Saving to Overcome Borrowing Constraints: Implications for Small Business Entry and Exit

This paper shows how a dynamic analysis of entrepreneurial choice, in which inter-temporal savings plans can be adjusted to build up capital, allows agents to overcome borrowing constraints. This casts fresh doubt on the notion that borrowing constraints deter entrepreneurial entry in the long run. Impatient agents are shown to voluntarily remain constrained indefinitely, whereas patient agents become entrepreneurs. The model also explains temporary and permanent closures of viable businesses. The model's predictions are consistent with evidence of greater savings behaviour by entrepreneurs. This revised version was published online in August 2006 with corrections to the Cover Date.     

Towards Strategic Intent: Perceptions of disability service provision amongst hotel accommodation managers

The tourism sector globally has become increasingly mindful of how an ageing population is reshaping service provision forms and offerings. This being particularly true of accommodation operations where there is a now a growing recognition of the commercial value for providing market groups with exceptional service. With this in mind, this study sought to ascertain the perceptions of managers in the accommodation sector towards disability service provision with a view to identifying any current service gaps or failings. An inductive, qualitative approach was used with the data collection phase incorporating a series of one on one interviews and a focus group. The in-depth interviews were conducted with 10 managers of hotels deemed to have accessible rooms that complied with the relevant building codes and standards. A focus group comprised 22 managers of hotels located in the Sydney central business district, Australia. Study findings revealed five key themes that had not been previously discussed in the literature. They were: inclusive attitudinal approach; safety; the responsibility of people with a disability to communicate their needs to the hotel; perceptions of accessible rooms by the general public; and operational processes. Related themes that emerged from the data analysis that had previously been aligned with the literature included: legislative responsibility, policy and building codes; disability as a market segment; staff awareness/training; and language, marketing, and promotion information. Implications with respect to management of accessible rooms in the accommodation sector are outlined and further areas of research are proposed.     

Does workplace fun matter? Developing a useable typology of workplace fun in a qualitative study

A fun work environment is a positive atmosphere for organizations to attract and retain employees. This study identifies the significant factors of workplace fun and develops a useable typology of workplace fun activities in the hospitality industry. A qualitative case study with grounded theory approach was used by conducting interviews with ten hotel human resource (HR) practitioners in the People's Republic of China. The results identified four “S”s of workplace fun factors, namely: (1) Staff-oriented workplace fun, (2) Supervisor-oriented workplace fun, (3) Social-oriented workplace fun, and (4) Strategy-oriented workplace fun. This study provides a roadmap to guide future hospitality management research in workplace fun domain.     

Revisiting revenue contingent loans for drought relief: government as risk manager

It is clear that Australian governments will provide assistance to farmers in drought, which is a rational political judgement supported by recent survey work suggesting strongly the pervasive existence among voters of agrarian sentiment. In this context, a reasonable question relates to what forms of assistance are most equitable for taxpayers and also have desirable properties for farm businesses. In this study it is argued that traditional and current approaches to drought assistance are not equitable and do not provide sufficient protection to farmers from default and thus insolvency risk. But there is an instrument available to government which can be designed to minimise taxpayer subsidies while at the same time delivering insurance for farmers against default: a Revenue Contingent Loan (RCL). Following the principles inherent in the Higher Education Contribution Scheme, a RCL is financial assistance repaid contingent on a farm's capacity to pay, meaning that loan defaults can be avoided. We model the revenue streams associated with a hypothetical loan of this type and illustrate the advantages for a farm business of these kinds of debt.     

Habits and Durability in Consumption,and the Effects of Tariff Protection

Some recent empirical findings are used to motivate employing a model in which consumption exhibits durability, and habits develop over the flow of services provided by them, in order to study the effects of tariff protection on the current account. Durability leads to adjacent substitutability in consumption, while habits are assumed to lead to adjacent complementarity. If durability effects are dominant in the short run, and habit effects in the long run, then tariffs will lead to a current account surplus, which will be followed by a deficit. In the opposite case, a deficit will be followed by a surplus.     

Knowledge networks for new technology–based firms: an international comparison of local entrepreneurship promotion

This paper reports on an international comparison of three organisations established to promote new business start–ups in the USA, UK and Canada. A ‘knowledge–based’ approach is adopted to examine how networks of would–be entrepreneurs interact with networks of experienced entrepreneurs and managers, venture capitalists, technical experts, consultants, IPR lawyers and other specialists. This interaction is promoted and mediated at the local level by the three organisations at the centre of the study: the Austin Technology Incubator (ATI), Texas; Connect, Edinburgh; and the Canadian Environmental Technology Advancement Corporation (CETAC–West) in Canada. These act as local network–nodes or ‘knowledge integrators’, as well as ‘incubating’ new ventures to increase the new business ‘birth rate’ in their respective regions. The comparison is based on interviews and secondary data that describe the initiation, development, operation and local impact of these organisations. Findings stress the importance of the regional context as a source of particular kinds of knowledge and expertise that may promote or inhibit new technology–based business start–ups. In particular: the scale, scope and quality of ideas and business proposals in local networks; the availability of relevant expertise and experience for ‘intelligent selection’ and for successful mentoring; the nature of rewards and incentives for all players; and the importance of local champions or figureheads, are all factors that help explain differences across the example regions. The paper combines a variety of conceptual approaches around the idea of regional knowledge networks which underpin ‘distributed innovation’. Heightened technological and market uncertainty for new technology–based firms places a premium on the ability of entrepreneurs to integrate specialist knowledge and utilise expertise from a variety of local sources. Despite differences in the scale, scope and effectiveness of their efforts we conclude that all three organisations are supporting ‘accelerated learning’ amongst entrepreneurs.     

上市公司舞弊性财务报告及其防范与监管——基于中国证券监督委员会处罚公告的分析

舞弊性财务报告是全世界经济社会和会计职业界关注的重大问题。我国目前也面临其挑战。本文以中国证券监督委员会2002—2006年处罚公告中涉及的上市公司舞弊性财务报告为依据,对我国上市公司舞弊性财务报告的主要类型、手段等进行了统计分析。分析发现,舞弊公司表外舞弊严重,所占比重大;同时存在多种舞弊类型,典型的是虚假利润表和虚假披露;虚构销售业务、虚增资产、隐瞒对外担保分别成为虚假利润表、虚假资产负债表和虚假披露的最主要舞弊手段;舞弊公司同时采用多种舞弊方法,且舞弊行为持续年限在两年以上,最长的达9年。本文最后提出了相应的防范与监管建议。     

Pecunia non olet: on the self-selection into (dis)honest earning opportunities

Experimental Economics - We study self-selection into earning money in an honest or dishonest fashion based on individuals’ attitudes toward truthful reporting. We propose a...     

A model of the optimal allocation of government expenditures

Government expenditures can be used for various socioeconomic objectives, including public education, consumption of public goods and services, and social protection. This paper analyzes the optimal allocation of public expenditures among these competing functions. We establish an overlapping generations model with heterogeneous individuals in which the government optimally chooses income tax, transfer payment, educational spending, and public consumption. Our model characterizes the transitional dynamics and the steady state of each function with and without a pay‐as‐you‐go intergenerational contract. We also conduct a simulation illustrating that the presence of an intergenerational contract may raise public consumption and social welfare in the steady state.