Vocabularies of Motive and Temporal Perspectives: Examples of Pension Fund Engagement and Disengagement

Prior research on institutional investors’ role in corporate governance draws a distinction between engaged and disengaged pension funds. The aim of this study was to shed more light on how pension fund practitioners talk about engagement and disengagement. Using insights from 35 in‐depth, semi‐structured interviews and round‐table discussions with pension fund trustees, executives, investment officers and financial intermediaries, we identify different types of vocabularies and temporal perspectives used to account for different stances towards engagement. We highlight a tension between a seemingly causal relationship between accounts and future behaviour and argue that these ‘accounts’, ‘vocabularies’ and ‘uses of the past’ in themselves need to be treated as an object of study because they may represent not simply the individual motivations but rather the expressions of extant norms in the broader social context of financial markets. An important policy implication is that perceived realities of investment are unlikely to cause a change in pension fund behaviour because participants seem to decouple their view of the world from their impact on the world.     

U.S. firms' responses to regulation: Stonewalling and opportunism

While regulation may not always be to business's benefit, it is likely to mean than costly requirements, increases in paperwork, decreases in innovation and the loss of business power. In responding to regulation, managers have choices. They can allow ‘drift’ to occur and not choose a policy. They can ‘progressive’ and ‘lead the industry’, or ‘flight all the way’ and ‘do only what is required’. They can choose some combination of ‘reaction and defence’ and|or ‘accomodation and proaction’, or they can move from policy to policy depending on the issue, the competitive implications, the power of key participants and the other factors. Each of these responses has a unique array of advantages and disadvantages. To decide on a strategy, strategic analysis is needed. Such analysis requires: (1) attention to internal operating impacts; (2) concern for relative competitive impacts on an industry-wide basis; (3) concern for relative competitive impacts within an industry; and (4) assessment of regulatory alternatives in light of corporate goals. Attention to these concerns is necessary to refine, tailor and adjust a company's particular response to regulatory challenges.     

‘Born-again global’ firms: An extension to the ‘born global’ phenomenon

Firm internationalisation has for long been regarded as an incremental process, wherein firms gravitate towards ‘psychologically close’ markets and increase commitment to international markets in a gradual, stepwise manner through a series of evolutionary ‘stages.’ However, much of the recent literature provides clear evidence of rapid and dedicated internationalisation by ‘born global’ firms. Typically, these are smaller entrepreneurial firms that internationalise from inception or begin shortly thereafter. Their main source of competitive advantage is often related to a more sophisticated knowledge base that they use to exploit the dynamics of an increasingly global market environment. This contribution posits that there is growing evidence of another phenomenon, that of the emergence of ‘born-again’ global firms. These are firms that have been well established in their domestic markets, with apparently no great motivation to internationalise, but which have suddenly embraced rapid and dedicated internationalisation. The underlying motivations and triggers leading to such a strategy are explored and illustrated through a number of case studies. Research and public policy implications of the ‘born-again’ global phenomenon are discussed.     

Major Wind Energy & the Interface of Policy and Regulation: A Study of Welsh NSIPs

This article examines how sub-national policy is applied in consenting decisions for major wind energy infrastructure. The study focuses on the Welsh tier of governance and the perspective of the public, building on existing work on ‘territorial politics’ and public participation. It looks explicitly at the regulatory stage of decision-making, which is critical to understanding multi-level governance contexts for energy infrastructure. Two cases of ‘Nationally Significant Infrastructure Projects’ (NSIPs) in the UK are assessed and findings show how conflict is fuelled by the ways in which different tiers of policy and regulation interact.     

Rationality in policy making: Two concepts not one

The concept of rationality, central to any analysis of policy making, is shown to be dual. The qualitative concept of rationality, broadly equivalent to ‘appropriate’ directs the policy analyst to an examination of information flow (since it may be defective), of goals (since these may conflict), and of the momentum of decisions (since it can produce irrationality). The quantitative concept of rationality, broadly equivalent to ‘efficient’ is itself divisible into two models (‘ends–means’ and ‘alternative behaviour’). Either, however, directs the policy analyst to an exploration of alternatives (since ideally all should be known) and of evaluative techniques (since ideally these should indicate the best alternative). Quantitative, but not qualitative, rationality is frontally challenged by some theorists (notably Lindblom) and claimed to be insufficient by others (notably Dror).     

