Analysis of the Efficacy of Public Spending on Research and Development in State Programs

This paper presents an approach to assessing the efficacy of public spending on research and development in state programs. At present, there is a need to develop a unified approach to the analysis and evaluation of the efficacy of such spending from the perspective of participants in state programs (federal executive bodies). The proposed approach does not allow evaluating the efficacy of public spending on the development of research areas assigned to the authors.     

Reference points for measuring social performance: Case study of a social business venture

We present a longitudinal qualitative case study to elaborate on how a social venture forms reference points for social performance. Although organizations increasingly use various social performance targets to direct their operations, the scholarly knowledge on social performance reference points remains limited. We make use of the prior accounting literature and draw on the idea of compromising accounts to discuss how provisional and performative metrics can have a significant role in how organizations develop new ways to evaluate their social performance. Given that the social performance reference point criteria are ambiguous and the corresponding referents malleable, performative accounts are helpful as they can intervene in the organizational life by making particular things visible, providing space for interpretations, and facilitating discussion, thus creating temporary settlements and enabling opportunities for productive compromises between different organizational groups and evaluative principles. The recursive feedback loops between reference point referents, criteria and accounting artefacts help the organization to make sense of its own social performance and interpret the associated performance feedback, and thereby provide ground for organizational decisions on further action. Moreover, we discuss how imperfect accounts can be useful for social businesses in their pursuit of developing their activities and achieving social impact.     

Should sequels differ from original movies in pre-launch advertising schedule? Lessons from consumers' online search activity

Sequels have become a profitable strategy in the U.S. motion picture industry because of their strong name recognition. However, while the established positioning of a sequel may help insulate it from competing firms' advertising messages, its familiarity may cause moviegoers to be more easily satiated with advertising from the sequel. Therefore, this study examines how sequels differ from original concept movies in terms of their ad effectiveness. We focus our analysis on pre-launch periods, given these periods' importance in shaping the financial outcomes of motion pictures. We consider the weekly online search volume of a movie as a measure of consumer interest in it, and thus as an intermediate response to pre-launch advertising. We then develop a model that assumes ad effectiveness can decline, due to copy and repetition wearout, and increase, due to forgetting, over time. We find that copy wearout is greater for original movies, while repetition wearout and forgetting are greater for sequels. These findings suggest that sequels should allocate more in early pre-launch periods and less immediately before release, relative to originals, to maximize pre-launch consumer interest.     

Does educational diversity of managers matter for the performance of team‐managed funds?

We study the effect of the educational diversity of managers on the performance of team‐managed mutual funds using a large sample of U.S. equity funds from 1994 to 2013. We consider diversity in terms of both final educational degree and field of educational specialisation. We find that, in general, both types of diversity have a positive impact on fund performance, and our results are robust over a wide range of performance metrics and changes in market conditions.     

Introduction to symposium: Smallholders in communist and postcommunist societies

The primary contributions of smallholders during the communist and early postcommunist periods have been food production and labour for large farms. Those conditions are changing, however, as modern farms require less labour and food supply may be imported. For most smallholders in Central and Eastern European and former Soviet Union countries, the postcommunist neoliberal environment has not brought significant improvement, and strong arguments can be made that land grabbing, social and economic exclusion, and rural poverty are worse than regime bias during the communist period. Cooperatives, which have empowered smallholders in other parts of the world, have not been as well developed in postcommunist nations.     

Multi-level and mixed-level <Emphasis Type="Italic">k</Emphasis>-circulant supersaturated designs

Supersaturated designs (SSDs) constitute an important class of fractional factorial designs that could be extremely useful in factor screening experiments. Most of the existing studies have focused on balanced designs. This paper provides a new lower bound for the \(E(f_{NOD})\)-optimality measure of SSDs with general run sizes. This bound is a generalization of existing bounds since it is applicable to both balanced and unbalanced designs. Optimal multi and mixed-level, balanced and nearly balanced SSDs are constructed by applying a k-circulant type methodology. Necessary and sufficient conditions are introduced for the generator vectors, in order to pre-ensure the optimality of the constructed k-circulant SSDs. The provided lower bounds were used to measure the efficiency of the generated designs. The presented methodology leads to a number of new families of improved SSDs, providing tools for directly constructing optimal or nearly-optimal k-circulant designs by just checking the corresponding generator vector.     

Shareholder Activism and Voluntary Disclosure Initiation: The Case of Political Spending

Demand for disclosures on environmental, social, and governance (ESG) issues has increased dramatically. Using corporate political spending disclosures as our setting, we conduct a detailed inquiry of 541 political spending‐related shareholder proposals from 2004 to 2012 to highlight the role of shareholder activism as a mechanism to motivate ESG disclosure. Unlike earlier studies, we examine both proposals that went to a vote and proposals that were withdrawn by the activist, allowing us to assess more comprehensively the success of shareholder activism. We find that 20 percent of firms targeted by disclosure proposals begin disclosing in the subsequent year, although implementation rates vary by proposal type—8 percent for proposals subject to a vote versus 56 percent for proposals withdrawn. The sponsor is also important: unions and public pension funds are less likely than other activists to target firms with agency problems and are less successful in having proposals withdrawn, and the implementations they obtain are viewed more negatively by the broader investor base. Our findings highlight shareholder proposals as one mechanism through which investors can successfully express their preferences for corporate disclosure policies. Given activists' long‐standing interest in environmental and social disclosure policies, we believe our findings generalize to a broader set of ESG disclosures.     

Machine learning for financial transaction classification across companies using character-level word embeddings of text fields

An important initial step in accounting is mapping financial transfers to the corresponding accounts. We devised machine-learning-based systems that automate this process. They use word embeddings with character-level features to process transaction texts. When considering 473 companies independently, our approach achieved an average top-1 accuracy of 80.50%, outperforming baselines that exclude the transaction texts or rely on a lexical bag-of-words text representation. We extended the approach to generalizes across companies and even across different corporate sectors. After standardization of the account structures and careful feature engineering, a single classifier trained on 44 companies from 28 sectors achieved a test accuracy of more than 80%. When trained on 43 companies and tested on the remaining one, the system achieved an average performance of 64.62%. This rate increased to nearly 70% when considering only the largest sector.     

Application of Standardization Methods for Environmental Improvement as an Element of Quality of Life Through the Development of a Company’s Business Potential

Various aspects of sustainable development and quality of life are considered, including the impact of standardization. Particular attention is paid to the study of the role played by standardization in improving environmental protection. In this connection the significance of standardization is shown as a factor of improving the technological potential of an enterprise and the quality of life. Various approaches to methods for assessing the effective impact of standardization on the quality of life are analyzed.