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1
Bushman, Robert M., Zhonglan Dai, and Weining Zhang. "Management Team Incentive: Dispersion and Firm Performance." Accounting Review 91, no. 1 (March 1, 2015): 21–45. http://dx.doi.org/10.2308/accr-51112.
Повний текст джерелаАнотація:
ABSTRACT Recent theory suggests that firms incorporate synergistic interrelationships among executives into optimal incentive design (Edmans, Goldstein, and Zhu 2013). We focus on Pay Performance Sensitivities (PPS) and use dispersion in PPS across top executives as a proxy for the incentive design component shaped by an executive team's synergy profile. We model optimal PPS dispersion and use residuals from this model to measure deviations from optimal. We find that firm performance is increasing (decreasing) in the residual when PPS dispersion is too low (too high). We conjecture that deviations from optimal are sustained by adjustment costs, finding that firms only close around 60 percent of the gap between target and actual PPS dispersion over the subsequent year. Viewing a team's equity grants as a vector, we provide evidence that firms use subsequent equity grants to actively manage PPS dispersion toward optimality. Cross-sectional analysis reveals that the deleterious effect of deviations from optimal is decreasing in the duration of a team's tenure together, and increasing in the importance of effort coordination across team members for firm performance. JEL Classifications: M41.
2
Forst, Arno, Barry Hettler, and Ran Ron Barniv. "Insider Ownership and Financial Analysts’ Information Environment: Evidence From Dual-Class Firms." Journal of Accounting, Auditing & Finance 34, no. 1 (October 18, 2016): 30–53. http://dx.doi.org/10.1177/0148558x16670048.
Повний текст джерелаАнотація:
We examine the association of insider ownership with financial analysts’ forecast accuracy and dispersion in a sample of U.S. dual-class firms. Insider ownership exerts two effects: a positive incentive effect and a negative entrenchment effect. The lack of significant findings in prior research regarding the association between insider ownership and forecast accuracy may be attributable to the offsetting forces of these two effects. Using a comprehensive hand-collected sample of U.S. firms that maintain more than one class of common stock, we are able to disentangle incentive and entrenchment effects which are confounded in single-class firms. We find that disproportionate insider control is negatively associated with forecast accuracy and positively associated with forecast dispersion. Moreover, insider cash flow rights (insider voting rights) are positively (negatively) associated with forecast accuracy and negatively (positively) associated with forecast dispersion, consistent with incentive-alignment and entrenchment effects of ownership affecting financial analysts’ forecasting environment in opposite directions.
3
Urieşi, Sebastian. "Motivational effects of pay dispersion in pay for performance programs implemented in Romanian companies." Management & Marketing 11, no. 2 (July 1, 2016): 431–48. http://dx.doi.org/10.1515/mmcks-2016-0007.
Повний текст джерелаАнотація:
AbstractThe present study investigates the motivational effects in a sample of Romanian employees in private companies that implement pay for performance programs of one of the characteristics of these programs, namely pay dispersion, and on the potential mediating role of organizational justice in these effects. To this aim, we examined the relationships between the amounts of pay dispersion introduced by the respective financial incentive system, employee perceptions of distributive and procedural justice, work motivation, and base salary, respectively. The results of the data analysis, performed through structural equation modeling, support our hypotheses concerning the positive effect of performance – related pay dispersion on motivation and the mediating role of the two dimensions of organizational justice in this effect. Larger financial rewards allocated by the financial incentive system for high performers increase employee perceptions of distributive and procedural justice, which, in turn, foster work motivation. Base salary was also found to influence pay dispersion, as well as perceived distributive justice.
4
Lin, Yujie. "Internal & External Pay Dispersion of Executives and Enterprise Innovation." BCP Business & Management 18 (April 13, 2022): 344–54. http://dx.doi.org/10.54691/bcpbm.v18i.572.
Повний текст джерелаАнотація:
Innovation is the source of sustainable development of enterprises. Therefore, its influencing factors have long received extensive attention from academia. This paper takes China's A-share listed companies from 2008 to 2017 as a research sample to examine the relationship between the internal & external pay dispersion of executives and corporate innovation. The results show that: the internal pay dispersion of executives promotes the innovation of the enterprise; the external pay dispersion of the executives inhibits the innovation of the enterprise; the external pay dispersion of the executives enhances the positive effect of the internal executive pay dispersion on the innovation of the enterprise. Further, it is found that compared with non-state-owned enterprises, the internal pay dispersion of state-owned enterprises has a smaller role in promoting the innovation of the enterprise, and the external pay dispersion of executives has a smaller inhibitory effect on the innovation of the enterprise. Executive power enhances the positive effect of the internal pay dispersion on the innovation of the enterprise, and also strengthens the inhibitory effect of the external pay dispersion on the innovation of the enterprise. The above research findings reveal the intrinsic relationship between executive compensation incentive policies and corporate innovation, and provide a theoretical reference for companies to establish efficient incentive mechanisms and promote corporate innovation and development.
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Bianchi, Milo, and Philippe Jehiel. "Bundlers' dilemmas in financial markets with sampling investors." Theoretical Economics 15, no. 2 (2020): 545–82. http://dx.doi.org/10.3982/te3726.
Повний текст джерелаАнотація:
We study banks' incentive to pool assets of heterogeneous quality when investors evaluate pools by extrapolating from limited sampling. Pooling assets of heterogeneous quality induces dispersion in investors' valuations without affecting their average. Prices are determined by market clearing assuming that investors can neither borrow nor short‐sell. A monopolistic bank has the incentive to create heterogeneous bundles only when investors have enough money. When the number of banks is sufficiently large, oligopolistic banks choose extremely heterogeneous bundles, even when investors have little money and even if this turns out to be collectively detrimental to the banks. If, in addition, banks can originate low quality assets, even at a cost, this collective inefficiency is exacerbated and pure welfare losses arise. Robustness to the presence of rational investors and to the possibility of short‐selling is discussed.
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Paczos, Wojtek. "Optimal inflation, monetary integration, and asymmetric sticky prices." Oxford Economic Papers 72, no. 3 (May 15, 2020): 710–30. http://dx.doi.org/10.1093/oep/gpaa008.
Повний текст джерелаАнотація:
Abstract This article explores the optimal rate of trend inflation in open economies with and without a monetary union, accounting for empirically observed differences in the degree of price stickiness across countries. In a closed economy, the optimal inflation rate is negative to offset the markup caused by imperfect competition. In an open economy there is a ‘beggar-thy-neighbour’ incentive and the optimal inflation is positive. Monetary union is globally welfare improving because it removes this externality. In both setups, as price stickiness increases, the degree of price dispersion increases, and the optimal inflation rate tends towards zero. Gains from monetary integration are higher for economies with more flexible prices.
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Żuchowski, Ireneusz, EWA BECK-KRALA, and BEATA KLAJA-GAWEŁ. "MODIFICATIONS IN COMPENSATION PRACTICES IN ORGANIZATIONS REPRESENTING VARIOUS SECTORS IN POLAND." sj-economics scientific journal 27, no. 4 (December 30, 2017): 169–83. http://dx.doi.org/10.58246/sjeconomics.v27i4.95.
Повний текст джерелаАнотація:
The aim of this study was to investigate the main changes that occurred in compensationpractices in organizations representing various sectors in Poland in the last decade. Due to thetransformation, there has been a fundamental change in compensation policies and practices appliedin organizations in Poland. Based on the literature review and the empirical data, the authors explorecompensation practices in Polish organizations prior to transformation and after the fall of the statesocialistregime, as well as after EU integration. The changes concern development of compensationstrategies, increase in salary dispersion, modification of inefficient incentive programs, andsimplification of the internal structure of compensation, which reduces the number of social welfarebenefits. Nonetheless, the most significant transformation concerned compensation took place inemployer and employee mentality.
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Bloom, Nicholas, Erik Brynjolfsson, Lucia Foster, Ron Jarmin, Megha Patnaik, Itay Saporta-Eksten, and John Van Reenen. "What Drives Differences in Management Practices?" American Economic Review 109, no. 5 (May 1, 2019): 1648–83. http://dx.doi.org/10.1257/aer.20170491.
