Based on an abductive analytic study, we examine financial and social value incorporation in the multi-valued market of impact investing. This paper draws on interviews with investment professionals in 54 charitable foundations, intermediary and field building organizations in the impact investing market, to compare market objectives with practice, and to determine whether social and financial values are incorporated, thus producing ‘returns’ of both types through market exchange. We find unincorporated valuation is apparent at both the (...) market level and for several types of investors in contrast with the incorporated or even integrated valuations of other investors. This demonstrates that rather than incorporating logics in a binary or hybrid way, valuation in the moral market of impact investing occurs in a multiplicity of ways and on different levels of the market, depending on a variety of factors including adherence to traditional financial market standards and market design and maintenance. (shrink)

In China, many firms advertise that they follow environmentally friendly practices to cover their true activities, a practice called greenwashing, which can cause the public to doubt the sincerity of greenization messages. In this study, I investigate how the market values greenwashing and further examine whether corporate environmental performance can explain different and asymmetric market reactions to environmentally friendly and unfriendly firms. Using a sample from the Chinese stock market, I provide strong evidence to show (...) that greenwashing is significantly negatively associated with cumulative abnormal returns around the exposure of greenwashing. In addition, corporate environmental performance is significantly positively associated with CAR around the exposure of greenwashing. Furthermore, my findings suggest that corporate environmental performance has two distinct effects on CAR around the exposure of greenwashing: the competitive effect for environmentally friendly firms and the contagious effect for potential environmental wrongdoers, respectively. The results are robust to various sensitivity tests. (shrink)

Advertisers in the Netherlands and Flanders are discovering marketing opportunities to market to specific target groups such as children and adolescents, and their growing numbers in the ethnic minority population. There have been relatively few empirical studies on the portrayal of these audience segments. In light of the first steps in ethnic marketing theory and practice in the Netherlands and Flanders, this study questions how advertising campaigns actually deal with ethnicity and the multicultural market. This issue is tackled (...) by means of a quantitative and comparative content analysis of Dutch, Flemish, American, Turkish, and Chinese television commercials. The first section of this article sketches a theoretical framework for the measurement of cultural values and the representation of ethnic minorities in commercials. On the one hand it draws on previous cross-cultural research examining the individualism/collectivism dimension of culture and on the other hand on advertising research concerned with both content-related, and style characteristics of commercials. In the second section, the methodology is discussed through an examination of the sample and coding instrument. The results section reveals both similarities and differences in the use of values and communication styles in commercials from individualistic as well as collectivistic cultures. Finally, the conclusions of this study are discussed and recommendations for further research are presented. (shrink)

Farm to institution (FTI) efforts aim to increase the amount of locally produced foods, typically fruits and vegetables, served by institutions such as schools, colleges, hospitals, senior meal sites, and correctional facilities. Scholars have cited these efforts as contributing to public health and community-based food systems goals. Prior research has found that relationships based on shared values have played a critical role in motivating and sustaining FTI efforts. We review previous studies, discussing values that motivate participation, and affect (...) practices and relationships in FTI supply chains. We use semi-structured interviews to better understand supply chain actors’ values and motivations and how they affect behaviors, with the aim of informing efforts to increase the scope and effectiveness of FTI efforts. All participants are currently engaged in FTI efforts. We find a mix of social and economic values were present for farmers, distributors, and buyers. Our implications focus on the importance of shared values and relationships, the benefit of local food for businesses along the supply chain, and the potential of non-school institution markets as entry points for farmers. (shrink)

innocent drinks was a three-man start-up in the UK in 1998. It now operates in a number of European countries and has become an iconic brand. From its early years, innocent has made sustainability and ethical business practices, an integral part of its identity, alongside its wholesome fruit smoothie products, viral marketing campaigns and humorous, self-deprecating advertising. It has built strong consumer loyalty and become a powerful role model for other young entrepreneurs. As it starts its second decade, with (...) more competition from own labels and global drinks companies; and as it expands in to more continental European markets, it is challenged to maintain and develop further its ethical business practices and commitment to sustainability. Do the three founders who retain majority ownership of their company sell their stake—and if they stay, how do they keep innocent, innocent? (shrink)

This note offers reflections on qualified market access —the practice of linking trade agreements to values such as human rights, labour standards, or environmental protection. This idea has been suggested by political theorists as a way of fulfilling our duties to the global poor and of making the global economic system more just, and it has influenced a number of concrete policies, such as European Union trade policies. Yet, in order to assess its merits tout court, different perspectives (...) and disciplines need to be brought together, such as international law, economics, political science, and philosophy. It is also worth reflecting on existing practices, such as those of the EU. This note summarises some insights about QMA by drawing such research together and considers the areas in which further research is needed, whilst reflecting also on the merits of interdisciplinary exchanges on such topics. (shrink)

This study investigates the antecedents and mechanisms of consumers’ adoption of a public bicycle-sharing scheme as a form of shared sustainable consumption. Drawing on marketing ethics and sustainability literature, it argues that cultural and consumption values drive or deter the adoption of PBSS through the mediating mechanism of ethical evaluation. This study tests its hypotheses using a sample of 755 consumers from one of the largest PBSS programs in China. The results confirm the significance of collectivism, man–nature orientation, materialism, (...) and face-consciousness as key determinants of the adoption of PBSS. Interestingly, these values play mixed roles in influencing PBSS adoption. It also finds that such values and beliefs need to be effectively translated into ethical evaluations of PBSS adoption, and need to be addressed in the specific social context. Thus, ethical evaluation constitutes a cognitive strategy that allows consumers to justify and defend their adoption of sustainability practices. The results suggest that a desirable sustainability program needs to not only cater to the cultural and psychological motivations of consumers, but also reflect the social norms and social context in which the sustainability practices and consumers are embedded. (shrink)

This study examines the effects of nationality (U.S. vs. China) and personal values on managers’ responses to the Perceived Role of Ethics and Social Responsibility (PRESOR) scale. Evidence that China’s transition to a socialist market economy has led to widespread business corruption, led us to hypothesize that People’s Republic of China (PRC) managers would believe less strongly in the importance of ethical and socially responsible business conduct. We also hypothesized that after controlling for national differences, managers’ personal (...) class='Hi'>values (more specifically, self-transcendence values) would have a significant impact on PRESOR responses. The hypotheses were tested using a sample of practicing managers enrolled in part-time MBA programs in the two countries. The results indicate that nationality did not have a consistent impact on PRESOR responses. After controlling for national differences, self-transcendence values had a significant positive impact on two of the three PRESOR dimensions. Conservation values such as conformity and tradition also had a significant association with certain dimensions of the PRESOR scale. (shrink)

