Corporate punishment: A proposal

Corporate Punishment: A Proposal is an exercise in logic and creative thinking. I shall argue that no good reasons exist for the supposition that corporations have rights independent of the rights and interests of the persons they serve and that the error of treating corporations as though they do have autonomous rights derives from a sloppy argument from analogy. I shall further argue that the analogy of corporations to citizens, though pushed too far by some courts and lawmakers, remains a useful analogy if its logical relations can be cleaned up and clarified. Finally, I shall conclude this essay by employing the refurbished analogy in such a way that it yields a proposal for more effective criminal punishment for corporate wrongdoing. Robert J. Rafalko received an A.B. in philosophy from the University of Scranton, Scranton, PA, an M.A. in philosophy from Tufts University, Medford, MA., and a Ph.D. in philosophy from Temple University, Philadelphia, PA. in 1984. He was the owner and operator of a retail bookstore. In 1982, Dr. Rafalko was the nominee of a major political party for the U.S. House of Representatives in the 10th Congressional District, Pennsylvania. Dr. Rafalko has taught philosophy at the University of North Carolina at Wilmington. In 1988, he accepted an appointment at California State University, Bakersfield, CA, where he is currently teaching logic, political philosophy and business ethics. Dr. Rafalko is the author of an introductory logic textbook, Logic for an Overcast Tuesday, to be published by Wadsworth Publishing Co. in the winter of 1989–1990.     

Practical formalism: A new methodological proposal for business ethics

The traditional exposition of Kantian ethical theory in the business ethics literature is abstract, esoteric, and impractical compared to the more usable presentations of utilitarianism. This situation can be improved by identifying and describing the conceptual dimensions of formalistic ethical reasoning, as contained in the interplay between case and principle, with examples from the business/society literature. F. Neil Brady is Associate Professor of Management at San Diego State University. He has published several articles which appeared in Academy of Management Review.     

Emerging adults' financial capability: A financial socialization perspective

This exploratory qualitative research uses the United Kingdom as a case study to understand how past and present financial socialization agents have either enhanced or inhibited emerging adults' financial capability in order to highlight potential opportunities for future policy and practice interventions. Three primary socialization agents were identified. The family as trusted primary advisor continues well into adulthood, even where family financial capability may be low. Beyond this, emerging adults only reluctantly engage with their bank, rely on just‐in‐time experiential learning or self‐socialize via diving, often with false confidence, into the internet. Although there are many quantitative studies on financial socialization, this paper fills a gap by taking a deeply qualitative approach showing, for the first time, empirically highlighting the limited number of financial socialization agents through the voices of emerging adults. The findings contradict previous socialization research that suggests parental socialization reduces into adulthood.     

Joint implementation: a promising instrument for climate protection

The first Conference of the Parties to the UN Framework Convention on Climate Change opened the path for a new policy instrument to mitigate anthropogenic climate change. It instituted a pilot phase for international emission offsets, “Joint Implementation”, open for all signatories to the Convention. During the pilot phase, however, emission reductions achieved abroad cannot be credited to domestic emission targets. By 2000, a decision on crediting and the final structure of the Joint Implementation regime must be taken by the Conference of the Parties.     

Oil and the poor countries: A proposal

One of the more unhappy effects of the recent, massive rise in the price of crude oil has been its impact on those developing countries not fortunate enough to be oil exporters themselves. The authors offer a proposal for rechanneling some of the oil revenues to the impacted developing countries.     

A modest proposal for resolving the Eurozone crisis

This paper presents three simple policies for overcoming the crisis that can be implemented immediately and require none of the moves such as national guarantees or fiscal transfers to which many Europeans are opposed, nor moves towards federation that entail Treaty changes, which electorates are most likely to reject. The logic behind these policy proposals is juxtaposed with the false dilemmas that currently impede clear thinking and immobilise Europe’s policymakers.     

Estimating financial risk measures for futures positions: A nonparametric approach

This study presents nonparametric estimates of spectral risk measures (SRM) applied to long and short positions in five prominent equity futures contracts. It also compares these to estimates of two popular alternative measures, the Value-at-Risk and Expected Shortfall. The SRMs are conditioned on the coefficient of absolute risk aversion, and the latter two are conditioned on the confidence level. Our findings indicate that all risk measures increase dramatically and their estimators deteriorate in precision when their respective conditioning parameter increases. Results also suggest that estimates of SRMs and their precision levels are of comparable orders of magnitude as those of more conventional risk measures. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 30:689–703, 2010     

Co-operatively re-engineering a financial services information supply chain: A case study

This paper presents a case study of the co-operative design, development, and implementation of an XBRL-enabled interorganizational system (IOS) by the Australian Prudential Regulation Authority, the Reserve Bank of Australia (central bank), and the Australian Bureau of Statistics to revolutionize reporting by financial institutions in Australia. The findings illustrate that the complexity of data consumption patterns drove increased interdependence within the financial information supply chain requiring the co-operative development of context sensitive data exchanges and commodity-like IT infrastructures. The paper concludes that the co-operative model to IOS development exhibited here is likely to be more suited to the development of systems for financial information supply chains than the hub and spoke model characteristic of IOS in other sectors. Copyright © 2009 ASAC. Published by John Wiley & Sons, Ltd.     

