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This research examines the relationships among transformational/transactional leadership styles (TFLs/TSLs), organizational justice, trust, organizational commitment, and organizational citizenship behaviors (OCBs) in the context of international tourist hotels in Taipei. The purpose of this paper is to establish a comprehensive model of TFLs/TSLs in human resource management and to figure out which is the better leadership style in regards to the hospitality industry.

A total of 700 questionnaires were distributed to the staff of eight international hotels, yielding 358 valid responses.

TFLs/TSLs affect procedural and distributive justice significantly and positively. Managers using TFLs can induce trust of employees. TFLs positively affect organizational commitment through distributive justice and trust, while TSLs induce organizational commitment through distributive justice. Distributive justice has directly positive impact on trust. Distributive justice-organizational commitment is a positive link. Interestingly, TSLs influence organizational commitment negatively and significantly. As expected, trust can lead to organizational commitment and both trust and organizational commitment have positive impact on OCBs.

The results could be used as the basis for improving human resources management in such a collectivistic culture as Chinese society.

The role of construction industry in harnessing human and material resources of a nation cannot be overemphasised; hence, the emergence of the requirement of leadership. This study aims to assess the usage of factors of transactional leadership style (TSLS) by the project managers (PMs) in the Nigeria construction industry.

A survey research design approach with questionnaire as an instrument of gathering data was adopted. Out of 1,233 questionnaires distributed, data from 975 received with acceptable feedback were analysed using both descriptive and inferential statistics.

This study revealed the following factors under active management by exception as the TSLS factors often employed by PMs in Nigeria. These factors are the three frequently used factors: they are: “always give clear and final instructions to be implemented in the project”; “always observed the progress of the project, assessed risk and took precaution to avoid mistakes in the project”; and “always closely monitor performance for errors needing correction”. This study concludes that it is imperative for PMs in the study area to adopt and incorporate these factors to ensure continuous successful delivery of construction projects.

Therefore, it is hoped that the findings of this research will help the construction industry managers to address the age-long but unrecognised leadership problem confronting the sector, thereby boosting project delivery.

The findings establish the appropriateness or otherwise of adoption of factors of transactional leadership, either in part or a whole.

This paper assesses how retirement – defined as permanent labor force non-participation in a man’s mature years – affects psychological welfare. The raw correlation between retirement and well-being is negative. But this does not imply causation. In particular, people with idiosyncratically low well-being, or people facing transitory shocks which adversely affect well-being might disproportionately select into retirement. Discontinuous retirement incentives in the Social Security System, and changes in laws affecting mandatory retirement and Social Security benefits allows the exogenous effect of retirement on happiness to be estimated. The paper finds that the direct effect of retirement on well-being is positive once the fact that retirement and well-being are simultaneously determined is accounted for.

The purpose of this paper is to examine the capital structure determinants and speed of adjustment (SOA) toward the target capital structure of firms.

The study has used the generalized method of moments (GMM) model and two-stage least squares (TSLS) to the panel data of 3,310 Indian firms, from January 2000 to March 2018, to determine the adjustment speed toward target capital structure. Further, the study employed a fully modified ordinary least square technique to shed light on the dynamic nature of the adjustment process.

The results of the GMM estimations indicate that Indian firms are adjusting their capital structure toward the target rate of 10.38 percent per year. Similarly, the findings of TSLS estimate specify a SOA of 15.49 percent per year. The low adjustment speed suggests the prevalence of higher adjustment costs of Indian firms.

Future research can be undertaken by including certain macroeconomic factors such as GDP, inflation and the interest rate, which also affect the SOA since firms are pretentious by market conditions while designing capital structure for firms.

In the current financial and regulatory set-up when there are frequent perturbations in the capital market, the study will be valuable for regulators, firms and academicians. The work would enable the concerned stakeholders to manage their scare resources and capital effectively by a better way to make informed decisions. It will facilitate managers of young companies to identify and regulate the factors that are more pertinent for them to make flexible financial decisions concerning the capital structure.

The study amplifies on previous studies and provides new insights on the speed of the adjustment process of Indian firms, helping to modify and refine their capital structures toward the optimum capital structure. This will not only enhance the financial flexibility in the capital structure of Indian corporates but also be of great value to the policymakers and other stakeholders.

The purpose of this paper is to assess the effects of trade and financial globalization on human development in 52 African countries using updated data (1996-2010) and a new indicator of human development (adjusted for inequality).

The estimation technique used is a two stage least squares instrumental variable methodology. Instruments include income-levels, legal-origins and religious-dominations. The first-step consists of justifying the choice of the estimation technique with a Hausman-test for endogeneity. In the second-step, the paper verifies that the instrumental variables are exogenous to the endogenous components of explaining variables (globalization dynamic channels) conditional on other covariates (control variables). In the third-step, the strength and validity of the instruments are assessed with the Cragg-Donald and Sargan overidentifying restrictions tests, respectively. Robustness checks are ensured by: the use of alternative globalization indicators; endogeneity-based estimation; adoption of two interchangeable sets of instruments; estimation with a technique that controls for time-invariant unobservable shocks that affect openness and human development simultaneously.

