Although the sunk‐cost effect is a well‐documented psychological phenomenon in monetary investments, existing literature investigating behavioral investments (e.g., time, effort) has not replicated this effect except when such investments relate to monetary values. The current explanation for this discrepancy proposes that purely behavioral sunk‐cost effects are unlikely to be observed because they are difficult to book, track, and balance in a mental account. Conversely, we argue that, through an effort‐justification mechanism, people account for the amount of behavioral resources (...) class='Hi'>invested when selecting an alternative, in which case they may fall prey to purely behavioral sunk‐cost effects. The results of two experiments support this prediction. Because many decisions involve behavioral investments, behavioral sunk‐cost effects should be pervasive psychological phenomena. (shrink)

Because of China’s tremendous increase in foreign direct investment over the past two decades, this method of internationalization has become increasingly significant for companies worldwide. Heavy industry’s dominant role in China’s industrial structure must be modernized to ensure the country’s long-term growth and prosperity. There are 30 provinces in China covered by this dataset, which dates back from 2005 to 2018. Augmented mean group and common correlated effects mean groups estimations demonstrate that China’s industrial upgrading and resource allocation considerably impact (...) FDI inflows. The findings show that FDI inflows appear to be negatively affected by environmental rules. The results show that industrial upgradation and environmental regulations have not had the expected effect on FDI in China without the participation of other stakeholders. For the selected panel, the results from the control variable show that population aging reduces foreign direct investment inflows, whereas, economic growth increases FDI inflows. According to our findings and those of the empirical study, we make some policy proposals to help Chinese provinces attract more foreign direct investment by encouraging and upgrading the screening of such investments. (shrink)

Various human groups, from food foragers to inner-city urban Americans, have used widespread sharing of resources through kin networks as a means of buffering themselves against fluctuations in resource availability in their environments. This paper addresses the effects of progressive incorporation into a wage-labor economy on the benefits of traditional kin networks for two social classes in urban South India. Predictions regarding the effects of kin network wealth, education, and size on child and spouse characteristics and methods of financing (...) marriages are tested using various regression techniques. Despite the rapid growth of participation in a wage-labor economy, it is found that kin network characteristics still have an important impact on investment behavior among families in Bangalore in both social classes. Network wealth is found to have a positive effect on child and spouse characteristics, and large networks are found to act as significant drains on family resources. However, the results for education are broadly consistent with an interpretation of increasing family autonomy as parents’ education has a far stronger influence on child and spouse characteristics across categories than network education does. Finally, professional-class parents are found to prefer financing marriages using formal mechanisms such as savings and bank loans while working-class parents preferentially finance marriages using credit from relatives and friends. (shrink)

Firms engage in corporate social responsibility (CSR) because they consider that some kind of competitive advantage accrues to them. We contend that resource-based perspectives (RBP) are useful to understand why firms engage in CSR activities and disclosure. From a resource-based perspective CSR is seen as providing internal or external benefits, or both. Investments in socially responsible activities may have internal benefits by helping a firm to develop new resources and capabilities which are related namely to know-how and corporate culture. (...) In effect, investing in social responsibility activities and disclosure has important consequences on the creation or depletion of fundamental intangible resources, namely those associated with employees. The external benefits of CSR are related to its effect on corporate reputation. Corporate reputation can be understood as a fundamental intangible resource which can be created or depleted as a consequence of the decisions to engage or not in social responsibility activities and disclosure. Firms with good social responsibility reputation may improve relations with external actors. They may also attract better employees or increase current employees’ motivation, morale, commitment and loyalty to the firm. This article contributes to the understanding of why CSR may be seen as having strategic value for firms and how RBP can be used in such endeavour. (shrink)

A decline in public sector extension services in developing countries has led to an increasing emphasis on alternative extension approaches that are participatory, demand-driven, client-oriented, and farmer centered. One such approach is the volunteer farmer-trainer approach, a form of farmer-to-farmer extension where VFTs host demonstration plots and share information on improved agricultural practices within their community. VFTs are trained by extension staff and they in turn train other farmers. A study was conducted to understand the rationale behind the decisions of (...) smallholder farmers to volunteer their time and resources to train other farmers without pay and to continue volunteering. Data were gathered through focus group discussions and individual interviews involving 99 VFTs. Findings of the study showed that VFTs were motivated by a combination of personal and community interests that were influenced by religious beliefs, cultural norms, and social and economic incentives. Altruism, gaining knowledge and skills, and social benefits were the most frequently mentioned motivating factors for becoming VFTs.3 years after starting, the income earned from selling associated inputs and services was also a main motivating factor. There were no significant differences between motivating factors for men and women VFTs. The findings point to the fact that VFTs work effectively without being paid, but investments in human, social, and financial capital are crucial to keeping them motivated. These factors are key to ensuring the sustainability of farmer-to-farmer extension programs beyond the projects’ lifespan. (shrink)