Family farming became a major social force in the Federal Republic following World War II. Several political, economic and social factors facilitated the development of a unified political representation within the farm sector. The German Farmers Union (Deutscher Bauernverband) became the main representative of the farm sector. Its platform included the preservation of family farms and it attempted to realize this goal through the promotion of commodity price support policies. Political support for these programs was legitimized with the elaboration of (...) a system of values espousing the positive qualities of family farms. Price support policies were opposed by free market advocates with an alternative system of values that fundamentally contradicted those of family farm advocates. Although commodity price supports promoted by partisans of family farming dominated agricultural policy formation in the 1950s and 1960s, fiscal crisis in the EEC and economic differentation within the farm sector began to undermine the position of family farming as a social force. But economic stagnation also prevented the free market position from gaining dominance. Economic differentiation within the farm sector has had an important regional dimension, and this has served as a basis for policy compromise. Economic changes over the post-WWII period have undermined the family farm as a social force. Nevertheless, values associated with family farming continue to have a place in agricultural policy. However, family farming is valued less as an end in itself, and more as a means to the realization of more practical ends such as the preservation of rural landscapes for recreational purposes. (shrink)

Some time before deconstruction theoretically destabilized the founding oppositions of Western metaphysics, Pierre‐Joseph Proudhon noted their everyday, practical unravelling in the Bourse Stock Exchange in nineteenth‐century Paris. In his Broker's Handbook, Proudhon considered the profound implications of the speculative model of value introduced by the stock market and recommended that modern reformers and revolutionaries seek their instruction there. The mobilization of value exemplified in the operations of the Bourse propelled capitalism through the twentieth century towards its present global dominance, (...) bringing in its train all the features of supermodernity that currently confound the thinking of cultural values today. For it is not just economic questions that are posed from within the logic of the financial security of the mobile values of share prices, but also questions of ethics, aesthetics, semantics and metaphysics. This essay historicizes and interrogates the new paradigm of value emanating from ‘the temple of speculation’ and attempts to think through its global, cultural and economic effects beyond the mystifications that it engenders. (shrink)

Drawing on the works of philosophers Charles Taylor and Joseph Heath, this paper argues that the critique of consumerism is too often separated into an emphasis on “ideas” or “practices.” Taylor’s critique is set against the backdrop of his interpretation of the ideas and values that are constitutive of Western selfhood. To engage in excessive consumption, on this view, is to betray the ideals underlying one’s cultural identity. Heath, by contrast, argues that critics of consumerism must avoid this (...) kind of ideas-based social criticism because it is not only unproductive, but also illiberal and elitist. The phenomenon of consumerism must be approached, rather, by way of an institutional critique that treats excessive consumption as a collective action problem arising within the context of the market economy. The paper argues that while Heath makes an invaluable contribution to the critique of consumerism, his misunderstanding of the importance of ideas is such that his critique ultimately lacks vigor and persuasiveness. (shrink)

The study draws attention to the transfer of management theories and practices from traditional capitalist countries such as the USA and UK to post-socialist countries that are currently experiencing radical change as they seek to introduce market reforms. It is highlighted that the efficacy of this transfer of management theories and practices is, in part, dependent upon the extent to which work-related attitudes and values vary between traditional capitalist and former socialist contexts. We highlight that (...) class='Hi'>practices such as Human Resource Management (HRM) and Organization Development (OD) are inextricably associated with conceptions surrounding culture and society, as well as to variables such as job satisfaction and organisational commitment. The main aim of this study is to compare various attitudes and values of employees in traditional capitalist countries and post-socialist countries. On the basis of the findings of an attitudinal survey of (N = 5914) workers in 15 countries we conclude that certain aspects of the attitudes and values of workers in post-socialist countries and traditional capitalist countries differ significantly. Specifically, these differences were found in respect of context-related and job-related attitudes, and also in relation to the importance that the respondents attached to the subject of ethics more generally. The implications of the study are discussed particularly in relation to the transfer of management theory and practices between traditional capitalist and post-socialist contexts. (shrink)

It is widely believed that just societies would be characterized by some combination of democratic political institutions and market-based economic institutions. Underlying the commitment to the combination of democracy and markets is the view that certain normatively significant outcomes in a society ought to be determined by democratic processes, while others ought to be determined by market processes. On this view, we have reason to object when market processes are employed in ways that circumvent democratic processes and (...) affect outcomes that ought to be determined democratically. In this paper, I argue that Waheed Hussain’s recent account of the conditions that must be met in order for the use of market power in pursuit of social change to avoid conflict with democratic values is objectionably narrow, and offer an alternative account that avoids the problems that undermine his account without abandoning the requirement that democratic values be properly respected. The central feature of my account that makes this possible is a broader conception of democratic processes that includes public deliberation and debate aimed at shaping informal social norms and practices. (shrink)

innocent drinks was a three-man start-up in the UK in 1998. It now operates in a number of European countries and has become an iconic brand. From its early years, innocent has made sustainability and ethical business practices, an integral part of its identity, alongside its wholesome fruit smoothie products, viral marketing campaigns and humorous, self-deprecating advertising. It has built strong consumer loyalty and become a powerful role model for other young entrepreneurs. As it starts its second decade, with (...) more competition from own labels and global drinks companies; and as it expands in to more continental European markets, it is challenged to maintain and develop further its ethical business practices and commitment to sustainability. Do the three founders who retain majority ownership of their company sell their stake—and if they stay, how do they keep innocent, innocent? (shrink)

Aesthetics is thought of as not only a theory of art or beauty, but also includes sensibility, experience, judgment, and relationships. This paper is a study of Bernard Stiegler’s notion of Aesthetic War (stasis) and symbolic misery. Symbolic violence is ensued through a loss of individuation and participation in the creation of symbols. As a struggle between market values against spirit values human life and consciousness within neoliberal hyperindustrial society has become calculable, which prevents people from creating (...) affective and meaningful attachments to symbols in relation to our retentional apparatuses, technology and memory. Such tension can be thought of as a dissonance between overlapping domains of social life, private and public. New Media is a reflection of aesthetic dissonance, an experience such as being bored and entertained at the same time, between antagonistic experiences, values, and behavior. Moreover, new media is at once a medium of customizing aesthetic experience individually as well as the threat and practice of prioritizing calculability and modeling of consumer behavior in favor of capitalistic effectiveness, which results in the simultaneous categorization of an individual as a data point, putting those who do not fit an algorithm’s premises at a disadvantage. (shrink)

