INTERNATIONAL INCOME CONVERGENCE TO A COMMON TREND AND LONG RUN GROWTH ESTIMATION USING ECONOMIC INSTITUTIONS OF OECD ECONOMIES
In traditional studies of regional income convergence, the economies are assumed to follow a common long-run trend determined by common technology. For the group of OECD economies, this is a defensible assumption. In this paper, we estimate this long run component by recovering estimates of steady-state levels of output from the standard β convergence estimates in a panel data set. We use institutional indicators to help estimate production technology. Results indicate that many OECD economies were above their steady states last decade, explaining the subsequent slower pace of long-run growth.
INDUSTRY CLUSTER BASED DEVELOPMENT: A PARADIGM WITH PARTIAL UNDERSTANDING, THE CASE OF INDIA
Pragya Bhawsar and Nachiket Gosavi
City-based industry clusters represent the nodes of economic productions as well as lays the ground for policy experimentation. The popularity of clusters as a concept is attributed to the positive effects of contiguity it offers to all the constituting firms. Despite this notable fact, in India, citybased industrial clusters have failed to achieve attention for policy per se. By and large, the policy thinking has primarily remained focused either to the industry classification or to the geographical state boundaries or by the nature/size of the firms. This article organizes the discussion in the context of the key theme of cluster-based schemes and policy implementation in India. In order to ascertain the doctrine of a distinct policy aimed at clusters, Kendall’s Tau test was conducted on a sample of 126 firms belonging to four industry clusters. The result of the study suggests that in India, there exists sufficient scope for local city-based industry cluster policy. The article concludes by suggesting a few recommendations.
THE EFFECT OF NATIONAL CULTURE ON BUDGETING IN GHANA
This study applies a qualitative approach to examine the moderating effects of national culture on budgeting processes and practices among Ghanaian Multinational Companies. Interview responses from twenty Ghanaian respondents from ten companies were analyzed. Applying logical inferences, the evidence suggests that budgeting processes and practices are affected by the concept of ‘self’, the acceptance of logical contradictions, abstractness in language, high priority for non-verbal communication, the cultural need for receivers of information to be good perspective takers, polychromic, and the prioritization of in-groups among others. This study also describes how Ghanaian respondents weave through ethical dilemmas and form an ethical perspective especially when there are conflicts within and between cultural values and beliefs by prioritizing certain cultural values over others, espousing dissonance and rationalization.
INTEGRATING STRATEGY AND CULTURE: THE CULTURE OF DEDICATION IN SAMSUNG ELECTRONICS AND APPLE INC.
This study addresses the benefits and shortcomings of the organizational culture models employing organizational effectiveness
and competitive advantage theories. Following the critical analysis of preceding literature, this study discusses the benefits of an integrative approach as demonstrated by the ABCD model for conceptualizing organizational culture for practitioners to proactively manage culture for enhanced firm performance. Also, by focusing on the sequential dynamics of ABCD model which denotes dedication as the originating point, this paper explores how the findings from organizational behavior can be integrated with the ABCD model to create a competitive corporate culture. For this purpose, Samsung Electronics and Apple Inc.’s leadership and human resource policies are and initial conditions that facilitate the creation of competitive culture are introduced through a qualitative case study approach.
AN EMPIRICAL ANALYSIS OF DETERMINANTS OF DIVIDEND POLICY OF INDIAN REAL ESTATE SECTOR
Rakesh Kumar Sharma
This paper studies the determinants of dividend policy by analyzing the 125 real estate companies in India. To find out what determines dividend policy, ten firm-level explanatory variables are selected and regressed against the dividend policy measure dividend payout ratio. This study employs three measures of panel data analysis to discover the important determinants of the dividend payout ratio. Empirical findings indicate that firm risk as measured through price-earnings ratio (P/E Ratio), previous dividend, investment opportunities, and profitability have positive associated with a dividend payout ratio of selected real estate firms. On the other hand, the size of the firm, leverage, and liquidity significantly affect dividend payout ratios, and these variables have a negative relationship with a dividend payout ratio of the selected real estate firms. The present study shall be useful to different stakeholders of real estate companies.