South Korean MNEs' international HRM approach: hybridization of global standards and local practices

This paper analyses the international Human Resource Management (HRM) approaches of Korean Multinational Enterprises (MNEs). Through a study of nine major Korean MNEs’ approaches to subsidiary-HRM, it is argued that the firms pursue hybridization through a blending of localization and global standardization across detailed elements in five broad HRM practice areas. Local discretion is allowed if not counter to global HRM system requirements and “global best practices” used as the template for global standardization of selected HRM elements. This strategic orientation appears to be part of a deliberate response to the “liabilities of origin” born by firms from non-dominant economies.

A battle of elephants: (I)legitimate ethical voices?

In this paper, we aim to distil myriad stakeholder voices through a Foucaudian theoretical apparatus in the establishment of ethical stakeholder voices amidst a takeover of a Ghanaian National Bank with ownership control by the state National Pension Fund and Insurance Company. Resonating with Foucault’s position that, the prove and an actual practice of ethical principles despite risk is non-existent within a democracy, this paper reveals how stakeholders in a takeover further their own interest to the neglect of the very germane societal expectation of a salient stakeholder role. We further fill an existing gap within the stakeholder literature that posit of stakeholders as always possessing the right and ethical voices. We conclude that, despite Foucault’s last lecture of The Courage of Truth: The Government of the Self and others having proven of a robust apparatus in distilling ethical voices from non-ethical within the realm of a democratic field, its idealist nature demands a counterfactual position.

The blended approach to real estate allocations: performance implications of combining an exposure to German Spezialfonds with Global Listed Real Estate Securities

This paper seeks to increase the understanding of the performance implications for investors who choose to combine an unlisted real estate portfolio (in this case German Spezialfonds) with a (global) listed real estate element. We call this a “blended” approach to real estate allocations. For the avoidance of doubt, in this paper we are dealing purely with real estate equity (listed and unlisted) allocations, and do not incorporate real estate debt (listed or unlisted) or direct property into the process. A previous paper (Moss and Farrelly 2014) showed the benefits of the blended approach as it applied to UK Defined Contribution Pension Schemes. The catalyst for this paper has been the recent attention focused on German pension fund allocations, which have a relatively low (real estate) equity content, and a high bond content. We have used the MSCI Spezialfonds Index as a proxy for domestic German institutional real estate allocations, and the EPRA Global Developed Index as a proxy for a global listed real estate allocation. We also examine whether a rules based trading strategy, in this case Trend Following, can improve the risk adjusted returns above those of a simple buy and hold strategy for our sample period 2004-2015. Our findings are that by blending a 30% global listed portfolio with a 70% allocation (as opposed to a typical 100% weighting) to Spezialfonds, the real estate allocation returns increase from 2.88% p.a. to 5.42% pa. Volatility increases, but only to 6.53%., but there is a noticeable impact on maximum drawdown which increases to 19.4%. By using a Trend Following strategy raw returns are improved from 2.88% to 6.94% p.a. , The Sharpe Ratio increases from 1.05 to 1.49 and the Maximum Drawdown ratio is now only 1.83% compared to 19.4% using a buy and hold strategy . Finally, adding this (9%) real estate allocation to a mixed asset portfolio allocation typical for German pension funds there is an improvement in both the raw return (from 7.66% to 8.28%) and the Sharpe Ratio (from 0.91 to 0.98).

Investigation of institutional investors’ responsible investment practices in UK

The focus of Corporate Governance is shifting from the role of directors to active ownership. Based on their fiduciary duty to other shareholders, it is believed that institutional investors have an important role to play in this regard. However, the Pension Funds and the Sovereign Wealth Organisations are not driven by the same set of objectives. In addition, Environmental Social and Governance (ESG) issues in investment decision-making are now becoming more important and they are capable of becoming the mainstream in the future. However, there are widespread variations in perception of fiduciary responsibilities, ESG issues appraisal, as well as the strategies adopted by institutional investors on shareholder engagement as responsible investors. Responsible Investment market is largely driven by institutional investors and they are expected to continue to lead the way. This research work investigates the role of the main asset owners and their advisors in responsible investment practices in the UK. It adopts a qualitative approach using semi-structured interviews, questionnaire and meetings observations. Gathered data is analysed using grounded theory and the findings highlight the perception of the various investor groups to corporate governance. The research work contributes to the body of knowledge by assessing the corporate governance perspectives of the various classes of institutional investors which may have practical implications for other countries.