Market economics can overreach and reduce all human activities to market-governed activities. More than a market-inspired explanation for human activities, it offers a normative account of how all goods and services should be distributed by private parties negotiating mutually agreeable terms. This paper argues that market values and practices are constrained by other fundamental values and practices. Liberal values are generally consistent with, though they are not reducible to, market (...) class='Hi'>values. Democratic and egalitarian values often contrast with market values. The distribution of market benefits should accommodate those democratic and egalitarian values which constitute a polity's core commitments (and those core commitments need to be reasserted regularly). Indeed, market stability depends upon a general distribution of its benefits. Incentives to productive activity entail inequalities, but the terms of those inequalities are subject to review. Internal refinements to specific markets can reduce inequalities by promoting the fairness of market operations and by increasing the number of effective participants. (shrink)

The response to the HIV/AIDS pandemic in Africa has so far ignored important traditional African values and attitudes toward disease and commerce. These values and attitudes are significantly different from the libertarian, market-driven, profit-oriented values and practices of important sectors of the Western world. To deal with this epidemic, the world should consider respect for, and possibly even adoption of those African values, which provide for people in genuine need, irrespective of their ability to (...) pay. HIV/AIDS vaccine research indigenous to Africa is also not always taken seriously, and struggles to find adequate funding for such research within or outside of the continent have been extremely difficult. A better appreciation of knowledge systems and values indigenous to the African experience is important in the fight against the HIV/AIDS pandemic. (shrink)

Semiotic objections to market exchange of a good or service maintain that such exchanges signal an inappropriate attitude to the good or to associated individuals, and that this provides a weighty reason against having or participating in such markets. This style of argument has recently come under withering attack from Jason Brennan and Peter Jaworski (2015a, 2015b). They point out that the significance of any market exchange is explained by a contingent semiotic norm. Given the tremendous value that (...) could be realised by markets in, for instance, bone marrow, or kidneys, deferring to such norms across the board would have very significant opportunity costs. In the absence of any rationale for these norms, they should be ignored completely. We provide one important rationale. Unlike many semiotic objections to markets, we provide a broadly consequentialist semiotic argument. We argue that a range of behaviours play important signalling roles in interpersonal social practices; in particular, in practices involving caring, esteem, and testimony. Markets in these behaviours would distort these signals. Moreover, many of the productive advantages yielded by markets rely in turn on positive market norms that also inhibit the signalling behaviours associated with these nonmarket behaviours. We conclude that there will inevitably be trade-offs between the distributive advantages of new markets and these interpersonal social practices. (shrink)

The quest to foretell the future is omnipresent in human affairs. A potential solution to this epistemological conundrum has emerged through mass collaboration. Motored by the Internet, prediction markets allow a multitude of individuals to assume a stake in a security whose value is tied to a future event. The resulting prices offer a continuously updated probability estimate of the event actually taking place. This paper gives a survey of prediction markets, their history, mechanics, uses, and theoretical foundation. We also (...) review the literature surrounding their efficacy. Though there are shortcomings with prediction markets, as well as practical constraints, they hold out the prospect of improving the quality of organizational decisions and increasing the level of participation in the deliberative process. We also note that lessons can be drawn from these markets to guide the epistemological practices of disciplines and inquiries in which empirical methods are difficult to apply. (shrink)

In this paper I argue that the free-market provision of health care is both practical and morally sound, and is superior in both respects to its provision by the State. The State provision of health care will be inefficient compared to its free-market alternative. It will thus provide less health care to persons for the same amount of expenditure, and so save fewer lives and alleviate less suffering for two reasons: state actors have no incentive to husband their (...) resources effectively, and that in a non-market setting, special interest groups can capture resources through lobbying, perverting them away from their efficient allocation. Given these considerations of efficiency a utilitarian should morally prefer the free-market provision of health care to its State-based rival. Furthermore, even if one is not a utilitarian, the free-market provision of health care will be more morally sound than its State-based alternative because it will likely better respect the autonomy of persons, and will better refrain from imposing values upon persons. With these points in hand, I address two prominent objections to a free market system of health care. (shrink)

