Finance and growth in Africa: The broken link

While bank liabilities in Sub-Saharan Africa are found to follow (but not lead) economic growth, the link between bank credit and growth is altogether absent.     

Small and Medium Enterprise Financing in Transition Economies

This paper studies the financing status of small and medium enterprises (SMEs) in transition economies. Factors causing financing obstacles are indentified and further analyzed to determine their influence over financing patterns. Bank regulatory practices relevant to SMEs’ access to bank loans and their influence over loan structures are identified. This study contributes to the existing body of knowledge by exploring the impact of specific bank regulatory practices on credit lending to SMEs in transition economies.     

Designing a competency-based human resources organization

New organizing factors are emerging as human resources professionals seek performance breakthroughs, with process and competency emerging as key factors in determining how the HR function is organized. While the process focus rides the wave of interest in total quality management and reengineering, a growing number of organizations see competence as the key to enduring performance and to making HR most effective. This article combines experience from the authors' work with some emerging possibilities to describe a competency-based approach for designing a high performing HR organization. © 1996 by John Wiley & Sons, Inc.     

The differential impact on stockholder wealth of various antitakeover provisions

This paper examines the relationship between the passage of six types of corporate antitakeover provisions (supermajority, classified boards, fair-price, reduction in cumulative voting, anti-greenmail and poison pills) and stockholder wealth. Our event study from a sample of 381 firms that adopted 486 antitakeover provisions in the 1984 to 1988 period indicates a strongly negative effect on stockholder wealth, supporting the management entrenchment view of the antitakeover provisions. Moreover, the empirical results of this paper indicate that the market reacts equally negatively to both non-operating provisions that require stockholder approval and to operating provisions that do not require stockholder approval. However, separate analyses of the antitakeover provisions provide some support for the argument that stockholders discriminate between individual provisions.     

Global corporate environmentalism: Theoretical expectations and empirical experience

Since the mid-1980s the concept of corporate environmentalism has taken hold among global stakeholders, promising improved environmental health and safety (EH&S) performance at multinational (MNC) facilities in less developed countries. In this article we examine corporate environmentalism through two lenses: (1) our own empirical case studies of three Third World subsidiaries of USA-based multinationals; (2) evolving theories on EH&S performance at MNC subsidiaries in less developed countries. We suggest that over the past decade there has been a convergence of three theoretical perspectives – neoclassical, radical and ecological – toward consistent predictions of improved EH&S performances and relations with host country governments. However, important differences among the three perspectives remain in how each interprets improved EH&S performance in the context of long-term benefits to corporations, host countries, workers, local publics and the global community. While we find that the neoclassical economic perspective is most consistent with the empirical findings of our three case studies, we also note some debatable neoclassical assumptions concerning whether all stakeholders benefit mutually from superior EH&S performance. In order to gain wide acceptance beyond the corporate sector, the concept of corporate environmentalism must be expanded to include greater labor participation and accounting for ecological interests.