Goal-setting paradoxes? Trade-offs between working hard and working smart: The United States versus China

This article proposes a model of the impact of goal difficulty and goal specificity on selling behaviors (selling effort, adaptive selling, and sales planning) and hence sales and behavior performance. The model suggests that goal-setting factors may have opposing effects on different sales behaviors. The empirical findings suggest that goal difficulty positively influences selling effort while negatively influencing adaptive selling behaviors. The results show that goal difficulty and goal specificity both have opposite effects on the two dimensions of working smart: adaptive selling and sales planning. The findings support the need for sales managers to account for the cultural context of the salesperson when determining optimal goal-setting strategies. With data collected from salespeople in the United States and China, the cross-cultural differences regarding the effects of goal-setting factors are also proposed and empirically supported. Eric Fang (efe92@mizzou.edu) is an assistant professor of marketing at Seattle University. His current research interests are in the areas of relationship marketing in business-to-business context, markting strategy, and international marketing. He has articles published and accepted at theJournal of Business Research, theJournal of International Marketing, andAdvances in International Marketing. Robert W. Palmatier (rpalmatier@missouri.edu) is a doctoral candidate in marketing at the University of Missouri, Columbia. He received his bachelor’s and master’s degrees in electrical engineering from the Georgia Institute of Technology and an MBA from Georgia State University. He has 15 years of professional work exprience, including various sales and marketing and senior executive positions in the United States and Europe. His current research interests are in relationship marketing and value-creation strategies focused in a business-to-business and channels context. Kenneth R. Evans (evansk@missouri.edu), Ph.D., is a professor of marketing and associate dean of graduate studies in the College of Business at the University of Missouri, Columbia. He holds the Pinkney C. Walker Professorship in Teaching Excellence. His research interests are in the areas of marketing management, sales/sales management, marketing theory, and services marketing. He has published in theJournal of Marketing, theJournal of the Academy of Marketing Science, theJournal of Personal Selling and Sales Management, theJournal of Business Research, and theJournal of Advertising, to name but a few. In addition, he has a number of articles that have been published in proceedings and presented at national conferences. He is either a member of the editorial review boards or serves in an ad hoc reviewer capacity for a variety of journals such as theJournal of Marketing, theJournal of the Academy of Marketing Science, Industrial Marketing Management, theJournal of Retailing, and theJournal of Personal Selling and Sales Management. He currently serves as the associate editor of theJournal of Personal Selling and Sales Management.     

From compromise to concept? – a review of ‘other comprehensive income’

This paper reviews how ‘other comprehensive income’ (OCI) entered financial reporting by tracing major Financial Accounting Standard Board (FASB) and International Accounting Standards Board (IASB) projects that required direct entries to equity and describing recent efforts to make sense of the practice. It was the fixation on net income that brought about departures from all-inclusive income, which were repeatedly made over the years without decidedly devoting attention to developing a conceptual basis. OCI was used as a compromise to incorporate current values in the balance sheet, while retaining historical cost principles in the income statement. When the practice was labeled as OCI, it became institutionalized without a clear meaning. A sense-making of the practice then replaced the debates on the adequacy of using OCI and standard setters have realized that additional layers of theory became necessary to explain, for example, reclassification adjustments. Yet, the IASB has made clear in its recent Exposure Draft of a revised conceptual framework that it does not intend to pursue a fresh start in performance reporting that appears to be needed conceptually. Instead, practical considerations, primarily on International Financial Reporting Standards adoption in Japan, seem to lead to another ex-post rationalization of OCI, this time around a conceptually vacuous use of the relevance characteristic.     

Analysis of embedded options in individual pension schemes in Germany

Newly introduced government-subsidized pension products in Germany are required to contain a promise by the seller to provide a “money-back guarantee” at the end of the term. The client is also given the right to stop paying premiums at any time (paid-up option). In this case, the amount of all premiums paid must also be guaranteed by the seller at maturity, no matter when the client stopped paying the premiums. Previous analyses of guarantees in such government-subsidized pension products have ignored this additional option. Within a generalized Black/Scholes framework, we analyze the value of the paid-up option for different products, market scenarios, and client behavior. Our results indicate that the paid-up option significantly increases the value of the money-back guarantee. Furthermore, we find that reducing volatility by shifting the client’s assets from stocks to bonds as maturity approaches is a suitable means of reducing the risk arising from the “pure” money-back guarantee but much less effective in reducing the risk arising from the paid-up option. JEL Classification G13 · G23 · G28     

