The new global economy of the twenty-first century has transformed the economic, social, educational and political landscape in a profound and indelible manner. It is composed of a trilogy of interactive forces that include globalization, trade liberalization and the information technology and communications revolution. Globalization has melted national borders, free trade has enhanced economic integration and the information and communications revolution has made geography and time irrelevant. The role and functions of entrepreneurship in the new global economy have taken on added significance and face compounded challenges. We live in a challenging environment of rapidly changing economic events, where the private sector has become the most important engine of economic growth and the public sector has shrunk in importance and influence. Entrepreneurs are defining the new rules of engagement on the economic landscape as they come to grips with contemporary challenges and new opportunities. In this new environment, entrepreneurs need to articulate a pragmatic vision, exercise effective leadership and develop a competent business strategy. They should create the synergies that will allow them to integrate the interactive ingredients of the new economy in order to enhance their competitive advantage. Their business strategy should embrace flexibility, a quick response time and a proactive approach to economic opportunities. This paper will also enumerate the entrepreneurial abilities, skills, competencies and perspectives that are essential pre-requisites for success in the new global economy of the twenty-first century. In short, the economic heartbeat of the new economy is the global entrepreneur with an international mindset.
The current article develops a framework for an e-business logistic model in Taiwan. The model includes e-marketplace, logistic, organization, and informational systems factors. Data used for this research come from a survey of business groups, including marine and air carriers, terminal warehousing, custom brokers, shipping centers, and marine information service providers. Our study reveals relationships between essential variables for e-business trading in the logistic industry. These include organizational advantage and information technology, strategy and vision, consumer-directed service and planning, lower cost and high quality customer service, quick merchandise delivery and low inventory, and long-term development plans. Specifically, we found that the logistic industry in Taiwan ignores the details of purchasing procedure in e-marketplace operation, focusing more on actual merchandise delivery, consumer satisfaction, and downstream consumer service. In addition, the logistical industry in Taiwan also involves employee adjustment to the new environment, support from upper management, training and, application of information technology.
Based on cross-time-section series data collected from Wall Street Journal (WSJ), this article suggests that the Corruption Perceptions Index (CPI) for 60 countries/regions published by Transparency International is highly correlated with WSJ news about “corruption”, especially for eight strong countries. Compared to a slight converging trend of CPI standard deviation, the CPI score presents no significant response to time. Our partial multiple correlation model suggests that WSJ news may be a good indicator of corruption levels in a country, although not as a potential cause influencing CPI.
We revisit the role of the manager as implied by the capital asset pricing model (CAPM) and address the three-decade discourse that has emerged in the Academy of Management Review concerning the responsibility of the manager. This discourse has embraced the conclusion that because CAPM only prices systematic risk and does not price unsystematic (firm-specific) risk, managers’ decisions and actions are not priced by CAPM. The management literature implies that because managers’ actions are not priced by CAPM, finance theory considers managers’ actions irrelevant. We demonstrate analytically that CAPM, and specifically systematic risk, does consider and price the role of the manager.