bluuebunny/crossref_metadata_2025 huggingface dataset:
An analytical approach to assessing the competitiveness in the textile industry
Authors: Shafaei Rasoul
Published: March 2009

Purpose

The purpose of this paper is to measure the competitive performance of four major Iranian synthetic fiber‐manufacturing companies, as one of the main sectors in the textile industry, using an analytical approach. The results presented assist in evaluating the competitive performance of a company, while developing recommendations for improving competitive strategy of the firms.

Design/methodology/approach

The proposed approach is based on Porter's diamond of competitive advantage (including four main determinants, namely factor conditions, demand, related and supporting industries and firm strategy and rivalry, plus government as an external factor). This approach is based on five determinants, each one consisting of two to six elements, with each element including a number of variables, i.e. 55 variables in total, which were confirmed by the interviewees as important factors affecting the competitiveness of a firm. Accordingly, the results obtained from the interviews confirmed the validity of the proposed approach to assess the competitiveness of a company. In addition the proposed approach is applied to assessing the competitive performance of four companies which manufacture synthetic fibers, in terms of each determinant as well as the overall competitive performance of each company. The data used in this research were obtained from both face‐to‐face interviews and a questionnaire completed by the key managers and engineers at the companies studied. The validity of the results obtained by means of the proposed approach was also correlated by comparing the results with the Export Value and Relative Comparative Advantage index of the synthetic fiber industry in Iran.

Findings

The results reveal that the competitiveness of the four companies is significantly low. Furthermore, of the five determinants, factor condition yielded the highest performance for the firms. The paper also identifies some of the shortcomings affecting the local manufacturers, and provides recommendations on how to improve the competitive performance of the firms.

Practical implications

The proposed approach provides a good basis for assessing the competitive performance of the companies. This can also help both researchers and practitioners in deciding how best to improve the competitive performance of a company.

Originality/value

The research proposes an analytical method for measuring the competitiveness of companies. This also helps in developing recommendations for improving competitive strategy. In addition, the method evaluates the competitive performance of four companies which play an important role in the Iranian synthetic fiber industry. Recommendations are also made on how to improve the performance. The findings should prove useful for both researchers and practitioners.
Identifying characteristics of consumers who frequently return apparel
Authors: Kang Minjeong , Johnson Kim
Published: March 2009

Purpose

This paper seeks to investigate relationships between apparel return behavior and fashion innovativeness, buying impulsiveness, and consideration of return policies of US consumers.

Design/methodology/approach

A convenience sample of 246 undergraduates studying in the USA completed a questionnaire that contained measures of apparel returns, fashion innovativeness, buying impulsiveness, and consideration of return policies. Pearson correlation and multiple linear regression analysis were used to analyze the data.

Findings

It was found that apparel return behavior of participants was positively related to buying impulsiveness and to consideration of return policies. These two variables were also significant predictors of frequency of apparel returns. Fashion innovativeness was not significantly related to participants' apparel return behavior. In addition, participants' consideration of return policies was not related to their innovative or impulsive purchase behaviors.

Practical implications

Findings are useful to retailers to better understand characteristics of frequent returners and to make informed decisions about developing optimal return policies that prohibit excessive product returns yet do not inhibit consumers' purchasing.

Originality/value

There is limited research on potential effects of adopting restrictive return policies. The study begins to examine whether leniency in return policy might potentially influence the behavior of innovative or impulsive consumers.
Consumer responses to incomplete information in print apparel advertising
Authors: Lu Hsu Jane , Hsien‐Chen Mo Roxy
Published: March 2009

Purpose

This paper aims to examine how consumers perceive incomplete information in print apparel advertisements in magazines and whether incomplete information influences decisions.

Design/methodology/approach

A total of 239 examples of print apparel advertisements in fashion magazines were collected in 2006. Content analysis was utilised to code the types of information in print apparel advertisements prior to the design of the questionnaire in the consumer survey. In the questionnaire, attitudes toward incomplete information in print apparel advertisements, information search, involvement, purchasing intentions, and demographics were included. A consumer survey was administered in Taiwan using stratified sampling. The total number of completed, usable questionnaires returned was 304.

Findings

Consumers who thought missing information in print apparel advertising to be important tended to find missing information from other sources like media, word‐of‐mouth, salespersons, and in stores. Information search behaviour positively influenced purchasing intentions. Consumers with higher levels of involvement tended to pay more attention to missing information and were more likely to search information.

