本科毕业论文外文翻译
外文题目：Trade openness and economic growth: a cross-country
empirical investigation
出处：Journal of Development Economics
作者：Halit Yanikkaya
原文：
Trade openness and economic growth:a cross-country
empirical investigation
Halit Yanikkaya
Abstract
This paper demonstrates that trade liberalization does not have a simple and straightforward relationship with growth using a large number of openness measures for a cross section of countries over the last three decades. We use two groups of trade openness measures. The regression results for numerous trade intensity ratios are mostly consistent with the existing literature. However, contrary to the conventional view on the growth effects of trade barriers, our estimation results show that trade barriers are positively and, in most specifications, significantly associated with growth, especially for developing countries and they are consistent with the findings of theoretical growth and development literature.
1. Introduction
Do open economies grow faster than closed economies? Almost all empirical growth studies have provided an affirmative answer to this question. The reason for this strong bias in favor of trade liberalization is partly based on the conclusions of a wide range of empirical studies, which claimed that outward-oriented economies consistently have higher growth rates than inward-oriented countries. It is also partly due to the tragic failures of import-substitution strategies, especially in the 1980s and overstated expect-ations from trade liberalization.
Accordingly, this study examines the growth effects of a large number of measures of trade openness. Using the same specification for various openness measures where each variable measures a different aspect of openness, we try to accomplish two things. First, we believe that our results provide a more complete picture of the relationship between openness and growth as compared to empirical studies that used a subset of openness measures. Second, it enables us to compare regression results across individual measures and across groups.
We divide our trade openness measures into two broad categories: measures of trade volumes and measures of trade restrictions. On the one hand, our estimation results for various measures of trade volumes indicate that there is a positive and significant association between trade openness and growth. They are also consistent with the conclusions of empirical and theoretical growth studies. On the other hand, our estimation results for trade barriers contradict the conventional view on the growth effects of trade restrictions, which suggests an adverse association between trade barriers and growth.
The outline of this paper is as follows. The next section reviews the theoretical and empirical literature on trade openness. Section 3 describes a standard growth equation and the data sources and definitions. Section 4 separately reports the estimation results for various measures of trade flows and restrictions on these flows. In this section, we further address the potential problems of the cross-country growth framework. Section 5 concludes the paper.
2.Literature review
The relationship between trade openness and growth is a highly debated topic in the growth and development literature. Yet, this issue is far from being resolved. Theoretical growth studies suggest at best a very complex and ambiguous relationship between trade restrictions and growth. The endogenous growth literature has been diverse enough to provide a different array of models in which trade restrictions can decrease or increase the worldwide rate of growth (see Romer, 1990; Grossman and Helpman, 1990; Rivera-Batiz and Romer, 1991a,b; Matsuyama, 1992). Note that if trading partners are asymmetric countries in the sense that they have considerably different technologies and endowments, even if economic integration raises the worldwide growth rate, it may adversely affect
individual countries (see Grossman and Helpman, 1991a,b; Lucas, 1988; Rivera-Batiz and Xie, 1993; Young 1991).
It is worthwhile to note that the theoretical growth literature has given more attention to the relationship between trade policies and growth rather than the relationship between trade volumes and growth. Therefore, the conclusion about the relationship between trade barriers and growth cannot be directly applied to the effects of changes in trade volumes on growth. Even though these two concepts, trade volumes and trade restrictions, are very closely related, their relationship with growth may differ considerably. This is because there are several other very important factors that affec t a country’s external sector, such as geographical factors, country size, and income. In other words, one should be as clear as possible about which openness measure he uses and what are the exact mechanisms through which it affects the growth. We shall discuss each openness measure used in this study later in the section.
In the theory of international trade, the static gains from trade and losses from trade restrictions have been examined thoroughly. Yet, trade theory provides little guideline as to the effects of international trade on growth and technical progress. On the contrary, the new trade theory makes it clear that the gains from trade can arise from several fundamental sources: differences in comparative advantage and economy-wide increasing returns.