Operational modes for multinational corporations in post-apartheid South Africa: A proposal for a code of affirmative action in the marketplace

The economic and socio-political impact of multinational corporations (MNCs) on third world countries has been the subject of intense debate and controversy leading to charges of exploitation and colonization on the one hand, and demands for codes of conduct on the other. This article examines the working of one of the most comprehensive of such codes under the most reprehensible political conditions, i.e., the operations of U.S.—based multinational corporations in South Africa under the acgis of the Sullivan Principles. It is argued that despite the best intentions, and considerable social goodwill, the Sullivan Principles were seriously flawed both as to goals and as to means of achieving them. Finally, it suggests a new approach to developing standards of MNC behavior in third world countries which emphasizes those areas of activities that are directly under the control of MNCs, and offers targets of achievement to which MNCs can and should be held accountable.The paper is a revised and expanded version of a keynote speech delivered by the author at the First Biannual Conference on Advances in Management, Orlando, Florida March 25–28, 1992.S. Prakash Sethi is Professor and Associate Director, Center for Management, Baruch College, The City University of New York. He is also the Economic Policy Advisor to the National African Federated Chamber of Commerce and Industry (NAFCOC), which is the largest and the oldest organization of Black business and industry people in South Africa.     

Europe prepares for a single financial market

A single market in financial services has long been an objective of the European Union. In 1999, the Commission launched the Financial Services Action Plan (FSAP), an ambitious programme to integrate capital markets by 2005. This article gives an overview of the progress made so far and the tasks which still need to be tackled.     

A review of industrial market segmentation research and a proposal for an integrated segmentation framework

This article focuses first on a review of published articles on industrial market segmentation. The origin of formal propositions for segmenting industrial markets is presented. Next, industrial buying models and studies are shown to be a source of industrial market segmentation variables. A review of segmentation variables leads to a check list comprising four main classes of variables. Industrial market segmentation can be structured as a two step process with macro-segmentation followed by micro-segmentation or as a multiple step process (nested approach) proceeding from general to specific variables. Industrial market segmentation is then examined regarding its implementation in companies and specific segmentation variables are reviewed with respect to their degree of availability, appropriateness and usage. Finally, multi-participant buying decisions in both the consumer market and industrial market are integrated in a common segmentation framework.     

Acquisitions of divested business units: A typology and strategies for success

Acquisitions are notoriously difficult to execute successfully. Poor implementation of the postacquisition integration process is a major source of acquisition value destruction. To find new solutions for this vexing problem, we leverage the emerging, triadic view of mergers and acquisitions (M&A) activities, which emphasizes the interconnectedness between sellers, acquirers, and the units that are transferred between them. We apply the triadic lens to acquisitions of divested business units, and we find that a unit’s experiences with its seller before and during divestiture can profoundly shape the unit’s needs and expectations, which, in turn, must be addressed by the acquirer in the integration process. We identify four key mechanisms—status, resource accessibility, trust, and self-sufficiency—that underpin the seller’s impact on the divested unit, and we develop a typology—comprising favored, neglected, shocked, and independent units—that animates the ramifications of the seller’s actions. Then, for each type, we discern strategies for its postacquisition integration execution that are tailored to its distinctive needs, which originate from its experiences with the seller. To make these insights practical and readily implementable, we provide a diagnostic checklist for identifying the four types of divested units and offer an action plan of type-specific strategies for successfully managing them in the postacquisition integration process.     

Customer participation in service recovery: a meta-analysis

Research on customer participation in service recovery is surging, yet empirical examinations provide mixed results. A meta-analysis of 30 independent samples reported in 21 studies (N?=?7872) shows that the effect sizes for the relationships between customer participation in service recovery and customer outcomes are rather weak. We also find that customer participation in service recovery has an indirect effect on satisfaction with service recovery via distributive justice and procedural justice, but not via interactional justice. Conversely, customer participation in service recovery has an indirect effect on overall satisfaction via distributive justice and interactional justice, but not via procedural justice. Finally, the effectiveness of customer participation in service recovery is stronger when customers participate in the outcome of the recovery and for customers with an Eastern cultural background, but weaker when additional compensation is offered and in online settings.     

Parental financial support: A safety net for young adults with debt problems

Parental financial support benefits young adults in societies with decreasing welfare‐state support and a pattern of early home‐leaving. This article focuses on the association between young adults’ debt problems and parental financial support: the extent to which indebted young adults receive financial help from their parents. We also investigate the extent to which specific benefits are associated with debt problems or parental financial support. The data were gathered in an online survey conducted among 18‐to‐35‐year‐old Finns (n = 1,019). The results revealed, first, that many parents safeguard their indebted adult children’s lives by means of financial support and second, that heavy cash‐welfare‐benefit users are particularly likely to receive parental financial support. Our analysis also revealed that the prevalence of debt problems as well as of parental financial support were especially high among those who had received social assistance, sickness benefit or labour‐market subsidy within the previous 12 months. In a society open to new social risks as well as to debt problems, young people who lack financial support from their parents have a rockier transition to adulthood than those who receive support.     

营造良好金融生态环境的对策

当前,金融生态环境问题越来越受到关注。从广义上讲,金融生态环境是指与金融业生存、发展具有互动关系的社会、自然因素的总和,包括政治、经济、文化、地理、人口等一切与金融业相互影