Agency costs and product market competition: The case of audit pricing in Greece

Jensen and Meckling (1976) argue that agency costs are not dependent on product market competition. However, elsewhere in the economics literature, theoretical analysis and empirical research have indicated that product market competition reduces agency costs by reducing the marginal cost of eliciting effort from agents. We investigate the relationship between product market competition and audit fee, as an example of agency cost. Taking advantage of a proprietary data set for Greek audit firms, we find that the audit fee and audit hours are inversely associated with client firm product market competition. We conclude that audit effort, as an agency cost, is reduced where competitive forces reduce the need for shareholders to bear the costs of monitoring agents.     

Mexican national cross-border shopping: Exploration of retail tourism

This exploration of cross-border shopping by Mexican national shoppers at a regional discount outlet mall studies the: (1) economic impacts of their expenditures on the local and regional economies, and (2) activities they engage in while at the outlet malls and benefits received from shopping there. Spending by cross-border shoppers varied by accommodation type; hotels or motels/friends and family spent approximately $800 (U.S.) on clothing daily and condominiums/day visitors between $400 and $475 (U.S.). The multiplier for cross-border spending at the local level ranged from 1.27 to 1.45. Top cross-border shopper activities were shopping and buying, followed by eating, and visiting.     

In difficult times: influences of attitudes and expectations on training and redeployment opportunities in a hospital contraction programme

This article explores reasons behind the low take–up of training and redeployment opportunities in a three–year downsizing programme in a National Health Service (NHS) mental health hospital. It examines these from an interpretive paradigm, identifying social–psychological effects on barriers and motivation to training and redeployment. In reporting factors that inhibit the movement of staff from the hospital the findings indicate that the direction of even a well–planned and positively intentioned programme can be confounded by the responses of employees faced with an uncertain future. When drawing up restructuring programmes involving retraining and redeployment, managers need to take into account the anticipated profound reactions of those affected.     

The influence of value perceptions on tourist souvenir purchase decisions

Shopping is an important activity impacting the travel and tourism industry. This research explores the influence of value perceptions on tourists' souvenir purchase decisions. A convenience sample of 380 respondents from a southeastern US university completed a survey regarding value perception towards the destination visited, type of shopping venue, and souvenir purchase intention. Through structural equation modeling, results revealed that functional and social value significantly influenced tourists' purchase intentions. This result provides valuable insight suggesting destination marketers should focus on these two indicators in future planning and promotion strategies. Limitations and directions for future research are provided.     

Union Organizing as a Mobilizing Strategy: The Impact of Social Identity and Transformational Leadership on the Collectivism of Union Members

This article investigates the effect of union organizing as a mobilizing strategy on the collectivism of union members. We examine the impact of a worker's social identification with fellow members and the transformational leadership qualities of the local union representative. We employ regression analysis with tests of mediation to analyse the survey responses of c. 1,000 rank and file members of a major professional union, collected in July 2004 during a mobilization campaign. Social identification and transformational leadership were associated with members' union loyalty and willingness to work for the union. Social identification acted as a mediating variable in both cases.