閉鎖的公務員制度と公募制の可能性 ―メンバーシップ型人事の行方―

This paper will explore the future of Japan’s civil service system by examining the possibility of introducing open announcement method (kobosei) as a next step of the long-lasting civil service reform. In the background, the Japanese government is now facing challenges of a declining number of applicants for public service positions and an increasing separation of young promising officials from service. These are not only real issues for practical reform but also theoretically important topics in terms of the transformation of the civil service system. Japan’s civil service system is characterized by an all-at-once recruitment, a closed appointment system within the public sector, a strong job security, and a generalist-oriented, membership-based personnel system. While it is a historically developed organic system that cannot be changed in a short period, it is not impossible to transplant the Western job-based open announcement method. This system has partly been adopted by some Japanese companies and met the changing needs from both employers and employees. Japan’s traditional membership-based personnel system requires employees to be engaged in all sorts of jobs in exchange for a life-long guarantee of the “membership.” It enables a strong commitment from staff members but often causes long working hours and frequent unexpected transfers. On the other hand, the Western-based personnel system requires clear and detailed job descriptions and a relatively long announcement-application-examination period. In the U.S. Federal Government, the Office of Personnel Management (OPM) handles this complex selection processes for senior executive service (SES) and it takes up to three months for each case. One question here is whether the Japanese government can afford to put more time, energy and human resources to make the present personnel system more transparent, objective, rational and scientific. Having introduced recent surveys by the National Personnel Authority (NPA) on the attitude of civil servants toward their work and life, the author will examine the job-based appointment system of the U. S. Federal Government and recent changes in the higher civil service of the British government as solution models. NPA surveys show an increasing number of negative responses in staff motivation, fringe benefits, future prospects, and sense of security after retirement. Moreover, there are problems concerning a heavier workload, weaker staff allocation and fewer opportunities to realize that they are truly serving the nation. A large majority is feeling dissatisfaction with career development, acquiring new expertise, or work-life balance (especially concerning the limited time for childcare). Since the fundamental reason for this dissatisfaction lies in the absolute shortage of staff members in the public sector, it is unrealistic to add new staff just to introduce a new open announcement method. However, both central and local governments have adopted open announcement-application-appointment method for some fixed term positions that are necessary for public service delivery. Lastly, the author will discuss the change in the passive attitude of Japan’s higher civil servants in terms of applying or expressing wishes for certain positions. They seem to have had passion for public service under the membership-based personnel system, for they were willing to accept any tough tasks, unlimited workload, or unexpected transfers. However, survey results show that this system is becoming unsustainable because the resources to compensate workers, such as sufficient budget, attractive positions both before and after retirement, people’s respect, or autonomy from politics no longer exist. Checking the balance sheet of merits and demerits of working as a higher civil servant, it is unlikely that the young and brightest will positively choose to work for the government. Important things in the public service are the following: meeting real needs of the society, absorbing the voices of the street level bureaucracy, fair and rational allocation of jobs, relaxation of the present closed membership system, and describing various jobs for generalist administrators. The adoption of the announcement-applicationappointment method can be one of the solutions, which may lead to a change in the “kasumigaseki culture.

The Determinants of Foreign Direct Investment in Transition Economies

Using a panel dataset containing information on FDI flows from market to transition economies, we establish the determinants of FDI inflows to Central and Eastern Europe: country risk, unit labour costs, host market size and gravity factors. In turn, we find country risk to be influenced by private sector development, industrial development, the government balance, reserves and corruption. By introducing structural shift dummy variables for key announcements of progress in EU accession we show that announcements have impacted directly upon FDI receipts but have not influenced country credit ratings. The Agenda 2000 announcement by the European Commission induced a bifurcation between the 'first wave' transition countries and the remainder of our sample. The underlying dynamics of the process illustrate that increases in FDI improve country credit ratings with a lag, hence increasing future FDI receipts. Consequently we suggest that the accession progress has the potential to induce virtuous cycles for the frontrunners but may have serious consequences for the accession laggards.http://deepblue.lib.umich.edu/bitstream/2027.42/39726/3/wp342.pd

The Determinants of European Union (EU) Foreign Direct Investments in the EU Countries from Central and Eastern Europe During 1994–2012

This study examines whether the CEECs’ financial market development can explain the EU FDI in the CEECs during 1994–2012. The higher bank credit flows had a positive effect on the FDI in 2005–2012. This can be attributed to the major banking sector reforms undertaken before the CEECs’ EU accession. Second, the stock market size had a positive effect in 1997–2004. This is due to the fact that the EU membership announcement facilitated deeper stock market integration. Third, the higher country income, in interaction with a higher bank credit flow, had only a small positive effect in 2005–2012. The higher income CEECs have pursued much deeper bank liberalization through large-scale privatization of state-owned banks. Finally, the higher country income, in interaction with a larger stock market size, had a negative effect in 2005–2012. A possible reason for this is that the EU countries have started to divert their new FDI to the non-EU countries

