The Impact of Regulation on the Strategy and Structure of Building Societies

A new Building Societies Act was passed in July 1986, radically changing the regulatory framework governing societies which had remained in force since 1962. The provisions of the Act allow societies to move into areas of activity from which they have previously been prohibited. At the same time that legislation was being passed specifically relating to building societies, the whole of the personal financial services market was experiencing what is generally seen as a revolution. Hence societies find themselves at a development crossroads at a time of great uncertainty. Although there has been much informed and some speculative comment, there has hitherto been little attempt at quantifying the likely future directions that building societies will take. This article seeks to remedy this situation by drawing upon the results of two surveys in which senior building society executives and their counterparts in other financial institutions were invited to give their views on the trends in personal financial services provision over the next five years.     

Environmental Reporting Through an Ethical Looking Glass

This paper adopts the lens of environmental ethics to explore whether there is a disparity between the ethical approaches of a company in comparison to those expressed by stakeholders in relation to environmental issues, specifically those communicated through the corporate environmental report. Discourse analysis is adopted to explore the environmental section of the sustainability reports of the case study company as compared to the responses of a sample of the company’s stakeholders, using the lens of three branches of environmental ethics: utilitarianism, deontology and virtue ethics. Results indicate that the ethical approaches expressed in the case study company’s environmental reports were grounded in utilitarianism and deontology, in contrast to a virtue ethics approach expressed by external stakeholders. The disparity widened as the relationship between the company and the stakeholder became less direct. This disparity signals a failure to meet one of the primary purposes for preparing sustainability reports: to engage with stakeholders. As such this research contributes to the literature by identifying a disparity in the how this information is communicated compared with how it is perceived by stakeholders. This has important implications for the success of current stakeholder engagement practices.     

The Ethics of Marketing to Vulnerable Populations

An orthodox view in marketing ethics is that it is morally impermissible to market goods to specially vulnerable populations in ways that take advantage of their vulnerabilities. In his signature article “Marketing and the Vulnerable,” Brenkert (Bus Ethics Q Ruffin Ser 1:7–20, 1998) provided the first substantive defense of this position, one which has become a well-established view in marketing ethics. In what follows, we throw new light on marketing to the vulnerable by critically evaluating key components of Brenkert’s general arguments. Specifically, we contend that Brenkert has failed to offer us any persuasive reasons to think that it is immoral to market to the vulnerable in ways that take advantage of their vulnerability. Although Brenkert does highlight the fact that the specially vulnerable are at greater risk of being harmed by already immoral marketing practices (e.g., deception, manipulation), he fails to establish that the specially vulnerable are a unique moral category of market clients or that there are special moral standards that apply to them. Moreover, even if Brenkert’s position were theoretically defensible, the practical implications of his position are far less tenable than he suggests. If our criticisms are sound, then Brenkert and others who endorse his position are seriously mistaken regarding how one can permissibly market products to vulnerable populations, and, in addition, they have improperly categorized certain morally permissible marketing practices as being immoral.     

Different paths to economic reform in Russia and China: causes and consequences

Economic reform in Russia has been described as ‘shock therapy’ because rapid industrial privatization, price liberalization and democratic reforms of the political system were introduced simultaneously. However, shock therapy led to insider control of most manufacturing firms, with important consequences for foreign investment. In contrast, China’s ‘gradualist’ reforms, without privatization or significant democratization, facilitated foreign joint ventures as the dominant means of reforming State-owned enterprises incrementally. This paper proposes an explanation for these contrasting reform paths in Russia and China and then traces their consequences for inward foreign domestic investment (FDI), exporting and for corporate governance in the short and long term. The impact of national level policies on enterprises is demonstrated in a matched pair of cases in Russia and China. Conclusions are drawn for policy, for practice and for future research.     

