En contraste a los efectos positivos del capital social, diversos autores llaman la atención sobre su “lado oscuro”. En este artículo exploramos una de sus manifestaciones. Proponemos que el capital social puede ser utilizado por políticos en relaciones clientelares para coaccionar a los ciudadanos, condicionando la continuidad de estas relaciones si los ciudadanos utilizan mecanismos de control social para sancionarlos. Proponemos entonces que el capital social puede limitar el ejercicio del control social. Luego de realizar distinciones analíticas (...) sobre el capital social, analizamos la relación entre ciudadanos y políticos desde la teoría principal-agente y para explicar la asimetría de poder entre ambos, utilizamos la teoría del intercambio disputadoformulada por la economía política radical. La tesis central es que tal como el capital favorece la dominación de los obreros en los mercados de trabajo capitalistas, el capital social puede favorecer la dominación de los ciudadanos en las relaciones clientelares. (shrink)

This research, couched in the resourcebased view of the firm, investigates the potential for reducing an organization's decision uncertainty within its structural equation modeling, we empirically test if organizational design can reduce the perceived uncertainty related to an IC context, which we refer to as knowledge uncertainty. We found evidence that decentralization and technology infrastruture support a resultsbased IC mangement contrl system which in turn is associated with reduced support a good overall fit for our model. Our findings suggest that (...) if managers structure their organizational control systems appropriately for developing IC capabilities, these systems can lead to reduced internal uncertainty regarding human, structural, and relational capital. (shrink)

Partiendo de la noción de “arte de gobierno liberal”, que encuentra su configuración en la forma de una Economía Política y su modelo normativo en un gobierno frugal, pretendemos elevar nuestro estudio hacia un análisis del tipo de subjetividad que funciona como correlato de la racionalidad política liberal: el homo oeconomicus y su actualización en la forma de sujeto “empresario de sí mismo”. Para tal fin nos veremos en la necesidad de señalar la mutación epistemológica planteada por el análisis neoliberal (...) –iniciado por la Escuela de Friburgo y, más específicamente, desarrollado por la Escuela de Chicago en el ámbito norteamericano–, el cual tiende un puente entre el análisis de los procesos económicos y el estudio de la racionalidad interna del comportamiento humano. Asimismo, haremos una incursión en la teoría del Capital Humano a través de intelectuales como Theodore W. Schultz y Gary S. Becker y sus derroteros actuales. Lejos de iniciar una relectura en términos puramente académicos, con nuestro análisis –y siguiendo un método praxeológico– pretendemos llamar la atención sobre una de las numerosas vías de investigación que Foucault dejó abiertas. Con esto pretendemos abrir el espacio para un ejercicio crítico que tome por objeto las derivas de esta comprensión de los sujetos en términos de “riqueza” en ámbitos de la vida que no son estrictamente económicos. (shrink)

This article explores union attempts to control pension fund investment for the debate on financial restructuring in the United States. It puts popular control of finance into comparative and historical perspective and argues that laws and politics help explain why the flow of finance is corporate controlled. First, changes in the legal regime—the Taft-Hartley Act of 1947 and the Employee Retirement Income Security Act of 1974—put constraints on labor’s ability to influence investment decisions. This is evident when comparing single- and (...) multi-employer plans, where the laws had different consequences. Second, attempts to reform these laws failed. Had they been successful, Carter’s proposed economic revitalization plan in the run-up to his failed reelection in 1980 would have created new ways for unions to control and redirect retirement investment for social purposes. The reform failure is treated as a “suppressed historical alternative” through a comparison with a successful reform in Quebec, Canada, which gave unions broad controls over the Solidarity Fund in 1983. The findings suggest, somewhat counter-intuitively, that legal restrictions need to be loosened for democratic control of finance to be possible. For pension funds, more regulations led to more corporate control, not less. (shrink)

Resumen En este documento, a partir de lo que desde la literatura especializada se registra como los puntos de acuerdo y como los avances en el campo de la teoría ética del desarrollo, se lleva a cabo una descripción de las ventajas y desventajas que se observan en tres mecanismos muy populares como vías para la realización de los postulados de la ética del desarrollo, en especial respecto a aquel que apunta a la necesaria erradicación de la pobreza extrema en (...) el mundo. Una vez realizado el estudio de la Ayuda Oficial para el Desarrollo, la tasa Tobin y la Renta Básica Universal, se analizan las propuestas económica y jurídica, respectivamente, de Thomas Piketty y Luigi Ferrajoli a fin de identificar los aportes teóricos que las mismas pueden realizar al campo de la ética del desarrollo y las ventajas que presentan frente a los mecanismos hasta ahora explorados.In this document, based on what is recorded on the specialized literature as the points of agreement and as the advances in the field of the ethical theory of development, a description is realized on the advantages and disadvantages that can be observed in three mechanisms that are very popular as avenues for the realization of the postulates of development ethics, especially with respect to the one that points to the necessary eradication of extreme poverty in the world. Following the study of the Official Aid for Development, the Tobin tax and the Universal Basic Income, the economic and legal proposals of Thomas Piketty and Luigi Ferrajoli are analyzed in order to identify the theoretical contributions that they can make to the field of development ethics and the advantages they present over the mechanisms explored so far. (shrink)

Firm managers make ethical decisions regarding the form and quality of disclosure. Disclosure can have long-term implications for performance, earnings manipulation, and even fraud. We investigate the impact of venture capital (VC) backing on the quality and informativeness of disclosure controls and procedures for newly public companies. We find that these controls and procedures are stronger, as evidenced by fewer material weaknesses in internal control under Section 302 of the Sarbanes–Oxley Act, when companies are VC-backed. Moreover, these (...) disclosures are informative and are more likely to be followed by subsequent financial statement restatements than are disclosures made by non-VC-backed IPO companies. (shrink)

