This paper examines the relationships between natural resource dependence, public education investment, and human capital accumulation. It addresses why the “blessing” of abundant natural resources often turns into...This paper examines the relationships between natural resource dependence, public education investment, and human capital accumulation. It addresses why the “blessing” of abundant natural resources often turns into a “curse” in many countries and regions, focusing on the crowding-out effect of natural resources on human capital. According to our empirical analysis of provincial panel data from China, natural resource dependence is significantly and negatively correlated with human capital accumulation. The crowding-out effect of natural resources on human capital exists only in the central and western regions of China. Our introduction of an interaction term for natural resource dependence and public education investment underscores the possibility of investing in public education to reduce the crowding-out effect of natural resource dependence on human capital. The government should utilize the income of the natural resource sector to increase investment in education to enhance local human capital.展开更多
The field survey of two natural villages found that the relationship capital plays an important role in rural public sports service benefiting from the rural elite operation mode. However,negative effect brought by th...The field survey of two natural villages found that the relationship capital plays an important role in rural public sports service benefiting from the rural elite operation mode. However,negative effect brought by the relationship capital should not be neglected,including distorting the social equity,increasing social transaction cost,and weakening the public trust in government. It is a top priority to effectively evade its negative effect and bring into full play huge potential of the relationship capital.展开更多
Based on social capital theory,related factors of three dimensions( structure dimension,cognition dimension and relation dimension) of farmer social capital are taken as independent variables,and famer's willingne...Based on social capital theory,related factors of three dimensions( structure dimension,cognition dimension and relation dimension) of farmer social capital are taken as independent variables,and famer's willingness to cooperatively supply agricultural disaster reduction public goods is taken as dependent variable. Taking 515 farmers in 27 villages of Hubei Province as investigation objects,the influence of farmer social capital on cooperative supply willingness of agricultural disaster reduction public goods is explored by Logistic regression model. Research results show that social solidarity,common value concept,social trust and reciprocal content have positive impact on farmer's willingness of cooperative supply,while annual household income,number of agricultural disaster reduction public goods and social network have negative impact on farmer's willingness of cooperative supply.展开更多
Background: Physical activity participation(PAP) has been proven to improve health and promote optimal growth among adolescents. However,most adolescents do not meet the current physical activity(PA) recommendations i...Background: Physical activity participation(PAP) has been proven to improve health and promote optimal growth among adolescents. However,most adolescents do not meet the current physical activity(PA) recommendations in Turkey. The role of the social environment and social factors on PAP is being increasingly recognized. Although social capital(SC) indicators have been examined in high-income countries, there are few studies on developing countries. The aim of this study was to examine the relationship between SC indicators and PAP among Turkish adolescents.Methods: A survey was conducted among 19 high schools in 4 different cities in Turkey in 2016. A total of 506 female and 729 male high school students participated in this study. The dependent variable was overall PAP, which was measured using the short form of the International Physical Activity Questionnaire. The independent variables included self-perceived family, neighborhood, and school SC. Self-rated health and obesity status, measured by body mass index, were other study covariates in multiple binary logistic regression models. Chi-square tests were used to assess the differences between genders.Results: PAP levels were significantly different between males and females. A higher percentage of males reported PAP(77.4%) compared to females(51.0%). Among males, teacher–student interpersonal trust and informal social control were inversely associated with PAP, while high students interpersonal trust was positively associated with increased odds of PAP. For females, students interpersonal trust was inversely associated with PAP.Conclusion: Various SC indicators are associated with PAP for males and females. These associations are different from findings of studies conducted in developed countries. Therefore, health-promotion interventions and policies should consider gender and different social agents on the social and cultural background to improve PAP among Turkish adolescents.展开更多
Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and...Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized entity.This study compares the short-and long-run performance,and factors affecting these performances for both private IPOs and privatized IPOs in Pakistan.It further investigates the relationship between capital structor and initial underpricing for both group of IPOs.Methods:Event study methodology is used to compares short-and long-run performance spanning from March 2000 to June 2015 of two categories of IPOs issued in the Karachi Stock Exchange(KSE).Multivariate regression analysis is applied to examine the factors that affect the short-run and long-run performance as well as for investigating the relationship betwen underpricing and ownership structure for both group of IPOs.Results:We find that both categories outperform in IPOs at which they are offered to investors on first day of trading,although differences in mean are insignificant.Over a five-year buy-and hold strategy,privatizing IPOs outperform and private IPOs underperform returns on the benchmark KSE 100 Stock Index.The results reveal that the size of the private firm or government entity,aftermarket risk of IPOs,and subscription ratio are significantly associated with the underpricing of IPO shares brought to market.First-day returns,market volatility and retained ownership are associated with higher five-year performance.We find that the concentration of ownership is similar,for both categories of IPOs;and significantly positive related to underpricing.The size of the firm/entity,aftermarket risk,return on assets and subscription ratio also affect ownership concentration.Conclusions:Same level of underpricing in both private and privatized IPOs reveals that Pakistan’s government is committed to its privatization policies as they developed capital markets by underpricing of IPOs.To make dispersion in ownership structure and to involve more small investors,the regulatory authorities such as Securities and Exchange Commission of Pakistan(SECP are required to take some steps to minimize concentration in ownership structure).There is a need of some specific range of underpricing by issuers and SECP.展开更多
In the business world, there have always been people are willing to start business, and other people are willing to back them and share the risks and rewards of enterprises, so in a sense, there has always been entrep...In the business world, there have always been people are willing to start business, and other people are willing to back them and share the risks and rewards of enterprises, so in a sense, there has always been entrepreneurship and venture capital (VC). Despite of Japanese VC has gone through ups and downs, Japanese VC continues to lead Asia and is second only to U.S. Japanese government has recognized the economic benefits of fostering the creation and development of venture finns, and has applied themselves assiduously to the task of creating a supportive environment. This paper provides some context for understanding the Japanese venture capital industry. Then it set forth an evolution of Japanese venture capital. The heart of the paper is devoted to discussion of the key features of Japanese venture capital. This includes information concerning the size of the industry, the players, and the nature of the Japanese venture capital investment. This is followed by an analysis of some of the obstacles to a more vibrant Japanese venture capital industry which gives us some enlightenment to Chinese venture capital development now. This paper also shows that the relative of the US, the Japanese venture capital industry is a young, small industry. In a word, it shows that there is still a substantial space for further development, which makes VC is still a promising industry in Japan.展开更多
Taking public companies of Shenzhen A-share as samples,the paper analyses the impact of CSR disclosure on the cost of equity capital and the differences in various disclosure ways.The empirical results show that:the C...Taking public companies of Shenzhen A-share as samples,the paper analyses the impact of CSR disclosure on the cost of equity capital and the differences in various disclosure ways.The empirical results show that:the CSR disclosure has negative correlation with the cost of equity capital,and different ways of disclosure are not relative to the cost of equity capital.Corporate social responsibility information disclosure plays a critical role in the company's management.展开更多
Introduction: Benin was embarked on phase 3 of the REDISSE Benin project (Regional Disease Surveillance Systems Enhancement) which began in 2018. The objectives were in five key components namely, Surveillance and hea...Introduction: Benin was embarked on phase 3 of the REDISSE Benin project (Regional Disease Surveillance Systems Enhancement) which began in 2018. The objectives were in five key components namely, Surveillance and health information;Laboratory capacity building;Emergency preparedness and response;Human resources management for effective disease surveillance and epidemic preparedness;and Institutional Capacity Building, Project Management, Coordination and Advocacy. After five years of implementation, this study aimed at the documentation of lessons learned and best practices. Methods: A descriptive cross-sectional study. Apart from individual semi-structured interviews, a thematic workshops bringing together the project’s main stakeholders recruited on an exhaustive way by component to identify and validate lessons learned, good practices and propose improvement mechanisms to be taken into account by the sector. Criteria were set up and used to validate best practices and lessons learned. Results: A total 54 (Surveillance workshop), 47 (Preparedness & response workshop), 53 (Human Resources workshop), 26 (Laboratories workshop) participated to the thematic workshops, and five interviews. The good practices (33: 9 for animal health, 7 for human health and 17 crosscutting) and lessons learned (10: 3 for animal health and 7 for human health) have been identified and have been the subject, depending on the case, of proposals for improvement or conditions necessary for their maintenance. Discussion: The richness of a project lies not only in the immediate achievement of its results, but also and above all, in its usefulness for similar interventions, whether in the local, regional, national or international context. It is in this context that the REDISSE project has set out to make public the various lessons learned and best practices from the implementation of its activities over a period of some five consecutive years.展开更多
