Family firms not only play an important role in economic growth but should also be held partly responsible for environmental degradation. Employing normative stakeholder theory and analyzing unique Chinese survey data via stepwise regression models, our findings indicate that second-generation successors did not significantly impact family firms' environmental investment. However, among second-generation successors, we find that successors with international experience positively impacted environmental investment. The propensity score matching (PSM) and two-stage least squares estimation (2SLS) approaches confirm our results. (...) As an interdisciplinary study, our research is of great value to the environmental responsibility and family business literature. (shrink)

Post-conflict economies often prove daunting for foreign investors. Many of these nations are reaching out to diasporans, emigrants, and their descendants living abroad, for much-needed foreign investment capital. Little is known about why diasporans invest in their countries of origin. Recent scholarly inquiry regarding investment decision making has suggested that non-pecuniary, psychological concerns often motivate investment decisions. We develop a conceptual model identifying three types of investment return expectations — financial, emotional, and those related to social (...) status — that may drive diaspora investment interest. We contend that the psychological realities and social-status structure of the diaspora experience generate greater salience for non-pecuniary investment motivations, particularly when the origin country emerges from a period of conflict. We outline an agenda for future research and discuss the implications of our model for policies seeking to promote peace utilizing diaspora investment. (shrink)

Social cues, such as being watched, can subtly alter fund investment choices. This study aimed to investigate how cues of being watched influence decision-making, attention allocation, and risk tendencies. Using decision scenarios adopted from the “Asian Disease Problem,” we examined participants’ risk tendency in a financial scenario when they were watched. A total of 63 older and 66 younger adults participated. Eye tracking was used to reveal the decision-maker’s attention allocation. The results found that both younger and older adults (...) tend to seek risk in the loss frame than in the gain frame. Watching eyes tended to escalate reckless gambling behaviors among older adults, which led them to maintain their share in the depressed fund market, regardless of whether the options were gain or loss framed. The eye-tracking results revealed that older adults gave less attention to the sure option in the eye condition. However, their attention was maintained on the gamble options. In comparison, images of “watching eyes” did not influence the risk seeking of younger adults but decreased their framing effect. Being watched can affect financial risk preference in decision-making. The exploration of the contextual sensitivity of being watched provides us with insight into developing decision aids to promote rational financial decision-making, such as human-robot interactions. Future research on age differences still requires further replication. (shrink)

Do foreign direct investment (FDI) and international business ventures promote positive social and economic development in emerging nations? This question will always prove contentious. First, the impacts differ according to context. Second, the social consequences and spillover effects of knowledge diffusion and technology-sharing may be limited and hard to measure. Third, contributions to enhancing social responsibility and improving living standards in host countries are delayed in effect, causally complex, and also hard to measure. Outcomes often critically depend on collaboration (...) of governments, international institutions, the business world, and non-governmental organizations (NGOs). Research in this area is challenging and requires interdisciplinary collaboration between economists, financial experts, sociologists, ethicists, and other specialists. This paper explores: (1) the evidence to support the proposition that FDI and international business improve social conditions in less-developed countries, and: (2) how these improvements are linked to strategies of corporate social responsibility (CSR) and ethical business practice. The paper draws insights from development, FDI, poverty alleviation, and bottom-of-the-pyramid (BOP) literature. Applications are demonstrated using examples from poverty-stricken areas of Sub-Saharan Africa. The paper attempts not only to argue theoretically but also to provide practical evidence. The approach is simultaneously descriptive, analytical, and prescriptive in order to address a wide audience. It also highlights issues and trends for further academic research and presents the viewpoint that some limitations lie in the nature of ethics frameworks widely referenced in business and that these often fail to consider the compatibility of ethical constructs with relevant incentives. In this vein, we explore the application of Homann’s framework for advantage and incentive-based ethics. (shrink)

Industrial investment funds are a new financing innovation mode that can build an effective financing channel for enterprises.Based on the panel data of Chinese Listed Companies in 2008–2017, this manuscript constructed a static panel model between industrial investment funds, government R&D subsidies, and technological innovation to empirically analyze the effects of industrial investment fund involvement and government R&D subsidies on companies’ technological innovation. The research shows that industrial investment fund involvement can increase the company’s R&D (...) class='Hi'>investment by providing financial funds for the company, which can effectively solve the company’s lack of funds in the process of technological innovation and guarantee the smooth running of the company’s innovation activities. Secondly, government R&D subsidies can alleviate the pressure of R&D investment to a certain extent, which is conducive to promote a higher level of technological innovation in the company. Thirdly, for companies with industrial investment fund involvement, government R&D subsidies are conducive to promote technological innovation. In contrast, for companies without industrial investment fund involvement, government R&D subsidies have no significant impact on technological innovation to a certain extent or even have a “crowding out effect.”. (shrink)

