Search results

The present study adopts the analytical framework of new managerialism (NM) to explore the progress, challenges and outlook of self-financing post-secondary institutions in Hong Kong since 2000. This study also identified issues and related managerial implications for developing this niche form of higher education in Hong Kong.

This study conducted a critical review of self-financing post-secondary institutions in Hong Kong, including the sub-degree and degree sectors, via collecting a series of policy documents and archives from the Legislative Council of Hong Kong, the Public Records Office and other government bodies. To supplement the findings, semi-structured in-depth interviews of 18 academic staff of Hong Kong's self-financing post-secondary institutions were carried out.

The study shows that self-financing post-secondary institutions not only encounter challenges related to insufficient resources but also face pressure from accreditation requirements of various international organisations. The study also suggests that massification and privatisation of self-financing post-secondary institutions, and embracing a managerial approach for operation and governance will induce a new wave of self-financing post-secondary institutions in the near future.

This study offers insights for self-financing post-secondary institutions into implementing appropriate strategies to maintain competitiveness and retain talents in the coming years.

The purpose of this paper is to develop a conceptual model to examine key employability skills that match workplace requirements and foster employability.

This research comprises a cross-sectional study from self-financing institutions in Hong Kong. The current study adopted structural equation modeling to examine key employability skills that match workplace requirements and foster employability.

Based on the empirical findings, the acquired employability skills of young graduates are entrepreneurship, professional development, work with others, self-management, communication and problem solving. Moreover, higher education institutions should work closely with industry stakeholders to get employers engaged with the work-integrating learning (WIL) programs and subsequently equip young graduates for better employability opportunities. In connection with employer engagement, employability skills of communication, problem solving and self-management would be improved. Furthermore, entrepreneurship and problem-solving skills could further be developed for young graduating students working in SME organizations during WIL.

As a notable gap exists in the current literature to examine young graduates' key employability skills in the context and content of Hong Kong self-financing tertiary education, this research explores key employability skills of self-financed young graduates and the relative importance of employability skills across company size using a quantitative approach.

In this chapter, the performance of Swiss mountain ropeway companies in the period from 2011 to 2016 have been analyzed. The sample includes 194 observations from 43 companies, covering about 90% of the market. In order to explain the levels of cash-flow returns, the degree of self-financing and revenue growth for ropeway companies, firm-specific characteristics, meteorological data, infrastructure information and market-specific factors were taken into account. The results, which are based on a general method of moments estimates, reveal that a high equity ratio and consistent capital expenditures are important for performance. Also, the market environment, including such factors as exchange rates and brand recognition of ski areas in Europe and Asia, are important for firm performance. Overall, the Swiss market is a unique country for this type of analysis, given either that the required data on mountain ropeway companies in other countries are unavailable or that a few rather large companies dominate the market.

The purpose of this paper is to analyze a market for microfinance in a region of a developing nation in which all projects are either of high or low quality. There is adverse selection because only borrowers know whether their project is of high or low quality but the microfinance institutions (MFIs) do not. The MFIs are competitive, risk neutral, and they offer loan contracts specifying the amount to be repaid only if a borrower's project makes a profit. Otherwise, this borrower defaults on his contract.

A game theoretic model is used that explicitly accounts for adverse selection and then a study is made of the trinity of adverse selection, loan default, and self‐financing.

First, in the pooling equilibrium, a borrower with a low‐quality business project will obtain positive expected profit. In contrast, this borrower will obtain zero expected profit in the separating equilibrium. Second, for small enough values of the probability p that a business project is of high quality, MFIs will not finance any business project in the pooling equilibrium. Third, the cost of sending a signal is not too high and hence a separating equilibrium exists. Finally, under some circumstances, self‐financing can be used to mitigate adverse selection related problems

This paper studies a model with only two types of business projects. In addition, no allowance is made for repeated interactions between borrowers and MFIs.

This paper usefully shows that under some circumstances, a credible signaling device such as self‐financing can be used to mitigate adverse selection related problems that routinely plague interactions between poor borrowers in developing countries and MFIs.

There is a wealth of literature on the financing structure of a company. For this reason, the authors considered it useful to present a theoretical and empirical literature review of classical and new theories of the financial structure. The purpose of this study is to realize on a panel of 15 nonfinancial Moroccan companies listed on the Casablanca Stock Exchange, over a period of 11 years.

