Transforming social sector auditing – they audited more,but scrutinized less

The legitimacy of audit technologies is inevitably linked to a knowledge base. Even though it has been pointed out that the agreements on how to measure and verify certain operations are only temporal, empirical studies on change in audit are rare. This paper reports a detailed empirical study of change in performance audit within social services in Sweden. The paper complements previous research since this paper is not about making new things auditable but about challenging existing technologies within a field. We observe how the new ‘sharp’ control‐based model – realized through measures of prioritizing, focusing and standardizing – was related to new demands on ‘facts’ about the audit object. The effect was that many things in this new situation became unauditable; they audited more, but actually scrutinized less. The paper also contributes to existing literature on the role of ‘sharp’ control‐based audit in the social sector. With a ‘soft’ and ‘fuzzy’ object, as is often the case in many parts of the public sector, it is difficult to produce hard, convincing evidence that holds true in different settings.     

Fundamental and technical analysis: substitutes or complements?

Although the fundamental and technical analysis literatures invest considerable effort in assessing their respective ability to explain share prices, they invariably do so without reference to each other. In this context, we propose an equity valuation model integrating both fundamental and technical analysis and, in doing so, recognize their potential as complements rather than as substitutes. Testing confirms the complementary nature of fundamental and technical analysis by showing that, although each performs well in isolation, models integrating both have superior explanatory power. While our findings relate to the valuation of shares, they also have implications for other valuation exercises.     

Mapping symbolic (anti-) consumption

Rejection is at the heart of anti-consumption and is therefore key to some of the central relationships in symbolic consumption. However, researchers find rejection difficult to study because of the lack of material traces. This article draws on earlier frameworks to develop a new integrated and expanded conceptualization in order to achieve a more nuanced view of how rejection operates within symbolic consumption; and also to initiate research directions for investigating and theorizing rejection in anti-consumption. The focus on anti-consumption incorporates the interaction between avoidance, aversion and abandonment, and the relationship between distastes and the undesired self (mediated by the marketing, social and individual environments). A series of interrelationships and illustrations suggest how the expanded conceptualization is useful for theorizing and investigating anti-consumption.     

A market game approach to differential information economies

In this paper we recast a differential information economy as a strategic game in which players propose net trades and prices. Pure strategy Nash equilibria are strong and determine both consumption plans and commodity prices that coincide with the Walrasian Expectations equilibria of the underlying economy. The authors acknowledge support by research grants BEC2003-09067-C04-01 (Ministerio de Educación y Ciencia and FEDER), PGIDT04XIC30001PN (Xunta de Galicia) and SA070A05 (Junta de Castilla y León). JP Torres-Martínez is also grateful to CNPq-Brazil and University of Vigo for financial support. We are indebted to N.C. Yannelis for helpful comments and insights.     

A Himalayan triptych: narratives of traders,pilgrims and resistance in a landscape of movements

ABSTRACT

For centuries, if not millennia, the north–south valley systems of Nepal’s Himalayas have acted as a capillary network for communication, exchange, veneration, discriminating cultural difference and measuring out (early-)state power. One valley, in particular, the Kali Gandaki in Mustang, is a palimpsest overlaid with complex socialized and politicized movement. Drawing on the work of those affiliated with post-phenomenological thinking and using a mix of archaeological, archival and ethnographic data, this article disentangles and narrates five travels that emanate from this linear trail: the pilgrim, the salt trader, the resistance fighter, the explorer and the trekker. We start with the Buddhist pilgrim visiting the 2000-year-old Muktinath temple complex, for whom the route is a spiritual path. With each new vista unfolds a landscape of miracles and magic, the dusty road itself a medium for acquisition in the mysterious economy of merit. We then turn to the caravan traders who have plied their wares between gusty mountain passes and lowland jungle, exchanging Tibetan salt for Indian grains in a tradition of centuries. For them the trail is an exercise in risk management: when to move to fix the best price, navigating precipitous tracks, calculating how many animals to sell or to keep. Later this trade route would become a frontier zone when, in 1950, the Chinese People’s Liberation Army invaded Tibet. In the decades that followed, a Tibetan guerilla-fighting unit led by a former monk, Bapa Yeshe, mounted assaults from Mustang over the border into Tibet before ultimately being abandoned by their American Central Intelligence Agency supporters. Theirs was a receding trail, looking out over a dissolving field of cultural memories, their movement a heaving final resistance against a red tide of Mao’s intruders. Then there are the explorers – or nomadic cultural collectors – for whom the Annapurnas are a cornucopia of novelty. Each dusty step for them is further penetration into a landscape of alterity from which pieces of the other can be added to the collector’s satchel. Finally, we come to present-day trekkers, who dream of pristine nature and for whom the trail leads to escape, clarity of mind, the past or the edge of security. As they retrace the same routes and pathways to which of these historical narratives, if any, do they bear witness?     