Contribution to collective harms and responsibility

In the present contribution, I discuss the claim, endorsed by a number of authors, that contributing to a collective harm is the ground for special responsibilities to the victims of that harm. Contributors should, between them, cover the costs of the harms they have inflicted, at least if those harms would otherwise be rights-violating. I raise some doubts about the generality of this principle before moving on to sketch a framework for thinking about liability for the costs of harms in general. This framework uses a contractualist framework to build an account of how to think about liability for costs on the basis of the presumably attractive thought that individual agents should have as much control over their liabilities as is compatible with others having like control. I then use that framework to suggest that liability on the basis of contribution should be restricted to cases in which the contributors could have avoided their contribution relatively costlessly, in which meeting the liability is not crippling for them, and in which such a liability would not have chilling effects, either on them or on third parties. This account of the grounds for contributory liability also has the advantage of avoiding a number of awkward questions about what counts as a contribution by shifting the issue away from often unanswerable questions about the precise causal genesis of some harm or other. Instead, control over conduct, which plausibly has some relation to the harm, becomes crucial. On the basis of this account, I then investigate whether a number of uses of the contributory principle are entirely appropriate. I argue that contributory liability is not appropriate for cases of collective harms committed by coordinated groups in the way that, for example, Iris Marion Young and Thomas Pogge have suggested and that further investigation of how members of such groups may be liable will be needed.

Varför lämnar medlemmarna a-kassan? : En undersökning bland två yrkesgrupper inom den kommunala sektorn i Borlänge

Syftet med denna uppsats är att ta reda på hur många som har lämnat a-kassorna, inom ett par utvalda yrkesgrupper, inom den kommunala sektorn i Borlänge och vad orsaken/orsakerna till utträdet är, samt att ta reda på hur många som har funderat på att lämna a-kassan och orsaken/orsakerna till det För att kunna ta reda på det, har en enkätundersökning gjorts. Enkäten skickades ut till två yrkesgrupper inom den kommunala sektorn i Borlänge, barnskötare och lärare för årskurs 1-3. Resultatet av denna undersökning, redovisas i diagram och till viss del skriftligen. Resultaten visar på att det, procentuellt, sett var fler lärare än barnskötare som lämnat a-kassan, samt att det var fler barnskötare än lärare som funderat på att lämna a-kassan. De främsta orsakerna till att medlemmarna lämnat, eller funderar på att lämna, a-kassan är närmande till pension och den förhöjda avgiften.

Gender Equality a case study of Sweden : Gender Equality Gender Equity and policies of combating inequality at workplace to make the society equal.

The paper analyses Gender Equality, Gender Equity and policies of combating inequality at workplace to make the society equal as a case study of Sweden. The aim of paper is see the gender equality, gender equity, discrimination against women at workplace and to describe the policies combating inequality in the welfare state of Sweden. This work highlights the gender equality in terms of institutionalizing gender equality, gender equity, gender and pay gap, parental leave, gender and the pension system and sexual behavior directed towards women and policies combating inequality to bring equality in society. For my research I used the secondary data the fact sheets, scientific literature, statistics from eurostate of Sweden and case studies about Swedish society and the theoretical explanation to explain the phenomena. To achieve my aim I used the combination of both qualitative and quantitative methods of research. I showed the empirical evidences of these phenomena from the Swedish society and theoretical analysis about equality and equity of gender in different wakes of life. I found an interesting conclusion that there are good policies and legislation to combat inequality to bring society but there are no policies to change the perception of society about male and female role.

Kunskapsöverföring- att leda rätt : Ledarens roll vid kunskapsöverföring i en organisation

