Urban Ecological Enclosures: Conservation Planning,Peri-urban Displacement,and Local State Formations in China

Across contemporary China, city governments are unevenly territorializing peri-urban villagers’ land and housing by creating new urban ecological conservation sites. I analyze this emerging form of what I call ‘ecological territorialization’ through three interrelated spatial practices: comprehensive urban–rural planning, peri-urban ‘ecological migration’, and the distribution of institutional responsibility for conservation site financing, construction and management. Detailing this triad of territorializing practices renews attention to the relationship between conservation classifications that justify state intervention, uneven displacements of people from rural land and housing, and site-specific capitalizations that collectively consolidate urban government control over rural spaces. These practices emerge stochastically as state, private, and semi-state institutions capitalize on conservation projects in the context of legally and constitutionally underdefined land use rights and ecological land designations. In the current post-socialist moment of urban ‘greening’, these practices are key to producing frontiers of land-based accumulation and extending local state control across the peri-urban fringe. Urban ecological enclosures not only remake city-level state power but also shape rural people's relationships to land, labor and housing.     

Renegotiation of cash flow rights in the sale of VC-backed firms

Incomplete contracting theory suggests that venture capitalist (VC) cash flow rights, including liquidation preferences, could be subject to renegotiation. Using a hand-collected data set of sales of Silicon Valley firms, we find common shareholders do sometimes receive payment before VCs’ liquidation preferences are satisfied. However, such deviations from VCs' cash flow rights tend to be small. We also find that renegotiation is more likely when governance arrangements, including the firm's choice of corporate law, give common shareholders more power to impede the sale. Our study provides support for incomplete contracting theory, improves understanding of VC exits, and suggests that choice of corporate law matters in private firms.     

Contents of Volume 36

Volume Contents

Contents of Volume 36     

Ethical Development of Advanced Technology: A Postmodern Stakeholder Perspective

Zygmunt Bauman is arguably the most well-known theorist in postmodern ethics. He argues that to develop and enforce universal ethical laws or codes leads to an abdication of individual moral responsibility. Actors rely on external rules and a rational consideration of costs and benefits rather than on moral impulse. In order to recognize and act upon moral impulse, the moral agent must both recognize and understand the Other. We operationalize these ideas, applying them to the development of advanced information technology (AIT) in organizations. We propose that a stakeholder theory of enabling can be used to formulate processes that will give form and voice to the Other by providing mechanisms for face-to-face interactions and dialogue. Applying the principles of affirmative postmodern ethics through an enabling stakeholder oriented system development process explicitly allows for the examination of moral concerns which might otherwise be overlooked, ignored, or silenced.     

Catch-up and fall-back through innovation and imitation

Will fast growing emerging economies sustain rapid growth rates until they “catch-up” to the technology frontier? Are there incentives for some developed countries to free-ride off of innovators and optimally “fall-back” relative to the frontier? This paper models agents growing as a result of investments in innovation and imitation. Imitation facilitates technology diffusion, with the productivity of imitation modeled by a catch-up function that increases with distance to the frontier. The resulting equilibrium is an endogenous segmentation between innovators and imitators, where imitating agents optimally choose to “catch-up” or “fall-back” to a productivity ratio below the frontier.     

The Accounting Profession: Substantive Change and/or Image Management

The accounting profession’s image and reputation is built upon the members of the profession acting with the “highest sense of integrity” in “the public interest” (AICPA, 2003, www.aicpa.org/about). The Enron debacle initiated the latest crisis facing the profession regarding its image and reputation. The American Institute of Certified Public Accountants (AICPA) is the largest professional body representing the accounting profession and the one to which regulators have looked in establishing and upholding professional standards relating to the public practice of accounting and auditing. One of the AICPA’s responsibilities is to “promote public awareness and confidence in the integrity, objectivity, competence and professionalism of CPAs ....” (AICPA, 2003, www.aicpa.org/about). We analyze the public statements issued by the AICPA (i.e., press releases, speeches of officers, testimony, published articles) during this ethical and identity crisis beginning with the AICPA’s first public statement on the Enron debacle (AIPCA 2001) and concluding with the AICPA recognizing the need for a “new accounting culture” (Melancon 2002). In order to better understand the public discourse, we use image restoration theory (Benoit, 1995), because it provides a typology of strategies for dealing with the public face of crises. We identify the three most common strategies the AICPA employs during this period. Proposals for taking corrective action represent the most commonly employed strategy, but the analysis also indicates an attempt to evade responsibility by claiming defeasibility and to reduce the offensiveness of the situation by employing a bolstering strategy. A second analysis using DICTION, a software package useful in revealing latent dimensions in a text, indicates that early statements tend to use language related to accomplishing specific action while the later statements tend more toward general language that relates to peoples’ everyday lives. The findings raise questions as to substantive nature of the changes proposed by the AICPA, and thus, the extent to which the public interest is being served by them.     

Pay Without Performance: Overview of the Issues

In their recent book, Pay Without Performance: The Unfulfilled Promise of Executive Compensation , the authors of this article provided a comprehensive critique of U.S. executive pay practices and the corporate governance processes that produce them, and then offered a number of proposals for improving both pay and governance. This article presents an overview of their analysis and proposals.
The authors' analysis suggests that the pay-setting process in U.S. public companies has strayed far from the economist's model of "arm's-length contracting" between executives and boards in a competitive labor market. In place of this conventional model, which is standard in corporate law as well as economics, the authors argue that managerial power and influence play a major role in shaping executive pay, and in ways that end up imposing significant costs on investors and the economy.
The main concern is not the levels of executive pay, but rather the distortion of incentives caused by compensation practices that fail to tie pay to performance and to limit executives' ability to sell their shares. Also troubling are "the correlation between power and pay, the systematic use of compensation practices that obscure the amount and performance insensitivity of pay, and the showering of gratuitous benefits on departing executives."
To address these problems, the authors propose three kinds of changes:

• 1)

  increases in transparency , accomplished in part by new SEC rules requiring annual corporate disclosure that provides "the dollar value of all forms of compensation" (including "stealth compensation" in the form of pensions and other post-retirement benefits) and an analysis of the relationship between the past year's pay and performance, as well as more timely and informative disclosure of insider stock purchases and sales;

       

Consumer susceptibility to interpersonal influence and attributional sensitivity

This research examines the relationship between consumer susceptibility to interpersonal influence and attributional sensitivity. It is hypothesized that consumer susceptibility to interpersonal influence is moderated by the level of attributional sensitivity. Across two studies, this hypothesis was supported. Individuals high in attributional sensitivity scored higher on various measures of consumer susceptibility to interpersonal influence than individuals low in attributional sensitivity. This suggests that consumers susceptible to the influence of others are more likely to purchase products that they perceive will lead others to make favorable attributions about them, and avoid purchasing products that they perceive will lead others to evaluate them negatively. © 1992 John Wiley & Sons, Inc.