Personnel policy and manpower planning in banking

Forces of rapid change and strong competition are now operating in the world. Banking with its rapidly changing technology must keep pace with these forces but it must at the same time provide secure and continuous employment for staff. Personnel policy now encompasses manpower planning which is defined as ‘A strategy to acquire, utilize, retain and develop people by formulating and implementing sound manpower policies agreed with employees and their unions’.     

On self-interest and greed

First the assumption of self-interest as applied in Economics is presented. Here we also discuss areas in which (many) people behave less self- but more other-regarding than traditional economic models assume. Then, greedy behaviour is considered as existing in the political and economic ‘world’. Here we refer to corruption as well as to the role of money as a positional good. We also discuss such behaviour in the academic world, in which money plays a role as well as reputation. Thus, while the assumption of mutually disinterested rationality is a very powerful instrument for analysing individual behaviour, to explain some phenomena we have to recognise that people are not only sometimes other-regarding, but also sometimes greedy, and that they might value money much more than traditional Economics assumes. We conclude with some remarks on what we can learn in this respect from Behavioural Economics.     

National policy making in a global economy: The case for U.S. economic planning

In 1980 the Joint Economic Committee completed the Special Study on Economic Change. This 20 volume, 3-year project, was premised on the fact that: ‘fundamental economic, social, political, international and technical conditions have changed, and are still changing markedly’. This suggests that conventional wisdom and established economic tools may not be equal to meeting the challenge of making sound policies in the economic sphere. The so-called laws of economics have not been repealed, but all guiding principles presuppose a certain environment of conditions, customs and practices—and when these change, the implementation of new policies and the modes of adjustment have to change also. This paper examines the problem of devising policy instruments for economic management, identifying the facts of the changing economic environment and the main difficulties facing world economic development.     

Best Practices and Policy Transfer in Spatial Planning

Abstract

Numerous European programs and initiatives have been instrumental in identifying a large and increasing number of examples of best practice (or good practice) in the field of spatial planning. In fact, there is now a profligacy of best practice, which means that many researchers and policy-makers are often confronted with too much information when trying to identify examples of policy and practice in other places. The identification and dissemination of best practices has become a growing industry in many areas of European policy, including spatial planning and urban environmental issues. In many cases, an underlying assumption of best practices is that they are equally applicable and effective in another setting, and that the development and dissemination of best practice will help to lead to improvements in policy and practice in other countries, regions or cities. However, the reality is that best practices have a more limited role in policy-making processes: other influences are frequently more important. The value of exchanging European best practices is limited since there are huge differences in the economic, political or social situation between countries in the European Union. This is particularly true when considering the transfer of best practices between ‘new’ and ‘old’ member states, where the social and economic situation, as well as the institutional frameworks, are often very different in ‘borrowing’ and ‘lending’ countries.     

Three energy scenarios for the United Kingdom

The general principles of constructing scenarios and using them to explore policy options have been described in an earlier paper¹. This paper summarizes the results of a preliminary examination of the three scenarios described there and referred to as ‘business-as-usual’, ‘technical-fix’ and ‘low-growth’. The investigation departs from conventional discussions of fuel policy in that it emphasizes the management of fuel demand, and the interaction between fuel demand and life-style, rather than emphasizing fuel supply policies. The relationship between life style and fuel demand can be quantified using the methods of energy analysis.² This method is capable of fine disaggregation and relatively high accuracy. However the aim of the studies reported here was to establish the range of feasible options and the types of policies needed to accomplish them. For this purpose high accuracy is not important so considerable data aggregation has been retained. The detailed analyses presented in this paper are estimated to be accurate to ±15 per cent.The first part of the paper sets out the analysis of the base year (1968) on which the future projections are based. This involves explaining the principles of energy analysis and the method of projection used. The next sections examine the three scenarios in some detail, starting with the estimation of fuel demand and then looking at the fuel supply and management policies needed.     

