.g., limited financial resources, and manpower). In the medical devices sector, collaboration with external partners for NPD becomes increasingly important due to the complexity of the products and the development process. About 80% of companies in this sector are SMEs. These companies operate in a highly regulated sector, which affects the organization of the external network required for the new product development (NPD) process. SMEs are practicing extensively open innovation activities, but in practice face a number of barriers in trying to apply open innovation. This paper examines multiple network characteristics simultaneously in relation to innovation performance and thereby aligns with and builds further on configuration theory. Configuration theory posits that for each set of network characteristics, there exists an ideal set of organizational characteristics that yields superior performance. In this research, the systems approach to fit is used. Fit is high to the extent that an organization is similar to an ideal profile along multiple dimensions. This ideal profile represents the network profile that the 15% highest performing companies use. It is argued that the smaller the distance between the ideal profile and the network profile that is used, the higher the performance. The objective of this research is (1) to examine the relation between the ideal profile and innovation performance and (2) to examine which organization of the network profile is related to high innovation performance. Quantitative survey data (n = 60, response rate 61.9%) form the core of this research. The quantitative results are clarified and have been triangulated with qualitative interview data (n = 50). Our findings suggest the presence of an “ideal” NPD network profile (in terms of goal complementarity, resource complementarity, fairness trust, reliability trust, and network position strength): the more a company's NPD network profile differs from this ideal profile, the lower the innovation performance. In addition, the results of our study indicate that the NPD network profiles of successful and less successful SMEs in the medical devices sector significantly differ in terms of “goal complementarity,” while this is less the case for trust and resource complementarity labeled distinctive by previous research. Finally, results show that a relatively closed, focused, and consistent “business‐like” NPD networking approach, which is characterized by result orientation and professionalism, is related to high innovation performance. It is recommended that SMEs in the medical devices sector aiming to distinguish themselves from competitors in terms of innovation performance focus on goal complementarity while adopting such a business‐like attitude toward their NPD network partners.