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.     

The Role of the Non-Farm Rural Sector in the Reconstruction of the Balkans

MOCT-MOST: Economic Policy in Transitional Economies -     

Majority and Minority Ownership of Publicly-Traded Firms: A Test of the Value of Control Using Market Multiples

Publicly-traded companies that are controlled by other publicly-traded companies provide a unique setting in which to test whether the market values of majority and minority ownership interests are proportionate to their ownership percentages. Test results indicate that the value of subsidiary net assets and net income are greater to majority shareholders than to minority shareholders. However, comparison of asset and income valuation with a sample of diffusely-held firms indicates that this valuation asymmetry is not due to a wealth transfer from the minority to the majority owners but to a discounting of the portion of the subsidiary owned by the minority shareholders.     

Market Orientation in the Transition Economies of Central Europe:: Tests of the Narver and Slater Market Orientation Scales

The Narver and Slater (Narver, J.C., and Slater, S.F.: The Effect of Marketing Orientation on Business Profitability. Journal of Marketing 54 (1990): 20–35.) market orientation scale is tested in the context of the transition economies of central Europe and found to be both valid and reliable. Relationships between market orientation and both marketing strategy and performance broadly follow predictions from the Western literature indicating that the adoption of a market orientation is equally applicable in transition as in Western economies. A number of different approaches, however, are evident in the transition economies suggesting that other business orientations may coexist with a market orientation creating a richer and more complex set or organizational drivers.     

THE EFFECTIVENESS OF INFORMATION SYSTEMS IN SUPPORTING THE EXTENDED SUPPLY CHAIN

The emergence of the Internet and new software applications has provided an opportunity for some companies to move towards an extended enterprise business model–one that enhances value across the total supply chain. The prime driver of this trend has been the implementation of Enterprise Resource Planning (ERP) systems. The research investigates whether traditional technology infrastructures, including information systems, have failed to deliver the level of support required to enable organizations to take advantage of the new extended business model. The research identifies a series of new and distinctive capabilities that influence the adoption of an extended business model. Supported by innovative technologies, leading companies are exploiting these distinctive capabilities to meet the challenge of the New Economy.     

Growth patterns of the world’s largest firms, 1962–1982

Zusammenfassung Wachstumsmuster der gr?\ten Firmen der Welt zwischen 1962 und 1982. - Mit Hilfen der Gibrat- und Galton-Modelle wird gezeigt, da\ in den beiden Perioden 1962–1972 und 1972–1982 das Wachstum der gr?\ten Unternehmen langsamer war als das kleinerer Unternehmen. Die wirtschaftliche Konzentration innerhalb dieser Gruppe von Unternehmen mit Weltgeltung nahm in jeder Periode vermutlich ab. Die kleineren Firmen unter ihnen, die zwischen 1962 und 1972 verh?ltnism?\ig erfolgreich waren, wiederholten diesen Erfolg zwischen 1972 und 1982: “Erfolg erzeugt Erfolg”. Die Nationalit?t der Firmen scheint auf diese Ergebnisse für die Periode 1962–1972 ohne Einflu\ gewesen zu sein. Zwischen 1972 und 1982 dagegen gab es in Deutschland und Japan im Gegensatz zu den USA, Gro\britannien und dem Rest der Welt keine Tendenz der kleineren Firmen, schneller zu wachsen.

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Résumé Structures de croissance des entreprises mondiales les plus grandes, 1962–1982.- En utilisant les modèles de Gibrat et Galton, les auteurs démontrent que la croissance proportioneile des entreprises les plus grandes était plus lente que celle des entreprises plus petites dans les deux périodes 1962–1972 et 1972–1980. La concentration dans ce groupe des grandes entreprises a probablement décr? dans chaque période. Des petites entreprises qui avaient relativement beaucoup de succès en 1962–1972 répétaient la bonne performance en 1972–1982: “succès produit de succès”. La nationalité de l’entreprise ne semble pas avoir influencé ces résultats en 1962–1972. Mais pour la période 1972–1982, l’Allemagne et le Japon différaient des Etats Unis, du R.U. et du reste du monde en manière que les entreprises les plus petites n’accroissent pas plus vite.

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Resumen Pautas de crecimiento de las empresas más importantes, 1962–1982. — Utilizando los modelos de Gibrat y de Galton se demuestra que las empresas más grandes han crecido más lentamente que las empresas peque?as en los períodos 1962–1972 y 1972–1982. La concentración de empresas importantes probablemente disminuyó en cada período. Las empresas peque?as con éxito relativo en 1962–1972 pudieron repetir su éxito en 1972–1982: el éxito genera éxito. La nacionalidad de las empresas parece no haber tenido efecto sobre los resultados para 1962–1972. Pero en 1972–1982, Alemania y el Japón se diferenciaron de los EEUU, el Reino Unido y el resto del mundo al carecer de una tendencia favorable para la peque?a empresa.

     

Media constructions of risk: a case study of the Stainforth Beck incident

In October 2000 two schoolgirls were swept away from their party whilst ‘river walking’ in Stainforth Beck near Settle in North Yorkshire. The paper examines this incident with reference to media coverage of the events at the time and the subsequent reportage. The discussion contributes to the debate concerning the appropriateness of an agenda of broadening education. We argue from a position that supports the principle of breadth, particularly when such activities are part of adventure education with its propensity to engage with outdoor risk settings. Whilst lessons must be learnt from such a tragic incident, it is important that outdoor professionals continue to disseminate the positive potential of adventure in order to offset the negative messages concerning risk promoted by the media in general.     

Environmental protection and management: A water pollution case study within the Greater Blue Mountains World Heritage Area,Australia

The Grose River is contained almost entirely within a World Heritage Area. While sewage pollution in the area has been addressed, pollution at damaging levels continues from a disused coal mine, closed in 1997. Despite some surface rehabilitation, no action has occurred to remediate zinc polluted waters emanating from the mine. We examine the historical regulation and management of the Australian Commonwealth and New South Wales governments and highlight gaps in both regulatory systems. We conclude that there is an urgent need to improve regulation of water pollution, mining and management of the environment in highly valued world heritage areas.     

How important are commercial revenues to today's airports?

This paper investigates the importance of commercial revenues to today's airports. It establishes that on average commercial revenues now account for about half of all revenues, although this varies considerably by region and individual airport, with retail being the most significant commercial source. It explores some of the key factors, such as consumer trends, security developments and political changes, which have led to a much more challenging time for commercial managers since the late-1990s. With growing pressure to control levels of aeronautical revenues, even greater focus on commercial revenues may be needed in the future and the paper concludes by discussing the implications of this.     

Local economic development: Policy and practice in South Africa

The policy of local economic development (LED) is currently attracting considerable attention in government and development circles in South Africa. This article seeks to critically examine and assess the key contextual considerations which influence LED, its emergence and its chances of success. In this regard, the notions of post‐Fordism and the important role of government are examined. It then outlines and assesses evolving LED policy and practice in the country in the light of current experiences in various centres. The article concludes with an examination of various practical considerations which appear to be affecting the further application of the concept in the country. These issues are deemed to be of relevance to policymakers if LED is to be successfully implemented.