Повний текст джерелаАнотація:
Partnering with the US Census Bureau, we implement a new survey of “structured” management practices in two waves of 35,000 manufacturing plants in 2010 and 2015. We find an enormous dispersion of management practices across plants, with 40 percent of this variation across plants within the same firm. Management practices account for more than 20 percent of the variation in productivity, a similar, or greater, percentage as that accounted for by R&D, ICT, or human capital. We find evidence of two key drivers to improve management. The business environment, as measured by right-to-work laws, boosts incentive management practices. Learning spillovers, as measured by the arrival of large “Million Dollar Plants” in the county, increases the management scores of incumbents. (JEL D22, D24, L25, L60, M11, M50)
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Kang, Tony, Gopal V. Krishnan, Michael C. Wolfe, and Han S. Yi. "The Impact of Eliminating the 20-F Reconciliation Requirement for IFRS Filers on Earnings Persistence and Information Uncertainty." Accounting Horizons 26, no. 4 (December 1, 2012): 741–65. http://dx.doi.org/10.2308/acch-50250.
Повний текст джерелаАнотація:
SYNOPSIS: On November 15, 2007, the U.S. Securities and Exchange Commission (SEC) eliminated the requirement that foreign private issuers reporting under International Financial Reporting Standards (IFRS) include a reconciliation to U.S. GAAP in their 20-F filing. To the extent that the reconciliations had information content, it is possible that the information environment of IFRS filers deteriorated in the post-reconciliation period, unless they voluntarily improved disclosure quality. Using difference-in-differences tests, we examine whether there was any change in the persistence of earnings and analyst forecast dispersion after the new regulation. We find that earnings persistence increased (did not increase) and analyst uncertainty measured by the forecast dispersion did not increase (increased) for firms domiciled in weaker (stronger) investor protection countries. These results suggest that firms from a weaker investor protection environment had a greater incentive to “signal” the quality by voluntarily improving the disclosure quality in the post-reconciliation period to compensate for any possible information loss from no longer providing the reconciliation. Our findings also suggest that the elimination of the reconciliation requirement did not have a uniform effect on IFRS filers and that the effect varies with the firm's home country reporting environment. JEL Classifications: M41
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Halvorsen, Rune, Bjørn Hvinden, and Mi Ah Schoyen. "The Nordic Welfare Model in the Twenty-First Century: The Bumble-Bee Still Flies!" Social Policy and Society 15, no. 1 (April 8, 2015): 57–73. http://dx.doi.org/10.1017/s1474746415000135.
Повний текст джерелаАнотація:
The Nordic countries are admired for high employment, low levels of poverty and inequality, encompassing welfare states, and peaceful industrial relations. Yet the model is criticised for hampering the employment opportunities of vulnerable groups. The literature identifies several potential mechanisms of exclusion. Compressed wage structures may make employers reluctant to hire certain workers for fear that their productivity is too low to justify the cost. Second, generous benefits lower individuals’ incentive to work. Third, businesses increasingly specialise in high-skill activities. We explore these arguments comparatively by considering the employment chances of two vulnerable groups: disabled persons and migrants. The Nordic countries are compared with other rich democracies that take different approaches to social protection and wage dispersion. The Nordic countries do not perform systematically worse than other ‘varieties of capitalism’. In line with recent research, we also find that there is considerable intra-Nordic variation, which calls for further study.
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Gong, Hyunsik, Jina Kang, and Juil Lee. "Exploring Firm Heterogeneous Effects of Problemistic Search: The Moderating Effects of Top Management Team Pay Dispersion and Long-Term Incentive Plan." korean management review 50, no. 4 (August 31, 2021): 1129–57. http://dx.doi.org/10.17287/kmr.2021.50.4.1129.
Повний текст джерела
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Li, Bo, Weichao Ou, Tingwei Chen, Gaoming Li, Yuanrui Chen, and Junfeng Liu. "Approach to Multi-Timescale Optimization for Distributed Energy Resources Clusters Considering Flexibility Margin." Energies 16, no. 1 (December 27, 2022): 308. http://dx.doi.org/10.3390/en16010308.
Повний текст джерелаАнотація:
The disordered access of massively distributed energy resources (DERs) brings great challenges to the operation stability of the power grid. This paper puts forward the concept of a cluster, which gathers DERs in large quantities, small capacities, dispersion and disorder to form a large, centralized and orderly whole, namely cluster, with certain incentive measures. In this paper, a multi-timescale optimization method of day-ahead planning and intra-day rolling optimization is proposed according to the characteristics of aggregated clusters and the requirements of China’s power grid architecture. Specifically, the day ahead model is proposed in two steps: the first step is to establish an optimization model with the goal of optimal fitting the target load curve and maximizing the utilization of DERs; The second step is to establish a potential game model considering the reasonable distribution of cluster benefits. Taking the minimum percentage of output correction of each cluster as the objective, considering the deviation of load forecasting and the deviation of day ahead instruction execution, an intra-day rolling optimization model is established. Finally, the application scenario of cluster participation in power grid auxiliary peak shaving is simulated and verified. The simulation results show that the cluster collaborative optimization method proposed in this paper can effectively reduce the load peak valley difference and maximize the use of cluster resources. The optimization tasks can be reasonably allocated while ensuring the stable and reliable operation of the power grid.
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Bai, Xiuguang, Tianwen Zhang, and Shujuan Tian. "Evaluating Fertilizer Use Efficiency and Spatial Correlation of Its Determinants in China: A Geographically Weighted Regression Approach." International Journal of Environmental Research and Public Health 17, no. 23 (November 27, 2020): 8830. http://dx.doi.org/10.3390/ijerph17238830.
Повний текст джерелаАнотація:
Improving fertilizer use efficiency (FUE) is an effective means to reduce fertilizer use and environmental contamination. Few studies have considered the spatial effects of FUE and its determinants. This paper calculated the FUE of agricultural production by adopting panel data on 31 provinces in China from 2007 to 2017 using a stochastic frontier method with a heteroscedastic inefficiency term, and discussed the spatial characteristics. Further, the geographical weighted regression model (GWR) was employed to examine the spatial impact of factors on FUE and revealed the spatial dispersion and agglomeration effect. The results show that averaged FUE in China was 0.722, and had a significantly decreasing trend with a significant regional difference and spatial positive correlation in different provinces. The non-agricultural employment ratio was the leading factor for increasing FUE, and its degree of influence showed a decreasing trend from eastern to western China. The different agricultural industry development modes, crop planting patterns adjustment, labor transfer, and policy incentive systems for increasing the non-agricultural employment ratio should be developed for different regions. Farmers’ income had a negative impact on FUE, but the influence degree decreased annually. Education level had a negative impact on FUE and was relatively weak, but the influence degree was increasing. This should strengthen the exploration of a scientific and practical technical training system for farmers on fertilizer use while improving educational levels in different regions on the basis of local characteristics. The impact of disasters on FUE depended on their severity, and a combined weather and disaster forecasting mechanism should be developed.
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Guchetl, S. Z., T. A. Chelyustnikova, and A. A. Averina. "Analysis of the structure of linseed flax varieties based on polymorphic microsatellite loci." Agricultural Science Euro-North-East 23, no. 2 (April 19, 2022): 184–93. http://dx.doi.org/10.30766/2072-9081.2022.23.2.184-193.
Повний текст джерелаАнотація:
High profitability of linseed flax production is an incentive for developing new varieties with high yield performance and for expansion of cultivation areas. The restricted genetic diversity of Linum usitatissimum L. due to selfpollination and of initial forms used by developing the new linseed flax varieties limits the efficiency of the breeding work. The purpose of the research was to determine the genetic structure of linseed flax varieties using a system of 10 microsatellite loci. Four varieties bred by the V. S. Pustovoit All-Russian Research Institute of Oil Crops were used as the research material. DNA was isolated by the CTAB method. Electrophoretic separation of amplicons was performed in 8 % polyacrylamide gel followed by ethidium bromide staining. The determination of the main indicators of genetic variability, analyzed molecular variance (AMOVA), the Wright F-statistics indicators, and the principal coordinates analysis (PCoA) was carried out using the GenAlEx 6.5 program. A total of 53 alleles have been identified. The main indicators of genetic diversity were calculated for each variety. According to statistical characteristics (Na, Ne, I, F), the variety Nilin is the source of the greatest genetic diversity. For all varieties, the ratio of expected heterozygosity (He) and observed heterozygosity (Ho) corresponds to inbred populations with a minimum proportion of random crossing. By the allelic state of the 10 SSR loci, the variety Snegurok belongs to the linear type, which corresponds to its origin. The genetic passport of this variety has been compiled according to these loci. According to the results of the analysis of molecular variance (AMOVA), 71 % of the total dispersion is due to genetic differences between the varieties, and 29 % is due to intra-varietal differences.
