In search of the changing role of the corporate human resource function in the international firm

There has been considerable research on the issues of board-level representation by personnel/HR directors and senior HR managers' involvement in strategic decision making. Since the early 1990s there has been a growing interest in international HRM, reflecting the growing recognition that the effective management of human resources internationally is a major determinant of success or failure in international business. There is also evidence that HR constraints often limit the effective implementation of international business strategies. More recently, it has been argued that the more rapid pace of internationalization and globalization leads to a more strategic role for HRM as well as changes in the content of HRM. Yet, while there have been some attempts to integrate international corporate strategy and human resource strategy, surprisingly, the role of the corporate human resources function has been neglected, particularly in the context of the international firm. This article seeks to redress the balance. The question addressed is: what is the role of the corporate HR function in the international firm? To answer these questions empirical research was conducted in thirty UK international firms. We found an emerging agenda for corporate HR in international firms which focuses on senior management development, succession planning and developing a cadre of international managers. We conceptualize this as a strategic concern with developing the core management competences of the organization, and argue that it can be usefully analysed from the perspective of the learning organization.     

The impact of entrepreneurial orientation on firm performance: the role of CEO position tenure and industry tenure

The relationship between Entrepreneurial Orientation (EO) and firm performance, despite generating significant scholarly interest, has remained mixed. These results may be attributed, at least in part, to the failure to sufficiently examine the potential impact of top management characteristics. The present study investigates how CEO characteristics (i.e. CEO industry and position tenure), impact the relationship between EO and firm performance within a sample of 579 US banks. As predicted, some support for a positive EO to performance relationship was found. In addition, the results strongly support, as posited, that CEO industry tenure positively moderates, and CEO position tenure negatively moderates, the EO to performance relationship. We also report evidence supporting the effect of EO, configured with CEO position tenure and industry tenure on firm performance. Our study suggests the EO–performance relationship is more complex than previous studies indicate. Implications for future research and practice are provided.     

A note on the evaluation of long-run investment decisions using the sharpe ratio

This paper reexamines the use of the Sharpe ratio to measure the performance of large and small company stocks along with corporate bonds over different holding periods. It builds on previous research which cites the effects of serial correlation and non-normality in the creation of estimation error in the calculation of the Sharpe ratio. It finds that higher order moments such as skewness and kurtosis are a further source of error that must be accounted for when making inferences about asset performance.     

Regime shifts in the Danish term structure of interest rates

Within a bivariate VAR model allowing for two-state Markov regime switching we test and evaluate the Expectations Theory (ET) of the term structure using Danish 1- and 3-months interest rates covering the period 1976–1997. A regime-shift approach is used in order to account for the change in monetary policy and the 1992–93 exchange rate crises that occured during this period. The basic findings are that these episodes did change the term structure, and, although we do find departures from the ET, several of the implications of the theory are consistent with the data, especially in the later part of the sample. First version received: June 1997/Final version received: March 1998     

The amenity value of woodland in Great Britain: A comparison of economic estimates

Forests produce benefits over and above the revenue yielded from timber and other wood based products. Most important among these may be the recreational benefits for visitors, which have been examined in several studies. Total benefits for residents are perhaps more accurately captured in property values since, ceteris paribus, the price of a house reflects willingness to pay to live near an environmental amenity such as a forest to gain access to it, and also the amenity (non-use) value of the forest in so far as it creates a pleasant landscape. However, the total non-priced value of forestry is not the sum of HPM and ITCM benefit estimates. Recreational benefits will typically be less, and will be subsumed in the HPM estimates, since the hedonic price is partly induced by the value of recreational access.