Choosing international linkage strategies in the electronics industry: the role of multinational experience

This paper examines how different aspects of multinational experience affect the choice of international linkage strategy. Integrating transaction cost and dynamic efficiency considerations, we empirically test the determinants of the choice between acquisitions, joint ventures (JV), and strategic alliances (SA) for the world’s largest electronics corporations in 1993–1997. We show that “country specific experience” increases the probability of commitment intensive linkage modes (such as acquisitions and joint ventures), while a positive effect on strategic alliances is caused by “variety experience”, deriving from the heterogeneity of international contexts, and by “internationalisation experience” reflecting overall involvement in international markets.

Risk taking of executives under different incentive contracts: experimental evidence

Classic financial agency theory recommends compensation through stock options rather than shares to counteract excessive risk aversion in agents. In a setting where any kind of risk taking is suboptimal for shareholders, we show that excessive risk taking may occur for one of two reasons: risk preferences or incentives. Even when compensated through restricted company stock, experimental CEOs take large amounts of excessive risk. This contradicts classical financial theory, but can be explained through risk preferences that are not uniform over the probability and outcome spaces, and in particular, risk seeking for small probability gains and large probability losses. Compensation through options further increases risk taking as expected. We show that this effect is driven mainly by the personal asset position of the experimental CEO, thus having deleterious effects on company performance.

A linguagem, o texto e o documento no contexto da ciência da informação

The relation among the concepts text, document and information is discussed, with the aim of clarifying the concept of document, with a focus in the field of economic information organization and management. A document is a medium in which information is recorded and manifested. A document is, thus, material, has a purpose, can be organized and treated for its improved dissemination, and has a specific subject and context.

A Linguagem, o Texto e o Documento no contexto da Ciência da Informação

The relation among the concepts text, document and information is discussed, with the aim of clarifying the concept of document, with a focus in the field of economic information organization and management. A document is a medium in which information is recorded and manifested. A document is, thus, material, has a purpose, can be organized and treated for its improved dissemination, and has a specific subject and context.

Externalities in recruiting

External recruiting at least weakly improves the quality of the pool of applicants, but the incentive implications are less clear. Using a contest model, this paper investigates the pure incentive effects of external recruiting. Our results show that if workers are heterogeneous, opening up a firm's career system may lead to a homogenization of the pool of contestants and thus encourage the firm's high-ability workers to exert more effort. If this positive effect outweighs the discouragement of low-ability workers, the firm will benefit from external recruiting. If, however, the discouragement effect dominates the homogenization effect, the firm should disregard external recruiting. In addition, product market competition may mean that opening up the career system becomes less attractive for a firm since it increases the incentives of its competitors’ workers and hence strengthens the competitors.

Dynamics of investment negotiations between China and Japan : the China-Japan-Korea trilateral investment treaty and beyond

The investment agreement relationship between China and Japan is complex. The many intersecting and overlapping agreements can rightly be described as a "noodle bowl of agreements." The 1989 bilateral investment treaty (BIT) between China and Japan still stands. Japan can also free-ride on the negotiation outcome of China's BITs and free trade agreements (FTAs) with other countries by using the most-favored-nation (MFN) provision in the 1989 China-Japan BIT, which does not contain regional economic integration organization (REIO) exception rules. However, because the China-Japan BIT does not have investor-state dispute settlement (ISDS), it may face implementation problems. The China-Japan-Korea trilateral investment treaty (CJK TIT), in force since 2014, made improvements upon the 1989 BIT, but Japan is not entirely satisfied with the outcome. For Japan, pre-establishment national treatment (NT) and prohibition of various types of performance requirements are the most important negotiation items, but the CJK TIT insufficiently addressed those problems. Moreover, because the CJK TIT has MFN provisions with an REIO exception rule, better access to investment markets brought about by future FTAs such as the China-Korea FTA and the EU-China FTA cannot be imported into CJK TIT. Hence, in the long run, Japan needs to pursue an FTA investment chapter with China that covers both MFN and ISDS.

Profesionalización del conductor de camión como factor crítico de éxito de una compañía de transporte terrestre de carga en Colombia

La implementación de un programa de profesionalización de conductores en una compañía de transporte terrestre de carga en Colombia, es una iniciativa, que además de producir ahorros energéticos al país, contribuye a la protección del medio ambiente y a la seguridad en las vías -- Al interior de las compañías de transporte terrestre de carga se generan importantes ahorros por menor consumo de combustible, menores costos de mantenimiento, mayor bienestar a los conductores; así como mayor disponibilidad y confiabilidad de los equipos para operar -- El trabajo de grado del que trata este documento tiene como propósito presentar un programa de profesionalización del conductor de camión en empresa de transporte terrestre de carga, en donde se identifican y definen cuáles son las etapas más importantes que debe incluir un programa de profesionalización de conductores en Colombia, y adicionalmente, se realiza valoración de la importancia de cada etapa dentro del programa -- El programa de profesionalización de conductores tiene como foco las personas, reconoce y valora su gran contribución al desempeño exitoso de las compañías de transporte, es por esto que el programa se fundamenta en teorías administrativas de motivación, clima organizacional, incentivo; al igual que teorías administrativas como ventaja competitiva, valor compartido, responsabilidad social empresarial, sostenibilidad, factor crítico de éxito y planeación estratégica -- Para la construcción del programa se realizaron investigaciones de tipo exploratorio y descriptivo, con el fin de obtener información se utilizaron distintas técnicas como entrevistas, documentos, observación y cuestionarios

Is financial instability male-driven? Gender and cognitive skills in experimental asset markets

The hypothesis that price stability would reliably increase with the fraction of women operating in financial markets has been frequently suggested in policy discussions. To test this hypothesis we conducted 10 male-only, 10 female-only and 10 mixed-gender experimental asset markets, and compared the effects of gender composition, confidence, risk attitude and cognitive skills. Male and female markets have comparable volatility and deviations from fundamentals, whereas mixed-gender markets are substantially more stable. On the other hand, higher average cognitive skills of the group are associated with reduced market volatility. Individual-level analysis shows that subjects with higher cognitive skills trade at prices closer to fundamental values and earn significantly higher profits; similarly, mixed markets exhibit lower mispricing, particularly for traders with lower cognitive skills. Our results are demonstrated to hold in other experimental asset market studies, suggesting that a mixed-gender composition reduces mispricing across different types of asset markets.