Relying on social capital to promote farmers’ adoption of green control technology is of great significance for the governance of rural environment and the realization of sustainable agricultural development. Based on the survey data of 754 farmers in Shandong Province, this paper uses the Probit model and the instrumental variable method to empirically analyze the impact of social capital on farmers’ green control technology adoption behavior. The results show that: social capital has a promoting influence on farmers’ (...) green control technology adoption behavior; the influence of the three dimensions of social capital on farmers’ green control technology adoption behavior is in turn social norms, social networks, and social trust; social networks play an enhanced moderating role in the process of social trust and social norms promoting farmers’ green control technology adoption behavior; education level, the number of family labor force and annual family income level have a significant positive impact on farmers’ green control technology adoption behavior, while age has a significant negative impact. Therefore, the government should make full use of social capital to promote farmers to adopt green control technology. (shrink)

This article argues that capital flight of real investment presents governments with a quadrilemma. First, governments can tailor their policies to attract investors – but this is incompatible with a whole range of alternative policy choices. Second, they can simply accept capital flight – but this is incompatible with a robust capital stock and tax base. Third, they can harmonize its taxes and regulations with other states – but this is incompatible with international independence. Fourth, they can (...) impose capital controls – but this is incompatible with international capital mobility. These incompatibilities make up four different goals, the value of which are described. Strategies may be mixed, but the pursuit of any three goals must always come at the expense of the fourth. (shrink)

In its roughly 25 years of existence, the trial consulting profession has grown dramatically in membership, recognition, and breadth of practice. What began as a small activist group of social scientists volunteering their expertise to assist in the defense of Vietnam War protestors has evolved into a diverse set of professionals from a range of educational and professional backgrounds. In spite of such enormous growth, the work of trial consultants has gone largely unexamined. Trial Consulting takes an in-depth look at (...) the primary activities of trial consultants, including witness preparation, focus groups and mock trials, jury selection, change of venue surveys, and attorney presentation style. It also examines the profession's struggle to define itself, resisting certification and licensure requirements and settling instead for a set of practice standards. The authors draw upon empirical and other scholarly work in the social sciences, recommended "best practices" from trial lawyers, and the written and spoken recommendations and reflections of the trial consultants themselves. Addressing a broad spectrum of topics ranging from handwriting analysis to medical malpractice cases, they also suggest reforms for improving the profession and the efficacy of the trial consultant in the courtroom. The result is a critical analysis of what trial consulting truly adds to, and detracts from, the administration of justice. This book is an indispensable guide for practicing and aspiring trial consultants as well as the judges, attorneys, and psychologists who work with them. Trial Consulting provides a thought-provoking statement on the state of the profession, and students and professionals alike will benefit from the challenges it offers. (shrink)

This study examined the relationship between psychological capital and teacher enjoyment in the context of online teaching and investigated whether the emotion regulation strategy of reappraisal mediated their relationship. 221 Chinese university teachers were selected as the research sample through snowball sampling in an online survey. After controlling for age, gender, teaching experience, education level, time and energy input during online teaching and online teaching experience, the results showed that PsyCap and reappraisal positively influence the teachers’ online teaching enjoyment, (...) and reappraisal significantly mediated the relationship between teachers’ PsyCap and OTE, suggesting that optimistic and resilient teachers with more self-efficacy and hope are more likely to find enjoyment during online teaching, and high PsyCap combined with the use of reappraisal leads to greater OTE. The study not only confirms the positive role of reappraisal as an emotion regulation strategy in online teaching, but also provides practical implications for the realization of enjoyable online teaching experience. (shrink)

Risk-taking behavior is particularly widespread during adolescence, and negatively impacts the healthy growth and social adaptation of adolescents. Utilizing problem-behavior theory and the family stress model, the current study examined the relationship between socioeconomic status and adolescents’ risk-taking behavior, as well as the mediating role of psychological capital and self-control. A total of 1,156 Chinese adolescent students completed a series of questionnaires anonymously. The results showed that: Socioeconomic status was negatively correlated with adolescents’ risk-taking behavior; Both psychological capital (...) and self-control mediated the relationship between SES and adolescents’ risk-taking behavior independently; and Psychological capital and self-control also mediated the relationship between SES and the risk-taking behavior of adolescents sequentially. This study reveals the internal mechanism of risk-taking behavior during adolescence and provides theoretical support and empirical evidence for preventing and reducing such behavior in this age group. (shrink)

This paper contributes to the normative debate over capital punishment by looking at whether the role of executioner is one in which it is possible and proper to take pride. The answer to the latter question turns on the kind of justification the agent can give for what she does in carrying out the role. So our inquiry concerns whether the justifications available to an executioner could provide him with the kind of justification necessary for him to take pride (...) in what he does. If they cannot, I argue, this sheds some light on their adequacy as justifications. The main argument of the paper is that social control arguments for the death penalty fail to provide an adequate justification. I also give some consideration to retributive justifications. The argument is developed through close attention to the depiction of Albert Pierrepoint in the film, Pierrepoint: The Last Hangman. (shrink)

Latin American social protection systems show that the fundamental ambivalence of modernity is captured by the twin notion of liberty and discipline in the context of a plurality of modes of socio-political organization. According to this understanding, this article analyses the potential of the so-called Conditional Cash Transfer programmes, which are widespread in the region, to strength or reduce personal autonomy. These programmes are promoted by claiming their virtues to reduce poverty and impose good behaviour on poor people in order (...) to improve the ‘human capital’ of future generations. However, numerous elements challenge these alleged virtues: arbitrary selection of beneficiaries, interference in people’s lives, stigmatization of recipients, inability to achieve universal coverage and act in a preventive manner with regards to urgent needs, the creation of poverty traps and informal working, etc. Taking these elements into account, this article explains how these programmes do not improve people’s autonomy and political independence. (shrink)