Using CHIP (Chinese Household Income Project Survey) data and the sample selection bias corrected wage function model, this paper estimated changes in wage structure in China by ownership types (SOEs, COEs, FEs, an...Using CHIP (Chinese Household Income Project Survey) data and the sample selection bias corrected wage function model, this paper estimated changes in wage structure in China by ownership types (SOEs, COEs, FEs, and PEs) in 1995 and 2007. The major conclusions are as follows. First, effects of education on wage levels in SOEs and FEs become greater, while education effects decrease in SOEs and PEs under economic transition periods; firm-specific human capital becomes more important in the wage determination mechanism along with market-oriented reforms in SOEs, PEs, and FEs; age effect decreases in SOEs and COEs, but it becomes greater in PEs and FEs. Second, there exist wage structure differences between sectors by wage distributions. For example, in 2007, in SOEs, education return rates are higher for the low-wage and middle-wage groups, and the effect is the highest at the 40th percentile. However in COEs and FEs, education return rates are higher for the high-wage groups, and the effect is the highest at the 70th percentile in COEs and at the 70th percentile in FEs. Tenure effects are greater in the middle-wage groups (40th-80th) in SOEs, COEs, and FEs, and age effects are greater in the low-wage groups (5th-30th) in SOEs, FEs, and PEs.展开更多
Green building is receiving increased attention in the public sector in the United States.Over the past ten years,public sector organizations have gone from“testing the waters”with green building pilot projects to d...Green building is receiving increased attention in the public sector in the United States.Over the past ten years,public sector organizations have gone from“testing the waters”with green building pilot projects to developing wide-reaching policies that incorporate green building practices and standards as a formal part of capital project decision processes.A variety of approaches have been employed at the federal,state,and local levels that encourage or require green building practices on public sector projects.To date,however,there has been no systematic evaluation of the pros and cons of these policy options to provide a basis for organizations considering how best to construct a program to meet the needs of its specific context.This paper identifies,compares,and contrasts options that have been incorporated as part of green building programs for states and other public sector organization seeking to motivate green building practices in their capital projects and facilities.Three categories of options are considered:Policy,Program,and Evaluation options.The paper evaluates alternatives within each of these categories according to their potential social,environmental,and economic impacts as well as their likelihood of implementation success within the context of public agencies.The findings of this paper contribute a palette of options for policymakers to consider when drafting policies for their organizations,along with program options to be considered by those who must implement the policies.This work contributes a foundation for future research to further understand the relative effectiveness and impacts of policy elements on green building practice within public sector organizations.展开更多
Based on the theory of collective action and social capital theory,social capital is introduced into the game analysis of the supply of public goods between the rural elite and ordinary villagers.I establish the incom...Based on the theory of collective action and social capital theory,social capital is introduced into the game analysis of the supply of public goods between the rural elite and ordinary villagers.I establish the income model of public goods utility concerning the rural elite and ordinary villagers;research the incentive of social capital for the rural elite and villagers,and impact of social capital on the rural elite and villagers.Three inferences can be drawn from the model:the precondition for the elite to prompt the collective cooperation is having " good reputation" ;" good reputation" of the elite in the supply of public goods can abate farmers' motive of " free rider" ;the role of the elite in organizing the supply of public goods can save the transaction costs in the process of collective action.Taking the case of Shunhe Village,Panyu District,Guangzhou City,I explain this model.Finally,some policy recommendations are put forth as follows:rebuilding the community credit;giving full play to the role of the rural elite in the supply of public goods in rural areas.展开更多
There is a perception in the public, political, and trade discourse that private sector procurement performs "better" than does public sector procurement. This research considers whether this perception is justified...There is a perception in the public, political, and trade discourse that private sector procurement performs "better" than does public sector procurement. This research considers whether this perception is justified. This paper proposes a conceptual framework for assessing issues that influence procurement performance. The framework takes into account the organization's business goals, its procurement principles, the design of its procurement capability, the intellectual capital or knowledge that is used to support procurement operations, and the use of knowledge management methods. To represent these factors, the framework adapts the conceptual framework proposed by McElroy (2002), leverages Andriessen's (2005) characterization of intellectual capital, and adopts Bedford's (2012) description of the practice of knowledge management. The results, though preliminary and exploratory, suggest that factors which are more often practiced in the private sector than the public sector contribute to higher performance.展开更多
