This article investigates the nexus between bank-specific risks and the financial stability of the banks for a panel data set of 15 scheduled banks in Pakistan over a 12-year period from 2009 to 2020. Using the fixed-effect model, the study result shows that bank-specific risks, i.e., credit risk and liquidity risk are detrimental to bank stability, whereas funding risk has no significant impact on bank stability. Besides these, bank size has also a negative impact on bank stability, whereas the return (...) on assets revealed a positive influence. To ensure stability, bank management should establish policies that confirm secure loan granting and timely reimbursement from customers to minimize the credit risk. Besides this, management should keenly observe the liquidity position and should also effectively mobilize the customer deposits to attain financial stability. (shrink)

Today, after the family, the school is the first institution in which children experience the implementation of social rules and the behaviors that follow from them. It is useful, therefore, to insert paths that favor the consolidation of a system made up of rules, inspired by the principles of transparency, fairness and solidarity, which can be the first and most effective lesson of democratic legality. In this perspective, teaching activities can appropriately refer to the programmatic contents of the disciplines which, (...) not only with regard specifically to civic education and law, but also with regard to other cultural areas, are bearers of explicit information and formative experiences. Particular attention is paid today to the planning of “Percorsi per le Competenze Trasversali e l’Orientamento” [Paths for Soft Skills and Guidance] (PCTO), which will also have an implicit educational value, that consisting in showing, through field experiences, the convergence of multiple cultural interests towards the purpose of education to legality. (shrink)

The article attempts to examine the impact of banks' specifics and board of directors' characteristics on directors' remuneration (REM) of 38 Indian listed banks from 2010 to 2019. The current study is based on secondary data that are extracted from the Prowess IQ database. Fixed effect model is used for analysing the data and generalised method of moment is applied for dealing with endogeneity problem. Finally, the sample is classified into three groups in order to check the robustness of the (...) results. Results revealed that return on assets, size, and market capitalisation positively and significantly impact directors' REM of Indian listed banks. While banks' age, capital adequacy, current ratio, and board of directors' composition have an insignificant impact on directors' REM of Indian listed banks. The findings of the study provide new evidence about the impact of banks' specifics and board of directors' characteristics on directors' REM in the Indian banking sector. The findings suggest that firms' specifics are significant determinants of directors' REM. (shrink)

Despite the increase in the acceptance of responsible investing in general, the global community is still witnessing unprecedented levels of practices that can only be categorized as “unsustainable”. It appears, then, that either the inroads made by the RI community have not kept up with the increase in unsustainable practices, or, that the RI process itself has been ineffective at producing meaningful change. The current study aims to investigate the practices used by pension plan sponsors to determine how they may (...) enable, or interfere with, the adoption of implementation of RI. We adopt Framing Theory, specifically the idea that particular frames find alignment when they resonate with their targets, by either bridging, extending, amplifying or transforming a domain. We extend research to include understudied practices by performing an analysis of 60 public pension funds in Canada. We find evidence of disconnect between the financial frame which dominates practices for compliance and evaluation, and the social frame of RI as a source of change. If the aim of RI is to produce long-term change, then a consideration of whether it aligns with extant practices is critical. We discover a variety of frame alignment tactics already employed in practice. We also find that, even within the dominant financial frame, opportunities for frame extension, amplification and transformation do exist, and examine how these are more possible depending on how the asset management structure is designed. (shrink)

This paper introduces a refined approach to conceptualising the commons in order to shed new light on cooperative practices. Specifically, it proposes the novel concept of Common-Property Assets. CPAs are exclusively human-made resources owned under common-property ownership regimes. Our CPA model combines quantity and quality. While these two dimensions are largely pre-existing in the conventional case of natural common-pool resources, they directly depend on members’ collective action in CPAs. We apply this theoretical framework to farm machinery sharing agreements—a widespread grassroots (...) cooperative phenomenon in agriculture—using a systematic literature review to generalise the findings from a sample of 54 studies published from 1950 to 2018. Our findings show that in successful CPAs, members endorse and do not deviate from a quantity-quality equilibrium that is collectively agreed upon. Despite the existence of thresholds for both quantity and quality due to membership heterogeneity, qualitative changes in respect of the common good are possible in CPAs that promote democratic practices. Our study has potentially strong implications for developing ethics in cooperatives and the sustainable development of communities worldwide. (shrink)

This article argues that the field of asset pricing theory is undergoing a scientific revolution in Kuhnian terms. The orthodox view is one of determinate change in causal processes and inherent stability whereby financial markets, left unfettered, allocate nearly perfectly society's scare capital. However, decades of mounting anomalous evidence against the implications of stable causal processes perpetuated by conventional models based on efficient markets and the rational expectations hypothesis have paved the way for alternative avenues of research. Although various (...) approaches are being developed, the imperfect knowledge economics class of models has emerged as a potential new paradigm in the field of macro-finance. By stopping short of fixing in advance the specification of individual forecasting behavior and the causal process, the IKE class of models has been able to reconcile many of the puzzles found within the literature on asset price behavior and risk. (shrink)

North Sumatra and West Java in Indonesia, the Andes of Bolivia and Peru, Western Province, the Coast and Machakos in Kenya, were Small Ruminant Collaborative Research Support Program (SR-CRSP) sites in which the role of small ruminants was studied and where technological interventions were designed. In all cases the target groups were poor rural households that could maintain sheep, goats, or South American camelids. The objective was to increase the welfare of families through the use of small ruminant technologies. Access (...) to and control of resources, and intrahousehold dynamics were analyzed to understand if, how, and when, technological interventions help achieve this objective. The way in which the studied villages integrate into the market, the specific role that livestock and other productive enterprises play in the household economy, the risks faced by families in rural areas condition the role of livestock and other resource management technologies. As an asset, small and large stock are gendered, but this is qualified by the alternatives that household members have. Small ruminants under the domain of women, either through production or marketing, are shown to contribute to in-kind consumption or, as liquid assets, to household welfare purchases, in the case of Andean agropastoral households and households in Kenya. Women are also managers of the grazing areas, which are often fallow fields. The research experiences show the relationship between gender, resource management, and the ability to build livestock assets and security, in different houehold production systems. (shrink)