Research limitations/implications

Print apparel advertisements are presented not only in magazines, but on outdoor billboards, in catalogues, on the internet, in newspapers, and in buses. The restrictions of readers of fashion magazines as respondents in the study could limit the applicability of research findings of the study to attitudes toward incomplete information in print apparel advertisements of fashion magazine readers.

Practical implications

Print apparel advertisements are not a major source for consumers to obtain comprehensive fashion information. Simplified but clear design of print apparel advertising is acceptable for consumers who are prone to ignore missing information. Those who tend to notice missing information in print apparel advertisements would investigate other sources to obtain information for purchase decisions. Print apparel advertisements showing fashion clothing and brand names only are easy for browsing. The attractiveness of print apparel advertising design seems to be more important than detailed information included in advertisements.

Originality/value

The contribution of the study is to reveal attitudes toward incomplete information in print apparel advertising. The results of the study could be beneficial for apparel advertisers and could be valuable for marketers to realise the types of information consumers prefer while searching though the medium of fashion magazines.
A profile of Koreans: who purchases fashion goods online?
Authors: Sung Heewon , Jeon Yangjin
Published: March 2009

Purpose

The purpose of this paper is to classify internet users by fashion lifestyles, to profile the demographic and internet usage characteristics of each segment, and to examine evaluation for fashion e‐retailers' attributes.

Design/methodology/approach

A total of 1,211 internet users who have visited an online fashion mall at least once participated in a web survey. Lifestyles were analyzed by factor analysis, generating five factors. Five segments were obtained by k‐mean cluster analysis. Descriptive analysis, ANOVA, chi‐square tests, and radar charts were employed.

Findings

Internet users were classified into Economical Shopper, Recreational Shopper, Fashion/brand Shopper, Fashion Follower, and Individualistic Shopper. Each segment presented different characteristics in demographics and internet usages. In addition, segments evaluated e‐retailers' attributes differently. Fashion/brand Shopper presented the highest levels of overall satisfaction and intention to purchase fashion goods online, while Fashion Follower showed the opposite.

Research limitations/implications

A profile of each segment explained who they are and why they buy or shop for fashion goods online. Evaluation for e‐retailers' attributes indicated how online marketers responded to potential buyers' needs and values.

Originality/value

The paper offers valuable recommendations to apparel e‐retailers based on characteristics of each segment.
Salespersons' service quality and customer loyalty in fashion chain stores
Authors: Yu Sum Cheng , Leung Hui Chi
Published: March 2009

Purpose

The purpose of this paper is to investigate which dimension of salespersons' service quality is of most importance for customer loyalty in a fashion chain stores setting. It also aims to assess the effects of two retail environmental factors (price level and customers' demographic variables) on the customer loyalty of salespersons service quality.

Design/methodology/approach

The study uses the SERVQUAL service quality instrument with modification in measuring the salespersons' service quality in the Hong Kong fashion retail environment. In order to measure customer loyalty in fashion chain stores, multi‐item measures were used to collect data on repatronage intentions, word‐of‐mouth intentions, and satisfaction. A total of 232 surveys were administrated to shoppers who were leaving a fashion chain store in Hong Kong.

Findings

The results showed that the empathy dimension of salesperson service quality is the most important for customer loyalty in Hong Kong's fashion chain stores but the empathy dimension of salespersons' service quality in fashion retail stores could not be affected by these two retail environmental factors. Furthermore, the salespersons' service quality in the reliability dimension is significantly impacted by the customers' demographic characteristics, but not by price level set by fashion chain stores.

Research limitations/implications

The study was carried out in four popular retail districts of Hong Kong and the results obtained may not be generalized to the country as a whole. The findings that are relevant in a fashion retail setting may not applicable in other retail environments.

Originality/value

The findings can direct fashion retailers to improve the specific service dimensions and work to provide customers with more value through services which will consequently improve internal and external standards of quality and performances in fashion retail settings, thus bringing about repeat customers and increased profitability.
The impact of advertising message strategy – fair labour v. sexual appeal – upon Gen Y consumers' intent to patronize an apparel retailer
Authors: Hyllegard Karen , Ogle Jennifer , Yan Ruoh‐Nan
Published: March 2009

Purpose

The purpose of this paper is to examine Gen Y consumers' responses to American Apparel's use of two advertising message strategies – fair labour and sex appeal, using the theory of reasoned action to predict intent to patronize American Apparel and comparing the utility of the classic reasoned action model with an extended model that included variables external to the theory.