Regulation must target the financial sector, which often funds and profits from environmentally unsustainable development. In an era of global financial markets, the financial sector has a crucial impact on the state of the environment. The long-standing movement for ethically and socially responsible investment (SRI) has recently begun to advocate environmental standards for financiers. While this movement is gaining more adherents, it has increasingly justified responsible financing as a path to be prosperous, rather than virtuous. This trend partly owes (...) to how financial institutions view their legal responsibilities. The business case motivations that now predominantly drive SRI are not sufficient to make the financial sector a means to sustainable development. Some modest legal reforms to improve the quality and extent of SRI have yet to make a tangible difference. A more ambitious strategy to promote SRI for environmental sustainability is possible, based on reforming the fiduciary duties of financial institutions. Such duties, tied to concrete performance standards, could make financiers invest in more ethically responsible ways. Other collateral reforms to financial markets, including improved corporate environmental reporting, are required to promote sustainability. (shrink)

Increased concern for the environment has increased the number of investment opportunities in mutual funds specialized in promoting responsible environmental attitudes. This article examines the performance and risk sensitivities of US green mutual funds vis-à-vis their conventional peers. We also analyze and compare this performance relative to other socially responsible investing (SRI) mutual funds. In order to implement this analysis, we apply a CAPM-based methodology and find that in the 1987–2009 period, environ- mental funds had lower performance than conventional (...) funds with similar characteristics. However, if we focus on a more recent period (2001–2009), green funds achieved adjusted returns not significantly different from the rest of SRI and conventional mutual funds. (shrink)

There is an increasing push by journals to ensure that data and products related to published papers are shared as part of a cultural move to promote transparency, reproducibility, and trust in the scientific literature. Yet few journals commit to evaluating their effectiveness in implementing reporting standards aimed at meeting those goals (1, 2). Similarly, though the vast majority of journals endorse peer review as an approach to ensure trust in the literature, few make their peer review data available to (...) evaluate effectiveness toward achieving concrete measures of quality, including consistency and completeness in meeting reporting standards. Remedying these apparent disconnects is critical for closing the gap between guidance recommendations and actual reporting behavior. We see this as a collective action problem requiring leadership and investment by publishers, who can be incentivized through mechanisms that allow them to manage reputational risk and through continued innovation in journal assessment. (shrink)

While much has been written on specificity (e.g., in texts on new institutional economics, agency theory, and team production theory), there are still some insights to be learnt by business ethicists. This article approaches the issue from the perspective of team production, and will propose a new form of corporate governance: enlightened corporate governance, which takes into consideration the specific investments of employees. The article argues that, in addition to shareholders, employees also bear a residual risk which arises due to (...) their specific investments. This residual risk presents a valid and legitimate basis for residual claims. In this way, employees can be seen as residual claimants due to the fact that their income depends upon a hazardous quasi rent. Therefore, this article will call on the fiduciary duty of board members to protect those employees who are exposed to such residual risks and may thus be vulnerable as a result. This leads to a fundamental change of perspective on the “theory of the firm” – a change which will adopt the theories of new institutional economics, agency theory, and team production theory in order to promote business ethics research. Against this background, enlightened corporate governance aims to follow the criterion of specific investments as a legitimate basis for residual claims. Furthermore, it seeks to understand the consequences for board members, and to promote the sharing of control and ownership. The article will close with some discussion of the implications and future prospects for business ethics. (shrink)

This paper explores two types of investment in the current People’s Republic of China, both of which promote fantasies about the past and future, presumably as a way to forestall uncomfortable conversations about the present. But the author is less interested in state decisions than in what makes an unofficial person “buy into” such fantasies. Her answer is, “misperceptions about tradition”, longstanding cultural preoccupations, and genuine desires to secure honor and glory in an insecure world. Her largely diagnostic paper (...) briefly considers possible responses to the question, “What, in such a dire situation, can be done to introduce more complex notions of sedimented identities?”. (shrink)

The socially responsible investment industry (SRI) is slowly changing from a screening, avoidance paradigm to a comprehensive paradigm that seeks to affect corporate behavior. Credible rating systems are a key component of this sea change. Reliable and recognizable social and environmental metrics are critical to this progress. The Total Social Impact (TSI) rating approach is a new social metric scheme based on a comprehensive rating of stakeholder issues. This paper describes the evolution of SRI ratings and the role that (...) TSI hopes to play in affecting business behavior by promoting principled business leadership. (shrink)

In her keynote address to the Kristeva Circle 2014, Julia Kristeva argued that European Humanism dating from the French Revolution paradoxically paved the way for “those who use God for political ends” by promoting a completely and solely secular path to the political. As an unintended result of this movement this path has led, in the late 20 th and early 21 st centuries, to the development of a new form of nihilism that masks itself as revolutionary but in fact (...) is the opposite, in Kristeva’s view. Kristeva analyzed the culture of religious fundamentalism as “adolescent” in the sense that the adolescent, in contrast to the child, is a believer rather than a questioner. Although the psychoanalytic consideration of religious fundamentalism added a new dimension to attempts to explain the increase of this phenomenon in the late 20 th and 21 st centuries, Kristeva’s subsequent linkage of fundamentalism to the revolts in French suburbs in 2005 and beyond fell short of an insightful critique by neglecting the historical context of France’s colonial history. (shrink)

