Institutional Monitoring: Evidence from the F‐Score

The extant literature shows that institutional investors engage in corporate governance to enhance a firm's long‐term value. Measuring firm performance using the F‐Score, we examine the persistent monitoring role of institutional investors and identify the financial aspects of a firm that institutional monitoring improves. We find strong evidence that long‐term institutions with large shareholdings consistently improve a firm's F‐Score and that such activity occurs primarily through the enhancement of the firm's operating efficiency. Other institutions reduce a firm's F‐Score. Moreover, we find evidence that, while monitoring institutions improve a firm's financial health, transient (followed by non‐transient) institutions trade on this information.     

On the economic evaluation of future manufacturing systems

This paper stresses the need for technological competitiveness in order to maintain strength in domestic and foreign markets, reviews bases for developing and evaluating technological advances and suggests that computer-aided design (CAD) and computer-aided manufacturing (CAM) will prove significant advances in the years ahead.     

Significant Issues for the Future of Product Innovation

Product innovation management, by definition, requires that we become comfortable dealing with change. As this journal enters its eleventh year of publication, the editor-in-chief asked each member of the editorial board to reflect upon changes and opportunities that they see influencing our profession during the coming decade. In our first installment of these essays, George Day, Bela Gold and Thomas Kuczmarski discuss the value of managing ideas, embracing a longer-term view of development opportunities, and creating a senior executive position charged with developing such opportunities. Each of these short essays is designed to introduce new perspectives. It is not essential that you agree with the recommendations, but we hope that you are stimulated as you reflect on the issues they present.     

Forces tending to reduce concentration levels in US industries

This paper reviews and illustrates a variety of growing counterpressures to the long-prevailing trend towards increasing concentration in US industries. Particular attention is given to changes in purchased inputs, in technologies and in market characteristics before discussing some responsive measures.     

Regional policies and the environment in the European common market

Zusammenfassung Regionalpolitik und Umwelt in der Europ?ischen Gemeinschaft. — Dieser Aufsatz untersucht die Gründe für die ungleiche Einkommensverteilung zwischen den Regionen der EWG. Die Regionalpolitik der EWG wird einer kritischen Bewertung unterzogen, und Vorschl?ge zur ?nderung dieser Politik werden unterbreitet. Die Vorschl?ge zielen auf die Notwendigkeit, unter Berücksichtigung national-, regional- und umweltpolitischer Zielvorstellungen Leitlinien auf EWG-Ebene aufzustellen. Der Verfasser empfiehlt, differenzierte Lohnsteuer (oder Sozialabgaben) zum Hauptinstrument der Politik zu machen, erg?nzt durch vorübergchende Unterstützung benachteiligter Industrien und durch Infrastrukturinvestitionen zur Schaffung von Entwicklungsschwerpunkten.

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Résumé Les politiques régionales et l’environnement dans le Marché Commun Européen. — Cet article examine les causes de l’inégalité des revenus entre les régions de la C.E.E. L’étude contient une appréciation critique des politiques régionales poursuivies dans les pays du Marché Commun et présente des propositions pour un changement de ces politiques. Les propositions accentuent la nécessité d’adopter des directives à l’échelon de la C.E.E., compte tenu des buts de la politique nationale, régionale et de l’environnement. L’auteur recommande pour l’instrument principal des imp?ts sur le salaire (ou charges sociales) différenciés, complété par l’assistance passager des industries défavorisées et par des investissements d’infrastructure pour créer des p?les de croissance.

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Resumen Políticas regionales y el medio ambiente en el Mercado Comün Europeo. — El trabajo examina las razones para la falta de igualaci?n de los ingresos entre regiones en la Comunidad Económica Europea (CEE). Para ello provee una apreciación crítica sobre las políticas regionales seguidas en el Mercado Comün y hace recomendaciones sobre cambios en estas políticas. Las recomendaciones se centran en la necesidad de adoptar a nivel de la CEE directrices de políticas a seguir, tomando en consideración los objetivos de las políticas nacionales, regionales y del medio ambiente. Usando diferencias en el nivel de salarios (o de seguridad social), el autor propone la utilización de impuestos como principal instrumente de política, suplementado con ayudas temporales a industrias afectadas adversamente y por inversiones de infraestructura dirigidas a establecer polos de crecimiento.

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Riassunto Politica regionale e ambiente nella Comunità Europa. — Questo studio esamina i motivi per la disuguale distribuzione del reddito tra le regioni della CEE. La politica regionale della CEE è sottoposta ad una valutazione critica e sono presentate proposte per la modifica di questa politica. Le proposte mirano alla necessità, considerando idee di obiettivi nazionali, regionali e politici ambientali, di fissare linee direttrici a livello CEE. L’autore raccomanda di utilizzare tasse differenziate sui salari (o contributi sociali) come strumento principale della politica, completato da appoggio provvisorio ad industrie svantaggiate e da investimenti di infrastrutture per la creazione di centri di sviluppo.