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Brunette, Victor. "Woodlot owner organizations in Québec adjusting to changes in primary products." Forestry Chronicle 70, no. 3 (June 1, 1994): 265–67. http://dx.doi.org/10.5558/tfc70265-3.
Повний текст джерелаАнотація:
In Quebec, where the resource based industry has prevailed for many decades, a good portion of history is based on forestry and agriculture. Farmers and woodlot owners have been involved with primary products marketing structures for more than 25 years. Forest policy development for non industrial private forests has evolved in different ways in neighbouring provinces but intrinsic problems related to forest management, forest harvesting and products marketing are quite similar for all woodlot owners.The area under small private ownership in Québec covers only 9 per cent of the productive forest land. These woodlots nonetheless supply each year about 18 per cent of the timber needed by the wood using industry. The revenue of wood sales, the financial value of forest management, the upkeep of 10,000 jobs and the purchase of goods and services contribute 400 million dollars to the provincial economy. The annual harvest on private woodlots yields a final processed value of more than 1.5 billion dollars of forest products.Private woodlots are located along major waterways, in the southern part of the province, where growing conditions are the most suitable to forest crops. The woodlot sector benefits from the availability of a qualified and motivated labour force, from a well-developed road network and other infrastructures. Forest cover is 60 per cent hardwoods and 40 per cent softwoods. Only 24 per cent of the growing stock is spruce, fir, and jack pine, species which have traditionally been in strong demand for the pulp and paper industry. (FPBQ, 1989).There are inherent disadvantages to private forestry in Quebec such as the great dispersion of the individual woodlots and the small area of each woodlot (107 hectares for active pulpwood producers; 60 hectares per owner). The development of these forests must also overcome other disadvantages including the great number of owners (120,000) and the fact that many of these owners sometimes lack information and incentive.
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Rickard, Stephanie J. "Electoral Systems, Voters’ Interests and Geographic Dispersion." British Journal of Political Science 42, no. 4 (April 2, 2012): 855–77. http://dx.doi.org/10.1017/s0007123412000087.
Повний текст джерелаАнотація:
There is general agreement that democratic institutions shape politicians’ incentives to cater to certain constituencies, but which electoral system causes politicians to be most responsive to narrow interests is still debateable. Some argue that plurality electoral rules provide the greatest incentives for politicians to cater to the interests of a few; others say proportional systems prompt politicians to be relatively more prone to narrow interests. This study suggests that both positions can be correct under different conditions. Politicians competing in plurality systems privilege voters with a shared narrow interest when such voters are geographically concentrated, but when they are geographically diffuse, such voters have greater political influence in proportional electoral systems. Government spending on subsidies in fourteen developed countries provides empirical support for this argument.
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Byun, Sanghyuk, Youngjoo Lee, and Ohjin Kwon. "The Effect Of Abnormal Pay Dispersion On Earnings Management." Journal of Applied Business Research (JABR) 32, no. 2 (March 1, 2016): 687. http://dx.doi.org/10.19030/jabr.v32i2.9604.
Повний текст джерелаАнотація:
This study examines the effect of the abnormal pay dispersion on earnings management. Prior studies find that pay dispersion among top executives affect firm performance and executive turnover. We expect that abnormal pay dispersion among top executives affects financial reporting practice as well as firm performance and turnover and provide evidence of positive association between abnormal pay dispersion and earnings management. This result suggests that executives are more likely to be engaged in earnings management to increase their compensation when they feel unfairness from the relative level of compensation. This finding helps financial statement users interpret firm performance and anticipate future outcomes by implying that additional managerial incentives for financial reporting are derived from internal pay dispersion. Our finding that abnormal pay dispersion leads to higher agency costs should also be of interest to shareholders.
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Shaw, Jason D., Nina Gupta, and John E. Delery. "Pay dispersion and workforce performance: moderating effects of incentives and interdependence." Strategic Management Journal 23, no. 6 (2002): 491–512. http://dx.doi.org/10.1002/smj.235.
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Campbell, Dennis, Srikant M. Datar, and Tatiana Sandino. "Organizational Design and Control across Multiple Markets: The Case of Franchising in the Convenience Store Industry." Accounting Review 84, no. 6 (November 1, 2009): 1749–79. http://dx.doi.org/10.2308/accr.2009.84.6.1749.
Повний текст джерелаАнотація:
ABSTRACT: Many companies operate units that are dispersed across different types of markets, serving significantly divergent customer bases. Such dispersion is likely to compromise headquarters' ability to control local managers' behavior and satisfy the needs of different customer types. In this study we find that market-type dispersion is an important determinant of the delegation of decision rights and the provision of incentives. Using a sample of convenience store chains, we show that market-type dispersion is positively associated with the degree of franchising at the chain level as well as the probability of franchising a given store within a chain. Our results are robust to alternative definitions of market-type dispersion and to other determinants of franchising such as the stores' geographic dispersion. Additional analyses suggest that chains that do not franchise cope with market-type dispersion by decentralizing operations from headquarters to their stores and providing their store managers higher variable pay.
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Suárez Armas, Sucel, Marta Cañizares Hernández, and William Carvajal Veitía. "Actitudes y creencias de deportistas cubanos de alto rendimiento sobre el dopaje." Cuadernos de Psicología del Deporte 22, no. 2 (April 10, 2022): 136–55. http://dx.doi.org/10.6018/cpd.485361.
Повний текст джерелаАнотація:
The present non- experimental and descriptive research aims to determine the main beliefs and attitudes in high-performance Cuban athletes regarding doping. This purpose directly contributes to anti-doping education considered one of the priorities of the sports system in the country. The fact that there are few records of studies of this nature in high performance was an incentive to carry it out. A sample of 300 athletes belonging to national teams of 37 sports was taken, to which the instrument Scale of attitudes and beliefs about doping was applied (Suarez and Ordoqui, 2019). The corresponding analyzes of the data obtained were carried out using the methods of descriptive statistics such as the empirical distribution of frequencies, as well as double-entry contingency tables, the means as a measure of central tendency and the standard deviation as a measure of dispersion. The KMO and Barlett tests were also used to validate the use of factor analysis and Pearson's Chi-square test. It was possible to verify in more than 50% of the sample, the presence of correct beliefs regarding the subject, as well as attitudes of rejection of athletes towards the consumption of doping substances, in addition to highlighting the influence of ethical values, which stand out as an element conducive to the non-use of doping. In the same way, the factors that athletes recognize as having the highest incidence in the appearance of behaviors of propensity towards doping were exposed, such as the inadequate handling of adverse emotional reactions, social influences and social commitment; which respond to the particularities of the Cuban sports context. La presente investigación no experimental y descriptiva tiene como intención determinar las principales creencias y actitudes en deportistas cubanos de alto rendimiento respecto al dopaje. Este propósito tributa de manera directa a la educación antidopaje considerada como una de las prioridades del sistema deportivo en el país. El hecho de que sean escasos los registros de estudios de esta naturaleza en el alto rendimiento, constituyó un incentivo para llevarlo a cabo. Se tomó una muestra de 300 deportistas pertenecientes a equipos nacionales de 37 deportes, a los que se le aplicó el instrumento Escala de actitudes y creencias sobre dopaje (Suárez y Ordoqui, 2019). Se realizaron los correspondientes análisis de los datos obtenidos mediante métodos propios de la estadística descriptiva como la distribución empírica de frecuencias, así como tablas de contingencia de doble entrada, la medias como medida de tendencia central y la desviación estándar como medida de dispersión. Se emplearon además la prueba KMO y Barlett para validar el uso del análisis factorial y la prueba Chi cuadrado de Pearson. Se obtuvieron para determinar diferencias significativas entre los grupos de deportes, edad y sexo, así como el análisis de contenido de las respuestas emitidas. Se pudo comprobar en más del 50% de la muestra, la presencia de creencias (…) y actitudes de rechazo de los deportistas hacia el consumo de sustancias dopantes, además de resaltar la influencia de los valores éticos, los cuales destacan como elemento conducente a la no utilización de doping. De igual manera quedaron expuestos los factores que los deportistas reconocen como los de mayor incidencia en la aparición de conductas de propensión hacia el dopaje, como el manejo inadecuado de reacciones emocionales adversas, las influencias sociales y el compromiso social; los cuales responden a las particularidades del contexto deportivo cubano. A presente pesquisa não experimental e descritiva tem como objetivo decidir as principais crenças e atitudes de atletas cubanos de alto desempenho em relação ao doping. Essa finalidade contribui diretamente para a educação antidopagem considerado uma das prioridades do sistema esportivo do país. O fato de haver poucos registros de estudos dessa natureza em alto desempenho foi um incentivo para sua realização. Foi retirada uma amostra de 300 atletas pertencentes a seleções nacionais de 37 modalidades esportivas, às quais foi aplicado o instrumento Escala de atitudes e crenças sobre doping (Suárez e Ordoqui, 2019). As correspondentes análises dos dados obtidos foram realizadas utilizando os métodos de estatística descritiva como a distribuição empírica de frequências, bem como tabelas de contingência de dupla entrada, a média como medida de tendência central e o desvio padrão como medida de dispersão. Os testes KMO e Barlett também foram usados para validar o uso da análise fatorial e do teste Qui-quadrado de Pearson.. Foi possível verificar em mais de 50% da amostra, a presença de crenças corretas a respeito do assunto, bem como atitudes de rejeição dos atletas ao consumo de substâncias dopantes, além de exposição a influência dos valores éticos, os quais se posicionam como elemento propício à não utilização de dopagem. Da mesma forma, foram expostos os fatores que os atletas reconhecem como de maior incidência no surgimento de comportamentos de propensão ao doping, como o manejo inadequado de reações emocionais adversas, influências sociais e compromisso social; que respondem às particularidades do contexto esportivo cubano.
