Do external funds yield lower returns? Recent evidence from East Asian economies

One of the central explanations of the recent Asian Crisis has been the problem of moral hazard as the source of over-investment and excessive external borrowing. There is however rather limited firm-level empirical evidence to characterise inefficient use of internal and external finances. Using a large firm-level panel data-set from four badly affected Asian countries, this paper compares the rates of return to various internal and external funds among firms with low and high debt financing (relative to equity) among financially constrained and other firms. Selectivity-corrected estimates obtained from random effects panel data model do suggest evidence of significantly lower rates of return to long-term debt, even among firms relying more on debt relative to equity in our sample. There is also evidence that average effective interest rates often significantly exceeded the average returns to long-term debt in the sample countries in the pre-crisis period. © 2006 Elsevier Inc. All rights reserved.

Effect of support and cultural intelligence on the adjustment and performance of expatriates and their family members in Malaysia

Theory suggests that people fear the unknown and no matter how experienced one is, the feelings of anxiety and uncertainty, if not managed well would affect how we view ourselves and how others view us. Hence, it is in human nature to engage in activities to help decipher behaviours that seem contrary to their beliefs and hinder the smooth-flowing of their work and daily activities. Building on these arguments, this research investigates the two types of support that are provided by multinational corporations (MNCs) and host country nationals (HCNs) to the expatriates and their family members whilst on international assignments in Malaysia as antecedents to their adjustment and performance in the host country. To complement the support provided, cultural intelligence (CQ) is investigated to explain the influence of cultural elements in facilitating adjustment and performance of the relocating families, especially to socially integrate into the host country. This research aims to investigate the influence of support and CQ on the adjustment and performance of expatriates in Malaysia. Path analyses are used to test the hypothesised relationships. The findings substantiate the pivotal roles that MNCs and HCNs play in helping the expatriates and their families acclimatise to the host country. This corroborates the norm of reciprocity where assistance or support rendered especially at the times when they were crucially needed would be reciprocated with positive behaviour deemed of equal value. Additionally, CQ is significantly positive in enhancing adjustment to the host country, which highlights the vital role that cultural awareness and knowledge play in enhancing effective intercultural communication and better execution of contextual performance. The research highlights the interdependence of the expatriates? multiple stakeholders (i.e. MNCs, HCNs, family members) in supporting the expatriates whilst on assignments. Finally, the findings reveal that the expatriate families do influence how the locals view the families and would be a great asset in initiating future communication between the expatriates and HCNs. The research contributes to the fields of intercultural adjustment and communication and also has key messages for policy makers.

Expatriate-local interactions:an investigation in China

Purpose: This study aims to build on recent research, by investigating and examining how likely it is that Chinese locals (i.e. host country nationals (HCNs)) would offer support to expatriates from India and the USA. Design/methodology/approach: Data were gathered from 222 participants in Chinese organizations, asking them to respond to questions about their willingness to offer support to expatriates. Findings: As predicted, perceived values similarity was significantly related to higher dogmatism, which had a significant positive relationship with ethnocentrism. Further, ethnocentrism had a significant negative relationship with willingness to offer support. Research limitations/implications: All data were collected from the participants at one point in time, so the study's results are subject to common method bias. Also, it only included India and the USA, as the two countries of origin of the expatriates. Practical implications: Given HCNs do not automatically offer support to all expatriates, organizations might consider sending expatriates who are culturally similar to HCNs, as they are more likely to receive support, which will help their adjustment and thus organizational effectiveness. Originality/value: This study adds to the small, but growing, number of empirical investigations of HCN willingness to support expatriates. © Emerald Group Publishing Limited.

A quick guide to surviving redundancy:your essential legal guide

What do you do if your boss calls you in to talk about job cuts? What are your rights? What are his or her rights? Do you know the procedures that should be followed? If redundancy looms, or you just want to be prepared for the worst,you need to know where you stand.Author Kathy Daniels is well placed to help. She writes and lectures extensively on human resources and employee rights, and as a member of the Employment Tribunal she regularly comes face-to-face with redundancy claims. In this easy-to-understand guide she answers all the important questions on redundancy and its aftermath, including: How are staff selected for redundancy? What is voluntary redundancy? Are full-time,part-time and agency staff treated differently? What is the consultation process bosses must adhere to? How much redundancy pay can you expect? How do you take a claim to the Employment Tribunal? As well as covering all the legal dos and don'ts, helpful guidance is provided on: Budgets and personal finances after redundancy Benefits you may be able to claim Coping with stress and strain Finding a new job or changing career The Quick Guide to Surviving Redundancy is full of real-life case studies and top tips on your employment rights. It also includes template letters for a range of redundancy situations.