3.Model and data
We use the following empirical framework to investigate long-run growth. In general form, this model can be characterized as
γyt=F(y t, k t,h t;Z(t)), (1)
where γyt is a country’s per capita growth rate in period t, y t is initial GDP per capita, k t is the physical capital stock per person, h t is initial human capital per person. We use telephone mainlines per worker and life expectancy rates as rough proxies for the stock of physical and human capital, respectively. Although the initial GDP per capita level is employed to assess the issue of conditional convergence, it is possible to interpret it as a proxy for the stock of capital for a country. The variable Z represents a vector of control and environmental variables that are primarily determined by decisions of governments or individuals. These variables include a large number of trade openness measures, war deaths and type of regime.
Note that we also use two geographical factors, a variable that measures whether a country is in a tropical climate and a variable that measures whether a country has access to international waterways.
4. Empirical results
4.1. Correlation across openness measures
The results show that there is generally a statistically significant correlation among the openness measures. More importantly, all of the correlation coefficients have the correct signs except for the correlation coefficients of TAXTRD with OPEN and USBTRD, which have incorrect signs but are insignificant. Although the relationships between openness measures within each group are generally statistically significant with the correct signs, the relationships between the indicators across the groups tend to be weak. Thus, it is probably safe to conclude that trade barriers may have negative repercussions on growth through reducing the size of the external sector of a country.
4.2. Trade volumes and growth
Consistent with a number of empirical studies, as reviewed in Harrison (1996), our results support the hypothesis that countries with higher trade shares are likely to grow faster than other countries. One of the important criticisms of the significant coefficient is that it does not necessarily mean the direction of causation goes from higher trade shares to higher growth rates. Many studies have emphasized the likelihood of reverse causation between growth and OPEN because it is easy to think of a case in which fast growth may cause higher trade shares. To test whether the simultaneity is strong enough to drive this relationship, we use the averages of five previous years instead of contemporaneous values.
4.3. Trade restrictions and growth
It is clear from the preceding section and also from existing empirical studies that trade volumes are positively and significantly correlated with growth. Consequently, one would expect that anything that poses a barrier to international trade is likely to be harmful to long run growth. In other words, barriers to trade in the forms of tariffs, export duties and taxes on international trade are expected to be correlated with growth negatively due to their potential
trade-reducing effects. Moreover, a large number of studies reported a negative relationship between growth and average tariffs and also a number other forms of trade restrictions.
4.4. Trade volumes and trade barriers
Our estimation results for trade intensity ratios and trade barriers may seem inconsistent with one another because they seem to provide completely different and contradictory answers to the question concerning the growth effects of trade openness. To shed some lights on these seemingly contradictory results, we proceed in two ways. First, we reestimate the regressions for trade barriers in Table 3 using trade shares (OPEN) instead of population densities (DENSITY) and report the results in the first column of Table 4. Second, we regress trade shares (OPEN) on the measures of trade barriers used throughout the study and on other variables (see Table 4 for the control variables). Thus, these results suggest that while trade barriers have adverse effects on growth through reducing trade, they positively affect growth through superior resource allocation and/or positive externalities. Our results imply that the latter dominates the former.
4.5. Sensitivity analysis
In this section, we carry out several robustness tests. First, the regressions results presented here may be subject to simultaneity problems. Thus, we test the sensitivity of our results for openness measures by taking into account endogeneity. Next, we also replicate our results in Table 5 using 5-year averages instead of decadal averages and report them in Appendix B. Finally, we employ econometric methods that control for fixed factors; first differences and fixed effects.
5.Conclusion
This paper investigates the relationship between a wide variety of trade openness measures and growth. We basically use two types of openness measures. The first group is various measures of trade volumes (except population densities). Trade shares, export shares, and import shares in GDP are widely used in the literature and are found to be significantly and positively correlated with growth. However, much less attention has been given to disaggregated measures of trade intensity in the empirical literature. Thus, this study employs several new measures of trade intensity, which are trade with OECD countries,
外文翻译 原文 World Trade and International Trade Material Source:https://www.doczj.com/doc/f85877287.html, Author: Ted Alax In today’s complex economic world, neither individuals nor nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of world trade and economic activity. As a result of this trade and activity, international finance and banking have evolved. For example, the United States is a major consumer of coffee, yet it does not have the climate to grow any or its own. Consequently, the United States must import coffee from countries (such as Brazil, Colombia and Guatemala) that grow coffee efficiently. On the other hand, the United States has large industrial plants capable of producing a variety of goods, such as chemicals and airplanes, which can be sold to nations that need them. If nations traded item for item, such as one automobile for 10,000 bags of coffee, foreign trade would be extremely cumbersome and restrictive. So instead of batter, which is trade of goods without an exchange of money, the United State receives money in payment for what it sells. It pays for Brazilian coffee with dollars, which Brazil can then use to buy wool from Australia, which in turn can buy textiles Great Britain, which can then buy tobacco from the United State. Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above is that no nation has all of the commodities that it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa and petroleum is recovered in the Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them. Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.