Urban management—Some models for policy making

Urban management has been the subject of much ‘integrative’ discussion and analysis, both in this country and abroad. Indeed, as the author suggests in this paper ‘the feeling is that there is a danger that planners might take on too broad a field and try to do too much’. This paper examines the notions of the planner's role within a ‘political’ decision-making process and examines a number of different models indicating their relevance, complexity and feasibility. By concentrating upon the relationship of the theories of planning with the political decision-making environment within which they are enacted, the author draws usefully upon the relevant literature and provides a comprehensive, persuasive, intelligent and, comprehensive view of the relevance of some theories and the irrelevance of others. This paper walks the narrow tight rope between the fallacious separation of policy formulation from policy implementation, whilst at the same time recognizing the distinction between these two aspects of the decision-making process. The author postulates a number of propositions relevant to a planning process of an optimal nature and, although treating some of the theory in a somewhat superficial manner, the analysis provides a useful addition to the body of planning knowledge. This paper pieces together a number of existing elements of planning theory within a theoretical and conceptual framework. This is an important contribution to planning theory, since it does not suggest that the planning process is merely a collection of techniques, but that it is a complex system for recognizing, regulating and ultimately reconciling human values.     

Cooperative sales promotion with a point-sharing policy: Advantages and limitations

Consumption-point programs have been commonly implemented in retail industries in efforts to promote sales and improve customer loyalty. In Korea, many retailers from different industries use a point-sharing policy to augment the conventional consumption-point program of each retailer. In a multi-retailer coalition under such a cooperative sales promotion policy, by purchasing from one coalition retailer, customers earn points that they can redeem points at other retailers in the coalition. On one hand, the introduction of this policy gives customers great flexibility for redeeming earned points, which can increase the demand at all retailers who promote the policy. On the other hand, the additional product costs associated with the points created by one retailer may spill over and be partly borne by other retailers, possibly distorting the coalition members’ equilibrium decisions under decentralized control. Under the general assumptions about the demand functions, we developed a model consisting of two retailers with fixed retail prices and addressed the retailers’ equilibrium decisions under a pure point-sharing policy. The findings suggest that the policy resulted in a cost spillover phenomenon. Then, we revealed that a pure point-sharing policy may fail to maximize the total profit of the coalition. Moreover, we showed that a pure point-sharing policy does not dominate the individual point scheme, which may explain the reason that point sharing is useful but not ubiquitously used in the real world. Our numerical examples also illustrate the way a pure point-sharing policy influences retailers’ profits when retail prices are decision variables. To improve the overall profit under the point-sharing policy further, we propose a target rebate contract to coordinate a pair of retailers. This contract can maximize the total profit and arbitrarily split the profit between retailers.     

Cooperation and Punishment

We show that, in repeated common interest games without discounting, strong ‘perturbation implies efficiency’ results require that the perturbations must include strategies that are ‘draconian’ in the sense that they are prepared to punish to the maximum extent possible. Moreover, there is a draconian strategy whose presence in the perturbations guarantees that any equilibrium is efficient. We also argue that the results of Anderlini and Sabourian (1995) using perturbation strategies that are cooperative (and hence nondraconian) are not due to computability per se but to the further restrictions they impose on allowable beliefs.     

Does valuing androgyny and femininity lead to a female advantage? The relationship between gender-role,transformational leadership and identification

The notion of ‘think manager–think male’ has been demonstrated in many studies. The current study examines whether leaders are perceived as more effective when they have ‘feminine’, ‘masculine’ or ‘androgynous’ characteristics, and how this relates to the leader's and followers' sex. Using carefully matched samples of 930 employees of 76 bank managers, we studied the relationship between managers' gender-role identity (perceived ‘femininity’, ‘masculinity’ and ‘androgyny’) and how this relates to leadership effectiveness in terms of transformational leadership and personal identification with the leader. Our findings show that among both male and female leaders, ‘androgyny’ was more strongly related to transformational leadership and followers' identification than ‘non-androgyny’, and that leaders' ‘femininity’ was more strongly related to leadership effectiveness than ‘masculinity’. Furthermore, the results show that women paid a higher penalty for not being perceived as ‘androgynous’ (mixing ‘femininity’ and ‘masculinity’), in comparison to men with regard to personal identification. When examining same- versus cross-sex relationships, we found that ‘non-androgynous’ male managers were rated higher by their male employees than by their female employees. Our findings suggest that women and men who are interested in being perceived as effective leaders may be well advised to blend ‘feminine’ and ‘masculine’ behaviors, and even more so when they are in situations of non-congruency (i.e., women in leadership roles and leading in cross-sex relationships). We discuss the implications of these findings for both theory and practice.     