When wealth is heritable, parents may manipulate family size to optimize the trade-off between more relatively poor offspring and fewer relatively rich ones, and channel less care into offspring that compete with siblings. These hypotheses were tested with quantitative ethnographic data collected among the Karo Batak—patrilineal agriculturalists from North Sumatra, Indonesia, among whom land is bequeathed equally to sons. It was predicted that landholding would moderate the relationship between reproductive rate and parental investment on one hand, and the number of (...) same-sex siblings on the other, among boys but not girls. The predicted interaction effect was observed in interbirth intervals and immunizations, but only a trace of the effect was detected in age-five mortality. The study raises questions about the coevolution of human behavior and social structure. (shrink)

Data-sharing is a desired default in the field of public health and a source of much ethical deliberation. Sharing data potentially contributes the largest, most efficient source of scientific data, but is fraught with contextual challenges which make stakeholders, particularly those in under-resourced contexts hesitant or slow to share. Relatively little empirical research has engaged stakeholders in discussing the issue. This study sought to explore relevant experiences, contextual, and subjective explanations around the topic to provide a rich and detailed presentation (...) of what it means to different stakeholders and contexts to share data and how that can guide practice and ethical guidance. A qualitative design involving interviews was undertaken with professionals working in public health institutions endowed with data, ethics committees, and advisory agencies which help shape health research in Africa. A descriptive form of thematic analysis was used to summarize results into six key themes: The role of HDSSs in research using public health data and data-sharing; Ownership and funding are critical factors influencing data-sharing; Other factors discourage data-sharing; Promoting and sustaining data-sharing; Ethical guidance structures; and Establishing effective guidance. The themes reveal factors regarding the willingness or not to share and an intricate ethical system that current discourse could reflect. Many of the concerns resonate with the literature, but a whole other gamut of people and process issues; commitments, investments, careers, and the right ethical guidance are needed to realize a sustainable goal of reaching ‘share’ as a default. (shrink)

In this article we argue for the importance of studying interdisciplinary collaborations by focusing on the role that good choice and design of model-building frameworks and strategies can play overcoming the inherent difficulties of collaborative research. We provide an empirical study of particular collaborations between economists and ecologists in resource economics. We discuss various features of how models are put together for interdisciplinary collaboration in these cases and show how the use of a coupled-model framework in this case to coordinate (...) and combine background models from ecology and economics provided particular collaborative affordances and clear collaborative gain. (shrink)

Private participation in infrastructure is a relatively newphenomenon in the developing world (World Bank, 1999). In telecommunications, electric power, water, and other sectors, developing countries are turning to private sector investors to help increase availability, improve access, and move toward market-based pricing of resources and services. The findings of this dissertation demonstrate that the governance, mode of entry, and mix of public and private ownership of infrastructure projects are influenced by country-level economic, institutional, and technological factors, and by investing (...) firms’ ownership structures and strategies. (shrink)

Socially responsible investing is a significant part of the U.S. equity market. Studies of the relationship between social performance and financialperformance have not considered the effect of business cycles, which is the main topic of this study. An SRI Fund of Funds is compared to the S&P 500 over two complete business cycles from 1991 to 2009. The SRI Fund of Funds had financial performance comparable to the S&P 500 during market contractions, but underperformed during market expansions. The factors associated (...) with SRI returns are examined using both the Fama-French 3-Factor Model and the Carhart 4-Factor Model. Momentum appears to be of special importance during market expansions. The implications of these findings for the field of SRI are examined. (shrink)

This study aims to explore if local responsiveness pressure and subsidiary resources influence green management adoption of overseas subsidiaries, and to investigate the relationships between the level of green management adoption and performance. The 101 effective samples were collected from 583 Taiwanese firms, which are listed in the top 1000 manufactory firms and have invested in China. Though structural equation model analysis' empirical results indicate that local responsiveness pressure and subsidiary resources both have positive effects on the (...) level of green management adoption of the subsidiary. This study also suggests that the level of green management adoption is positively related to the subsidiary's performance. (shrink)

Sustainable management of natural resources by farmers is under increasing public scrutiny. In Australia, the case of water unsustainably used and stored by agricultural businesses has gained attention with communities in catchments potentially deprived of water and placed at downstream risk. Yet, sustainable water management institutional policy mechanisms remain disjointed around the country. The study reported here applies a strategic response typology to a survey of 404 farmers in four different institutional environments in Australia to explore their responses to (...) institutional pressures. Findings demonstrate a convergence in typologies that relate to farmers organising each other and communities influencing and networking for the benefit of agricultural resource management thereby questioning the traditional continuum of resistance. Furthermore, the mid-range typology ‘avoidance’ emerges as a highly problematic typology for sustainable water management policymakers especially those in weaker institutional environments where there is a need to develop policy instruments that retain farmer water management decision-making power and encourage networks. The paper also extends the strategic response typology to enable understanding of how gender and location affect strategic responses to institutional pressures. Findings provide insight for policy design in times of increasing catastrophic flood and drought conditions exacerbated by poor water management practice. (shrink)

