The Farmers Market Nutrition Program (FMNP) is a federal-state partnership designed to provide fresh, locally grown produce to low-income participants at nutritional risk and expand consumer awareness and use of local produce sold at farmers markets. This paper describes the results of a collaboration initiative based on the typology of a “comprehensive, multisectorial collaboration” to support the FMNP. We report the outcomes of the partnerships that developed over three years, including increased outreach to FMNP participants and strategies to decrease (...) barriers to participation. Those partnerships that reached higher degrees of coordination or collaboration are now addressing market accessibility and market quality in new ways. Those partnerships that exhibited the highest degree of collaboration are contributing to community capacity building beyond FMNP issues per se and to larger issues affecting the agriculture community and the food security of residents. (shrink)

This study considers major problems involved in seeking to build a post–communist ethical infrastructure for business transactions in Bulgaria. After an analysis of the basic economic and political realities of the present transition period, some recent empirical findings are presented concerning the emerging ethics and business culture, concluding with practical recommendations for the future. The author is Senior Research Associate and she also teaches the Social and Business Dimensions of Business in the Institute of Economics of the Bulgarian Academy of (...) Sciences, 3, Aksakov Str., 1040 Sofia, Bulgaria; e–mail; [email protected]. (shrink)

In my paper I focus on the growth of knowledge in finance from an heuristic viewpoint and I propose the analysis of two different knowledge-advancing strategies usually adopted at the frontier of knowledge, i.e. problem-solving and model-building. I show how these two strategies, even though both effective in the short-run, nonetheless provide descriptions of the target object and which are different in their descriptive and knowledge-advancing depth. In order to do so, I propose a case study borrowed from the (...) modelling activities in the Libor market. (shrink)

In my paper I focus on the growth of knowledge in finance from an heuristic viewpoint and I propose the analysis of two different knowledge-advancing strategies usually adopted at the frontier of knowledge, i.e. problem-solving and model-building. I show how these two strategies, even though both effective in the short-run, nonetheless provide descriptions of the target object and which are different in their descriptive and knowledge-advancing depth. In order to do so, I propose a case study borrowed from the (...) modelling activities in the Libor market. (shrink)

Public policy in post-apartheid South Africa has been characterized by a mix of state regulation and ‘neo-liberalism’. This article argues that this mix is rooted in the model of economic modernity adopted in South Africa in the 1920s and 1930s, and underpinned by the institutions of a modern state. In an economy transformed by mining and subsequent secondary industrialization, the state played a central role in facilitating capitalist growth, including through the regulation of labour. I argue that, contrary to the (...) conventional understanding, the enduring characteristic of the political economy of modernization in South Africa was not so much the mobilization of cheap African labour, mostly migrants from across Southern Africa, but was rather the institutionalization of high wages and protected incomes for economic, social and political insiders. Anglo-centric institutions and conceptions of industrial and social citizenship were adapted to the colonial context in South Africa. The imperatives of both gold-led capitalist industrialization and the governance of a society in which the settler or immigrant population remained a minority required that the African population was excluded from most dimensions of this citizenship. But the institutions, discourses and ideologies associated with high wages (for citizens) continued to structure economic life in South Africa through and after the apartheid period. South Africa’s mode of economic modernization thus reflects the possibly unique interaction of a British model of economic modernization with the social, economic and political realities of a colonial society. (shrink)

Money markets are at the heart of financialized capitalism, as those markets that provide the funding liquidity needed for credit creation and leveraged trading. How have these markets evolved, grown, and become critical for larger financial flows? To answer this question, I distinguish an early period of financial globalization marked by regulatory arbitrage, offshoring, deregulation, and informal trading practices from a period of regime-consolidation marked by formal institutionalization. Concentrating on repo markets as the key funding sources for market-based banking, (...) I demonstrate that new institutional arrangements for these markets were initiated by private sector associations, but supported and authorized by public authorities. Bond trader groups codified new contractual arrangements and these were validated via reforms of bankruptcy codes and changes in central banks’ policy frameworks in the United States and European Union. Through these modifications and re-articulations in institutional conditions, transactions and large exposures on money markets became routine affairs—for shadow banking actors like money market funds as well as for commercial banks. The article concludes by discussing the continuity of regime-consolidation efforts after the transatlantic financial crisis and hypothesizes that they reveal “neo-patrimonial” features. (shrink)

The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, (...) less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets. (shrink)

Both fairness and efficiency are important considerations in market design and regulation, yet many regulators have neither defined nor measured these concepts. We develop an evidencebased policy framework in which these are both defined and measured using a series of empirical proxies. We then build a systems estimation model to examine the 2003–2011 explosive growth in algorithmic trading on the London Stock Exchange and NYSE Euronext Paris. Our results show that greater AT is associated with increased transactional efficiency and (...) reduced information leakage in top quintile stocks. For less liquid stocks, manipulation at the close declines. We also document the tradeoff between reduced spreads and increased manipulation or information leakage following the introduction of MiFID1. (shrink)

