The 'paradox' of F. Graham (1890-1949): a study in the theory of international trade

The aim of this paper is to investigate the origins of the protection argument based on increasing and decreasing returns to scale. The development of this theoretical framework is outlined in order to argue that F. Graham's demonstration consists of a synthesis of previous work. We then discuss the debate that took place in the 1930s, which ended with the rejection of Graham's argument as being a paradox or a theoretical curiosity.     

Brand equity: extending brand awareness and liking with Signal Detection Theory

Brand equity, which is a central topic in modern marketing, may be assessed from three perspectives: customer mind set, product market outcomes and financial market outcomes. Brand awareness (memory) and brand liking are elements of customer mind set brand equity. The factors determining brand awareness and likeability are also determinants of the change in financial brand equity. In order to understand these factors, Signal Detection Theory is employed for finding the components of brand awareness and likeability. Signal Detection Theory has a strong tradition in psychology, but is under‐represented in marketing and consumer behaviour. This study extended the concept of brand awareness to ‘awareness sensitivity and bias’ and the concept of ‘brand likeability’ to ‘liking sensitivity and bias’ using Signal Detection Theory. The effect of divided attention on the extended components was investigated in three laboratory experiments. It was found that, in the attended mode compared with the unattended mode, consumers perform better in preserving a favourable brand awareness and have a conservative reaction tendency. This effect of attention occurs in building brand awareness for short presentations, but not for long presentations. These findings may serve as guidelines for a strategy formulation for enhancing customer mind set brand equity.     

The Methodological and Ethical Issues of Conducting Management Research in the Voluntary Sector

This article discusses the methodological and ethical issues involved in conducting research in the voluntary sector. By outlining a proposed research strategy the authors highlight the challenges and issues that voluntary sector researchers face. The article concludes that the nature of the voluntary sector and the unique characteristics of voluntary organizations not only impact on the development of voluntary sector management theory but also on the research design, ethics and practices adopted for empirical studies into voluntary organizations.     

Optimal investment-reinsurance with dynamic risk constraint and regime switching

We study an optimal investment–reinsurance problem for an insurer who faces dynamic risk constraint in a Markovian regime-switching environment. The goal of the insurer is to maximize the expected utility of terminal wealth. Here the dynamic risk constraint is described by the maximal conditional Value at Risk over different economic states. The rationale is to provide a prudent investment–reinsurance strategy by taking into account the worst case scenario over different economic states. Using the dynamic programming approach, we obtain an analytical solution of the problem when the insurance business is modeled by either the classical Cramer–Lundberg model or its diffusion approximation. We document some important qualitative behaviors of the optimal investment–reinsurance strategies and investigate the impacts of switching regimes and risk constraint on the optimal strategies.     

Evolution of group performance over time: A repeated measures study of GDSS effects

Many studies in the group decision support system (GDSS) literature have reported on the behavior and performance of ad hoc groups meeting for the first, and, in fact, the only time. Such one‐time studies of groups may not represent their longer term behavior and performance accurately. Adaptive Structuration Theory (AST) conceives of technology use as a social practice that emerges over time. AST suggests that meeting outcomes reflect the extent to which structures offered by the technology (such as GDSS tool sequences, meeting agenda, etc.) are faithfully appropriated by the group. Such faithful appropriation, however, takes time. This article explicitly recognizes the relevance of this appropriation process and reports on a lab study that examined the impact of computer support on group performance over time. In general, results showed that the performance of computer‐supported groups improved over time, whereas the performance of non‐computer‐supported groups stayed the same or declined. The number of alternatives generated by computer‐supported groups increased considerably as they became more proficient in incorporating the technology into group processes. However, the quality of decisions made by computer‐supported groups began to increase slightly, only during the last session. Both these findings suggest that AST is, in fact, a viable theory for studying group behavior and performance over time. Results from this study also point out the need for conducting more longitudinal studies of group processes in the future.     

The impact of cultural value orientations on individual HRM preferences in developing countries: lessons from Kenyan organizations

The intention of the study is to examine the impact that individual national culture value orientations have on the preference for the design of HR policies and practices. The value orientation structure and preferences for thirty-four HR design choices are studied in a sample of 274 Kenyan employees from eight multinational, state and private domestic firms operating in the manufacturing and processing sector. The study shows that the HR design choices of Kenyan employees reflect the following picture across four factors: high HR involvement/participation: high predictability of rewards; performance rather than loyalty-based policies; and moderate levels of HR empowerment. Kenyan employee value orientations reflect: activity thinking over activity doing; individual over collective relationships; relationship to nature mastery over relationship to nature harmony; low subjugation to nature; and human nature evil (manipulative). More importantly, three out of the four HR preference factors are valuesrelated, i.e. the individual's value orientation is highly predictive of their preference for the design of HR policies and practices. From 9 per cent to 19 per cent of the variance in preferences for involvement, empowerment and predictability of rewards is accounted for by national culture value orientations. HR involvement preferences are related to activity thinking values. Predictability of rewards is related to high activity doing. Empowerment HR is related to low relationships hierarchical values. Preferences for performance versus loyalty-based HRM are intriguingly values-free judgements, although ethnic factors play a role here.     

Probabilistic causality

Necessity and Sufficiency are two of the most important concepts in science. Indeed, they are the basis for establishing causal relationships between factors, variables, etc.     

The Modernization of UK Local Government: Markets,Managers, Monitors and Mixed Fortunes

Since 1997 UK central government has launched a bewildering array of new initiatives known collectively as the 'local government modernizing agenda' which represent an ambitious attempt to transform the performance and the politics of local authorities in the UK. The aim is to improve local services, enhance community governance and increase public confidence in the institutions of local government. Some of the key elements of this agenda, notably attempts to persuade authorities to make greater use of markets, to encourage strategic management techniques and the reliance on external monitoring, draw heavily upon the New Public Management and build directly upon previous reforms. Others, in particular the emergence of a more diversified approach to regulation of local government, signal a new and distinctive approach to public service improvement. The result is a combination of multiple drivers of change and paradoxical 'operating codes' which reflect both the politics of the modernizing agenda and our current lack of understanding about which approaches will prove most effective in enabling performance improvement in the public sector.     

基于价值工程的复合理论评标方法探讨

招投标的关键是评标,采用什么样的评标方法又成为了关键中的关键。本文以价值工程理论为基础,结合层次分析法和模糊综合评价法,提出一种复合理论评标方法,建立了该方法的评标模型,并应用于案例。案例分析表明,基于价值工程复合理论评标方法能使工程评标兼顾工程技术和报价,能全面反映投标商的综合实力,有助于工程建设项目成本降低、功能提高。     

Protection or expropriation: Politically connected independent directors in China

This paper empirically investigates politically connected independent directors among Chinese listed firms using 7487 firm-year observations from the Shanghai stock exchange during the period of 2003–2012. We distinguish between privately controlled firms and state-controlled firms. We find that the value effect and incentives of appointing independent directors with political ties are shaped by a firm’s ownership structure. More exactly, Chinese listed privately controlled firms with a large fraction of politically connected independent directors tend to outperform their non-connected counterparts, due to the ease of access to external debt financing and more subsidies from the government. However, the appointment of politically connected independent directors also enlarges the magnitude of related-party transactions with the controlling party in listed privately controlled firms. In contrast, having politicians as independent directors does not help to add value to listed state-controlled firms, especially firms controlled by the local government, due to the expropriation of minority investors via more related-party transactions and more severe over-investment problems.