Multiple objectives and perceptions of optimal management: The Danish industrial fishery in the North Sea

Fisheries management involves many stakeholders with differentopinions about how the fishery should be optimally managed.This paper presents a multi-objective bio-economic model, whichis able to incorporate the preferences of managers and otherstakeholders. The model is a weighted goal programme coveringthe Danish industrial fishery. Economic, political and biologicalconcerns are considered simultaneously and, by applying thepreference structures of different stakeholders, it shows howthe optimally managed fishery would look from the perspectiveof managers and various interest groups. Managers, in this casethe Danish Ministry of Food, Agriculture and Fisheries, areprovided with a management tool that shows the consequencesof their preferences towards the objectives, and can be comparedwith optimal solutions as perceived by other stakeholders.     

Recent SEC prosecution and insider trading on forthcoming merger announcements

While trading on nonpublic information is illegal, the enforcement of this law has been elusive, particularly in the area of trading in advance of merger announcements. We examine the impact of insider trading on daily stock price changes for firms identified by the SEC in the Antoniu-Newman insider trading case. Using residual analysis, the abnormal returns occuring prior to the announcement are calculated and compared with a sample of 188 typical merger candidates not identified in the Antoniu-Newman case to determine whether or not there was an unusually large market reaction prior to the forthcoming merger announcement on the subset of merger candidates involved in the court procedure.     

Demand-side Spillovers and Semi-collusion in the Mobile Communications Market

We analyze roaming policy in the market for mobile telecommunications. Firms undertake quality improving investments in network infrastructure in order to increase geographical coverage, capacity in a given area, or functionality. Prior to investments, roaming policy is determined. We show that under collusion at the investment stage, firms and a benevolent welfare maximizing regulators interests coincide, and no regulatory intervention is needed. When investments are undertaken non-cooperatively, firms and the regulators interests do not coincide. Contrary to what seems to be the regulators concern, firms would decide on a higher roaming quality than the regulator. The effects of allowing a virtual operator to enter are also examined. Furthermore, we discuss some implications for competition policy with regard to network infrastructure investment.     

Learning and technological capability building in emerging economies: The case of the biomass power equipment industry in Malaysia

There is increasing recognition that the transfer of foreign technology to developing countries should be considered in light of broader processes of learning, technological capability, formation and industrial development. Previous studies that have looked at this in the context of cleantech industries in emerging economies tend to overlook firm-level specifics. This paper contributes to filling this gap by utilising in-depth qualitative firm-level data to analyse the extent to which the use of different learning mechanisms can explain differences in the accumulation of technological capabilities. This is explored via an examination of eight firms in the biomass power equipment industry in Malaysia during the period 1970–2011. The paper finds that firms relying on a combination of learning from foreign technology partners and internal learning by planned experimentation make most progress in terms of technological capability. Nevertheless, local spill-over effects were found to be important for some firms who learned principally from imitation of local competitors, although significantly, firms learning from local spillovers failed to advance beyond extra basic operating technological capabilities. Those firms who proactively pursued learning from foreign partners, on the other hand, advanced further, reaching basic innovative levels of technological capabilities. These findings are relevant for a wider range of industrial sectors in emerging economies.     

Sustainability Balanced Scorecards and their Architectures: Irrelevant or Misunderstood?

In a recent systematic review of the Sustainability Balanced Scorecard (SBSC) literature in this journal, we developed a typology of architectures as a basis for the process of SBSC design, implementation, use, and evolution. This paper addresses a comment by Hahn and Figge (2016) designed to stimulate further research. We argue that the existing literature demonstrates that the SBSC management tool can play an important role in corporate sustainability. The SBSC architectures—as representations of goals and priorities—form an integral and iterative part of the corporate sustainability strategy-making process and therefore cannot be isolated from it. However, the concept as such should not be overloaded (e.g. as a tool for radical change). In this paper, we first reflect on the potentials and constraints of the SBSC in relation to (1) radical or transformational change and (2) measuring performance outcomes on the level of human–earth systems. Second, we discuss the importance of SBSC architecture concerning (1) how it enables the integration of sustainability into business organisations; (2) how both strictly hierarchical cause-and-effect chains and less hierarchical designs can allow companies to seek inclusive profits; and (3) the contingency-based use of generic architectures (i.e. using the sustainability strategy and value system to determine a fitting architecture) in contrast to its use as a diagnostic tool (i.e. the architecture revealing the sustainability strategy and value system).     

