Capital–labor substitution and balanced growth

This paper explores how different values of the elasticity of substitution between capital and labor (σ) impact on the balanced growth paths and growth potential of a country in exogenous growth models. The behavior of the system depends on the value of σ and the passage of σ through two critical values causes a qualitative change in the nature of the singular points and of its trajectories. The balanced growth path defined by a singular point in the form of a saddle-path exists and is locally stable if σ lies between two critical values.     

基于平衡记分卡的产业集群绩效评价

产业集群是区域经济发展的有效空间组织模式,目前理论界围绕产业集群做了大量深入的研究工作,然而对产业集群的绩效评价仍主要关注其外延绩效,且大多停留在定性分析的角度。作为一种尝试,试图将平衡记分卡运用于对产业集群自身发展绩效的定量评价,提出基于平衡记分卡的产业集群绩效评价实施流程和指标体系的初步设计。     

Value Maximisation, Stakeholder Theory, and the Corporate Objective Function

This paper examines the role of the corporate objective function in corporate productivity and efficiency, social welfare, and the accountability of managers and directors. I argue that since it is logically impossible to maximise in more than one dimension, purposeful behaviour requires a single valued objective function. Two hundred years of work in economics and finance implies that in the absence of externalities and monopoly (and when all goods are priced), social welfare is maximised when each firm in an economy maximises its total market value. Total value is not just the value of the equity but also includes the market values of all other financial claims including debt, preferred stock, and warrants. In sharp contrast stakeholder theory, argues that managers should make decisions so as to take account of the interests of all stakeholders in a firm (including not only financial claimants, but also employees, customers, communities, governmental officials and under some interpretations the environment, terrorists and blackmailers). Because the advocates of stakeholder theory refuse to specify how to make the necessary tradeoffs among these competing interests they leave managers with a theory that makes it impossible for them to make purposeful decisions. With no way to keep score, stakeholder theory makes managers unaccountable for their actions. It seems clear that such a theory can be attractive to the self interest of managers and directors. Creating value takes more than acceptance of value maximisation as the organisational objective. As a statement of corporate purpose or vision, value maximisation is not likely to tap into the energy and enthusiasm of employees and managers to create value. Seen in this light, change in long‐term market value becomes the scorecard that managers, directors, and others use to assess success or failure of the organisation. The choice of value maximisation as the corporate scorecard must be complemented by a corporate vision, strategy and tactics that unite participants in the organisation in its struggle for dominance in its competitive arena. A firm cannot maximise value if it ignores the interest of its stakeholders. I offer a proposal to clarify what I believe is the proper relation between value maximisation and stakeholder theory. I call it enlightened value maximisation, and it is identical to what I call enlightened stakeholder theory. Enlightened value maximisation utilises much of the structure of stakeholder theory but accepts maximisation of the long run value of the firm as the criterion for making the requisite tradeoffs among its stakeholders. Managers, directors, strategists, and management scientists can benefit from enlightened stakeholder theory. Enlightened stakeholder theory specifies long‐term value maximisation or value seeking as the firm’s objective and therefore solves the problems that arise from the multiple objectives that accompany traditional stakeholder theory. I also discuss the Balanced Scorecard, the managerial equivalent of stakeholder theory. The same conclusions hold. Balanced Scorecard theory is flawed because it presents managers with a scorecard which gives no score—that is, no single‐valued measure of how they have performed. Thus managers evaluated with such a system (which can easily have two dozen measures and provides no information on the tradeoffs between them) have no way to make principled or purposeful decisions. The solution is to define a true (single dimensional) score for measuring performance for the organisation or division (and it must be consistent with the organisation’s strategy). Given this we then encourage managers to use measures of the drivers of performance to understand better how to maximise their score. And as long as their score is defined properly, (and for lower levels in the organisation it will generally not be value) this will enhance their contribution to the firm.     

On recursive construction for balanced incomplete block designs with nested rows and columns

This paper presents a recursive method for the construction of balanced incomplete block designs with nested rows and columns.     

基于BSC的J公司绩效考核研究

平衡计分卡(BSC)为企业在战略管理与绩效考核之间建立系统的联系提供了思路与方法。文章介绍了J公司基于BSC开展绩效考核的有效做法。     

平衡计分卡在高校绩效评价中的应用探讨

平衡计分卡引入高校管理以取代传统的、以财务指标为基础的评价体系,是高校管理体制的一次改革。通过对平衡计分卡的阐述,探讨高校引进平衡计分卡进行绩效评价的可能,为高校的绩效管理改革提供新的指导理念,以积极推进高校持续﹑健康﹑快速的发展。     

Knowledge Supply Chain Matrix Approach for Balanced Knowledge Management

SUMMARY

Knowledge management projects suffer from concepts which overemphasize a single factor, e.g., information technology. This single factor frequently dominates other factors as processes, structures or strategies. The research question of the paper is how to develop and apply a knowledge management tool that balances different factors in knowledge management projects. The introduced tool, called knowledge supply chain matrix, is derived from a generic business model and four knowledge management processes. The paper describes how the tool is applied within a knowledge management project in the airline industry.     

A balanced scorecard-based composite measuring approach to assessing the performance of a media outlet

In an attempt to overcome massive challenges to survive in today's global and volatile marketplace, companies are adopting newer management systems to clarify their vision and strategy and translate them into action. The balanced scorecard (BSC) is one such approach which is gaining significant interest, especially within the small and medium size enterprises. This paper describes a BSC-based composite measuring approach to performance measurement and illustrates how the approach was used by a media outlet in Turkey as part of strategic policing initiative. In the paper, first, a BSC framework was adapted, and then a composite measure was developed thereon to assess the performance of the organization with regard to its strategic business objectives. The scorecard-based composite measure was built around a vision to create superior growth of aggregate value through outlet operations. It was found that by using the suggested framework, it is possible to identify and measure the cause-and-effect relationship of using an effective operations strategy, and to assess its impact on the company's competitive advantages. This research exercise confirms the validity and usefulness of the proposed methodology and offers managerial insights and guidelines for similar implementations.     

The effects of task outcome feedback and broad domain evaluation experience on the use of unique scorecard measures

Prior research has found that division evaluators using balanced scorecards in a performance evaluation process relied almost solely on common measures and virtually ignored unique measures. Other studies have found certain situations in which measures that are unique to a particular division are not completely ignored. However, no study has addressed whether outcome feedback over a period of time can motivate evaluators to rely more on unique measures that are predictive of future financial results. Our study involving executives with varying levels of prior evaluation experience examines two factors that may lead to increased use of unique measures: task outcome feedback and broad domain evaluation experience. Results provide evidence of increased reliance on unique measures after multiple periods as evaluators receive outcome feedback showing the predictive value of these unique measures. Further, results indicate that unique measures are used more over time when the prior evaluation experience of the participants is relatively high.     

皖北新农村建设中文化对地区经济发展的影响

安徽作为农业大省,尤其是皖北地区,一直是中国农村改革的探路者,在当前建设社会主义新农村的新形势下,以皖北为研究原点进行新农村建设研究具有代表性意义。如何建设皖北新农村因此成为我国理论界亟待回答的一个问题。本文通过实证和理论分析,认为农村经济现代化的过程必然与其文化变革的过程相伴相随,相互作用,对特定区域环境中的经济研究,跨学科融合,文化解释与经济解释并重,将文化变迁作为社会发展的动力,可以成为破解皖北"三农"问题,实现新农村建设目标的一种途径选择。