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Coibion, Olivier, Yuriy Gorodnichenko, and Saten Kumar. "How Do Firms Form Their Expectations? New Survey Evidence." American Economic Review 108, no. 9 (September 1, 2018): 2671–713. http://dx.doi.org/10.1257/aer.20151299.
Повний текст джерелаАнотація:
We survey New Zealand firms and document novel facts about their macroeconomic beliefs. There is widespread dispersion in beliefs about past and future macroeconomic conditions, especially inflation. This dispersion in beliefs is consistent with firms’ incentives to collect and process information. Using experimental methods, we find that firms update their beliefs in a Bayesian manner when presented with new information about the economy and that changes in their beliefs affect their decisions. Inflation is not generally perceived as being important to business decisions so firms devote few resources to collecting and processing information about inflation. (JEL D22, D83, D84, E31, E52)
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Walls, W. David. "Energy Policy and Energy Price Dispersion: Methods and Application to U.S. Data." Energy Exploration & Exploitation 16, no. 5 (October 1998): 443–51. http://dx.doi.org/10.1177/014459879801600503.
Повний текст джерелаАнотація:
Energy policy is increasingly aimed at achieving an efficient allocation of energy resources across alternative uses through the design and implementation of market-based incentives. According to the economists’ ‘law of one price,’ an efficient allocation is one that reduces spatial price dispersion to that which is consistent with transportation and transaction costs. Using data from the U.S. Energy Information Administration's State Energy Price and Expenditure Report, this paper examines the dispersion of U.S. energy prices for the period 1970–1993 using a variety of metrics. It is found that prices for electric utility inputs have converged. Dispersion for other energy products has increased, not due to rising energy prices, but primarily because energy prices are falling faster in regions with below-average pries than in regions with above-average prices. The current increased level of price dispersion appears to be a transient effect in the transition from a regulated sector to one based on free market principles.
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Frick, Mira, Ryota Iijima, and Yuhta Ishii. "Dispersed Behavior and Perceptions in Assortative Societies." American Economic Review 112, no. 9 (September 1, 2022): 3063–105. http://dx.doi.org/10.1257/aer.20190486.
Повний текст джерелаАнотація:
We formulate a model of social interactions and misinferences by agents who neglect assortativity in their society, mistakenly believing that they interact with a representative sample of the population. A key component of our approach is the interplay between this bias and agents’ strategic incentives. We highlight a mechanism through which assortativity neglect, combined with strategic complementarities in agents’ behavior, drives up action dispersion in society (e.g., socioeconomic disparities in education investment). We also suggest that the combination of assortativity neglect and strategic incentives may be relevant in understanding empirically documented misperceptions of income inequality and political attitude polarization. (JEL C78, D11, D31, D72, D82, D91)
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McGILLIVRAY, FIONA. "Redistributive Politics and Stock Price Dispersion." British Journal of Political Science 33, no. 3 (July 2003): 367–95. http://dx.doi.org/10.1017/s0007123403000176.
Повний текст джерелаАнотація:
Cross-sectional time-series data from fourteen stock markets, from 1973 to 1996, are used to study how political institutions compare in affecting party governments' incentives to enrich one group of industries at the expense of another. Using measures of cross-sectoral variance of price changes within stock markets as a proxy for change in redistributive policy, I show that political change is important in both proportional representation (PR) and majoritarian systems. As parties shift in and out of government, trade and industrial policy is redistributed to favour the parties' industrial supporters. Such changes in policy increase the cross-sectoral dispersion in price changes, with newly advantaged industries seeing their stock increase, while the price of those losing favourable policy declines. The temporal impact of redistribution differs across electoral systems, with the impact of political change being more immediate in majoritarian systems and the effect being more diffuse in PR systems. Majoritarian systems are also more responsive to economic shocks, while changes in economic conditions have few discernable effects on the dispersion of stock prices in PR countries. PR systems, however, experience overall higher levels of dispersion. I contrast these results with the dominant extant arguments of radical policy shifts in majoritarian systems and policy stability in PR systems.
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Boyle, Glenn. "Do Financial Incentives Affect The Quality Of Expert Performance? Evidence From The Racetrack." Journal of Gambling Business and Economics 2, no. 2 (January 2, 2013): 43–60. http://dx.doi.org/10.5750/jgbe.v2i2.530.
Повний текст джерелаАнотація:
Does the quality of performance by experts respond to financial incentives? I provide some new evidence on this question by examining the propensity of racehorse trainers to undertake effort-diverting actions. In a sample of 30426 horse races, I find that lower race stakes are strongly associated with more unexpected outcomes, consistent with more trainers exerting less-than-full effort in such races. These results continue to hold when low-information races are excluded from the sample, thereby ruling out the possibility that stake is simply a proxy for the level of information that is available to bettors. Moreover, in a sub-sample of 4416 races for which final odds data are available, the dispersion in odds is positively related to race stake, consistent with rational bettors recognising the incentives faced by trainers and incorporating this insight in their investments. As a group, horse trainers apparently tailor the quality of their services to the potential size of their remuneration from clients.
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Barnett, Alina, Ben Broadbent, Adrian Chiu, Jeremy Franklin, and Helen Miller. "Impaired Capital Reallocation and Productivity." National Institute Economic Review 228 (May 2014): R35—R48. http://dx.doi.org/10.1177/002795011422800104.
Повний текст джерелаАнотація:
The level of private sector labour productivity has been particularly weak since the start of the crisis. In this paper we explore whether impairment to capital reallocation has been contributing to this weakness. The recent increase in the dispersion of output, prices and rates of return across firms and sectors is stark, and suggests that resources have had incentives to move. Efficient allocation requires that capital moves to firms and sectors where rates of return are relatively high. And the change in capital levels across sectors has been particularly low, suggesting there has been an unusually slow process of capital reallocation since 2008 compared to previous UK recessions and other banking crises. This result is also apparent within sectors. We use a simple and general model to show that increased price dispersion can be a consequence of frictions to efficient capital allocation. And the size of this dispersion can usefully inform us about the size of the associated output and productivity loss. We then find that – using firm level data – the relationship between rates of return and subsequent capital movements has changed since the financial crisis. Overall, our results suggest that impaired capital reallocation across the UK economy is likely to have been one factor contributing to the recent weakness in productivity growth.
