How broad-based is broad-based black economic empowerment?

Common perceptions about broad-based black economic empowerment (BBBEE) have been that it is nothing more than a tool for the already affluent to access further wealth and has limited potential to address the economic exclusion of the most marginalised. An analysis was conducted of data on black economic empowerment (BEE) deals between 2004 and 2009. The findings demonstrate that although the elite continue to benefit from deals, broad-based beneficiaries, particularly employees and women, are also beginning to benefit to some extent. This suggests that empowerment policies have some potential to promote private sector involvement in addressing the state's social transformation agenda. However, a closer analysis of the BEE transactions shows that the BEE landscape is far more complex and nuanced than commonly thought. Further research is necessary to understand the real impacts of BEE on the ground.     

A Markov switching analysis of contagion in the EMS

This paper applies the multivariate version of the Forbes and Rigobon (2002) contagion test, as proposed by Dungey et al. (2005a), to detect contagion effects in the Exchange Rate Mechanism (ERM) of the European Monetary System (EMS). Crisis and non-crisis observations are determined endogenously via a Markov-switching vector autoregression (MSVAR). We show that the MSVAR is suitable for this purpose, as it does particularly well in identifying the 11 realignments of the ERM. We examine whether Denmark’s rejection of the Maastricht Treaty and Italy’s competitiveness problems affected other EMS participants and find evidence for contagion.     

Relationship-Oriented Cultures, Corruption, and International Marketing Success

This study explores the general problems associated with marketing across international markets and focuses specifically on the role of corruption in deterring international marketing success. The authors do this by introducing a broader conceptualization of corruption. The dimensions of corruption and their importance in explaining the exporters’ successes in international markets are developed empirically. Partial Least Squares formative indicators are used in a comprehensive model including consumer resources (wealth and information resources), physical distance (kilometers and time zones), and cultural distance (linguistic and values differences) as alternative explanatory variables. Finally, differences in the model’s performance across data from three exporting countries (France, Japan, and the US) are delineated and discussed. For example, the successes of French and Japanese exporters in international markets are in part determined by the levels of corruption in target countries. Alternatively, corruption in target countries does not appear to affect the successes of American exporters in global markets. The conceptualization of corruption in this study extends the more narrow view of corruption solely as bribery.     

The transfer of Tax Increment Financing (TIF) as an urban policy for spatially targeted economic development

Urban policy transfer between the US and UK has long been of interest to researchers and practitioners. Given the recent wider context of reduced direct funding and the absence of a coherent regeneration policy, this paper considers the introduction of Tax Increment Financing (TIF) to the UK as a method of stimulating spatially targeted economic development initiatives. The paper explores whether TIF could be considered a form of policy transfer, and in doing so uncovers whether the transfer of TIF could – (a) be successful and unsuccessful under certain circumstances; (b) require the actions of certain stakeholders; and (c) be enabled via prescribed frameworks and negotiation. The results are evidenced using qualitative approaches and find that TIF is more of a modified policy ‘idea’ rather than transfer. Further discussion argues that TIF can be successful, if it considers flexible but local elements and has the capacity to balance stakeholders for development brokerage.     

An Inventory Evaluation Approach for Common Use Stock Range Units in British Columbia

Beef ranchers in British Columbia rely upon Crown range for a large proportion of their summer and fall grazing needs. Any improvement in the management policies for this resource can enhance the economic viability of the beef sector. The objective of this study is to evaluate the stocking levels of stock ranges administered by range agrologists and to compare their assessment with that derived using a more formal planning procedure. The report details the stocking capacity for the Punchaw Stock Range in the Prince George range district. Capacities for other stock ranges are also estimated. When rotational uses are defined and examined, the optimal use pattern results in carrying capacities that are approximately double that of current or recommended stocking levels. Les producteurs de bovins de Colombie-Britannique dépendent des parcours de la Couronne pourune grande partie de leurs besoins en pâturages ?été et ?automne. Toute amélioration des politiques de gestion de cette ressource risque ?avoir un effet salutaire sur la viabilité économique du secteur des bovins. La présente étude avait pour objectif ?évaluer ?intensity de pâturage sur les parcours gérés par des agronomes et de comparer leur évaluation à celle obtenue au moyen ?une méthode de planification répondant à des critères plus officiels. Nous fournissons des données détaillées sur la capacité de charge correspondant du parcours Punchaw, dans le district Prince George. Nous procédons en outre à ?évaluation de la capacité de charge ?autres parcours. Lorsque ?exploitation en rotation est définie et examinée, le calcul de ?utilisation optimale donne une capacité de charge correspondant approximativement au double des valeurs actuelles ou recommandées.     

The demography of micro-states

There are two types of micro-states, islands and mainland ones. Except for a few islands very close to the coast, most of the insular micro-states are demographically very different from the rest of the Third World. Their death-rates are lower, their birth-rates lower, and the propensity of their populations to migrate to developed countries higher. It is argued here that these differences are based on other social and economic differences, which can be summarized by saying that such states are more Westernized. They were part of the European maritime system at a time when the West did not have the economic strength to penetrate continental areas to the same extent. On the whole they retained colonial links longer.     

The leader as lobbyist

Guidant's Ginger Graham argues that senior executives are actually better prepared than most lobbyists to inform and educate members of Congress about the issues that will affect their businesses.     

New technology and the urban environment

Technology has always had an influence on the form of settlements, but only since the coming of Information Technology has it aroused much interest from academics and planners. The impact that IT is likely to have on urban areas is debated, some foreseeing decentralisation and the end of place, while others see evidence of the centralisation of control in a global economy. Other new technologies may also affect cities as new materials provide the opportunity for different styles of building. As we enter the 21st century, however, we do so with the largest stock of urban capital ever, much of which is ageing and in need of maintenance. Technology is part of a complex interrelationship of influences on urban areas and much of it will have to be retrofitted on to the pre-existing environment.     

Debt, Leases, Taxes, and the Endogeneity of Corporate Tax Status

We provide evidence that corporate tax status is endogenous to financing decisions, which induces a spurious relation between measures of financial policy and many commonly used tax proxies. Using a forward-looking estimate of before-financing corporate marginal tax rates, we document a negative relation between operating leases and tax rates, and a positive relation between debt levels and tax rates. This is the first unambiguous evidence supporting the hypothesis that low tax rate firms lease more, and have lower debt levels, than high tax rate firms.