Monetary policy,inequality and political instability

Voters in the industrialised countries are increasingly expressing dissatisfaction by dissenting from the established political parties and candidates. Based on the concepts of justice by Hayek, Rawls and Buchanan, we argue that the growing dissatisfaction is rooted in the asymmetric pattern of monetary policies since the mid‐1980s for two reasons. First, the structurally declining interest rates and the unconventional monetary policy measures have granted privileges to specific groups. Second, the increasingly expansionary monetary policies have negative growth effects, which have reduced the scope for compensation of the ones excluded from the privileges. As a result, the acceptance of the prevailing economic and political order is undermined and political instability increases.     

Please Accept My Sincerest Apologies: Examining Follower Reactions to Leader Apology

Recognizing gaps in our present understanding of leader apologies, this investigation examines how followers appraise leader apologies and how these perceptions impact work-related outcomes. Results indicate that followers who viewed their leader as trustworthy or caring before a leader wrongdoing were more likely to perceive their leader’s apology to be sincere, as compared to followers who previously doubted their leader’s trustworthiness and caring. Attributions of apology sincerity affected follower reactions, with followers perceiving sincere apologies reporting greater trust in leadership, satisfaction with supervision, leader–member exchange quality, affective organizational commitment, and forgiveness than those reporting insincere or no apologies. A mediation model was supported, showing that attributions of apology sincerity fostered perceptions of humility, which enhanced perceptions of transformational leadership, and consequently garnered more positive follower reactions.     

Service Recovery,Justice Perception,and Forgiveness: The “Other Customers” Perspectives

ABSTRACT

While extant research has examined the effects of service recovery on customer attitude and behavior, little is known about whether customers react differently to the same recovery depending on whether they are victims or observers of a service failure. Adopting the “other customers” perspectives, this study used a quasiexperimental design using scenarios in a professional services context with 267 U.S. respondents recruited from Qualtrics national online panel. We found that when compensation is offered, victims will perceive a higher level of distributive justice than observers. However, the effects of service recovery on forgiveness intention is stronger among observers than victims.     

Tariff retaliation versus financial compensation in the enforcement of international trade agreements

We analyze whether financial compensation is preferable to the WTO's current dispute settlement system that permits injured member countries to impose retaliatory tariffs. We show that, ex-post, monetary fines are more efficient than tariffs in terms of granting compensation to injured parties but fines suffer from an enforcement problem since they must be paid by the violating country. If fines must ultimately be supported by the threat of tariffs, they fail to yield a more cooperative outcome than the use of tariffs alone. Furthermore, the exchange of bonds between symmetric countries also does not improve enforcement relative to retaliatory tariffs.     

When Organizations Break Their Promises: Employee Reactions to Unfair Processes and Treatment

Research has shown that the strongest reactions to organizational injustice occur when an employee perceives both unfair outcomes (distributive injustice) and unfair and unethical procedures and treatment. Utilizing the Referent Cognitions Theory (RCT) framework, this study investigates how a form of distributive injustice, psychological contract breach, along with procedural and interactional injustice influences employees' negative attitudes and behaviors. More specifically, the interactional effects of these forms of injustices should be notably greater than those exhibited when an employee of the organization, following a contract breach, perceives both fair and ethical processes and treatment. Three hundred and twenty-two employees from a variety of organizational settings completed measures of contract breach, procedural injustice, interactional injustice, and negative affect toward the organization. Their respective supervisors completed a measure of deviant work behaviors. Results revealed a three-way interaction between contract breach, procedural injustice, and interactional injustice on negative affect and deviant work behavior. The nature of the interaction was further investigated through simple slope analyses. Consistent with the study's propositions, deviant work behavior was higher following a contract breach when both procedural and interactional injustice were high. However, the association between negative affect and breach was high when both forms of injustices were high and when only interactional injustice was high. Study contributions and limitations as well as theoretical and ethical implications are discussed.     