The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, (...) less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets. (shrink)

We inhabit a world in which the market is a dominant institutional form of social organization. This influence is not without its critics, and there is considerable debate amongst political philosophers and policy-makers about whether the range of the market should expand or contract and, further, about the extent to which the market should be subject to constraints and government regulation. The expansion of the market into realms hitherto unknown is the theme of a number of (...) recent books, including Michael Sandel's What Money Can't Buy and Debra Satz's Why Some Things Should Not Be for Sale, which build on earlier work by, amongst others, Elizabeth Anderson, Margaret Jane Radin, and Michael Walzer. (shrink)

Which goods should we be able to buy and sell on the market and, alternatively, which goods should remain sheltered from the market? For many goods in modern societies, this has proven to be a thorny question. Moreover, it is a question that cannot be answered by way of a theoretical shortcut, that is, by attributing certain general values (or disvalues) to the market and inferring from these general attributes that the market is (or isn’t) the (...) best institution to govern the provision of a specific good. Therefore, in the first part of this work, three theoretical building blocks are proposed to frame the way we should handle the market question. First, a social theory is formulated which treats the market as one out of five main socio-economic modes of provision, the others being public provision, professional provision, informal provision and self-provision. Second, in choosing the best institutional framework for a specific good, it is argued that we should not restrict ourselves to the option of implementing one of these modes of provision only. Special attention should be paid to the option of ‘institutional pluralism’, i.e. instituting a market and a non-market alternative simultaneously for the same good. Both the attractions and the limits of such an institutional pluralism are discussed. Third, in making institutional choices about these modes of provision, we need a normative theory providing the moral criteria to guide our choices. Here a capability theory is proposed, which consists of three central principles, parallel to a distinction between three types of capabilities: those that are ‘immoral’, those that are ‘morally required’ and those that are merely ‘morally permissible’. The principles prescribe avoiding the realization of the immoral capabilities and promoting the realization of morally required and permissible capabilities. In the second part, this threefold framework is applied to three specific goods. These are security (protection against criminal threats), media (mass communication by media such as television, radio and the press) and care (caring activities provided on a structural basis to dependents such as care for children, chronically ill and elderly people). For each of these goods a capability analysis shows that the most appropriate institutional framework is institutional pluralism. In the case of security this is a pluralism of market and public provision, in the case of media a pluralism of market and professional provision and in the case of care a pluralism of market and informal provision. In the final chapter I investigate the conditions that have to be fulfilled for these institutionally pluralist arrangements to be stable, that is, to have a robust chance of survival. The main challenge to stability comes from the dynamic toward capital accumulation that is inherent in contemporary capitalism, and if left unchecked requires an ongoing conversion of non-market practices into markets. Two solutions are proposed to counter this threat: a general working time reduction which reduces capital accumulation and a strategy of publicly funded investment of accumulated capital in non-market parts of institutionally pluralist practices. (shrink)

This paper builds on London and Hart’s critique that Prahalad’s best-selling book prompted a unilateral effort to find a fortune at the bottom of the pyramid. Prahalad’s instrumental, firm-centered construction suggests, perhaps unintentionally, a buccaneering style of business enterprise devoted to capturing markets rather than enabling new socially entrepreneurial ventures for those otherwise trapped in conditions of extreme poverty. London and Hart reframe Prahalad’s insight into direct global business enterprise toward “creating a fortune with the base of the pyramid” rather (...) than at the BoP. This shift in language requires a recalibration of strategic focus, we argue, and will necessitate implementation of “moral imagination” to formulate new mental models that can frame the possibility of local entrepreneurs working collaboratively and discursively with development partners drawn from civil society, corporate, and government sectors. Successful partnerships will arise from interactive processes of emergent, co-creative learning within a shared problem domain or “community of practice”. We call attention to three related pluralist framings of situated learning within such communities of practice: decentered stakeholder networks; global action networks; and a focus on “faces and places” as a cognitive lens to humanize and locally situate diverse inhabitants within base of the pyramid partnership projects. (shrink)

This thought-provoking book analyses the process of labour commodification, through which the individual’s ability to earn a basic living becomes dependent on the conditions of the market relationship. Building on the premise that the separation of a group of individuals from the means of production is an intrinsic element of capitalism, Fausto Corvino theorises that this implies a form of domination in a neo-republican sense. -/- Proposing an original theory of global justice denoted as a minimum de-commodification of (...) labour power, this book explains the ways in which this cosmopolitan principle resists the criticisms that are commonly advanced against classic theories of global justice and charts a theory falling between the neo-republican and labour republican approaches. It stimulates the debate on, and moral critique of, capitalism and the obstacles it poses to individual freedoms, with a focus on exploitation and domination. -/- Global Justice, Markets and Domination will be a key resource for students and scholars researching capitalism and analytical Marxism, political economics and human rights. It will also be of benefit to those interested in theories of global and distributive justice and the economic implications of the neo-republican theory of freedom as non-domination. (shrink)