Development literature on global gender empowerment devotes much attention to employment, a code word for the inclusion of women’s labor in the global market. Recent work in transnational feminisms shows that the emphasis on employment over assets may not prevent exploitation of labor and perpetuity of poverty. This paper first highlights research on how women are increasingly taking on too much responsibility, working in a confluence of survival-oriented activities that undermine their own well-being. I also address how women are increasingly (...) able to get out of poverty: when they can labor in such a way that they are not merely working to survive but also working for accumulation of their own material assets, foremost of which is basic housing. Finally, I consider these transnational feminist insights about the importance of housing for women in light of philosophical concerns about property ownership, specifically Locke’s theory of property. In justifying property rights through labor, and arguing against the state’s right to usurp property, a Lockean can give a defense against forced evictions that still occur in some contexts and give support for a normative connection between women’s labor and assets. (shrink)

Positive Youth Development (PYD) is an approach that promotes resilience and focuses on youth strengths rather than their weaknesses as done by the traditional deficit-based perspective. Research in Europe and North America show that developmental assets are associated with school success, psychological well-being, and lower health risks among youth and young adults. However, not much research has been done on these associations in Latin American contexts. The purpose of this research study is to assess the association between substance use behaviors, (...) such as drunkenness and the use of illicit drugs, and mental health, together with the mediating role of developmental assets representing youth strengths (e.g., social competence) and contextual resources (e.g., social support at home or school). Cross-national data was collected from Colombian (n= 210; 70.4% females) and Peruvian(n= 349; 66.5% females) 1st year university students. Results shed light on the protective role of developmental assets regarding substance use behaviors and mental well-being. Specifically, the results showed direct negative associations between developmental assets and substance use behaviors and positive associations of developmental assets with mental health indicators. Internal assets appear to be a stronger predictor of social, emotional, and psychological well-being compared to external assets. We did not find any statistical significance in the association of substance use behavior and mental health. We discuss implications regarding research, policy, and practice. (shrink)

PurposePrincipled discussions on the economic value of data are frequently pursued through metaphors. This study aims to explore three influential metaphors for talking about the economic value of data: data are the new oil, data as infrastructure and data as an asset.Design/methodology/approachWith the help of conceptual metaphor theory, various meanings surrounding the three metaphors are explored. Meanings clarified or hidden through various metaphors are identified. Specific emphasis is placed on the economic value of ownership of data.FindingsIn discussions on data (...) as economic resource, the three different metaphors are used for separate purposes. The most used metaphor, data are the new oil, communicates that ownership of data could lead to great wealth. However, with data as infrastructure data have no intrinsic value. Therefore, profits generated from data resources belong to those processing the data, not those owning it. The data as an asset metaphor can be used to convince organizational leadership that they own data of great value.Originality/valueThis is the first scholarly investigation of metaphors communicating economic value of data. More studies in this area appear urgent, given the power of such metaphors, as well as the increasing importance of data in economics. (shrink)

Applying two theories to complex contexts results in a more well-rounded case analysis. This case, involving a Latinx family within pediatrics, requires a multi-faceted approach to better evaluate the culturally specific needs of the patient and the family system. A Mujerista theological approach highlights the subjective nature of family values and lived wisdom. This Mujerista approach adds another dimension, along with a Family Interest Model, for medical decision making.

In the United States, the IRS now requires charities to publicly disclose any significant asset diversion, which is the theft or unauthorized use of assets, that the charity identifies during the year. We use this new disclosure to investigate whether strong governance reduces the likelihood of a charitable asset diversion. Specifically, for a sample of 1528 charities from 2008 to 2012, we simultaneously examine eleven measures of governance that capture four broad governance constructs: board monitoring, independence of key (...) individuals, tone at the top, and capital provider oversight. We find consistent evidence that good governance across all four constructs is negatively associated with the probability of an asset diversion. Of the eleven governance measures, our results indicate that monitoring by debt holders and government grantors, audits, and keeping managerial duties in-house are most strongly associated with lower incidence of fraud. Our results also indicate that the likelihood of a fraud is negatively associated with a board review of the Form 990, the existence of a conflict of interest policy, and the presence of restricted donations. In addition, we document that the likelihood of an asset diversion is negatively associated with program efficiency and positively associated with growth and organizational complexity. (shrink)

The description of how individual models in families of models are related to each other is crucial for the general philosophical understanding of model-based scientific practice. We focus on the Capital Asset Pricing Models (CAPM) family, a cornerstone in financial economics, to provide a descriptive analysis of model relations within a family. We introduce the concepts of theoretical and empirical complementarity to characterise model relations. Our complementarity analysis of model relations has two types of payoff. Specifically regarding the CAPM, (...) our analysis reveals why this model family, which has been empirically contested, has yet remained popular and important: the different models that have been added over time have made new empirically and theoretically complementary contributions to the model family. More generally, our analysis reveals the dynamic character of model-based scientific practice. Characterising relations between models as theoretically and/or empirically complementary yields three hitherto underappreciated lessons: (i) actual modelling purposes are not always primarily epistemic, (ii) a model's individual import is relative, not absolute, and (iii) there is an important interplay between theory and data models. Faithfully characterising scientific modelling in this way facilitates subsequent analysis of models' epistemic import. (shrink)

The contemporary process of financialization has been a major driver of the remarkable changes witnessed in global food and agricultural markets over the past decade, contributing to the rise and subsequent volatility of food and agricultural commodity prices since 2006. In the wake of these developments it has become clear that the turmoil has intensified the relationship between agriculture and finance in ways that have profound and enduring implications for the sector, and the people whose lives and livelihoods depend upon (...) it. This symposium brings together four original research articles that contemplate the contemporary relationship between the agrifood and financial sectors. They examine a variety of overlapping themes, including the creation of financial assets from farmland and agricultural commodities, the activities of different types of investors in these assets in specific geographic contexts, and the challenges of governing this activity at the global scale. These articles show that the period of market volatility that began a decade ago re-invigorated investor interest in financial products linked to agriculture and farming, and inspired the packaging of new forms of financial assets in ways that have affected politics and practice on the ground, and are likely to leave a lasting legacy. (shrink)