Economic models, like scientific paradigms, predispose actors towards certain patterns of behavior or practices. Over time these become accepted as normal practice which everybody is expected to observe or to follow. This is how theoretical orthodoxies are established. However, even orthodoxies rely on refinement of techniques. In economics this is widely recognized, as it guarantees competitiveness among various practitioners. The context within which this occurs is often taken for granted since it is implicit in given theoretical models. For instance, (...) in development theory it is assumed that the prevailing Euro-American economic model is universally valid. It is more than likely that this itself has become a social value which the West wants to maintain. Consequently, as a scientific proposition, it cannot be clarified since the West uses its political and military power to guarantee the necessary conditions for the reproduction of the same globally. Insofar as this is true, it is only reasonable to grant the fact that economic models inevitably carry with them unacknowledged normative presuppositions. This is best illustrated by the fierce ideological battle that occurred between the so-called socialist and “free market” adherents during the cold war. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Atonement, Justice, and Peace: The Message of the Cross and the Mission of the Church by Darrin W. Snyder Belousek, and: Restorative Justice: Theories and Practices of Moral Imagination by Amy LevadDana ScopatzReview of Atonement, Justice, and Peace: The Message of the Cross and the Mission of the Church DARRIN W. SNYDER BELOUSEK Grand Rapids, MI: Eerdmans, 2012. 668 pp. $55.00Review of Restorative Justice: Theories and (...) class='Hi'>Practices of Moral Imagination AMY LEVAD El Paso, TX: LFB Scholarly Publishing, 2012. 300 pp. $80.00In Atonement, Justice, and Peace and Restorative Justice, the authors advocate for a restorative conception of justice, which they oppose to the “normal” retributive concept. Amy Levad draws on Aristotle and the virtue ethics tradition to write about “moral imagination” and restorative justice. Darrin Belousek uses Thomas Kuhn’s language to write about a “paradigm shift” in our understanding of theological themes relevant to restorative justice. Both contrast the restorative imagination or paradigm with a retributive one, although Levad also contrasts restoration with rehabilitation. Levad limits her study to restorative justice as [End Page 214] practiced in the criminal justice system, while Belousek expands his work to consider the Bible, theology, and multiple issues in society and in the church.Levad begins her book by discussing Aristotle’s idea of justice as equity, which she points out requires more discernment from judicial decision makers than it requires the algorithmic application of laws. In order for them to enact justice as equity, she argues, decision makers need a “vivid and expansive” moral imagination. Toward this end, she brings together two traditions: Aristotelian virtue ethics and modern literature on moral imagination. At the heart of her work is an ethnographic study intended to determine whether there are practices of restorative justice that can foster such a vivid and expansive moral imagination. After observing and interviewing participants in restorative justice programs in Colorado, Levad examined the narratives, metaphors, and symbols they used in order to determine whether and how they demonstrated a distinctively restorative moral imagination. Because the scope of her study was limited, and because she had difficulty getting a wide spectrum of roles involved in restorative justice to participate in the study, Levad’s results are more suggestive than conclusive. She acknowledges that we cannot generalize from them; although she draws on research methods from sociology and criminology, her findings do not meet their standards of evidence. Thus, the book’s greatest value lies in the recommendations it makes for further study. Empirical studies of the effectiveness of restorative justice practices have tended to focus on either reducing recidivism or the satisfaction of participants with the process. Levad brings to the fore two questions that have so far not been explored in previous research. First, how do restorative justice practices affect the moral imagination? And second, what effect might those practices have on ethical discernment? Her book takes some hopeful initial steps in addressing those questions.Although Levad writes as a Christian ethicist, she did not explicitly incorporate theological reflection into her study of state-sponsored programs. Belousek, by contrast, takes on an explicitly theological project of evaluating how interpretations of the significance of the cross of Jesus interact with such things as support for capital punishment, just war, and market economics. Since Belousek’s book is wide-ranging, this review will concentrate on the task it has in common with Levad’s book: that of reconceptualizing justice.In a fashion parallel to Levad’s use of Aristotle’s notion of justice as equity, which sometimes departs from strict legal justice, Belousek cites Paul’s vision of God’s justice “irrespective of” or “apart from” the law (372). Belousek begins by linking penal-substitutionary atonement theory to capital punishment, just war, and exchange economy in a single “paradigm,” arguing that they are all under-girded by what he calls the “Retributive Principle” (28). He then challenges this paradigm’s appropriateness for Christianity on biblical and doctrinal grounds. After examining arguments in favor of penal-substitutionary atonement in detail—drawing on the works of J. I. Packer and Thomas Schreiner, among [End Page 215] others—he turns to the scriptures cited in support... (shrink)

When we talk about ideology and new genetics we tend to think of concepts like geneticisation and genetic essentialism, which present genetics and biology in deterministic terms. However, the aim of this article is to consider how a particular economic ideology - neoliberalism - has affected the bioeconomy rather than assuming that it is the inherent qualities of biotechnology that determine market value. In order to do this, the paper focuses on the discourses and practices of economic competitiveness (...) that pervade biotechnology policy-making in the UK, Europe and the USA. Finally it will consider how the manufacture of scarcity - in order to produce the bioeconomy - has led to a problematic focus on a specific innovation paradigm that may prove detrimental to the development and distribution of new biotechnologies. (shrink)

New Zealand fisheries management reforms are being conducted in terms of 'balancing' of interests and reconciliation of conflicting claims over ownership and use. Fisheries legislation seeks efficient levels of fishing effort, while establishing 'environmental bottom lines' for stock conservation; resource management law requires, alongside efficiency of resource use, consideration for species diversity and 'the intrinsic values of ecosystems' ; and the Treaty of Waitangi safeguards customary practices and life-support requirements for the Maori people. This paper analyses these antinomies (...) in terms of contrasting ethical positions – utilitarian rationality, versus an ethic of reciprocal hospitality – and shows how fisheries management policies can be formulated on this basis. (shrink)

This paper considers a specific aspect of a practice-as-research project—the Kingston University Big Read. It explores how to achieve optimum attractiveness and perceived value among students and staff for a free book circulated for the purposes of a pre-arrival shared reading scheme. After consideration of the academic literature relating to the distribution of free books and the theft of books, there follows a detailed examination of marketing practice in the publishing industry relating to the dissemination of free and promotional items (...) through collaborative endeavours. The solutions adopted are described, along with the outcomes perceived in the market, and recommendations are made for the future. (shrink)

International marketing practices, embedded in a strong ethical doctrine, can play a vital role in raising the standards of business conduct worldwide, while in no way compromising the quality of services or products offered to customers, or surrendering the profit margins of businesses. Adherence to such ethical practices can help to elevate the standards of behavior and thus of living, of traders and consumers alike. Against this background, this paper endeavors to identify the salient features of the Islamic (...) framework of International Marketing Ethics. In particular, it highlights the capabilities and strengths of this framework in creating and sustaining a strong ethical international marketing culture. At the heart of Islamic marketing is the principle of value-maximization based on equity and justice (constituting just dealing and fair play) for the wider welfare of the society. Selected key international marketing issues are examined from an Islamic perspective which, it is argued, if adhered to, can help to create a value-loaded global ethical marketing framework for MNCs in general, and establish harmony and meaningful cooperation between international marketers and Muslim target markets in particular. (shrink)

Business Ethics is designed to serve as a textbook for first year students of MBA and diploma students of management courses. The book provides a deep insight into the crucial role played by ethical choices in managerial decision making within an organization as well as the impact of such decisions on the world at large. Starting with a broad overview of the meaning and scope of ethics and the development of ethical thought, the book puts forward the applications of ethical (...) standards to business areas such as corporate governance, marketing and brand management, advertising, and finance. The discussion shifts to a more human level with the various issues of workplace ethics as well as consumer rights. Special focus is given to ethical choices related to the environment, cyber space and criminal intimidation. Contemporary issues like corporate code of ethics, political correctness and the role played by NPO and NGO in upholding moral values are discussed in detail. Finally, several open-ended issues like Intellectual Property. The book follows a debate-based approach where both for and against views are presented, followed by concept analysis and logical deductions. This approach is well aided with a number of caselets, case studies and end chapter review questions. This book will also serve as a useful reference for BBA faculty and professionals. (shrink)