Many companies are now targeting the sizeable segment of consumers in Bottom-of-the-pyramid (BoP) markets with new products to specifically address their needs. As mainstream consumers become aware of these initiatives, their views on what products may be construed as appropriate for BoP marketplaces, may influence their attitudes towards the companies engaging in BoP activities. We propose that when the mainstream consumers are culturally distant from the BoP consumers, they have less favourable attitudes towards a company marketing a hedonic product to (...) BoP consumers, compared to a utilitarian one. However, when the mainstream consumers are culturally closer to the BoP consumers, they are less likely to react negatively to a company’s marketing of a hedonic product compared to a utilitarian one. We theorize that these differences in evaluation are based on the mainstream consumers’ expectations regarding the products a company would/should target towards BoP consumers. We also examine two company characteristics (country-of-origin and profit orientation) as contingency factors affecting the attitudes of culturally close mainstream consumers towards companies engaging in BoP practices. Across two studies, we find support for our hypotheses. This research adds to a new stream of scholarship that theorizes about the permissible consumption mindset of mainstream consumers. The research also provides guidance to marketing managers and communication experts to help build favourable company attitudes and minimize any mainstream negativity towards a company’s marketing initiatives in the BoP domain. (shrink)

Douglass North once emphasized that development takes centuries, but he did not have a theory of how and why change occurs. This groundbreaking book advances such a theory by examining in detail why England and Spain developed so slowly from 1000 to 1800. A colonial legacy must go back centuries before settlement, and this book points to key events in England and Spain in the 1260s to explain why Mexico lagged behind the United States economically in the twentieth century. Based (...) on the integration of North's institutional approach with Mancur Olson's collective action theory, Max Weber's theory of value change, and North's focus on dominant coalitions based on rent and military in In the Shadow of Violence, this theory of change leads to exciting new historical interpretations, including the crucial role of the merchant-navy alliance in England and the key role of George Washington's control of the military in 1787. (shrink)

In their Target Article, “Design Bioethics: A Theoretical Framework and Argument for Innovation in Bioethics Research,” Pavarini et al. argue for the potential of digital tools—particularly...

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)

The aim of this paper is to characterize a non-standard use of the method of market basket analysis in one of the areas of economy, i.e. public transport. Generally, one of the aims of the market basket analysis method is associating the consumer's market basket – in the case of public transport this being the choice of bus stops in the city area made by passengers. Owing to a new, practical use of this method, it was possible (...) to build an efficient model characterizing the movement of flows of public transport passengers, and assess the degree of transferring, thus making it possible to adapt the routes of buses to the needs of people using this particular means of transport, as well as to plot new communication lines. The data analysis was performed using the Statistica statistical package and its SAL application, i.e. the algorithms used in Data Mining. (shrink)

Using a signaling framework, we argue that ethical behavior as evidenced by charitable donations is viewed more positively by investors when seen not to be based on self-serving motives but rather on authentic generosity that builds moral capital. The affirmed religiosity of CEOs may make their ethical position more credible, while their embeddedness within a family business suggests that CEOs are backed by powerful owners with long-time horizons and a desire to build moral capital with stakeholders. We find in a (...) study of market responses to 1572 corporate donations by S&P 1500 firms that financial markets react more positively to charitable initiatives from firms with religion-declared CEOs, but only if these are family businesses. (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)

This paper begins with the observation that the contemporary eco-building movement in the UK focuses on technology with the principal aim of reducing carbon emissions and so combating climate change. While this focus may translate into justice for future generations, there seems markedly less regard for justice for others in intragenerational space. I analyse the eco-building movement's framings of sustainable development and sustainability, seeking out statements of equity via the criteria used for building materials selection. Closely defining (...) equity as theory and practice, analysis reveals that framings of sustainable development and sustainability in the eco-building movement vary considerably in their engagement with intragenerational equity. This begs the question of whether the movement has a shared political critique. There is a marked tendency to view discourses of environmental sustainability and social justice as distinct rather than mutually constitutive. I propose that the eco-building movement should engage in a politics of the common good (Sandel, 2010), contesting equity in the public domain. Wary of the reach of markets, the eco-building movement should debate not only the right way to distribute building materials and shelter but also the right way to value them. (shrink)