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Shin, Jae Eun, Seung-Weon Yoo, and Gun Lee. "The Effects of Blockholder Dispersion on the Informativeness of Earnings: Evidence from Korea." Sustainability 12, no. 22 (November 10, 2020): 9328. http://dx.doi.org/10.3390/su12229328.
Повний текст джерелаАнотація:
This paper studies the relationship between blockholder dispersion and the informativeness of earnings using a sample of Korean companies. Investors prefer less volatile and more sustainable earnings and managers have incentives to manage earnings to meet investor demand. We show evidence that firms with dispersed ownership, which are likely to suffer from high levels of information asymmetry, smooth earnings in order to relieve investors’ concerns regarding information asymmetry. Furthermore, our regression analyses on the relation between returns and future earnings reveal that earnings smoothing conducted by firms with dispersed ownership leads to higher informativeness of earnings. This study provides important implications for various financial statement users in interpreting firms’ earnings sustainability, especially in the East Asian countries where a wide spectrum of ownership concentration structure exists.
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Fay, John, and Umesh Kumar. "Market-based incentives in developing countries: geographical dispersion, antecedents and implications of the Clean Development Mechanism." Climate and Development 9, no. 2 (April 26, 2016): 164–77. http://dx.doi.org/10.1080/17565529.2016.1145097.
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Wang, Jundong (Jeff). "Does analyst forecast dispersion represent investors’ perceived uncertainty toward earnings?" Review of Accounting and Finance 19, no. 3 (April 20, 2020): 289–312. http://dx.doi.org/10.1108/raf-10-2018-0224.
Повний текст джерелаАнотація:
Purpose This paper aims to investigate the association between analyst forecast dispersion and investors’ perceived uncertainty toward earnings. Design/methodology/approach A new measure for investors’ expectations of earnings announcement uncertainty is constructed, using changes in implied volatility of option contracts prior to earnings announcements. Unlike other proxies of uncertainty, this measure isolates the incremental uncertainty regarding the upcoming earnings announcement and is a forward-looking measure. Findings Using this new proxy, this paper finds a significant negative correlation between analyst forecast dispersion and investors’ uncertainty regarding the upcoming earnings announcements. Further tests show that this negative correlation is driven by analysts’ private information acquisition rather than analysts; uncertainty toward upcoming earnings announcements. Additional cross-sectional tests show that this negative relationship is more pronounced in the subsample with lower earnings quality. Social implications This paper helps to further the understanding of the information content of analyst forecast dispersion, particularly the ways in which they gather and produce private information and their incentives for so doing. Originality/value This paper introduces a new market-based and forward-looking proxy of earnings announcement uncertainty that should be useful in future research. This paper also provides original empirical evidence that analysts gather and produce an additional private information to the market when facing noisy signals and that their information reduces investors’ uncertainty toward upcoming earnings announcements.
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Yanadori, Yoshio, and Victor Cui. "Creating incentives for innovation? The relationship between pay dispersion in R&D groups and firm innovation performance." Strategic Management Journal 34, no. 12 (March 28, 2013): 1502–11. http://dx.doi.org/10.1002/smj.2071.
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Bebchuk, Lucian A., Alma Cohen, and Scott Hirst. "The Agency Problems of Institutional Investors." Journal of Economic Perspectives 31, no. 3 (August 1, 2017): 89–112. http://dx.doi.org/10.1257/jep.31.3.89.
Повний текст джерелаАнотація:
Financial economics and corporate governance have long focused on the agency problems between corporate managers and shareholders that result from the dispersion of ownership in large publicly traded corporations. In this paper, we focus on how the rise of institutional investors over the past several decades has transformed the corporate landscape and, in turn, the governance problems of the modern corporation. The rise of institutional investors has led to increased concentration of equity ownership, with most public corporations now having a substantial proportion of their shares held by a small number of institutional investors. At the same time, these institutions are controlled by investment managers, which have their own agency problems vis-à-vis their own beneficial investors. We develop an analytical framework for understanding the agency problems of institutional investors, and apply it to examine the agency problems and behavior of several key types of investment managers, including those that manage mutual funds—both index funds and actively managed funds—and activist hedge funds. We show that index funds have especially poor incentives to engage in stewardship activities that could improve governance and increase value. Activist hedge funds have substantially better incentives than managers of index funds or active mutual funds. While their activities may partially compensate, we show that they do not provide a complete solution for the agency problems of other institutional investors.
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Lewis, Michael. "Individual Team Incentives and Managing Competitive Balance in Sports Leagues: An Empirical Analysis of Major League Baseball." Journal of Marketing Research 45, no. 5 (October 2008): 535–49. http://dx.doi.org/10.1509/jmkr.45.5.535.
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Major League Baseball and other professional sports leagues have long been concerned with competitive imbalances caused by differences in local revenues. The fear is that in the absence of salary caps or other regulatory mechanisms, smaller-market teams will be unable to remain competitive. This research uses a structural dynamic programming model to analyze ownership's payroll investment decisions. This model estimates the relationship between optimal payrolls and local-market populations and the influence of long-term customer equity dynamics on payroll investments. In addition, the author analyzes the impact of a recent policy intervention that implemented revenue transfers from high-local-revenue markets to low-local-revenue markets. The statistical results indicate that market population has a significant impact on the value of a team's payroll investments. For example, optimal payrolls double as the population increases from 2.5 million to 7.5 million. Furthermore, rather than improving competitive balance, the adoption of revenue sharing has decreased the incentives for small-market teams to remain competitive. The author uses the estimation results to evaluate alternative approaches to managing competitive balance. Specifically, the results suggest that basing revenue-sharing payments on local-market population and (higher) attendance rates reduces payroll dispersion.
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Ahmad, Zaker. "A Trade Policy Agenda for the Diffusion of Low-Carbon Technologies." Journal of World Trade 54, Issue 5 (September 1, 2020): 773–90. http://dx.doi.org/10.54648/trad2020033.
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This article proposes that the function of trade rules with respect to low-carbon technology diffusion should be to address the identified market-related barriers preventing cross-border dispersion of the necessary technologies. By doing so, it seeks to expand the discussion in the WTO regarding trade, technology transfer, and climate change beyond the traditional confines of intellectual property issues. To that effect, it outlines a new framework against the normative background of Common Concern of Humankind, an emerging legal doctrine. This is further followed by highlighting the key areas of action, which includes - market access reform to reduce costs, process and production measures (PPMs) to increase demand for clean technologies, and making rational and appropriate incentives available domestically and also for exports. Trade and Climate, Low-carbon technology diffusion, Transfer of technology, Market failure, Technology market reform, Common concern of humankind
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Sandvik, Jason J., Richard E. Saouma, Nathan T. Seegert, and Christopher T. Stanton. "Workplace Knowledge Flows*." Quarterly Journal of Economics 135, no. 3 (April 17, 2020): 1635–80. http://dx.doi.org/10.1093/qje/qjaa013.
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Abstract We conducted a field experiment in a sales firm to test whether improving knowledge flows between coworkers affects productivity. Our design allows us to compare different management practices and isolate whether frictions to knowledge transmission primarily reside with knowledge seekers, knowledge providers, or both. We find large productivity gains from treatments that reduced frictions for knowledge seekers. Workers who were encouraged to seek advice from a randomly chosen partner during structured meetings had average sales gains exceeding 15%. These effects lasted at least 20 weeks after the experiment ended. Treatments intended to change knowledge providers’ willingness to share information, in the form of incentives tied to partners’ joint output, led to positive—but transitory—sales gains. Directing coworkers to share knowledge raised average productivity and reduced output dispersion between workers, highlighting the role that management practices play in generating spillovers inside the firm.
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Boxall, Peter, and Jonathan Winterton. "Which conditions foster high-involvement work processes? A synthesis of the literature and agenda for research." Economic and Industrial Democracy 39, no. 1 (September 2, 2015): 27–47. http://dx.doi.org/10.1177/0143831x15599584.