Since the introduction of Ethereum in 2015, blockchain technology (BT) has been evolving, and BT has been associated with the concept of the sharing economy by business academics. Despite the marketing research on the sharing economy that has been extensively conducted in the last decade, the linkage between BT and ethical marketing in the sharing economy remains unclear. Through a systematic literature review of 163 articles and a co-citation analysis, this study identifies the key elements of blockchain capabilities, blockchain attributes, (...) and the underlying economic theories of blockchain. It also synthesizes and proposes a shift of ethical marketing logic in the blockchain-based sharing economy that delineates the principles of stakeholder capitalism. The article concludes with a list of future research directions that underline three approaches of stakeholder theory (i.e., the descriptive, instrument, and normative approaches). These directions aim to guide marketing scholars concerning how BT enables an institutionally embedded view of ethical marketing activities and practices that enhance collaborative marketing and subsequently innovate value chains and create sustainable business models in the sharing economy, as well as to the metaverse. (shrink)

Customers’ declining receptivity to conventional marketing tools has been a challenge for convenience stores. To overcome this, retailers are turning to social media as a new, potent marketing tool for creating business prospects and encouraging direct customer interaction. However, it is still unknown how social media marketing affects the shifts in customer behavior. This paper expands on the relationship of “loyalty program + virtual community experience → perceived value → customer loyalty” in the traditional convenience store scenario, refining the variables (...) of virtual community experience, perceived value, and customer loyalty. It also compares the effectiveness of different LP design structures and explores the mediation impact of program loyalty and the moderation effect of alternative attractiveness. The results demonstrate the superior performance of LPs with an expiry policy and differential returns and highlight the importance of enhancing members’ virtual community experiences in fostering customer perceived value and loyalty. The results also show the minor negative moderation impact of community group buying and prove that emotional value significantly impacts customer loyalty. Still, the social value does not affect program loyalty. The recommendations are offered, such as designing growing-oriented and periodical zeroing LPs, as well as using new social media marketing tools to empower traditional marketing techniques and constructing a “convenience store + community group buying” model. The findings have substantial theoretical and practical implications for traditional convenience stores in properly implementing loyalty and social media marketing tactics to maximize customer value and loyalty with a limited budget. (shrink)

This article engages various critiques of Fair Trade, from its participation in commodification to providing a cover for "Fair-washing" corporations, and argues that Fair Trade has the potential to answer the challenges contained within them if and when it initiates an ongoing process of developing the "ethical valuedadded" content of the label. This argument is made in a number of ways. First, by distinguishing between economic and human development impacts and ethics, this article argues that these impacts are necessary but (...) not sufficient conditions for ethical trade. Second, it engages the question of the possibility of ethical practice in economics generally; developing the idea that when economics is concerned with securing the material basis of a broad range of life capacities it becomes ethical. Third, Fair Trade practice itself is examined from this standpoint, and is conceived of as both comprising a promising ethical value-added practice as well as posing a problem in its current formulation that the framework of ethical valueadded can help understand and resolve. Finally, an examination of these theoretical ideas in practice is undertaken through a case study of Café Femenino, a Fair Trade coffee produced in Peru. In conclusion it is argued that for Fair Trade to build upon its economic and human impacts, and therefore remain a meaningful ethical and economic alternative to corporate capitalism and globalization, it must distinguish itself clearly in ethics from those market relations it wishes, explicitly or implicitly, to challenge. (shrink)

Firms are under increasing pressure from external forces to do what is right and behave ethically. However, we have only a limited understanding of how ethical and responsible business practices impact the value of the firm, both in the short and the long term. In this study, we examine 196 firms that were recognized as the world's most ethical firms from 20 countries over a 14-year span. Results show that ethical behavior may have little effect on a firm's profitability (...) in the short term. However, it has a positive effect on a firm's market value, reflecting the market's positive assessment of its long-term performance. We also find that firms frequently listed among the world's most ethical companies tend to have higher market value than firms listed only once. (shrink)

Purpose Artificial intelligence (AI) has sparked interest in various areas, including marketing. However, this exhilaration is being tempered by growing concerns about the moral and legal implications of using AI in marketing. Although previous research has revealed various ethical and legal issues, such as algorithmic discrimination and data privacy, there are no definitive answers. This paper aims to fill this gap by investigating AI’s ethical and legal concerns in marketing and suggesting feasible solutions. Design/methodology/approach The paper synthesises information from academic (...) articles, industry reports, case studies and legal documents through a thematic literature review. A qualitative analysis approach categorises and interprets ethical and legal challenges and proposes potential solutions. Findings The findings of this paper raise concerns about ethical and legal challenges related to AI in the marketing area. Ethical concerns related to discrimination, bias, manipulation, job displacement, absence of social interaction, cybersecurity, unintended consequences, environmental impact, privacy and legal issues such as consumer security, responsibility, liability, brand protection, competition law, agreements, data protection, consumer protection and intellectual property rights are discussed in the paper, and their potential solutions are discussed. Research limitations/implications Notwithstanding the interesting insights gathered from this investigation of the ethical and legal consequences of AI in marketing, it is important to recognise the limits of this research. Initially, the focus of this study is confined to a review of the most important ethical and legal issues pertaining to AI in marketing. Additional possible repercussions, such as those associated with intellectual property, contracts and licencing, should be investigated more deeply in future studies. Despite the fact that this study gives various answers and best practices for tackling the stated ethical and legal concerns, the viability and efficacy of these solutions may differ depending on the context and industry. Thus, more research and case studies are required to evaluate the applicability and efficacy of these solutions in other circumstances. This research is mostly based on a literature review and may not represent the experiences or opinions of all stakeholders engaged in AI-powered marketing. Further study might involve interviews or surveys with marketing professionals, customers and other key stakeholders to offer a full knowledge of the practical difficulties and solutions. Because of the rapid speed of technical progress, AI’s ethical and regulatory ramifications in marketing are continually increasing. Consequently, this work should be a springboard for more research and continuing conversations on this subject. Practical implications This study’s findings have several practical implications for marketing professionals. Emphasising openness and explainability: Marketing professionals should prioritise transparency in their use of AI, ensuring that customers are fully informed about data collection and utilisation for targeted advertising. By promoting openness and explainability, marketers can foster customer trust and avoid the negative consequences of a lack of transparency. Establishing ethical guidelines: Marketing professionals need to develop ethical rules for the creation and implementation of AI-powered marketing strategies. Adhering to ethical principles ensures compliance with legal norms and aligns with the organisation’s values and ideals. Investing in bias detection tools and privacy-enhancing technology: To mitigate risks associated with AI in marketing, marketers should allocate resources to develop and implement bias detection tools and privacy-enhancing technology. These tools can identify and address biases in AI algorithms, safeguard consumer privacy and extract valuable insights from consumer data. Social implications This study’s social implications emphasise the need for a comprehensive approach to address the ethical and legal challenges of AI in marketing. This includes adopting a responsible innovation framework, promoting ethical leadership, using ethical decision-making frameworks and conducting multidisciplinary research. By incorporating these approaches, marketers can navigate the complexities of AI in marketing responsibly, foster an ethical organisational culture, make informed ethical decisions and develop effective solutions. Such practices promote public trust, ensure equitable distribution of benefits and risk, and mitigate potential negative social consequences associated with AI in marketing. Originality/value To the best of the authors’ knowledge, this paper is among the first to explore potential solutions comprehensively. This paper provides a nuanced understanding of the challenges by using a multidisciplinary framework and synthesising various sources. It contributes valuable insights for academia and industry. (shrink)