In a recent contribution to this journal, Arjaliès (J Bus Ethics 92:57—78, 2010) suggests that the emergence of socially responsible investment (SRI) in France can be best described as a social movement with a collective identity that aimed to challenge the dominant logic of the financial market. Such an account is at odds with a body of empirical studies that approaches SRI in the French context as a process of market creation led by loosely coordinated actors with contradictory (...) and conflicting interests and values, who have mainly complied with—rather than opposed—the existing dominant financial logic of the asset-management field. In this comment, we build on this prior research to contest Arjaliès' perspective on both theoretical and empirical grounds, with the aim of highlighting the shortcomings of conflating social movements and other forms of collective actions in understanding the building of new markets in organization theory and SRI studies. We contend that in mistaking for social movement forms of collective actions that underpin the emergence of markets, scholars of organization theory may confuse distinct mechanisms in their explanation of SRI emergence across countries, overlook the complex dynamics and interactions of markets and social movements, and, most importantly, fail to evaluate the real political significance of SRI as an empirical phenomenon. We propose that future research on SRI distinguishes carefully "social-movement research as a theoretical framework" from "social movement as an empirical phenomenon" in order to avoid such drawbacks while benefiting from recent advances in social-movement research. (shrink)

With over three billion people currently living below the poverty line, finding better ways to lift people out of poverty is a concern of scholars from a range of disciplines. Within Management Studies, the focus is on developing market-based solutions to poverty alleviation through Bottom/Base-of-the-Pyramid initiatives. To date, these have enjoyed limited success, sometimes even exacerbating the problems they attempt to solve. As a result, there is a growing academic and practitioner push for a third iteration—BoP 3.0—that moves closer (...) to a sustainable development model of poverty alleviation. Through a grounded theory study of 21 Philippines-based organizations implementing poverty alleviation initiatives at the community level, this paper seeks to add to the existing suite of tools and guidance in the BoP field. It does so by questioning how these organizations approach the development and implementation of market-based approaches to poverty alleviation. Our results suggest that these organizations adopt a more community-centric approach, focusing on the creation of a self-reliant community before all else. We find this to be the result of a deeper understanding of the drivers of poverty in the communities they work with. Through the extrapolation of key themes and issues in our data, we propose a new conceptual model for building BoP 3.0 initiatives. This model consists of three intertwined theoretical dimensions: understanding issues as matters of concern; identifying limitations; and navigating time. These elements are linked by three active phases that allowed the organizations to move from one dimension to the next: sensemaking; entrainment; and investment. (shrink)

With over three billion people currently living below the poverty line, finding better ways to lift people out of poverty is a concern of scholars from a range of disciplines. Within Management Studies, the focus is on developing market-based solutions to poverty alleviation through Bottom/Base-of-the-Pyramid initiatives. To date, these have enjoyed limited success, sometimes even exacerbating the problems they attempt to solve. As a result, there is a growing academic and practitioner push for a third iteration—BoP 3.0—that moves closer (...) to a sustainable development model of poverty alleviation. Through a grounded theory study of 21 Philippines-based organizations implementing poverty alleviation initiatives at the community level, this paper seeks to add to the existing suite of tools and guidance in the BoP field. It does so by questioning how these organizations approach the development and implementation of market-based approaches to poverty alleviation. Our results suggest that these organizations adopt a more community-centric approach, focusing on the creation of a self-reliant community before all else. We find this to be the result of a deeper understanding of the drivers of poverty in the communities they work with. Through the extrapolation of key themes and issues in our data, we propose a new conceptual model for building BoP 3.0 initiatives. This model consists of three intertwined theoretical dimensions: understanding issues as matters of concern; identifying limitations; and navigating time. These elements are linked by three active phases that allowed the organizations to move from one dimension to the next: sensemaking; entrainment; and investment. (shrink)

