Financial liberalization and stock market volatility:the case of Indonesia

This article examines the relationship between financial liberalization and stock market volatility in Indonesia. By looking at the time series properties of the Jakarta Composite Index (JCI) we identify breaks in stock market volatility which coincide with the timing of major policy events. Our main findings are (i) a significant decrease in volatility after the 'official' opening of the stock market to foreign participation; (ii) a significant increase in volatility in the year before market opening following reforms that eased entry requirements and the issuance of brokerage licenses and (iii) a significant increase in volatility at the time of the Asian crisis followed by a significant decrease in the second and sixth years after the crisis.

Entrepreneurship in transition economies:the role of institutions and generational change

The transition economies have lower rates of entrepreneurship than are observed in most developed and developing market economies. The difference is even more marked in the countries of the former Soviet Union than those of Central and Eastern Europe. We link these differences partly with the legacy of communist planning, which needs to be replaced with formal market-supporting institutions. But many of these developments have now taken place, yet entrepreneurial activity still remains low in many places. To analyse this longer term issue, we highlight the necessarily slow pace of development of new informal institutions and the corresponding social attitudes, notably rebuilding the generalised trust. We argue that changes are even slower in the former Soviet Union than Central and Eastern Europe because communist rule was much longer, leading to a lack of institutional memory. We posit that changes in informal institutions may be therefore delayed until after full generational change.

Communities and emerging semantics in semantic link network:discovery and learning

The World Wide Web provides plentiful contents for Web-based learning, but its hyperlink-based architecture connects Web resources for browsing freely rather than for effective learning. To support effective learning, an e-learning system should be able to discover and make use of the semantic communities and the emerging semantic relations in a dynamic complex network of learning resources. Previous graph-based community discovery approaches are limited in ability to discover semantic communities. This paper first suggests the Semantic Link Network (SLN), a loosely coupled semantic data model that can semantically link resources and derive out implicit semantic links according to a set of relational reasoning rules. By studying the intrinsic relationship between semantic communities and the semantic space of SLN, approaches to discovering reasoning-constraint, rule-constraint, and classification-constraint semantic communities are proposed. Further, the approaches, principles, and strategies for discovering emerging semantics in dynamic SLNs are studied. The basic laws of the semantic link network motion are revealed for the first time. An e-learning environment incorporating the proposed approaches, principles, and strategies to support effective discovery and learning is suggested.

Auto plant closures, policy responses and labour market outcomes:a comparison of MG Rover in the UK and Mitsubishi in Australia

This paper provides a preliminary comparative longitudinal analysis of the impact on workers made redundant due to the closure of the Mitsubishi plant in Adelaide and the MG Rover plant in Birmingham. Longitudinal surveys of ex-workers from both firms were undertaken over a 12-month period in order to assess the process of labour market adjustment. In the Mitsubishi case, given the skills shortage the state of Adelaide was facing, together with the considerable growth in mining and defence industries, it would have been more appropriate if policy intervention had been redirected to further training or re-skilling opportunities for redundant workers. This opportunity was effectively missed and as a result more workers left the workforce, most notably for retirement, than could have otherwise been the case. The MG Rover case was seen as a more successful example of policy intervention, with greater funding assistance available and targeted support available, and with more emphasis on re-training needs to assist adjustment. However, despite the assistance offered and the rhetoric of successful adjustment in both cases, the majority of workers have nevertheless experienced deterioration in their circumstances particularly in the Australian case where casual and part-time work were often the only work that could be obtained. Even in the UK case, where more funding assistance was offered, a majority of workers reported a decline in earnings and a rise in job insecurity. This suggests that a reliance on the flexible labour market is insufficient to promote adjustment, and that more active policy intervention is needed especially in regard to further up-skilling.

'Your situation is critical...':the discursive enactment of leadership by business women in Middle Eastern and Western European contexts

Women remain in a small minority as business leaders in both Middle Eastern (ME) and Western European (WE) regions, and indeed, past research indicates that ME women face even greater challenges as leaders than their Western counterparts. This article explores sample findings from two separate case studies, the first of a ME woman leader and the second of a WE woman leader, each conducting a management meeting with their teams. Using interactional sociolinguistic analysis, we examine the 'contextualisation cues' that index how each woman performs leadership in their respective meetings. We found that both women utilise relational practices in order to enact leadership with their subordinates, but with varying results. Whereas the ME leader deploys a confident and commanding interactional style with her colleagues, the WE leader's style is evasive and uncertain. On the basis of these two cases, the WE leader appears to face greater challenges in a male-dominated business world than the ME leader. Whereas the ME leader can rely on long-established ties of loyalty and organisation-as-family, the Western leader, within an apparently more open, democratic context, has to negotiate overwhelming turbulence and change within her company. © 2014, equinox publishing.

