Social identification: linking high performance work systems,psychological empowerment and patient care

This paper examines the mediating effects of social identification on the relationship between high performance work systems (HPWS) and psychological empowerment and the direct relationship between psychological empowerment and clinician perceptions of quality of patient care. We use structural equation modelling on a sample of 254 health professionals from a large regional hospital in Australia. Results demonstrate, first, a strong effect of HPWS on social identification. Second, social identification mediates the relationship between HPWS and psychological empowerment and, third, psychological empowerment has a strong effect on clinician perceptions of quality of patient care. Implications are drawn for management theory and hospital managers.     

Entry,exit, and the determinants of market structure

This article estimates a dynamic, structural model of entry and exit for two US service industries: dentists and chiropractors. Entry costs faced by potential entrants, fixed costs faced by incumbent producers, and the toughness of short‐run price competition are important determinants of long‐run firm values, firm turnover, and market structure. In the dentist industry entry costs were subsidized in geographic markets designated as Health Professional Shortage Areas (HPSA) and the estimated mean entry cost is 11 percent lower in these markets. Using simulations, we find that entry cost subsidies are less expensive per additional firm than fixed cost subsidies.     

Managing Global Virtual Teams Across Classrooms,Students and Faculty

Virtual teams are becoming commonplace in business today so our business school students should have experience in effectively working in virtual teams. Based on a month-long virtual team project conducted by the authors between classes in South Africa and the United States, this paper discusses the opportunities and challenges of using global virtual teams as part of a business school curriculum. The authors describe the use of a virtual team life cycle to assess the month long project to identify key elements to retain and to change for the next time the virtual project is implemented.     

Ensuring Supply Chain Resilience: Development and Implementation of an Assessment Tool

In today's tightly connected global economy, traditional management practices that rely on “steady‐state” conditions are challenged by chaotic external pressures and turbulent change. Just in the last few years, the world has experienced a string of catastrophic events, including a global economic meltdown, a volcanic eruption in Iceland, an oil spill in the Gulf of Mexico, a disastrous tsunami and power blackout in Japan, and political upheavals in Africa and the Middle East. Managing the risk of an uncertain future is a challenge that requires resilience—the ability to survive, adapt, and grow in the face of turbulent change. This research develops a measurement tool titled the Supply Chain Resilience Assessment and Management (SCRAM?). Data gathered from seven global manufacturing and service firms are used to validate SCRAM?, using qualitative methodology with 1,369 empirical items from focus groups reviewing 14 recent disruptions. Critical linkages are uncovered between the inherent vulnerability factors and controllable capability factors. Through mixed‐method triangulation, this research identified 311 specific linkages that can be used to guide a resilience improvement process. Pilot testing suggests a correlation between increased resilience and improved supply chain performance.     

Breeding for Africa's new smallholder maize paradigm

This paper describes the evolution of a newly emerging smallholder maize paradigm in southern Africa beginning in 1996. This new paradigm involves the breeding, extension, and adoption of a new generation of open-pollinated ‘flinty’ maize varieties that specifically address the needs of southern African smallholder farmers for seed varieties that can be replanted (recycled) and that resist drought and low fertility problems increasingly common in southern Africa. The described mechanism is the extension and breeding work of the Southern Africa Drought and Low Fertility programme (SADLF) of the Centro Internationale por la Mejoridad de Maize y Trigo (CIMMYT). This paper explains the devolution of southern African maize production in the past two decades from centralized large-scale producers to smallholder farms, signalling a shift in research and plant breeding needs. The research/extension approach described here had profound consequences beyond the technical benefits of screening maize varieties for tolerance to stress; it empowered small-scale farmers to become informed consumers of agricultural technology. The transformation of the smallholder from a passive consumer to one actively seeking the best opportunity and seed to produce food, create economic opportunities and address local social conditions is an important development in the history and sustainability of maize production in southern Africa, and one consistent with modern African history of economic liberalization in the global food economy.     

Do mutual fund managers time market liquidity?

This paper examines mutual fund managers' ability to time market-wide liquidity. Using the CRSP mutual fund database, we find strong evidence that over the 1974–2009 period, mutual fund managers demonstrate the ability to time market liquidity at both the portfolio level and the individual fund level. Liquidity timing predicts future fund performance and the difference in the risk-adjusted returns between top and bottom liquidity-timing funds is approximately 2% per year. Funds exhibiting liquidity-timing ability tend to have longer histories, higher expense ratios, and higher turnover rates.     

Competition and market power in physician private practices

This article presents a theoretical and empirical model to examine competition in physician private practices implementing a conjectural variation framework. Our study uses the 1998 American Medical Association Physician Socioeconomic Monitoring Survey and tests for collusion and market power in physician private practices. The year 1998 is of particular interest due to charges filed in Federal court by The United States Department of Justice (DOJ) against a number of large physician practices, ruling that physicians could no longer engage in joint negotiations. The indictments by the DOJ were based on anecdotal economic and legal observations rather than the result of empirical evidence from accepted econometric modeling. Our model indicates that the behavior of physicians in medical subspecialties and surgical subspecialties is consistent with a non-cooperative Nash equilibrium.     

A Modern Money Perspective on Financial Crowding-out

Abstract

The withdrawal of discretionary fiscal stimulus and a renewed emphasis on institutional and ‘self-imposed’ budgetary constraints are evidence that the imperative of fiscal sustainability and sound accounting fundamentals continue to drive fiscal policymaking within many advanced economies. To buttress the urgency for fiscal sustainability, neo-liberals often draw upon financial crowding-out theory. Despite an extensive literature, empirical applications are often misspecified due to their failure to account for different institutional arrangements. However, the policy responses of national governments to the Global Financial Crisis have highlighted the institutional disparities, presenting a unique opportunity for a rigorous empirical investigation. This paper develops panel vector error correction models for both sovereign and non-sovereign economies over the period 1999 to 2010 to examine financial crowding-out. The empirical evidence reveals crowding-out effects in non-sovereign economies, but not within sovereign economies.     

Structural change in an open economy

We study the importance of international trade in structural change. Our framework has both productivity and trade cost shocks, and allows for non-unitary income and substitution elasticities. We calibrate our model to investigate South Korea's structural change between 1971 and 2005. We find that the shock processes, propagated through the model's two main transmission mechanisms, non-homothetic preferences and the open economy, explain virtually all of the evolution of agriculture and services labor shares, and the rising part of the hump-shape in manufacturing. Counterfactual exercises show that the role of the open economy is quantitatively important for explaining South Korea's structural change.