地方政府支出竞争与地区投资行为——中国式财政分权框架下的实证研究

中国财政分权体制下,地方政府间的财政支出竞争广泛存在。建立纳入财政支出分权、地方政府财政支出及支出竞争的企业投资决策计量模型。结论显示:地方政府财政支出横向竞争和纵向竞争对地区投资行为影响具有差异性并存在长期效应。为实现地方政府支出竞争的良性发展应将更多的资源投入到有利于提高地区整体投资环境的领域,同时继续完善中央和地方关系。     

Strategically Surviving Bankruptcy during a Global Financial Crisis: The Importance of Understanding Chapter 15

Chapter 15 of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act allows foreign courts more power in cases that include foreign multinational firms. U.S. businesses unexpectedly have to file a claim in another country with bankruptcy rules that are sometimes drastically different from those in U.S. courts. This paper outlines the different bankruptcy laws in selected countries and exemplifies how some countries place U.S. creditors at a disadvantage relative to employees and stockholders. This knowledge should be incorporated into management's strategic contingency plans in the case of supplier or business customer default. During periods of global financial instability such as the 2008 financial crisis, an understanding of Chapter 15 is essential.     

The default heuristic in strategic decision making: When is it optimal to choose the default without investing in information search?

Many studies have shown that decision makers have a tendency to choose the default or standard action among several possible actions. The article develops a model to explore under what conditions it is optimal for a firm facing a strategic decision problem to choose the default action without investing in obtaining more information that allows a more accurate decision. The model shows that the strategy to follow the default without additional information (“the default heuristic”) is more likely to be optimal when the cost of obtaining information is higher, and when the variation in possible outcomes is lower. The model also analyzes the optimal level of information search, showing that if the firm chooses to obtain information at all, it will invest in more accurate information when the cost of obtaining information is lower and when the variation in possible outcomes is lower.     

Linear predictability vs. bull and bear market models in strategic asset allocation decisions: evidence from UK data

Most papers in the portfolio choice literature have examined linear predictability frameworks based on the idea that simple but flexible Vector Autoregressive (VAR) models can be expanded to produce portfolio allocations that hedge against the bull and bear dynamics typical of financial markets through careful selection of predictor variables that capture business cycles and market sentiment. Yet, a distinct literature exists that shows that non-linear econometric frameworks, such as Markov switching, are also natural tools to compute optimal portfolios arising from the existence of good and bad market states. This paper examines whether and how simple VARs can produce portfolio rules similar to those obtained under a simple Markov switching, by studying the effects of expanding both the order of the VAR and the number/selection of predictor variables included. In a typical stock-bond strategic asset allocation problem for UK data, we compute the out-of-sample certainty equivalent returns for a wide range of VARs and compare these measures of performance with those of non-linear models. We conclude that most VARs cannot produce portfolio rules, hedging demands or (net of transaction costs) out-of-sample performances that approximate those obtained from simple non-linear frameworks.     

Effectiveness of a corporate HR department in an Australian public-sector entity during commercialization and corporatization

This study examines the effectiveness of the strategic human resource management (HRM) function performed by the corporate human resource department of an Australian public-sector entity, before and after its corporatization. Multiple methods (including a survey of senior managers and semi-structured interviews) were used to collect the data. Despite an improvement in the overall level of strategic integration between HRM and strategic management, the rating of strategic HRM role effectiveness remained low. The results indicate that the strategic HRM function, as a corporate headquarters function, was more effective in its administrative role than in a value-adding function. The difficulty in balancing the dual roles of a corporate headquarter unit, together with the challenges of becoming a strategic business partner to line managers, provided the major impediments to effective strategic HRM.     

Strategic Location Behaviour: The Case of Japanese Investments in Europe

SUMMARY

We address the question of competition within the location choices of firms. In a framework of agglomeration effects, both spatial and temporal dimensions of the firms' decisions are studied. We show that the competition consequences of preemptive move and optimal time of entry can interfere with the geographical decisions. Our results contrast with those of agglomeration economics models which generally provide extreme results of mono-location. The equilibria described here tend to demonstrate that the relation between competition strength and spatial differentiation remains pertinent in a context of agglomeration economies. A conditional logit empirical study analyses the geographical choice of Japanese firms in Europe. Agglomeration variables, public policies and labour market determinants are tested, highlighting the existence of temporal and spatial proximity in the behaviour of firms. The competition conditions experienced by firms of each specific sector also appear to be important in the location decision of Japanese investors.     

The politics of HRM: waiting for Godot in the Moroccan civil service

This study illustrates the fundamental importance of a political understanding in order to improve HRM in both public and private organizations. It complements studies that have found a statistical relationship between public staff management and economic growth by presenting a case study of Morocco, using the strategic human resource management (SHRM) model as a framework.

There are several reasons why HRM in the Moroccan civil service has stagnated, notably unfamiliarity with HRM models and the French administrative heritage. But the fundamental reason is Morocco's political system, where real power resides in the Palace, and where political actors are reluctant to take bold initiatives. Thus a focus on the management level is currently misplaced, and fundamental political action harnessing the authority of the Palace without disempowering other political actors is needed.

The study implies that a political analysis is sometimes a prerequisite for improving HRM in both public and private organizations.     

Macroforces driving change into the new millennium — major challenges for the hospitality professional

The fast pace of change will present many challenges in the new millennium. The success of the leader of tomorrow will depend on how well he or she is able to identify the forces that will drive change, invest in industry leading competitive methods that will take advantage of the opportunities presented by these forces and consistently allocate resources to these methods. Identifying the forces driving change is the most challenging aspect of this co-alignment concept. This paper explores the macroforces, which can be expected to drive change, and possible impact they will have on the hospitality organization. These forces include: globalization and economic change, a knowledge-based environment, the future of labor and quality in service delivery systems, and the growing consumer desire for improved well-being. These forces are presented along with the key variables making them up with the goal of understanding their complexities and interdependencies.     

Managerial Perceptions of Organizational Planning Benefits

Abstract

The last two decades have witnessed an increase in the number of business organizations which have recognised and adopted formal measures for undertaking strategic planning in industrialised countries. Notwithstanding the volume of pedagogical literature concerning strategic planning practice, there is limited evidence on issues relating to the planning process in developing nations. Although executives in transition developing economies may be stimulated to adopt a robust approach to planning their commercial activities, the justification for such an orientation has tended to rely upon intuitive thinking and conceptual contributions to knowledge. It is suggested that empirical tests or the anticipated benefits of planning might be more revealing and provide a grounded approach to assessing the utility of strategic planning for businesses operating in an emerging developing market. For this reason, the focus of this article is a discussion of the findings from an empirical study that investigated the perceived attitudinal and behavioural consequences of strategic planning, with the aim of determining the significance of such effects on planning among firms operating in Ghana's transition economy. A number of favourable outcomes are identified in managerial perceptions of planning. The implications