More than perhaps any other major social theorist, Niklas Luhmann adopted a perspective on society at the opposite end of the atomistic-holistic spectrum to that of mainstream economics. While the position of mainstream economics is that society is nothing more than a collection of individuals, so that it can be understood simply in terms of those individuals and their interactions, Luhmann abstracts from individuals entirely, understanding social phenomena as being produced by society itself, with individuals playing a merely peripheral or (...) “enabling” role. This radical reconceptualization of society and the relation of the individual to society allowed Luhmann to build from the ground up a highly systematic theory of society which allows one to formulate economic and social questions in new ways, freed from preconceptions that are poorly grounded or simply wrong. After providing a brief overview of Luhmann’s general social theory, this article considers two questions for which Luhmann’s theory can produce a fresh point of view. The first concerns what is the nature of markets. According to Luhmann, markets are not a kind of system, but collections of observations--the observations of market participants of other market participants. The second concerns the old question of what is the appropriate degree of intervention in the economy. Mainstream economics approaches this problem through the distinction between markets and planning. According to Luhmann, this is a false dichotomy, since all economies have markets and planning. The real question is who should do the planning: private organizations or the state. The former operate on the basis of competition, that is, rivalry; the latter operates on the basis of cooperation. The problem with “socialist” or “centrally planned” economies was not that they were planned or centrally organized, since “free market” economies have planning and centralization too; it was that they relied solely on cooperation, with there being no space for competition. The paper concludes with some reflections on whether freemarket economies with minimal intervention by the state are any more sustainable than are “socialist” economies.Niklas Luhmann, peut-être plus que les autres auteurs en théorie sociale, a adopté une approche de la société qui est à l’opposé du spectre individualismeholisme des économistes orthodoxes. Alors que l’économie orthodoxe considère que la société n’est rien d’autre que la somme des individus et qu’elle ne peut être appréhendée qu’en termes d’individus et de leurs interactions, Luhmann fait totalement abstraction des individus et comprend les phénomènes sociaux comme étant produits par la société elle-même dans laquelle les individus jouent un rôle périphérique ou un rôle “d’habilitation”. Cette radicale reconceptualization de la société ainsi que la relation des individus à la société a permis à Luhmann de construire une théorie très méthodique de la société qui permet d’appréhender de façon différente les questions économiques et sociales, sans préreprésentations fragiles ou erronées. Après avoir donné un aperçu général de la théorie sociale de Luhmann, l’article considère deux questions pour lesquelles la théorie de Luhmann peut apporter un nouveau point de vue. La première traite de la nature des marchés. D’après Luhmann, les marchés ne sont pas une sorte de système mais des sommes d’observations faites par les participants au marché sur les autres participants. La seconde question concerne l’éternel problème du degré d’interventionnisme dans l’économie. Les économistes orthodoxes abordent cette question à travers la distinction entre les marchés et la planification. D’après Luhmann cette dichotomie est erronée dans la mesure où toutes les économies connaissent à la fois le marché et la planification. La véritable question est: Qui devrait planifier: les organisations privées ou l’Etat?. Les premières agissent sur la base de la concurrence, i.e de la rivalité; l’Etat agit sur la base de la coopération. Le problème avec les économies “socialistes” ou “centralement planifiées” n’est pas qu’elles sont planifiées ou qu’elles relèvent d’une organisation centralisée puisque les économies de “marché libre” connaissent aussi la planification et la centralisation. Le problème vient du fait qu’elles reposent uniquement sur la coopération et n’accordent pas de place à la concurrence. Le papier conclut en s’interrogeant sur l’idée selon laquelle les économies de libre marché avec une intervention étatique minimale sont plus viables que les économies “socialistes”. (shrink)

This research assesses the factors influencing students' decision-making when choosing a university. The study proposes eight factors, such as parental or guardian influence, high school teacher recommendations, graduate quality, colleague recommendations, location, school fees, learning environment, and university reputation, on students' university choices. A quantitative approach was employed, utilizing both secondary and primary data. A total of 330 students were sampled for this study. The data were analyzed using SPSS, employing descriptive statistics for data summarization and inferential statistics for analysis. (...) Descriptive tools such as frequency analysis were used to examine the distribution of responses, while regression analysis was conducted to test the predictive power of the factors. The findings of this study indicate that factors such as parental or guardian influence, high school teacher recommendations, graduate quality, colleague recommendations, location, school fees, learning environment, and university reputation are all significant considerations in students' decision-making process when choosing a university. These factors play an influential role in shaping students' preferences and choices. The results show that these factors significantly impact students' university choices. The study contributes to the existing literature by providing empirical evidence on the importance of these factors in the decision-making process. Understanding the influence of these factors can assist universities in developing targeted strategies to attract and meet the needs of prospective students. By recognizing the significance of parental involvement, fostering positive relationships with high school teachers, showcasing successful graduates, promoting positive word-of-mouth recommendations, providing a conducive learning environment, and building a solid reputation, universities can enhance their appeal and effectively compete in the higher education market. Further research in this area can explore additional factors and delve deeper into the mechanisms influencing students' decision-making when choosing a university. (shrink)

In this article we build on the program of research in well-being marketing by further conceptualizing and refining the conceptual domain of the concept of consumer well-being (CWB). We then argue that well-being marketing is a business philosophy grounded in business ethics. We show how this philosophy is an ethical extension of relationship marketing (stakeholder theory in business ethics) and is superior to transactional marketing (a business philosophy grounded in the principles of consumer sovereignty). Additionally, we argue that well-being marketing (...) is based on duty ethics concepts, specifically the duty of beneficence and non-maleficence. Subsequently, we show how the well-being concept guides marketing decisions for consumer goods firms. (shrink)