In a recent public engagement study on heritable human genome editing (HHGE) conducted among South Africans, participants approved of using HHGE for serious health conditions—viewing it as a means of bringing about valuable social goods—and proposed that the government should actively invest resources to ensure everyone has equal access to the technology for these purposes. This position was animated by the view that future generations have a claim to these social goods, and this entitlement justified making HHGE available in the (...) present. This claim can be ethically justified in the Ubuntu ethic (deriving from South Africa) as it (a) emphasizes the interests of the community, and (b) espouses a metaphysical conception of the community that transcends the present generation and includes past and future generations. On this basis, a compelling claim can be made on behalf of prospective persons in favor of equal access to HHGE. (shrink)

The Hill Burton Act, which was signed into law in 1946 and ended in 1997, was one of the most significant forces that shaped the health care system we have today. Providing grants and loans for the construction and expansion of hospitals across the country, it required beneficiary hospitals to give some amount of uncompensated care to the poor and uninsured in return.The act not only led to our health care system's current emphasis on the acute‐care hospital as the primary (...) site of health care delivery, but it also had a profound effect on nursing, fully involving the profession in an acute‐care world. The act created jobs for nurses at an unprecedented level. There are over 3.4 million nurses in the United States, and in 2013, 63 percent of all nurses worked for hospitals. Nursing education continues to emphasize acute care, despite the calls for shifting the curriculum to more community‐based content and experiences that focus on health promotion and wellness for individuals, families, and communities. It is my premise that the nursing profession and all who profess to be committed to promoting health have a moral obligation to help the nation adopt a Hill‐Burton Act of the twenty‐first century that will focus on building healthy communities, supporting families in ways that promote health, and helping individuals to live healthier lives. This would require a shift in resources from a costly health care system to investing in community development, whether job creation, building safe places to play and exercise, providing access to affordable and nutritious foods, advancing the quality of education, or other approaches to addressing and improving the social determinants of health. Making this kind of investment would speak to the principles of beneficence, least harm, and justice, particularly for socioeconomically stressed communities. (shrink)

Since the 1980s, authors of the Austrian School have argued that the problem of rational allocation in a planned economy is not computational or technical in nature (static optimisation, with given information) but a question of dynamic efficiency (innovation and the creation of new information), and that this would be impossible without market processes and free entrepreneurship. In this article, we argue to the contrary that a planned economy can effectively drive dynamic efficiency. We first reveal that the Austrian thesis (...) on the impossibility of dynamic efficiency in socialist planning is based on tautological arguments, or on problems already solved by technological development. Secondly, we present an institutional formula for promoting innovative activities and entrepreneurship within a framework of social ownership of the means of production and social control of investment. (shrink)

There is an increasing tendency for administrators and government to expect both the health services and the education service to 'show results' for the investment of public money in them. One response to this has been the growing commitment to 'health promotion', where measurable objectives may be set in terms of desired behaviour (stopping smoking, breast self-examination, child immunisation etc) and where evaluation can be made on the evidence of statistical improvement. Health workers use the term 'promotion' (...) in a variety of ways which seem to be as confusing to them as they are to their clients --the general public. Since successful promotion is likely to depend on the 'hard sell' (and since the methodology and aims of this may be incompatible with those of health education) this paper looks at some of the questions which the customer might wish to ask the salesman before deciding whether or not to buy. (shrink)

In our study, we examine the association between hedge fund activism and a target firm’s corporate social responsibility (CSR) activities and whether activists can promote socially responsible investments while upholding shareholders’ interests. Using different matched samples, we find a strong positive association between the target firm’s CSR in the year before it is targeted by activists and its probability of being targeted by a hedge fund. Classifying hedge fund activists into socially and non-socially responsible funds based on their objectives, we (...) find that both give similar level of consideration to a firm’s CSR activities when initiating campaigns. Similar to DesJardine and Durand (DesJardine and Durand, Strategic Management Journal 41:1054–1082, 2020), we demonstrate that hedge funds have, on average, a negative impact on target firms’ CSR in the years following the initial investments. Complementary to DesJardine and Durand (DesJardine and Durand, Strategic Management Journal 41:1054–1082, 2020), we compare the two types of hedge funds and find an asymmetric effect of the hedge funds’ campaigns. Socially responsible hedge fund campaigns are associated with a large _increase_ in their target’s CSR, whereas non-socially responsible hedge funds _decrease_ this measure in their target. Finally, we find that target firms exhibit a long-term improvement in future stock returns and profitability. These findings provide evidence that certain types of activists, such as socially responsible funds, promote both _stakeholder_ and _shareholders’_ long-term interests. (shrink)