This paper is intended to investigate the role of Venture-Capital Syndication background in the relationship between intellectual capital and portfolio firm performance ; specifically, this article examines the moderating effect of VCS’s leading firm background and member heterogeneity on the effect of IC on PFP. This study used a modified VAIC model to measure IC to compose a 4-component variable including human capital, structural capital, relational capital, and innovation capital. The data were collected from (...) VCS-backed and listed firms in China during 2014 to 2018 applying the pooled OLS model for hypotheses test, Generalized Method of Moments to reduce endogeneity and unobserved factor control, and also return on equity instead of ROA for the robustness test. Empirical results showed that IC and its components can improve PFP for VCS-backed firms in China; in detail, IC showed greater impact on performance of firms invested by foreign lead investors than in private or government VCS, specially reflected in the impact of innovation capital on PFP. Furthermore, IC showed weaker impact on PFP of mixed VCS-backed firms compared to pure VCS-backed firms and showed diminished effect on higher VCS member heterogeneity mainly reflected in the impact of relational capital on firm performance. These findings propose a new way of combining IC and VC to improve firm performance and are beneficial to theoretical development of IC and VC as well as a perspective for VC firm managers to choose suitable partners prior to join a VCS. (shrink)

Financial crises are now commonplace in the global economy. It was not always so. For over two decades after World War II, under the Bretton Woods system of capital controls, financial crises were relatively rare.[1] Since the early 1970’s the number and frequency of financial crises (currency crises, banking crises, sovereign debt crises, or combinations thereof) increased dramatically, culminating in the enormously destructive global crisis of 2008-2009. (By one count, there were at least 124 banking crises between 1970 (...) and 2008. During the postwar decades before 1970 the number is: two.[2]) What explains the post-1970 rise? The date suggests a natural explanation: capital liberalization. With the early 1970’s breakdown of Bretton Woods, governments increasingly removed controls on private capital movements across their borders. As capital flows dramatically increased, economically integrated countries became markedly more susceptible to financial crises as compared to the postwar years of careful controls. While each crisis has its own varying local causes, and leaves plenty of blame to go around, the general tendency for crises to become more numerous and more frequent is substantially (even if not wholly) explained by a major trend in government policy: the choice of governments to remove capital controls has created a global economic environment in which financial crises readily break out. It is difficult to overstate the profoundly consequential nature of this choice. More than most any adverse economic event—and import surge, downturn in the business cycle, a commodity price spike—financial crises cause severe and potentially irreparable harm on a large and even global scale. Developing countries from Argentina to Mexico to Japan to Malaysia have become familiar with crisis-induced ravages of high unemployment, reduced tax revenue, exploding public debt, and cuts in social services. The losses often fall to very poor people, though they would be significant for most anyone.. (shrink)

A escola de ensino de tempo integral tem assumido paulatinamente o lugar de referência para um novo modelo de educação pública nacional. Ancorada no desenvolvimento de competências, habilidades, conhecimentos específicos, atitudes e qualidades pessoais, elementos constitutivos do capital humano, ela tem fornecido aos estudantes uma formação cuja centralidade está no Projeto de Vida e na empresa si mesmo, a fim de responder as demandas de economias virtualizadas, que por sua vez, estão baseadas na competitividade e concorrência, condicionadas pelo forte (...) processo de financeirização do neoliberalismo. Partindo da análise de leis e documentos oficiais este artigo buscou conhecer e problematizar a operacionalização de novos dispositivos pela racionalidade neoliberal na formação de subjetividades no modelo de política pública educacional implantado em Pernambuco através Programa de Educação Integral (PEI) nas Escolas de Referência em ensino médio (EREMs), avaliando sua contribuição para formação de capital humano instrumentalizado pela lógica concorrencial e mão de obra precarizada. Utilizando-se dos conceitos da racionalidade neoliberal de Pierre Dardot e Christian Laval e de biopolítica de Michel Foucault, constatou-se que a implementação e execução do PEI operou uma ressignificação do Ensino Médio com o objetivo de formação de uma subjetividade específica, adaptada a flexibilidade produtiva da economia do conhecimento. Compreendeu-se que o Programa de Educação Integral produz uma escola utilitarista por essência, moldada conforme as diretrizes de padronização de sistemas de ensinos para países emergentes, determinadas por organizações internacionais como OCDE e Banco Mundial, atendendo a ordem global que diferencia países ricos e pobres. Conclui-se que apesar do discurso de inovação e modernidade o novo modelo de escola pública de ensino médio de tempo integral é um dispositivo biopolítico para forjar subjetividades dóceis. Ela é uma tecnologia de controle da governamentalidade neoliberal para formação de um capital humano precarizado e cidadanias fragilizadas. (shrink)

This article makes the case for a specific variety of what we call Collective Capital Institutions (CCIs), by returning to the idea of Wage-Earner Funds (WEFs) – a 1970s Swedish policy proposal designed gradually to shift ownership and control over parts of the economy to democratically controlled institutions. We identify two attractive rationales in favour of such a scheme and argue that both can fruitfully be transposed to the current worldwide economic situation. The egalitarian rationale is that WEFs could (...) help in the pursuit of equality by giving a wider set of people a stake in collectively owned companies and a right to their profits. The democratic rationale is that WEFs redistribute not only these profits, but also the power over economic decisions made within companies. We then contrast such schemes for collective capital ownership with the similar but much more privatised proposals set out in, for instance, John Rawls's idea of a ‘property-owning democracy’. We argue that CCIs ultimately are more likely to contribute to the development of the ‘sense of justice’ within society that is needed for a stable just society. We conclude that CCIs deserve a great deal more exploration in academic and political discussions of egalitarian economic systems. (shrink)