Design/methodology/approach

A questionnaire was administered to 425 consumers, who were randomly assigned to one of four advertisement exposure groups. Group 1 evaluated an American Apparel ad (Ad No. 1) that promoted fair labour practices. Groups 2, 3, and 4 evaluated Ad No. 1 as well as one of three additional ads that featured messages employing sex appeal of varied intensities.

Findings

Participants' attitudes toward American Apparel were more positive when they were exposed to the fair labour message, only, than when they were exposed to the fair labour message in conjunction with one of the three sex appeal messages. In the classic reasoned action models, intent to patronize American Apparel was consistently predicted by attitude toward the retailer. Extending the models increased the explained variance for Groups 1, 2, and 3, with several variables adding predictive utility.

Research limitations/implications

A fair labour message may contribute to positive evaluations of apparel advertisements and may build positive attitudes toward apparel retailers. Thus, when appropriate, apparel retailers might consider using a fair labour message strategy, rather than a sex appeal message strategy.

Originality/value

The study explores consumer responses to two distinct advertising message strategies not often used simultaneously by a single company within the contemporary marketplace and examines the influence of these responses and other variables on patronage intention.
The effects of customized site features on internet apparel shopping
Authors: Yang Kiseol , Young Allison P.
Published: March 2009

Purpose

The purpose of this paper is to examine the effects of customized site features on consumers' purchasing decision aids and consumers' attitudes toward internet apparel shopping.

Design/methodology/approach

The research model was developed and tested using structural equation modeling to identify the effects of customized site features on internet apparel shopping. Participants were members of an opt‐in‐e‐mail marketing company and were required to experience the customized site features at a given web site prior to the survey. A sample of 107 participants was used for the analysis, totaling a 34 percent response rate.

Findings

Interactivity of customized site features indicated a significant direct effect on consumers' purchasing decision aids and an indirect effect on positive attitude toward internet apparel shopping. Virtual experience and customized alternative information offerings showed significant direct effects on positive consumer attitude toward internet apparel shopping.

Research limitations/implications

Direct measures of the effects of customized site features on consumers' apparel purchase risks on the internet are suggested for future research.

Practical implications

E‐retailers should explore and develop the easy‐to‐use web interface of customized site features to enhance site usability and they should diffuse into their own retail web sites.

Originality/value

Examination of the effects of customized site features on internet apparel shopping is an area of research that has not been fully explored. The study provides e‐retailers with the insights to renegotiate the interaction with consumers regarding apparel shopping on the internet.
A framework for talent management in real estate
Authors: Phillips Deborah R. , Roper Kathy O.
Published: March 2009

Purpose

The purpose of this paper is to propose talent management, in today's competitive marketplace, is critical in organizational success. Real estate organizations are now recognizing the value in attracting and retaining the best, brightest employees in order to achieve higher than average market share and elevated profiles. In the era of the knowledge worker, “talent” – narrowly defined as a core group of leaders, technical experts and other key contributors – are quickly becoming an organization's most important asset. As real estate companies continue to compete for the top tier talent, their strategies must become more integrated.

Design/methodology/approach

Based on review of existing literature and expert panel interviews, a framework for integrating talent management strategies focused on multiple generations.

Findings

There is clear evidence that innovative recruiting techniques must be geared to attracting the new generation of workers. Additional attention should be given to increasing employee engagement for Generation Y, while at the same time developing strategies focused on knowledge transfer and reverse mentoring.

Practical implications

In an effort to address the growing talent shortages in real estate, coupled with the exiting of retirement of workers, aggressive strategies must be adopted and the framework provides a holistic approach to achieving competitive market share while addressing critical talent issues.

Originality/value

This paper provides real estate practitioners with strategic systems and processes to attract and retain talent in an increasingly competitive market. Practical strategies are presented with a holistic framework.
Attachments
Authors: Inalhan Goksenin
Published: March 2009

Purpose

The purpose of the study to explain employees' “perception of change” from the socio‐psychological and behavioural point of view, and the consequences of this for the employee's ability to adopt new environments.

Design/methodology/approach

This study is implemented using a three phase‐longitudinal approach which was conducted over a one‐and‐a‐half‐year period in order to monitor the process of place attachment (and detachment), starting two months before the relocation and ending four months after relocation. Interpretative phenomenological analysis is used for analysis and interpretation of the qualitative data.

