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Photoelectrochemical water splitting is a promising route for the renewable production of hydrogen fuel. This work presents the results of a technical and economic feasibility analysis conducted for four hypothetical, centralized, large-scale hydrogen production plants based on this technology. The four reactor types considered were a single bed particle suspension system, a dual bed particle suspension system, a fixed panel array, and a tracking concentrator array. The current performance of semiconductor absorbers and electrocatalysts were considered to compute reasonable solar-tohydrogen conversion efficiencies for each of the four systems. The U.S. Department of Energy H2A model was employed to calculate the levelized cost of hydrogen output at the plant gate at 300 psi for a 10 tonne per day production scale. All capital expenditures and operating costs for the reactors and auxiliaries (compressors, control systems, etc.) were considered. The final cost varied from $1.60-$10.40 per kg H 2 with the particle bed systems having lower costs than the panel-based systems. However, safety concerns due to the cogeneration of O 2 and H 2 in a single bed system and long molecular transport lengths in the dual bed system lead to greater uncertainty in their operation. A sensitivity analysis revealed that improvement in the solar-to-hydrogen efficiency of the panel-based systems could substantially drive down their costs. A key finding is that the production costs are consistent with the Department of Energy's targeted threshold cost of $2.00-$4.00 per kg H 2 for dispensed hydrogen, demonstrating that photoelectrochemical water splitting could be a viable route for hydrogen production in the future if material performance targets can be met. Broader contextAs global energy consumption continues to rise, it is imperative that we develop renewable alternatives to the fossil fuel energy sources that currently power our civilization, curb CO 2 emissions, and secure a permanent energy supply for the future. Although the solutions to these global challenges are likely to consist of many different energy storage and conversion technologies, sustainably produced chemical fuels will likely play an important role due to their high energy density. Hydrogen gas is an especially promising energy carrier, but current hydrogen production processes such as steam methane reforming are unsustainable. Photoelectrochemical (PEC) water splitting is an alternative process that enables sustainable hydrogen production from water using the energy from sunlight. PEC water splitting has been demonstrated on the laboratory scale, but it has never been implemented on a large scale relevant to the global energy demand, so the prospects for scaling up this process have remained controversial. The present paper addresses the technical and economic feasibility of plants producing hydrogen via PEC water splitting. We establish practical operating efficiencies for PEC reactors, detail four potential reactor and centralized plant designs, and discuss the...

The resource-based view of the firm and social exchange perspectives are invoked to hypothesize linkages among high-performance work systems, collective human capital, the degree of social exchange in an establishment, and establishment performance. The authors argue that high-performance work systems generate a high level of collective human capital and encourage a high degree of social exchange within an organization, and that these are positively related to the organization's overall performance. On the basis of a sample of Japanese establishments, the results provide support for the existence of these mediating mechanisms through which high-performance work systems affect overall establishment performance.

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W hat is the relationship between corporate philanthropy and corporate financial performance? Some scholars argue that corporate philanthropy facilitates stakeholder cooperation and helps secure access to critical resources controlled by those stakeholders, suggesting that corporate philanthropy should be positively associated with corporate financial performance. In contrast, other scholars take a negative stance, suggesting that corporate philanthropy diverts valuable corporate resources and tends to inhibit corporate financial performance. Existing empirical studies have not found conclusive evidence on the corporate philanthropy-financial performance relationship. Integrating and extending existing perspectives, this study develops the argument that the relationship between corporate philanthropy and financial performance is best captured by an inverse U-shape. In addition, it posits that the inverse U-shaped relationship varies with the level of dynamism in firms' operational environment. Using a panel data set of 817 firms listed in the Taft Corporate Giving Directory from 1987 to 1999, we find strong support for these arguments.

We examine the effect of a firm's relations with its nonfinancial stakeholders, including its employees, suppliers, customers, and communities, on the persistence of both superior and inferior financial performance. In particular, integrating and extending the resource‐based view of the firm and stakeholder management literatures, we develop the arguments that good stakeholder relations not only enable a firm with superior financial performance to sustain its competitive advantage for a longer period of time, but more importantly, also help poorly performing firms to recover from disadvantageous positions more quickly. The arguments are supported by the analysis of a series of first‐order autoregressive models. Our findings further suggest that the positive effect of good stakeholder relations on the persistence of superior performance is not as strong as that of some other firm resources, such as technological knowledge, but it is the only factor examined that promises to help a firm recover from inferior performance. Therefore, the role of positive stakeholder relations in helping poorly performing firms recover is found to be more critical than its role in helping superior firms sustain their performance advantage. Copyright © 2009 John Wiley & Sons, Ltd.

INTRODUCTIONAccording to the resource-based view of the firm, a firm's ability to achieve and sustain a competitive advantage is directly related to the strength of 'isolating mechanisms' that protect the firm's valuable and rare resources from imitation by rivals (Mahoney and Pandian, 1992;Rumelt, 1984). An important isolating mechanism is the firmKeywords: Firm-specific knowledge resources; employee human capital; employee governance mechanisms; resource-based view of the firm *Correspondence to: Heli C. Wang, Department of Management of Organizations, School of Business and Management, Hong Kong University of Science and Technology, Kowloon, Hong Kong. E-mail: mnheli@ust.hk specificity of resources. Resources with such a feature are not easily tradable or redeployable outside the firm (Dierickx and Cool, 1989), making it difficult for rivals to imitate them. Resourceand knowledge-based research generally maintains that among the types of firm-specific resources examined, firm-specific knowledge has the greatest potential to serve as a source of sustainable competitive advantage (Coff, 1997;Grant, 1996;Kogut and Zander, 1992).A firm's knowledge base is the information inputs, know-how, and capabilities that organizational members draw on when searching for innovative solutions (Dosi, 1988). Firm-specific knowledge often results from a search for, and accumulation of, new solutions that build upon

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