Both fairness and efficiency are important considerations in market design and regulation, yet many regulators have neither defined nor measured these concepts. We develop an evidencebased policy framework in which these are both defined and measured using a series of empirical proxies. We then build a systems estimation model to examine the 2003–2011 explosive growth in algorithmic trading on the London Stock Exchange and NYSE Euronext Paris. Our results show that greater AT is associated with increased transactional efficiency and (...) reduced information leakage in top quintile stocks. For less liquid stocks, manipulation at the close declines. We also document the tradeoff between reduced spreads and increased manipulation or information leakage following the introduction of MiFID1. (shrink)

Artificial intelligence is shaping strategy, activities, interactions, and relationships in business and specifically in marketing. The drawback of the substantial opportunities AI systems and applications provide in marketing are ethical controversies. Building on the literature on AI ethics, the authors systematically scrutinize the ethical challenges of deploying AI in marketing from a multi-stakeholder perspective. By revealing interdependencies and tensions between ethical principles, the authors shed light on the applicability of a purely principled, deontological approach to AI ethics in marketing. (...) To reconcile some of these tensions and account for the AI-for-social-good perspective, the authors make suggestions of how AI in marketing can be leveraged to promote societal and environmental well-being. (shrink)

Purpose The purpose of this paper is to develop an ethical framework for the marketing of corporate social responsibility. Methods The approach is a conceptual one based on virtue ethics and on the corporate identity literature. Furthermore, empirical research results are used to describe the opportunities and pitfalls of using marketing communication tools in the strategy of building a virtuous corporate brand. Results/conclusions An ethical framework that addresses the paradoxical relation between the consequentialist perspective many proponents of the marketing (...) of CSR adopt, and ethical perspectives which criticize an exclusive profit-oriented approach to CSR. Furthermore, three CSR strategies in relation to the marketing of CSR are discussed. For each CSR strategy it is explored how a corporation could avoid falling into the promise/performance gap. (shrink)

Mankind’s research on marketing has a history of hundreds of years, and it has been fruitful in continuous summary and research. Now the theory of marketing has gradually penetrated into the minds of every company and even individual. A successful marketing strategy is the inevitable result of scientific planning and effective implementation. However, the current marketing strategy has gradually failed to meet the needs of corporates. In order to find the best solution for corporate marketing strategy, we built a simulation (...) environment based on mobile computing and machine learning and compared the differences by simulating several companies of the same size in this city. The results of the study found that intelligent marketing based on machine learning is more suitable for enterprises than general marketing strategies. The efficiency of enterprises has increased by about 20%, and the income of enterprises has increased by more than 30% compared with traditional marketing strategies. This shows that the intelligent marketing strategy based on mobile computing and machine learning to build a simulated environment plays an extremely important role in the peculiarities. (shrink)

Marketing in the social network environment integrates current advanced internet and information technologies. This marketing method not only broadens marketing channels and builds a network communication platform but also meets the purchase needs of customers in the entire market and shortens customer purchases. The process is also an inevitable product of the development of the times. However, when companies use social networks for product marketing, they usually face the impact of multiple realistic factors. This article takes the maximization of (...) influence as the main idea to find seed users for product information dissemination and also considers the users’ interest preferences. The target users can influence the product, and the company should control marketing costs to obtain a larger marginal benefit. Based on this, this paper considers factors such as the scale of information diffusion, user interest preferences, and corporate budgets, takes the influence maximization model as a multiobjective optimization problem, and proposes a multiobjective maximization of influence model. To solve the NP-hard problem of maximizing influence, this paper uses Monte Carlo sampling to calculate high-influence users. Next, a seed user selection algorithm based on NSGA-II is proposed to optimize the above three objective functions and find the optimal solution. We use real social network data to verify the performance of models and methods. Experiments show that the proposed model can generate appropriate seed sets and can meet different purposes of information dissemination. Sensitivity analysis proves that our model is robust under different actual conditions. (shrink)

This paper posits that differences in corporate governance structure partly result from differences in institutional arrangements linked to business systems. We developed a new international triad of business systems: the Anglo-American, the Communitarian and the Emerging system, building on the frameworks of Choi et al. (British Academy of Management (Kynoch Birmingham) 1996, Management International Review 39, 257–279, 1999). A common factor determining the success of a corporate governance structure is the extent to which it is transparent to market (...) forces. Such transparency is more than pure financial transparency; as it can also be based on factors such as governmental, banking and other types of institutional transparency mechanism. There may also be a choice for firms to adopt voluntary corporate disclosure in situations where mandatory disclosure is not established. The Asian financial crisis of 1997–1999 and the more recent corporate governance scandals such as Enron, Andersen and Worldcom in the United States and Ahold and Parmalat in Europe show that corporate governance and business ethics issues exist throughout the world. As an illustration we focus on Asia’s emerging1 markets, as, both in view of the pressure of globalization and taking into account the institutional arrangements peculiar to the emerging business system, these issues are important there. Particularly for those who have to find an accommodation between the corporate governance structures and disclosure standards of the Emerging system and those of the Anglo-American and Communitarian systems. (shrink)