Myriad contemporary public-policy issues--including physician-assisted suicide, medical marijuana, abortion, surrogate motherhood, gay rights, conscription, and markets in human organs--raise the following important question: what rights should individuals have over their own bodies? The concept of self-ownership offers one way to answer this question. Just as ownership of an external object involves having rights, liberties, powers, immunities, etc., with respect to it, so self-ownership involves having these incidents of ownership with respect to one's own body and labor power. Much of the (...) contemporary debate over self-ownership has been about which of these incidents should be included in its definition. This dissertation endorses a particular configuration of incidents called Control Self-Ownership, consisting of permanent rights in rem of use, exclusion, and transfer over one's own body and labor power. As I show, this conception of self-ownership is coherent--two of its incidents can be either directly or indirectly derived from the third--but it creates difficulties for the political theorists who use it. For example, liberal egalitarians' tentative adoption of CSO forces them to be not only more liberal but also less egalitarian than they would otherwise be, whereas libertarians' efforts to adopt CSO but also extend it to include a right to labor income are unsuccessful, leaving their opposition to redistributive labor taxation ungrounded. The dissertation also shows that CSO can act as a mediating concept between the abstract political value of autonomy and a variety of concrete policy prescriptions, including the decriminalization of victimless crimes and the abolition of forced labor. More specifically, I demonstrate that CSO is tightly linked to autonomy by developing two distinct but interrelated Kantian defenses of it. I also argue that CSO is highly inconsistent with several existing and proposed nonmarket institutions to allocate transplantable human organs but that it can provide moral support for markets in human organs. The dissertation concludes with a critical examination of anticommodificationist and social-contract critiques of self-ownership. (shrink)

The main goal of the article is a further development of the usage of income and comparable approaches to company valuation aimed at defining market capitalization sensitivity to value changing in the conditions of dynamization of internal and external business parameters. The relevance of the researched topic is determined by the importance of establishing the factors influencing the change in company market capitalization based on the synthesis of approaches to company valuation. To obtain the results of the study, (...) the following methods were used: structural and logical analysis – to improve the process approach to company valuation in the context of determining the impact of its change on market capitalization; discounted cash flow method (DCF-model) – to determine the value of the enterprise based on the income approach; comparable companies method – to determine the value of the company on the basis of a market approach; factor analysis method – to assess the impact of changes in value on company market capitalization; generalization and logical analysis – in conclusions building. The results of critical analysis of publications of domestic and foreign scientists on the application of company valuation methods identified the need of improvement the process approach to company valuation in the context of determining the impact of its change on the company market capitalization. To adequately assess company value, the use of a synthesis of income and market approaches is proposed. The implementation of the DCF-model and comparable companies valuation method while valuation of Private Joint-Stock Company “SKF Ukraine” allowed to establish that the greatest impact on the target metric (company market capitalization) has an average industry multiplier EV/EBITDA, terminal growth rate and weighted average cost of capital – 5.9 %, 3.2% and 2.7% respectively. The practical value of the results of the study is determined by the importance of forming a full analytical basis for establishing the attractiveness of the performance of joint-stock companies in the market and consolidating management decisionsin order to increase market capitalization. (shrink)

In the literature, CSR’s roles on firm performance are found to be positive, negative, or neutral. This inconclusive pattern suggests there may be a more complicated mechanism at work than the traditional focus on simple linear associations. We propose and test an inverted-U-shaped relationship between CSR and shareholder value, the fundamental measure of firm performance. Further, we incorporate a critical firm attribute, marketing capability, to moderate the nonlinear link between CSR and shareholder value, thereby exploring a previous understudied area involving (...) the interplay between CSR and market-side competency. The results show that an initial increase in CSR engagement positively drives firm shareholder value, but the effect turns negative when a firm pursues excessive CSR engagement. Notably, however, this negative association does not apply to firms that have a high marketing capability. Our research generates meaningful implications for a stakeholder view of CSR, strategic management, firm valuation, resource-based theories, and business practices. (shrink)

_Universities and Globalization: To Market, To Market_ examines the operations of power and knowledge in international education under conditions of globalization, with a focus on the three biggest exporters of higher education--the United States, Australia, and the United Kingdom. An interdisciplinary approach based on the core social sciences is used to explore the power relations that shape global education networks. The role of nation-states in creating the conditions for education markets and the desire for a Westernized template of international (...) education in the postcolonial world is discussed. The volume offers a sophisticated attempt to recast international education as a series of geopolitical and geoeconomic engagements that transcend simple supply and demand dynamics. Engaging with the theoretical debates about education and globalization, this book examines global cultural "flows" and boundary crossings, the cultural economy of education networks, and the possibilities for supra-territorial subjectivities. International education markets are examined from the perspectives of both first world producers and postcolonial consumers. By investigating how first world universities imagine and enact the global in their marketing practices, the expressions of cultural diversity valued by education markets, and the types of individual and institutional subjectivities merging from markets, _Universities and Globalization: To Market, To Market_ offers students, faculty, administrators, marketing consultants, and others who work in the area a highly nuanced account of the global relations fostered by education markets. This original, critical examination of the forms and cultural politics of international education is a significant contribution to the field. (shrink)