Concentrated attention on institutional investors' activism has been perceived in the last few decades and further intensified in the post‐Enron era. A new area of particular significance that has emerged is institutional investors' growing awareness and practice of socially responsible investment (SRI). This article starts by reviewing the importance of institutional investor activism and the historical implication of SRI. Significantly, various elements that give rise to the growth of SRI in the modern business world are considered in detail. It is (...) recognized that, although current empirical evidence suggests ambiguous effects of SRI, the positive impact of institutional investors' activism on SRI is likely to have been undermined due to the underdevelopment of evaluation systems, and SRI should stand out as a good investment option for its joint financial and societal concerns. Nevertheless, obstructions still exist in the exercise of investor activism and the pursuit of SRI strategy, which implies that, at least in the near future, SRI strategy will remain as a minor investment trend for institutional investors in Anglo‐American countries. Additional regulatory methods and awarding schemes are, therefore, expected to motivate institutional investors' activism on SRI, and subsequently to promote global sustainability. (shrink)

Human resource management in managing environmental, social, governance, or corporate social responsibility initiatives has been recently raised. Yet, little attention has been paid to integrating CSR and HRM. Our primary goal was to identify how and whether certain HR practices are critical for developing employee capability to operate in firms with active CSR initiatives. We first examine the impact of external CSR activities on firm-level work outcomes. Moreover, we attempt to identify a choice of particular HR practices that could be (...) aligned with external CSR activities. We then empirically examine how each HR practice interacts with external CSR activities that influence employee retention and labor productivity. Using three longitudinal datasets conducted by the government-sponsored research institution over 154 publicly traded Korean firms for five waves of survey years, the results show that external CSR has a limited impact on employee retention and labor productivity. However, when external CSR activities are combined with a specific set of HR practices, including person-organization fit-based selection, performance-based pay, extensive investment of training and development, and employee suggestion program, the impact of external CSR on employee work outcomes is more substantial. The results indicate that external CSR and a particular set of HR practices as internal CSR can be complementary and generate a positive interaction on creating sustainable human capabilities. (shrink)

When heterogeneous players make strategic investment decisions in multi-stage contests, they might conserve resources in a current contest to spend more in a subsequent contest, if the degree of heterogeneity in the current contest is sufficiently large. We confirm these predictions using data from German professional soccer, in which players are subject to a one-match ban if they accumulate five yellow cards. Players with four yellow cards facing the risk of being suspended for the next match are less likely (...) to be fielded when the heterogeneity in the current match increases and more likely to receive a fifth yellow card in the current match when heterogeneity in the next match increases or heterogeneity in the next match but one decreases. (shrink)

Female-biased parental investment is unusual but not unknown in human societies. Relevant explanatory models include Fisher’s principle, the Trivers-Willard model, local mate and resource competition and enhancement, and economic rational actor models. Possible evidence of female-biased parental investment includes sex ratios, mortality rates, parents’ stated preferences for offspring of one sex, and direct and indirect measurements of actual parental behavior. Possible examples of female-biased parental investment include the Mukogodo of Kenya, the Ifalukese of Micronesia, the Cheyenne of North America, the (...) Herero of southern Africa, the Kanjar of south Asia, the Mundugumor of New Guinea, contemporary North America, and historical Germany, Portugal, and the United States. (shrink)

This paper deals with a single-machine resource allocation scheduling problem with learning effect and group technology. Under slack due-date assignment, our objective is to determine the optimal sequence of jobs and groups, optimal due-date assignment, and optimal resource allocation such that the weighted sum of earliness and tardiness penalties, common flow allowances, and resource consumption cost is minimized. For three special cases, it is proved that the problem can be solved in polynomial time. To solve the general case of problem, (...) the heuristic, tabu search, and branch-and-bound algorithms are proposed. (shrink)

This article draws attention to the limited amount of scholarship on what constitutes fairness and equity in resource allocation to health research by individual funders. It identifies three key decisions of ethical significance about resource allocation that research funders make regularly and calls for prioritizing scholarship on those topics – namely, how health resources should be fairly apportioned amongst public health and health care delivery versus health research, how health research resources should be fairly allocated between health problems (...) experienced domestically versus other health problems typically experienced by disadvantaged populations outside the funder's country, and how domestic and non-domestic health research funding should be further apportioned to different areas, e.g. types of research and recipients. These three topics should be priorities for bioethics research because their outcomes have a substantial bearing on the achievement of health justice. The proposed agenda aims to move discussion on the ethics of health research funding beyond its current focus on the mismatch between worldwide basic and clinical research investment and the global burden of disease. Individual funders’ decision-making on whether and to what extent to allocate resources to non-domestic health research, health systems research, research on the social determinants of health, capacity development, and recipients in certain countries should also be the focus of ethical scrutiny. (shrink)