Is there a liability of localness? How emerging market firms respond to regulatory punctuations

In the 1990s, emerging economies all over the world deregulated, privatized and liberalized their domestic markets. These regulatory punctuations caused radical institutional changes for emerging market firms (EMFs). We argue that, for EMFs, regulatory punctuations created a liability of localness, parallel to the liability of foreignness that firms face when they go abroad. Whereas liability of foreignness comes from the differences caused by changing one's geographic place from ‘here’ to ‘there’; liability of localness comes from changing one's point in time from ‘then’ (pre-exogenous regulatory shock) to ‘now’ (post-exogenous regulatory shock). In both cases, firms incur additional costs, and the ones that survive are ones that best develop strategies for coping with “being in a strange land”. We apply our arguments to the Mexican banking industry, which was privatized and liberalized in the 1990s.     

Cost of Children,Parental Decisions,and Family Policy

ABSTRACT: The aims and means of family policy are examined in the light of standard economic theory, and of the microeconomics of fertility. It is shown that compensating parents for the cost of having children is unjustified, and that such a cost is not captured by the methods commonly used to estimate it anyway. On the other hand, a family policy may be justified if fertility or parental expenditures on children are‘'too small'’(or‘'too large”) as a result of externalities or market incompleteness; if some couples are physically rationed in their fertility decisions; or in order to relieve poverty. Manipulating taxes on parental earnings and child-specific goods is generally preferable to changing child benefits rates.     

Cybernetics and the management science process

This paper addresses methodological issues currently confronting the management science community. The urgency of these issues is evidenced by [1] the growing debate over the implementability of MS/OR (Management Science/Operational Research) models, [2] the absence of professional agreement on a ‘generalized’ theory of organizational structure and control and [3] the dearth of substantive contributions in the area of ‘policy’ analysis and modeling. It is argued that any resolution of these issues must address the management science process and that developments in cybernetics provide an integrating framework for this purpose. Aspects of this framework are presented by pointing out distinctions between the more traditional MS/OR approaches and the proposed cybernetic approach. Some of the concepts involved are not always associated with cybernetics, but the implications for the practice of management science are significant.     

The Translational Role of Hybrid Nurse Middle Managers in Implementing Clinical Guidelines: Effect of,and upon,Professional and Managerial Hierarchies

Our study uses qualitative and interpretative design to analyse what hybrid nurse middle managers do in their managerial practice, what affects this, and to what effect, focusing upon implementing policy‐driven guidelines on the clinical frontline. Examining two comparative hospital cases and drawing upon Scandinavian institutionalism, we conceive their role as one of ‘translation’. On the one hand, they exhibit strategic agency. On the other hand, their managerial role not only influences, but is influenced by, professional and managerial hierarchies. In both hospitals, in the short term we see how hybrid nurse middle managers are able to mediate professional and managerial hierarchies and implement clinical guidelines through translational work. However, in one case, they less effectively accommodate policy‐driven, managerial pressure towards compliance with government regulations and financial parsimony. In this case, the outcome of their translational work is not sustained in the longer term, as professional and managerial hierarchies reassert themselves. Drawing upon the example of their managerial role in healthcare, we highlight that hybrid middle managers enact a strategic translational role and outline situational constraints that impact this more strategic role.     

Going global: professional mobility and concerns for LGBT workers

The world of work has regularized the practice of people moving from one country to another to accept job assignments. Travel and relocation are stress-laden endeavours. For LGBT people, the risks can be more complicated than they are for heterosexuals. This article explores particular challenges that LGBT people face when they travel and relocate for business, both domestically and internationally. The article is contextualized with a literature review on sexual minorities and workplace issues, and uses auto-ethnographic stories of three of the authors’ lived experiences as sexual minorities relocating for professional reasons in order to examine issues related to LGBT relocation. These issues include legal, social, cultural and familial considerations. Implications and suggestions for human resource developers are presented, which include acquiring awareness around the psychological and physiological reactions to new and diverse ecologies, or ‘eco-shocks’.     

矿产资源与可再生资源之间替代模型研究

矿产资源的可持续利用是可持续发展的重要组成部分 ,也是可持续发展战略的核心问题之一 .但是矿产资源是自然界中有限、稀缺的可耗性资源 ,其开采利用无疑会导致最终可采储量为零 ,从理论上讲是达不到持续利用 .那么如何界定矿产资源的可持续利用 ,已经引起理论界的关注 .本文运用数学模型对资源的替代问题进行了定量分析 ,从经济角度推导出了矿产资源耗竭及替代发生的条件及特殊情况下矿产资源的最佳配置 ,为进一步研究矿产资源的代际间公平配置奠定了理论基础 ,对矿产资源的保护利用具有重要的实践意义