基金the financial support provided by the Natural Science Foundation of China (Nos. 71774071, 71690241, 71673117, 71603105, 71473106, and 71371087)the China Postdoctoral Science Foundation (No. 2016M601568)+5 种基金the Young Humanities and Social Science Foundation of the Ministry of Education of China (No. 14YJC790106)the Grant for the Soft Science Project of Jiangsu Province (No. BR2017024)the Natural Science Foundation of the Jiangsu Higher Education Institutions of China (No. 14KJB170002)the Grant for the Service Research Center of Philosophy and the Social Science Foundation of Zhejiang Province (No. 2013JDN01)the Young Academic Leader Project of Jiangsu University (No. 5521380003)the Education Science Research Project of Shanxi (GH-16082)
文摘This paper examines the relationships between natural resource dependence, public education investment, and human capital accumulation. It addresses why the “blessing” of abundant natural resources often turns into a “curse” in many countries and regions, focusing on the crowding-out effect of natural resources on human capital. According to our empirical analysis of provincial panel data from China, natural resource dependence is significantly and negatively correlated with human capital accumulation. The crowding-out effect of natural resources on human capital exists only in the central and western regions of China. Our introduction of an interaction term for natural resource dependence and public education investment underscores the possibility of investing in public education to reduce the crowding-out effect of natural resource dependence on human capital. The government should utilize the income of the natural resource sector to increase investment in education to enhance local human capital.
文摘The field survey of two natural villages found that the relationship capital plays an important role in rural public sports service benefiting from the rural elite operation mode. However,negative effect brought by the relationship capital should not be neglected,including distorting the social equity,increasing social transaction cost,and weakening the public trust in government. It is a top priority to effectively evade its negative effect and bring into full play huge potential of the relationship capital.
基金Supported by National Natural Science Foundation Item(71373098)
文摘Based on social capital theory,related factors of three dimensions( structure dimension,cognition dimension and relation dimension) of farmer social capital are taken as independent variables,and famer's willingness to cooperatively supply agricultural disaster reduction public goods is taken as dependent variable. Taking 515 farmers in 27 villages of Hubei Province as investigation objects,the influence of farmer social capital on cooperative supply willingness of agricultural disaster reduction public goods is explored by Logistic regression model. Research results show that social solidarity,common value concept,social trust and reciprocal content have positive impact on farmer's willingness of cooperative supply,while annual household income,number of agricultural disaster reduction public goods and social network have negative impact on farmer's willingness of cooperative supply.
文摘Background: Physical activity participation(PAP) has been proven to improve health and promote optimal growth among adolescents. However,most adolescents do not meet the current physical activity(PA) recommendations in Turkey. The role of the social environment and social factors on PAP is being increasingly recognized. Although social capital(SC) indicators have been examined in high-income countries, there are few studies on developing countries. The aim of this study was to examine the relationship between SC indicators and PAP among Turkish adolescents.Methods: A survey was conducted among 19 high schools in 4 different cities in Turkey in 2016. A total of 506 female and 729 male high school students participated in this study. The dependent variable was overall PAP, which was measured using the short form of the International Physical Activity Questionnaire. The independent variables included self-perceived family, neighborhood, and school SC. Self-rated health and obesity status, measured by body mass index, were other study covariates in multiple binary logistic regression models. Chi-square tests were used to assess the differences between genders.Results: PAP levels were significantly different between males and females. A higher percentage of males reported PAP(77.4%) compared to females(51.0%). Among males, teacher–student interpersonal trust and informal social control were inversely associated with PAP, while high students interpersonal trust was positively associated with increased odds of PAP. For females, students interpersonal trust was inversely associated with PAP.Conclusion: Various SC indicators are associated with PAP for males and females. These associations are different from findings of studies conducted in developed countries. Therefore, health-promotion interventions and policies should consider gender and different social agents on the social and cultural background to improve PAP among Turkish adolescents.