Ethical investors are widely thought of as having two main goals. The negative goal of avoiding their investments to be morally tainted. The positive goal to further a certain ethical value they embrace or some normatively laden idea they hold by investing their money in a certain company. In light of these goals, the purpose of this paper is to provide an account of how we can explicitly include investors’ intentions when conceiving of ethical investment. The central idea is that (...) an investor’s intentions may act as both a negative and a positive qualifier for making investing ethical. If we subscribe to this account, there are interesting upshots with respect to how ethical investing compares to ethical giving as effective altruists construe it. (shrink)

Neuroscientists have formulated the model of emotional intelligence based on brain imaging findings of individual differences in EI. The main objective of our study was to operationalize the advantage of high EI individuals in emotional information processing and regulation both at behavioral and neural levels of investigation. We used a self-report measure and a cognitive reappraisal task to demonstrate the role of EI in emotional perception and regulation. Participants saw pictures with negative or neutral captions and shifted from negative context (...) to neutral while we registered brain activation. Behavioral results showed that higher EI participants reported more unpleasant emotions. The Utilization of emotions scores negatively correlated with the valence ratings and the subjective difficulty of reappraisal. In the negative condition, we found activation in hippocampus, parahippocampal gyrus, cingulate cortex, insula and superior temporal lobe. In the neutral context, we found elevated activation in vision-related areas and HC. During reappraisal condition, we found activation in the medial frontal gyrus, temporal areas, vision-related regions and in cingulate gyrus. We conclude that higher EI is associated with intensive affective experiences even if emotions are unpleasant. Strong skills in utilizing emotions enable one not to repress negative feelings but to use them as source of information. High EI individuals use effective cognitive processes such as directing attention to relevant details; have advantages in allocation of cognitive resources, in conceptualization of emotional scenes and in building emotional memories; they use visual cues, imagination and executive functions to regulate negative emotions effectively. (shrink)

Drawing on theories of structure and agency, this article assesses how women in lower-income households in Damascus use existing gender schemas to avoid unattractive employment and improve their access to income and employment. It highlights the overlapping effects of economic policy and gender dependency schemas on both the need for additional income and women's employment opportunities. While providing greater access to resources, women's accommodation to gender dependency schemas also helps to maintain domesticity and dependence on men. Agency for these (...) women draws on and reinforces a collectively gendered sense of self that is central to the process of both obtaining resources and doing gender. (shrink)

The laying-aside of resources, or saving, is a basic phenomenon among men, as it is among bees. It is a basis of material civilization.Toynbee has demonstrated the existence of twenty-nine human civilizations. He has studied these in a monumental masterwork.We believe that on the material level this effort can be expressed in one sentence: There is a close correlation between the rate of investment by a group or community and the expansion of its civilization.This conviction is the starting point (...) of our short analytical essay on the phenomena of investment. The essay is far from exhaustive. The reader will judge whether it is nonetheless useful. (shrink)

It is a well-documented phenomenon that individuals stop searching earlier than predicted by the optimal, risk-neutral stopping rule, leading to inefficient searches. Individuals' search behaviors during making investment decisions in financial markets can be easily affected by their peers. In this study, we designed a search game in a simplified experimental stock market in which subjects were required to search for the best sell prices for their stocks. By randomly assigning subjects into pairs and presenting them with real-time information on (...) their peers' searches, we investigated the effects of peers' decisions on search behaviors. The results showed that two subjects in the same group with real-time peer information learned and engaged in similar search behaviors. However, this peer effect did not exist when subjects had access to feedback information on the ex-post best response. In addition, we found that the presence of information about peers' decisions alone had no significant impact on search efficiency, whereas access to both information on peers' decisions and feedback information significantly improved subjects' search efficiency. (shrink)

Although trust and reciprocity are ubiquitous in social exchange, their neurobiological substrate remains largely unknown. Here, we investigated the effect of damage to the ventromedial prefrontal cortex (vmPFC)—a brain region critical for valuing social information—on individuals’ decisions in a trust game and in a risk game. In the trust game, one player, the investor, is endowed with a sum of money, which she can keep or invest. The amount she decides to invest is tripled and sent to the other player, (...) the trustee, who then decides what fraction to return to the investor. In separate runs, ten patients with focal bilateral damage to the vmPFC and control participants made decision while playing in the role of either investor or trustee with different anonymous counterparts in each run. A risk game was also included in which the investor faced exactly the same decisions as in the trust game, but a random device (i.e., a computer), not another player, determined the final payoffs. Results showed that vmPFC patients’ investments were not modulated by the type of opponent player (e.g., human vs. computer) present in the environment. Thus, vmPFC patients showed comparable risk-taking preferences both in social (trust game) and nonsocial (risk game) contexts. In stark contrast, control participants were less willing to take risk and invest when they believed that they were interacting with people than a computer. Furthermore, when acted as trustee, vmPFC patients made lower back transfers toward investors, thereby showing less reciprocity behavior. Taken together, these results indicate that social valuation and emotion subserved by vmPFC have a critical role in trusting and reciprocity decisions. The present findings support the hypothesis that vmPFC damage may impair affective systems specifically designed for mediating social transaction with other individuals. (shrink)