Findings

The relationship between physical environment and social and environmental psychology has been the central issue. In workplace change, while the attachments that no longer work for people are broken, there is a need to build new connections, which can support people through this transition.

Research limitations/implications

There are pragmatic and strategic resource management implications arising from the study. Further study of affective relationships that all employees have with their workplace will aid in appropriately designing and managing facilities (services and programme).

Originality/value

The previous studies indicate that the existing literature lacks a unifying framework for understanding the relationship between people and places and the emotional significance of the physical environment for regulating the employees' work behaviours. Having exposed the inadequacy of workplace change management approaches in explaining and understanding the employees' resistance to change in their experience of the move process, considering place attachments in workplaces proposes a reappraisal of both employees' experience and evaluation of the move process. It provides a comprehensive framework for understanding the significance of employees' attachments to their workplace and offers guidance on managing workplace change from procurement, design to provision of workplaces.
The interaction of activity, space and cost variables in office workstation sharing
Authors: Fawcett William , Rigby Danny
Published: March 2009

Purpose

The growth in flexible working by employees in many office‐based organisations means that workstation sharing at the employer's premises is increasingly attractive. However, because of peaks and troughs in demand it is difficult to decide how many workstations should be provided. The purpose of this paper is to investigate the cost‐effectiveness of alternative workstation sharing strategies.

Design/methodology/approach

The study used an agent‐based simulation model with two input variables: the employees' reaction if they are blocked (i.e. they find that all workstations are already occupied), and the number of workstations at the employer's premises. The simulation was run for 56 scenarios. The results were evaluated by assigning cost penalties for workstations, blocking and displacement; there were eight cost regimes reflecting different organisational characteristics.

Findings

The simulations showed trade‐offs between the activity and space variables, in terms of utilisation, blocking and displacement. When costs were applied the output of the simulation runs, the most cost‐effective scenarios varied markedly with the different cost regimes.

Research limitations/implications

The variation in optimum strategies with different model input values suggests that cost‐effective workstation sharing strategies must be developed on a case‐by‐case basis. The simplifying assumptions in the model must be considered when applying the findings to real organisations.

Originality/value

Quantified analysis of the cost‐effectiveness of workstation sharing strategies has not been found previously in the literature.
Sustainable workplaces: improving staff health and well‐being using plants
Authors: Smith Andrew , Pitt Michael
Published: March 2009

Purpose

The paper aims to identify and demonstrate the benefits of plants in offices in contributing to employee health and well‐being by applying the study to a working office.

Design/methodology/approach

Via comprehensive literature reviews, the paper identifies the importance of indoor plants in office environments, firstly through physically improving the air quality and removing pollutants and secondly in improving employee well‐being through psychological benefits.

Findings

It is argued that plants are important in removing indoor air pollutants and in increasing employee perceptions of well‐being. The paper identifies, through literature review, plants with the ability to remove common office pollutants. It shows that there is a general preference for plants in offices through a perception survey and that occupants of planted offices feel more comfortable, more productive, healthier and more creative and feel less pressure than occupants of non‐planted offices.

Research limitations/implications

The empirical research presented was limited to one office building. Research is now continuing, with the survey currently being completed by occupants of various offices throughout the UK.

Practical implications

The paper argues that indoor plants should become an integral part of corporate real estate strategies and that they have potential to alleviate sick building syndrome symptoms.

Originality/value

This paper provides an insight into how plants can be incorporated within corporate real estate strategies to improve employee health and well‐being and improve perceived productivity. It brings together two separate strands of research into the benefits in physically improving air quality and the psychological benefits of plants to humans.
Counting customers, subscribers and mobile phone numbers
Authors: Sutherland Ewan
Published: March 2009

Purpose

The purpose of this article is to identify policy issues arising from discrepancies between the various sources of numbers of customers for mobile networks.

Design/methodology/approach

This paper reviews and analyzes a range of statistics, and then draws out policy implications.

Findings

Survey data report much lower numbers of customers than operators, indicating delays in achieving MDGs and market distortions.

Research limitations/implications

There is a lack of data on the reasons for ownership of multiple mobile SIM cards.

Practical implications

There is a need for more extensive surveys to identify reasons for ownership of multiple mobile SIM cards. The analysis can be incorporated into policy and regulatory decision making.