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High-involvement models of working are associated with high levels of worker influence over the work process, identified through worker perceptions of their jobs and working environment. This article reviews what is known about the conditions that foster the adoption of such models. Drawing on studies of worker participation in management since the 1950s, the article seeks to understand what explains the dispersion of high-involvement work processes in the private sector. In terms of understanding the potential for worker involvement in decision-making, the article argues that it is important to analyse the way in which managers develop production systems in firms. A range of conditions in manufacturing and in services are then discussed. While economic incentives are critical, the ongoing existence of societal differences, including a pronounced ‘Nordic effect’, suggests that economically unattractive environments do not necessarily lack opportunities to enhance worker well-being through greater involvement.
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Luzzetti, Matthew N., and Seth Neumuller. "THE IMPACT OF LEARNING ON BUSINESS CYCLE FLUCTUATIONS IN THE CONSUMER UNSECURED CREDIT MARKET." Macroeconomic Dynamics 24, no. 5 (November 23, 2018): 1087–123. http://dx.doi.org/10.1017/s1365100518000676.
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We document that the credit spread on consumer unsecured debt exhibits a persistent, hump-shaped response to an increase in the charge-off rate. This stylized fact poses a significant challenge for a standard model of consumer default in which lenders have rational expectations and, therefore, the credit spread continuously adjusts to reflect the true default incentives of each borrower. In an effort to explain this feature of the data, we construct a model of consumer default with countercyclical income risk in which lenders learn about default risk over time by observing the history of repayment decisions, as is the case in practice. In addition to matching credit spread dynamics, allowing lenders to learn about default risk substantially improves the model’s ability to generate realistic business cycle fluctuations in the consumer unsecured credit market and match the cross-sectional distribution of unsecured debt and dispersion of interest rates observed in the data.
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Gómez Maturano, Ricardo, and Concepción Alvarado Rosas. "Physical-material fragmentation and gated communities in the metropolitan area of Queretaro-Mexico." Prospectiva, no. 21 (May 19, 2016): 57. http://dx.doi.org/10.25100/prts.v0i21.920.
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<p dir="ltr"><span>La fragmentación física-material es una de las categorías de análisis menos estudiada, el diseño urbano de los espacios no es una variable relevante en los estudios de los geógrafos y los sociólogos, únicamente aparece como el escenario donde transcurre la fragmentación urbana. En consecuencia surge la pregunta ¿Cómo las urbanizaciones cerradas generan la fragmentación urbana física-material? Esto pregunta se puede responder por medio del análisis del sistema de objetos que han surgido en la ciudad contemporánea. Esto parte del supuesto que los nuevos objetos renuevan el sistema local de relaciones y redefinen el medio que les abriga.</span></p><p dir="ltr"><span>Este análisis se basa así en el estudio de los sistemas de objetos denominados urbanizaciones cerradas en la Zona Metropolitana de Querétaro en México. En este sentido, una de las aportaciones de la investigación fue determinar las cualidades de las urbanizaciones cerradas que generan la fragmentación urbana. Primero, el grado de autonomía que incentiva el espacio, es decir, la condición de estas edificaciones para no depender de su entorno urbano; segundo, el grado de división que incentiva este espacio, referida a la condición de éstas para separarse de su entorno urbano contiguo; y tercero, el grado de dispersión de la urbanización cerrada, entendida como la condición de separación y/o diseminación de ésta con la traza urbana.</span></p>
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Snarski, Sławomir Jerzy. "Supervision of the district governor over forest management in forests not owned by the State Treasury in Poland." Acta Scientiarum Polonorum Administratio Locorum 21, no. 2 (May 18, 2022): 231–40. http://dx.doi.org/10.31648/aspal.7149.
Повний текст джерелаАнотація:
Motives: Due to the gradual increase in the area of privately owned forests in Poland, the system of supervision of forest management requires strengthening. Aim: The purpose of this paper is to present selected problems related to the functioning of the forest management supervision system in forests not owned by the State Treasury in Poland. Results: The significant fragmentation of privately owned forest plots and their dispersion require incentives from the state administration to create entities associating their owners and fuse forest land into larger complexes. The measures taken could consist in ensuring the possibility of such entities applying for co-financing of forest management from European Union funds or the state budget. The result of such an approach would be to increase the forest area in Poland and to facilitate the necessary tree breeding and protection works in forests not owned by the State Treasury. However, this cannot be achieved without the necessary legislative changes and parallel measures to increase the knowledge on how to conduct sustainable forest management among private forest owners.
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Nicolai Martínez, Arturo. "Vivienda en abandono. Análisis socio espacial de la vivienda abandonada en México." Territorios en formación, no. 12 (December 19, 2017): 41. http://dx.doi.org/10.20868/tf.2017.12.3647.
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ResumenEn el año 2001, la política Estatal de vivienda en México se enfocó en colocar en el mercado inmobiliario miles de viviendas de interés social a muy bajo costo. El objetivo del programa fue incentivar la industria de la construcción del país mediante la promoción intensiva de vivienda social, cubriendo así el rezago habitacional existente y acelerando el desarrollo económico del país. El presente artículo tiene como objeto analizar y describir el fenómeno del abandono en la vivienda social en México y la relación entre la ubicación de las viviendas abandonadas, la dimensión edificada de la vivienda y el perfil socioeconómico de los propietarios. El artículo se centra en un estudio de caso que, en la primera parte, describe el contexto y problemática general que enfrenta la vivienda social en México y posteriormente, analiza la interrelación de las variables tomando los datos de los municipios de Tizayuca, Zumpango y Huehuetoca al norte de la zona metropolitana de la Ciudad de México. El trabajo concluye que las viviendas abandonadas no están relacionadas con su ubicación dentro de la ciudad, sin embargo, existe una relación trascendental entre el tamaño de la vivienda ofrecida y el porcentaje de abandono. Palabras clave Vivienda social; Periferia; Política pública; Dispersión urbana; Vivienda adosada AbstractIn the year 2001, the National Housing Policy in Mexico was focused in placed in the Real Estate market, thousands of low cost social row houses. The main objective of this program was to incentive the national construction industry with an intensive promotion of social housing, covering the actual lack of demand and accelerating the economic development of the country. This paper has the objective to analyze and describe the social housing abandon phenomenon in México and search the relation between the location of this houses, the dimension of the houses and the social economic profile of the owners. The paper is focused in a case of study that, in the first part, will describes the context of the Mexico’s housing policy main faced problem, and then, analyzed the data variable correlation in the municipalities of Tizayuca, Zumpango and Huehuetoca in the north arch of the Mexico City’s Metropolitan Area. This paper concludes that the abandon houses are not completely related with their location inside the urban contention buffers, however, it exists a transcendental relation between the offered house dimension and their abandon percentage. KeywordsSocial house; Suburbs; Public Policy; Urban Sprawl; Row Houses
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Khlif, Hichem, Khaled Samaha, and Islam Azzam. "Disclosure, ownership structure, earnings announcement lag and cost of equity capital in emerging markets." Journal of Applied Accounting Research 16, no. 1 (May 11, 2015): 28–57. http://dx.doi.org/10.1108/jaar-06-2012-0046.
Повний текст джерелаАнотація:
Purpose – The purpose of this paper is to examine the effect of voluntary disclosure, ownership structure attributes and timely disclosure on cost of equity capital in the emerging Egyptian capital market. Design/methodology/approach – A content analysis of annual reports is used to measure the extent of voluntary disclosure. Earnings announcement lag (EAL) is used to measure the quality of voluntary disclosure (i.e. timely disclosure). Finally, the Capital Asset Pricing Model (CAPM) framework is used to estimate cost of equity capital. Findings – The authors find a negative relationship between the level of voluntary disclosure and cost of equity capital. More specifically, the authors document that this association is strongly significant under high ownership dispersion, low government ownership and shorter EAL. Finally, EAL is positively associated with cost of equity capital. Research limitations/implications – The authors use the CAPM framework as a proxy for the cost of equity since forecasted earnings per share are not communicated by financial analysts in the Egyptian Stock Exchange. Practical implications – The findings demonstrate for managers that the increased levels of voluntary and timely disclosure reduce the cost of external finance and improve the marketability of firms’ equities, which may directly impact growth opportunities especially when information is communicated to investors in a timely fashion. For regulators, it provides evidence that high government ownership reduces the value relevance of voluntary disclosure among investors, while free float as a proxy for high ownership dispersion improves it. Originality/value – The findings show that corporate disclosure policy depends more on the managers’ incentives to provide informative annual reports than on standards and regulations. The study also represents a first attempt that demonstrates how ownership structure and timely disclosure influence the relationship between disclosure and cost of equity capital.
