Political feasibility of structural adjustment in africa: an application of SAM mixed multipliers

The implementation of structural adjustment programs (SAPs) has often been undermined by opposition from politically powerful groups who are favored by existing policies. To assess the political sustainability of SAPs this paper uses social accounting matrices for three African countries to model the income effects of stylized SAPs on different socioeconomic groups. The analysis reveals wide variation in the likelihood for typical SAPs to be acceptable to political elites while generating growth in the rest of the economy. The presence of a rural elite or strong farm-nonfarm linkages can enhance the political sustainability of SAPs.     

Keiretsu centrality — profits and profit stability: A power dependence perspective

Prior studies compare keiretsu member firm and independent firm performance. Here, we use historical and power dependence perspectives to theorize that the Japanese keiretsu system primarily benefits the most central firms. We test this by examining the performance of two types of keiretsu firms (central firms and other member firms) within two types of keiretsu (horizontal and vertical). We hypothesize and find that: (1) central vertical keiretsu firms are more profitable than central horizontal keiretsu firms; (2) central horizontal keiretsu firms have greater profit stability than central vertical keiretsu firms; (3) central vertical keiretsu firms are more profitable than non-central vertical keiretsu firms; and (4) central horizontal keiretsu firms have greater profit stability than non-central horizontal keiretsu firms. Implications for managers and future research directions are discussed.     

America's Engagement in Iraq: Insights and implications for public management research

Abstract

There are lessons to be learned in the matter of public management in Iraq and Afghanistan, especially in the importance of the management cultures in which decisions are made. This review is of four books, by different authors, sharing their journalist approach. Four shared themes emerge from these works: the importance of training, organizational culture, strategy, and governance. The authors develop an awareness of the inter-connectivity of the leadership and management cultures of the military and civilians, with significant implications for future public management research. Each of the four books in this review offers contributions that extend the knowledge and practice of public management and public policy, providing hard-learned lessons that can be cross walked into teaching, practice, and research.     

How to restore the fiduciary relationship. An interview with Eliot Spitzer. Interview by Louise O'Brien

Eliot Spitzer's investigations into the mutual fund and investment-banking industries have made the New York State attorney general the de facto flag bearer of corporate reform. His exposure of conflicts of interest between investment bankers and research analyst in Wall Street firms led to the $1.4 billion global settlement between regulators and banking houses in 2003. In this interview, Spitzer describes the challenge of protecting public markets from conflicts of interest, paying particular attention to how such conflicts get institutionalized in an industry. "The cases that have gotten me and my fellow regulators most upset are the ones where we've seen senior management being tolerant of rank abuses," he says. "Because then you know that the entire structure is rotten." He also points the finger squarely at boards, maintaining that board members are drawn from pools of company and industry insiders. He cites "a void in values in a lot of boardrooms," holding up executive compensation as a powerful example. "Board compensation committees ... are self-selected and interwoven--it's a rigged marketplace." He continues, "It would be interesting to see what the world would look like if CEO pay packages had to be submitted to shareholder votes." Spitzer suggests that what's really needed is for all business leaders to reinstill throughout their organizations the critical notion of a fiduciary duty--whether it is to the shareholder or to the customer. Using the mutual fund industry as an example, he also contrasts the value of enforcement with that of regulation and articulates an important--and surprisingly limited--role for government in protecting free markets.     

When it comes to the crunch: What are the drivers of the US banking crisis?

This article considers how permissive regulatory conditions helped change the size and scope of the US mortgage market. Asset backed securitization facilitated an expansion of the US mortgage market and modified the structure of the value chain within which financial assets, risk and liquidity were managed. New sophisticated mortgage products, indulgent lending practices, loose credit assessment and flimsy documentation increased the probability of mortgage default in an economic downturn. US banks were not in a position to absorb mark-to-market losses on mortgage assets and goodwill impairment resulting from a credit crunch because they operate with narrow profit margins and a limited equity cushion in the balance sheet. This article questions the viability and sustainability of this banking business model.     

Experiential Marketing and Long-Term Sales

This study investigates the ability of winery tasting rooms to create brand awareness and build long-term brand loyalty. Specifically, we test the conjecture that if tasting rooms create brand awareness and a pleasurable tasting room experience, then those visitors are more likely to recognize and seek out those brands once they leave the tasting room. To measure these effects, we exploit differences in tasting room characteristics to conduct a series of natural experiments from which we analyze differences in off-premise retail sales away from the tasting room. We use scan data on wine sold off-premise through traditional retail outlets to then test for differences among tasting room characteristics. Our results indicate that tasting rooms act as a form of experiential marketing for wineries, creating brand awareness and generating greater growth in off-premise retail sales. Finally, we address issues of endogeneity and unobserved heterogeneity as potential sources of bias.     

Generic Product Strategies for Emerging Market Exports into Triad Nation Markets: A Mimetic Isomorphism Approach

ABSTRACT Based on the concept of mimetic isomorphism, we theorize that, by imitating the home country MNE modal generic product strategy in each Triad nation, emerging market firms (EMFs) can improve their export performance satisfaction. We hypothesize that EMFs which: (1) target the EU and use a Premium strategy, (2) target Japan and use a Superior Value strategy, or (3) target the USA and use an Economy strategy will, on average, achieve higher levels of satisfaction with export performance than EMFs that enter emerging markets or EMFs that employ other product strategies in Triad nation markets. Our hypothesis is tested and supported on a sample of Romanian and Chinese exporters. Managerial implications of our theory and findings are discussed.