I en rapport som Svensk Näringsliv (2010) har utfört beskriver de att företag redan idag och inom en snar framtid står inför den största pensionsavgången någonsin i Svensk historia. 40- talisternas avgång ställer företag inför stora utmaningarna, framförallt att lyckas genomföra en lyckad generationsväxling. De personer som går i pension har under sitt yrkesverksamma liv utvecklat en kunskap som många organisationer vilar på. En stor del av denna kunskap måste överföras för att organisationerna ska kunna fortsätta att vara effektiva på marknaden. Syftet med denna studie var att få en djupare förståelse för ledarskapets betydelse gällande kunskapsöverföring i en organisation, samt bidra med praktiska verktyg till chefer och medarbetare för att undvika att förlora värdefull kunskap vid en generationsväxling. Industriföretaget LEAX har själva identifierat ett problem i att överföra viktig kunskap i och med kommande generationsväxling. Deras önskan var att få hjälp med praktiska verktyg för hur de ska tänka och verka för att mildra kunskapsglappet som kan uppstå. För att undersöka detta och därmed uppfylla denna studies syfte har intervjuer genomförts med fyra produktionsledare, fyra medarbetare som förväntas dela kunskap och tre medarbetare som förväntas ta till sig kunskap. Innan intervjuerna genomfördes läste vi in oss på teori om kunskap, kunskapsöverföring och ledarskap. Eftersom begreppet kunskap har en bred betydelse och kan definieras olika beroende om den är individuell eller organisatorisk, började vi i vårt teoriavsnitt att bena ut detta begrepp. Nonaka och Takeuchi (1995) gör en förenklad bild av kunskap som ett isberg, där den explicita kunskapen benämns som toppen. Väl synlig över ytan på vattnet är den enkel att upptäcka och ta till sig. Under vattnet döljer sig en osynlig kunskap som är svår att upptäcka, så kallas implicit eller tyst kunskap. Denna kunskap utgör en enorm del av isberget och blir därmed viktig att bevara. Dock är denna kunskap svår att överföra då den är osynlig och svår att ta på. För att förstå vad kunskapsöverföring innebär, behöver organisationer identifiera vilken sorts kunskap som behöver överföras för att kunskapsöverföringen ska bli lyckad (Jonsson, 2012). Men även fast organisationer gör detta måste även ledningen förstå att kunskapsöverföring är en strategisk angelägenhet som kan ses som en process som involverar medarbetare. I denna studie har vi undersökt hur ledare kan skapa motivation, engagemang och resurser för medarbetare att vilja medverka och bidra till kunskapsöverföring. För att försöka förstå hur kunskap överförs i en organisation har vi använt oss av Nonaka och Takeuchi, (1995) SECI-modell. Modellen bygger på samspelet mellan den tysta och explicita kunskapen, vilket sker i fyra processer. Dessa processer har vi sedan utvecklat till en egen modell som inkluderar institutionella, organisatoriska och kognitiva faktorer. Utifrån dessa faktorer har vi skapat praktiska förslag på hur ledare tillsammans med medarbetarna kan planera kunskapsöverföring. Dessa praktiska förslag gynnar både individuell- och organisatorisk utveckling, samt bidrar till att mildra kunskapsförlust vid generationsväxlingen. Ett av de praktiska exempel vi utformat är en kompetensprofil, som är ett hjälpmedel för organisationer att identifiera vilken kunskap som medarbetarna besitter, vilket synliggör vilken kunskap det är som kan gå förlorad. Kompetensprofilen tillsammans med vår modell kan appliceras på liknande företag, men även på organisationer som verkar inom andra branscher. Eftersom denna kompetensprofil är utvecklad efter de krav som finns inom aktuell verksamhet, finns det möjlighet att anpassa efter andra verksamheter.

Har den interna demokratin i politiska partier försämrats över tid?

Has intra-party democracy deteriorated over time? A widely held view in contemporary party research is that intra-party democracy, especially in traditional mass parties, has deteriorated in the age of the cartel party. This common assessment, however, relies on insufficient empirical evidence, and is scrutinized in the article. The notion of a gradual progress towards the cartel party implicitly shares common characteristics with the classic theory of Michels. In order to investigate the actual fate of intra-party democracy, central aspects of Michels theory are explored over time in a critical case, namely the Swedish SAP. If intra-party democracy is declining, this tendency should be most likely to be observed in this case. Two internal decision-making processes, surrounding two major pension reforms – one expansion in the 1950’s and one retrenchment in the 1990’s – are compared based on criteria deducted from Michels. Instead of finding a decline in intraparty democracy, the results conclusively demonstrate major improvements.