文摘Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized entity.This study compares the short-and long-run performance,and factors affecting these performances for both private IPOs and privatized IPOs in Pakistan.It further investigates the relationship between capital structor and initial underpricing for both group of IPOs.Methods:Event study methodology is used to compares short-and long-run performance spanning from March 2000 to June 2015 of two categories of IPOs issued in the Karachi Stock Exchange(KSE).Multivariate regression analysis is applied to examine the factors that affect the short-run and long-run performance as well as for investigating the relationship betwen underpricing and ownership structure for both group of IPOs.Results:We find that both categories outperform in IPOs at which they are offered to investors on first day of trading,although differences in mean are insignificant.Over a five-year buy-and hold strategy,privatizing IPOs outperform and private IPOs underperform returns on the benchmark KSE 100 Stock Index.The results reveal that the size of the private firm or government entity,aftermarket risk of IPOs,and subscription ratio are significantly associated with the underpricing of IPO shares brought to market.First-day returns,market volatility and retained ownership are associated with higher five-year performance.We find that the concentration of ownership is similar,for both categories of IPOs;and significantly positive related to underpricing.The size of the firm/entity,aftermarket risk,return on assets and subscription ratio also affect ownership concentration.Conclusions:Same level of underpricing in both private and privatized IPOs reveals that Pakistan’s government is committed to its privatization policies as they developed capital markets by underpricing of IPOs.To make dispersion in ownership structure and to involve more small investors,the regulatory authorities such as Securities and Exchange Commission of Pakistan(SECP are required to take some steps to minimize concentration in ownership structure).There is a need of some specific range of underpricing by issuers and SECP.
文摘In the business world, there have always been people are willing to start business, and other people are willing to back them and share the risks and rewards of enterprises, so in a sense, there has always been entrepreneurship and venture capital (VC). Despite of Japanese VC has gone through ups and downs, Japanese VC continues to lead Asia and is second only to U.S. Japanese government has recognized the economic benefits of fostering the creation and development of venture finns, and has applied themselves assiduously to the task of creating a supportive environment. This paper provides some context for understanding the Japanese venture capital industry. Then it set forth an evolution of Japanese venture capital. The heart of the paper is devoted to discussion of the key features of Japanese venture capital. This includes information concerning the size of the industry, the players, and the nature of the Japanese venture capital investment. This is followed by an analysis of some of the obstacles to a more vibrant Japanese venture capital industry which gives us some enlightenment to Chinese venture capital development now. This paper also shows that the relative of the US, the Japanese venture capital industry is a young, small industry. In a word, it shows that there is still a substantial space for further development, which makes VC is still a promising industry in Japan.
基金the staged achievement of Shaanxi Provincial Department of Education Special Funded Project(ZZPXB03)The Basic Research Fund of Northwest Agriculture and Forestry University of Science and Technology(A213021402)
文摘Taking public companies of Shenzhen A-share as samples,the paper analyses the impact of CSR disclosure on the cost of equity capital and the differences in various disclosure ways.The empirical results show that:the CSR disclosure has negative correlation with the cost of equity capital,and different ways of disclosure are not relative to the cost of equity capital.Corporate social responsibility information disclosure plays a critical role in the company's management.
文摘Introduction: Benin was embarked on phase 3 of the REDISSE Benin project (Regional Disease Surveillance Systems Enhancement) which began in 2018. The objectives were in five key components namely, Surveillance and health information;Laboratory capacity building;Emergency preparedness and response;Human resources management for effective disease surveillance and epidemic preparedness;and Institutional Capacity Building, Project Management, Coordination and Advocacy. After five years of implementation, this study aimed at the documentation of lessons learned and best practices. Methods: A descriptive cross-sectional study. Apart from individual semi-structured interviews, a thematic workshops bringing together the project’s main stakeholders recruited on an exhaustive way by component to identify and validate lessons learned, good practices and propose improvement mechanisms to be taken into account by the sector. Criteria were set up and used to validate best practices and lessons learned. Results: A total 54 (Surveillance workshop), 47 (Preparedness & response workshop), 53 (Human Resources workshop), 26 (Laboratories workshop) participated to the thematic workshops, and five interviews. The good practices (33: 9 for animal health, 7 for human health and 17 crosscutting) and lessons learned (10: 3 for animal health and 7 for human health) have been identified and have been the subject, depending on the case, of proposals for improvement or conditions necessary for their maintenance. Discussion: The richness of a project lies not only in the immediate achievement of its results, but also and above all, in its usefulness for similar interventions, whether in the local, regional, national or international context. It is in this context that the REDISSE project has set out to make public the various lessons learned and best practices from the implementation of its activities over a period of some five consecutive years.