In Japan, income, authority, and prestige are unequally distributed between men and women, even if they share the same occupational level. These inequalities are perceived as an ethical issue because they go against the principle of equal treatment at work. Nowadays, Japanese companies are under growing political and regulatory pressure to increase the hiring, promotion, and empowerment of female employees. In this context, the first equity index that tracks the financial performance of the best Japanese companies in terms of (...) gender diversity performance—the MSCI Japan Empowering Women Index —was launched in 2010. It aims to satisfy the growing demand of investors who want to reduce gender discrimination in Japanese workplaces. This paper compares the financial performance of the WIN stock index to the conventional parent index over the period 2010–2018, offering a unique setting to assess the effects of gender diversity screens on portfolio risk-adjusted performance. Our results are robust to a battery of risk-adjusted performance indicators and clearly indicate that investing in the WIN equity index does not come at a cost compared to investing in its conventional peer. This evidence is expected to reinforce confidence of investors who have an appetite for justice in increasing their investment in financial products that support the participation and the advancement of women in the Japanese workforce. (shrink)

This book shows how the current reform in investment regulation is part of a broader attempt to transform the international economic order. Countries in the North and South are currently rethinking how economic order should be constituted in order to advance their national interests and preferred economic orientation. While some countries in the North seek to create alternative institutional spaces in order to promote neoliberal policies more effectively, some countries in the South are increasingly skeptical of this version of (...) economic order and are experimenting with alternative versions of legal ordering that do not always sit well with mainstream versions promoted by the North. While we recognize that there are differences in approaches to the investment regimes proposed by countries in the South, we identify commonalities that could function as the founding pillars of an alternative economic order. (shrink)

ABSTRACTAlthough a growing stream of research investigates the role of government in corporate social responsibility, little is known about how governmental CSR interventions interact in financial markets. This article addresses this gap through a longitudinal study of the socially responsible investment market in France. Building on the “CSR and government” and “regulative capitalism” literatures, we identify three modes of governmental CSR intervention—regulatory steering, delegated rowing, and microsteering—and show how they interact through the two mechanisms of layering and catalyzing. Our (...) findings: 1) challenge the notion that, in the neoliberal order, governments are confined to steering market actors—leading and guiding their behavior—while private actors are in charge of rowing—providing products and services; 2) show how governmental CSR interventions interact and are orchestrated; and 3) provide evidence that governments can mobilize financial markets to promote CSR. (shrink)

Due to excessive greenhouse gas emissions, carbon emission-reducing measures are urgently needed. Important emission-reduction measures mainly include carbon trading and low-carbon cost subsidies. Comprehensive consideration of these two policies is a research hotspot in the field of low-carbon technology investment. Based on this background, this paper considers the impact of consumer low-carbon preferences on market demand and the impact of uncertainty in carbon emission-reduction behaviour. We construct a stochastic differential game model with upstream and downstream enterprises based on cost-sharing (...) coordination under a cost subsidy. From a dynamic perspective, this paper researches the optimal equilibrium strategy and evolution characteristics of the joint emission-reduction mechanism in a supply chain. This paper discusses the sensitivity of the parameters and uses numerical simulation to verify the impact of each parameter on the emission-reduction decision-making activities of stakeholders after introducing the cost subsidy. The results show that a cost subsidy policy can promote carbon emission-reduction investment and supply chain profit. Thus, it is important to strengthen technical cooperation and exchange among enterprises. (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)

Increasing gender diversity in the boardroom has been promoted as a way to enhance corporate governance and risk management. This study empirically examines whether boards with more female directors play a role in reducing R&D risk. We first show that female directors help to reduce the positive relationship between R&D investment and future performance volatility. We then report that firms with more gender-diverse boards exhibit a lower adverse effect of R&D on the cost of debt. These results are robust (...) to endogeneity analysis, alternative measures of gender diversity and risky investment, and other sensitivity tests. Overall, our results suggest that female directors improve board effectiveness in risk management with respect to R&D investment. (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)

This paper applies insights from behavioral economics and nudge theory to foster sustainable and responsible investment. SRI provides an opportunity to express and promote ethical values via choice of financial instruments. While policy-makers have tried to encourage greater participation in SRI, the majority of retail investors retain a conventional approach to investment. I develop a conceptual framework to improve the effectiveness of SRI policy-making. The first part of the framework comprises a transmission mechanism which emphasizes the role of (...) SRI as a driver for sustainable development. The second part is a model of the individual decision for or against SRI. The framework suggests that low SRI demand is a case of behavioral market failure, and that nudging is a suitable tool for dismantling behavioral barriers to SRI. A specific example of smart choice architecture is used to illustrate the framework’s potential in the design of an SRI nudge. Assuming the nudge stands up to the rigors of empirical testing, it may well provide a feasible alternative for policy-makers. (shrink)

Prior to its election to office in 2007, the Australian Labor Party announced a commitment to introduce Trade Training Centres (TTCs) into all Australian secondary schools as an initiative of its Education Revolution. TTCs were proposed as a key element of Federal Labor's education and training policy that aimed to manage future risks to Australia's competitiveness in the emerging global economy and to support school-to-employment transitions for young people. This analysis adopts a governmentality framework to conceptualise the Federal Government's introduction (...) of TTCs alternatively as a key strategy for nationalising social investment politics in Australia. The paper draws on recent Australian policy documents to argue that TTCs are social technologies that work to open up social spaces in and around schools for governing relationships between schools and other community stakeholders, particularly businesses and families. The paper concludes by examining policy implications, including those of social justice, for promoting school community partnerships through TTCs. (shrink)