Based on the evolutionary game theory, this article constructs a quartet evolutionary game model for debt restructuring with the participation of asset management companies; studies the interactive mechanism of complex behaviors among the government, banks, asset management companies, and enterprises; and analyzes the stability of the strategies of each game subject. It also analyzes the stability of the equilibrium points in the system and finds the stable points that maximize the interests of each subject. Research shows that the (...) government chooses to give specific support, banks choose debt-to-equity swaps, asset management companies choose to provide liquidity, and enterprises choose to work hard, which can better promote the debt restructuring process. Finally, using Matlab2018 software to analyze the impact of each essential element in the debt restructuring on the stability of system evolution, the research results provide a basis for the successful debt restructuring of the enterprises. (shrink)

This paper addresses the field of economic measurements of the value of assets, carried out by the methods of independent expert evaluation. The mathematical principles of application, within a comparative methodical approach, of additive and multiplicative models for correcting the cost of single indicator of compared objects have been considered. The differences of mathematical basis of the compared models were analyzed. It has been shown that the ambiguity in the methodology of correction procedure requires studying the advantages and disadvantages of (...) known models, as well as the justification and elaboration of recommendations for their application. Possible forms of correction representation using several alternative units of measurement have been defined; formulas for their interconnection have been built. Analytic expressions have been derived that mathematically describe the algorithms for performing the evaluation correction procedure using various forms of correction representation. The influence of the correction execution model on the characteristics of uncertainty in the independent evaluation result has been analyzed. The scope of two possible types of correction introduction models has been determined. A specific numerical example was used to demonstrate the methodological advantages of using a multiplicative model when summarizing percentage corrections. The independence of the correction result on the sequence of correction introduction has been confirmed. It is proposed to use the selected measure of partial corrections as a criterion for the adequacy of the correction introduction model. It is proved that the result of the independent expert evaluation depends on the chosen model and does not depend on the sequence of correction introduction. The reported study results are important in terms of theory and practice since they make it possible to improve the accuracy and reliability of the result of independent expert evaluation. (shrink)

This article aims to answer the question that whether higher education would lead to happier life in China and tries to provide some explanations from the perspective of housing asset. Using data from four waves of China Household Finance Survey, we find that higher education on average is significantly negatively correlated with people's happiness in urban China. Higher education tends to prevent people from achieving “extremely happy” lives; instead, it is more likely to lead to “acceptable” lives. Based on (...) the realities of housing market in urban China, we find that housing asset plays the mediating role in the relationship between higher education and happiness. Specifically, years of schooling could evidently compress the years of being homeowners; as a result, highly educated people generally have more unpaid housing debts and bear more housing purchase costs due to the soaring housing prices. Meanwhile, higher education has negative effect on people's happiness in cities with relatively high housing prices, while this effect is insignificant in cities with relatively low housing prices. Moreover, the market-oriented housing reform that launched in 1998 has negative impact on highly educated people's happiness, since it has dramatically boosted housing prices and essentially changed housing distribution system for urban employees. Besides, we also find that Ph.D graduates are the relatively unhappiest people compared to bachelors or masters. Obviously, our findings have important policy implications for Chinese government to understand and resolve the “education-happiness paradox.”. (shrink)

In response to the need for a more diverse workforce, our medical school developed new policies and procedures that focus on the recruitment and selection of diverse students with a specific focus on those considered underrepresented in medicine. To understand what these students bring to the practice of medicine, researchers investigated their perception of their cultural assets and how they plan to use these assets as physicians. A cross-section of 23 ethnically, culturally, and geographically diverse medical students were interviewed and (...) data were analyzed through phenomenographical methods. The results indicate that students view themselves as having multiple assets that could be of significant value in their future practice of medicine, including: a) an interest in science and access to family members in medicine, b) personal and familial struggles with health, c) self and family as immigrants, and d) strong family and community orientations. Students perceived these as cultural assets because they could directly identify where these assets could be valuable in medicine but questioned how to maintain them throughout medical school. Now that our institution has identified these assets, next steps include administrators' investigation of ways to leverage them through curricular and educational programs. (shrink)

More specifically, one notices that X1  X2, P1  P2  0 where X1, X2 are the position operators for the first and second particles respectively, and P1, P2 their momenta operators. This means that, in principle, one can prepare the pair of particles with simultaneously known values of X1  X2 and P1  P2. Then the knowledge of the value of P2 allows to infer the value of P1.(However, performing the experiment with these continuous variables is technically (...) impossible and it remains a thought experiment.). (shrink)