Originality/value

The paper takes an analytic approach, suggesting areas for further work.
Market structure and penetration in the Latin American mobile sector
Authors: Mariscal Judith
Published: March 2009

Purpose

This paper aims to offer an analysis of the market structure in the mobile telephony market in Latin America and its impact on its development. Given the importance of mobile services as a mean of ICT access to low income groups, the objective behind this analysis is to understand how the trend in market structure may impact the use of mobiles by low‐income sectors of the population in Latin America.

Design/methodology/approach

The paper analyses the process of consolidation that the region experiences today in the mobile market and identifies the effect this concentration has had on mobile welfare indicators such as penetration. It examines the links between variables associated with market concentration and known to influence mobile penetration such as tariffs, pricing strategies and spectrum allocation.

Findings

The results do not identify a strong association between market concentrations and pricing, which appears to contradict standard textbook reasoning. However, there appears to be a strong correlation between prices and radio spectrum allocation; countries that have a very low spectrum allocation are the ones that have the highest prices.

Originality/value

The value of this analysis lies in the identification of a straightforward regulatory policy suggestion that supports results form other empirical studies; regulators need to allocate more spectrum in order to promote competition.
Two complementary mobile technologies for disaster warning
Authors: Samarajiva Rohan , Waidyanatha Nuwan
Published: March 2009

Purpose

Over 50 percent of the disasters occur in Asia and in the past five year disasters in the region have killed around half million people. Most of these deaths could have been prevented if reliable and effective early warning systems were in place. The purpose of this paper is to discuss the use of the emerging mobile technology for disaster risk reduction.

Design/methodology/approach

LIRNEasia field tested five wireless technologies, including mobile phones, in 32 tsunami affected villages in Sri Lanka; where members in the village were provided training with emergency response planning and given one or more of the technologies for receiving hazard information. Further lessons were learned by sharing knowledge, through a consultation process, on early warning systems with stakeholders in India, Bangladesh, Malaysia, and Indonesia.

Findings

The evaluation process concluded mobile phones as the reliable, effective, and affordable solutions for alerting last‐mile communities. Disaster risk reduction can be improved using mobile application and leverage the explosive diffusion of the technology even among the poor in developing countries.

Practical implications

Coordination within government, including communication to first responders responsible for evacuation and localized warnings, and communication to mass media who serve a critical function in public warning, can be achieved through the use of an SMS engine supplemented as necessary by an informative and robust website. Cell broadcasting can serve as an extremely useful addition to the conventional public warning methods, especially in countries with significant mobile penetration.

Originality/value

The paper is intended for governments, researchers and practitioners working in the field of emergency communication.
Exploring mobile phone‐sharing practices in Ghana
Authors: Sey Araba
Published: March 2009

Purpose

The purpose of this paper is to present research evidence on mobile phone sharing practices in a developing country context.

Design/methodology/approach

The study adopted an exploratory approach, using a combination of in‐depth interviews, non‐random surveys and field observations of mobile phone users and mobile payphone service providers.

Findings

The paper finds that there are multiple dimensions to mobile phone sharing and that it is an important means of giving respondents the ability to communicate under different circumstances of need. However, most research respondents preferred or were aspiring to personal phone ownership and a reduction of the need to share. This preference was demonstrated in respondents' attitudes and actual behavior with respect to sharing phones with family and friends, as well as the use of payphones.

Research limitations/implications

Due to the exploratory and largely qualitative research approach, the findings may not be generalizable. The results provide evidence that could feed into the development of hypotheses about mobile phone sharing practices in similar contexts.

Originality/value

The paper investigates ideas about mobile phone sharing using mixed methods. It draws attention to the importance of research‐based evidence for a fuller understanding of user behavior.
From voice ubiquity to mobile broadband: challenges of technology transition among low‐income Jamaicans
Authors: Dunn Hopeton S.
Published: March 2009

Purpose

The purpose of this paper is to examine how the prevailing widespread and popular access to mobile phones among Jamaica's poor may be used to support the public policy goal of transitioning these users from mainly voice to more advanced applications, including m‐government, personal educational growth and teleworking, via increased connectivity to mobile internet and other forms of broadband access.

Design/methodology/approach

The article analytically reports the findings of two national usage studies of low‐income mobile respondents in Jamaica.

Findings

There is a prevailing positive disposition among Jamaicans of all social classes for the use of higher levels of work‐related communications technologies, once these are priced in a manner that make them accessible. This is a strong foundation upon which to build crucial technology links to key business and economic opportunities. Mobiles are potential bridges for low‐income users from their present voice‐dominated usage to higher end applications such as further education, better access to public services and other more intensive work‐related uses.

