Tinged shareholder theory: or what’s so special about stakeholders?

This paper contrasts the normative foundations of the stakeholder and shareholder theories of the firm. It demonstrates how the shareholder theory of the firm appears to have at least as much normative support as stakeholder theory and suggests that a way forward may be for a variant of pure shareholder theory to emerge.     

Assessing the Effects of Hazards and Interventions on Farm Household Liquidity in Sudan - A Preliminary Accounting Model

The informed assessment of the effects of hazards on farm households and the design of appropriate interventions requires a knowledge of the pattern of household cash and asset stocks and flows. This paper uses the example of a poor farm household in Kordofan, Sudan to build a debt/savings model and then study the effects of environmental “shocks” and different forms of interventions. The results suggest that, in the absence of external injection in the form of technological improvement or worker remittances, over the period 1988–1992, households would have descended into a debt spiral, even with formal credit. With income improvements solvency would have only been ensured if formal credit had been available. Although more work needs to be done to increase the validity of such “accounting” models of farm household liquidity, this study has established a methodology which can be improved upon and applied elsewhere.     

Expansion within the Single European Market:a motivational structure

This paper considers the motivational context in which internationalization occurs. The paper considers the recent research of Pellegrini (1994) and Williams (1992a, 1992b) and addresses the fundamental question concerning the nature of internationalization raised by Brown and Burt (1992). The paper reports on, and uses findings from, a survey carried out in July 1993 which focused on retail expansion within the Single European market (SEM). The relative importance of motivations is considered in the context of retailers' attitudes to the SEM. These results are placed in the context of previous research findings and the theoretical literature on international retailing. On the basis of UK retailers' attitudes to expansion in the SEM and in the light of previous research work, this paper discusses the positions adopted by retailers in relation to internationalization. A matrix representing these positions is proposed and discussed.     

Tourism and crime: A conference

This conference did not solve the problem of crime in tourist-recreation destination regions. It did, however, allow interested participants an opportunity to inventory and generalized the crime problems and prospects as they related to a few destination regions in the Southeast. Differing criminal laws, law enforcement, gun-control laws, sentencing practices, and jury selection leave little doubt as to the truth of the statement that punishment for a crime is dependent on where the crime takes place. ∠ Further study of deceptive crime statistics and criminal characteristics for rural America is a much needed research goal for the planning and design of more viable tourist-recreation destination regions.     

Scale,Scope and Survival: A Comparison of Cooperative and Capitalist Modes of Production

This paper draws on a comprehensive data set from Portugal to investigate the activities, internal characteristics and survival prospects of cooperatives and capitalist enterprises. Consistent with theory, high levels of market concentration and low entry costs were shown to be conducive to cooperatives. Cooperatives were found to be, on average, older and to operate with a larger, more highly educated and more productive labour force than do their capitalist counterparts. Finally, we show that cooperatives have a markedly higher probability of survival than do capitalist enterprises due, in part, to differences in industry of operation and internal characteristics.