Using Chinese listed companies as research setting, this paper constructs a measure of corporate competing culture through textual analysis on firms’ management discussion and analysis disclosures, and examines the impact of corporate competing culture on environmental investment. The results show that competing culture has a significant and positive impact on firms’ environmental investment, and the results remain robust to a battery of robustness tests. Moreover, the mediating analysis indicates that competing culture promotes corporate environmental investment through enhancing (...) firms’ internal control quality. Furthermore, the heterogeneity results show that the positive impact of corporate competing culture on environmental investment is more pronounced in firms with larger size, stronger corporate governance, in high-polluting industry, and located in less developed regions. Our findings shed light on the importance of corporate competing culture and provide practical implications for corporate sustainable development. (shrink)

In this article we discuss whether it pays to invest ethically. Our aim is to examine corporate social responsibility from philosophical, moral and practical points of views. We focus on two main issues related to ethical investments. Firstly we discuss the moral dilemma of how capitalism has changed its shape in today's world and from 'blaming the business' there is a general attempt to use the markets to promote ethics values and corporate social responsibility. Secondly, we analyze the growth of (...) ethical investment funds in the UK today, and their performance, and highlight some of the institutional investors involved in the management of ethical funds. We discuss whether ethical investments really succeed in reducing the conflict between profit-making and social responsibility as they promise or whether they use commercial rhetoric and market mechanism to merely sell us our own perceived values back. We conclude that the paper has a key contribution in setting the scene for future research in an area that is evolving and of fundamental importance to companies, investors and various stakeholder groups. (shrink)

The stage of the formation and establishment of a market economy in Georgia raises the necessity for economic science to solve fundamentally different problems concerning the improvement of the investment environment and investment climate in national economy. After the collapse of the former Soviet Union, the replacement with new relationships has been quite difficult and painful in which foreign investments should play a crucial role. Issues to be discussed include the questions that explore some of the categories and (...) the constraints of the investment climate. All this leads to the relevance of the article and, therefore, determines the purpose of the article. The research process uses general dialectical methods of socio-economic research as well as modern methods of research of economic theory. The scientific aim of the research is to highlight the current issues of the investment environment and investment climate in economy, to study the transformation processes taking place in Georgia during the last two decades, to conduct analysis using proper methods, to show the current social and political as well as other important processes, to generalize them and to form proper opinions. Findings based on research suggest that it is possible to speed up the process of economic development of Georgia. However, the situation will remain difficult in the region and the factors causing the recession _ instability in oil prices and the weakening of the national currency against the US dollar will still be present. In conclusion, the opinion can be formed that a stable and predictable legislative process is important for the investment environment. Therefore, all the parties that may undergo the changes should be informed and involved in every project planned by the government; At present, it becomes necessary to further extend the deregulation policy, which should include the development of financial and investment sectors and support of the establishment of appropriate infrastructure, promotion of the further development of microfinance institutions, investment companies and funds, designing the system of investment insurance and stimulation, elimination of unnecessary bureaucracy and artificial barriers, etc. (shrink)

Written from the point of view of a campaigner against economic globalisation, this paper looks at the recent Multilateral Agreement on Investment (MAI) and the campaign against it which eventually led to its demise. It looks at the nature of the diverse coalition of interests opposed to the MAI, and in particular their use of e‐mail and the Internet, and argues that the success of this campaign has lessons beyond the immediate victory over the forces promoting the MAI. It (...) is argued that the emergence of anti‐globalisation action also contains the seeds of new grassroots forms of ethical social organisation, based in specific but interconnected localities, a cosmopolitan interlocalism, and that this in itself remains a key feature in the short‐ and long‐term success of such action. (shrink)

In spite of strengthened financial regulation, ethical concern continues about the promotion and distribution of financial services in Britain, including savings and investment products. Greater ethical attention needs to be paid to products, price, promotion and distribution. The authors are all faculty members of the School of Management and Finance, University of Nottingham, University Park, Nottingham NG7 2RD, UK. Correspondence should be addressed to Dr Ennew. Alison McGregor gratefully acknowledges funding provided by the Association of British Insurers.

In spite of strengthened financial regulation, ethical concern continues about the promotion and distribution of financial services in Britain, including savings and investment products. Greater ethical attention needs to be paid to products, price, promotion and distribution. The authors are all faculty members of the School of Management and Finance, University of Nottingham, University Park, Nottingham NG7 2RD, UK. Correspondence should be addressed to Dr Ennew. Alison McGregor gratefully acknowledges funding provided by the Association of British Insurers.