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Nekesa, Tabitha Brenda, and Jane Wanjira. "Employee Empowerment and Customer Service Delivery in Selected Small and Medium Size Restaurants in Nairobi City County, Kenya." International Journal of Business Management, Entrepreneurship and Innovation 2, no. 3 (October 7, 2020): 49–65. http://dx.doi.org/10.35942/jbmed.v2i3.134.
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In the global market today, competition between various providers of service is brutal and firms in the service industry continuously endeavor to create, manage and maintain healthy relationships with customers, to gain competitive advantage over the others. When services are inappropriately handled and coordinated, the outcome is wrong perception of service quality, client’s complaints, staff turnover, low sales and customer dissatisfaction. This study investigated the effect of employee empowerment on customer service delivery and the following specific objectives guided the study: to investigate the effect of training, leadership, employee involvement and incentives on customer service delivery. The study was guided by Resource based view theory, the SERVQUAL model and the Kanter’s theory of empowerment. Descriptive research design was adopted. This study targeted 50 full-service restaurants in Nairobi city. Six workers were then selected in the category of operational staff, supervisors and senior management. This formed a total population 740 respondents. The study adopted multistage sampling technique and obtained a sample of 216 respondents. The study used self- administered questionnaires as the major instrument for data collection. Pretesting the validity of the questionnaires a pilot study was done. Reliability of the questionnaire was evaluated using the Cronbach alpha test, which provided an acceptable threshold of 0.7. Descriptive statistics (in form of means, percentages & measures of dispersion) and analysis of inferential (multiple regressions) were applied to show the level of the association between the dependent and independent variables and the effect of the independent variables on dependent variables. The study findings were displayed in pie charts and frequency tables and a brief explanation provided for each. This study may be beneficial to employers in the hospitality industry who require an in depth knowledge on how to empower employees for better service delivery, entrepreneurs who may want to venture into restaurant business and academicians who may want to broaden their knowledge and understanding on employee empowerment. The study findings indicated a positive correlation R (coefficient of correlation) of 0.79 signifying that there was a strong relationship between employee empowerment and customer service delivery. The results indicated that there was a significant statistical relationship between the independent and the Customer service delivery, training R=0.082, leadership R= 0.054, employee involvement R=0.212 and incentives R=0.518. There was also a positive association between the dependent and independent variable of 0.792, the study therefore rejected the null hypotheses (H0) and accepted the alternate hypotheses (HA) ,that there is a significant relationship between Training, Leadership, Employee Involvement and Incentives as measures of Employee empowerment and Service delivery based on the correlational analysis and regression analysis results. The study concluded that it’s important for restaurants to consider training, leadership, providing attractive incentives and involving employees in decision making in order to create competitiveness in service delivery so as to achieve maximum customer satisfaction.
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Green, Clare, Michael Polmear, John Dunn, Nata Parnes, and John Scanaliato. "Care of low-income patients with sports injuries disincentivized by government reimbursement." Journal of Orthopaedic Business 1, no. 1 (June 1, 2021): 4–7. http://dx.doi.org/10.55576/job.v1i1.3.
Повний текст джерелаАнотація:
Objectives: The purpose of this study is to compare Medicaid reimbursement rates with regional Medicare reimbursement for 10 commonly performed orthopaedic sports medicine procedures. Design: Database review. Setting: State Medicaid physician fee schedules and national Medicare fee schedule. Intervention: Medicaid and Medicare reimbursement for meniscus debridement (medial or lateral), meniscus repair (medial or lateral), anterior cruciate ligament (ACL) reconstruction, posterior cruciate ligament (PCL) reconstruction, anterior labral (Bankart) repair, rotator cuff repair, biceps tenodesis, femoral osteochondroplasty, acetabular osteoplasty, and acetabular labral repair. Main outcome measurement: Overall Medicaid to Medicare reimbursement ratio, dollar difference between Medicaid and Medicare reimbursement, dollar difference between Medicaid and Medicare per relative value unit (RVU), dispersion of reimbursement rates. Results and conclusions: Significant discrepancies were found between Medicaid and Medicare reimbursement for all 10 procedures, with Medicaid reimbursing on average 65.15% of the Medicare rate. Medicaid reimbursement also exhibited substantial variation between individual state programs. Financial incentives matter and between these two government programs, orthopaedic surgeons are incentivized to provide care to elderly patients over poorer patients. Level of Evidence: IV; Economic Analysis Keywords: Medicaid; Medicare; Reimbursement; RVU; Variation (J Ortho Business 2021; 1:4-6)
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Ravina, Marco, Costanza Gamberini, Alessandro Casasso, and Deborah Panepinto. "Environmental and Health Impacts of Domestic Hot Water (DHW) Boilers in Urban Areas: A Case Study from Turin, NW Italy." International Journal of Environmental Research and Public Health 17, no. 2 (January 16, 2020): 595. http://dx.doi.org/10.3390/ijerph17020595.
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Domestic hot water heat pumps (DHW HPs) have spread fast in recent years in Europe and they now represent an interesting opportunity for implementing renewable energy sources in buildings with a centralized/district heating system, where DWH is generally produced by a gas boiler or an electric water heater. Replacing these appliances has several environmental benefits, including the removal of air pollution sources and the reduction of Green House Gasses (GHG) emissions. In this work, we present the techno-economic and environmental evaluation of implementing DHW HPs in Turin, where 66% of the DHW demand is covered by dedicated gas boilers. The impact of such boilers was assessed through numerical air dispersion modeling conducted with the software SPRAY (Aria Technologies, Paris, French). Results show that removing these sources would reduce yearly average concentrations of NOx up to 1.4 µg/m3, i.e., about 1% of monitored concentrations of NOx, with a benefit of 1.05 ÷ 15.15 M€/y of avoided health externalities. Replacing boilers with DHW HPs is always financially feasible with current incentives while, in their absence, it would be convenient for residential units with 3 cohabitants or more (51.22% of the total population), thanks to scale economies.
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Brunjes, Benjamin M. "Reducing risk and leveraging markets: The impact of financial structure on federal contractor performance." Journal of Strategic Contracting and Negotiation 4, no. 1-2 (March 2018): 6–29. http://dx.doi.org/10.1177/2055563619858613.
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This paper analyzes how financial controls, as established through the payment structure, are used and whether they influence federal contractor performance. These payment structures include variants on three primary types of contract: firm fixed-price, cost-reimbursement, and time-and-materials. Each of these payment structures creates different performance incentives for contractors, provides government contract managers with varying levels of information on contractor activities, and alters the dispersion of risk between the partners. The Federal Acquisition Regulation (FAR) prefers fixed-price contracts whenever possible, as they theoretically place the risk on the contractor, who is required to finish the work for the allocated price. Based on an analysis of nearly 25,000 federal definitive contracts that concluded between 2005 and 2014, findings indicate federal contracting officials tend to use payment structures in expected ways: to limit exposure to risk, leverage market forces, and reduce transaction costs when possible. Findings also show that there are important performance differences between contracts that use different financial structures, even when accounting for information asymmetries, asset specificity, and the complexity of the contracted work. Cost-reimbursement contracts are highly correlated with early contract termination.
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Heginbotham, Eric, and Richard J. Samuels. "Active Denial: Redesigning Japan's Response to China's Military Challenge." International Security 42, no. 04 (May 2018): 128–69. http://dx.doi.org/10.1162/isec_a_00313.
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The growth of Chinese military power poses significant challenges to Japan. China's military spending, which was half that of Japan's in 1996, is now three and a half times as large. Japan has taken a range of measures to buttress its military forces and loosen the restrictions on their operations, but much remains to be done. Most important, Tokyo needs to reexamine its strategy to maximize Japan's deterrent leverage. Of the three general approaches to conventional deterrence—punishment, forward defense, and denial—Japan's best option is to shift to a denial strategy. Such a strategy, built around a resilient force that can survive attack and attrite an encroaching adversary, can make the risks to a potential attacker unacceptably high. In Japan's case, such a strategy would leverage the inherent dangers that Beijing would face in contemplating a prolonged war against Japan and its U.S. ally. The strategy, updated to reflect the imperatives of air and maritime warfare in the precision strike era, would require a high level of dispersion and mobility and might therefore be labeled “active denial.” Adopting an active denial strategy would buttress Japan's defense and deterrent capability while reducing first-strike incentives and improving crisis stability.