An Analysis of Working Capital Management Results Across Industries Greg Filbeck. Schweser Study Program Thomas M. Krueger. University of Wisconsin-La Crosse Abstract Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. We provide insights into the performance of surveyed firms across key components of working capital management by using the CFO magazine’s annual Working Capital Management Survey. We discover that significant differences exist between industries in working capital measures across time. In addition. we discover that these measures for working capital change significantly within industries across time. Introduction The importance of efficient working capital management is indisputable. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required (Current Liabilities). The objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viability relies on the ability to effectively manage receivables. inventory. and payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. Much managerial effort is expended in bringing non-optimal levels of current assets and liabilities back toward optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency. A recent example of business attempting to maximize working capital management is the recurrent attention being given to the application of Six Sigma? methodology. Six Sigma? methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies. inefficiencies and erroneous transactions in the financial supply chain. Six Sigma? reduces Days Sales Outstanding (DSO). accelerates the payment cycle. improves customer satisfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories. including Jennifer Towne’s (2002) report of a 15 percent decrease in days that sales are outstanding. resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Center. Furthermore. bad debts declined from $3.4 million to $600.000. However. Waxer’s (2003) study of multiple firms employing Six Sigma? finds that it is really a “get rich slow” technique with a rate of return hovering in the 1.2 – 4.5 percent range. Even in a business using Six Sigma? methodology. an “optimal” level of working capital management needs to be identified. Even in a business using Six Sigma? methodology. an “optimal” level of working capital management needs to be identified. Industry factors may impact firm
外文翻译 原文 Strategies for distinctive brands Material Source: Journal of Brand Management Author:Judith Lynne Zaichkowsky ABSTRACT Brand identity complements brand equity and it forms an important part of the strategic management of brands. Identity elements include a well-known brand name, logo, font type, symbols, colour, shape, as well as unique product and benefit descriptions. These different elements can contribute to distinct consumer perceptions of various brands in the marketplace and help to differentiate brands from competitors. Brand managers need to start with a vision of what they want their brand to represent and then use the appropriate identity elements to build the brand. Some brand identity components may be influential to choice at the subconscious level of consumers, and therefore the understanding of individual psychological processes of perception and social meaning is required by brand managers. Keywords: brand equity ; brand identity ; logos ; brand names ; packaging INTRODUCTION Much literature in the area of branding has focused on brand equity and its importance to strong brands. Although everyone agrees that understanding and creating brand equity is essential for marketing, very little academic attention is paid to understanding the importance of brand identity and its relation to brand equity and brand management. Brand identity is the visual picture and meaning derived from the visual impact of the brand. For the consumer to identify brands with their respective manufacturers, the brands must be sold with distinctive features supplied by that particular manufacturer. Strong and unique links to one source is what complements and protects brands from being interchangeable in the marketplace. Brand differentiation, or identity, may be achieved through a well-known brand name, logo, typeface, symbol, colour, shape, distinctive design of the package or product, as well as product benefit descriptions known as unique selling points