THE POWER OF IMPENDING ZONING: Governance through Inaction in a Secondary City in Burkina Faso

A comprehensive zoning plan has been under way for more than a decade for an urban informal settlement in Bobo-Dioulasso, Burkina Faso. In this article I explore the narratives and strategies of its residents in response to the impending restructuring, suggesting that the continual postponements of the zoning plan's implementation may be understood as constituting an elusive form of urban governance that relegates strategies of both resistance and accommodation to formal governance to the sphere of micro-politics at the level of the neighbourhood. Urban governance is thus approached here neither as a set of formal policies nor through the day-to-day workings of the state bureaucracy, but as a much less tangible form of urban governance that is best studied through its perceivable effects instead of its stated intentions or institutionalized techniques. In the relative absence of the state in the everyday lives of urban residents, the main effects of the workings of the state bureaucracy in this context seem to be to discourage citizen involvement and to slow official procedures to a halt. I argue that the force with which impending evictions and yet-to-be-implemented urban zoning shape residents’ outlook and opportunities for negotiation and mobilization constitutes a form of governance through inaction.     

What do you value? Examining gendered responses to appeal letters

This study builds on previous inductive analysis of fundraising professionals' choices in writing acquisition letters. Fundraisers often write in a way that aligns with one of two personal values, either foregrounding aspects of self-transcendent Universalism values (an appreciation for community and the welfare of all people) or of conservation Security values (those of personal safety and stability for close others). Previous research also indicates that while women and men have different donation styles, targeted motivating language has yet to be explored. Using a national sample, this research tests public response to letters written for a fictional children's charity using content aligned with each option separately, and combined, compared to a control version. Using an experimental dictator game, Universalism values are found to be negatively related to giving across the board as compared to the valueless treatment. We find no statistically significant improvement in donor responses to acquisition appeals that choose to highlight either Universalism or Security values between men and women, although men were marginally less responsive to Universal, self-transcendent values language. The discussion attempts to make sense of these results and the possible complications of running a donor acquisition campaign in the time of COVID-19.     

The democratic (dis)advantage: The conditional impact of democracy on credit risk and sovereign default

Many have argued that democracies are able to make credible commitments to repay their debts and consequently enjoy higher sovereign credit ratings. In contrast to this expectation, I argue that the advantage of democracies in credit ratings is conditional on the countries' level of financial vulnerability and adjustment needs. Because democracies have more diffuse decision-making and are more accountable to the public, they encounter greater difficulty than autocracies in passing unpopular economic adjustment measures. Thus, I argue that democracies with high debt levels and low foreign reserve assets experience worse credit outcomes, whereas democracies with low vulnerability experience more positive outcomes. In a sample of up to 96 developing countries, I show that democracies have worse credit ratings and CDS Spreads and are more likely to default than their autocratic counterparts when foreign reserves are low relative to external debt. Notably, I also show that large debt burdens increase credit risk mainly in more democratic countries. I further test the causal pathway of the democratic advantage by constructing democracy scores of “market-friendly” and “adjustment-difficulty” democracy, finding that democracy worsens debt outcomes due to adjustment difficulty. These findings help to revise and clarify the causal logic surrounding the democratic advantage hypothesis.     

Reframing fundraising research: The challenges and opportunities of interpretivist research practices and practitioner researchers in fundraising studies

This paper examines interpretivism as an approach for researching fundraising practice as context and practice specific. In doing so, it highlights the agency of fundraisers and extends critical analysis of fundraising practice and its broader implications in ways that the dominant positivistic, functionalist literature does not. Building on previous comparisons of positivist and interpretivist approaches, we consider two fundraising studies, and benefits and challenges of using an interpretivist approach. These observations highlight both the complexity and messiness of interpretivist studies, and of the fundraising process. The paper concludes by discussing how these challenges can be managed through analytical iteration, adjustment, and pragmatism throughout the research process; while advocating for including more critical and dialectic approaches to research fundraising and fundraisers' broader practice.     

Regulation of Location-Specific Externalities from Small-Scale Polluters

Environmental and Resource Economics - Emission damages caused by small-scale polluters such as farms, vehicles, homes and small businesses are often location-specific and such polluters are often...