This article builds on the food sovereignty literature to ask pointed questions about the interplay of market forces and political liberalism. Specifically, we use cuisine as a lens to interrogate the assumption that multiculturalism is compatible with Indigenous food sovereignty. Because multicultural inclusion is the means by which Indigenous Peoples’ gastronomies are commodified and alienated, they experience not gastronomic multiculturalism but culinary colonialism. Accordingly, food sovereignty in colonial contexts must embrace both the active sharing and the mindful withholding of food (...) as political acts, and acknowledge that culinary culture is not simply a market commodity but also a politically-embedded process. In drawing together the threads of this argument, we advocate for a broadening of the discussion on Indigenous food sovereignty to include the resistance and resurgence enacted through gastronomy. (shrink)

The importance of overt levers of business political influence, notably campaign donations and lobbying, has been overemphasized. Using executive branch policymaking during the Obama administration as a case study, this article shows that those paths of influence are often not the most important. It places special emphasis on the structural power that large banks and corporations wield by virtue of their control over the flow of capital and the consequent effects on employment levels, credit availability, prices, and tax collection. (...) At times, business disinvestment, combined with demands for government policy reforms, constitutes a conscious “capital strike,” which has the potential to shape political appointments, legislation, and policy implementation. At other times, the threat of disinvestment, the hint of a drop in “business confidence,” or rhetoric about job creation is sufficient to achieve those objectives. The present analysis has important implications for our understanding of political power and social change in capitalist economies. (shrink)

O artigo trata das reformas educacionais apresentadas pelos organismos internacionais às nações periféricas, na perspectiva de um diálogo histórico-filosófico sobre as crises da educação nesse período de globalização. Privilegia o estudo teórico-bibliográfico de caráter analítico-exploratório, orientando-se pelo horizonte metodológico do materialismo histórico-dialético. Tem por objetivo compreender as implicações das crises do capital nas reformas educacionais dos países periféricos. No campo da educação, conclui-se que essas reformas estão em sintonia com as medidas neoliberais que visam fomentar uma mão-de-obra flexível e (...) precarizada para o mercado de trabalho, ao mesmo tempo em que buscam manter o controle socioeconômico e ideológico da classe trabalhadora. (shrink)

Learning burnout is a pressing issue among Chinese medical undergraduates and Postgraduates and has drawn continuous attention worldwide. Studies have found that problematic smartphone use could affect learning burnout, but more research is needed in this direction. Furthermore, few studies focused on the mediating effect of psychological capital on the relationship between problematic smartphone use and learning burnout. The present study was a cross-sectional survey that recruited 1,800 participants from a medical university in Chongqing, China. A questionnaire based on (...) the Mobile Phone Addiction Tendency Scale, Psychological Capital Questionnaire, Learning Burnout Scale, and demographic variables were administered to these students, and 1,475 provided valid responses. 771 were undergraduates and 704 were postgraduates. Hierarchical regression and the bootstrap method were used to examine the mediating effect of psychological capital. After controlling for demographic variables, problematic smartphone use positively predicted learning burnout in undergraduates and in postgraduates. The partial mediating effect of psychological capital was 0.068 in undergraduates and 0.074 in postgraduates, accounting for 20.67 and 21.64%, respectively, of the total effect of problematic smartphone use on learning burnout. All the 95% confidence intervals did not contain 0. Problematic smartphone use can directly predict learning burnout and their relationship was mediated by psychological capital in Chinese medical undergraduates and postgraduates. Strategies to alleviating problematic smartphone use and enhance psychological capital in medical undergraduates and postgraduates may provide useful suggestions for future interventions on dealing with learning burnout in Chinese medical undergraduates and postgraduates. (shrink)

At the time of its introduction in the end of the 1980s, the concept of natural capital represented new, more ecologically aware thinking in economics. As a symbol of novel thinking, the metaphor of natural capital stimulated a debate between different disciplinary traditions on the definitions of the concept and research priorities and methods. The concept became a means to control the discourse of sustainable development. In this paper, I focus on the power/ knowledge implications of the use (...) of the concept, and I follow the career of the concept of natural capital in ecological economic publications between the years 1988 and 2000. The main interests are in the use of the concept to affect the rules according to which claims concerning sustainable development can be made and in the constitution of objects of environmental knowledge. (shrink)

Tirana, immediately after it was declared the capital of Albania on 11 February 1920, has undergone many changes in its morphology and city context. The capital is located in the heart of the country. During its lifespan, Tirana has adopted four important regulatory plans starting from 1923. The Western ideologies of the time influenced drastically the city development. The influence of such ideologies was stopped immediately though the imposition of communist ideas, after the Second World War. Rational building (...) forms were created which could be standardized in order to reduce construction costs. Meanwhile, in Western Europe, this current was implemented during the 1920s, as a response to social problems. The communist regime established strict anti-urbanization policy that aims to foster the development of rural areas and the suburban industrial districts in order to control urban growth and demographic mobility. All the regulatory master plans of Tirana, climate data of the city, the actual situation of the specific neighborhood, its orientation toward north, are considered in order to gather information and to implement the correct bioclimatic eco-renovation in the area. A special attention will be given to the underground tunnels which were constructed during the communist regime all over the city (1945–1983) as a response to a hypothetic nuclear attack, in order to shelter the inhabitance against bombing. These reinforced concrete tunnels will serve not only as an area for water collection and recycling strategies but also for cooling with zero energy expenditure for the inhabitants as a consequence of differences in temperature and air pressure. This strategy benefits from the underground air temperature in both seasons (winter and summer). It envisages the handover of these tunnels by the community. Nowadays, such structures are abandoned and denigrated. The realization of these structures required large amounts of money from the state budget. Considering that fact they need to be vitalized and reused, using different methodologies and strategies as part of the city. After the communist regime in the city of Tirana, two other regulatory plans were implemented which observe the city from another perspective, determining and evaluating Tirana’s real values as a city of the future, but not defining yet Tirana as an Ecocity. The ecological potential of Tirana including its outskirts is to be considered. Its flora and fauna are very rich, containing a mixt of species and plants. Regardless, the city of Tirana is suffering from different kinds of pollution such as air and noise pollution which are above EU and WHO norms. Tirana benefits from a Temperate Mediterranean climate. Furthermore, the benefits of the solar radiation are enormous. Unfortunately, nowadays, the city of Tirana is not profiting much from it. This chapter is in search of an overall view of the city of Tirana, and its great potential discovering its underground and upper ground historical secrets. (shrink)