Sticky credit spreads, macroeconomic activity and equity market volatility

We uncover high persistence in credit spread series that can obscure the relationship between the theoretical determinants of credit risk and observed credit spreads. We use a Markovswitching model, which also captures the stability (low frequency changes) of credit ratings, to show why credit spreads may continue to respond to past levels of credit risk, even though the state of the economy has changed. A bivariate model of credit spreads and either macroeconomic activity or equity market volatility detects large and significant correlations that are consistent with theory but have not been observed in previous studies. © 2010 Nova Science Publishers, Inc. All rights reserved.

The internet:a discussion of some new and emerging threats to young people

The Internet poses a number of threats to the safety of young people. Using numerous examples, this article discusses a wide range of such threats, including: cyberstalking; the 'grooming' of potential victims of sexual abuse; a new 'wish list' scene (where teenagers encourage contact with potential abusers); the creation and distribution of child pornography; and the emergence of services that create child pornography to order. It is suggested that the latter has provided individuals with the ability to inflict sexual abuse on young people from a distance, an act the authors have termed virtual sex tourism. The final section of the article suggests that paedophiles and pornographers have been quick to adopt new technology as a means of concealing their activities. The article concludes by warning of the danger of overestimating or underestimating the threats described.

Challenges and emerging solutions in the development of compressed orally disintegrating tablets

Areas covered: The review discusses the main challenges of ODT manufacturing process and the emerging solutions featured at early drug development stages. The research specifically describes the methods reported for taste masking/assessment and solubilisation of unpalatable and poorly soluble drugs, respectively. Furthermore, this review highlights the techniques used for developing modified-release ODTs, an emerging area in the field. In addition, it also discusses the poor flowability and segregation problems of directly compressed powders. Moreover, the review describes the tests reported in the literature for ODT disintegration time assessment since a universal technique is still non-existent. Expert opinion: The approaches used to overcome the manufacturing challenges often have a bearing on the price of the end product. However, despite the technical and regulatory challenges, ODTs can offer many advantages over the conventional dosage forms if accompanied by suitable adjuvant technologies and in vitro analytical tools. © 2014 Informa UK, Ltd. Introduction: Orally disintegrating tablets (ODTs) provide several advantages over conventional tablets such as suitability for patients with swallowing difficulties and faster onset of action. The manufacture of ODTs by compression/tableting offers a practical and cost-effective strategy over the freeze drying (lyophilisation) method. Nonetheless, the FDA recommends a disintegration time of 30 s and a maximum weight of 500 mg for a tablet to be labelled as an ODT. These requirements, alongside other desirable product properties, have created a number of challenges for the formulator to overcome while developing compressed ODTs.

Innovativeness of Indian firms - catalysts and deterrents

Innovation is the driving force that is crucial for firms to sustain their competitive advantage and for economies and industries in general to surge forward. In comparison to developing economies, developed economies have always maintained greater focus on national innovation systems while the firms from these economies have been investing considerable effort on promoting organisational innovation. As firms became increasingly global, consumers across the world, especially from the emerging economies, are getting a taste of more sophisticated products and services. There was also an infusion of knowledge pertaining to cutting-edge technologies, innovation, processes and management systems into this part of the world. However, studies on organisational innovation have largely been confined to firms from developed economies in order to understand the effects of its determinants (Anderson et al., 2004; Choi and Williams, 2014; Li et al., 2013). Given the differences in the socio-cultural milieu between the developed and emerging economies, more nuanced understanding of the factors affecting and the processes associated with innovation in emerging markets is required.