Integrating design metrics within the early supplier selection process

It has been found from the contemporary research in the fields of supply chain management and concurrent engineering that significant benefits can be achieved if suppliers are involved in product development. However, recent investigations in manufacturing industries have revealed that early supplier involvement in the design process is not widely practiced. One issue is the lack of an appropriate customer–supplier interface to assess the suitability of suppliers with reference to design criteria. This paper proposes a mechanism for evaluating supplier involvement during product development. The assessment tool includes four types of distinctive indices to measure supplier involvement in the design process, namely: Satisfaction Index, Flexibility Index, Risk Index, and Confidence Index. These indices measure the extent to which both the customer requirements and the supplier capabilities match or mismatch and therefore reflect the potential or risk of signing a project contract. The proposed methodology is discussed within a multinational telecommunications company and preliminary analysis indicates that the approach provides an effective mechanism for selecting suppliers involved in the product development process.     

An assessment of the economic and environmental potential of biomass production in an agricultural region

The establishment of deep-rooted perennial species and their processing for biomass-based products such as renewable energy can have benefits for both local and global scale environmental objectives. In this study, we assess the potential economic viability of biomass production in the South Australian River Murray Corridor and quantify the resultant benefits for local and global scale environmental objectives. We model the spatial distribution of economically viable biomass production in a Geographic Information System and quantify the model sensitivity and uncertainty using Monte Carlo analysis. The total potentially viable area for biomass production under the Most Likely Scenario is 360,728 ha (57.7% of the dryland agricultural area), producing over 3 million tonnes of green biomass per annum, with a total Net Present Value over 100 years of A$ 88 million. The salinity in the River Murray could be reduced by 2.65 EC (μS/cm) over a 100-year timeframe, and over 96,000 ha of land with high wind erosion potential could be stabilised over a much shorter period. With sufficient generating capacity, our Most Likely Scenario suggests that economically viable biomass production could reduce carbon emissions by over 1.7 million tonnes per annum through the production of renewable energy and a reduced reliance on coal-based electricity generation. Our analyses suggest that biomass production is a potentially viable alternative agricultural system that can have substantial local scale environmental benefits with complimentary global scale benefits for climate change mitigation.     

Learning in Design and Technology: The Impact of Social and Cultural Influences on Modelling

The paper introduces the highly problematic nature of modelling in design and technology education and examines the relationship between cognitive and concrete modelling. Its aim is to gain insight into what learners do, rather than what others say they ought to do in their learning activities. The variety of purposes that educators have for learners’ modelling are discussed through examining the contested curriculum justification for design and technology education itself. The paper proposes that learners’ modelling cannot be extracted from the social milieu in which they act and it provides some insights of these social influences through the analysis of two case studies. Their settings are a girls’ secondary school and a college of higher education. Each case study is presented independently but organised with a common format to consider a) the impact of assessment on learning intentions and outcomes; b) cultural influences on learning and modelling; c) social influences on learning and modelling. A discussion of the emergent themes considers implications for teachers. This revised version was published online in July 2006 with corrections to the Cover Date.     

Effectiveness of harvest strategies in achieving multiple management objectives in a multispecies fishery

Fisheries management is characterised by multiple objectives, some of which may be complementary, while others may require trade‐offs between outcomes. Balancing these objectives is made more complex in the case of multispecies and multigear fisheries. In this paper, we develop a bioeconomic model that captures the key elements of such a fishery to test a range of potential harvest strategies to provide insights into how economic target reference points could lead to both desirable and undesirable management outcomes (e.g. discards). The model is developed as a long‐run optimisation model to identify target reference points to achieve multispecies maximum economic yield, and a dynamic recursive optimisation model, which includes more realistic representation of fishers’ behaviour, such as discards and trading of under‐caught species quotas. The potential economic, social and ecological impacts are evaluated using data envelopment analysis (DEA). The results suggest that the use of proxy target reference points can result in short‐term economic benefits at the cost of slower stock recovery and higher discarding. Limiting the number of species subject to quota controls may also prove beneficial in multispecies fisheries, while ensuring quota markets are efficient is likely to produce benefits irrespective of the harvest strategy adopted.