Since the “The Belt and Road” initiative was put forward in 2013, China's foreign investment growth rate has been greatly accelerated. In The Belt and Road context, many scholars used models to analyze the relationship between foreign direct investment, trade flows, and import and export trade. From literature reviews, it is found that previous scholars do not conform to reality and cannot be studied dynamically. Therefore, this study used the panel data of China's foreign direct investment and (...) import and export trade in 40 countries along “The Belt and Road” from 2010 to 2019 to focuses on the impact of foreign direct investment on trade flows, import trade and export trade. Regression analysis was carried out with the trade gravity model and Tinbergen's trade gravity model. In addition to model variables and arguments, the following control variables were adopted: exchange rate, natural resource rents, labor force population, differences in consumer ability, trade openness, and trade agreement signing. The results found that: Foreign direct investment has a positive correlation with trade flow and import and export trade. The labor force population has a negative correlation with trade flow, and import and export trade. The expansion of China's economic scale can increase the scale of China's import and export trade, at the same time, the gap in consumption levels between the two countries will restrict the degree of import and export trade. The possession of natural resources can also promote the development of trade. (shrink)

Based on 2010 to 2019 Chinese outward foreign direct investment panel data from 39 host countries, this paper studies the relationships between host country cultural characteristics and Chinese OFDI. The OLS regression results show that the cultural tolerance and trust in the host countries are significantly positively correlated with Chinese OFDI, which are robust according to the system GMM tests. Further analysis reveals that cultural tolerance is more positively related to Chinese OFDI in host countries with higher legislation and (...) economic freedom, while cultural trust is positively associated with Chinese OFDI in host countries with lower legislation and economic freedom. In addition, higher cultural tolerance and trust promote Chinese OFDI in countries with greater cultural distance. Unlike traditional studies based on cultural distance in international trade, using more representative cultural characteristics, this paper provides references to Chinese OFDI decision-making based on the root characteristics associated with heterogeneous cultural influences. (shrink)

Undergraduate education is very important for higher education. Among the factors affecting the quality of undergraduate education, teaching quality is the most important factor. At present, an important issue that affects teaching quality is insufficient teaching investment. An open-ended questionnaire survey was conducted on 62 faculty members and 65 university students in China. Results found that the undergraduate teaching investment of faculty members mainly consists of four parts: workload investment, ability investment, energy investment, and teaching (...) emotional investment. A preliminary test was conducted on 342 faculty members, and the results of an exploratory factor analysis supported the proposed four-dimensional teaching investment model. The test involved 293 faculty members and confirmatory factor analysis showed that the four-dimensional model had a good degree of fit. A further criterion-related test showed that the four-dimensional teaching investment of faculty members has a significant positive correlation with classroom management, clarity of teaching materials, teacher–student interaction, teaching strategies, and skills application, and work engagement. These results show that the proposed four dimensions of teaching investment effectively measure the teaching investment of faculty members, specifically the indicators of teaching investment and that they promote the development of faculty teaching investment research. (shrink)

As the aging population problem intensifies, many emerging economies are caught in labor shortage and rising labor costs, thus improving the corporate labor investment efficiency is crucial for these countries. In this context, we take China as an example to explore the influence of the current booming digital finance on corporate LIE. This paper, which enriches the existing literature, is one of the few studies that explores the link between macroeconomic policies and firms’ LIE. Our research adopts the baseline (...) methodology of ordinary least squares regression, and the data comprise 23,503 observations for Chinese A-share listed businesses from 2011 to 2020. In addition, we use fixed effects regression, instrumental variables method and substitution of independent variables to deal with endogeneity and test the robustness. The outcomes suggest that DF may significantly increase corporate LIE. Further results from the path mechanism study suggest that DF could alleviate financing constraints and optimize human capital structure, both of which have a favorable effect on the LIE. Last but not least, the heterogeneity results imply that DF can more effectively encourage LIE of firms in economically underdeveloped regions and of private nature. The study recommends that emerging economies should pay attention to strengthening regulation to avoid financial risks while vigorously promoting DF. In addition, enhancing the level of human capital and optimizing human capital allocation are also essential. (shrink)

Scientific societies can have a powerful influence on the professional lives of scientists. Using this influence, they have a responsibility to make long-term commitments and investments in promoting integrity in publication, just as in other areas of research ethics. Concepts that can inform the thinking and activities of scientific societies with regard to publication ethics are: the “hidden curriculum” (the message of actions rather than formal statements), a fresh look at the components of acting with integrity, deviancy as a normally (...) occurring phenomenon in human society, and the scientific community as an actual community. A society’s first step is to decide what values it will promote, within the framework of present-day standards of good conduct of science and given the society’s history and traditions. The society then must create educational programs that serve members across their careers. Scientific societies must take seriously the implications of the problem; set policies and standards for publication ethics for their members; educate about and enforce the standards; bring the issues before the members early and often; and maintain continuing dialogue with editors. (shrink)

This paper discusses how Switzerland is branded by the Swiss state under late capitalism. Drawing on discursive data collected in the framework of a research project investigating the international promotion of Switzerland, I particularly focus on how multilingualism and cultural diversity are constructed by the Swiss government as a capital belonging to Switzerland and its history and on how and why this imagined historical capital is reframed in promotional terms. In doing so, I question the function of the historicity (...) of Swiss multilingualism and cultural diversity in nation branding practices and analyze the logics causing specific tokens of multilingualism and cultural diversity to emerge as desirable promotional features. Finally, I research how the promotional investment in Swiss multilingualism and cultural diversity affects the status and value of its historical capital and how this has consequences for what can be said about Switzerland and its history. (shrink)

Kesselheim proposes doubling the NIH’s budget to promote clinically meaningful pharmaceutical innovation. Since the effects of a previous doubling (from 1998-2003) were mixed, I argue that policymakers should couple future budget growth with investments in experimentation and evaluation.