Employees’ Reactions to Peers’ Unfair Treatment by Supervisors: The Role of Ethical Leadership

Little is known about employee reactions in the form of un/ethical behavior to perceived acts of unfairness toward their peers perpetrated by the supervisor. Based on prior work suggesting that third parties also make fairness judgments and respond to the way employees are treated, this study first suggests that perceptions of interactional justice for peers (IJP) lead employees to two different responses to injustice at work: deviant workplace behaviors (DWBs) and organizational citizenship behaviors (OCBs). Second, based on prior literature pointing to supervisors as among the most important sources of moral guidance at work, a mediating role is proposed for ethical leadership. The article suggests that supervisors who inflict acts of injustice on staff will be perceived as unethical leaders, and that these perceptions would explain why employees react to IJP in the form of deviance (DWBs) and citizenship (OCBs). Data were collected from 204 hotel employees. Results of structural equation modeling demonstrate that DWBs and OCBs are substantive reactions to IJP, whereas ethical leadership significantly mediates reactions in the form of DWBs and OCBs. Behavioral ethics and managerial implications are discussed.     

跨国公司人权责任之救济路径--体系化反思、中国语境与劳工保护

跨国公司的人权责任日益为国内外所接受和倡导,但是此种理念如何与传统法律制度相融合,仍然面临许多问题,尤其是有效救济在国内讨论还不多见。以体系化视角,对公司人权责任的特殊性、构成要件、责任方式作了分析。并以中国劳工保护为进路,结合跨国公司在华人权侵害的代表性案例,试图通过解释学将跨国公司的人权责任纳入其社会责任范畴,以期在公司法框架内实现人权诉讼救济,并探讨了《外国侵权法令》等其他多元救济。     

“Don't Forget that Others Are Watching,Too!” The Effect of Conversational Human Voice and Reply Length on Observers' Perceptions of Complaint Handling in Social Media

When dissatisfied customers voice their complaints on companies' social media pages, many other consumers can observe such interactions. Yet, only limited research has investigated how complaint handling is perceived by this online audience. Since the final outcome of the complaint is rarely visible publicly, the message characteristics (e.g., length and style) of company replies can represent signaling cues for observers of how the complaint is handled. The results of two experimental studies show that the use of conversational human voice (CHV) leads to more positive observer perceptions of complaint handling as opposed to when a corporate voice is employed. We found that interactional justice fully mediates this process and that satisfaction with complaint handling positively impacts corporate image and indirectly observers' WOM intentions. Surprisingly, high CHV can negatively affect procedural justice, but these effects are mainly offset through interactional justice, as the observers focus on the fairness in the communication exchange. Interestingly, our findings show that, in the case of low CHV, other cues such as the length of the company's reply significantly change perceived justice dimensions; however, the length of reply does not lead to such changes when high CHV is employed. Our studies bring novel findings that contribute to justice and signaling theories in the context of complaints management in social media. Managerial implications are discussed.     

That’s Not Fair! How Personal Value for Diversity Influences Reactions to the Perceived Discriminatory Treatment of Minorities

Using Leventhal??s (Social exchange: Advances in theory and research, Plenum Press, New York, 1980) rules of procedural justice as well as deontic justice (Folger in Research in social issues in management, Information Age, Greenwich, CT, 2001), we examine how personal value for diversity moderates the negative relationship between perceived discrimination against minorities (i.e., racial minorities and females) at work and the perceived procedural justice of minorities?? treatment by the organization. Through a field survey of 190 employees, we found that observers high in personal value for diversity have stronger negative reactions to the mistreatment of women and racial minorities than observers low in personal value for diversity. These findings support and extend the deontic justice perspective because those who personally value diversity had the strongest negative reactions toward the discriminatory treatment of minorities.     

Compensation disparity between locals and expatriates: Moderating the effects of perceived injustice in foreign multinationals in China

A large compensation gap exists between local and expatriate employees in foreign multinationals in China. A survey in the Suzhou area confirmed that local employees regarded their compensation vis-à-vis that of expatriates as unfair. Trustworthiness of expatriates by locals showed a stronger effect on their evaluation of expatriates than on their job satisfaction and organizational commitment, whereas perceived compensation received by locals showed the opposite pattern. Trustworthiness of expatriates moderated the negative effect of perceived distributive injustice on evaluation of expatriates, whereas perceived compensation moderated the relationships between perceived distributive injustice and job satisfaction as well as organizational commitment.     

