Disclosing elements of disclosure: a test of legitimacy theory and company ethics

This paper focuses on some of the ethical issues related to voluntary disclosure of qualitative information by Canadian public companies. Drawing on various organizational theories, we examine some of the ways that companies can symbolically manage legitimacy through disclosure. Press releases of a sample of companies that received cease‐trading orders were analysed for their use of language. We found that high‐risk companies attempted to manage legitimacy by selectively releasing information and by using ambiguous language. Moreover, some companies behaved unethically by using language that suggested a positive future despite the imminent release of a cease‐trading order. These findings have implications for organizational and accounting theorists and stakeholders in the corporate, fiduciary, and investment communities. Copyright © 2008 ASAC. Published by John Wiley & Sons, Ltd.     

The gains and losses to predicting nominal income by disaggregating via the new classical aggregate supply and rational expectations hypotheses

In this paper we compaia the predictive power of two types of model of nominal income: one based on a simple single equation aggregate framework; the second disaggregated into price level and output components. The source of the decomposition of nominal income of the type of model that is considered here are the twin hypotheses of rational expectations and structural neutrality. The model chosen as being representative of this approach to macroeconomic model building and against which some single equation models are compared isBarro's [1978] model of the price level and output in the U.S.     

Can ecotourism deliver real economic,social, and environmental benefits? A study of the Osa Peninsula,Costa Rica

Doubt persists about ecotourism's ability to make tangible contributions to conservation and deliver benefits for host communities. This work in Costa Rica's Osa Peninsula tests the hypothesis that ecotourism in this region is more effective at improving well-being for local residents, at enhancing their access to key resources and information, and at supporting biodiversity conservation than other locally available economic sectors. Data from 128 semi-structured interviews with local workers, both in ecotourism and in other occupations, together with associated research, indicate that ecotourism offers the best currently available employment opportunities, double the earnings of other livelihoods, and other linked benefits. Locally, ecotourism is viewed as the activity contributing most to improvements in residents’ quality of life in the Osa Peninsula and to increased levels of financial and attitudinal support for parks and environmental conservation. Ecolodge ownership by local people is substantial, and many local ecotourism workers plan to launch their own businesses. The data offer a convincing rebuttal to arguments that ecotourism does little to address poverty or disparities in access to resources and equally rebuts claims that ecotourism is simply a part of the “neoliberal conservation toolkit” that cannot help but exacerbate the very inequalities it purports to address.