Public companies in the US stock market must annually report their activities and financial performances to the SEC by filing the so-called 10-K form. Recent studies have demonstrated that changes in the textual content of the corporate annual filing can convey strong signals of companies’ future returns. In this study, we combine natural language processing techniques and network science to introduce a novel 10-K-based network, named Lazy Network, that leverages year-on-year changes in companies’ 10-Ks detected using a neural network embedding (...) model. The Lazy Network aims to capture textual changes derived from financial or economic changes on the equity market. Leveraging the Lazy Network, we present a novel investment strategy that attempts to select the least disrupted and stable companies by capturing the peripheries of the Lazy Network. We show that this strategy earns statistically significant risk-adjusted excess returns. Specifically, the proposed portfolios yield up to 95 basis points in monthly five-factor alphas, outperforming similar strategies in the literature. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:The Moral Dynamics of Economic Life: An Extension and Critique of Caritas in Veritate ed. by Daniel K. Finn, and: Rethinking Poverty: Income, Assets, and the Catholic Social Justice Tradition by James P. BaileyBrian HamiltonReview of The Moral Dynamics of Economic Life: An Extension and Critique of Caritas in Veritate EDITED BY DANIEL K. FINN New York: Oxford University Press, 2012. 166 pp. $85.35Review of Rethinking Poverty: Income, (...) Assets, and the Catholic Social Justice Tradition JAMES P. BAILEY Notre Dame, IN: University of Notre Dame Press, 2010. 176 pp. $30.00The academic study of Catholic social teaching has flowered in recent years. The moral vision elaborated over a century of official Catholic documents on social and political issues has proven attractive to a wide variety of scholars, providing a point of reference for interdisciplinary conversation. By bringing that vision into conversation with their respective disciplines, such scholars have gone a long way toward addressing one of the most common complaints about Catholic social teaching: that its proposals are too general and abstract. Two recent books, both working at the intersection of theology and economics, are a case in point.The Moral Dynamics of Economic Life, edited by Daniel Finn, synthesizes a conversation held in Rome in 2010 under the aegis of the Institute of Advanced Catholic Studies and the Pontifical Council for Justice and Peace. Theologians, philosophers, public policy experts, lawyers, businesspeople, and Church leaders gathered to discuss the significance of Benedict XVI’s social encyclical, Caritas in veritate, for the US context. Rather than simply reprinting the papers they discussed, the participants’ contributions were split up and reorganized along thematic lines. There are eleven chapters—on topics like reciprocity, development, and polarization in US political discourse—each composed of a series of two- to four-page essays from different scholars. It is a creative and surprisingly effective structure. No single argument is developed at any length, of course. But the essays, punchy and provocative, accomplish far more than one would think possible in so short a space. Taken together, they define the contours of a much richer conversation than a series of independent papers could have done. [End Page 205]James Bailey’s Rethinking Poverty provides a more sustained argument. Working within the moral framework provided by Catholic social teaching, Bailey argues that US public policy regarding poverty needs to focus less on income relief and more on asset ownership and development. He lays out his basic case for the “asset paradigm” in chapter 1. In the current system, asset-building assistance is provided almost exclusively to the nonpoor rather than to the poor since it is mediated primarily through the federal income tax—which the poor do not pay. Income assistance to the poor, though crucial in the short term, does nothing to address the root causes of endemic poverty in the United States. In fact, the regressive structure of asset-building assistance has itself played an important role in perpetuating and exacerbating the wealth gap in this country. In the next two chapters, Bailey lays out two complementary moral frameworks that support a policy shift toward an asset paradigm: Catholic social teaching and the “capabilities approach” developed by Martha Nussbaum and Amartya Sen. In the fourth chapter, Bailey surveys the history of racialized asset discrimination in US policy, demonstrating that the denial of asset-based assistance has been instrumental in creating enduring wealth disparities between white and black communities. In the fifth chapter, Bailey concludes by suggesting that an older, neglected American policy tradition did privilege an assets-based approach to poverty relief, and that tradition continues to be a viable option.Both books succeed, in my judgment, in rendering the principles and priorities of Catholic social teaching more concrete. Bailey’s main goal, obviously, is to recommend a specific policy orientation, and Moral Dynamics is full of practical suggestions: we should encourage conversations between theology and business schools at Catholic universities (89, 135); we should give more attention to empirical measures of well-being and development beyond narrowly economic ones like the gross domestic product (92–98); we should work to redefine the standard of “reasonableness” in the common... (shrink)

PurposeThe purpose of this paper is to examine the access to community telecenters and the resulting changes in people's livelihood by focusing on the gendered use of computers and the internet in two Thai CTs.Design/methodology/approachQualitative methods through participant observation and interviews of 37 respondents are privileged. The assessment of the findings in this study is made by analyzing preset indicators created and adapted from a literature review of telecenters, livelihoods, and gender.FindingsFindings suggest that livelihood changes in specific areas, with a (...) rise in self‐esteem being one of the most noticeable changes. Moreover, financial opportunities, including career enhancement and product development, have expanded as a result of accessing CTs. In regard to gender, although it is found that there is only a small difference in financial opportunity between women and men, the findings point to more positive changes for women than men in terms of health enhancement and social connectedness, while men benefit slightly more in self‐esteem and education.Originality/valueThe paper verifies the possibility of information and communication technology as a tool for enhancing the lives of people. It demonstrates that adults in a rural community can get the benefits of ICTs only if they have the opportunity to learn and have access to use. Furthermore, gender differences identified in the paper can support gender‐sensitive projects using ICT for development. (shrink)

This paper views corruption as a form of contracting amenable to analysis from the viewpoint of transaction-cost economics. Concepts such as transaction, bounded rationality, opportunism, and asset specificity are shown to apply to cases of corruption. Both market and parochial corruption are hypothesized to vary in accordance with changes in the specificity of assets invested to support the corruption transaction. Evidence from a number of different studies tends to support the hypothesized relation. The implications of the transaction-cost (...) perspective are developed for policy makers and directions for future research are suggested. (shrink)

Implementing corporate social responsibility (CSR) in supply chains is not a trivial task. In fact, many firms in recent years have publicly proclaimed that in order to keep their CSR commitments, they had to reduce reliance on external suppliers by vertically integrating their operations. Our aim in this article is to examine whether there is truly a relationship between a firm’s CSR performance and its level of vertical integration. Drawing on a multi-industry sample of 2,715 firm-year observations, and after addressing (...) endogeneity concerns, we demonstrate that firms with higher CSR performance tend to vertically integrate more (or, outsource less). We also demonstrate that this tendency is weaker for firms that have higher degrees of asset specificity or international diversification. Our core conclusion is that CSR performance and outsourcing are at odds, but firms can reconcile this tension by deepening their collaborations with suppliers. (shrink)

This article explores managers’ ethical reasoning for behaviors in price negotiations using evidence from 15 in-depth interviews conducted with sales and purchasing representatives in the chemical industry in Germany. Applying transaction cost economics, we find that negotiators in commoditized market-like exchanges either refer to deontological norms such as not to lie, or they neglect a role for ethics, arguing that distributive negotiation is per se opportunistic. In contrast, exchanges of products with higher asset specificity lead to stronger informational (...) integration which is supported with teleological justifications. Some negotiators use teleological justification to build business on trust rather than on economic safeguards as their firm norms would require. For negotiators, our results suggest considering institutional context and adjusting ethical reasoning to the negotiation situation. Firms need to recognize and find ways to address the potential conflicts of their internal norms with their frontline managers’ attempts to act in the firms’ best economic and ethical interests. (shrink)

