An Analysis of the Value Added by Secondary Schools in England: Is the Value Added Indicator of Any Value?*

This paper argues that the value added score published for all publicly funded secondary schools in England is an unreliable indicator of school performance. A substantial proportion of the between‐school variation in the value added score is accounted for by factors outside the school's control. These factors include several pupil‐related variables such as the proportion of pupils on free school meals, the authorized absence rate of pupils and the proportion of pupils from ethnic minority backgrounds. The value added score is also related to several school characteristics such as the school's admission policy and its subject specialism. The main policy recommendation of this paper is that the value added score should not be used as a performance indicator, but should be used to gain a better understanding of why the value added score varies between schools.     

The impact of privatization on firm performance in a transition economy

The Vietnamese privatization programme, launched in 1992, differs from the usual Western privatization programmes in terms of the residual percentage of shares owned by the state and the portion of shares owned by insiders. This begs the question whether these differences influence the effects of the programme on firm performance. This study measures the impact of privatization on firm performance in Vietnam by comparing the pre‐ and post‐privatization financial and operating performance of 121 former state‐owned enterprises (SOEs). We find significant increases in profitability, sales revenues, efficiency and employee income. Results of applying the ‘difference‐in‐difference’ (DID) method, wherein a control group of firms is used to pick up the influence of other determinants of firm performance, suggest that the performance improvements may indeed be associated with equitization. Regression analyses reveal that firm size, residual state ownership, corporate governance and stock market listing are key determinants of performance improvements.     

Trade-related R&D Spillovers in Vietnamese Manufacturing

ABSTRACT

This study aims to examine how Vietnamese manufacturing could benefit from R&D investment locally and from OECD countries through trade during a period marked with major trade liberalisations. Using the industry-level data during 2000–2009, it finds that the foreign R&D has accounted for the most part of the R&D spillovers in the sector, with a larger proportion earning from the other foreign industries’ R&D. The domestic industries’ own R&D has improved the sector’s total factor productivity, but in a relatively smaller magnitude compared to the foreign sources. In examining the localised effects of R&D spillovers in Vietnamese manufacturing, the results reiterate the important roles of trade-embedded foreign R&D spillovers from Japan, the US, South Korea, and Germany in the sector’s total factor productivity growth. These findings altogether give support to foreign technology diffusion as a major conduit for growth prospects in Vietnamese manufactures.     

Relational Capital and Performance of International Joint Ventures in Vietnam

Relational capital (RC), which is defined as mutual trust, respect, understanding, and close friendship between individuals in a business partnership, is one of the foremost important elements of the international joint venture (IJV) relationship. However, only relatively few researchers have hitherto attempted to measure this concept or its antecedents and consequences on joint ventures (JVs). This article examines the links between RC and relational factors, such as inter-partner flexibility, cultural sensitivity, goal clarity, information exchange and conflict management, and how RC contributes to performance of the IJVs in Vietnam. Based on an extensive questionnaire survey, the study found significant relationships between these relational factors and RC and between RC and performance of the IJVs. The findings suggest that investment in RC between partners is critical for the success of the IJV. In this regard, this research highlights the mediating roles of inter-partner flexibility, goal clarity, and conflict management.     

Should Australia be concerned by Beijing’s trade threats: modelling the economic costs of a restriction on imports of Australian coal

A country’s economic dependence on its trade with various other countries is often expressed in terms of trade values and shares. A country’s vulnerability to economic coercion by the countries with which it trades is similarly expressed in such terms. Using the recent issues relating to Australia’s coal trade with China as an example, we propose a better framework for assessing vulnerability to coercive trade instruments. We argue that the capacity for a given export trade to fund real consumption is a superior indicator of economic vulnerability than the simple value of the underlying trade flow. Our framework takes account of trade diversion, foreign capital ownership, the terms of trade, resource mobility, and capital and production tax rates. Using this framework, we demonstrate that the damage from trade sanction is far less than might be expected from a simple focus on the value of the affected trade flow alone.     

Medium,message and advertising effectiveness in the Greek processed meats industry

This paper examines the effectiveness of advertising in the fast-growing Greek processed meats sector using an unbalanced panel data set of 34 firms during the period 1983–1997. In analysing the relationship between firms' sales and advertising this study differentiates between the type/content of the advertising message and the medium used to communicate it. Advertising expenditures are disaggregated into company and product campaigns in television, radio, and print media. Empirical results strongly reject the hypothesis of homogeneous consumer response to all kinds of advertising that is implicit in studies that aggregate advertising expenditures. The results also indicate an inefficient allocation of advertising resources by the firms of the sector; advertising in the least utilized print media was determined to be by far the most effective strategy during the study period.     

