Ram C. Acharya
Using firm-level data in Canada from 2002 to 2008, I compare the economic performance of three types of firms: those that both export and import (called globally trading firms—GTFs), exporters-only, and importers-only. The results show that GTFs are more productive, larger, more capital intensive, pay higher wages, trade more goods, and trade with more countries than both types of one-way traders. These premia for GTFs were found even before they turned into GTFs (self-selection). Moreover, even after turning into GTFs, the productivity growth of a subset of them was faster than that of one-way traders. The higher the involvement in global value chains (GVCs), the higher was the performance of the “learning-by-turning GTFs”. The GTFs with higher productivity growth were the ones that imported from multiple countries, not those that imported only from China. By another measure, they were both-in-both GTFs—those that traded both final and intermediate goods, and in both directions (exports and imports). Even though they employed only 10% of Canada’s business sector workforce, they contributed 60% of its labour productivity growth.
Three Identity Principles at the Core of Comparative Economic Development Management: Lessons for Emerging African Nations
The aim of this article is to investigate the role of national or social identity at different stages of the industrialized nations’ economic development models in order to draw some actionable lessons for emerging markets and developing African economies. The main assumption is that social identity is at the core of the economic management process industrialized nations implement with regard to achieving sustainable development goals. In order to detect actionable information with practical or methodological relevance, national identity was identified as the independent variable, and economic development as the dependent variable. Although the concept of identity is diversely defined in scholarly literature, it is commonly understood as the lens through which an individual perceives himself/herself or how a group of individuals perceive themselves, and their role in finding a way to cope with environmental challenges. Therefore, there is a double level of identity: at the individual level, and collectively as a nation. This identity is at the core of social reflexivity, which is used to envision, manage, and structure the institutional actions that are conducive to economic development. National and international development agencies have been experimenting with different models to achieve economic development in the emerging countries since the creation of the Bretton Woods Institutions at the end of the Second World War. The Millennium Development Goals (MDG) of the United Nations remain the last major multilateral management framework in a series of trial-and-errors over the last sixty years. Using an exploratory and descriptive approach, this article systematically compares the core of the economic development models of the Western nations and that of the newly emerging countries. The results of this analysis show that to achieve their economic development goals, industrialized and emerging countries built the managerial core of their development models on three major foundations: a political system that stems from their own idiosyncrasies, a belief system that comes from their own history and traditions, and a unique but non-exclusive mode of production and resource allocation. These three pillars form a tryptic management principle of sustainable economic development ready for adaptation and adoption.
This paper investigates the asymmetric volatility behavior of the Nepalese stock market including spillover effects from the US and Indian equity markets. I modeled asymmetric volatility within a generalized autoregressive conditional heteroskdasticy framework using comprehensive data for the Nepal stock market index. The results reveal a very different asymmetry compared to the results in other international equity markets: positive shocks increase volatility by more than negative shocks. The results further suggest that uninformed investors play a significant role in the Nepalese stock market. The spillover effect from the Indian stock market to the Nepalese stock market is negative. Overall, I conclude that a “fear of missing out” (FOMO) of noise traders as well as the deployment of pump and dump schemes are inherent features of the Nepalese stock market. The findings are very useful to policy makers and investors alike.
Brent D. Peterson, Young Hack Song and Chuck Udell
Training matters not only for business growth but also for talent acquisition and employee retention. Many experts and researchers highlight the importance and benefits of employee learning and development (Salas et al., 2012). The ATD (Association of Talent Development) 2019 State of the Industry and Training Magazine’s 2019 Training Industry Report indicates that billions of dollars and a tremendous amount of time are being spent on training. Many companies are concerned about the value of their current training programs, especially their leadership development programs (Deloitte, 2018; Kirkpatrick & Kirkpatrick, 2018; Beer et al., 2016; Bernal & Schuller, 2016). As we are experiencing a rapid digital transformation and tough economic times, companies are questioning the effectiveness of their leadership development models. This paper, first, aims to examine seven issues in the learning industry that lead to ineffective training from a practitioner’s point of a view. Then it discusses the Peterson, Song, and Udell (PSU) Training Model, an organizational talent development framework consisting of six specific, focused paths. We also focus on our 4E Training Design Model that resolves issues and makes performance real based on evidence from scientific research and insights from our experiences.