In recent years, copyright governance for short videos has become a hot issue of common concern in the academic community and the industry. Therefore, this study intends to explore the economic aspect of copyright governance in relation to the proliferation of infringing short videos. The short video industry of China has been taken as a case to demonstrate the copyright governance issue. Transaction cost theory has been applied to analyze the economic aspect of copyright governance in terms of four dimensions: (...) bounded rationality, opportunism, environmental uncertainty, and asset specificity. From the perspective of transaction cost economics, the problem of short video infringement is observed to be essentially a market failure due to high transaction costs. In the short video market, substantial transaction costs are incurred in the legal transaction of copyright with these costs considered to be too high. This is especially the case when transaction costs exceed the net proceeds initially expected by short video users from the authorization, making it impossible to carry out the transaction and leading to infringement. To effectively control the copyright infringement of short videos, it is necessary to build a cross-platform information-sharing mechanism to reduce search costs, establish a unified copyright management platform to reduce coordination costs, and give full attention to the role of technical support to reduce regulatory costs. (shrink)

This qualitative study looks at the complex relationship of transaction costs, norms, and social networks through a comparison of industrial buyer-seller relationships in the United States and Mexico. Despite arguments by transactioncost theorists that the nature of cooperation in business is largely a function of the nature of investments in transaction assets, this article illustrates several cases where the economic logic is attenuated and a mutual orientation develops as the social structure promotes greater trust either because of shared norms or (...) network ties. It also suggests that asset specificity may at times be a product of the social structure in which the transaction is embedded. The article develops theoretical propositions and suggests directions for future research. (shrink)

Farmers’ entrepreneurship is a powerful breakthrough for solving the problems associated with “agriculture, rural areas and farmers.” Although studies have commonly used the same entrepreneurial activities to analyze farmers’ entrepreneurship, its deep economic roots have rarely been investigated. Investigating the internal development mechanism within the same industry is helpful for understanding farmers’ entrepreneurship motivation and decision making and is an important point at which to implement regional research and enrich the overall research on farmers’ entrepreneurship in the Chinese context. Based (...) on a single-case study in Q Village, Fujian Province, this work identifies the key role played by relational contracts in entrepreneurship groups: reducing transaction costs, promoting investment in asset specificity, and improving contract flexibility. Moreover, this approach is conducive for different action groups in terms of stimulating entrepreneurial motivation in the initial entrepreneurship period and improving entrepreneurship learning ability in the long term. Primary Action Group transforms exploratory intuitive learning into exploratory compilation learning, and Secondary Action Group triggers the learning effect and makes a proprietary investment by utilizing intuitive formulaic learning and compiled formulaic learning, thus reducing unforeseen, contracting and verification costs. During the pattern maturity period, Primary Action Group rationally integrates the supply chain and forms a stable entrepreneurial paradigm, while Secondary Action Group does so to maintain prior information reserves and lower information search, supervised execution, and bargaining decision costs. The value cocreation ability of the same type of commercial modularity is formed, and the whole process of farmers’ entrepreneurship is completed. Our results have important implications for policymakers in China and other countries with clans. (shrink)

This article studies the differences between traditional financial intermediaries (commercial banks, savings banks and cooperative banks) and ethical banks based on property rights, in which the owner decides the ideology, principles, standards and objectives of the organisation. In ethical banking, affinity centres on positive social and ethical values. The article consequendy focuses on an index proposed both to differentiate ethical banks from other types of banks, and also to pinpoint the differences between the various ethical banks themselves.This is the Radical (...) Affinity Index (RAI), which groups banks together in terms of their stance on ethical commitment, concentrating on ethical ideology and principles (information transparency, placement of assets, guarantees and participation) and using a sample of 114 European banks. The evidence shows that transparency of information and placement of assets are factors that differentiate ethical banks from other financial intermediaries.Guarantees and participation are characteristics specific to ethical banks; these variables, however, do not offer clear evidence to our analysis. (shrink)

This article introduces the symposium “Toward a Philosophy of Blockchain,” which provides a philosophical contemplation of blockchain technology, the digital ledger software underlying cryptocurrencies such as bitcoin, for the secure transfer of money, assets, and information via the Internet without needing a third-party intermediary. The symposium offers philosophical scholarship on a new topic, blockchain technology, from a variety of perspectives. The philosophical themes discussed include mathematical models of reality, signification, and the sociopolitical institutions that structure human life and interaction. The (...) symposium also investigates the metaphilosophical theme of how to create a philosophy of anything, specifically a new topic such as blockchain technology. Repeated themes are identified, in all areas of philosophical inquiry, and conceptual resources are elaborated to contribute to a philosophical understanding of blockchain technology. Thus, philosophy as a metaphilosophical approach is shown to be able to provide an understanding of the conceptual, theoretical, and foundational dimensions of novelty and emergence in the world, with a particular focus on blockchain technology. (shrink)

Starting from a specific critique of the traditional «metaphysical mistake» (to take apart being and appearing), Hannah Arendt points out the necessity to support a radical “phenomenalism”, which can be able to become politically relevant through 'spectacularity'. Far from the task of replacing an unknown being or substance, in Arendt's view all appearances are phenomena enhancing a singular exhibition on the 'world stage' in order to communicate an opinion or to perform deeds. Along this path, the encounter with Merleau-Ponty’s thought (...) occurs at several levels. Specifically, the thesis of the ‘spectacular’ character of the world reveals itself in Arendt’s political theory as intimately linked to the thesis of an aesthetic and, at the same time ontological basis of experience, where opinion 'opens' to determined 'portions' of being. Such features of Arendt's political theory join it to Merleau-Ponty's theory of vision as “conditioned thought ” (by the world), “which advents” as “instituted” in a singular proper-body (Eye and Mind). According to Arendt, thought itself has to be considered not only as invisible (The Life of the Mind), but as a visible “doxa”, showing specific “aspects of world”, also revealed as specific positions to take and to defend in public. The paper suggests that the theoretical encounter of the two philosophers is a valuable asset in the context of contemporary political “publicity”. (shrink)