Findings broadly indicate that while trade globalization improves human development (consistent with the neoliberal theory), financial globalization has the opposite effect (in line with the hegemony thesis). The “life expectancy” component of the Human Development Index weighs most in the positive impact of trade globalization on human emancipation.

Capital accounts should be opened in tandem with financial and institutional development. The investment atmosphere needs improvement to curtail capital flight (about 39 percent). Other policy implications include adoption of openness options in a selective and gradual manner, development of some industrial backbone for an import-substitution or export-led industry, emphasis on regional trade and building capacity, development of the agricultural sector with continuous government assistance, building of rural infrastructure, increasing adult literacy rate and developing human resources, fighting corruption and mitigating wastages in government expenditure.

These findings are based on very recent data. Usage of the inequality-adjusted Human Development Index first published in 2010 corrects past works of the bulk of criticisms inherent in the first index.

This paper investigates if investors consider legal insider trading data while making investment decisions. If any investment decision is based on insider transactions, then it will result in abnormal stock characteristics. The purpose of this paper is to investigate if insider trading affects stock characteristics like price, return and volume. The paper further investigates the effect on stock characteristics after the trade of different types of insiders and the relationship between abnormal return and abnormal volume.

The study uses the event study method to measure the abnormal price, return and volume. Two-stage least square regression is used to investigate the relationship between abnormal return and abnormal volume.

The insider trades affect price, return and volume. The results are identical for both buy and sell transactions. The trades of different types of insiders have diverse effects on stock characteristics. The trades of substantial shareholders give rise to the highest abnormal price and return, whereas the promoters' trades result in the highest abnormal volume. No relationship is detected between abnormal return and volume.

A novel method to calculate the abnormal price is proposed. The effect of trading of all types of insiders on stock characteristics is analyzed. The relationship between abnormal return and abnormal volume, after an insider trade, is investigated.

This paper aims to uncover potential contemporaneous relationship between foreign portfolio investment (FPI) and another popular type of cross-border investment outflow, namely, foreign direct investment (FDI).

The relationship between FPI and FDI are modeled using simultaneous equations approach to take potential endogeneity in to account. In a panel of 45 countries over the period of 2001-2009, FPI and FDI are found to be strategically complimentary to each other.

The two-stage least square estimates suggest existence of both statistically and economically significant relationship between these two types of outflows. In particular, the FDI outflow has empirically significant predictive power in explaining the FPI outflow. Similarly, the FPI outflow also has significant explanatory power for the observed level of FDI outflow. Second, the FPI has greater explanatory power for FDI outflow than the FDI for the FPI outflow.

The authors believe that the paper would contribute to the relevant literature in terms of its originality and scope. The empirical findings of the paper have valuable policy implications.

Understanding health determinants and exactly how they affect health is an important social policy question. Empirical tests in the health literature typically find that the number of years of formal schooling completed is the most important correlate of good health. However, there is less consensus as to whether this correlation reflects a causal relationship between more schooling and better health. This chapter capitalizes on a unique social experiment: the 1950 Swedish comprehensive school reform, which was implemented in stages and by municipal areas, through which people born between 1945 and 1955 went through two different school systems (one of which required at least one more year of schooling). It uses an instrumental variables technique to estimate formal schooling's causal effect on adult health in Sweden. The instrumental variable for degree of education (schooling) generated from compulsory school reform yields a consistent estimate of education's causal impact on health, as measured by an bad health index and of body mass index in the healthy range. The additional schooling generated by Sweden's compulsory school reform produces improved adult health (controlling for cohort and county effects, family background characteristics, and individual income).

Researchers in economics and other disciplines are often interested in the causal effect of a binary treatment on outcomes. Econometric methods used to estimate such effects are divided into one of two strands depending on whether they require unconfoundedness (i.e., independence of potential outcomes and treatment assignment conditional on a set of observable covariates). When this assumption holds, researchers now have a wide array of estimation techniques from which to choose. However, very little is known about their performance – both in absolute and relative terms – when measurement error is present. In this study, the performance of several estimators that require unconfoundedness, as well as some that do not, are evaluated in a Monte Carlo study. In all cases, the data-generating process is such that unconfoundedness holds with the ‘real’ data. However, measurement error is then introduced. Specifically, three types of measurement error are considered: (i) errors in treatment assignment, (ii) errors in the outcome, and (iii) errors in the vector of covariates. Recommendations for researchers are provided.

Though female labour force participation (FLFP) rates have been widely analysed across countries, the analysis of migrant women's participation has been consistently ignored in the literature. The few studies that have been conducted concentrate largely on sociological and anthropological aspects of migrant women (see Foner (1976)). This article will investigate immigrant FLFP rates, which are generally found to be different from their counterparts in the immigrants' country of origin. To evaluate the immigrant FLFP rate we analyse and quantify the nature and significance of its various demographic, socio‐economic and cultural determinants.