Pharmacists, physicians, and other health care personnel practice within an integrated system of laws and regulations that influence many treatment modalities. Capitation, managed care, and other controls strain these relationships by mandating greater oversight of how health care is delivered. From a pharmacists’s perspective, any use of medication requites knowledge of three omnipresent factors: regulatory control, formularies, and economic decision making. My objective is to raise awareness of these issues as they relate to the prescription of pain medication and (...) to pain management generally.All practice-oriented drug law and regulation is based on the federal Controlled Substances Act of 1970. The Act, also known as Title II, is part of a much larger piece of legislation, the Comprehensive Drug Abuse Prevention and Control Act of 1970. CSA was enacted to regulate the manufacturing, distribution, dispensing, and delivery of drugs or substances that are subject to, or have the potential for, abuse or physical or psychological dependence. (shrink)

In contrast to industrial markets based on mass-production of material goods, postindustrial markets hinge on images, experiences, and emotions produced and exchanged on screens and in real life. Because postindustrial markets tend to be highly concentrated and technology-driven, they pose a threat to small businesses and low-skill workers in both advanced industrial economies and the Global South, where a large share of the population makes a living in the informal economy. Using the 2014 World Cup as a case of postindustrial (...) economic activity hinged on spectacle, emotional experience, and intellectual property, I analyze the income-making strategies used by street vendors in São Paulo, Brazil. I show that organizers’ control of fan markets was limited by local conceptions of ownership over national symbols as well as informal workers’ flexible relation to legal norms and enforcement-dodging practices. Circumventing market barriers required risky and sophisticated strategies, however, which were more readily available to the more marginal section of the street vending population. (shrink)

This study investigates the impact of bank digitalization on capital reallocation using the adoption of digital lending platforms and a difference-in-differences design. We find that digital transformation in banking facilitates the reallocation of capital from higher-risk to lower-risk sectors. This effect is particularly pronounced in regions with high levels of government influence and in city and rural commercial banks, which are more susceptible to government intervention. Our findings suggest that banks that implement digital platforms are better positioned to (...) resist political pressures, as the data-driven, automated decision-making processes make it difficult to justify risky, politically motivated loans, while increased transparency limits local government influence over credit allocation. The effects of digitalization on capital reallocation are further amplified in banks with opaque information environments, weak internal control, and high credit risks. Additional analyses show that the adoption of digital lending platforms improves the timeliness of loan loss recognition, reduces bank risk, and enhances operating performance. This study contributes to the literature on digitalization by highlighting its role in improving capital allocation in the banking sector and offers insights into how technological advancements can mitigate the risks posed by political intervention and high-risk lending. (shrink)

Culture is the bloodline of the nation and the spiritual home of the people. Intangible cultural heritage belongs to the field of culture, and the transmission of ICH is a kind of human-based cultural transmission, which is the shaping of people’s morality, character, sentiment, will, ideals and beliefs, value orientation, humanistic cultivation, artistic taste, way of thinking, wisdom, and ability in the practice of production and life of various ethnic groups. Based on the status acquisition model, this study analyzed the (...) human capital, social capital, and psychological capital of ICH bearers from three perspectives. In addition to the conventional socio-demographic factors such as gender, age, place of residence, and education level as control variables, status attainment was introduced as a dependent variable, and occupational identity, job satisfaction, and entrepreneurial ability were introduced as mediating variables to construct a conceptual model in the hope of exploring the multiple influencing factors of status attainment among ICH bearers. Interviews were used to gain, the feelings and knowledge of experts, scholars, and ICH bearers, to lay a solid qualitative research foundation for this study. A questionnaire survey was also conducted to obtain basic information and professional experiences of ICH bearers to provide real support for the research analysis and discussion. As per the results of this research, all the hypotheses were supported except, HC did not have any significant impact on JS. Furthermore, SC was not in a significant association with career identity. Moreover, career identity and status attainment did not have a significant relationship. (shrink)

The 21st century is characterized by an unpredictable and challenging work environment, and the Intrapreneurial Self-Capital (ISC) career and life construct can be seen as a core of individual intrapreneurial resources that enables people to cope with ongoing challenges, changes, and transitions founding innovative solutions when confronted with the constraints imposed by such an environment. The ISC is a challenging construct since it can enhance behavior and attitudes through specific training, unlike personality traits, which are considered substantially stable in (...) the literature. Against this background, the present study examined the relationship between ISC and well-being (hedonic well-being and eudaimonic well-being) controlling for the effects of personality traits. The Big Five Questionnaire (BFQ), the Intrapreneurial Self-Capital Scale (ISCS), the Satisfaction With Life Scale (SWLS), and the Flourishing Scale (FS) were administered to 258 Italian workers. Hierarchical regression analyses showed that ISC explained a percentage of incremental variance beyond that explained by personality traits in relation to both life satisfaction and flourishing. These results indicate that ISC is a key resource for hedonic well-being and eudaimonic well-being and that it offers new research and intervention opportunities. (shrink)