Following resource-based and complementary asset perspectives, this paper examines the effects of board and management resources on corporate social responsibility in a sample of large Australian public firms. Specifically, this study posits that outside directors and women on boards are complementary in that their multiplicative effect incrementally influences CSR above their individual, independent effects. The hypothesis is confirmed. Further, the study tests the interactive effect of a senior CSR manager, determining the independent and complementary effects of managerial resources upon (...) board resources. The results suggest that a senior CSR manager has both an independent and complementary effect, offering support for the hypotheses. The findings offer some confirmation of resource-based theory, demonstrating that board resources can be complementary within the boardroom context and complementary to management in positively affecting firm outcomes. (shrink)

This paper argues that since the last decades of the twentieth century the discipline of modern finance has directed fiduciaries to act "rationally"—that is, in the sole financial interest of their funds--downplaying the effects of their investments on others. This approach has deemphasized a previous, more "reasonable" interpretation of fiduciary duty that drew on a conception of prudence characterized by wisdom, discretion and intelligence—one that accounts to a greater degree for the relationship between one's investments and their effects on others (...) in the world. The reasonable approach allows fiduciaries to a greater degree to assess the objective well-being of beneficiaries, to recognize fundamental sources of investment reward in the economy, and to fulfill their obligations to allocate benefits impartially between current and future generations. Reason and rationality can work in a complementary fashion to make investment long-term in its perspective and beneficial to society and the economy as well as to specific funds or portfolios. Determining how to accomplish this challenging task is part of the obligation of fiduciaries as they seek to realize the full potential of the investment assets entrusted to their care. (shrink)

Livestock are important assets in Africa, helping improve the nutritional status of their owners, and contributing to economic growth. Can these roles continue and can livestock production systems be further developed so that they will be sustainable? A key feature of livestock in Africa is that they fulfill multiple roles, ranging from draught power, to providing manure, milk, and meat. Constraints to increasing productivity include both physical and institutional. In the former category, constraints to adopting draught power include insufficient numbers (...) at the individual household level. Lack of adequate pasture is probably the most important constraint. Diseases are also notable constraints to improving productivity, particularly those categorized as Group I (highly contagious — e.g., rinderpest) or Group II (vector-borne parasitic and viral—e.g., trypanosomiasis). Institutional constraints include lack of research and market distortions. To improve productivity, at the macroeconomic level, governments must continue or start policies aimed at liberalizing markets and revaluing exchange rates. Also, research institutions need an increase in funding for periods of ten or more years. Research and other livestock institutions may be able to leverage limited resources by forming more collaborative relationships at the regional level. Research priorities include breeding on specific aspects, such as increased milk production. However, it must be realized that breeding programs have an inherent problem in disseminating improved breeds in a rapid and equitable manner. Quality of pasture may be improved by further research on more accurately calculating stocking rates and on developing mechanisms to control numbers on pastures (e.g., community controlled grazing schemes). Other research priorities include new technologies to improve animal health, funding of micro-enterprises to add value to livestock products, and market information systems for small-scale farmers. Schemes to increase livestock production in Africa will only occur if innovations closely match the local sets of circumstances. Given the multiple roles of livestock, research into innovations that local communities will readily adopt must take a systems approach. (shrink)

This paper argues that the subsistence of the fundamental theorem of contemporary financial mathematics is the ethical concept ‘reciprocity’. The argument is based on identifying an equivalence between the contemporary, and ostensibly ‘value neutral’, Fundamental Theory of Asset Pricing with theories of mathematical probability that emerged in the seventeenth century in the context of the ethical assessment of commercial contracts in a framework of Aristotelian ethics. This observation, the main claim of the paper, is justified on the basis of (...) results from the Ultimatum Game and is analysed within a framework of Pragmatic philosophy. The analysis leads to the explanatory hypothesis that markets are centres of communicative action with reciprocity as a rule of discourse. The purpose of the paper is to reorientate financial economics to emphasise the objectives of cooperation and social cohesion and to this end, we offer specific policy advice. (shrink)

Issues of social justice underlie the clamour for greater gender balance in top-management. The present study reveals that pursuit of such social justice is also value-enhancing in relation to the longer-run performance of initial public offerings stocks, especially where female board members are unencumbered by family-connection with other directors. This study examines the economic benefits of board gender diversity for state- and privately controlled firms in the Hong Kong IPO market. Gender board diversity is much less common in state-run IPO (...) firms. Within the subset of privately controlled IPO firms, distinction exists between entities that accommodate family-connected board officers and those that do not. Specifically, this study focuses on family-ties between board members. This issue allows for finer-grained assessment of family influence on firm performance. Stronger post-listing stock, return-on-assets and sales-on-assets performance arise in privately controlled firms without family-connected board members and in state-run entities. Gender diversity thus serves as a positive, but only when female director presence is untrammelled by family associations between directors. However, there is little evidence of a link between female board representation and IPO underpricing. Relative to state-backed issuers, privately controlled firm boards accommodate more women, younger officers and a broader mix of nationalities, but appear more-inclined to unify CEO and chair positions. Board duality, the fraction of independent directors and directors’ age and nationality exhibit little relation with initial and aftermarket stock returns. In prescriptive terms, minority investors gain from the inclusion of female directors, especially when IPO firm directors are unencumbered by family-affiliation with other board members. Results therefore add to the clarion of calls for greater female board presence. (shrink)

This paper analyzes specific situation in Croatia regarding role, development, and perspectives of employee participation in ownership and financial results. The model of enterprise privatization in Croatia resulted with a large involvement of employees in the enterprises' ownership. As the first phase of privatization in Croatia is approaching to its end, new, genuine mechanisms of development of the employee financial participation are beginning to emerge. Among them, ESOP plans and management and employee buyouts (MEBO) seem to be most appealing. Such (...) practices can be found primarily in enterprises where a functional symbiosis between management and employees has been preserved or developed, where assets of the enterprise have also been preserved, and an organizational culture based on identification with enterprise and confidence with management has been developed. It seems that such a mutual reliance between employees and management can be very successful in assuring good operation and financial results of (especially large) enterprises during and after the process of transition. (shrink)