Corporate social responsibility in China:impact of regulations, market orientation and ownership structure

Purpose – This paper aims to report on a study that contributes to the understanding of the determinants of corporate social responsibility (CSR) in the largest emerging market, namely China. Design/methodology/approach – The approach is a survey of 600 hotels that resulted in 143 returned responses from top managers. Findings – Market orientation is the most significant predicator of CSR followed by government regulations. In contrast, ownership structure is found to have little effect. Originality/value – Previous research on CSR focuses on its nature and impact on business performance, and is carried out mainly in developed countries. This research contributes to one's understanding of the determinants of CSR in emerging markets like China. © 2007, Emerald Group Publishing Limited

Industry evolution and cross-sectoral skill transfers:a comparative analysis of the video game industry in Japan, the United States, and the United Kingdom

In this paper we explore the interrelationship between technological progress and the formation of industry-specific skills by analysing the evolution of the video-game industry in three countries: Japan, the United States, and the United Kingdom. We argue that the cross-sectoral transfer of skills occurs differently depending on national contexts, such as the social legitimacy and strength of preexisting industries, the socioeconomic status of entrepreneurs or pioneer firms in an emerging industry, and the sociocultural cohesiveness between the preexisting and emerging industries. Each country draws on a different set of creative resources, which results in a unique trajectory. Whereas Japan's video-game industry emerged out of corporate sponsorships in arcades, toys, and consumer electronics industries and drew skills from the comic book and animated-film sectors, the video-game industry in the United States evolved from arcades and personal computers. In the United Kingdom the video-game industry developed bottom-up, through a process of skills formation in the youth culture of 'bedroom coders' that nurtured self-taught programmers in their teens throughout the country.

Brand extensions in emerging markets:theory development and testing in China

Brand extensions are increasingly used by multinational corporations in emerging markets such as China. However, understanding how consumers in the emerging markets evaluate brand extensions is hampered by a lack of research in the emerging markets contexts. To address the knowledge void, we built on an established brand extension evaluation framework in the West, namely Aaker and Keller (1990)1. Aaker , D. A. and Keller , K. L. 1990 . Consumer evaluations of brand extensions . Journal of Marketing , 54 ( 1 ) : 27 – 41 . [CrossRef], [Web of Science ®] View all references, and extended the model by incorporating two new factors: perceived fit based on brand image consistency and competition intensity in the brand extension category. The additions of two factors are made in recognition of the uniqueness of the considerations of consumers in the emerging markets in their brand extension evaluations. The extended model was tested by an empirical experiment using consumers in China. The results partly validated the Aaker and Keller model, and evidence that both newly added factors were significant in influencing consumers' evaluation of brand extensions was also found. More important, one new factor proposed, namely, consumer-perceived fit based on brand image consistency, was found to be more significant than all the factors in Aaker and Keller's original model, suggesting that the Aaker and Keller model may be limited in explaining how consumers in the emerging markets evaluate brand extensions. Further research implications and limitations are discussed in the paper.

Internal market orientation:construct, measurement and consequences

This thesis contributes to the paucity of marketing research into the area of internal marketing. Drawing from knowledge developed in a diverse range of marketing and management literatures, the domaill of internal marketing is clarified Gild a new concept, internal market orientation is developed. A new instrument, measuring the internal market orientation, is developed and subjected to standard scale development procedures. Six dimensions of the construct are confirmed; collegial interaction, group interaction, jorlllal interaction, external envirollment, wage flexibility and job flexibility. A sample of 766 UK retail store managers are surveyed to identify levels of internal market orientation and external market orientation in large UK multi-product, multi-site retailers and the structural relationships between internal market orientation, extemal market orientation alld company performance are examined. The external market orientation construct is applied to the local retail market and established measurement instruments adapted to this pwpose. Three measures of performance are employed ill this study. The structural relationships between the six dimensions of internal market orientation and the three dimensions of external market orientation are examined employing structural equations methodology, using LISREL 8.3. alld the impact of internal market orientation Oil external market orientation and company performance is measured. The study finds no direct link between internal market orientation and financial performance but does identify the moderated role of internal market orientation on financial performance. Significant relationships between three of the six dimensions of internal market orientation and the three dimensions of external market orientation are identified and the impact of internal market orientation on the retention of employees and their behaviour is also identified. The research findings contribute to marketing theory by providing empirical evidence to support the long held assumption that internal marketing has an impact on marketing success and offers an explanation of the mechanism by which this influence operates. For marketing practitioners, the research findings offer additional information on which services marketing strategies may be formulated.