Resumen. En México, la mercadotecnia promocional se ha erigido como la segunda más grande inversión demercadotecnia, principalmente debido a que las compañías tienden con más frecuencia a subcontratar laresponsabilidad de los aspectos operativos de la mercadotecnia. Las empresas contratantes exigen cada vezmás la garantía de seguridad y certidumbre en la prestación de los servicios, por lo que la calidad de éste seha convertido en un factor determinante en la elección de una agencia de promociones. El presentedocumento técnico busca compartir un (...) caso de estudio relacionado a una empresa de promoción de ventasque enfrenta una alta tasa de deserción de clientes con su consecuente contracción en las ventas, pero quecontradictoriamente está inmersa en un mercado que tiene un crecimiento sostenido del 15 por ciento en losúltimos años. El problema fue abordado desde la perspectiva de la calidad en el servicio y la satisfacción delcliente a través de la aplicación de encuestas Servqual a algunos clientes de la compañía. Dichas encuestaspermitieron: identificar las dimensiones de calidad relevantes en el servicio, detectar las áreas de oportunidadentre el servicio esperado y el servicio real, y la elaboración de un plan de acción que posteriormente fuesistematizado e implementado. Los resultados muestran que la implementación del sistema de calidad redujola deserción de los clientes; además, se descubrió que las dimensiones de calidad del Servqual afectan enproporciones diferentes a la satisfacción del cliente.Palabras Claves. Calidad en el servicio, deserción de clientes, mercadotecnia promocional, promoción deventas, QFD, satisfacción del cliente, Servqual, sistema de calidad.. In Mexico, the promotional marketing has emerged as the second largest marketing investment,mainly because companies tend to outsource most often the operational aspects of marketing. Thosecompanies are increasingly demanding security and certainty in the delivery of services. As a consequence,service quality has become a determining factor in the election of a sales promotion agency. This technicalpaperwork shares a case study related to a sales promotion company facing high customer defection rate withits consequent contraction in sales, but ironically immersed in a market that has a sustained growth of 15 per cent in recent years. Approach of the problem was from quality service and customer satisfaction perspectivethrough the use of Servqual surveys applied to some customers. These surveys allowed: to identify relevantdimensions of quality service, to identify opportunities between the expected service and the actual service,and the development of an action plan which was later systematized and implemented. Results show that theimplementation of the quality system reduced customer desertion. Also, found that the quality dimensions of SERVQUAL affect customer satisfaction in different ways.Keywords. Customer defection, customer satisfaction, quality service, quality system, QFD, sales promotion,Servqual. (shrink)

This paper contends that the identification of a pro-competitive agenda in the process of regulatory reform undertaken in many developing countries ultimately rests on the vision held by the authority about the sources of market failures. Conventional IO theory rests on the assumption that the exercise of market power by incumbent firms limits the access of potential competitive entrants, and therefore, regulation should curb such power. However, the existence of market power is an inference from conventional thinking on markets and (...) competition. Professor Kirzner overturned this thinking, by introducing a realistic process perspective of markets, instead of the traditional structural view. Beyond the philosophical question of “realism,” the market process view sustains practical policy making advantages, mostly due to the lack of knowledge requirements placed upon the regulatory agencies to allocate resources more efficiently. The process view suggests the need of creating a proper institutional setting for firms to freely interact, rather than on impinging in the allocation of resources itself according to unreliable contrived views of market efficiency. Based on Kirzner´s process view, this paper outlines an alternative network competition perspective, focused on the integration of complementary capabilities, as a regulatory yardstick. This view balances the rights of incumbent firms to exploit their rights, and the possibilities of third parties to integrate into the network concerned on a non-discriminatory basis, thereby preserving the investments of incumbents on a more equitable basis.Cet article affirme que l’agenda proconcurrentiel de réforme réglementaire entrepris dans plusieurs pays en développement repose en fin de compte sur la vision qu’a l’autorité concernant les échecs de marché. La théorie conventionnelle d’organisation industrielle suppose que l’exercice du pouvoir marchand par les firmes existantes limite l’accès de concurrents potentiels et, qu’en conséque- nce, la réglementation devrait brider ces pouvoirs. Cependant, l’idée qu’il existe un pouvoir marchand est une émanation de la pensée conventionnelle à propos des marchés et de la concurrence. En opposant une vision réaliste du processus marchand à la vision structurelle traditionnelle, le Professeur Kirzner a réduit à néant ce mode de pensée conventionnelle. Audelà de la question philosophique du “réalisme”, la vision procédurale de marché affirme que la politique de réglementation est un échec car les agences de réglementation ne disposent pas des connaissances nécessaires requises pour affecter les ressources de manière efficace. La vision procédurale suggère le besoin de créer un environnement institutionnel dans lequel les entreprises peuvent interagir entre elles plutôt que d’empiéter sur l’affectation des ressources en ellemême comme le suggère la perspective artificielle et peu fiable de l’efficacité marchande. Se fondant en cela sur la vision procédurale de Kirzner, cet article ébauche une perspective différente du réseau concurrentiel dont l’étalon est l’intégration des capacités complémentaires. Dans cette vision, les droits des firmes existantes à exploiter leurs droits ont comme contrepoids les possibilités de tierces parties à s’intégrer dans le réseau concerné sur une base nondiscriminatoire, préservant ainsi les investissements des entreprises existantes suivant une base plus équitable. (shrink)