This paper outlines a novel framing of the normative significance of health by considering the idea of ‘health capital’. Health capital is a set of health-related assets of individuals that enable them to pursue their interests and to collaborate with others. The specific contribution of this paper is to establish the notion of health capital beyond a metaphorical idea and to initially explore the repercussions of it for theories of health justice. We propose a sufficientarian approach to health capital justice. (...) Our theory claims that social justice requires enabling people to achieve enough health capital to meet threats to health. This is a dynamic ideal, establishing claims of justice over time. The overarching goal is to avoid disadvantageous tipping points of health depletion. (shrink)

It is widely believed that environmental conservation has to be guided by respect for the ‘rights’ of future generations. But it is argued in this chapter that it may not be plausible to think in terms of the ‘rights’ of future generations in general or their rights to any specific environmental assets. Future generations may well have rights when they come into existence, but these will only be rights that can be satisfied at the time. But ‘rights’ do not exhaust (...) the whole of morality, and future generations will certainly have interests, which means that we are under moral obligation to take account of them and of the effect that our environmental policies may have on them. Thus, the problem is to predict what the main interests of future generations will be and how to weigh them up against the interests of people alive today. It is argued that this approach will lead to a very different ranking of priorities among our moral obligations to future generations. (shrink)

Recently, interest in the unique pathways linking discrete positive emotions to specific health outcomes has gained increasing attention, but the role of awe is yet to be elucidated. Awe is a complex and transformative emotion that can restructure individuals' mental frames so deeply that it could be considered a therapeutic asset for major mental health major issues, including depression. Despite sparse evidence showing a potential connection between depression and awe, this link has not been combined into a proposal resulting (...) in specific intervention guidelines. The aim of this perspective was three-fold: to provide a new unifying model of awe's functioning—the Matryoshka model; to show systematic and explicit connections between this emotion and depression; and to suggest specific guidelines of intervention utilizing the potential therapeutic role of awe for mental health, specifically for depression. This theoretical endeavor in its entirety has been framed within the health domain. (shrink)

Coherence is today a source of moral authority. Being coherent frees us from external influences and gives us the capacity to decide for ourselves, but also places us in a privileged position with regard to others. We will turn our attention now to coherence as a foundation of authority in organisations. And to do that, organisations must be divided into different levels and different dimensions. Coherence will only be possible when the worker is capable of weighing up the distance between (...) the organisation's specific vision and the operational processes that effectively take place within it. All companies, as a sum of possibilities, respond to the intention of those who govern them insofar as their assets permit it, and their ultimate value resides therein; the possibility of being recognised for their way of being, their corporate ethos. (shrink)

Institutional investors control almost 60% of all assets under management worldwide and encompass a wide variety of organizations. Despite this reach, however, institutional investors have not received the normative scrutiny they merit beyond general discussions around their legally grounded fiduciary obligations to their beneficiaries. This paper offers a discussion of institutional investor ethical obligations in light of their specific attributes. We propose that the different characteristics of institutional investors and the diverse roles they play in the marketplace inform the scope (...) of their activities, and, in turn, the different ways in which their basic ethical obligations can be fulfilled. (shrink)

Heritage values are basic in conservation, nevertheless there is not a methodology to analyze their variation over time and how it has affected the conservation of heritage assets. Therefore, a methodology that allows us to determine their variation in written descriptions about a specific heritage site was needed. In this article we have addressed the concept of heritage values and stressed their importance and their variability over time, but also analyzed different methods from the field of linguistics that would better (...) adapt to determine heritage values variation and their application in the heritage field. (shrink)

This article discusses the ethics and drivers of philanthropic foundations in emerging markets. A foundation organizes assets to invest in philanthropic initiatives. Previous scholarship has largely focused on developed countries, especially the United States, and has questioned the ethics behind the activities of foundations, particularly for strategic motives that served wider corporate purposes. We argue that philanthropic foundations in emerging markets have distinctive characteristics that merit separate examination. We scrutinize the ethics behind the longitudinal activity of such foundations using 70 (...) oral history interviews with business leaders in 18 countries in Africa, Asia, Latin America, and the Middle East. We find that 55 out of 70 foundations associated with these leaders have been used as vehicles for a specific type of philanthropic ethics defined as “spiritual philanthropy”. These foundations often embodied personal or family traditions, culture, and religious values, which emphasized charitable giving and social responsibility. As in the case of many of the industrial foundations in Europe, these foundations also carried founding family names and provided a structure to maintain family control and enhance corporate reputation. We argue that, as business leaders in emerging markets are more directly exposed to dire social, educational and health deprivation than their counterparts in developed countries, they are less inclined toward grandiose world-making, and their foundations are more focused on delivering immediate benefits to communities in their home countries, motivated by implicit or explicit spirituality. (shrink)

In this article, the author explores one of the avenues through which the experiences of the European biblical studies were implemented in the Kyiv Theological Academy in the second half of the 19th and early 20th centuries. For the first time, the critical bibliographic reviews of biblical research works written by foreign scholars are being examined as a genre. In the comments and reviews made by the KTA professors, we observe a critical analysis of the experiences related to rationalistic and (...) orthodox apologetic trends as represented in foreign biblical studies, as well as a quest for conceptual and methodological allies in support of the Orthodox biblical apologetic perspective. These critical reviews represent a valuable asset indicating that the Kyiv theological academic studies had been incorporated in the global dimension of academic biblical studies. The broad range of subjects addressed in the reviews as well as their regularity and frequency testify to intensive professional communication within the theological academic community. In addition, the texts demonstrate the degree the Kyiv academics perceived the global issues and trends, the responses of scholars to methodological and conceptual challenges, and their perception of various hermeneutical models. The article specifies the stages in which the genre of review evolved from 1860s to early 1900s. From the key structural elements of the entire body of reviews and critical articles, the author distinguishes reviews of the Old Testament and New Testament studies in such thematic areas as isagogics, theology, exegesis, historical criticism, textual criticism, study of biblical languages, geography, archeology, history, chronology, and comparative studies of religion and culture. The subject areas of the reviews and critical articles specifically indicate significant development in the European biblical studies. (shrink)

