A discrete‐time hazard analysis of the exit of burley tobacco growers in Tennessee,North Carolina,and Virginia

This article examines the exit and survival dynamics of burley tobacco growers in Tennessee, North Carolina, and Virginia using a discrete‐time hazard logit model. The study also predicts the effects of selected farm and family characteristics on exit hazards, assesses the proportionality of their effects over time and their relative importance in explaining the variation in exit hazards among burley tobacco growers. Results provide the longitudinal progression of the probability of exiting the tobacco industry since the end of the federal tobacco program in 2004, and identify off‐farm participation, percentage of farm receipts from tobacco, tobacco price, educational level, and farm size as the most important determinants of the decision to exit the tobacco industry. Further, the effects of off‐farm participation and farm size on the exit hazards of burley tobacco farms are proportional over time while the effects of the percentage of farm receipts from tobacco and tobacco price are time variant.     

Managerial myopia and the unintended real consequences of conditional conservatism

We examine whether the demand for conditional conservatism produces unintended real consequences that are exacerbated by managerial incentives to report higher earnings. We document a robust positive association between conditional conservatism and real earnings management (REM), particularly for firms whose CEOs face greater compensation incentives and capital market incentives to report higher earnings. Using mediation analyses, we find that conservatism has a negative indirect relation with future returns via REM over the next 1–3 years. In additional tests, we find that the relation between conservatism and REM is attenuated for firms with higher debt-to-equity, which suggests that debtholders moderate the negative relation between conditional conservative reporting and REM. Our findings suggest that, in contrast to its monitoring benefit, conditional conservatism can exacerbate managerial myopia, resulting in negative consequences for future firm value.     

Can behavioral nudges and incentives help lower-income households build emergency savings with tax refunds? Evidence from field and survey experiments

Tax refunds are an opportunity for lower-income households to accumulate emergency savings so they have cash on hand to cover expenses when income is insufficient. Our field experiments testing different behavioral interventions to encourage refund saving via online tax filing show small effect sizes (0.12–0.14) and a low aggregate savings rate (12%) that might be increased were filers to receive financial incentives. We test a key provision of the Refund to Rainy Day Saving and Financial Security Credit Acts using a survey experiment, finding that hypothetical refund saving jumps from 16% with no financial incentive, to 71% and 80% with 25% and 50% matches, respectively, findings which are mostly insensitive to refund size. Our results suggest that public policies to provide greater financial support—including stronger income supports—will better prepare lower-income households for financial emergencies than behavioral interventions to nudge refund saving.     

Who pays attention to sustainability reports and why? Evidence from Google search activity

We introduce country-level Google search activity as a direct measure of the level of stakeholder attention directed towards sustainability reports. We validate this measure by establishing that search activity for sustainability reports is correlated with temporal patterns in firms' supply of these reports. To frame the economic magnitude of this search behaviour, we then show that the level of attention directed towards sustainability reports is very low compared to the level of attention directed towards financial and accounting information. Next, we examine two related research questions. First, we identify who pays attention to sustainability reports. We find, consistent with the environmental Kuznets curve, that attention towards sustainability reports is strongly associated with economic development. Consistent with findings in prior research that suggest citizens in stakeholder-oriented countries have stronger preferences for firms to act prosocially, we also find that search activity for sustainability reports relative to search activity for financial performance metrics is greater in civil law countries than in common law countries. Finally, we then explore the question of why individuals pay attention to sustainability reports and find evidence that suggests sustainability reports are used for two primary purposes: evaluating the societal impacts of firms' actions; and, firm valuation.     

Marital status and hospital use in older adults

The proportion of single person households is increasing with population ageing. At older ages living in a single person household is more likely to be due to bereavement or separation than at younger ages. We examine the association between marital status and the likelihood and the length of hospitalisations, with particular emphasis on whether and how this association varies by different types of hospitalisations with a distinct nature of care. Using a large survey linked to multiple years of detailed administrative records enables us to better control for individual heterogeneity and allows us to conduct a finer classification of hospitalisations. A two-part model is used for estimation. We also investigate the relationship between marital status and the presentations to emergency department. The results show singles have an increased probability of hospitalisation and length of stay, with a substantial heterogeneity revealed in the association between marital status and different types of hospitalisations. The findings are consistent with the lesser availability of informal care for those being single and point to the need to develop appropriate and targeted strategies to reduce hospitalisation in this group.     

Acción colectiva sindical,sindicalismo social y libertad de los trabajadores en Nueva Zelandia

La libertad de asociación puede englobar el derecho sindical a emprender acciones colectivas en interés de los afiliados. En ese sentido, se presume que los sindicatos aumentan la libertad de los trabajadores. Sin embargo, no se ha estudiado suficientemente la vinculación entre esa libertad, entendida como realización personal, y la acción colectiva sindical que crea coaliciones con la sociedad civil. Partiendo de los conceptos de libertad de Berlin (1969) y MacCallum (1967), en este artículo se evalúa cómo influyen esas coaliciones en la libertad de los trabajadores. Posteriormente, desde una perspectiva democrática radical (Laclau y Mouffe 2001) de la participación sindical en el movimiento de transición justa en Nueva Zelandia, se examina si los sindicatos amplían esa libertad.