Friedman's Stockholder Theory of Corporate Moral Responsibility

In this paper I critically discuss MiltonFriedman's classic article, ``The SocialResponsibility of Business is to Increase itsProfits.' Friedman offers several argumentsfor his stockholder theory of corporate moralresponsibility, according to which acorporation's only moral responsibility is topromote the financial well-being of itsstockholders. I first consider aninconsistency in his statement of his position– namely, the distinct and non-equivalentconstraints he places on profit-maximization(``the rules of the game' and ``the rules ofsociety'). I then turn to a consideration ofsix arguments Friedman gives to support histheory, spelling them out in detail and showingthat none of them is sound. I conclude with abrief intuitive argument against his theory.     

Food choice,nutrition education and parental influence on British and Korean primary school children

The nutritional status of children can influence their health and the risk factors for developing chronic diseases later in life. Korea is unique in that it is relatively westernized and yet maintains much of the traditional foods and cooking methods. Effective nutrition education should help children to choose a healthy diet through the establishment of positive dietary practices and habits. The main purpose of this research is to compare awareness towards nutrition education between primary schools in the UK and Korea and nutritional knowledge that children and parents have in these countries. Dietary and healthy eating knowledge data were collected by a questionnaire as part of a case study comparison using one primary school in Manchester, UK, and one in Seoul, Korea. A total of 171 primary school children and 124 parents of the children were recruited. The results indicated that children and parents appeared to be aware of the importance of limiting fat, sodium and sugar intakes, and requiring non‐starch polysaccharide (NSP). However, in the case of some foods they did not have satisfactory nutritional knowledge of which foods were high in fat, salt, sugar and NSP. British children had a better understanding of the health implication of fat than Korean children, whereas more Korean children considered excessive salt intake harmful than British children. There seemed to be differences in dietary pattern and familiarity with food between the two countries. Children identified parents as the main source of nutritional information. Therefore, parents as well as children need to learn about nutrition in order to give appropriate information or advice to improve the diets of their children. Children preferred exciting, fun, positive and a practical approach to learning about nutrition, such as computer packages and cookery classes. Parents wanted schools to give their children more information about nutrition. This research has shown that nutrition education in schools should be concerned not only to provide nutritional knowledge but also to encourage children to choose healthy food by redesigning nutrition education and school meals.     

Cross‐group comparisons: A cautionary note

This article alerts researchers to the importance of factorial invariance in comparative studies. Cross‐group or cross‐national comparisons, without a clear understanding of factorial structures, can result in misleading conclusions regarding compared groups. The types and process of invariance test are discussed. Then, as an empirical illustration, American consumer ethnocentrism toward Japanese products is examined across gender and age. © 2002 Wiley Periodicals, Inc.     

Relay the Right Way: Harnessing Heterogeneity in Sequential Team Production

How a manager chooses to organize teams is a question with substantial efficiency implications. This study reports evidence on how ordering of heterogenous team members impacts productivity and free riding in a sequential production task. A laboratory experiment permits exogenous reordering of team members by cost of contribution. Analyses suggest that team productivity is higher when low cost team members lead and less variable when low cost members both precede and follow high cost members (e.g., the conventional relay team order). Additionally, team members are found to respond in‐kind to the contributions of both predecessors and successors. Copyright © 2015 John Wiley & Sons, Ltd.     

Engaging and marketing to stakeholders in World Heritage Site management: a United Kingdom multiple case study perspective

ABSTRACT

This research addresses the limited studies which apply stakeholder theory to World Heritage Site (WHS) management and managerial theory to heritage management. WHS management highlights a context where sites rely on numerous interests uniting through goodwill. This is intensified by the multiple-ownership patterns which characterise many WHSs, necessitating a need for collective action. This study aims to explore how managers attempt to manage stakeholders and generate involvement and support. This study adopts a multiple case study approach, exploring three United Kingdom WHSs. Data were collected through interviews, documentation and physical artefacts. The analysis found that through representation, raising awareness and support, managers were able to generate stakeholder patronage. However, this required managers to look beyond informative engagement toward participatory means. Furthermore, the findings highlight the importance of the facilitators, time and money in successful stakeholder engagement. Lastly, conclusions, limitations and future research are offered. Underpinned by stakeholder theory, this paper contributes to the understanding of stakeholder engagement within WHS management and adds to limited empirical studies on multiple sites. This investigation found that engagement is constrained by managers’ limited time and resources. Furthermore, participatory engagement is essential in fostering stakeholders’ responsibility for site management and developing relationships with managers.     

Average pay in banks: do agency problems and bank performance matter?

Review of Quantitative Finance and Accounting - We study the determinants of average pay across all levels of staff seniority for UK banks between 2003 and 2012. We show that pay is affected by...     

Mix Efficiency in a Multi-species Fishery

A feature of fisheries that distinguishes them from most other industries is the level of control imposed on the production process. Previous studies have identified inefficiency in fisheries that is directly related to the management restrictions. The development of Slack-based measure (SBM) models allows the effects of management distortions to be further investigated through consideration of input and output mix efficiency. In this paper, the mix efficiency of a fleet operating in a multispecies fishery is examined. The results indicate that inefficiencies exist in the mix of inputs, which have developed as a consequence of the management restrictions imposed.     

Protecting the Rights of Alleged Sexual Harassment Perpetrators: Guidance from the Decisions of Labor Arbitrators

Recent evidence indicates that sexual harassment in the workplace continues to pose a problem for organizations. Using published arbitration awards, the current study examines the critical issues involved in discipline decisions of alleged sexual harassment perpetrators. Content analysis of 92 cases enabled the examination of critical judgment factors considered by arbitrators examining the disciplinary penalties imposed by management. Elements of the arbitrator's judgment including the just cause standards, mitigating circumstances, severity of harassment, and length of harassment were examined. The results of the analyses are discussed with an emphasis on the lessons provided for effective management practices.     

An estimation of the future demand for portable Internet service in Korea

Portable Internet service (PIS), which refers to wireless Internet service that can be accessed via a portable terminal at every time and at any place, is scheduled to be launched in Korea in early 2006. Thus, both the government and the industry need to obtain quantitative information on the future demand for the service. This study attempts to estimate future demand for the PIS, to analyze the determinants of the demand, and to conduct pre-test-market evaluation of the service. To this end, the dichotomous choice contingent valuation method is employed. On the whole, respondents accepted the contingent market and were willing to contribute a significant amount, on average. This willingness varies according to individual characteristics. Finally, the study discusses the importance of including valuation method in a pre-test-market evaluation of the PIS and presents the implications of the results, such as the mean willingness to pay (WTP) and the effects of individual characteristics and concerns about the service on the WTP.     

Heterogeneity of deal proneness: Value-mining,price-mining,and encounters

This study uncovers the heterogeneity of deal proneness in relation to the cost of deal shopping (e.g., time and effort) and shopping capital (i.e., skills and expertise in shopping). The possession of shopping capital determines the cost of deal shopping and how consumers take advantage of deals. Findings of in-depth interviews include: (1) different types of deal shopping—value-mining, price-mining, and encounters, (2) strategies of deal-prone consumers with a high level of shopping capital—creating shortcuts, prospective thinking, and engineering deals, and (3) the sources of deal gratification that result from different goals of deal-prone behaviors.