Exploring the antecedents of social liabilities in CVC triads—A dynamic social network perspective

This study addresses the emergence of social liabilities by taking a social network perspective on intra- and interorganizational network configurations using the hitherto unexplored example of the corporate venture capital (CVC) triad (CVC unit, corporate business unit, and portfolio company). We investigate social capital and social liability resulting from network formation and transformation and assess their impact on interorganizational knowledge transfer and creation. Examining 12 CVC triads in Germany, we identify new antecedents of social liability, show that social capital can initially facilitate knowledge transfer and creation, and that structural and personal lock-ins may eventually turn that capital into a liability. We make key theoretical contributions to the social network and CVC literature.     

Central bank interventions and jumps in double long memory models of daily exchange rates

In this paper, we estimate ARFIMA–FIGARCH models for the major exchange rates (against the US dollar) which have been subject to direct central bank interventions in the last decades. We show that the normality assumption is not adequate due to the occurrence of volatility outliers and its rejection is related to these interventions. Consequently, we rely on a normal mixture distribution that allows for endogenously determined jumps in the process governing the exchange rate dynamics. This distribution performs rather well and is found to be important for the estimation of the persistence of volatility shocks. Introducing a time-varying jump probability associated to central bank interventions, we find that the central bank interventions, conducted in either a coordinated or unilateral way, induce a jump in the process and tend to increase exchange rate volatility.     

Fiscal Stimulus in Times of High Debt: Reconsidering Multipliers and Twin Deficits

We investigate the impact of fiscal stimuli at different levels of the government debt‐to‐GDP ratio for a sample of 17 European countries from 1970 to 2010. This is implemented in an interacted panel VAR framework in which all coefficient parameters are allowed to change continuously with the debt‐to‐GDP ratio. We find that responses to government spending shocks exhibit strong nonlinear behavior. While the overall cumulative effect of a spending shock on real GDP is positive and significant at moderate debt‐to‐GDP ratios, this effect turns negative as the ratio increases. The total cumulative effect on the trade balance as a share of GDP is negative at first but switches sign at higher levels of debt. Consequently, depending on the degree of public indebtedness, our results accommodate long‐run fiscal multipliers that are greater and smaller than one or even negative as well as twin deficit and twin divergence behavior within one sample and time period. From a policy perspective, these results lend additional support to increased prudence at high public debt ratios because the effectiveness of fiscal stimuli to boost economic activity or resolve external imbalances may not be guaranteed.     

Simulación de la tasa de reciclaje de productos electrónicos Un modelo de dinámica de sistemas para la red de logística inversa

Current trends in the development and innovation of information technologies and shorter life cycles of electronic products have resulted in the generation of large amounts of waste (e-waste) which can potentially cause environmental problems due to the toxicity of some of their components. The e-waste problematic has attracted the attention of governments, companies and consumers that look to identify strategies for the management and proper disposal of e-waste with the goal to protect the environment. This work uses the methodology of system dynamics to simulate how the rate of products returned by individuals and the amount of computers recovered in an open-loop reverse supply chain, varies under different scenarios. The simulated scenarios correspond to the possible combinations of five macro factors: rate of innovation and product life cycle, information available to consumers about e-waste recycling, legislation, e-waste programs structure along with diffusion and publicity efforts. The results of the simulation are relevant to identify over which factors it is convenient to intervene to increase the amount of recycled computers because this amount represents a reduction in the volume of e-waste and an enterprise opportunity to generate earnings from recycling computers.     

How Large Are Housing and Financial Wealth Effects? A New Approach

This paper presents a simple new method for measuring “wealth effects” on aggregate consumption. The method exploits the stickiness of consumption growth (sometimes interpreted as reflecting consumption “habits”) to distinguish between immediate and eventual wealth effects. In U.S. data, we estimate that the immediate (next quarter) marginal propensity to consume from a $1 change in housing wealth is about 2 cents, with a final eventual effect around 9 cents, substantially larger than the effect of shocks to financial wealth. We argue that our method is preferable to cointegration‐based approaches, because neither theory nor evidence supports faith in the existence of a stable cointegrating vector.     

Random Walks and Market Efficiency Tests of Latin American Emerging Equity Markets: A Revisit

The few existing studies on equity price dynamics and market efficiency for Latin American emerging equity markets show conflicting results. This study uses multiple varianceratio and auto-regressive fractionally integrated moving-average tests and new data (U.S. dollar-based national equity indices for the 1987–1997 period) to clarify these results. Documented evidence shows that equity prices in major Latin American emerging equity markets — Argentina, Brazil, Chile and Mexico—follow a random walk, and that they are, generally, weak-form efficient. In sum, therefore, the evidence suggests that international investors in these markets cannot use historical information to design systematically profitable trading schemes because future long-term returns are not dependent on past returns.     

基于马克思扩大再生产理论的内生经济增长模型

本文在马克思扩大再生产图式的基础上建立了一个内生经济增长模型,揭示了马克思用扩大再生产图式表达的经济增长理论的内生增长特性,并进一步讨论了该经济增长模型中的转移动态。     

Motivating Employees towards Sustainable Behaviour

Workers engaging in voluntary and unrewarded environmental actions that go above and beyond their job requirements in an organizational setting can crucially contribute to a reduced environmental impact of organizations. This research investigates some of the factors that may contribute to the emergence of such organizational citizenship behaviour directed towards the environment (OCBE). The hypotheses predicted employees' concern for the environment, employees' perceived organizational support for environmental efforts and organizational commitment as antecedents of OCBE. Employees from two organizations (n = 547) completed an online survey. Controlling for organizational tenure, a significant relationship between (a) employees' concern for their environment and OCBE, (b) perceived organizational support for environment efforts and OCBE and (c) organizational commitment and OCBE were found. Furthermore, organizational commitment mediated the relationship between perceived organizational support for environmental efforts and OCBE, but not environmental concern. This study's insights into the factors that can drive employees' engagement in small, voluntary environmental actions at work can guide organizations wishing to encourage such behaviours. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment     

Economic mobility along the business cycle. The case of Peru

The performance of Latin American countries in reducing poverty and expanding the middle class has been remarkable. By taking a close look at the Peruvian experience, we examine how this aggregate behavior relates to business cycle conditions and whether different population groups share this behavior. We find that social mobility is cyclical; it decreases in recessions but increases with strong economic growth. The reduction in poverty in Peru appears to be the result of a sustained increase in the poverty exit rate together with a prolonged decrease in the poverty entry rate. These results hold among heterogeneous groups and are particularly marked for households regarded as initially disadvantaged.     

REPRESENTATIONS AND INFLUENCE PROCESSES IN GROUPS: TOWARDS A SOCIO-COGNITIVE PERSPECTIVE ON COGNITION IN ORGANIZATION

The cognitive approach to organizations assumes the existence of collective representations in organizations. This article critically examines this assumption and proposes the adoption of a socio-cognitive perspective on collective cognition in organizations. This theoretical current, which rejects the traditional individual/social dichotomy and relies on the concept of social representation, advocates the study of social cognition, which implies a change in the unit of analysis from the individual/social levels to interactions. A collective representation is viewed as being related to the socio-cognitive dynamics occurring between interacting group members. Communication and influence processes are thus critical to the construction of a collective representation. The socio-cognitive perspective, and the theory of social influence which it involves, can offer new and important insights on everyday thinking and behaving in organizations. However, this perspective calls for new methodological approaches to the study of organizational cognition.