外文翻译 原文 Firms in International Trade Material Source: https://www.doczj.com/doc/f85877287.html, Author: Andrew B. Bernard For most of its lengthy history the field of international trade largely ignored the role of the firm in mediating the flow of goods and services. Traditional trade theory explained the flow of goods between countries in terms of comparative advantage, that is, variation in the opportunity costs of production across countries and industries. Even the research focusing on differentiated varieties and increasing returns to scale that followed Helpman and Krugman continued to retain the characterization of the representative firm.?However, the assumption of a representative firm, while greatly enhancing the tractability of general equilibrium analysis, is emphatically rejected in the data. My research over the past decade has been an attempt to explore international trade from below: to understand the decisions of heterogeneous firms in shaping international trade and their effects on productivity growth and welfare. Firm Heterogeneity and Trade My early work with J. Bradford Jensen was motivated by a simple question: what do we know about firms that trade? The answer at the time was "very little" and our initial efforts focused on locating firm-level data and describing the world of exporting firms. Our first study compared exporters and non-exporters for the entire U.S. manufacturing sector and established a set of facts about exporting plants and firms.?Two major results stand out. First, only a small fraction of firms are exporters at any given time. Even in sectors where the United States is thought to have comparative advantage, such as Instruments, a majority of firms produce only for the domestic market. Similarly, some firms are exporting even in net import sectors such as Textiles and Apparel. Second, exporters are substantially and significantly different than non-exporters, even in the same industry and region. Exporters are dramatically larger, more productive, pay higher wages, use more skilled workers, and are more technology- and capital-intensive than their non-exporting counterparts. In related
银行英语： 出口信贷 export credit 出口津贴 export subsidy 商品倾销 dumping 外汇倾销 exchange dumping 优惠关税 special preferences 保税仓库 bonded warehouse 贸易顺差 favorable balance of trade 贸易逆差 unfavorable balance of trade 进口配额制 import quotas 自由贸易区 free trade zone 对外贸易值 value of foreign trade 国际贸易值 value of international trade 普遍优惠制 generalized system of preferences-GSP 最惠国待遇 most-favored nation treatment-MFNT -------------------价格条件 ---------------------- 价格术语trade term (price term) 运费freight 单价 price 码头费wharfage 总值 total value 卸货费landing charges 金额 amount 关税customs duty 净价 net price 印花税stamp duty 含佣价price including commission 港口税portdues 回佣return commission 装运港portof shipment 折扣discount,allowance 卸货港port of discharge 批发价 wholesale price 目的港portof destination 零售价 retail price 进口许口证inportlicence 现货价格spot price 出口许口证exportlicence 期货价格forward price 现行价格（时价）current price prevailingprice 国际市场价格 world (International)Marketprice 离岸价（船上交货价）FOB-free on board 成本加运费价（离岸加运费价） C&F-cost and freight 到岸价（成本加运费、保险费价） CIF-cost,insurance and freight --------------------交货条件 ---------------------- 交货delivery 轮船steamship(缩写S.S) 装运、装船shipment 租船charter (the chartered shep) 交货时间 time of delivery
期末论文 院系 专业班级 学号 学生姓名 成绩评定