Practical implications

If made more accessible, mobile internet could help bridge information and education gaps experienced by the financially impoverished majority. More low‐income people could be connected through such simplified protocol platforms as .Mobi and into wider use of M‐services.

Originality/value

The empirical studies indicate for the first time that low income users of mobile phones are not just engaged in idle chatter but have a higher order economic and survival motivation in their patterns and uses of the mobile phone.
Creating engagement through employee benefits
Authors: Pegg Terry
Published: March 2009

Purpose

The potential impact of employee benefits on individuals and their dependants is significant and growing as new products and solutions come on to the market. The aim of this paper is to investigate how benefits impact on employees and the organization as a whole, and how organizations are choosing to inform their people about the type of benefits on offer.

Design/methodology/approach

Research conducted by AIG UK Benefits seeks to provide an insight into the current employee benefits environment and in particular to the areas highlighted above. The research consisted of a two‐stage study undertaken by the AIG UK corporate research and development team between November 2007 and January 2008.

Findings

The study highlights the differences between the perceptions of employers/HR professionals and employees when it comes to the awareness and understanding of the benefits on offer and asks whether employees are really to blame if they fail to appreciate the true value of their employers' voluntary employee benefits.

Originality/value

There is an opportunity for HR to improve benefits communications. The study looks at how one UK retailer has successfully implemented a strong communications program and presents steps that employers and reward professionals can take to improve their own benefits communications.
Flexible working and engagement: the importance of choice
Authors: Anderson Deirdre , Kelliher Clare
Published: March 2009

Purpose

The purpose of this article is to report findings from a major study into flexible working and to examine the link with employee engagement.

Design/methodology/approach

The study was conducted within seven case organizations using a mixed method of semi‐structured interviews and an electronic questionnaire.

Findings

The findings show that flexible working has an impact on employee engagement through a positive relationship with organizational commitment, job satisfaction and employee discretionary behavior.

Practical implications

Allowing employees a degree of choice over when, where and how much work they do has benefits for the organization. However, for these gains to be realized, support is needed for the implementation of a flexible working policy.

Originality/value

The study included both quantitative and qualitative data and examined the impact of flexible working from the point of view of managers and co‐workers of flexible workers, as well as those who worked flexibly themselves.
Employee engagement in a change environment
Authors: Gill Alison
Published: March 2009

Purpose

The purpose of this paper is to explore the dynamics of organizational change and present the case for a new, more effective and lasting way of approaching it, based on the practical application of behavioral psychology to engage employees in the change.

Design/methodology/approach

Using construction business Costain's Project Management Academy as a case study, the paper illustrates Crelos' five‐stage model of behavioral change. This is based on its “Precision Business Psychology” approach, which combines the latest knowledge from psychological sciences with years of experience in enabling the delivery of lasting change in both the private and the public sectors.

Findings

The paper highlights the importance of investing time in the earlier stages of the change management process in order to prepare individuals and so embed behavioral change more quickly and effectively. It also identifies the value of a precise approach, both in order to deliver effective interventions at the appropriate time and to measure progress.

Originality/value

The paper presents a new approach to creating lasting change, based on behavioral psychology and the latest cognitive research that suggests that the existing approaches to people management commonly in use today, developed several decades ago, are not as effective as peope think. Readers will also learn how to avoid common pitfalls in making organizational change.
Flexible work options for older workers
Authors: Koc‐Menard Sergio
Published: March 2009

Purpose

This paper seeks to explore how organizations might create flexible work programs to attract and retain older workers.

Design/methodology/approach

Drawing on the literature on aging and work, the paper identifies an incoming HR challenge (leveraging an aging workforce), focuses on a strategy (designing flexible work programs) and reviews some innovative programs in Europe and North America.

Findings

The paper identifies three lessons. The first is to adopt a portfolio approach, which means to combine and integrate diverse dimensions of work flexibility (work schedule, number of hours worked and so on). The second is to offer flexible work options to retired employees. The third is to align flexible work opportunities with pension scheme options.

Originality/value

Labor market experts predict a steady increase in the number of older workers who will extend their work life or work during retirement. A number of surveys, in turn, report that people are more likely to seek flexible work options as they age. The paper provides practical advice that will help organizations to prepare for the demographic changes coming and to develop effective flexible work programs for older employees.
International market structure: global problems and micro solutions
Authors: Pagano Michael S.
Published: March 2009

Purpose

The purpose of this paper is to present new empirical evidence on global trends in equity‐related transaction costs and trading volume, as well as to highlight recent research in international market microstructure.