Market Effects of Voluntary Climate Action by Firms: Evidence from the Chicago Climate Exchange

Why do for-profit firms take voluntary steps to improve the environment? Brand appeal to green consumers or investors, the ability to influence or avoid regulation, or the experience gained for future regulation, have all been suggested as possible reasons. The empirical evidence is decidedly mixed. This paper uses 19 years of monthly stock price returns to examine the profitability of participation in the world’s largest voluntary greenhouse gas mitigation program: the Chicago Climate Exchange. After controlling for systemic market risk as well as industry-specific shocks, we find no statistically significant impact of announcing to join CCX on excess returns. However, the market appeared to be sensitive to changes in abatement costs implied by CCX membership. Most strikingly, the progress of proposed greenhouse gas legislation (the Waxman-Markey bill) had a positive impact on excess returns for CCX member firms, suggesting that the most profitable incentive for firms to join CCX is to prepare for future regulation. Our results imply that relying on voluntary approaches alone to combat climate change may not be enough.voluntary action, firm performance, climate change, permit markets

The Highest Price Ever: The Great NYSE Seat Sale of 1928–1929 and Capacity Constraints

During the 1920s the New York Stock Exchange's position as the dominant American exchange was eroding. Costs to customers, measured as bid-ask spreads, spiked when surging inflows of orders collided with the constraint created by a fixed number of brokers. The NYSE's management proposed and the membership approved a 25 percent increase in the number of seats by issuing a quarter-seat dividend to all members. An event study reveals that the aggregate value of the NYSE rose in anticipation of improved competitiveness. These expectations were justified as bid-ask spreads became less sensitive to peak volume days

Automated ANN alerts : one step ahead with mobile support

In this paper, I examine the potential of mobile alerting services empowering investors to react quickly to critical market events. Therefore, an analysis of short-term (intraday) price effects is performed. I find abnormal returns to company announcements which are completed within a timeframe of minutes. To make use of these findings, these price effects are predicted using pre-defined external metrics and different estimation methodologies. Compared to previous research, the results provide support that artificial neural networks and multiple linear regression are good estimation models for forecasting price effects also on an intraday basis. As most of the price effect magnitude and effect delay can be estimated correctly, it is demonstrated how a suitable mobile alerting service combining a low level of user-intrusiveness and timely information supply can be designed

Voluntary Corporate Environmental Initiatives and Shareholder Wealth

Researchers debate whether environmental investments reduce firm value or actually improve financial performance. We provide some compelling evidence on shareholder wealth effects of membership in voluntary environmental programs (VEPs). Companies announcing membership in EPA\u27s Climate Leaders, a program targeting reductions in greenhouse gas emissions, experience significantly negative abnormal stock returns. The price decline is larger in firms with poor corporate governance structures, and for high market-to-book (i.e., high growth) firms. However, firms joining Ceres, a program involving more general environmental commitments, have insignificant announcement returns, as do portfolios of industry rivals. Overall, corporate commitments to reduce greenhouse gas emissions appear to conflict with firm value maximization. This has important implications for policies that rely on voluntary initiatives to address climate change. Further, we find that firms facing climate-related shareholder resolutions or firms with weak corporate governance standards – giving managers the discretion to make such voluntary environmentally responsible investment decisions – are more likely to join Climate Leaders; decisions that may result in lower firm value

Consumer Operated and Oriented Plans (CO-OPs): An Interim Assessment of Their Prospects

Provides an overview of nonprofit, member-governed plans that will create innovative care delivery and payment models to compete in states' individual and small group health insurance markets. Outlines challenges and potential effect on the market

Upheaval in the Boardroom: Outside Director Public Resignations, Motivations, and Consequences

We investigate the motives and circumstances surrounding outside directors\u27 decisions to publicly announce their board resignations. Directors who leave quietly are in their mid-sixties and professional directors, i.e., retirees, who are retiring entirely from professional life. Directors who announce their resignation are in their mid-fifties and active professionals. Half the time they say they are leaving because they are busy. These directors leave from firms with some weakness in their performance, but with no overt manifestations of cronyism such as excessive compensation of either the CEO or directors. The other half of the time directors leave while publicly criticizing the firm. These directors are finance professionals who were members of the audit and compensation committees. They resign from firms with weak boards and financial performance with evidence that managers have manipulated earnings upwards. Public criticism appears to pressure these boards to make management changes associated with improved stock price performance. We conclude that while such public resignations are motivated by the reputational concerns of directors, they can act as a disciplining device for poor board performance