In recent years, a number of groups have begun to argue that pension funds have an obligation to invest their capital in socially responsible ways. The concept of social investing of pension funds is examined with regard to legal requirements, determination of social objectives, measurement of perfornance, and financial effects. This analysis concludes that, while the problems of social investing are relatively well-defined, the benefits are nebulous. A social-oriented investment strategy should be adopted only after a careful review of all (...) factors. (shrink)

Geary's model is a worthy effort, but ambiguous on important issues. It ignores differential resource allocation, although this follows directly from sexual selection via differential parental investment. Dimorphism in primary traits is arbitrarily attributed to sexual selection via intramale competition, rather than direct evolutionary pressures. Dubious predictions are made about the consequences of raising mathematics achievement.

This study investigates the determinants of paternal investment by birth fathers and stepfathers. Inclusive fitness theory predicts higher parental investment in birth children than stepchildren, and this has consistently been found in previous studies. Here we investigate whether paternal investment varies with childhood co-residence duration and differs between stepfathers and divorced birth fathers by comparing the investment of (1) stepfathers, (2) birth fathers who are separated from the child’s mother, and (3) birth fathers who still are in a relationship with (...) her. Path analysis was conducted using cross-sectional data from adolescents and younger adults (aged 17–19, 27–29, and 37–39 years) from the German Family Panel (pairfam), collected in 2010–2011 (_n_ = 8326). As proxies of paternal investment, we used financial and practical help, emotional support, intimacy, and emotional closeness, as reported by the children. We found that birth fathers who were still in a relationship with the mother invested the most, and stepfathers invested the least. Furthermore, the investment of both separated fathers and stepfathers increased with the duration of co-residence with the child. However, in the case of financial help and intimacy, the effect of childhood co-residence duration was stronger in stepfathers than in separated fathers. Our findings support inclusive fitness theory and mating effort theory in explaining social behavior and family dynamics in this population. Furthermore, social environment, such as childhood co-residence was associated with paternal investment. (shrink)

Background Moral distress is a complex and challenging issue in the nursing profession that can negatively affect the nurses’ job satisfaction and retention and the quality of patient care. This study focused on describing the resources and constraints, consequences, and interventions of moral distress in nurses. Methods In a literature review, an extensive electronic search was conducted in databases including PubMed, ISI, Scopus as well as Google Scholar search engine using the keywords including “moral distress” and “nurses” to identify (...) resources, constraints, consequences, and interventions about moral distress in nurses, from the earliest records up to 26 December 2020. The required data were extracted from 61 relevant studies by two independent reviewers. Results Resources and constraints in the occurrence of moral distress among nurses can be divided into three general categories including internal factors, clinical factors, and external factors. The consequences of moral distress on nurses and the medical system reduced moral sensitivity, development of psychological and physical health problems, and the intention to leave the profession. The potential effective interventions were the implementation of integrated communication programs, strengthening physician–nurse collaboration, nursing involvement in clinical decision-making and end-of-life issues, social support, using a resiliency bundle, interdisciplinary discussion, and promoting nurses’ ethical and communication skills. Conclusion There are a wide range of resources and constraints impacting moral distress in nurses that could lead to negative consequences. Further studies are necessary to identify, evaluate, and implement a range of potential effective interventions for the management of moral distress in nurses. (shrink)

Selection on grandparental investment is more complex than Coall & Hertwig (C&H) propose. Patterns of investment are subject to an intergenerational conflict over how resources should be distributed to maximize fitness. Grandparents may be selected to distribute resources unevenly, while their descendants will be selected to manipulate investment in their own favor. Here we outline the evolutionary basis of this conflict.