Design/methodology/approach

Estimates of brokerage commissions, indirect trading costs, and trading volume are obtained from a comprehensive institutional investor database. Quarterly data are used to compute trends in transaction costs and trading volume, as well as shifts in trading between mature and emerging markets.

Findings

The results indicate a steady decline in brokerage commissions around the world but indirect trading costs appear to have reached a plateau. The fastest growth in trading volume can be found in the emerging markets of South America but the USA leads the way in terms of the steepest reductions in transaction costs.

Research limitations/implications

The paper relies on one source of transaction cost estimates over a relatively short period (March 2005‐December 2007).

Originality/value

The paper provides comprehensive and current empirical evidence on important trends in international market microstructure.
Market making in international capital markets
Authors: Charitou Andreas , Panayides Marios
Published: March 2009

Purpose

The purpose of this paper is to critically evaluate the different market‐making systems found in most developed capital markets and to provide guidance to emerging market regulators for a possible implementation of such a system.

Design/methodology/approach

The paper looks closely at the market design of seven developed countries focusing on the obligations and privileges of market makers. Through a case study and empirical evidence the paper identifies advantage and disadvantage of a possible implementation of a similar design to an emerging market.

Findings

The paper identifies three forms of market making applied today: the quote‐driven, the centralized and non‐centralized systems. Four factors are proposed that regulatory authorities in emerging markets should consider when deciding whether, and which of, the three market‐making systems they should implement. These are: current exchange design and the costs of restructuring, international and domestic investors' sentiment towards the exchange, size of the emerging market and the market designs in countries hosting the target foreign capital.

Research limitations/implications

The paper looks at the implementation of a market‐making system in an emerging market. Further research may investigate other ways of how emerging markets authorities can restructure their markets into more efficient, compatible and trustworthy financial venues in order to attract both domestic and foreign investors.

Originality/value

The area of emerging markets' microstructure design and market quality is still relatively under‐studied. We provide evidence of the challenges and benefits of the implementation of a market‐making system in those markets.
Electronic communication networks, market makers, and the components of the bid‐ask spread
Authors: Shawn Strother T. , Wansley James W. , Daves Phillip
Published: March 2009

Purpose

The purpose of this paper is to investigate how quotes originating via electronic communication networks (ECN)s affect trading costs.

Design/methodology/approach

In order to investigate the relations between trading costs and quotation venue, the bid‐ask spread is decomposed into its theoretical cost components associated with adverse selection, inventory handling, and order processing.

Findings

Stoll's adverse selection costs of ECN‐originated quotes relate positively to effective spreads, while Lin et al.'s adverse selection costs relate negatively to effective spreads.

Originality/value

The paper shows how trading costs relate to trading venue choice by decomposing the bid‐ask spread.
On the relationship between trading volume and stock price volatility in CASE
Authors: Girard Eric , Omran Mohammed
Published: March 2009

Purpose

The purpose of this paper is to examine the change in speed of dissemination of order flow information on stock volatility of return in 79 traded companies at the Cairo and Alexandria Stock Exchange (CASE).

Design/methodology/approach

The paper examines the interaction of volatility and volume in 79 traded companies in CASE over a period from January 1998 to May 2005 and provides support for the TGARCH specification for explaining the daily time dependence on the rate of information arrival to the market for stocks traded on CASE.

Findings

The paper finds that information size and direction have a negligible effect on conditional volatility and, as a result, the presence of noise trading and speculative bubbles is suspected. It was found that the persistence in volatility is not eliminated when lagged or contemporaneous trading volume is incorporated into a GARCH model. It is shown that, when volume is further broken down into its expected and unexpected components, volatility persistence decreases. This is especially true after May 2001, which marks the beginning of a succession of major stock market reforms. It was also found that anticipated information shocks can have a negative impact on the volatility of return, particularly prior to May 2001.

Originality/value

The decrease in the negative relationship between expected volume and volatility after May 2001 suggests that trading efficiency and information dissemination have improved. This is an important finding for CASE as it encourages the reform momentum and reinsures foreign investors.
Intraday return and volatility spill‐over across international copper futures markets
Authors: Lien Donald , Yang Li
Published: March 2009

Purpose

The purpose of this paper is to investigate the short‐run return and volatility spill‐overs across three major international copper futures markets: London Metal Exchange (LME), New York Mercantile Exchange (NYMEX), and Shanghai Futures Exchange (SHFE).

