http://hdl.handle.net/2027.42/58060 http://deepblue.lib.umich.edu/retrieve/210759 http://hdl.handle.net/2027.42/58060 Search the Channel search http://deepblue.lib.umich.edu/simple-search http://hdl.handle.net/2027.42/58091 Title: Faith at Work: Toward a Theology of Business Administration<br/><br/>Authors: Sandelands, Lloyd<br/><br/>Abstract: The book consists of seven related essays about what faith in God means for business today. Although each is written to deliver a soulful message of its own, each serves as a chapter of a rudimentary theology for business administration. Chapter 1 sets the stage by describing the dilemma of being human in the often inhuman circumstances of business today. Chapters 2 and 3 trace the corporate and personal dimensions of this problem and suggest a way to reclaim our lost humanity by recognizing our heart’s desire to rest in God. In view of the threat business poses to our human being, chapter 4 asks what holds business together and comes to a surprising answer about God’s design for our lives. Chapter 5 turns to the practice of management to reflect on the source and nature of its authority and comes to an again surprising answer about God’s design for our lives. Chapter 6 turns from business practice to business education to ask what the latter must do to better serve students destined to manage the businesses of tomorrow. And at last, chapter 7 brings the book to a hopeful conclusion by celebrating the potential of business to inspire and enrich our human lives by its love and beauty that calls to God. This last is not least the joyful note that faith keeps ever before us in our worldly journey. http://hdl.handle.net/2027.42/57419 Title: Foreign Investment, Corporate Ownership, and Development: Are Firms in Emerging Markets Catching Up to the World Standard?<br/><br/>Authors: Svejnar, Jan<br/><br/>Abstract: Economic development implies that the efficiency of firms in developing countries is approaching that of firms in advanced economies. We examine the extent of this convergence among all firms as well as a subset of firms near the efficiency frontier in two economies that represent alternative models of implementing market-oriented development policies: the Czech Republic and Russia. Using 1992-2000 panel data on virtually all medium and large industrial firms in each country, we find that privatization to foreign owners markedly improved the efficiency of firms, whereas privatization to domestic owners did not; domestic firms are not catching up to the (world) efficiency standard given by foreign-owned firms. This is due in part to the lower efficiency of domestic startups relative to foreign startups and slower “learning” by domestic firms over time as they converge to a lower level of efficiency. However, foreigners’ acquisitions of more efficient domestic firms are also contributing to the gap. Domestic firms closer to the frontier are not more likely to catch up than firms further from the frontier although foreign firms do exhibit this behavior. The distance of the Russian firms to the efficiency frontier is much larger than that of the Czech firms. Nevertheless, after nearly a decade of reforms, neither model of development has resulted in convergence of domestic firms to the world standard. http://hdl.handle.net/2027.42/57278 Title: When Does FDI Have Positive Spillovers? Evidence from 17 Emerging Market Economies<br/><br/>Authors: Svejnar, Jan<br/><br/>Abstract: We use firm-level data and national input-output tables from 17 countries over the 2002- 2005 period to test new and existing hypotheses about the impact of foreign direct investment (FDI) on the efficiency of domestic firms in the host country (i.e., spillovers). Providing evidence from a larger sample of countries and greater variety of firms than existing studies, with separate estimates by firm size, age, and sector, we show: a) backward spillovers (stemming from supplying a foreign firm in the host country or exporting to a foreign firm) are consistently positive; b) horizontal spillovers are mostly insignificant but positive for older firms and firms in the service sector; d) forward spillovers (from purchasing from foreign firms or importing) are also positive only for old and service sector firms. We find no support for the hypothesis that spillovers are greater for FDI with more advanced technology. While efficiency of domestic firms’is affected by the business environment, the strength of FDI spillovers is not, either when measured by the degree of corruption, bureaucratic red tape or by differences across regions that vary in terms of development. Testing whether spillovers vary with the firm's “absorptive capacity” we find: i) distance from the efficiency frontier tends to dampen horizontal spillovers in manufacturing and backward spillovers among old firms; ii) whereas firms with a larger share of university educated workforce are more productive, they do not enjoy greater FDI spillovers than firms with less educated workers. FDI spillovers hence vary by sectors and types of firms. http://hdl.handle.net/2027.42/57237 Title: Human Capital, Economic Growth, and Regional Inequality in China<br/><br/>Authors: Fleisher, Belton; Li, Haizheng; Zhao, Min Qiang<br/><br/>Abstract: We study the dispersion in rates of provincial economic- and TFP growth in China. Our results show that regional growth patterns can be understood as a function of several interrelated factors, which include investment in physical capital, human capital, and infrastructure capital; the infusion of new technology and its regional spread; and market reforms, with a major step forward occurring following Deng Xiaoping’s “South Trip” in 1992. We find that FDI had much larger effect on TFP growth before 1994 than after, and we attribute this to emergence of other channels of technology transfer when marketization accelerated. We find that human capital positively affects output per worker and productivity growth. In particular, in terms of its direct contribution to production, educated labor has a much higher marginal product. Moreover, we estimate a positive, direct effect of human capital on TFP growth. This direct effect is hypothesized to come from domestic innovation activities. The estimated spillover effect of human capital on TFP growth is positive and statistically significant, which is very robust to model specifications and estimation methods. The spillover effect appears to be much stronger before 1994. We conduct cost-benefit analysis and a policy “experiment,” in which we project the impact increases in human capital and infrastructure capital on regional inequality. We conclude that investing in human capital will be an effective policy to reduce regional gaps in China as well as an efficient means to promote economic growth.