Artificial intelligence (AI) is rapidly changing the way that art is created and consumed, allowing artists to create unique, engaging works with high computing power that can supplement their creative process. This manuscript explores the creative process of using AI technology in digital art to create paintings and evaluates creativity based on the aesthetic value and components of works created by AI. This research seeks to understand how AI technology influences the art world through a practice-led methodology with a descriptive (...) qualitative approach and observational methodology. Pioneering artwork such as Edmond de Belamy, created by French collective obvious using generative adversarial networks (GANs), has raised questions among the creative fields concerning originality, creativity, and authorship. Through analyses of AI-generated artwork and comparison with traditional artwork, the research investigates potential opportunities and challenges that AI presents to the art world. Ultimately, AI technology can provide a creative spark for human artists who, with an appropriate understanding of the limitations of AI algorithms, can create incredible pieces of art that embrace the contributions of both humans and machines. This research seeks to fill in the gaps left by earlier works and provide a more multi-faceted look at the changing landscape of AI in art, gaining a better understanding of the ways AI is impacting the art world and what the future may look like in the coming years. (shrink)

Coinciding with the rising development of emerging markets, sustainable consumption practices in these markets are increasingly under scrutiny. In this context, we compare empirical results from consumers in four countries (three emerging markets and one developed market) in an experimental study to uncover patterns of preferences for sustainable luxury products (i.e., products that combine sustainability and luxury characteristics). Our findings illustrate that consumers’ quality, emotional, price, and social value perceptions, as well as purchase and electronic word-of-mouth intentions, are (...) consistently higher in all three emerging markets compared to the developed market. We find that sustainability (vs. conventional) product features increase consumers’ product value perceptions and behavioral intentions, although this effect is partially stronger for the developed compared to the emerging market(s). We further show a positive sustainability effect for luxury products, this effect is stronger for mass-market products. Combining sustainability and luxury signals leads to similar effects in emerging and developed markets. Thus, emerging markets have promise in terms of scope for incorporating sustainability characteristics into luxury products. Sustainable luxury consumption can therefore be understood as a manifestation of global consumer culture. (shrink)

Advancing women’s empowerment and gender equality in agriculture is a recognised development goal, also within crop breeding. Increasingly, breeding teams are expected to use ‘market-based’ approaches to design more ‘demand-led’ and ‘gender-responsive’ crop varieties. Based on an institutional ethnography that includes high-profile development-oriented breeding initiatives, we unpack these terms using perspectives from political agronomy and feminist science and technology studies. By conceptualising the market as an ongoing, relational performance made up of discourses, practices and human and nonhuman (...) actors, we trace how the market is understood as an effective socioeconomic institution for soliciting demand, but also becomes a normative agenda. Construed as a demand variable, the relational and structural dimensions of gender are rendered less visible, which might strengthen rather than transform power relations’ status quo. On the other hand, a feminist science and technology perspective broadens the field of vision not only to the gendered dimensions of crop breeding, but also to the nonhuman actors, such as the crops and traits falling outside the market sphere of interest. By putting political agronomy and feminist science and technology studies into conversation, the article contributes to the development of a feminist political agronomy. (shrink)

When scientists consider the interaction of science and value judgments, debates often occur. When public policy grows out of science, disagreements between scientists can become even more spirited. This paper examines the case of nutrition policy in the United States, which has been both at the interface between agriculture and medicine and the object of serious discord concerned with the strength and validity of the scientific evidence and the responsibility for action. The development of indirect intervention policies, designed to educate (...) and inform the public on diet and health, is traced as a practical demonstration of the effects of involvements of nutritional scientists of different disciplines and philosophic bents. Controversies centered mainly on the issues of diet and coronary heart disease and of diet and cancer in nutritional guidelines for Americans and the recommended dietary allowances. But the arguments turned on a complex web of values and interests as well as scientific questions. A remarkable turnaround by animal agriculture and its scientific support occurred, changing from a defensive, rightist stance to one that appears to recognize a moral responsibility to the public health. The convincing point was likely the changing market. Nutritional scientists, however, remained divided on the issue of whether a public health strategy keyed to public education should replace a strategy to identify persons of high risk and modify the risk by treatment. Our analysis suggests that the tension between libertarian and utilitarian social values of scientists is at least as important as disagreements relative to validity and strengths of the scientific evidence. (shrink)

Artificial intelligence (AI) is increasingly relied upon by clinicians for making diagnostic and treatment decisions, playing an important role in imaging, diagnosis, risk analysis, lifestyle monitoring, and health information management. While research has identified biases in healthcare AI systems and proposed technical solutions to address these, we argue that effective solutions require human engagement. Furthermore, there is a lack of research on how to motivate the adoption of these solutions and promote investment in designing AI systems that align with (...) class='Hi'>values such as transparency and fairness from the outset. Drawing on insights from psychological theories, we assert the need to understand the values that underlie decisions made by individuals involved in creating and deploying AI systems. We describe how this understanding can be leveraged to increase engagement with de-biasing and fairness-enhancing practices within the AI healthcare industry, ultimately leading to sustained behavioral change via autonomy-supportive communication strategies rooted in motivational and social psychology theories. In developing these pathways to engagement, we consider the norms and needs that govern the AI healthcare domain, and we evaluate incentives for maintaining the status quo against economic, legal, and social incentives for behavior change in line with transparency and fairness values. (shrink)

Reconnection between producers and consumers is often presented as an integral part of the local food narrative. However, questions can arise as to whether local food producers and their food purchasers align in mindset and the value proposition that underpins their involvement. This paper draws on interview data collected from producers and consumers participating in direct-sell meat operations to explore so-called value propositions between these two actors in local food initiatives in Southwestern Ontario, Canada. We suggest that because producers and (...) consumers value their participation and associated ‘reconnection’ for different reasons and experience practical limitations in satisfying diverse expectations, the ‘reconnection’ metaphor is complex and contingent—especially at the level of the individual. The findings suggest that new roles, realities and beliefs for each party in regard to marketing, customer relations, distribution, and convenience might predispose participants to be in favor of other arrangements if they became more readily available and were capable of guaranteeing both profitability for the producer and healthy foods for the consumer. (shrink)