The aim of this article is to analyse the internal mechanisms of corporate governance (board of directors and ownership structure), which influence voluntary disclosure of intangibles. The results appear to corroborate the view that an increase in institutional investor shareholding has a negative effect on voluntary disclosure, supporting the hypothesis of entrenchment, whereas an excessive ownership by institutional investors may have adverse effects on strategic disclosure decisions. The results also indicate that an increase in the number of members of the (...) board to up to 15 has a beneficial effect on the disclosure of intangibles. However, as this number increases, the effect inverts and becomes adverse to improving the capacity for supervision and control in the decision-making process regarding the voluntary disclosure of intangibles. The findings endorse the recommendation of the most of the Corporate Governance Codes regarding an advisable maximum of 15 members on a board to ensure its effectiveness and internal cohesion. (shrink)

At present, high-tech enterprises are mainly organizations engaged in the production, research, and development and service of high-tech products. The current development of high-tech industries in various countries in the world is of great significance to improving social productivity and overall national strength. This article mainly introduces the modeling and analysis of the complex system of human capital accumulation in high-tech enterprises based on big data. This paper proposes a theoretical analysis of corporate human capital data and proposes (...) regression analysis and analytic hierarchy process to calculate and analyze the process of corporate human capital accumulation and collect and analyze the data using questionnaire surveys and other methods. In addition, complex systems were modeled based on big data, and a cloud computing-based human capital big data analysis platform was established. The experimental results show that complex system modeling based on big data has a positive impact on the human capital accumulation of high-tech enterprises. For high-tech companies at different stages of development, the relationship between various types of human capital and corporate performance is inconsistent with the market economy. In contrast, the current salary system of some high-tech companies still has many drawbacks. The cost of using human resources controlled by the wage system accounts for more than 24%. (shrink)

As soon as he had observed labour to be ‘first of all, a process between man and nature', Marx turned to conscious determination. ‘Man not only affects a change of form in the materials of nature, he also realises his own purpose in these materials. And this is a purpose he is conscious of. It is purpose which distinguishes labour from the activities of animals. Marx called the purposive character of labour ‘an exclusively human characteristic’ and the term indicates its (...) fundamental importance in his thought. As it is purposive activity, so labour is ‘a specific productive activity appropriate to its purpose, a productive activity that assimilate[s] particular natural materials to a particular human requirement'.3 Since ends are specific by definition, this has to be the case, and neither absence of skill nor indifference effect the issue one way or the other. Work does not cease to be particular because it demands no special capacities - tightening screws and stacking shelves do not stop being different kinds of activity by virtue of the fact that anyone can perform them; or because no store its set by its distinctive qualities. In its accounts, capital may treat different kinds of labour uniformly as a cost of production, but this does not alter the fact that the labour it employs comprises different types of labour: ‘the fact that the production of use-values or goods is carried on under the control of a capitalist and on his behalf does not alter the general character of that production'.4 In which case, we ask, what is labour which is not particular? If labour is always and necessarily a specific productive activity, what is abstract labour — ‘homogenous labour’ which, by definition, is not specific? (shrink)

The global financial crisis, triggered by the subprime mortgage crisis in the USA, raises an important issue—namely, private production without the control of private property. The credit system has concentrated increasingly large social assets into the hands of financial institutions governed by a few people. This paper argues that the use of social capital for private production has played a key role in causing the subprime mortgage crisis. The credit and banking systems have abolished the private nature of (...) class='Hi'>capital and have instead provided a basis for organizing and implementing social production. However, these systems have not “overcome the antithesis between the character of wealth as social and as private.” Therefore, it behooves us to explore what we can learn from the US financial crisis concerning how best to protect social interests, i.e., how to make the social capital produce for society. (shrink)

This paper focuses on flows to emerging capital markets (ECMs) and examines the importance of corporate transparency and public governance in attracting portfolio flows to ECMs. This paper's empirical investigation centers on the hypothesis that ceteris paribus, ECMs with better quality accounting standards and good governance attract higher levels of portfolio equity and bond flows. To assess the incremental impact of each of these factors, a pooled time series, cross‐sectional model was econometrically tested for 17 ECMS over the 1998–2002 (...) time period. Our empirical analysis demonstrates a positive association between public governance, corporate transparency, and portfolio flows after controlling for other macroeconomic factors. The results suggest that good public governance and high accounting quality are important determinants of portfolio flows to ECMs. Finally, the paper establishes that while portfolio equity flows are significantly attracted to ECMs with strong democratic institutions, there is no significant association between portfolio bond flows and the presence of democratic institutions. (shrink)

Prior research has consistently established the pragmatic nature of literature regarding occupational injuries and accidental happenings faced by nursing professionals. However, current realities require a subjective approach to identify preventative measures that could influence occupational health and safety in healthcare sectors. A qualitative design followed a descriptive approach to assess unbiased opinions towards occupational obstructions that lead to accidental happenings. This study used the social capital framework in particular as a support resource to eliminate its detrimental effects on nurse's (...) capacity to serve their patients. The findings extended the fundamental understanding of social capital from social ties to workplace and personal ties as potential mechanisms of support. Healthcare organizations need to redefine their control policies to provide the ultimate support to their care agents. A social capital model offers nursing practitioners and nursing managers an approach for building evidence‐based policies with implications for nurse's safety, education and training. (shrink)

Because academic entrepreneurship is an innovation driving force in China’s economy, teachers are key knowledge creators in the process of entrepreneurship. Therefore, it is particularly important to give attention to the individual psychological mechanism factors at play in the process of teachers in higher education academic entrepreneurship. The purpose of this study is to identify individual psychological capital and role conflict issues among university teachers in China. To accomplish this aim, we investigated the emergence of positive academic entrepreneurial intents, (...) continued through the process of academic entrepreneurship, and clarified the impact of psychological capital and role conflict on entrepreneurial intent. Based on the theory of planned behavior, we constructed a research model from the perspective of entrepreneurial intent prior to entrepreneurial action. We established a cohort of teachers in 17 higher education institutions in southern China, with psychological capital and role conflict as the prior independent variables and the teachers’ academic entrepreneurial intent as the dependent variable. Using quantitative analysis, SPSS 22.0, and AMOS 23.0, we conducted reliability and validity tests, correlation analysis, and structural equation models on the collected data. We reached the following conclusions: psychological capital has a positive effect on attitudes toward academic entrepreneurship; psychological capital has a positive effect on perceived behavioral control; role conflict has a negative effect on perceived behavioral control; academic entrepreneurial attitudes have a positive effect on academic entrepreneurial intent; perceived behavioral control has a positive effect on academic entrepreneurial intent; subjective norms have a positive effect on academic entrepreneurial intent. We also provide some suggestions about academic entrepreneurship for university administrators. (shrink)