Namesaking can be viewed as a mechanism to increase perceived parent-child similarity and, consequently, parental investment. Male and, to a lesser extent, firstborn children are more frequently namesakes than female and later-born children, respectively. However, a direct link between namesaking and parental investment has not been examined. In the present study, 632 participants from Central Europe indicated their first name, sex, birth order, number of siblings, sexual orientation, socioeconomic status, paternal and maternal first names, as well as relationship quality with, (...) and time and financial investment they received from, both parents during childhood. Mixed-effects models revealed associations between namesaking and parental investment. However, the effect of namesaking often appeared significant only in interaction with specific predictors, such as sex and primogeniture. It suggests instead that namesaking has an additive effect—it enhances the effect of biological factors on parental investment. In general, we found evidence for the bias in parental investment linked to name similarity among both parents, and support for the hypothesis that namesaking serves as a mechanism to increase paternity confidence and, thus, paternal investment. The effect of namesaking influences only certain types of parental investment—namely, those at the level of relationship quality. In addition, nonheterosexual orientation was the strongest negative predictor of paternal investment. Our study extends the research on parental investment by showing that cultural mechanisms, such as namesaking, can also exert some influence on parental rearing behavior. (shrink)

Managers’ commitment to contribute to sustainable development holds the key to their long-term business success and may be a source of competitive advantage. The managerial perception of business ethics is influenced by the level of moral development and personal characteristics of managers. These perceptions are also shaped by forces existing in the environment of the firm, including available resources, societal expectations, sector, and regulations. The resource-based perspective can thus contribute to the analysis of ethical issues offering important insights on (...) how they can influence the environmental strategy of the firm. The findings of this study show that firm resources have a strong influence on business managers’ ethical attitudes. In addition, the application of resource-based rationales to ethical issues can be justified in the following several ways: it influences a managerial perception of natural environment as a competitive opportunity, it requires investments of financial and human resources, flexibility and speed in the adaptation to environmental changes, and it creates new resource-based opportunities through changes in prevention pollution technology, policy process, and market forces. (shrink)

We evaluate the effectiveness of impact investing from the perspective of the market failures approach (MFA) to business ethics. Under the MFA, businesses are ethically obligated to contribute to market efficiency by mitigating market failures. The MFA ethics literature emphasizes a negative externality interpretation of market failures, with ethical practice as self-regulation. We argue that the MFA also obligates businesses, and investors, to produce positive externalities, a form of private provision of public goods. We develop a graphical MFA ethical (...) framework addressed to impact investing. The framework is based on impact projects’ dual financial and social returns. Dual returns trade-offs originate in market failures and increase with positive externalities. In practice, a key determinant of market failure and the size of returns trade-offs is the availability of intermediate public goods. This varies systematically across sectors and country-markets. We identify the market circumstances under which impact investing is feasible. We show how provision of positive externalities mitigates market failures. We show that the effectiveness of impact investing depends on the interaction of the determinants of feasibility and of the size of project trade-offs. We show how government supporting intervention, through blended finance vehicles, can improve impact investing effectiveness. Finally, we show that evidence of actual patterns of impact investing across sectors and countries supports our analysis. (shrink)

The Al-Marsad (observatory) contract holds significant importance as a means for developing and investing in urban Waqf (endowment) lands. It serves as an exception when the endowment lacks the resources to independently develop the land. Under this right, private capital can be utilized, with the proceeds from construction benefiting the Waqf. The observatory owner can recover their construction expenses along with profits. Importantly, the investment value remains a debt secured by the Waqf. Unlike direct ownership, the observatory right is (...) not a real property right stemming from Waqf ownership. Instead, it is a unique personal right that allows the owner to exploit the building, transfer it to others, and pass it on to heirs within the bounds of creditor rights. Although it intersects with provisions related to newly established exploitation contracts, its distinct nature makes it an effective method for developing and investing in Waqf properties, necessitating legislative regulation. (shrink)

People should be at the centre of attention within knowledge-based economics. The leaders of each enterprise ought to focus on providing the best conditions for their employees’ professional and individual development and treat them with respect in terms of their dignity and needs. In contemporary literature two notions in perceiving people in organisations are noticeable. The first one treats employees as ‘resources’ which have to be properly used or as ‘capital’ that should bring a decent return on investment. The (...) second notion derives a lot from Christian philosophy and sees the human as a person who treats work as a way to realize his calling and thus is able to take responsibility for the decisions made and actions taken. Acting in a constantly changing environment, people have to be flexible and able to take advantage of emerging opportunities and avoid threats. Within this process it is not a matter of being a human ‘being’ but rather becoming, which means that they are incessantly developing their potential. Although it is hard to predict human behaviour, the main task for managers is to lead in a way that will help employees use their full potential for both their own and the company’s benefit. (shrink)

This study provides novel evidence of the impact of corporate social responsibility (CSR) on investment sensitivity to cash flows. We posit that CSR affects investment–cash flow sensitivity (ICFS) through information asymmetry and agency costs, commonly viewed as the two channels through which investment responds to the availability of internal cash flows. We find that CSR performance leads to a decrease in ICFS. We further find that ICFS decreases (increases) when CSR strengths (concerns) increase. Finally, we find that the effect of (...) CSR on ICFS is driven by the areas Community, Diversity, and Human Rights. In sum, the findings of this study stress the relevance of CSR—in particular, of CSR activities that extend beyond compliance behavior and reflect what is desired by society—in reducing market frictions and improving firms’ access to financial capital. (shrink)