Medical consumption over the life-cycle

We investigate the association between age and medical spending in the U.S. using data from the Medical Expenditure Panel Survey. We estimate a partially linear seminonparametric model and construct “pure” life-cycle profiles of health spending simultaneously controlling for time effects (i.e., institutional changes and business cycles effects) and cohort effects (i.e., generation specific conditions). We find that time and cohort effects together introduce a significant estimation bias into predictions of health expenditures per age group, especially for individuals older than 60 years. The estimation bias introduced by cohort effects increases monotonically with age while the bias due to time effects is not significant. The overall effect of Medicare on the cohort and time effects biases is negligible.     

The long-run relationship of gold and silver and the influence of bubbles and financial crises

This paper analyzes the long-run relationship between gold and silver prices. We closely follow Escribano and Granger (J Forecast 17:81–107, 1998) and extend their study. We use a longer sample period from 1970 to 2011 and study the role of bubbles and financial crises for the relationship between gold and silver prices. We find clear evidence for a co-integration relationship between gold and silver with gold prices driving the relationship. The analysis also indicates that the results are influenced by bubble-like episodes and financial crises.     

Sending Vietnamese Rice Farmers Back to School: Further Evidence on the Impacts of Farmer Field Schools

This study evaluates the impact of farmer field schools (FFS) on knowledge, insecticide use, and yield using a nonconsecutive, two‐year panel data that allows one to control for nonrandom selection. Regression analysis using a difference‐in‐difference approach indicates FFS training did not result in statistically significant impacts on insecticide use and yield over the period of time examined. However, there is some evidence that FFS had an “initial” knowledge impact, but it was not sustained over time. Retraining FFS graduates may be an attractive option to help maintain knowledge and improve performance over time, but we do not find empirical evidence on the effectiveness of this strategy based on a small sample of retrained farmers. La présente étude examine l’impact du programme Champ‐École‐Paysan (CEP) (Farmer Field Schools – FFS) sur l’acquisition des connaissances, l’utilisation d’insecticides et le rendement, à l’aide de données de panel non consécutives recueillies sur une période de deux ans et permettant de maîtriser la sélection non aléatoire. Une analyse de régression utilisant la méthode de différence de différences a révélé que la formation offerte dans le cadre du programme CEP n’a pas eu d’impact statistiquement significatif sur l’utilisation d’insecticides ni sur le rendement au cours de la période visée par l’étude. Toutefois, il semble que le programme CEP a eu un impact sur l’acquisition des connaissances au début, mais que cet impact n’a pas été soutenu au fil du temps. Le recyclage des participants au programme CEP peut constituer une option intéressante pour le maintien des connaissances et l’amélioration du rendement au fil du temps. Par contre, l’étude d’un petit échantillon de producteurs recyclés n’a pas fourni de preuve empirique permettant de croire à l’efficacité de cette stratégie.     

Reciprocal value propositions in practice: Constraints in digital markets

The value proposition concept, while forming a central foundational premise of service-dominant (S-D) logic, has nevertheless been treated somewhat ambiguously. Recent work in attempting to address this has focused through a S-D logic lens on the reciprocal nature of value propositions. Important to this work has been a focus on communicative interactions and resource integration between network suppliers and customers. Overall, value proposition thinking has not studied in detail their adoption and use in practice. Considering the compelling notion of reciprocity, there have been recent calls for research to consider reciprocal value propositions in practice. The overall aim of this paper, therefore, was to explore how reciprocal value propositions are developed (or not) in practice at the network level. The study was set in the mobile television (TV) sector, which, as an internet-driven sector, is viewed as particularly pertinent. To conduct the study an S-D logic and Industrial Marketing and Purchasing (IMP) Group framework are integrated for the first time. A key finding is that while the reciprocal value proposition concept is theoretically intuitive, it is by no means inevitable in practice. Reciprocal value propositions were found to be simultaneously constrained, and, potentially enabled by these constraints in practice. At an overall level this paper contributes to the ongoing collaborative process, which aims to move S-D logic from a framework to a theory. More specifically, we provide new insights into the development of reciprocal value propositions in practice.