Since the end of the 198os, we have been witnessing a shift in the type of control that is exerted on salaried labor. The disciplinary control of Taylorist provenance has been giving way to a modular control which introduces a new freedom, the freedom of the salaried employee to modulate his or her laboring activity, and, in part, mobility and usage of tithe. But this new type of control is above all a control of the subjective commitment of the employee, (...) an evaluation of performance which tends to equate the employee with a form of micro-capital, entrusted with valorizing itself economically and justifying its continuing employment. But the positive aspect of this mutation should also be noted: the personal commitment of the employee is also a forma of initiative taken in real-life situations, a production of services for various audiences, which produce, in the strong sense of the term, an ethical investment in how labor activity is conducted, along with a new evaluation of productivity. The strictly personal perspective is not the whole picture, for it conceals the emergence - real or potential - of communities of commitment. It is in terms of this mutation that both the usage of time and the modalities of salaried wages need to be rethought. (shrink)

ObjectiveThis paper studies the mediating and interactive effects of social capital on psychological capital and the feeling of happiness from the impact of COVID-19. Since its emergence, the COVID-19 pandemic has taken a toll on people’s mental health and affected their hopes for the future. Lifestyle and economic conditions have also been affected and have subsequently impacted people’s sense of confidence in life. This could increase the likelihood of many people developing mental health issues, such as anxiety or (...) depression. Therefore, it is vital to study the influence of psychological capital and social capital on people’s subjective psychology and happiness experiences.Materials and MethodsUsing an ordered probit model, this paper studied the independent influence and interaction between psychological capital and social capital on people’s happiness. The ordered probit model was chosen because subjective well-being is an ordered variable. We further used structural equation modeling to study the mediating effects of social capital on psychological capital and happiness.ResultsThe regression results showed that both psychological capital and social capital were significantly positively correlated with happiness when controlling for other factors. In addition, psychological and social capital significantly interacted, in which the psychological capital promotes the effect of social capital on happiness. Moreover, the effect of psychological capital on happiness was greater than that of social capital, demonstrating that happiness is more greatly influenced by subjective psychological experience. The interaction coefficient of psychological and social capital was also significant, showing that the two have mutually reinforcing effects on happiness. Finally, health, income class, real estate, stranger trust, age, and urban household registration had significant positive effects on happiness, while the view of money, being female, education had a negative relationship with happiness. The SEM results showed that the mediating effect of psychological capital on happiness was partly transmitted through social capital: the total effect of psychological capital on happiness was highly significant, as was the total effect of social capital on happiness ; however, the coefficient for psychological capital was greater than that for social capital. Through heterogeneity analysis, we found that the relationship between psychological capital, social capital, and happiness was significantly positive in each sub-sample group. There was also a significant interaction between psychological and social capital for men, women, urban and rural residents, and higher education background sample groups. However, the interaction was not significant in the sample group without higher education. In addition, the relationship between the happiness of rural residents and their educational background and gender was not significant.ConclusionWe found that psychological and social capital have significant positive relationships and effects on happiness. Psychological capital demonstrated both direct and indirect influences on happiness, and further strengthens the influence of social capital on happiness. These results support a scheme to emphasize psychological support during the COVID-19 pandemic period to enhance the mental health of citizens. (shrink)

Universities increasingly play an important role in entrepreneurship, which has contributed to gender equality in the business world. The aim of this study is to establish a causal model of entrepreneurial intentions and explore it by gender, based on the dimensions of the Theory of Planned Behavior, and how these are mediated by the individuals’ resilience and psychological well-being. The previous work experience was considered as one of the control variables, in order to analyze whether this influence the entrepreneurial intention. (...) With a convenience sample of 644 Portuguese students, Structural Equation Modeling was used. For a better understanding, multivariate analyses were performed and each one was individually reported, and for appropriate comparisons by gender, the t-student test was used. The comparison of means, between genders, showed that there are differences only between perceived behavioral control, subjective norm, and entrepreneurial intention, with women scoring the highest values, and psychological well-being, with men scoring the higher. A serial mediation path was performed, and psychological resilience was found to mediate a significant effect between perceived behavioral control and intention in females, but not in males. It also mediates a significant effect between attitude and intention in females, but not in males. These results show that attitude is a determining factor for females to become entrepreneurs. Finally, after discussing the results, theoretical and practical contributions are analyzed, with regard to the field of entrepreneurship in Portugal, and alternatives are pointed out for a more entrepreneurial future, reinforcing the role of higher education institutions. (shrink)

We examine how corporate environmental responsibility affects the cost of equity capital for manufacturing firms in 30 countries. Using several approaches to estimate firms’ ex ante equity financing costs, we find in regressions that control for firm-level characteristics as well as industry, year, and country effects that the cost of equity capital is lower when firms have higher CER. This finding is robust to addressing endogeneity through instrumental variables, to using alternative specifications and proxies for the cost of (...) equity capital, and to accounting for noise in analyst forecasts. We conclude that investment in CER reduces firms’ equity financing costs worldwide. (shrink)