As the gap between the need for and supply of human organs continues to widen, the aim of securing additional sources of these “gifts of the body” has become a seemingly overriding moral imperative, one that could—and some argue, should—override the widespread ban on organ markets. As a medical practice, organ transplantation entails the inherent risk that one human being, a donor, will become little more than a means to the end of healing for another human being and that he (...) or she will come to have a purely instrumental value. With the establishment of organ markets, not only will the harms of instrumentalization be a reality—the ends of medicine will be further compromised and confused. (shrink)

This study is based on analysis of copyright policies and 26 interviews with science and engineering faculty at three research universities on the topic of copyright beliefs, values, and practices, with emphasis on copyright of instructional materials, courseware, tools, and texts. Given that research universities now emphasize increasing external revenue flows through marketing of intellectual property, we expected copyright to follow the path of patents and lead to institutional emphasis of policies and practices that enhanced universities’ intellectual (...) property portfolios, accompanied by an increase in copyrighting by professors. Although this pattern occurred with regard to institutions, professors offered a more varied pattern, with some fully participating in commercialization of copyright and embracing entrepreneurial values, while others resisted or subverted commercial activity in favor of traditional science and engineering values. (shrink)

Is it possible to reconcile a classical liberal approach to economics with a concern for the environment? The contributors to Economics and the Environment: A Reconciliation contend that it is. But they fail to distinguish properly between classical liberalism and a widespread orthodoxy in environmental policy communities in Europe and North America to the effect that economic instruments for environmental policy need more serious attention than they have hitherto received. Once this orthodoxy is distinguished from classical liberalism, the latter is (...) seen to be implausible. In particular, the classical liberal approach fails to deal with the practical and administrative problems involved in enforcing private property rights solutions to problems of environmental protection, wrongly generalizes from the failures of U.S. environmental policy to the failure of public regulation as such, and fails to take into account the claim that nature should be accorded intrinsic value. (shrink)

Using a unique dataset provided by the international rating agency GES®, we investigate the effects of corporate sustainability and industry-related exposure to environmental and social risks on the market value of MSCI World firms. The results show a negative relationship in the earlier years of our sample period. However, the analysis reveals that the capital market perception of sustainability has changed owing to the financial crisis. Looking at the height of the crisis in September 2008, the month in (...) which Lehman Brothers shocked the world’s capital markets by filing for Chapter 11 bankruptcy protection, we find that the previously negative perception of corporate sustainability across its various dimensions was positively affected and offset. In addition, as a moderated regression analysis shows, the crisis led to a positive perception of corporate sustainability in industries that are exposed to higher environmental and social risks. Our study has the practical implication that executives, in particular in industries with high environmental and social risks, should increase their commitment to corporate sustainability due to the changes in the institutional setting triggered by the financial crisis. (shrink)

In times of erosion and dissolution of social structures and institutions, described by Bauman as the interregnum, there arises both a need and a possibility of developing alternative approaches to the most fundamental organizational practices. Marketing, a simultaneously tremendously successful and much criticized sub-discipline and practice, is a prime candidate for such a redefinition. Potential prefigurations of future processes of organizing and institutionalizing can be found within dissenting organizations, the alternative organizations built at the fringes of, and in opposition (...) to, the mainstream businesses as reported by Parker et al.. In this paper, we present an exploration of the alternative yet already enacted practice we call earnest marketing. Drawing on an ethnographic study of a number of dissenting organizations in the United Kingdom and Poland, we focus on the radical reconstitution of marketing evidenced in their practice, defined by an attitude of earnestness and dedication to the dissemination and demonstration of their self-defined goodness: ideas and values. As organizations engage in earnest marketing, they also become receptive to reciprocal messages from their environments. We conclude by reflecting on the possibilities of a dissenting management model developing the principles of earnest marketing beyond disciplinary confines. (shrink)

The practice of adult learning and education in Hong Kong is lesser known to the wider community of ALE practitioners due to lack of exchanges with international peers. There is a small community of full-time ALE practitioners working mainly in university continuing education schools but a larger body of uncharacterised or alternative practitioners can also be found. Essentially, both types of practitioners are conservative in their outlook and they adopt strategies that align with market needs and priorities set by (...) public funders. Under the backdrop of neoliberalism which has harmonised ALE practice worldwide, a dominant form of individualised learning makes it difficult to promote group learning for societal advancement. ALE practitioners in Hong Kong are no exception to this influence and have been found to profess philosophical orientations favouring the behaviourist/narrowed progressivist notions of learner empowerment for economic and personal gains. Given recent worldwide renewed enthusiasm in making ALE responsive to societal issues, this paper examines the options and learning areas that ALE practitioners in Hong Kong can make their contributions to, such as: health advocacy, climate justice, and media literacy. Through engaging in these aspects of work, practitioners will have to incorporate methods of facilitating group learning in formal and non-formal ALE programmes and courses. An embrace by practitioners of the original notion of progressivist philosophy in adult education may emerge as one of the outcomes to make ALE practice inclusive, relevant and socially responsible. Even with the ongoing COVID-19 health crisis, it is deemed even more pressing to pursue a balanced practice approach that can take care of individual's skills transformation for post-COVID economy as well as developing human bonds that would help to make society progressive as a countercheck to neoliberal-inspired individualistic adult learning. (shrink)

Purpose Cybercrime is a prevalent and serious threat to publicly traded companies. Defending company information systems from cybercrime is one of the most important aspects of technology management. Cybercrime often not only results in stolen assets and lost business but also damages a company’s reputation, which in turn may affect the company’s stock market value. This is a serious concern to company managers, financial analysts, investors and creditors. This paper aims to examine the impact of cybercrime on stock prices (...) of a sample of publicly traded companies. Design/methodology/approach Financial data were gathered on companies that were reported in news stories as victims of cybercrime. The market price of the company’s stock was recorded for several days before the news report and several days after. The percentage change in the stock price was compared to the change in the Dow Jones Industrial average to determine whether the stock price increased or decreased along with the rest of the market. Findings Stock prices were negatively affected in all time periods examined, significantly so in one period. Practical implications This paper describes cases concerning cybercrime, thereby bringing attention to the value of cybersecurity in protecting computers, identity and transactions. Cyber security is necessary to avoid becoming a victim of cybercrime. Specific security improvements and preventive measures are provided within the paper. Preventive measures are generally less costly than repairs after a cybercrime. Originality/value This is an original manuscript that adds to the literature regarding cybercrime and preventive measures. (shrink)