论世贸组织争端解决机制中的赔偿救济——以发展中国家为视角

世贸组织争端解决机制(DSM)是富有成效的,作为弱势一方的发展中成员在此机制下能够寻求到比较公正的裁决,即DSM能做到形式上的正义。但是,由于DSM本身缺乏实施能力,即使发展中国家的申诉要求得到了世贸组织正式裁决的支持,也难以在裁决的执行上取得应得的实质性收益,也就是说,DSM难以实现实质正义。文章系统地分析了DSM执行机制的实质不正义之处以及实现DSM执行机制的实质正义的途径——在世贸组织争端解决机制中嵌入赔偿救济;并阐述赔偿救济的具体制度。     

How emotional,politically civil and local aspects affect young adults’ sustainable consumption in transition economies

Sustainable consumption manifolds and mobilizes one’s conscious choice to express a politically implied stance on environmental/cultural/social issues, to address social and/or ecological injustices, to reproduce or restore order and justice, as well as to fulfill responsibilities of a citizen consumer. Based on this premise, this paper attempts to explore what sustainable consumption means to young adults in Hong Kong. Findings from three focus groups and six follow-up interviews reveal that Hong Kong young adults’ sustainable consumption embeds their political ideals to construct collective civil power to fight against the structural inequalities, market hegemonies, imperial dominance and social/ecological injustice locally. The findings point to the need to further define and refine the unspecified concept of “reflexivity” in existing literature. The paper also unveils how the concept of “sustainable consumption” has evolved from the “individual,” “global,” “rational,” “remotely moral” and “ideological” to the “communal,” “local,” “emotional,” “politically civil” and “actional.”     

The Role of CEO’s Personal Incentives in Driving Corporate Social Responsibility

In this study, we explore the role of Chief Executive Officers’ (CEOs’) incentives, split between monetary (based on both bonus compensation and changes in the value of the CEO’s portfolio of stocks and options) and non-monetary (career concerns, incoming/departing CEOs, and power and entrenchment), in relation to corporate social responsibility (CSR). We base our analysis on a sample of 597 US firms over the period 2005–2009. We find that both monetary and non-monetary incentives have an effect on CSR decisions. Specifically, monetary incentives designed to align the CEO’s and shareholders’ interests have a negative effect on CSR and non-monetary incentives have a positive effect on CSR. The study has important implications for the design of executive remuneration (compensation) plans, as we show that there are many levers that can affect the CEO’s decisions with regard to CSR. Our evidence also confirms the prominent role of the CEO in relation to CSR decisions, while also recognizing the complexity of factors affecting CSR. Finally, we propose a research design that takes into account endogeneity issues arising when examining compensation variables.     

Effects of Earnings Forecasts and Heightened Professional Skepticism on the Outcomes of Client–Auditor Negotiation

Dismissal is a major issue for distributive justice at work, because it normally has a drastic impact on an employee’s livelihood, self-esteem and future career. This article examines distributive justice under the US’s employment-at-will (EAW) system and New Zealand’s just-cause dismissal system, focusing on the three main categories of dismissal, namely misconduct, poor performance and redundancy. Under EAW, employees have limited protection from dismissal and remedies are restricted to just a few so-called exceptions. Comparatively, New Zealand’s just-cause system delivers much more just outcomes, both in terms of remedies and punishments. Despite a few shortcomings, it should be considered as a reasonable reference for policy changes in the US.     

高管薪酬、董事会治理与分类转移

本文研究了高管薪酬和董事会治理对分类转移的影响。研究表明,货币薪酬会诱使高管向上转移利得,股权激励和缺乏区分度的薪酬制度会诱使高管同时向下转移费用和向上转移利得;而勤勉、独立和两职分离的董事会能够在一定程度上识别并抑制这两种不同方式的分类转移;但董事会对分类转移的抑制程度小于高管薪酬对分类转移的诱发程度。进一步地,良好的市场、法制和媒体监督环境能够有效缓解高管薪酬对分类转移的诱发作用,而董事会能够有效弥补法制建设和媒体监督不足导致的分类转移治理缺陷,并在较高质量的审计环境下对分类转移发挥更强的抑制作用。本文首次结合制度背景和媒体监督研究了公司核心治理机制对不同分类转移方式的影响和原因,并创新性地对向上转移利得的程度进行了衡量,为监管部门及公司治理机制、会计准则的制定者提供经验证据。     

The Role of Ethical Ideology in Reactions to Injustice

Forsyth (J Pers Soc Psychol 39(1):175–184, 1980) argued that ethical ideology includes the two orthogonal dimensions of relativism and idealism. Relativists determine morality by looking at the complexities of the situation rather than relying on universal moral rules, while idealists believe that positive consequences can always be obtained without harming others. This study examined the role of ethical ideology as a moderator between justice and constructive and deviant reactions to injustice. Students with work experience (N = 200) completed Bennett and Robinson’s (J Appl Psychol 85(3):349–360, 2000) measure of Workplace Deviance, Gill’s (Reactions to injustice: Development and validation of a measure. Unpublished doctoral dissertation, University of Western Ontario, 2005) Reactions to Injustice measure, and the Ethics Position Questionnaire (Forsyth, 1980), and provided ratings of justice in their own workplace. Hierarchical regressions revealed a significant main effect of idealism on deviance and constructive behaviors, and three-way interactions between idealism, relativism, and some types of justice. These findings suggest that ethical ideology plays a significant role in predicting responses to injustice.     

