This paper analyzes how an enforcement mechanism that resembles a court affects firm finance. The court is described by two
parameters that correspond to enforcement costs and the amount of creditor/debtor protection. We provide a theoretical and
quantitative characterization of the effect of these enforcement parameters on the contract loan rate, the default probability
and welfare. We analyze agents’ incentive to default and pursue bankruptcy and show that when the constraints that govern
these decisions bind, the enforcement parameters can have a sharply non-linear effect on finance. We also compute the welfare
losses of “poor institutions” and show that they are non-trivial. The results provide guidance on when models which abstract
from enforcement provide good approximations and when they do not.
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This research begins the process of mapping out human resource (HR) strategies appropriate to the needs of actual and potential graduate employees. The perceptions and attitudes of placement students, recent graduates working in the sector and managers with responsibility for graduate development were surveyed, looking at the elements that make up the initial psychological contract of students on first encounter with the sector; the types of organisational HR practice that are seen as meeting the needs of employees; the role that universities can play in constructing expectations and bridging gaps between the graduate and the employer. It was found that the nature of the contract shifts from relational to transactional between placement and employment. 相似文献
Consumer perception of price increases and their reactions are a topic of great relevance for marketing research and practice. We investigate consumers' acceptance of price increases justified by higher costs due to company's corporate socially responsible activities by conducting two experimental studies. In the first study we examine perceived fairness and intentions following a price increase justified by a fair trade commitment. To assess the green attitude–behavior gap in consumer behavior our second study incorporates a real world experiment to explore actual consumer behavior against stated intentions. Our investigation adds nuance to our understanding of the effects of corporate social responsibility on consumer response to price increases. Our results reveal that a price increase due to a fair trade commitment is perceived as fair and does not have a negative impact on purchase behavior. We contrast our findings with a price increase due to higher taxes and due to profit increase. Our results demonstrate that fair trade justified price increases can skim twice the amount compared to tax justified increases. Furthermore, consumers' actual buying behavior reveals no difference to their stated intentions. Hence, prior research proclaiming an attitude–behavior gap in the context of consumers' socially responsible buying behavior has to be called into question. 相似文献
A fixed rate loan commitment that is binding on the lender but not on the loan applicant is equivalent to a put option. This article uses the Black-Scholes option pricing model to establish a value for fixed rate loan commitments and to derive the hedge ratio for the lending institution to hedge the interest rate risk associated with the commitments in the FHLMC forward market for mortgages. The effectiveness of the resulting hedge is tested in a simulation, where it is found that the result is a 71% reduction in the variance of the value of the lender's gain or loss associated with the commitment period. 相似文献
This research explores the relationship between work context and professional ethics. Specifically, we analyze through an
online survey of professional accountants the degree to which changing work conditions have altered individual accountants’
commitment to the core professional value of auditor independence. We argue that certain changes in the condition of work
have made some categories of accountants more susceptible to the logic of commercialism rather than the logic of professionalism.
We find general support for this argument. We observe that accountants working outside of public accounting have a higher
commitment to independence than do accountants working in the context of public accounting firms. We further observe that
accountants in large international accounting firms (i.e. the “Big Four”) report lower commitment to auditor independence
than do others in public accounting. And we observe that older accountants report stronger commitment to auditor independence.
One finding, however, contradicts our general thesis. We find that commitment to one’s client does not necessarily result
in a loss of commitment to the core professional value of independence. We conclude that changes in the context of work have
contributed to the demise of ethics among professional accountants and suggest that further research be done to elaborate
the relationship between client commitment and independence commitment. 相似文献
In this study, we conducted two experiments to examine the effect of relationship commitment on the reaction of shoppers to receiving too much change, controlling for the amount of excess change. Hypotheses based on equity theory, opportunism and guilt were set up and tested. The first study showed that, when the less committed consumer is confronted with a large excess of change, he/she is less likely to report this mistake, compared with a small excess. Conversely, consumers with a high commitment towards the retailer are more likely to tell when they receive too much change, especially when the amount is large. The second experiment provided an explanation for these findings: the less committed consumer is driven by opportunism, whereas guilt-related feelings play an important role in a high commitment relationship. These results have several implications for both retail management and future research. 相似文献
Purpose: Interfirm knowledge sharing has been well recognized to activate the performance and competitiveness improvement of the firms. Previous research has discussed the impacts of current suppliers on buyer–supplier knowledge sharing, but does not explain how this influence occurs. This study aims to disclose the mechanism by which both current and competing suppliers impact buyer–supplier knowledge sharing in buyers’ new product development activities.
Methodology/approach: This study proposed a conceptual model based on relational exchange theory and developed eight hypotheses. Questionnaire survey was used to collect empirical data from R&D staff of Taiwanese electronics firms. This study distributed 1,475 questionnaires and received 246 eligible questionnaires. Structural equation modeling was used to test and verify appropriateness of the proposed model.
Findings: The findings show that current supplier asset specificity positively and directly influences buyer–supplier knowledge sharing in new product development. The current supplier asset specificity also has indirect positive influence on buyer–supplier knowledge sharing in new product development via the mediating effects of buyer trust, satisfaction, and commitment. However, the attractiveness of alternative suppliers only indirectly and negatively affects buyer–supplier knowledge sharing via the mediating effects of buyer trust, satisfaction, and commitment.
Research limitations/implications: This study surveyed the firms in Taiwanese electronics industry. Nevertheless, new product development activities are executed by electronics firms in numerous countries and firms in various industries. For validating the generalization of this study’s results, future research can investigate firms in other industries and countries to verify the proposed model and hypotheses.
Practical implications: Current suppliers’ asset specificity is found to exert more influence on buyer–supplier knowledge sharing than alternative attractiveness. The findings imply that current suppliers should focus on investing specific assets for buyers other than stress the attractiveness and threat of competing suppliers.
Originality/value/contribution: This study initiates to approach the antecedents and influence mechanism of current buyer–supplier knowledge sharing via both perspectives of current and competing suppliers. 相似文献