In contemporary times, wildlife managers attempt to provide solutions to problems arising from conflicting uses of the environment by humans and nonhuman animals. Within the Kangaroo Management Zones of New South Wales , the commercial culling "solution" is one such attempt to perpetuate kangaroo populations on pastoral land while supporting farmers in continuing inefficient sheep farming. Because wildlife management rests on a distinction between the "nature" of humans and animals, then humanist attention to standards of individual welfare need not interrupt (...) the process whereby individual animals are killed within an economic framework designed to improve habitat management for the conservation of their populations. Building on Thorne's discussion of the meanings scripted onto individual kangaroo bodies, this paper explores the utilitarian underpinnings of the commercialization approach and considers the ethical implications of constructing the population as resource, even if this results in an improvement in the welfare of individual kangaroos. (shrink)

The partner choice approach to understanding the evolution of cooperation builds on approaches that focus on partner control by considering processes that occur prior to pair or group formation. Proponents of the partner choice approach rightly note that competition to be chosen as a partner can help solve the puzzle of cooperation. I aim to build on the partner choice approach by considering the role of signalling in partner choice. Partnership formation often requires reliable information. Signalling is thus important in (...) the context of partner choice. However, the issue of signal reliability has been understudied in the partner choice literature. The issue deserves attention because – despite what proponents of the partner choice approach sometimes claim – that approach does face a cheater problem, which we might call the problem of false advertising in biological markets. Both theoretical and empirical work is needed to address this problem. I will draw on signalling theory to provide a theoretical framework within which to organise the scattered discussions of the false advertising problem extant in the partner choice literature. I will end by discussing some empirical work on cooperation, partner choice, and punishment among humans. (shrink)

Publication date: 24 January 2019 Source: Author: Pei Hua Fu, Tchamy Jonathan, Najma Bano Progress in globalization has made many nations to see China as a fast-growing country in terms of technology, infrastructure, manufacturing and production of goods and services. In spite of these developments, there is still a room of research for resolving the uneven distribution of income which has caused political and socio-economic problems in the country. The purpose of this paper is to determine the role of Human (...) Resources Management and Talent Management in bringing improvement in enterprise capabilities to stand in the market. The method adopted in this paper is the systemic literature reviewer focused on the qualitative analysis of studies focused on strategic and human resource management. This research review finds that these human-related managements are crucial requirement to build company capabilities. However, as the the company keeps growing, performance and development of employee need to keep up to cover up the global market. Giving some guidance, training, and practice may be one of the proper investments in developing the capabilities. Customer loyalty is an influential factor in the performance of the company. (shrink)

As a brand-new marketing method, network marketing has gradually become one of the main ways and means for enterprises to improve profitability and competitiveness with its unique advantages. Using these marketing data to build a model can dig out useful information that the business is concerned about, and the company can then formulate marketing strategies based on this information. Sales forecasting is to speculate on the future based on historical sales. It is a tool for companies to determine production volume (...) and ensure the balance of product supply and sales. It can help companies make correct business decisions to maximize profits. The neural network can approximate the nonlinear function with arbitrary precision, and the time series prediction model based on the neural network can well reflect the nonlinear development trend of information. Based on the analysis of the shortcomings of the traditional BP network, this paper uses a genetic algorithm with good global search capabilities to improve the neural network. The thought and theory of optimizing the initial weight and threshold of the neural network of the GA algorithm are discussed in detail. While expounding the forecasting method, it uses specific examples to analyze the performance and characteristics of the GA-BP network in the enterprise network marketing forecasting. The results show that the GA-BP neural network is higher than the traditional BP neural network in terms of prediction accuracy and adaptability. (shrink)

China is undergoing tremendous social and economic transformations with different local innovations and variations. By comparing and contrasting three industrial villages in China demonstrating different mixes along the organizational continuum from market economy to collectivist economy, this article offers an alternative model of development that combines market production and distribution with redistribution and the building of public goods based on group boundaries. This alternative market activity is named community capitalism, a concept that has the potential to (...) mitigate the sharp dichotomy between state socialism and market economy. The article also argues that, in order to fully understand the process of China’s transition, it is necessary to take into account not only the economic and political institutions, but also the local cultural, social and political resources. It is the interaction and mixes of the two that determine the path of development local communities embark on. (shrink)