Corporate and public responsibility, stakeholder theory and the developing world

It is often argued that multinational companies and other foreign developers have a responsibility to improve the material conditions of the people in whose territories they operate. As a matter of distributive justice it is thought that these companies should be sharing the acquired wealth with these people through the creation of 'collective goods' (like schools and aid posts), infrastructure development and compensation disbursements aimed at their benefit. Recently "stakeholder theory" and even legislative changes in the first world (especially in the US) have sought to impress on the corporate world the necessity to share the profits with affected "non-shareholder" groups. Many see these developments as possible advancements for indigenous peoples, indigenous rights and the cause of distributive justice for aboriginal groups. However, it can be shown that the attribution of such 'imperfect' duties to corporations results in the generation of excessive costs and of unrealistic expectations on the part of stakeholders. Distributive justice is more efficiently achieved by public sector involvement at the level of policy and project management.     

货币制度变迁机制研究——基于技术与政治共演的视角

借鉴制度变迁理论,找出货币制度中的两个博弈主体：统治者和平民;利用制度供给与制度需求的概念界定双方的支付水平;以政治权力结构作为博弈游戏规则,同时结合耗散结构理论构建出具备较强解释力的货币制度变迁理论。在此基础上,推论出导致一国货币制度变迁的内部和外部机制。结论是,除非具有经济实力的经济体的强势货币能够与美元相匹敌,否则美元仍会获得货币制度供给带来的超额收益,即继续贬值下去。作为外汇储备世界第一的中国,唯一合理的选择是实施资源优先战略,即利用手中外汇购买他国重要的资源,如能源和矿产。     

劳动：马克思正义思想的逻辑主线

马克思正义思想主要是从政治经济学角度来阐述的。正义来源于人类生产方式之中,劳动是人的本质,正义要体现人的本质。因此,马克思从劳动入手解析正义,把劳动作为正义的衡量标准,把雇佣劳动作为切入点批判资本主义非正义;并提出正义的最终目标是自由劳动,正义实现的必由之路是从异化劳动到自由劳动。通过探究马克思解析正义的方式可以正确理解正义的逻辑思路,有助于促进社会公平正义的实现。     

Do Investors See Value in Ethically Sound CEO Apologies? Investigating Stock Market Reaction to CEO Apologies

Since the late 1990s, the number of apologies being offered by CEOs of large companies has exploded (Lindner in Austin American-Statesman, 2007; Adams in USA Today, 2000). Communication and management scholars have analyzed whether and why some of these apologies are more effective or more ethical than others (Souder in Sci Eng Ethics 16:175–184, 2010; Benoit in Accounts, excuses, and apologies: a theory of image restoration strategies, 1995a; Benoit and Czerwinski in Bus Commun Q 60:38–57, 1997). Most of these analyses, however, have remained at the anecdotal level. Moreover, the practical, economic consequences of apologies have not been examined. Almost no rigorous or systematic empirical work exists that examines whether stakeholders (1) reward firms whose CEOs give apologies that are more, rather than less, ethical; and (2) punish firms whose corporate apologies are not ethically sound. This lacuna is surprising given that the whole purpose of an apology is to restore trust between the apologizer and the recipients of the apology. It is also surprising, given that stock market participants do appear, in at least some cases, to evaluate and respond to apologies by CEOs. When Johnson and Johnson was hit by the Tylenol poisonings, its stock price plummeted. One day after CEO James Burke’s apology—an apology widely praised for being ethically sound—approximately a half billion dollars of its previously lost stock value was restored (The financial effect of Burke’s 1982 apology was calculated using Eventus data for a window ?1, +1 days around the date of the actual apology.). It appears, then, that a good CEO apology may lead to an increased stock value ceteris paribus. But is the Johnson and Johnson case representative of how the market responds in general to CEO apologies?