THE* Rules of Stakeholder Satisfaction (* Timeliness, Honesty, Empathy)

The results of an exploratory study examining the role of trust in stakeholder satisfaction are reported. Customers, stockholders, and employees of financial institutions were surveyed to identify management behaviors that lead to stakeholder satisfaction. The factors critical to satisfaction across stakeholder groups are the timeliness of communication, the honesty and completeness of the information and the empathy and equity of treatment by management.     

Agriculture, Natural Resources and Environmental Accounting

In this paper, we develop atheoretically consistent framework to incorporate theenvironmental effects of agricultural production andthe depletion of natural capital caused byagricultural production into the existing incomeaccounts. We apply the framework and adjust theincome attributed to the agricultural sector andeconomy-wide net national product (NNP) for the UnitedStates. Estimated adjustments to the incomeattributed to agriculture are in the range of $4billion and have declined as a percentage of net farmincome since 1982.     

Global Airline Networks: Comparative Nodal Access Measures

One strategy for making sense of airline network complexity is to assess the empirical network against an appropriate benchmark. The purpose of this paper is to develop and use well known measurements of betweenness and to deploy them in the context of airline transportation nets. The paper demonstrates some structural differences that emerge in larger networks. Selected extreme values are computed, as benchmarks, from a hypothetical ideal hub network. Actual values are shown to largely comport with these expectations, but there are numerous and interesting exceptions.     

Examining multi-functionality for crop yield and ecosystem services in five systems of agroecological intensification

Agroecological intensification (AEI) integrates ecological principles and biodiversity management into farming systems with the aims of increasing farm productivity, reducing dependency on external inputs, and sustaining or enhancing ecosystem services. This review develops an analytic framework to characterize the fulfilment of these objectives by documenting the co-occurrence of positive, neutral, and negative outcomes for crop yield and nine regulating ecosystem services. We provide an illustrative examination of the framework, evaluating evidence for yield and ecosystem service outcomes across five AEI systems: conservation agriculture, holistic grazing management, organic agriculture, precision agriculture, and system of rice intensification (SRI). We reviewed 104 studies containing 245 individual comparisons between AEI and contrasting farming systems. In three of the five AEI systems, conservation agriculture, precision agriculture, and SRI, more than half of reviewed comparisons reported ‘win-win’ outcomes, enhancement of both yield and ecosystem services, or ‘win-neutral’ outcomes relative to contrasting farming systems. The review presents substantial evidence that the five AEI systems can contribute to multi-functional agriculture by increasing ecosystem service provision, or reducing negative externalities associated with agriculture, while maintaining or increasing yields. A framework such as the one presented here can help guide decision-makers considering how best to implement multi-functional agriculture so that both crop yield and ecosystem service delivery can be maintained or increased.     

Growth through rigidity: An explanation for the rise in CEO pay

The dramatic rise in CEO compensation during the 1990s and early 2000s is a longstanding puzzle. In this paper, we show that much of the rise can be explained by a tendency of firms to grant the same number of options each year. Number-rigidity implies that the grant-date value of option awards will grow with firm equity returns, which were very high on average during the tech boom. Further, other forms of CEO compensation did not adjust to offset the dramatic growth in the value of option pay. Number-rigidity in options can also explain the increased dispersion in pay, the difference in growth between the US and other countries, and the increased correlation between pay and firm-specific equity returns. We present evidence that number-rigidity arose from a lack of sophistication about option valuation that is akin to money illusion. We show that regulatory changes requiring transparent expensing of the grant-date value of options led to a decline in number-rigidity and helps explain why executive pay increased less with equity returns during the housing boom in the mid-2000s.     

Reverse Mortgage Lending Disparities and the Economically Vulnerable

International Advances in Economic Research - A fair lending analysis seeks to determine whether a lender’s underwriting, pricing, and marketing decisions are free from a prohibited basis...     

Market-Channel Choices of Indonesian Potato Farmers: A Best–Worst Scaling Experiment

We present an empirical analysis of how buyer (and trader) attributes influence decisions of market participation and channel choice among smallholder potato farmers in West Java, Indonesia. We use a best–worst scaling experiment to evaluate the determinants of these decisions and gauge the influence of buyer attributes. Our latent-class cluster analysis reveals that producers have heterogeneous preferences for buyer attributes, which address classic smallholder constraints such as access to inputs, credit, and information. This heterogeneity can be somewhat explained by household characteristics and assets. The broad mass of our sample sought buyers whose attributes imply lower market risk for farmers. Yet roughly a quarter of our sample, a portion that included farmers with large, specialised farms, sought buyers who could provide inputs such as high-quality seeds.