The recent global increase in environmental regulation does not necessarily signal improvement in firms’ ecological imprints. Like many markets, the Arab world is struggling to implement environmental compliance measures among local firms. For Arab countries, the reliance solely on formal policies to improve local firms’ ecological footprints may be risky given the evident institutional challenges to enforce environmental regulations, specially post the Arab Spring. Drawing from the literature highlighting the merits of combining formal and informal controls to ensure successful implementation (...) of a strategy, we argue that the emphasis for regulation must be accompanied by an emphasis for developing environmental ethics of individuals, who are the expected implementers of any environmental policy. In that light, we propose that the Eco-Islam phenomenon can serve as an influential and effective foundation for building organizational cultures with stronger environmental ethics among local small and medium enterprises. We explain the underlying maxims of Eco-Islam then conduct qualitative research among experts preaching or practicing the concept to gain better insights into the potential of leveraging it in Muslim-majority Arab countries. Finally, we conclude with insightful implications for local SMEs in the region. (shrink)

Delving deeper into LEGO's products and marketing provides an important perspective on the development of the Research Institute set and LEGO's attempt to engage women in science. LEGO's own research shows that boys tend to build in a more linear fashion by replicating what is inside the box whereas girls prefer a more personal approach, to create their own story and to imagine themselves living inside the things they build. Sociologists have looked at every stage of children's development, and found (...) that parents treat babies differently as soon as the sex of the child is known. Language‐focused skills such as reading and writing are gendered feminine and thought of as girls' subjects, whereas science and physical education are considered masculine and treated as boys' subjects. Encouraging women to take up science and science‐related careers might not just be morally good, or good for women, but also important for the progress of science itself. (shrink)

This report, the first of the project, presents original research evidence based on 1,516 face-to-face interviews with young Syrian international protection beneficiaries and applicants, 18-32 years old, which were conducted in the UK, Lebanon and Greece, between April and October 2017. Key findings from this comparative analysis inform our policy recommendations concerning the settlement, training and skills provision for young forced migrants in the UK. Key Findings: - Young Syrian refugees in the UK have the highest levels of skills and (...) training, and are most eager to remain and contribute to the host country, compared with those in Greece and Lebanon. - Young Syrian refugees are faced with higher levels of unemployment in the UK than citizens, while many of them who are in employment are doing jobs for which they are over-qualified. - Refugees in the UK receive better support and have an overall more positive experience and evaluation of actors compared to those in Greece and Lebanon, but access to key provisions designed to enhance labour market participation remains patchy. - Syrian refugees who have been resettled to the UK report overall more positive experiences than those coming through the asylum route, despite higher levels of employment among the latter and the government supposedly taking the more vulnerable among the former. - Young Syrians in Scotland are better supported, and more positive about their engagement with people and institutions, although they are currently more distanced from re-integration into the labour market compared to those settled in England. (shrink)

An important part of what it means for agents to be situated in the everyday world of human affairs includes their engagement with economic practices. In this paper we employ the concept of cognitive institutions in order to provide an enactive and interactive interpretation of market and economic reasoning. We challenge traditional views that understand markets in terms of market structures or as processors of distributed information. The alternative conception builds upon the notion of the market as (...) a ‘scaffolding institution’. Introducing the concept of market as a ‘socially extended’ cognitive institution we go beyond the notion of scaffolding to provide an enactive view of economic reasoning that understands the market participant in terms of social interactive processes and relational autonomy. Markets are more than inert devices for information processing; they can be viewed as ‘highly scaffolded’, where strong constraints and incentives predictably direct agents’ behavior. Building on this idea we argue that markets emerge from (a) the economic interaction of both supply and demand sides, in continual and mutual interplay, and (b) more basic social interactions. Consumer behavior in the marketplace is complex, not only determining the market price, but also extending the consumer’s cognitive processes to reliably attain a correct evaluation of the good. Moreover, this economic reasoning is socially situated and not something done in isolation from other consumers From a socially situated, interactive point of view buying or not buying a good is something that enacts the market. This shifts the status of markets from external institutions that merely causally affect participants’ cognitive processes to social institutions that constitutively extend these cognitive processes. On this view the constraints imposed by social interactions, as well as the possibilities enabled by such interactions, are such that economic reasoning is never just an individual process carried out by an autonomous individual, classically understood. In this regard, understanding the concept of relational autonomy allows us to see how economic reasoning is always embodied, embedded in, and scaffolded by intersubjective interactions, and how such interactions make the market what it is. (shrink)

In this work, Alan Milne builds on the argument of his earlier book Ethical Frontiers of the State that limits on governmental action are to be understood in terms of humanistic social ethics. Here Milne considers the role of the market in politics, and in particular the relation of the market to the obligations of government to advance human wellbeing. Issues covered include contingency in politics, the command economy, capitalism, the welfare state, inequality, and representative democracy.