The rapid evolution of scientific research has created a pressing need for efficient and versatile tools to aid researchers. While using artificial intelligence (AI) to write scientific articles is unethical and unreliable due to the potential for inaccuracy, AI can be a valuable tool for assisting with other aspects of research, such as language editing, reference formatting, and journal finding. Two of the latest AI-driven assistants that have become indispensable assets to scientists are ChatGPT and Gemini (Bard). These assistants offer (...) comprehensive support from literature review to journal suggestion, and they have the potential to revolutionize research. In the present study, a comprehensive set of queries and responses were designed to assess the capabilities of ChatGPT-3.5 and Gemini as scientific assistants. The results showed that Gemini achieved a perfect score of 100%, while ChatGPT-3.5 scored a less impressive 70%. Notably, ChatGP-3.5 fell short in specific areas that includes providing assistance with scientific paper explanations, exploring bibliographic databases, and formatting references. The qualitative assessment of responses also suggests that both the AI chatbots can be valuable tools for researchers, however, Gemini seems to be more appealing and accurate through the whole procedure of scientific writing. This work shall open new research dimensions in identifying adequate scientific utilization of the evolving AI tools and technologies, as embracing these advancements will be essential for staying at the forefront of scientific research. (shrink)

The paper questions some of the premises in studying academic spin-offs in developed countries, claiming that when taken as characteristics of ‘academic spin-offs per se,’ they are of little help in understanding the phenomenon in the Eastern European countries during the transitional and post-transitional periods after 1989. It argues for the necessity of adopting a path-dependent approach, which takes into consideration the institutional and organisational specificities of local economies and research systems and their evolution, which strongly influence the patterns of (...) spin-off activity. The paper provides new findings and original arguments in support of Balazs’ seminal theses (Balazs 1995, 1996) about the emergence of academic spin-offs during the early transition. It reveals key economic and policy mechanisms bearing on academic entrepreneurship in Eastern Europe, such as the tensions between economic and political nomenclatures of former Communist Parties, where the dismantling or preservation of the power of political nomenclature resulted in different patterns of development—rapid reforms in the ‘first wave’ of EU accession countries or the establishment of rent-seeking and assets-stripping economies in countries like Bulgaria and Romania, making the transition period especially difficult. In the latter, a specific economic environment emerged, unknown in Western Europe and in the ‘champions’ of transition—such as suppression of the authentic entrepreneurship in a number of economic sectors, disintegration of corporate structures, etc. Thus, the paper reveals the common ground behind the two conflicting tendencies in post-socialist academic spin-offs, partially outlined in other research (Simeonova 1995; Pavlova 2000): as an authentic form of academic entrepreneurship grasping the opportunities opened up by the economic crisis and compensating failures in science and technology policy on the one hand, and as specific rent-seeking strategy draining valuable public assets on the other (the latter, in turn, boosting the negative attitudes in local scientific communities). The paper provides new findings about the evolution of the academic spin-offs in Bulgaria along the two polar trends and their positive and negative repercussions on parent research institutions. The results were achieved in the PROKNOW Project, EC 6th Framework Program. (shrink)

This paper investigates a manner for taking a stand against the current naturalistic tendencies within the current form of globalized capitalism that see it merely as the logical expression of triumphant market forces working upon productive assets. Taking a cue from the French concept of alter-mondalisme, as opposed to the English syntagma anti-globalism, this paper argues that our current form of globalised capitalism is simply a form having no specific ontological necessity – i.e., globalism as it now is, is not (...) the inevitable result of natural forces, but is rather a complex emergent entity. Cosmopolitical citizenship, characterized by critical global citizens, means principled refusal to accept this entity as determining the possible and the impossible. Instead of being the creature of simply naturalistic, neo-liberal economics, capital is a cultural system, a social relationship based on a particular political power structure. Thinking otherwise makes issues of social justice meaningless within capitalism. The current concentration of economic power tends to spread certain behavioral norms that sustain it, which is a systemic phenomenon that can be called the cultural system of capitalism, a shared ideology.Viewing it such, we can move from an ethical study of the rational foundations of moral norms to a political reflection on the democratic construction of social norms. Hence, democratic experimentalism can arise, in which various possibilities and norms of one subset or region of capitalist interaction are played off against each other subset or region in a subversive attempt at forming new possibilities for organizing economic and political processes. This will also protect the plurality of ways of life from overweening global capitalism: another world is possible. (shrink)

This research investigates the growing impact of virtual currencies, with a specific focus on how Bitcoin, a leading digital currency, influences gold prices. It delves into the evolving role of Bitcoin in the traditional financial sphere, examining its effect on gold, a classical asset and a benchmark of economic stability. Through this study, we aim to understand the nuances of this unique interaction and its implications for the broader financial landscape. This paper presents an in-depth case study that examines (...) the correlations and potential causal relationships between the volatility in virtual currency markets and gold price fluctuations, a traditional indicator of economic stability and a renowned safe-haven asset, with a particular focus on the period encompassing the COVID-19 pandemic. Using a range of econometric methods, including time-series analysis and the Autoregressive Integrated Moving Average (ARIMA) model, this research analyzes historical price data from the past decade, with a special emphasis on the impact of the COVID-19 pandemic alongside other key geopolitical events and macroeconomic factors, to elucidate the interplay between these distinct asset classes. (shrink)

During a divisive political time, it is critical that social studies teachers, teacher educators, and scholars commit to justice, equity, inclusivity, and diversity when teaching, engaging, and learning with emerged bilingual (EB) students. This study examines how late arrival EB students and their teachers conceptualize social studies, citizenship, and civic education through a framework of culturally and linguistically relevant citizenship education (CLRCE). The findings in this study extend the original CLRCE framework by drawing from multiple sites of pedagogical ideas and (...) action to support late arrival EB students inside and outside of the social studies classroom. This study offers examples for how to implement CLRCE in communities experiencing similar demographic shifts as well as in schools who are interested in centering the cultural, linguistic, and civic experiences of their students. Specifically, this study reveals pedagogical examples and sites of critical citizenship that center EB students’ ideas, experiences, assets, and actions in civic society and in the social studies classroom, offering ways to rethink and reimagine civics education. (shrink)