Broader outlook, ethics, and social responsibility have been long-standing concerns in business practices and management. In this regard, an effective management education would play a pivotal role in instilling an ethical grounding among management students, who represent the future management practitioners. Therefore, going beyond the self-oriented perspective and promoting altruistic behavior among them would be significant in establishing broader, socially responsible considerations in organizations. However, little research has investigated how to increase altruistic behavior. To address this need, we propose that (...) Yoga-based practices (YBP) can build-up altruistic behavior by enhancing subjective vitality (SV), self-transcendence (ST), and psychological capital (PsyCap). We report two studies to test this hypothesis. In Study 1, a survey-based study (n = 342), we examine the impact of SV and ST on altruistic behavior mediated by PsyCap. The results from structural equation modeling supported the hypothesized model. In study 2, we examine the impact of YBP on SV and ST using longitudinal randomized controlled experiment design (n = 109). The findings of study 2 suggest that YBP enhanced both SV and ST and that YBP are effective, efficient, and sustainable training tools for building altruistic behavior among management students. We discuss the significance and implications of these findings for organizations, management education, and leadership development. We consider the limitations of our study and suggest directions for future research. (shrink)

Prior studies report that the business group structure and the associated intra-group capital flows are prone to conflicts of interest between controlling shareholders and minority investors. Yet business group is a prevalent and stable structure around the globe, particularly where capital markets are underdeveloped. Using data from China, this paper empirically studies the trade-off between the negative and positive roles played by intra-group capital flows and tests the efficiency implications of such trade-off. We find that from the (...) perspective of the whole group, intra-group capital flows are most efficient when the groups are least subject to conflicts of interest between controlling shareholders and minority shareholders and when they face strong external financing constraints. (shrink)

This paper offers novel insight into the Islamic banking business model by considering the effect of investments in human capital and corporate governance features on the market performance of Islamic banks. Based on a sample of 47 banks operating in different regions during the 2005–2010 period, and controlling for firm-specific characteristics, this paper finds investments in human capital to have a significant positive impact on the market value in the pre- and post-financial crisis period. Based on a market (...) measure, this paper finds board size and CEO power to have a significant positive impact, while the size of Shariah Supervisory Board has the opposite effect on market performance. The results further reveal that the Islamic banking sector is not a homogeneous group, with full-fledged Islamic banks having lax corporate governance mechanisms and large size, while their counterparts, Islamic Shariah-windows, having strong corporate governance mechanisms tend to invest more in human capital to yield positive market value. Overall, the analysis suggests that the financial crisis may have further spurred the impact of investments in human capital on the market performance. (shrink)

Martha Woodmansee's The Author, Art, and the Market misunderstands the concept of autonomous art: it does not deny art's instrumental role in life, but rather reconceives this role as essentially psychological. The work of art becomes an emblem of self?control, and as such of great social import. But as Richard Goldthwaite's Wealth and the Demand for Art in Italy suggests, this role is traduced by the tendency of capitalism increasingly to eschew the high art exemplified by the Renaissance when there (...) is money to be made in unchallenging, trashy popular culture. (shrink)

Thomas Piketty'sCapital in the Twenty-First Centuryis a tour de force—a compelling and accessible read that presents an eloquent and convincing warning about the future of capitalism. Capitalism, Piketty argues, suffers from an inherent tendency to generate an explosive spiral of increasing inequality of wealth and income. This inegalitarian dynamic of capitalism is not due to textbook failures of capitalist markets (for example, natural monopolies) or failures of economic institutions (such as the failure to regulate these monopolies), but to the way (...) capitalism fundamentally works. Unless the spiral is controlled by far more progressive taxation than is now the norm, the political fallout could undermine the viability of the successful “social state” (p. 471) in the advanced economies, putting the democratic state itself at risk. (shrink)

Traditionally floods have been understood to be acts of God or nature, with localised impacts afflicting those who choose to live or to invest capital in lowland and coastal locations. This central idea of causation, located outside human agency, survives somewhat precariously today, but is reflected in the lack of any right to protection from flooding in England and Wales. However in 1930 new legislation institutionalised a social framing of the impact of floods as part of a wider national (...) problem. This related the interests of lowland agriculture and land drainage to the national economic and military interest. Modernising and expanding agricultural production was a political priority from the 1930s to the 1980s. The cost of preventing flooding and draining land was transferred from the affected landowners to the nation as a whole. River and coastal engineering was central to the new policy, and by the early 1970s much of the riverine and coastal environment was radically altered by flood defence structures and associated land drainage. As a result of food over-production and conflicts with conservation interests in the early 1980s, the emphasis has shifted from drainage to flood defence, while risk reduction and environmentalist values have also been promoted. The institutional arrangements from 1930 largely survive, however, and a new coherent social framing has failed to emerge. It is argued that for a risk-oriented framing to succeed, new assumptions about causation and a new ethical outlook are now needed. Emphasis on flood 'control' rather than 'defence', and a shift in priorities from economic benefits towards human rights and intrinsic value in nature are proposed as key elements in such a reframing. (shrink)

Over the past two decades, China has launched a nationwide endeavor to push domestic firms up the value chain. This article explores why, in some localities, Chinese firms had significant success in upgrading, while in other localities, firms were paradoxically trapped in a race-to-the-bottom competition. Drawing on national economic census data, a firm-level survey, and in-depth interviews, the article conducts a controlled comparison of China’s largest electronics manufacturing bases in the Yangtze and the Pearl River Deltas. It argues that the (...) local government’s choice of global business allies shaped the upgrading behavior of domestic firms. When local governments allied with large multinational corporations at the top of the value chain, they reinforced the hierarchical structure of production, shrank the upgrading space for domestic firms, and squeezed them to the bottom of the value chain. In contrast, alliances with small foreign invested firms at the bottom helped break the hierarchical segregation and held more potential for local learning and innovation. The article sheds new light on the question of when industrial policies succeed or fail to facilitate domestic upgrading in a globalized era. (shrink)