Firms are central to wealth creation and distribution, but their role in economic inequality in a society remains poorly studied. In this essay, we define and distinguish value distribution from value creation and value appropriation. We identify four value distribution mechanisms that firms engage in and argue that shareholder wealth maximization approach skews the value distribution toward shareholders and top executives, which in turn contributes to rising economic inequalities around the world. We call on organizational scholars to study the value (...) distribution role of firms and its consequences for society, and introduce the articles in this volume of the special issue on economic inequality, business, and society. (shrink)
Emotion management in the workplace is drawing increasing attention from researchers. However, they still know little about how positive leadership affects employees’ emotional labor. Building on social information-processing theory, we examine whether and how a servant leadership style influences employees’ emotional labor. Using a sample of 305 employees in 81 work units of 25 subcorporations at a food company in China, we find that servant leadership relates negatively to surface acting but relates positively to deep acting at work. We also (...) find that the indirect effect of servant leadership on surface/deep acting via affective trust is stronger than the indirect effect via cognitive trust. Our research reveals that servant leadership influences employees’ emotional labor more through affective trust than cognitive trust. We discuss the theoretical and practical implications of our findings. (shrink)
We present the theory, the experimental evidence and fundamental physical consequences concerning the existence of families of undistorted progressive waves (UPWs) of arbitrary speeds 0≤ϑ<∞, which are solutions of the homogeneuous wave equation, the Maxwell equations, and Dirac, Weyl, and Klein-Gordon equations.
This article further studies ex ante efficient auctions in the setting of Stegeman (1996 Participation costs and efficient auctions, Journal of Economic Theory 71, 228–259.), where there exist entry costs for bidders who know their valuations. An alternative method is established to address efficient auctions. This method illustrates the intuition why the ex ante efficient allocation is Bayesian implementable through the Stegeman (1996) auction (a second-price auction with a reserve price equal to seller’s valuation and no entry fee). More importantly, (...) our method leads to an alternative ex ante efficient auction that implements uniquely the efficient entry. Thus, this alternative auction solves the entry indeterminacy problem of the Stegeman (1996) auction, which generally induces inefficient entry equilibria besides the efficient ones. (shrink)
Mr. Xu Suhua article to my proposal of "Marxist Philosophy in China" is equivalent to what he calls "the guiding ideology of the party", "Marxist philosophy in China" is equivalent to what he calls "academic research form", which does not meet my intention. "Legality of Marxist philosophy," the discussion does exist. "Marxist Philosophy in China" in China, learning, using, in practical experience, to carry forward the fine Chinese culture and philosophy, the wisdom of the masses sublimation developed on the basis (...) of Marxist philosophy. It is a modern form of Chinese philosophy. It is an innovative system of philosophy, but also the Party's guiding ideology of the philosophical foundation. I believe that Mr. Xu Suhua has misunderstood my opinion of "Chinese Marxist philosophy" in his paper. In my point of view, the discussions of "the legitimacy of Marxist philosophy" were actually existed. "Chinese Marxist philosophy" is the development of Marxist philosophy based on practical experience, Chinese culture, and wisdom of the people, and is a modem form of Chinese philosophy, too. It's regarded as the initiative systematic theory of philosophy and serves as the philosophical basis of the guiding thought of our party. (shrink)