Design/methodology/approach

The analysis utilizes a dynamic conditional correlation GARCH model to explore the return and volatility relationships.

Findings

The return and volatility spill‐overs between the two developed markets, LME and NYMEX, are bi‐directional and significantly stronger when the NYMEX operates an electronic trading system. In addition, significant bi‐directional return spill‐over between the LME (developed market) and the SHFE (emerging market) and significant uni‐directional volatility spill‐over from the LME to the SHFE are documented.

Research limitations/implications

The evidence suggests that degree of market integration and trading mechanism play crucial roles in the return and volatility transmission across the three major copper futures markets. Higher level of market integration and easy access to trading information lead to faster information dissemination and help to establish stronger relationships of returns and volatility across the markets. This is consistent with the findings in the equity markets.

Originality/value

The study provides empirical evidence of short‐run information transmission between developed and emerging copper futures markets.
Influence of capital structure and operational risk on profitability of life insurance industry in Taiwan
Authors: Chen Jian‐Shen , Chen Mei‐Ching , Liao Wen‐Ju , Chen Tsung‐Hsien
Published: March 2009

Purpose

The solvency of insurance companies is closely related to the policyholders, and consequently regulators in Taiwan pay considerable attention to this area. Several studies have demonstrated a close correlation among capital structure, operational risk and profitability. This study seeks to provide evidence regarding the influence of capital structure and operational risk on profitability of the life insurance industry in Taiwan.

Design/methodology/approach

Structural equation modeling, which involves factor‐analysis and path‐analysis, is used to justify the relationship among capital structure, operational risk and profitability. Adding the macroeconomic latent variable to the model as a control variable demonstrates that the macroeconomic latent variable positively influences capital structure, operational risk and profitability.

Findings

The study leads to four key findings. First, according to the empirical result, the research model has excellent goodness‐of‐fit. That is to say, using multiple financial indices suitably measures the specific financial factors. Second, the capital structure exerts a negative and significant effect on operational risk. Third, there is no reciprocal relationship but a one‐way effect between capital structure and operational risk. Fourth, the operational risk exerts a negative and significant effect on profitability.

Practical implications

The empirical result shows the profitability decreased with the higher equity ratio. Hence, the regulatory organizations must urge insurance companies to effectively diversify their investments and employ risk avoidance strategies. Effective use of hedging and diversifying will help to divide risk and create financial revenue.

Originality/value

The study proposes that the government should loosen investment restrictions and develop other instruments to assist risk‐based capital in checking the financial condition of insurance companies.
A method for creating buying behavior of customer bykanseiinformation design
Authors: Kosaka Yuji , Shiizuka Hisao
Published: March 2009

Purpose

This paper aims to propose a method forkanseivalue creation to be actually reflected in consumer behavior.

Design/methodology/approach

Looking at business from akansei(emotional/sensitive) value creation perspective, it is realized that currently in most cases value creation for products or services is not done practically. For most of the products and services put on the market, their value is hardly recognized.

Findings

It has been found that a key factor of the mechanism of value creation is closely related to the design ofkanseiinformation.Research limitations/implications– It is expected that, in the future, the principle ofkanseiinformation design will be further clarified and improved so that this methodology can be used in business by corporations.

Practical implications

It is pointed out that, if the combination of thekanseiinformation becomes too rough, no matter how brilliant the design of the product itself, it is difficult to arouse consumption behavior in reality.

Originality/value

The paper provides an important aspect to demonstrate the mechanism and its elements for achieving value creation in marketing and sales activities. Some case studies are shown for demonstrating the proposed method.
Pricing and hedging American options in incomplete markets
Authors: Liu Hsuan‐Ku , Long Liu Ming
Published: March 2009

Purpose

This paper sets out to consider the problem that the initial value of the American option is less than its fair price; this implies that the replication portfolio does not exist in the market.

Design/methodology/approach

The paper develops an optimization model whose solution provides an optimal strategy for the writer to minimize the expected loss for this problem.

Findings

The numerical results reveal that loaning money to construct a replication portfolio may not be an optimal strategy for the writer.

Practical implications

The solution of the minimum expected loss model provides an optimal strategy to construct a lower expected loss portfolio.

Originality/value

The numerical results reveal that loaning money to construct a replication portfolio may not be an optimal strategy for the writer.