管理原则 也许在那些关于管理者这门学科的书中有许多关于管理的定义。许多定义是相对扼要和简单化的。一位早期的学者将它定义为“清楚地知道你想让人们去做什么，然后看着他们以最好最廉价的方式去完成它”。管理实际上是一个非常复杂的过程——远远比那些定义让我们知道的要复杂得多。因此，我们要建立一种管理的定义，从而能更好地了解这过程的实质。 管理是在一定的环境条件下通过对人员技术和资金等资源的利用和协调去设立和完成某一个组织目标的过程。这个过程有若干个核心包括计划和决策，组织，人员，领导，管理和控制。所有从事于这些工作的负责人在更大或更小的程度上都依赖于他们所承担的特殊的责任。当谈论管理的定义时，我们不应该忽略管理的原则。 管理的最基本原则在文明诞生时就存在了。当人们第一次开始群居生活和首次提高他们的生活质量时它就存在了。2500年前，巴比伦国王尼布甲尼撒二世决定把他的沙漠王国变成绿洲去取悦他的妻子。在公元前6世纪，尼布甲尼撒二世耗尽了国家财政部的金钱，雇佣劳动者和技术人员利用有限的资源建造一个宫殿，建造了完善的管网系统，把当地河流的水输送到皇宫里。当工程完成后，他在平台上种植漂亮稀有的花草树木。巴比伦的空中花园改变了这座城市。 尼布甲尼撒二世制定了一个目标。他要把沙漠中的主要城市变成绿洲。他利用和协调人员，技术和金钱去完成这一目标。他从王室金库中获得的资金去雇佣民工和技师并从附近地区购买材料。他在这种只能提供原始水管装置，建筑技术以及只能从茫茫沙漠中取得有限的材料的环境下完成了目标。最终，每个人在这个工程商所付出的努力创造了世界七大奇观之一。 2500年前，人们完成某项巨大的任务所运用的管理过程与如今运用的基本原理相似，管理者在执行这个过程是将它分成了5个部分。 这篇文章的主旨在于表达有关管理过程的一些观点和如何将它运用到我们所面临的不同的情况中去。你们所要学习的管理原则是指指导管理者的宗旨，原则或者是组织规范。他们会提供一个行动框架，为了有效的使用他们，一个人必须培养和使用技能的决策。理智决策是识别某个问题或机会，找到可行的方法去处理它并选择最好的方法的过程。因此，决策是最重要的管理活动。管理者必须决定去实施管理的每个功能以及每种情况所需要采取的相应的原则。 在这一点上，我们对于管理必须有两点最基本的理解。首先，在特定的环境下运用各种资源设立完成目标。第二，为了确保组织的成功，组织者必须满足他的技术要求，行政要求和责任制度。尽管这听起来很简单，但这两个原则却经过了几个世纪的发展才形成的。之后将要提到的所有原则都是随着时间的推移从各种来源中汲取的。一些原则来源于各人的直觉，然而其他的则反映了组织中那些成功企业家，著名商业巨子或者是富有创新精神的工作者的经验。直到十九世纪，直觉和经验仍是管理原则的基本来源 尽管本能和直觉曾经是商业管理的基础，但现在创业者创立新的企业经常以他们的直觉进行管理。在十九世纪70年代至80年代的电脑产业中，对技术很精通，但对管理知之甚少的企业家成立了数以百计的硬件和软件公司，一些存活下来，更多的则不是。许多公司开始发展得好是得益于创
附录 F.1英文参考资料及中文翻译 F. 1 .1international trade documents role General international trade documents (international trade documents) is the international trade of use all the documents, documents and certificates collectively. Usually with international trade documents to deal with in and out of delivery of the goods El, transportation, insurance, inspection and quarantine, customs declaration, the settlement of exchange, etc. Special international trade documents usually refers to the settlement documents, especially the l/c under the way of settlement of documents. International trade documents and the use of import and export trade program closely related, the documents in the import and export enterprise work throughout the export, purchase, transportation, the whole process of the proceeds, the effort is big, timeliness strong, is broad, in addition to import and export enterprise internal between various departments the cooperation with the outside, still must and bank, customs, transportation department, insurance companies, the inspection and quarantine agencies and the relevant administrative authorities happen various contact, linked together, mutual influence, also are conditions. International trade documents for the performance of a contract is necessary means International trade is the transnational goods business, due to the particularity of the multinational business, which is the purchase and sale of the different departments are located in different countries, are remote, in most cases, the goods and payment can't perform simple direct exchange, but only as the medium of exchange with documents means. The international trade of the documents that sales of goods through the documents realization sale, the seller should not only will the actual delivery of goods export shipment, and should submit to the buyer include the title to the goods vouchers, complete documents to show real assignment. The seller/p means that the delivery of the goods, and the buyer payment is get to buy goods on behalf of property rights certificate, the deal is no longer with the goods as the core, but with documents as the core. Documents and payment of the convection principle has become the international trade of general principles of the commodity business. As international trade experts "; m Cardiff in the export trade in his book mentioned: "from a business perspective, can say CIF the purpose of the contract is not the buying and selling of goods itself, but the documents relating to the goods business." What say here "documents" is the international trade of documents. International trade documents many kinds, every kind of documents has its
JG02 Unified Serial No. from Data Centre: Customs Export Declaration Form of the People’s Republic of China
Customs Declaration Form 报关单 An exporter has to apply to the customs for declaration of the commodity before the shipment. The customs officer will sign on the customs declaration form and release the goods if the goods are up to the requirement. 出口方必须在装运前对出口货物进行报关，如果货物符合要求，海关官员就签署报关单对货物进行放行。 The person who asks for declaration is required to be qualified, that is to say, he/she should have the certificate of customs declaration. The examination is held by the General Administration of Customs of 申请报关的人要求具备资质，就是说他或她应有报关证。考试由中华人民共和国海关部署举行。 