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Mbugua, Rosemary Wanjiru Kagwanja, and Dr Mary Kamaara. "INFLUENCE OF RECRUITMENT AND SELECTION CRITERIA ON EMPLOYEE RETENTION IN THE INSURANCE INDUSTRY IN KENYA." Journal of Human Resource and Leadership 2, no. 7 (October 16, 2017): 17. http://dx.doi.org/10.47604/jhrl.484.
Повний текст джерелаАнотація:
Purpose: The important of employee retention cannot be overlooked since it has a direct implication on the overall performance and image of an organization. The purpose of this study was to explore the influence of recruitment and selection criteria on employee retention in the insurance industry in Kenya. The general objective of the study was to assess the influence of recruitment and selection criteria on employee retention. The independent variables under study were the catchment area, job specifications, employment incentives and individual attributes. The dependent variable was employee retention.
Methodology: The study adopted a descriptive research design. The target population consisted of 392 employees from the insurance industry in Kenya. Stratified random sampling was used to select a representative sample population of 194 respondents. The questionnaires attracted a response rate of 61%. The data collected from the questionnaires was analysed using descriptive and inferential statistics. Means as a measure of central tendency and standard deviations to measure dispersion were computed with the aid of the statistical Package for Social Sciences (SPSS) Version 22. The outcome from the quantitative analysis was presented in form of tables and graphs. Content analysis was undertaken on the qualitative data and the outcome presented in continuous prose. In performing the quantitative analysis, the descriptive statistics were captured using frequencies and percentages. Inferential statistics were used to establish the relationship between the independent and dependent variables through a multiple linear regression model. Analysis of Variance was used to establish the level of significance of the independent variables on the dependent variable. A normality test confirmed that the data was normally distributed.
Results: The study established that the catchment area, job specifications, employment incentives and individual attributes were all critical factors in influencing employee retention. The catchment area was found to contribute most to employee retention when internal candidates were selected for employment as priority as this was linked to career advancement. Individual attributes were found to have an insignificant positive effect on employee retention ratings.
Policy recommendation: The study recommended the need for less significant job specifications to be considered alongside the critical qualifications in an effort to attract and retain younger employees, and increased use of job referrals to source and recruit new employees. The study further recommended that employers should aim to make jobs more attractive to candidates by varying the financial and non-financial incentives.
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Akcigit, Ufuk, Douglas Hanley, and Stefanie Stantcheva. "Optimal Taxation and R&D Policies." Econometrica 90, no. 2 (2022): 645–84. http://dx.doi.org/10.3982/ecta15445.
Повний текст джерелаАнотація:
We study the optimal design of corporate taxation and R&D policies as a dynamic mechanism design problem with spillovers. Firms have heterogeneous research productivity, and that research productivity is private information. There are non‐internalized technological spillovers across firms, but the asymmetric information prevents the government from correcting them in the first best way. We highlight that key parameters for the optimal policies are (i) the relative complementarities between observable R&D investments, unobservable R&D inputs, and firm research productivity, (ii) the dispersion and persistence of firms' research productivities, and (iii) the magnitude of technological spillovers across firms. We estimate our model using firm‐level data matched to patent data and quantify the optimal policies. In the data, high research productivity firms get disproportionately higher returns to R&D investments than lower productivity firms. Very simple innovation policies, such as linear corporate taxes combined with a nonlinear R&D subsidy—which provides lower marginal subsidies at higher R&D levels—can do almost as well as the unrestricted optimal policies. Our formulas and theoretical and numerical methods are more broadly applicable to the provision of firm incentives in dynamic settings with asymmetric information and spillovers, and to firm taxation more generally.
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Sevillano, Cristián Arenas, Alby Aguilar Pesantes, Elizabeth Peña Carpio, Elia J. Martínez, and Xiomar Gómez. "Anaerobic Digestion for Producing Renewable Energy—The Evolution of This Technology in a New Uncertain Scenario." Entropy 23, no. 2 (January 25, 2021): 145. http://dx.doi.org/10.3390/e23020145.
Повний текст джерелаАнотація:
Anaerobic digestion is a well-known technology with wide application in the treatment of high-strength organic wastes. The economic feasibility of this type of installation is usually attained thanks to the availability of fiscal incentives. In this review, an analysis of the different factors associated with this biological treatment and a description of alternatives available in literature for increasing performance of the process were provided. The possible integration of this process into a biorefinery as a way for producing energy and chemical products from the conversion of wastes and biomass also analyzed. The future outlook of anaerobic digestion will be closely linked to circular economy principles. Therefore, this technology should be properly integrated into any production system where energy can be recovered from organics. Digestion can play a major role in any transformation process where by-products need further stabilization or it can be the central core of any waste treatment process, modifying the current scheme by a concatenation of several activities with the aim of increasing the efficiency of the conversion. Thus, current plants dedicated to the treatment of wastewaters, animal manures, or food wastes can become specialized centers for producing bio-energy and green chemicals. However, high installation costs, feedstock dispersion and market distortions were recognized as the main parameters negatively affecting these alternatives.
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Silva, Diogo, and António Cerqueira. "Does Investors’ Divergence of Opinion Affect Stock Mispricing?" ACRN Journal of Finance and Risk Perspectives 10, no. 1 (2021): 1–24. http://dx.doi.org/10.35944/jofrp.2021.10.1.001.
Повний текст джерелаАнотація:
The main purpose of this study is to address the association between investors’ divergence of opinion (DIVOP) and stock mispricing for UK firms listed in the London Stock Exchange Market. Previous research on this topic has provided mixed results. Some studies provide evidence consistent with the overpricing hypothesis, which indicates that DIVOP leads to overpricing because the market overweighs the most optimistic valuations, since optimistic investors can always buy a stock but pessimistic investors can only sell a stock if they already own it or need rely on short-selling, which has costs. Other studies support the underpricing hypothesis, which proposes that DIVOP works as a price risk factor that generates underpricing. We develop an empirical analysis that do not depend on the interpretation of abnormal future stock returns to assess contemporaneous mispricing. We use five explicit measures of mispricing. Also, to safeguard the development of a comprehensive study, we use three kinds of proxies of DIVOP, based on idiosyncratic volatility, dispersion in analysts’ forecasts and unexpected trading volume. The results show a positive significant association between DIVOP and stock mispricing on a yearly basis. This association is stronger for underpriced stocks, which is consistent with the underpricing hypothesis, and indicates that DIVOP signals risk. An implication of this study is that firms have incentives to provide high-quality and explicit information to limit DIVOP and avoid being underpriced.
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LÓPEZ-CASASANOVAS, GUILLEM. "Organizational innovations and health care decentralization: a perspective from Spain." Health Economics, Policy and Law 2, no. 2 (April 2007): 223–32. http://dx.doi.org/10.1017/s1744133107004070.
Повний текст джерелаАнотація:
Abstract:Recent policy developments in public health care systems lead to a greater diversity in health care. Decentralization, either geographically or at an institutional level, is the key force, because it encourages innovation and local initiatives in health care provision. The devolution of responsibilities allows for a sort of ‘deconstruction’ of the status quo by changing both organizational forms and service provision. The new organizations enjoy greater freedom in the way they pay their staff, and are judged according to the results. These organizations may retain financial surpluses, develop ‘spin-off’ companies, and commission a range of specialized services (such as Diagnostic and Treatment Centres in UK) from providers outside the institutional setting in order to have more access to capital markets. However, this diversity may generate a feeling of a lack of commitment to a national health service and ultimately a loss of social cohesion. Through fiscal decentralization to regional authorities or planned delegation of financial agreements to providers, financial incentives are more explicit and may seem to place profit making above a commitment to better health care. An evaluation of the ‘myths and realities’ of the decentralization process is needed. Here, I offer an assessment of the ‘pros’ and ‘cons’ of the health care decentralization process in Spain, drawing on the experience of regional reforms from the pioneering organizational innovations implemented in Catalonia in 1981, up to the currently observed dispersion of health care spending per capita across the regions.