Walking on thin ice: CEOs′ internationalization decisions in underperforming firms

We build on previous research on the behavioral theory of the firm to examine the relationship between performance shortfalls and internationalization. We start from existing literature in claiming that the interplay between the aspirations of restoring performance and survival concerns leads to an inverted U-shaped relationship between a firm's performance shortfalls and its new internationalization. Our main contribution is to show that CEO duality moderates this relationship. Dual CEOs have a high control of the board that reduces oversight and increases their job security. This allows them to impose their risk preferences, thus embracing survival over aspirations. Our empirical analysis using a sample of Spanish listed firms from 1986 to 2010 provides support for our hypotheses.     

A Parametric Analysis of Rehearsal Opportunities on Procedural Integrity

Behavioral skills training (BST) involves instruction, modeling, rehearsal, and feedback. Despite its empirical support, the literature provides little to no guidance regarding the best way to implement rehearsal to ensure accurate implementation of behavioral procedures. Thus, the purpose of this study was to conduct a parametric analysis of rehearsal opportunities within a BST package. We evaluated the effects of 1, 3, and 10 rehearsals with feedback on correct implementation of functional analysis (FA). Regardless of the number of rehearsals, 18 undergraduate participants effectively learned to implement FA conditions. The most efficient training involved the use of single rehearsals with feedback until meeting mastery criterion. Participants maintained integrity during a follow-up session and rated the use of rehearsal as highly acceptable.     

Communicating Asset Risk: How Name Recognition and the Format of Historic Volatility Information Affect Risk Perception and Investment Decisions

An experiment examined how the type and presentation format of information about investment options affected investors' expectations about asset risk, returns, and volatility and how these expectations related to asset choice. Respondents were provided with the names of 16 domestic and foreign investment options, with 10-year historical return information for these options, or with both. Historical returns were presented either as a bar graph of returns per year or as a continuous density distribution. Provision of asset names allowed for the investigation of the mechanisms underlying the home bias in investment choice and other asset familiarity effects. Respondents provided their expectations of future returns, volatility, and expected risk, and indicated the options they would choose to invest in. Expected returns closely resembled historical expected values. Risk and volatility perceptions both varied significantly as a function of the type and format of information, but in different ways. Expected returns and perceived risk, not predicted volatility, predicted portfolio decisions.     

Rational and behavioural predictors of pre-retirement cash-outs

Given the worldwide concern that individuals are not saving sufficiently for retirement, many governments are taking action to try and rectify this tendency. A key focus area is implementing policies to dissuade individuals from accessing accumulated retirement funds when changing jobs. While traditional economic theories assume that individuals act rationally and make optimal decisions without outside intervention, current policy interventions support behavioural theories of decision-making where sub-optimal choices occur due to limitations in human decision-making. Therefore, interventions are based on the assumption that individuals act irrationally. Despite these interventions, many individuals still access their funds suggesting that current interventions may not be sufficiently aligned with the factors influencing decision making in this environment.The main research objective of this study was to test empirically both rational and behavioural factors that could potentially influence retirement preservation decisions, to determine which factors were the best predictors of whether an individual preserved funds when changing jobs. A research instrument was designed using a combination of existing psychometric measures and customised questions to form an analytical survey. This was used to test the factors that predicted the preservation decisions of a sample of 256 academic and non-academic personnel at a tertiary education institution in South Africa.The study found that behavioural factors play an important role in predicting preservation decisions. In particular, behavioural factors related to bounded rationality, due to the computational complexity of the decision-making environment, emerged as important explanatory variables, indicating that interventions such as decision support and guidance may assist individuals in making optimal decisions.     

Response to Commentaries:

It is time to bring nature (genetics) together with nurture (environment) in the study of social development. Following a brief overview of behavioral genetic theory and methods, three examples are described of new genetic research especially relevant to social developmentalists. First, initial research findings on three key domains of social development (attachment, empathy, and social competence) suggest that genetic factors contribute to individual differences in social development. Second, research on widely used measures of social environment implicates a genetic contribution, which opens up new directions for research at the interface of nature and nurture in social development. Third, by the turn of the century, it is predicted that behavioral genetic research will be conducted using DNA markers that assess genetic variation among individuals directly rather than resorting to indirect estimates based on twin and adoption methods. This will revolutionize behavioral genetic research and make it more accessible and applicable to developmentalists. As a first step in the direction of behavioral genetics, social developmentalists are encouraged to include siblings in their research.     

Effects of Family Life-Cycle Stages on Consumer Debts

Using the 1998 Survey of Consumer Finances (SCF), this study examined factors related to two types of consumer debt: installment debt and credit card debt. To address the limitations of the conventional life-cycle hypothesis, the study incorporated ability, willingness, and need to borrow, and prudence as well as life-cycle stages in the conceptual framework. The results of the double-hurdle model showed that life-cycle stages, willingness and ability to borrow, prudence, and the need to borrow were significant factors affecting installment debt and credit card debt. Based on the results, implications for financial counselors and educators, lenders, consumers, and policy makers are discussed.     

浅析我国的贸易顺差问题——从人口角度分析

运用生命周期假说对中国两次"婴儿潮"进行分析,探讨中国人口相关因素对于储蓄的影响,以及储蓄增加与中国净出口之间的关联.在此基础上,实证分析投资、政府支出、储蓄与净出口的关系.基本的结论是:应正视中国人口增长所带来的内部矛盾,从内部解决矛盾,而不是通过外部的不平衡来平衡内部矛盾.     

基于事件生命周期的应急指挥信息沟通过程分析

突发事件应急指挥能力在保护公共安全、减少财产损失方面发挥着巨大的作用,而信息沟通是影响应急指挥能力的重要因素之一。在应急指挥业务过程中,信息沟通的主体、内容和渠道随着突发事件的发展演进而产生相应的变化,本文从事件生命周期入手,分析应急指挥业务过程,研究应急指挥信息沟通的三维要素变化和过程变化,以及事件链演化中的信息沟通过程,为深入了解沟通过程、提高应急指挥沟通效率提供借鉴作用。     

浅析社会工作实务教学对行动导向教学方法的借鉴

行动导向教学是德国职业教育界很流行的一种教学理论,倡导教师在教学中转向活动的引导者、学习的辅导者和主持人,学生作为学习的主体,充分发挥其学习的主动性和积极性,由"学后做"转向"做中学"。这对社会工作实务的教学具有极大的借鉴价值,并在理论上可以指导社会工作专业教学的创新与改革。