The Informational Effect of Corporate Lobbying Against Proposed Accounting Standards

Accounting standard setting has been described as a highly political process. Different interest groups are often quite ready to criticize any proposed accounting standard and lobby the accounting standard setting body. This study explores the possibility that certain information might be revealed through corporate lobbying behavior. A game-theoretic model is formulated to examine the implications of a proposed accounting standard which, if passed, would require the financial statement recording of some previously undisclosed liabilities. In this model, management has incentive to lobby against the standard and prevent the mandatory reporting of the liabilities. Lobbying against the standard, however, may itself reveal to the market information about the liabilities. Results of the equilibrium analysis show that, because of this informational effect, a company may choose not to lobby even though the company may have a high liability and can be adversely affected by the proposed standard. On the other hand, a company may avoid revealing its liability level if it can adopt the "always-lobby" strategy. Furthermore, a company may not have to lobby at all if it can "free-ride" on other companies' lobbying effort. Companies may even be able to enjoy "free-riding" at least some of the time if each company can share the responsibilities and lobby on a probabilistic and what otherwise may seem like a random basis.     

施工组织设计对工程造价的影响

本文简述了施工组织设计与工程造价的关系,并通过施工组织设计中的一案、一表、一图等几个侧面阐述了施工组织设计对工程造价的影响,强调施工组织设计是编制工程造价的重要因素之一,编制施工组织设计要从工程本身的实际出发,考虑各方面的因素,以达到降低工程造价的目的。     

Agenda Entrance Complexity in International Accounting Standard Setting: The Case of IFRS for SMEs

Features of rational decision making (such as agenda entrance criteria and statement of jurisdiction) barely conceal the complexity of international accounting standard setting. In 2003, when the International Financial Reporting Standard for Small and Medium‐sized Entities (IFRS for SMEs) project achieved agenda entrance, the International Accounting Standards Board's (IASB) jurisdiction was to develop, ‘a single set of … accounting standards … to help participants in the world's capital markets’. Drawing on interviewees' recollections and other material, this study of how the project achieved agenda entrance finds within‐IASB opposition to the project, arguing it was outside the IASB's jurisdiction that dissolved with the realisation that the IASB's jurisdiction would be changed to encompass the project.     

Intrinsic Persistence of Wage Inflation in New Keynesian Models of the Business Cycles

We derive and estimate a New Keynesian wage Phillips curve that accounts for intrinsic inertia. In line with microevidence on wage setting, we consider a wage‐setting model featuring an upward‐sloping hazard function, based on the notion that the probability of resetting a wage depends on the time elapsed since the last reset. Our wage Phillips curve embeds also backward terms. We test the hazard function slope using generalized method of moment estimation. Then, placing our equation in a small‐scale New Keynesian model, we investigate its dynamic properties using Bayesian estimation. Model comparison shows that our model outperforms commonly used alternative methods to introduce persistence.     

新型农村合作医疗筹资瓶颈破解:制度解析与重构

新型农村合作医疗筹资瓶颈是制约其发展的关键和核心问题.当前新型农村合作医疗筹资困境的成因主要源于制度设计层面,其制度性缺陷主要表现在制度本身的社会保险性质的弱化;三方筹资主体的筹资责任、筹资标准、筹资比例界定难;基金监督与管理的法律依据缺失等方面.必须对制度进行重构才能实现可持续运转,而不是简单的修修补补.     

It is all about the emotional state: Managing tourists’ experiences

When consuming tourism and leisure services tourists do not only expect professional services but also desire satisfying emotional experiences. To measure satisfaction with emotional experiences traditional service quality and satisfaction research is outdated because those models are based on cognitive components and neglect emotional aspects of customer satisfaction. This research investigates factors determining the service setting that enhance customers’ emotional reactions and lead to psychological states and behaviours. Referring to existing theories and empirical evidence in environmental psychology, a research model is developed explaining the relationship between different components of service settings influencing emotional states and satisfaction. Guests’ emotions are assessed during service consumption in hotel settings in order to investigate the importance of emotional states. The paper derives three main factors (leisure experience, hardware and human ware) significantly influencing emotional states of customers in high-quality hotels.