Privatização aspectos fiscais e dívida pública

Este trabalho analisa os efeitos do programa de desestatização brasileiro sobre acumulação da dívida pública no período 1995-1999. objetivo central avaliar se utilização de receitas auferidas com alienação de ativos estatais concessões de serviços públicos no abatimento de dívidas de curto prazo tem efeito significativo sobre redução ou contenção do crescimento da dívida pública alteração do seu perfil, com reflexos sobre as necessidades de financiamento do setor público. Como possível contribuição adicional, esta dissertação apresenta um conjunto de dados, em geral pouco conhecidos, relativos às empresas estatais, ao programa de desestatização dívida pública, considerados de interesse geral. Dentre os principais aspectos discutidos no trabalho destacam-se os seguintes, referentes ao período 1995-1999. economia de juros obtida por meio do uso de recursos da privatização no resgate da dívida mobiliária interna de emissão do Tesouro Nacional atingiu R$ 8,8 bilhões, contra R$ 0,5 bilhão que Tesouro deixou de arrecadar na forma de dividendos das empresas privatizadas. No que tange aos efeitos da privatização sobre os estoques de dívidas, calcularam-se reduções de R$ 27,6 bilhões R$ 30,8 bilhões no saldo nas emissões de títulos competitivos dessa dívida, respectivamente. redução da dívida líquida do setor público alcançou 8,4% do PIB, tendo as privatizações estaduais contribuído com 3,6% do PIB. Adicionalmente, as necessidades de financiamento do setor público foram reduzidas em 5,4% do PIB. Esses são alguns resultados obtidos, por meio de metodologia de cálculo descrita no trabalho utilizando-se dados efetivamente observados, com os valores em moeda corrente preços de dezembro de 1999. Acrescenta-se esses resultados melhoria do desempenho das estatais remanescentes de alguns indicadores fiscais, com impactos positivos sobre dívida e déficit públicos. análise dos resultados indica que contribuição da privatização para redução da dívida do setor público esforço de ajuste fiscal pode ser significativa, mesmo no curto prazo. utilização de receitas de privatização para abater diversas dívidas governamentais as dívidas transferidas para setor privado reduziram carga de juros incidentes sobre dívida, seu estoque déficit público no período sob análise. privatização possibilitou, ainda, melhoria do perfil da dívida reestruturação de passivos do setor público.

Avaliação de riscos em estratégias de investimentos de longo prazo: aplicação prática em um fundo de pensão

O tema central deste trabalho é a avaliação de riscos em estratégias de investimentos de longo prazo, onde a necessidade de um exemplo prático direcionou à aplicação de Asset Liability Models em fundos de pensão, mais especificamente, a planos de benefício definido. Com os instrumentos de análise apresentados, acreditamos que o investidor com um horizonte de retorno de longo prazo tenha uma percepção mais acurada dos riscos de mercado a que está exposto, permitindo uma seleção de carteiras mais adequada aos objetivos de gestão. Para tanto, a inclusão de variáveis de decisão que procuram quantificar os objetivos de gestão - indo além do modelo simplificado de média-variância - exerce papel de fundamental importância.

An overview of some historical brazilian macroeconomic series and some open questions

This paper presents an overview of the Brazilian macroeconomy by analyzing the evolution of some specific time series. The presentation is made through a sequence of graphs. Several remarkable historical points and open questions come up in the data. These include, among others, the drop in output growth as of 1980, the clear shift from investments to government current expenditures which started in the beginning of the 80s, the notable way how money, prices and exchange rate correlate in an environment of permanently high inflation, the historical coexistence of high rates of growth and high rates of inflation, as well as the drastic increase of the velocity of circulation of money between the 70s and the mid-90s. It is also shown that, although net external liabilities have increased substantially in current dollars after the Real Plan, its ratio with respect to exports in 2004 is practically the same as the one existing in 1986; and that residents in Brazil, in average, owed two more months of their final income (GNP) to abroad between 1995-2004 than they did between 1990 and 1994. Variance decompositions show that money has been important to explain prices, but not output (GDP).

Previdencia social no Brasil: por uma reforma mais duradoura

A reforma da previdência social tem sido uma preocupação de vários países: tanto no mundo desenvolvido como no em desenvolvimento. A motivação básica é o esgotamento do modelo de repartição, devido a fatores demográficos: queda de natalidade e aumento da longevidade. Analisando o fenômeno do esgotamento, o artigo propugna pela adesão, tal como no bem sucedido caso chileno, do sistema de capitalização.

Money with Bank Networks

Rio de Janeiro