Managerial perspectives on drivers for and barriers to sustainable supply chain management implementation: Evidence from New Zealand

The purpose of this paper is to examine the factors that drive or prevent companies' implementation of sustainable supply chain management (SSCM) practices. To this end, we interviewed 29 senior managers from 23 New Zealand‐based companies. The key reported drivers were customer expectation, top management commitment, moral and ethical values of managers, reputation management, and economic and operational benefits. Conversely, cost concerns, strategic and structural restraints, supplier and customer issues, and a lack of effective regulations were cited as critical obstacles to SSCM implementation. Thus, the evidence from our findings provides support for both instrumental and normative logics for SSCM implementation. The findings further indicate that, in general, instrumental and normative logics are congruent; however, varied tensions arise when managers seek to simultaneously address competing yet desirable SSCM aspects. Accordingly, we argue that it is imperative to understand, work through, and manage such tensions as balancing divergent sustainability aspects holds considerable potential for successful SSCM implementation.     

The spirit of capitalism as key to solving for an explicit Ramsey saddle path

This paper presents a version of the Ramsey-Cass-Koopmans model （1965） with an explicit equation for the saddle path, starting from a utility function describing preferences for consumption and savings. Such a maximizing criterion including the flow of saving formalizes the concept of Max Weber＇s spirit of capitalism and makes the model similar to the one of ZOU （1994）, except that his specification includes the capital stock instead. Not only does the presented model preserve the long-run implications on growth of countries, it also features an interesting application of the Pontryagin＇s Maximum principle, with further interpretation and results to analyze.     

Comparing the technical efficiency of farms benefiting from different agricultural interventions in Kenya's drylands

Farmers in Kenya's drylands have difficulty accessing farm production resources and in consequence farm productivity is low. It is therefore important to find strategies for improving access to these scarce resources to help farmers use them efficiently. This paper analyses and compares the technical efficiency of five groups of small farms affected by five different agricultural interventions. The aim of the study was to identify intervention strategies that significantly improve farm efficiency. Data envelopment analysis was used to compute farm-level average technical efficiencies for each of the intervention groups. The results showed that average technical efficiency was highest for the farms that had participated in an irrigation intervention. The findings suggest that the strategies promoted by this intervention, such as access to irrigation, inputs and markets, have the most significant effect on farm efficiency.     

Contract farmer and poultry farm efficiency in Bangladesh: a data envelopment analysis

The objective of this article is to determine the efficiency of the poultry farm in Bangladesh and to assess the influence of contract farming system, using a data envelopment analysis. Seventy-five commercial poultry farms (25 and 50 independent and contract farms, respectively) were randomly selected. The results reveal that efficiency scores vary across sample farms. To explain some of these variations, the efficiency scores were regressed on some human capital variables and farming system using a Tobit model. The study also estimates elasticities to provide the information on the magnitude of the influence of variables on Technical Efficiency (TE), Allocative Efficiency (AE) and Economic Efficiency (EE). The results show that the contracting system is positively and significantly related to the farm's TE, AE and EE. This is expected because under contractual agreement, in order to obtain sufficient supplies of the right quality of poultry meat at the right time, the company provides technical know how assistance through company's recruited supervisor, production inputs and services, and production credit along with intensive supervision, which in turn improves farm efficiency. Thus, by receiving technical know how contract farmers have gained more knowledge on their resource and practices, which enables them to use resources more efficiently. Empirical results can provide crucial information to policy makers that improve poultry farm efficiency.     

Systematic ESG exposure and stock returns: Evidence from the United States during the 1991–2019 period

Using a sample of US stocks over the period 1991–2019, we test whether stocks with high exposure to a social index exhibit high returns. Using a univariate analysis, our in-sample results show that stocks with high sensitivities to the MSCI KLD 400 Social Index underperform stocks with low sensitivities by an annual risk-adjusted performance of 7.02%. The negative premium is also larger in the post-crisis period of 2007–2019 and is equal to 10.25%. The out-of-sample results offer, however, only weak evidence of such a finding, with a risk-adjusted performance difference of merely −0.84% over the full sample period and no significant differences between the pre-crisis and post-crisis periods. In the multivariate regression, we find evidence of a negative relationship between exposure to the social index and stock performance. Moreover, we find that stocks with high exposure to the social index display a low corporate social responsibility score, a high Tobin’s Q, high long-term debt, a large size, high total risk, a high market beta, a high SMB coefficient, a low HML coefficient, and a small MOM coefficient.     

Measuring the Pace of Technological Progress: Implications for Technological Forecasting

The pace of technological progress is a construct that has evolved from technological change theories. Although the construct is well described, it lacks a valid objective measure. Measuring the pace of technological progress is believed to be important for both technology management and technology forecasting. A newly-developed objective measure of the pace of technological progress called the Technology Cycle Time indicator (TCT) is evaluated. The TCT indicator was used in two comparison analyses: (1) assessing the pace of progress of superconductor and semiconductor technologies; and (2) assessing the position of various countries patenting in the semiconductor technology field. The TCT assessments were then analytically compared with specialist assessments found in the literature. The findings revealed that the TCT provided a valid assessment in each situation. The TCT has important implications for technology management and technology forecasting research.     

Is USD-INR Really an Excessively Volatile Currency Pair?

The USD-INR currency pair has often been in the news for its excess volatility. This study examines the veracity of this belief by using the extreme value estimator proposed by Rogers and Satchell (Ann Appl Prob 1(4):504–512, 1991) and the VRatio proposed by Maheswaran et al. (J Emerg Mark Finance 10(2):175–196, 2011). The volatility in the USD-INR exchange rate is determined for the period beginning January 2009 and ending June 2015. The volatility of the GBP-INR and EUR-INR currency pairs is also determined for making comparisons. The results show that the EUR-INR and the GBP-INR currency pairs exhibit excess volatility, but not the USD-INR. This result runs counter to the commonly held view. This study also examines the volatility of the three currency pairs using the multiple-days’ time windows for better approximation of Brownian motion while embedding the jumps in the daily opening prices. There is no evidence to support the existence of excess volatility in the USD-INR.

     

Volatility spillovers and macroeconomic announcements: evidence from crude oil markets

The paper applies an event study methodologyaims to investigate the macroeconomic announcements effects on Standard&Poor’s500 and oil prices. Our results provide evidence for a significant impact of the US macroeconomic news on oil prices. This impact is split into two components, namely the direct effect (common response) and indirect effect (volatility transmission). Altogether our results show that the volatility transmission is bidirectional. Not only a significant volatility transmission from the oil market to the US stock market is revealed, but also a high volatility transmission is recorded from the oil market to the stock market especially after the release of consumption indicators.