The customs declaration form is in different colors, for example: the white one is made out for general trade and the pink one is used for processing trade. The contents of these documents are similar. We take the specification of an export customs declaration form for general trade as an example to show the method of making out the document. 报关单有不同颜色，如白色报关单按一般贸易缮制，粉红色报关单用于加工贸易。这些单据的内容相似。我们以一般贸易的出口货物报关单的内容为例介绍该单据的缮制方法。 The Main Contents and Notes of Customs Declaration Form： 报关单的主要内容及注释： 1. 预录入编号：No. of Pre-record It is given by the customs while the exporter is applying to customs. It is given by computers automatically. 出口方申请报关时由海关给的编号，是由计算机自动编制的。 2. 海关编号：No. of Customs It is given by the computer system automatically or given by the custom officer. 由计算机系统自动编制或由海关人员给出。 3. 出口口岸：Port of Export It refers to the name and code of the customs at final port of export. 指最后口岸的海关名称及代码。 说明：若出口货物在设有海关的发运地办理报关手续，出口口岸仍应填写出境口岸的名称。如在深圳办理报关手续，陆路运输至上海出境的货物，其出口口岸为上海。同时加注关区代码。 4. 备案号：record number for checking It refers the number of “Register Manual” or the number of “Certificate of Paid or Free Tax” 指《登记手册》编号或《征免税证明》编号。 5. 出口日期：Date of Export It refers to the date of shipment. It is the applied date of departure of the vessel. 指发运日期，也就是船申报出境的日期。 6. 申报日期：Date of Application It is the date that the exporter applies for declaration. 指出口方向海关申报出境的日期。 7. 经营单位：Executive company Fill in the company’s name who signs and executes the S/C in Chinese, (generally refers to the exporter), and the customs code of the company. 用中文填写签订和执行合同的公司(一般指出口人)名称及经营单位代码。 说明：如果总公司签订合同，由分公司执行，则填分公司名称。出口企业间相互代理，以代理方为经营单位。注意填写全称，注明经营单位代号，该代号是出口企业办理海关注册登记时，海关设置的编码，共10位数字。 8. 运输方式：Mode of Transportation It refers to the final departure mode of transportation , such as sea, road, railway and air, etc. 指货物出境的最后运输方式，如江海、公路、铁路及航空等。 9. 运输工具名称Name of Transportation Tool It refers to the name of departure tool of transportation (for example, sea for vessel and number of voyage, railway for the number of train and air for the number of flight). 指货物出境的运输工具名称(如江海填船名及航次，铁路填车次，航空填航班号)。
A FIELD STUDY:SMALL MANUFACTURING COMPANIES In this section, the implementation of the proposed Integrated ABC-EVA System at two small manufacturing companies is presented. The managers of the companies wished for their company names to remain anonymous. T herefore, they will be referred to as “Company X” and “Company Y” from here on. Prior to the field study, both companies were using traditional costing systems. The overhead was allocated to product lines based on direct labor hours. In both companies, managers felt that their traditional costing systems were not able to provide reliable cost information. 1 Company X Company X, located in Pittsburgh, Pennsylvania, was a small manufacturing company with approximately 30 employees. Company X’s main products l ines were Overlays、Membranes、Laser、Roll Labels and N’Caps. In the mid 1990’s, a group of investors purchased the company from the previous owner-manager who had retired. At the time of the study, the company was managed by its former vice-president, who was supported by a three-person management group. Investors were primarily concerned with financial performance rather than daily decision-making. The management group was very eager to participate in the field study for two reasons. First, the management was under pressure from their new investors who were not satisfied with the current return from existing product lines; Second, management was trying to identify the most lucrative product line in order to initiate a marketing campaign with the biggest impact on overall profits. 2 Company Y Company Y, also located in Pittsburgh, Pennsylvania, was owned and managed by three owner-managers who bought the company from a large corporation in the mid 1990’s, Company Y employed approximately 40 people. The majority of this compa ny’s business was in the area of manufacturing electrical devices and their main product lines were Motors and Motor Parts、Breakers、and Control Parts. Company Y sold its products in the domestic market as well as abroad. A portion of the company’s output was sold directly to end-users, while the remainder was sold with the help of independent distributors. The management of Company Y was