Financial market development and the importance of internal cash: Evidence from international data

We examine the impact of financial market development on the extent to which firms have to rely on internal capital for making investments. Using international data from 31 countries for the 1987–1997 period, we find evidence of a negative relationship between financial market development and the importance of internal capital. The evidence is consistent across different estimation procedures, alternative measures of financial constraints and cash flow, and the use of bootstrapped standard errors. Finally, we find that the distortionary effect of negative cash flow observations reported earlier for US data extends to international data as well.     

Editorial Essay: Mapping the Ethical in Neuroscientific Research

The unmanaged organization (Gabriel in Organ Stud 16:477–501, 1995) is moving from coffee corners to social networks. This means not only a change of media, but also a transformation in how organizations exert control over workers and how workers resist the commodification of emotions (Fineman, in: Fineman, Emotion in organizations, Sage, London, 2000; Lindebaum in J Manag Inq 21:262–277, 2012). After analyzing instances of the online publication of images and texts that escape organizational control, we identified three main ambiguities helpful in framing future studies about organizational control and resistance: ambiguity between private and public spheres, ambiguity between spontaneous and performed manifestations, and ambiguity between the distribution and control of power. Our main contribution is to understanding the Internet, particularly social networks, as a medium for employee resistance through distance (Collinson, in: Jermier et al., Resistance and power in organizations, Routledge, London, 1994), and in using the three aforementioned ambiguities to help analyze this phenomenon.     

Wealth inequality,democracy and economic freedom

Using a novel panel data set from the Credit Suisse on the top wealth shares for 46 sample countries spanning 2000–2014, this paper empirically investigates to what extent wealth inequality influences economic freedom and whether this relationship is affected by the level of democracy. Economic freedom is measured by the Fraser Institute's economic freedom summary index as well as its five major sub-indices, such as government size, property rights, access to sound money, freedom to trade, and regulations. Wealth inequality is measured by the top wealth shares. Trade union density is used as an instrument for wealth inequality. Empirical results suggest that the rising wealth inequality significantly hampers overall economic freedom, property rights protection, freedom to trade, soundness of money and regulatory environment. Furthermore, this negative effect of wealth inequality is reinforced at a lower level of democracy. These findings are robust to alternative measures of wealth inequality, economic freedom, treatment for endogeneity, and model specification.     

Anti-bribery disclosures: A response to networked governance

This study examined the posited link between networked governance (the activities of NGOs and the media) and the anti-bribery disclosures of two global telecommunication companies. Based on a joint consideration of legitimacy theory, media agenda setting theory and responsive regulation, the findings show that anti-bribery disclosures are positively associated with the activities of the media and NGO initiatives. The findings also show that companies make anti-bribery disclosures to maintain symbolic legitimacy but are less prominent in effecting a substantive change in their accountability practices.     

Business Ethics and Quantification: Towards an Ethics of Numbers

Journal of Business Ethics - Social practices of quantification, or the production and communication of numbers, have been recognized as important foundations of organizational knowledge, as well...     

Simulation of truck arrival process at a seaport: evaluating truck-sharing benefits for empty trips reduction

Empty running of container trucks increases empty miles. With the aim of a reduction in the number of empty-truck trips, this study simulates the truck-sharing idea in a port and also evaluates the positive effects of the changes made. This study develops simulation models for the current process (the current truck arrival process in a seaport) and the proposed process (the idea of truck-sharing). The data for this study are provided by a local port. Simulation results are validated by using real-life data from the port. The simulation results confirm that the truck-sharing idea boosts port transport capacity, and that it can handle the increasing future truck volume effectively. The truck-sharing idea can also account for reduced emissions released from trucks in the port surroundings. The results of the simulation will be useful in persuading port authorities to evaluate truck-sharing initiatives. This study will assist port managers with replies to questions, such as ‘What impact will truck-sharing have on transport capacity expansion?’     

