Birds of a Feather? The Effect of Organizational Value Congruence on the Relationship Between Ministries and Quangos

In this paper we investigate differences between the organizational values of ministries and semi-autonomous executive agencies (quangos) that operate at arms’ length. Quangos are expected to operate more business-like, hence they can be expected to value profitability and other NPM-related values higher than ministries. Value incongruence between quangos and ministries is hypothesized to decrease their level of trust. These hypotheses are tested, using combined data from two Dutch surveys (n = 324). The results confirm the expectations, although different types of quangos have different degrees of value (in)congruence, which may lead to variations in the quality of the relationship with their parent ministry.     

Hispanic Fertility,Religion and Religiousness in the U.S.

Is the higher fertility of Hispanics in the United States due to their religion and/or to their greater religiousness? Evidence from national survey data indicates no difference in fertility between Protestant and Catholic Hispanic women but Hispanics are more religious than non-Hispanics in terms of the perceived importance of religion in their personal lives. Religiousness is associated with higher fertility but Hispanic fertility is higher than non-Hispanic fertility regardless of religion or religiousness. Ethnic differences in education and income in turn are more important for fertility than the religious dimension.     

Sensation-Seeking,Risk-Taking,and Problematic Financial Behaviors of College Students

College students are at especially high risk for serious financial problems due to easy availability of credit cards, rising tuition, and a declining economy. Arnett (Am Psychol 55:469–480, 2000) proposed 18–25 year olds may be considered emerging adults and are characterized by less stable financial situations than those who perceive themselves to be adults. A survey was given to 450 students at two Mississippi universities. The results showed student financial behaviors were related to age, gender, public assistance, adult status, sensation-seeking, and potential for problem gambling. This study is unique in that it investigated the relationship of emerging adult/adult status and other individual and socio-demographic variables to financial behaviors among college students, a conceptualization that has not been explored in the past.     

Country-specific institutional effects on ownership: concentration and performance of continental European firms

This paper examines the effect of country-specific institutional constructs on the relationship between ownership concentration and performance for firms in the eight Continental European countries of Austria, Belgium, Germany, Spain, France, Italy, the Netherlands and Portugal. Using data from publicly-traded firms owned by other companies (i.e., blocks), measures of the quality of investor and creditor protection and the effectiveness of legal institutions are applied. Employing a hierarchical moderated multiple regression analysis, differential validity is established for the relationship between ownership concentration and performance as measured by return on shareholders’ funds. This differential effect comes from creditor protection regimes and is consistent with a relational corporate governance model based on debt finance and concentrated ownership.     

Sparse conformal predictors

Conformal predictors, introduced by Vovk et al. (Algorithmic Learning in a Random World, Springer, New York, 2005), serve to build prediction intervals by exploiting a notion of conformity of the new data point with previously observed data. We propose a novel method for constructing prediction intervals for the response variable in multivariate linear models. The main emphasis is on sparse linear models, where only few of the covariates have significant influence on the response variable even if the total number of covariates is very large. Our approach is based on combining the principle of conformal prediction with the ℓ ₁ penalized least squares estimator (LASSO). The resulting confidence set depends on a parameter ε>0 and has a coverage probability larger than or equal to 1−ε. The numerical experiments reported in the paper show that the length of the confidence set is small. Furthermore, as a by-product of the proposed approach, we provide a data-driven procedure for choosing the LASSO penalty. The selection power of the method is illustrated on simulated and real data.     

Firm Ownership and Rent Sharing

In this paper we analyse—theoretically and empirically—how the degree of private versus public ownership of firms affects the degree of rent sharing between firms and their workers. Using a particularly rich linked employer-employee dataset from Portugal, covering a large number of corporate ownership changes across a wide spectrum of economic sectors over more than 20 years, we find that rent sharing is significantly higher in firms with a larger share of private ownership. Estimates from our most preferred empirical specification suggest that an increase in the private ownership share of 10 percentage points increases (on average) the rent-sharing elasticity by 0.0002. Based on a theoretical analysis that incorporates union-firm wage bargaining and efficiency wage effects within the same modelling framework, this result cannot be explained by private firms being more profit oriented than public ones. However, the result is consistent with a scenario whereby privatisation leads to less job security for workers, implying stronger efficiency wage effects.     

Maximum likelihood estimation of variance components in a completely random bib design

ABSTRACT

The purposes of this paper are to abstract from a number of articles variance component estimation procedures which can be used for completely random balanced incomplete block designs, to develop an iterated least squares (ITLS) computing algorithm for calculating maximum likelihood estimates, and to compare these procedures by use of simulated experiments. Based on the simulated experiments, the estimated mean square errors of the ITLS estimates are generally less than*those for previously proposed analysis of variance and symmetric sums estimators.     

The Determinants of Retail Productivity: A Critical Review of the Evidence

This paper discusses the literature on the established determinants of productivity in the retail sector. It also draws attention to some neglected strands of research which provide useful insights into strategies that could allow productivity enhancements in this area of the economy. To date, very few attempts have been made to integrate different specialisms in order to explain what drives productivity in retail. Here this paper rectifies this omission by putting together studies from economics, geography, knowledge management and employment studies. It is the authors’ view that quantitative studies of retail productivity should focus on total factor productivity in retailing as the result of competition/composition effects, planning regulations, information and communications technology, the multinational operation element and workforce skills. Further, the fact that retail firms possess advantages that are transferable between locations suggests that investment in strategies enhancing the transfer of explicit and tacit knowledge between and within businesses are crucial to achieve productivity gains.