We examine and test alternative models for explaining the relationships between resource stress, beliefs that gods and spirits influence weather, and customary beyond-household sharing behavior. Our model, the resource stress model, suggests that resource stress affects both sharing as well as conceptions of gods’ involvement with weather, but these supernatural beliefs play no role in explaining sharing. An alternative model, the moralizing high god model, suggests that the relationship between resource stress and sharing is at least partially mediated by religious (...) beliefs in moralizing high gods. We compared the models using a worldwide sample of 96 cultures from the Standard Cross-Cultural Sample, newly coded data on supernatural involvement with weather, and previously coded data on food and labor sharing. We conducted three types of analysis: multilevel and society-level regressions, and mediational path modeling using Monte Carlo simulations. Resource stress shows a robust effect on beliefs that high gods are associated with weather, that superior gods help the food supply through weather, and that minor spirits hurt the food supply through weather. Resource stress also predicts greater belief in moralizing high gods. However, no form of high god belief that we test significantly predicts more sharing. Mediational models suggest the religious beliefs do not significantly explain why resource stress is associated with food and labor sharing. Our findings generally accord with the view that resource stress changes religious belief and has a direct effect on sharing behavior, unmediated by high god beliefs. (shrink)

South Africa is characterised by rapidly escalating crime, including white-collar crime, and unethical behaviour in public and private organisations. This necessitates innovative ways to deal with the situation. The objective of this conceptual and theoretical research is to investigate ways in which human resource management can be utilised to instil and develop an ethical corporate culture in South African organisations. A theoretical model of ethical behaviour is discussed as a basis for this study. It is indicated that human resource management (...) can have an effect on organisational factors and is therefore an important tool in developing an ethical corporate culture. (shrink)

This research studies the optimal consumption, investment, and life insurance choices for a wage earner with habit formation, inflation risk, and mortality risk. The wage earner has access to a risk-free asset, an index bond, and a stock in a financial market. The index bond hedges inflation risk, while life insurance hedges mortality risk. The aim of the wage earner is to maximize the expected utility of consumption, bequest, and terminal wealth, where the utility of consumption comes from the part (...) of the consumption that exceeds a minimum consumption requirement given by the habit level. By using the dynamic programming method, we provide and prove a verification theorem and obtain closed-form expressions for the value function, the optimal life insurance premium rate, and the optimal investment and consumption strategies. Numerical results reveal that habit formation and mortality force change play important roles in the financial behaviors of the wage earner. Especially, the impacts of the expected inflation rate and consumption habit on the optimal strategies are mutual restraint; increasing mortality force raises the demand for life insurance; and the effects of other parameters are also affected by consumption habit and mortality force change. (shrink)

This article examines the inherently ethical nature of resource allocation in policing. Decision-makers must make trade-offs between values such as efficiency vs. equity, individual vs. collective benefit, and adopt principles of distribution which allocate limited resources fairly. While resource allocation in healthcare has been the subject of extensive discussion in both practitioner and academic literature, ethical resource allocation in policing has received almost no attention. We first consider whether approaches used in healthcare settings would be suitable for policing. Whilst (...) there are some high-level similarities in the relevant ethical considerations and processes—such as aiming for efficient and equitable resource deployment—there are also fundamental differences between the two settings, which we argue necessitate a different approach. These differences include: (1) greater diversity and incommensurability of the benefits of policing, (2) more frequent non-linearity in returns on policing investment, (3) greater “ethical divisibility” (permissible scaling down) of programs in policing, (4) a requirement to assess “need” for policing resources at the collective (rather than individual) level, and (5) clearer primacy of equity considerations in policing. Having drawn out the implications of these differences, we sketch some tentative proposals for ethical resource allocation in policing. (shrink)

Building on the notion that organizations are congruence seeking systems, this study investigates the impact of green investing on corporate environmental violations (CEVs). The research sample consists of China's A-share-listed companies for the period 2009–2020. The study employs a robust analytical framework that integrates least squares dummy variable approach, different proxies for regressors and moderators, and instrumental variable technique. Based on the rigorous methods, empirical analysis reveals that green investing helps mitigate CEVs, aligning with the theoretical premise of environmental strategic (...) congruence. The moderating results indicate that elevated CEO ability and a higher proportion of female directors on boards enhances strategic congruence and amplifies the alleviating effects of green investing on CEVs. Furthermore, cross-sectional analysis suggests that the mitigating effect of green investing on CEVs is more pronounced for firms in sensitive sectors, state-owned, and lacking internal controls for environmental, health, and safety. This research contributes nuanced insights on the role of strategic congruence in sustainable finance and governance and presents practical implications for policymakers, managers, and corporate leaders navigating the intricate landscape of environmental responsibility within an emerging market. (shrink)

