Approximating the distribution of the two-stage least squares estimator when the concentration parameter is small

This paper presents a new approximation to the exact sampling distribution of the instrumental variables estimator in simultaneous equations models. It differs from many of the approximations currently available, Edgeworth expansions for example, in that it is specifically designed to work well when the concentration parameter is small. The approximation is remarkable in that simultaneously: (i) it has an extremely simple final form; (ii) in situations for which it is designed it is typically much more accurate than is the large sample normal approximation; and (iii) it is able to capture most of those stylized facts that characterize lack of identification and weak instrument scenarios. The development leading to the approximation is also novel in that it introduces techniques of some independent interest not seen in this literature hitherto.     

Responsibility accounting and asymmetry of information

This paper uses the principal-agent model to show that a manager's optimal compensation should generally include non-controllable factors of production such as the firm's investment in capital. This implies that the managerial accounting distinction between profit and investment centres is artificial. Examples are shown in which the ROI or RI criteria could be optimal for compensating managers implying that the optimal compensation criterion is very much specific to the firm's production and risk parameters. Thus, the debate about which criterion is more appropriate is vacuous.     

DIVISIONALIZATION,DECENTRALIZATION AND PERFORMANCE OF LARGE UNITED KINGDOM COMPANIES 1

Questionnaire survey data from 144 large U.K. firms are used to describe and discuss the nature of organization design in major companies. It was found that the majority of firms were multidivisional. However a considerable variation in internal operating procedures was found which emphasized that many multidivisional companies do not behave in the way that the strategy/structure literature predicts. Empirical testing of the relation between structure and financial performance also emphasizes that divisionalization is not necessarily the key to a superior profit performance. Rather it would appear that organizational procedures need to be reconsidered in the light of recent divisional structures established in many companies. It is argued that a powerful divisional head office may weaken overall performance and that instead greater attention should be paid to the opportunity to decentralize operating decisions to the individual business units within each division.     

On testing separability restrictions with flexible functional forms

In this paper, we examine the implications of imposing separability on the translog and three other flexible forms. Our results imply that the Berndt-Christensen ‘nonlinear’ test for weak separability tests not only for weak separability, but also imposes a restrictive structure on the macro and micro functions for all currently known ‘flexible’ functional forms. For example, testing for weak separability using the translog as an exact form is in fact equivalent to testing for a hybrid of strong (additive) separability and homothetic weak separability with Cobb-Douglas aggregator functions. Our results show that these ‘flexible’ functional forms are ‘separability-inflexible’. That is, they are not capable of providing a second-order approximation to an arbitrary weakly separable function in any neighbourhood of a given point.     

Research in technology education: looking back to move forward … again

In 2013 I published, in this Journal, a review of journals and conference publications in Technology Education from 2006 to 2010 as one measure of the nature of research that was being conducted in the area (Williams in Int J Technol Des Educ 23(1):1–9, 2013). An element of that review was a prediction of trends, from the findings, to speculate about what research areas may develop and become more significant and more common in the future. This prediction was integrated with personal experiences and understandings to result in a speculative discussion of future trends. This Research Note represents an extended review, both in terms of the journals and conferences covered, and the time period to include 2011–2013, in order to evaluate those predictions and refine possible future trends, and to answer the research question: What are the developments and trends in Technology Education research? It is hoped that this will be useful to researchers in the area of Technology Education who are planning research, and to stimulate discussion about the research that is needed in this area.     

How does local partners network embeddedness affect international joint venture survival in different subnational contexts?

Do local partners' network attributes affect the survival of high-tech international joint ventures (IJV)? How does the effect of network attributes vary in different subnational institutional environments? While the classic economic explanation for IJV formation and subsequent performance draws from the resource-based view (RBV), we add the relational dimension to explain that IJV survival may be affected by local partners’ relation-specific assets within the local network. We test the effect of the local partners’ network attributes as calculated by UCINET (centrality, network status, and structural hole position) on IJV survival. We additionally assert that this relationship is moderated by subnational institutional heterogeneity. Using our sample of 125 IJV dyadic pairs of US multinational enterprises (MNEs) operating in high-tech industries and their local partners in China, we find partial support for our claims.     

Professional tensions in science and technology: the case of the Colleges of Advanced Technology

Two possible patterns for the organization of advanced technological education can be detected in Britain since 1945. The dominant assumption links training closely to fundamental advances in the sciences, and centralizes teaching at a small number of specialist institutions. The influence of such a policy is seen in the decisions which limited the numbers of Colleges of Advanced Technology in 1956, and in the continuing pressure from science advisory circles for the establishment of a few high-level training centres. The alternative pattern seeks to respond to the diverse range of industrial demands at local level in a decentralized system of technological training whose goals and standards are readily influenced by the technical and manpower demands of neighbouring industry. Neglect of this alternative can be explained from persistent trends in British professional organization, but the economic consequences may well be momentous.