Germany at a crossroads:the gathering crisis sharpens

In our book, The Gathering Crisis: The 2005 Federal Election and the Grand Coalition (Miskimmon et al, 2009), we argued that the German political and economic systems faced a number of serious challenges. The resource crunch in public finances has been particularly problematic in a country used to consensus politics- money had previously been used to oil the wheels of German federalism (and European integration). In the light of recent events- the global financial crisis, the Eurozone crisis, the 2009 federal election- we claim that the crisis in the German political economy has sharpened. The task of Angela Merkel and subsequent chancellors will be to navigate the new era, ensuring that Germany remains a leading political and economic power in the European Union and beyond. © 2010 Macmillan Publishers Ltd.

The CDU and party organisational change

This article undertakes an empirical analysis of the internal organisation of the CDU along four key dimensions. First, it discusses the model of the 'cartel party', identifying its key features and then setting out four key questions to pose in relation to the CDU's internal organisation, to see whether it approximates to the 'cartel' paradigm. The questions of whether a centralisation of power is visible; whether professionalisation has occurred; whether there has been the anticipated weakening in the power of party functionaries; and whether the CDU has become reliant upon state finances are then answered in the empirical section of the article, drawing upon the author's primary research. It concludes that the 'cartel party' thesis fails in significant respects accurately to reflect the CDU's modern organisation. This is of interest to scholars of the CDU, but also offers some insights on the way in which the cartel party thesis fails adequately to develop an accurate account of internal party organisational change, in particular underestimating the ability of internal actors to thwart reforms, and also the potential functional usefulness of a decentralised party organisation. © 2013 Association for the Study of German Politics.

Assessing personal financial management in patients with bipolar disorder and its relation to impulsivity and response inhibition

Introduction: Impulsivity and risk-taking behaviours are reported in bipolar disorder (BD). We examined whether financial management skills are related to impulsivity in patients with BD. Methods: We assessed financial management skills using the Executive Personal Finance Scale (EPFS), impulsivity using the Barratt Impulsiveness Scale (BIS) and response inhibition using an emotional go/no-go task in bipolar individuals (N = 21) and healthy controls (HC; N = 23). Results: Patients had fewer financial management skills and higher levels of impulsivity than HC. In patients and controls, increased impulsivity was associated with poorer personal financial management. Patients and HC performed equally on the emotional go/no-go task. Higher BIS scores were associated with faster reaction times in HC. In patients, however, higher BIS scores were associated with slower reaction times, possibly indicating compensatory cognitive strategies to counter increased impulsivity. Conclusions: Patients with BD may have reduced abilities to manage personal finances, when compared against healthy participants. Difficulty with personal finance management may arise in part as a result of increased levels of impulsivity. Patients may learn to compensate for increased impulsivity by modulating response times in our experimental situations although whether such compensatory strategies generalize to real-world situations is unknown.

Manoeuvring towards research decline:the RAE and the decline of Britain's international research standing

Purpose: This research paper aims to examine the global trends in publishing in the leading marketing journals between 1964 and 2008, focusing on how public policy intervention in the assessment and funding of academic research has influenced Britain's relative productivity in the world's leading marketing journals. Design/methodology/approach: The method was an audit of contributions to the leading journals based on the authors' affiliation, country of origin and country in which they obtained their doctoral training. Findings: The results show that the proportion of leading marketing publications by authors affiliated to British universities have held steady at about 2 per cent, while the productivity of several other countries has accelerated past Britain. However, to retain that share, Britain has increasingly depended upon importing people whose PhD is not British. This contrasts with some other European countries that are now more productive than Britain, but mainly recruit locals with local PhDs. The pattern of decline in the UK is related to the impact of Britain's research assessment exercise and the continuation of relatively weak social science research training. Research limitations/implications: The analysis is limited by only looking at one academic discipline and only the top few academic journals in the field. Practical implications: The findings have implications at several levels. At a national policy level it questions the value of the research assessment exercises that appear to have presided over a decline in research productivity. For institutions, it questions the value in investing in developing local talent when success has come to those who buy talent internationally. Perhaps, the major implication arises from Britain's academic productivity declining while neighbouring countries have grown in international excellence. Originality/value: At a time when the continuation of expensive university research assessments is being questioned the research findings add value to the current debate in showing how that very process has accompanied academic decline. © Emerald Group Publishing Limited.