BackgroundMental illness among Malaysian children is gradually reaching a fundamentally alarming point as it persistently shows increasing trend. The existing literature on the etiologies of children’s mental illness, highlights the most common cause to be ineffective or impaired parenting. Thus, efforts to combat mental illness in children should focus on improving the quality of parenting. Documented interventional studies focusing on this issue, particularly in Malaysia, are scarce and commonly report poor treatment outcomes stemming from inconvenient face-to-face instructions. Consequently, proposing an (...) accessible online and digital-assisted parenting program is expected to reach a larger number of parents, as it can overcome substantial barriers. Hence, this study aims to develop a universal digital-assisted preventive parenting intervention called DaPI, that aims to enhance mental health of children in Malaysia.MethodsA total of 200 parents of children aged 10–14 years will be recruited and randomized into two groups either intervention or waitlist-control based on a 1:1 ratio for a duration of 8 weeks. Those in the intervention group will receive eight sessions of the DaPI program that focus mainly on parenting and children’s mental health. The primary outcome of this study will essentially focus on the changes in parent-reported parenting behavior and parental self-efficacy. The secondary outcome will be changes in children’s mental health. Assessments will be arranged pre- and post-intervention as well as at the 1-month follow-up. Analyses will be conducted using a paired t-test and multivariate analysis of covariance.DiscussionThe expected outcome will be the establishment of DaPI in promoting children’s mental health by targeting changes in parenting behavior and parental self-efficacy in Malaysia. Findings from this study will be beneficial for policymakers to invest in parenting programs that could provide support to parents in enhancing their child’s overall development.Clinical trial registration[www.irct.ir], identifier [IRCT20211129053207N1]. (shrink)

Investment protection clauses, and the investor-state dispute settlement mechanisms they enable, have become a common feature of international agreements on trade and investment. Intended to promote foreign investment, these protections may also discourage governments from regulating in the public interest. This raises challenging normative questions about the rights of investors and distributive justice. In this paper, I argue that a global investment regime that disadvantages developing countries and socially disadvantaged groups is prima facie unfair. This conclusion (...) must be defended against the claim that investors have certain independent moral rights to have their property protected, regardless of the distributive consequences. Granting the premise that such investor rights exist, I argue that these cannot plausibly ground a general rule against public interest regulation that undermines the value of property. I conclude that even if foreign investors have rights that must be safeguarded, the current investment regime must be reformed. (shrink)

Contrary to the expectations of several theorists belonging to the modernisation school, chieftaincy as a traditional institution survived various political changes throughout the 19th and 20th century in most African states. Nonetheless, their existence thereafter has varied in these states. Some states have lauded, recognised and employed chiefs for state development, while other states have blatantly ignored and designated the offices of chiefs as an obsolete governance institution that has outlived their usefulness. The variance in the disposition to chiefs is (...) identified as deeply rooted in a long-standing debate over the relationship between modernity and tradition. This study explores this debate, adopting the Ghanaian chieftaincy institution in its modern form as a case study. A synthesis of existing literature on the relevant concepts was developed and discussed in the development of the study. The study identified the major debate on tradition and modernity to be situated in a binary school, where one strand believes they can both exist together, and the other situates their argument in the need to abolish tradition completely from modern societies. For the Ghanaian setting, however, the chieftaincy institution is recognised and accorded its autonomy in the 1992 Constitution of Ghana. This has created a bifurcated state where constitutional law and customary law are implemented at the same time. Over the years, the interaction between both systems of governance has been seen mostly in land administration, local governance, and development. Chiefs as such are identified as playing extensive roles in state development and investment promotion through land administration, serving as gatekeepers between the central government and their subjects, promoting solidarity and employing their influence and expertise as a means for introducing sustainable development initiatives in their localities. However, conflicts and land mismanagement have been areas of contention, affecting their influence and relevance in recent times. The study recommends capacity building and further integration with the modern democratic Ghanaian institutions to improve the contribution of chiefs to the development of Ghana and other contexts where they exist. (shrink)