What do we owe participants in collective pension plans in terms of socially responsible investment (SRI)? This paper draws into question current conventional wisdom on SRI, which considers investor engagement a more effective strategy than divestment to change morally problematic corporate behaviour. More fundamentally, in light of reasonable disagreement about the objective of SRI, the paper argues that participants in collective pension plans are owed some kind of control over their investments. The final section considers four different institutional arrangements to (...) respect this requirement in practice, ranging from democratic decision procedures to the availability of SRI alternatives. (shrink)

It is widely recognized that prioritizing health care resources by their relative cost-effectiveness can result in lower priority for the treatment of disabled persons than otherwise similar non-disabled persons. I distinguish six different ways in which this discrimination against the disabled can occur. I then spell out and evaluate the following moral objections to this discrimination, most of which capture an aspect of its unethical character: it implies that disabled persons' lives are of lesser value than those of (...) non-disabled persons; it constitutes “double jeopardy” or violates Frances Kamm's non-linkage principle; it conflicts with equality of opportunity; it conflicts with fairness, which requires ignoring (some/most) differential impacts of treatment; it wrongly gives lower priority to disabled persons for equally effective treatment; it conflicts with giving all persons an equal chance to reach their full potential; and, it is in conflict with giving priority to the worse off. (shrink)

In much of the developing world daughters receive lower education and other investments than do their brothers, and may even be so devalued as to suffer differential mortality. Daughter disadvantage may be due in part to social norms that prescribe that daughters move away from their natal family upon marriage, a practice known as virilocality. We evaluate the effects of virilocality on female disadvantage using data from the Indonesia Family Life Survey. We find little support for the hypothesis. There is (...) no evidence that the overall pattern of rough equality in the treatment of boys and girls in Indonesia masks differences according to post-marital residential practice. Virilocal groups do not have "missing daughters." Nor is there other evidence of son preference, such as in relatively low height-for-age or education for girls and women in virilocal areas. Explanations of daughter disadvantage as due to virilocality should be subject to further scrutiny and contextualization. (shrink)

Modem economics relied on the false presupposition that natural resources are free goods. It gave rise to exaggerated expectations on the side of economists concerning the possibilities of economic growth. I try to interpret the terms of natural resources, sustaining capacity, production from a human-ecological platform. The quantity of natural resources may vary within a large spectrum between absolute abundance and total exhaustion. The support capacity can be raised in different ways. Extensive growth is wrong while technological (...) development is a good way. So, certain technological-market processes aiming at extensive growth must be suppressed, processes that could increase effectivity and technical developments, which would draw new resources into production, should be supported. (shrink)

Economies making a transition from centrally planned socialism to market capitalism can experience chaotic hysteresis. This can arise from elements of the previous system persisting even as institutions are transformed with the system possibly experiencing chaos during this conflict. A model of investment cycles accompanied by technological stagnation shows this phenomenon which can be viewed from a cusp catastrophe perspective. Empirical tests of Soviet investment and construction data provide incomplete support for the cusp structure with chaos. Nonlinear structures are found (...) with bifurcation effects for all cases and possibly chaotic dynamics for five-year lagged construction data. (shrink)

The food and package delivery workforce in China has grown substantially in the past decade. However, delivery drivers face volatile and stressful work conditions, which can give rise to high turnover and burnout. Past research has indicated that job demands and resources significantly predict burnout. Scholars have also found evidence that mindfulness may be a protective factor against negative outcomes like burnout. Using data collected from 240 food and package delivery drivers in Beijing, China, we examined the effects of (...) JD-R on burnout and whether these relations were moderated by mindfulness. Estimates produced by regression analyses indicated that job demands have significantly positive effects on burnout, while job resources have a significant negative effect on burnout. Mindfulness significantly moderated the effects of JD and JR on burnout. Results suggest that mindfulness is a protective factor for delivery drivers. Practice and policy implications are discussed. (shrink)

Socially responsible investments (SRI) suffer from a lack of investments from individual investors, despite their positive attitudes toward SRI. This attitude–behavior gap is a serious issue, as SRI is often perceived as a way to promote sustainable development. We investigate nudges, especially the default option, as a way to encourage SRI. In a pre-registered study conducted in October 2021 with 1050 US investors, we pit four nudges against one another to encourage individual investors to invest in SRI. All nudges significantly (...) increased investment in SRI compared with the control group. Making SRI the default option with frictions to opt-out is the most efficient intervention. This is closely followed by a default option without friction to opt out and option partitioning, which are not significantly different from each other. Precommitment, although statistically significant, has a modest effect on investment in SRI and is inferior to the other nudges. Overall, the two types of default as well as option partitioning are significant and impactful solutions for increasing investment in SRI. (shrink)