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Full-Text Articles in Finance and Financial Management
The Chilean Pension System At 25 Years: The Evolution Of A Revolution, Gregory J. Buchholz, Alberto Coustasse, Patricio Silva, Peter Hilsenrath
The Chilean Pension System At 25 Years: The Evolution Of A Revolution, Gregory J. Buchholz, Alberto Coustasse, Patricio Silva, Peter Hilsenrath
Alberto Coustasse, DrPH, MD, MBA, MPH
The 1981 reform of the Chilean pension system was revolutionary at its time. It was the first instance of a mature public Pay-As-You-Go social security system being converted into a mandatory defined contribution system managed by the private sector. This paper contends that a unique confluence of events were responsible for this change. The rise of a dictatorship in Chile, a struggling public retirement system, and a cadre of Chicago oriented economists determined to make Chile a model free market neoliberal economy. This was later followed by the Washington Consensus and the promotion of Chilean reform by the World Bank. …
Innovation, Proximity, And Knowledge Gatekeepers –Is Proximity A Necessity For Learning And Innovation?, Deogratias Harorimana Dr
Innovation, Proximity, And Knowledge Gatekeepers –Is Proximity A Necessity For Learning And Innovation?, Deogratias Harorimana Dr
Dr Deogratias Harorimana
Organisational desire for innovation and growth can be best achieved when they are in proximity. Geographical or technological proximity represent network structure in which a focal organisation is embedded, which has structural, cognitive and relational dimensions. Proximity influences innovation indirectly by its influence on agents’ ability to exchange and combine knowledge in four related ways: by giving access to exchange partners that provide opportunities for learning, increasing the anticipation of value, increasing the motivation to exchange, and by giving access to resources necessary for committing exchanges.
Pitting Real Options Theory Against Risk Diversification Theory: International Diversification And Joint Ownership Control In Economic Crisis, Chris Chung, Seung-Hyun Lee, Paul Beamish, Colette Southam, Daeil Nam
Pitting Real Options Theory Against Risk Diversification Theory: International Diversification And Joint Ownership Control In Economic Crisis, Chris Chung, Seung-Hyun Lee, Paul Beamish, Colette Southam, Daeil Nam
Colette Southam
This study examines how MNE divestment decisions differ according to real options vs. risk diversification perspectives. We develop competing hypotheses in relation to international diversification and joint ownership control. Empirical results give consistent support to the real options perspective. We find that large MNEs with greater international diversification are less likely to divest their subsidiaries during times of economic crisis. The negative effect of joint ownership control is however manifested in both crisis-stricken and non-crisis country subsidiaries as well as in their interaction effect.