Greenhushing: the deliberate under communicating of sustainability practices by tourism businesses

ABSTRACT

Greenhushing selectively communicates fewer pro-sustainability actions by businesses than are practiced; based on a perception of customers’ rights to consumerism. We first studied the gap between the communication of sustainability practices in the audits and websites of 31 small rural tourism businesses in the Peak District National Park (UK). The analysis showed that businesses only communicate 30% of all the sustainability actions practiced. Their websites emphasised customer benefits, using explicit, affective, experiential and active language that legitimises the customers’ hedonistic use of the landscape, while downplaying complex issues and normalising sustainability to reduce customer guilt. Just one website mentioned climate change. We found that greenhushing results from a low moral intensity, masking potentially negative consequences of perceived lower competence, whilst protecting business from more cynical consumers who may interpret their statements as hypocritical. Subsequent textual analysis and interviews were used to understand how communication constitutes these organisations. We propose that greenhushing reshapes and constitutes tourism businesses through their communications. Moreover, greenhushing is a form of public moralisation that adopts communication practices similar to greenwashing, reflecting the social norms expected from a business; however, in this case, located in a moral muteness, rather than moral hypocrisy, that businesses accept but resent.     

Critical success factors of the nine challenges in Malaysia’s vision 2020

By the year 2020, Malaysia aspires to become a fully developed nation. In order to realize this vision, formally termed ‘Vision 2020’, Malaysia must address nine strategic challenges identified by the government of former Prime Minister Tun Dr. Mahathir bin Mohamad. These challenges are: (1) Establishing a united Malaysian nation, (2) Creating a psychologically liberated, secure, and developed Malaysian society, (3) Developing a mature democratic society, (4) Forming a community that has high morale, ethics, and religious strength, (5) Establishing a mature, liberal and tolerant society, (6) Establishing a scientific and progressive society, (7) Establishing a fully caring society, (8) Ensuring an economically just society, and (9) Establishing a prosperous society. The present paper seeks to identify and rank the critical success factors of these nine challenges by applying the Analytic Hierarchy Process. A number of ‘front-line’ critical success factors are discussed at length. The paper also analyzes the impact of respondents’ demography on the outcomes. The findings are expected to provide valuable guidelines to the Malaysian government in course of developing effective action plans to achieve Vision 2020.     

Food scare crises and developing countries: The impact of avian influenza on vertical price transmission in the Egyptian poultry sector

A bivariate smooth transition vector error correction model is applied to monthly poultry price data to analyze the effects that avian influenza has had on price transmission along the Egyptian poultry marketing chain. In order to reflect consumer awareness of the crisis, an avian influenza food scare information index is developed and used within the model as a transition variable. Our results suggest that price adjustments to deviations from the market equilibrium parity depend on the magnitude of the avian influenza crisis. Further these adjustments are found to have very different implications for market equilibrium: during the crisis retailers use their market power to increase marketing margins. In contrast, wholesaler margins are found to decline. Results also suggest that food safety information indices contribute to understanding the economic effects of food scare crises in developing countries.     

Dynamic linkages between tourism transportation expenditures,carbon dioxide emission,energy consumption and growth factors: evidence from the transition economies

Tourism transport profoundly affects economic growth, energy consumption and carbon dioxide emissions. This study is an attempt to examine the impact of international tourism transportation expenditures, energy demand, foreign direct investment inflows, trade openness and urban population on carbon dioxide emission and per capita income for the panel of 11 transition Economies, over the period of 1995–2013. The results show that per capita income escalates the carbon dioxide emission (CO₂), which deteriorates the natural environment. International tourism receipts and international tourism expenditures for travel items are associated with the intensifying CO₂ emission and per capita income in the region. The study confirmed the energy-led emissions, FDI-led emissions, FDI-led growth, income-led emissions, income-led energy demand, trade-led growth and trade-led energy demand. The causality results further substantiate the the tourism-led growth and FDI hypothesis in the region. Finally, the variance decomposition analysis confirmed the following results, that is, (i) per capita income is the contributor that least influences CO₂ emissions, (ii) urban population influences per capita income and (iii) international tourism transportation expenditures will influence CO₂ emissions and per capita income for the next 10-year period.