Text and metatext in the resource‐based view

This paper distinguishes between text and metatext in the resource‐based view (RBV) – that is, the actual words and logic fundamental to the RBV (the text) and the traditions, interpretations and applications of the theory (the metatext). It argues that Kaufman's ( 2015 ) criticism of the RBV as applied to strategic human resource management actually focuses on RBV metatext and not text. Indeed, unlike some RBV metatext, RBV text actually has a great deal to say about research and practice in strategic human resource management.     

The Many Layers of Meaning of 007

Until Umberto Eco developed a semiotic analysis of Ian Fleming's series of novels with James Bond as the protagonist, few literary critics took them seriously. That was a mistake. There are many layers of meaning in Fleming's simple prose, and some of those layers may still elude analysts. The Bond series of books and novels have been mined for ideas about cultural change, sexuality, politics, consumerism, the body as symbol, and other features of the Bond persona. Yet, all of these methods of analysis fail to dig beneath the surface. To fully comprehend the character of James Bond, this article suggests that one must take into account the imperialism of the author, Ian Fleming, who strongly believed in the national destiny of England. Another crucial feature that underlies the motivations of James Bond is the ideology of eugenics, which Fleming wholeheartedly embraced. Finally, some features of the Bond series only make sense if one considers the mystical and alchemical beliefs of Fleming. The heroic archetype of James Bond is not merely a symbol of patriotism. Bond, in a sense, is an alchemist who is able to draw upon elements of fantasy to bring about a purpose that is even higher than nationalism.     

Adverse Selection and Pay Compression

A fundamental result of the principal-agent literature is that pay will be linked to performance when it is difficult for the principal to monitor the agent's actions. However, performance pay can lead to adverse incentives. In these models, high-powered incentives encourage workers to neglect some aspects of their job or to sabotage their coworkers' efforts. This paper offers another explanation for the weak link between pay and performance: worker heterogeneity. When workers are heterogeneous and labor contracts are contests, the Nash equilibrium often pools workers. I show that this implies that the link between pay and performance is weaker than would be the case if firms could observe workers' types before contracting and offer each type their respective optimal contests.     

AIDing contraception: HIV and recent trends in abortion

Using a difference-in-differences estimation framework and state-level data, we investigate the potential role of HIV/AIDS in contributing to declining abortion utilization in the United States. Our results suggest that the perceived risk of HIV contraction negatively affected unwanted pregnancies. Specifically, a 10% increase in HIV incidence is associated with 0.34–1.1% fewer abortions per live births, an effect that can account for at least one-tenth of the sharp decline in abortions observed from the early 1980s to mid-1990s.     

Ordinaries

Journal of Bioeconomics - The Ordinaries column began in 2019 to promote a Neo-Darwinian synthesis of neoclassical and behavioral economics. This article places already-published, as well as...     

Temporal Orientation and Corporate Social Responsibility: Global Evidence

There has been a growing emphasis on the importance of a long-term perspective in academia and practice. Yet understanding of the interdependency of those factors – the temporal preferences embedded in organizations and in societal values as well as the influence of temporal orientation of investors – remains limited. We theorize whether and how a firm's corporate social responsibility (CSR) is affected by the societal temporal orientation, its time horizon, and its investors' time horizon. Using a global sample, we confirm that CSR activity is higher when a country has a long-term orientation culture, when the firm has a long-time horizon, and when the controlling institutional investor has a long-term investment horizon. We also find that the national culture's long-term orientation heightens the effect of a firm's long-time horizon on its CSR. Further, our results show that the effects of temporal orientation are more pronounced in environmental than in social CSR.     

Decisions nonindustrial forest landowners make: an empirical examination

Our purpose is to estimate a model of non-industrial forest landowner behavior that considers certain types of behavior that have escaped discussion and rigorous investigation in the literature, yet which are critical to future policy making. Our focus on the many different but related decisions landowners make broadens the typical understanding of landowner behavior to show how bequest motives, debt and participation in non-timber activities, and harvesting decisions are interrelated and dependent on landowner preferences, market, and land characteristics.     

Leading from the boardroom

These days, boards are working overtime to comply with Sarbanes-Oxley and other governance requirements meant to protect shareholders from executive wrongdoing. But as directors have become more hands-on with compliance, they've become more hands-off with long-range planning. That exposes corporations and their shareholders to another--perhaps even greater--risk, say professors Lorsch, of Harvard Business School, and Clark, of Harvard Law School. Boards are giving the long term short shrift for a number of reasons. Despite much heavier workloads, directors haven't rethought their patterns of operating - their meetings, committees, and other interactions. Compliance has changed their relationship with executives, however, turning directors into micromanagers who closely probe executives' actions instead of providing high-level guidance. Meanwhile, the pressure to meet quarterly expectations intensifies. Directors need to do a better job of balancing compliance with forward thinking. Boardroom effectiveness hinges most on the quality of directors and their interactions, the authors' research shows. Directors must apply their wisdom broadly, handling compliance work more efficiently and staying out of the weeds on strategic issues. Using their power with management to evangelize for long-term planning, they must take the lead on discussions about financial infrastructure, talent development, and strategy. Reserving sacrosanct time for such discussions, as Philips Electronics' board does at annual retreats, is an effective practice: After one recent retreat, Philips decided to exit the semiconductor business, where it was losing ground. Individual directors also must not shy away from asking tough questions and acting as catalysts on critical issues, such as grooming a successor to the CEO. In short, directors must learn to lead from the boardroom.