Institutional Investors on Boards: Does Their Behavior Influence Corporate Finance?

We examine whether the behavior of institutional investors representatives on boards leads to observable differences in corporate finance. We find that directors representing pressure-sensitive investors (i.e., banks and insurance companies) prefer lower financial leverage whereas pressure-resistant directors (i.e., mutual funds and pension funds) show no particular preference. When analyzed separately, directors appointed by banks and insurance firms have different attitudes. Bank representatives on boards increase both the financial leverage and the banking debt. This result suggests that some types of institutional directors provide financial resources to the firms on whose board they sit, supporting the view that boards manage the uncertainty associated with strategic decision making and provide firms with preferential access to resources and financial expertise. This research has interesting academic and policy implications for the debate over the proper degree of institutional involvement in corporate governance. Different institutional investors have different agendas and incentives for corporate governance, and, therefore, both researchers and policy makers should no longer consider institutional investors as a whole. In addition, our paper calls for new research on the causes and implications of institutional investor involvement in the corporate governance of nonfinancial firms. This new research could require new insights on the dynamics within the boards and on the interplay among the knowledge, incentives and attitudes of quite different directors.     

Influence of CEO characteristics in family firms internationalization

This research uses a survey dataset of 187 Spanish family firms to study the characteristics that may influence family firms in their decision of internationalize their activity. Based on individual and demographic variables, the study concludes that the CEO academic level of achievement influences the level of success in international expansion. In addition, the capacity for generating resources of the family firm provokes a lower resistance from family members to export. Moreover, we confirm that industry characteristics do matter in internationalization processes, noting that the specific market, product/service and technology characteristics influence the family firm internationalization. Contrary to expectations, the gender variable and the percentage of family members sitting on the board do not significantly predict the propensity to export.Our findings suggest family firm leaders seeking greater levels of firm internationalization to seriously consider the qualification level of their CEO. These insights can be useful for regulators who have to develop programs for supporting sales internationalization, as well as owners and managers of family firms, who need to understand the CEO abilities that may improve their capacity to internationalize their business.     

Motivations to engage in last chance tourism in the Churchill Wildlife Management Area and Wapusk National Park: the role of place identity and nature relatedness

The threat that climate change impacts pose to rare and vulnerable destinations has given rise to a phenomenon known as last chance tourism. This travel behaviour involves tourists increasingly travelling to destinations they perceive to be critically threatened, while contributing to greenhouse gas emissions and climate change impacts in these very places. For last chance destinations to be managed effectively in the face of climate change, a clearer understanding of what drives this travel behaviour is needed. Drawing on the importance of place and nature to identity construction, this research uses a structural equation modelling approach to examine last chance tourism motivations in Churchill, Canada. Results provide evidence of a motivation to engage in a last chance experience. They also indicate that this motivation is related to a desire to share a connection to nature with similar individuals, and to become part of the local story. Beyond this, results show that visitors' sense of place identity and nature relatedness contribute significantly to their motivation to engage in last chance tourism. Findings from this research are important to the management of last chance destinations, including protected areas that are legislated to preserve significant natural and cultural features.     

Enchantment in Business Ethics Research

Journal of Business Ethics - This article draws attention to the importance of enchantment in business ethics research. Starting from a Weberian understanding of disenchantment, as a force that...