文摘Using CHIP (Chinese Household Income Project Survey) data and the sample selection bias corrected wage function model, this paper estimated changes in wage structure in China by ownership types (SOEs, COEs, FEs, and PEs) in 1995 and 2007. The major conclusions are as follows. First, effects of education on wage levels in SOEs and FEs become greater, while education effects decrease in SOEs and PEs under economic transition periods; firm-specific human capital becomes more important in the wage determination mechanism along with market-oriented reforms in SOEs, PEs, and FEs; age effect decreases in SOEs and COEs, but it becomes greater in PEs and FEs. Second, there exist wage structure differences between sectors by wage distributions. For example, in 2007, in SOEs, education return rates are higher for the low-wage and middle-wage groups, and the effect is the highest at the 40th percentile. However in COEs and FEs, education return rates are higher for the high-wage groups, and the effect is the highest at the 70th percentile in COEs and at the 70th percentile in FEs. Tenure effects are greater in the middle-wage groups (40th-80th) in SOEs, COEs, and FEs, and age effects are greater in the low-wage groups (5th-30th) in SOEs, FEs, and PEs.
文摘Green building is receiving increased attention in the public sector in the United States.Over the past ten years,public sector organizations have gone from“testing the waters”with green building pilot projects to developing wide-reaching policies that incorporate green building practices and standards as a formal part of capital project decision processes.A variety of approaches have been employed at the federal,state,and local levels that encourage or require green building practices on public sector projects.To date,however,there has been no systematic evaluation of the pros and cons of these policy options to provide a basis for organizations considering how best to construct a program to meet the needs of its specific context.This paper identifies,compares,and contrasts options that have been incorporated as part of green building programs for states and other public sector organization seeking to motivate green building practices in their capital projects and facilities.Three categories of options are considered:Policy,Program,and Evaluation options.The paper evaluates alternatives within each of these categories according to their potential social,environmental,and economic impacts as well as their likelihood of implementation success within the context of public agencies.The findings of this paper contribute a palette of options for policymakers to consider when drafting policies for their organizations,along with program options to be considered by those who must implement the policies.This work contributes a foundation for future research to further understand the relative effectiveness and impacts of policy elements on green building practice within public sector organizations.
文摘Based on the theory of collective action and social capital theory,social capital is introduced into the game analysis of the supply of public goods between the rural elite and ordinary villagers.I establish the income model of public goods utility concerning the rural elite and ordinary villagers;research the incentive of social capital for the rural elite and villagers,and impact of social capital on the rural elite and villagers.Three inferences can be drawn from the model:the precondition for the elite to prompt the collective cooperation is having " good reputation" ;" good reputation" of the elite in the supply of public goods can abate farmers' motive of " free rider" ;the role of the elite in organizing the supply of public goods can save the transaction costs in the process of collective action.Taking the case of Shunhe Village,Panyu District,Guangzhou City,I explain this model.Finally,some policy recommendations are put forth as follows:rebuilding the community credit;giving full play to the role of the rural elite in the supply of public goods in rural areas.
文摘There is a perception in the public, political, and trade discourse that private sector procurement performs "better" than does public sector procurement. This research considers whether this perception is justified. This paper proposes a conceptual framework for assessing issues that influence procurement performance. The framework takes into account the organization's business goals, its procurement principles, the design of its procurement capability, the intellectual capital or knowledge that is used to support procurement operations, and the use of knowledge management methods. To represent these factors, the framework adapts the conceptual framework proposed by McElroy (2002), leverages Andriessen's (2005) characterization of intellectual capital, and adopts Bedford's (2012) description of the practice of knowledge management. The results, though preliminary and exploratory, suggest that factors which are more often practiced in the private sector than the public sector contribute to higher performance.