The results obtained indicate that only a few variables from financial theory have an important role in the financing policy of Moroccan companies. The authors have presented the positive role of size and self-financing on the debt ratio. The analysis of the effects of profitability shows in this study that it is negative related on the debt ratio which asserts the predictions of the pecking order theory. Also, the age of the company and the growth opportunities explain the level of indebtedness.

Econometric analysis is used to ascertain the nature of the financial structure of listed companies. For this purpose, a large number of companies listed on the Casablanca stock exchange were used.

The authors have presented the positive role of size and self-financing on the debt ratio. Regarding the influence of profitability, this analysis shows that it is negative related on the debt ratio which asserts the predictions of the pecking order theory. Also, the age of the company and the growth opportunities explain the level of indebtedness.

Labor supply data seldom include detailed information on hours and wages in secondary job or overtime work. Based on survey information on hours and wages in overtime work and second job which is merged to administrative register information on income taxes and deductions we estimate a “Hausman labor supply model,” which allows for a detailed treatment of nonconvexities. Including explicit information on overtime pay and second job wages increase the estimated elasticities compared to a standard labor supply model without this information. However, allowing a more flexible treatment of nonconvexities the estimated elasticities are reduced; even below the estimates of the baseline results. In simulations we show that these findings have significant consequences when evaluating the degree of self-financing of various tax reforms.

Swiss destination management organizations (DMOs) are usually to a substantial portion supported by public funds. In order to establish political majorities for such public financing, some proof of the impact of the use of these subsidies must be of interest. The main goal of the case study presented in this paper is to develop a comprehensive tool for measuring the efficiency and effectiveness of DMOs.

By using the structure of the Business Excellence Model of the European Foundation for Quality Management, the tool is mainly based on a system with 80 to 100 indicators. Selected DMOs are examined by a multi‐level methodology. Available information is collected within a document analysis. Subsequently, the directors of the DMOs are interviewed. Collected data are also consolidated by building and calculating comparative budget key figures and by conducting efficiency computations. Two benchmarking phases are conducted in order to develop and test the tool. In a first pilot phase four Swiss cities' DMOs are benchmarked. After an overview and revision of this first phase, a second phase with Swiss Alpine destination DMOs follows.

Both pilot phases were successfully completed. The two conducted phases of the benchmarking clearly showed that the choice of indicators guarantees a holistic view of the situation of the DMOs. The tested benchmarking tool can be labeled as qualitatively valid.

With the research project as a whole a new and tailor‐made benchmarking tool for DMO could be successfully implemented.

Fair trade organisations (FTOs) have been taken quite early as examples of Social Enterprises (SE) and have contributed to the shaping of the SE concept. The purpose of this paper is to examine more deeply the link between FTOs and SE, both at a conceptual and at an empirical level.

First, different theoretical frameworks of SE are introduced and confront FT to each of these frameworks. The second step is an empirical study of FTOs across four European countries to illustrate and deepen the links between FT and SE, focusing on the goals and the governance structures of FTOs.

All the FTOs combine in some way economic, social and sometimes also political goals. FTOs are thus coherent to the “hybrid goals” nature of SEs. FTOs' governance is also quite specific and often innovative in terms of organisational architecture and stakeholders' involvement. Some FTOs are closer to the European – participatory – approach while others are closer to US – individual – approaches. Finally, the governance structures of FTOs seem to reflect quite well their goal mix.

This paper provides a more solid basis for the often implicit link between FT and SE. Future researches could use this work to explore specific topics of the SE literature in the context of FT (e.g. stakeholders' involvement). The FT example could also be used to examine further the shifting boundaries of the SE reality.

The originality of this paper is to apply the SE concept to a specific field and to show how, within this field, there is at the same time a diversity of organisations, reflecting the diversity of SE approaches; and a range of specific features (especially in terms of goal mix and governance) distinguishing SEs from other types of organisations.

This article identifies major public financial management developments in the European Community (EC). Despite a certain degree of disparity, the EC member countries have had a number of common developments in public financial management. In general, central governments of most EC member countries were faced with resource constraints, growing spending demands and large budget deficits. Moreover, fiscal changes had to be made in order to reach the single European market goal targeted by 1992. Thus, several fiscal policy and management initiatives were developed including tax reforms, changes in spending programs, improve-ments of government performance, and fiscal harmonization. The results of these initiatives are reflected in the patterns of central government receipts and outlays in the EC member countries.