An examination of future scenarios using historical analogy

The quality of scenario planning activities can be difficult to assess, as one cannot know how likely any projected future scenario is. Here, we introduce one approach for gaining greater confidence. Historical analogy provides the means for achieving this, whereby the model upon which scenarios are constructed is analysed in terms of how well it predicts and establishes links with recent historical environments. We apply this approach to a previously developed scenario tree, constructed using the field anomaly relaxation method, as a case study to indicate how historical analogy can be used to assess and enhance the model from which the scenarios are constructed.     

The effect of monetary policy on real estate price growth in China

Using quarterly data from 1998:Q1 to 2009:Q4 and monthly data from July 2005 to February 2010, this paper examines the impact of key monetary policy variables, including long-term benchmark bank loan rate, money supply growth, and mortgage credit policy indicator, on the real estate price growth dynamics in China. Empirical results consistently demonstrate that expansionary monetary policy tends to accelerate the subsequent home price growth, while restrictive monetary policy tends to decelerate the subsequent home price growth. These results suggest that Chinese monetary policy actions are the key driving forces behind the change of real estate price growth in China. We also show that hot money flow does not have a significant impact on the change of home price growth after controlling for the money supply growth. Finally, a bullish stock market tends to accelerate subsequent home price growth.     

Walking the contractual tightrope: a transaction cost economics perspective on social impact bonds

ABSTRACT

Transaction cost economics is applied in this paper to social impact bonds to explore how public service commissioners could improve outcomes-based contracts. The authors supply a framework for assessing the quality of outcomes specifications and clarify the trade-off between a robust value case for government and the transaction costs associated with specifying such a deal. Illustrated by two examples, the authors suggest that commissioners aim for a ‘requisite’ contract: one that minimizes opportunism while balancing the costs of developing a more robust outcomes specification.     

Trade Sophistication Indicators: Balancing Diversity and Specialization

Motivated by the important role of trade in driving and reflecting economic transformation, we focus on the export structure of two small export-oriented economies, Ireland and Finland 2000–2009, from the perspective of the sophistication of both economies’ exports, i.e., the extent to which high-value products characterise each country’s export profile. The Product Space method is used as the basis of our comparison of the economies in terms of their sectors, activities, and structural transformation of the economies. The method focuses attention on the estimated density of the product space as evident in patterns of revealed comparative advantage (RCA) in goods exports. The Information and Communication Technology (ICT) sector, as a significant export sector for both economies, is examined specifically to investigate its further export potential.     

The role of entrepreneurial capital in building service reputation

This paper uses theories of capital to discuss the impact of non-financial capital on small service firm reputation and performance. As the success of service firms is predicated on the ability to develop relationships and build reputation with key stakeholders, theories of capital provide a relevant conceptual framework for exploring the use of non-financial capital in building such relationships. Drawing on findings from a qualitative study, this paper discusses the economic, human, social, and symbolic capital of a matched-pairs sample of male and female entrepreneurs in the business services sector. The results highlight a relationship between symbolic capital and service reputation. Specifically, the interplay between economic, human, and social capital generates the symbolic capital relevant for service reputation and firm performance.     

Entrepreneurial learning from observing role models

Abstract

This study examines entrepreneurial learning through the observation of role models. Adopting an interpretive and inductive approach, and using biographical interviews and life course techniques, the article examines how sixteen entrepreneurs articulate their entrepreneurial learning from role models. The overarching research question ‘How do entrepreneurs learn from observing role models?’ enables illustrating who the role models are (parents, teachers, colleagues, other entrepreneurs), the relevant social contexts (home, education, workplace) and what is learned in relation to entrepreneurial learning tasks (learning about oneself, managing relationships, the business and small business management). The study contributes to developing the social perspectives of entrepreneurial learning by demonstrating the significance of learning from role models in different social contexts and at distinct entrepreneurial stages pre- and post-start-up.     

The discourse of entrepreneurial masculinities (and femininities)

The overarching concern of this paper is the dominant discourse of entrepreneurship portrayed as a form of masculinity. It argues that this discourse is perpetuated by academic research and by media representations of the entrepreneur. The entrepreneur is represented in the media by a narrow range of male stereotypes, whilst women are under-represented and often that representation is linked to domestic concerns. At the same time, academic studies persistently rely on male experience to theorize entrepreneurship, and women are studied in terms of their difference. This enduring discourse results in entrepreneurial femininities being rendered invisible. This paper argues that studies in entrepreneurship should remain alert to the denial and masking of gender. It calls for entrepreneurship researchers to engage with contemporary debates in gender, culture and media studies and proposes a research agenda to challenge the dominant discourses.     

Defying contextual embeddedness: evidence from displaced women entrepreneurs in Jordan

ABSTRACT

Although entrepreneurial practices and processes are evolving and changing globally, models of entrepreneurship remain masculinized, embedded in advanced economies and associated with notions of individual agency, heroism and control. Rarely is defiance considered. In this paper, we explore the defiance practices of displaced women operating in the Jordanian patriarchal economy and society and consider how this enabled their nurturing of entrepreneurship. Indeed, we argue that socially excluded women actually defy their contextual embeddedness through their entrepreneurial activities. In so doing, we respond to calls for research that explores the contextual embeddedness of women’s entrepreneurship, and contribute to shifting the focus towards the more silent feminine end of the entrepreneurial process. We consider the defiance of invisible displaced women entrepreneurs operating in the under-researched context of Jordan. Longitudinal, ethnographic investigation revealed the creation of a secret production network led by, and for, displaced women. This paper focuses on the five founders of this network, which they established to mobilize and manage the production of traditional crafts and, by so doing, to defy the stifling limitations imposed by their restrictive contractors, community and family members.