Can employee ownership and human resource management policies clash in worker cooperatives? Lessons from a defunct cooperative

The article analyzes the interaction between employee ownership, HRM policies and practices, and HRM outcomes in what was the world's biggest industrial worker cooperative for decades, and now defunct, Fagor Electrodomésticos. Using longitudinal internal data and detailed interviews with key stakeholders, this paper sheds light on how employee ownership conditioned HRM policies. HRM outcomes—such as job satisfaction and absenteeism—are also analyzed over a long period of time. Chronic nepotism when recruiting new members, failures in the training policy, impoverished and Taylorist working systems, and reverse dominance hierarchies are analyzed as factors that increased free riding and caused low satisfaction and the disengagement of working members. This case study contributes to the literature on HRM and worker cooperatives as it provides some insights that are rarely found in that literature. It also provides guidance to worker cooperatives about increasing the fit between employee ownership and HRM policies and outcomes.     

Optimal research and development and the cost of business cycles

While research and development (R&D) investment has been procyclical in the post-war period, recent literature suggests that the optimal path for R&D is countercyclical, and that the economy would be better off by subsidizing R&D in recessions. The objective of this paper is to analyze the welfare effects of distortions in the intertemporal allocation of R&D resources and to compare diverse policy interventions so as to improve social welfare. To this end, we introduce a calibrated dynamic stochastic general equilibrium model with Schumpeterian endogenous growth that is capable of explaining the observed procyclicality of R&D. Our results show that the cost of business cycles is lower in the decentralized economy with procyclical R&D than in the efficient allocation with countercyclical R&D. This is because the suboptimal propagation of shocks in the decentralized equilibrium offsets some of the existing steady-state distortions. In this second-best context, countercyclical R&D subsidies have no positive effect on welfare. In contrast, fiscal policies aimed at restoring the optimal steady-state produce large welfare gains.     

金融发展指标的演进逻辑及对中国的启示

金融发展指标是金融发展理论的重要内容之一，本文在简单介绍金融发展指标的基础上重点分析了金融发展指标演进的内在逻辑。依据国际通行的金融发展理论的基本分析框架，作者构造并分析了衡量中国金融发展水平的指标体系，并对这一系列指标进行了相关性分析，提出了能够较为全面代表中国金融发展水平的几个重要指标，为进一步研究中国金融发展与经济增长问题奠定了基础。     

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Zur Synthese nutzen- und kostentheoretischer Ansätze in der Wertlehre

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Die konkurrenzwirtschaftliche Marktanpassung einzelner Unternehmungen innerhalb einer Industrie

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Outsourcing occupational safety and health: An analysis of the make or buy decision

This paper investigates the factors affecting the outsourcing decision of occupational safety and health (OSH) services. I posit several hypotheses following the three main approaches to the make or buy question: (1) the transaction cost theory, (2) the resource‐based view of the firm, and (3) the behavioral decision‐making framework. The empirical analysis draws on microdata from 3,047 Spanish firms that are legally obliged to provide organized OSH activities but free to choose the option to outsource. Results show that informational symmetries and increasing transaction costs mainly explain the decision to outsource the OSH activity. Organizational behavior variables, such as management commitment to safety and workers' representation, also relate to the outcome of the decision but not necessarily as hypothesized. Finally, I did not generally observe the strategic value of safety in informing the make or buy decision. © 2009 Wiley Periodicals, Inc.     

Kurzfristige Maximierung von Gewinn,Umsatz oder Absatz und langfristiges Gewinnstreben der Unternehmung

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