Hyperbolic Efficiency and Parametric Distance Functions: With Application to Spanish Savings Banks

Distance functions are gaining relevance as alternative representations of production technologies, with growing numbers of empirical applications being made in the productivity and efficiency field. Distance functions were initially defined on the input or output production possibility sets by Shephard (1953, 1970) and extended to a graph representation of the technology by Färe, Grosskopf and Lovell (1985) through their graph hyperbolic distance function. Since then, different techniques such as non parametric-DEA and parametric-SFA have been used to calculate these distance functions. However, in the latter case we know of no study in which the restriction to input or output orientation has been relaxed. What we propose is to overcome such restrictiveness on dimensionality by defining and estimating a parametric hyperbolic distance function which simultaneously allows for the maximum equiproportionate expansion of outputs and reduction of inputs. In particular, we introduce a translog hyperbolic specification that complies with the conventional properties that the hyperbolic distance function satisfies. Finally, to illustrate its applicability in efficiency analysis we implement it using a data set of Spanish savings banks.     

The multinational corporation vis-à-vis societies in transformation: The case for intermediate technology in the developing countries

There are preciously few problems, no matter how intricate, which—when perceived form more different angles and over more time—do not grow in complexity. Perhaps the most complicated problem that crossed this author's path is the development of Asia, Latin America and Africa.Development to what? As a Dutch economist who sees himself preferably as a socioeconomist, I perceive development as a level of human dignity that requires, a priori, employment. For to be unemployed is to be outside society and to lose face, self-respect and income.As a regional planner for a large multinational corporation—CPC International, Inc.—I have studied in some depth what comes first: education or employment; resources or employment; consumption or production; food or productivity; agriculture or industry; growth or distribution. Having been exposed to these problems in various continents, I have reached the conclusion that employment is, on balance, the number one priority.That priority calls for a highly labor-intensive technology, which in this article is termed “intermediate technology”. It constitutes one phase of development that can create rock-bottom employment, a meager but sure and growing income, and human dignity for one billion marginated people in three continents. That objective requires ingenuous technological forecasting for vital social change.     

Assessing the Impact of Formal and Informal Regulations on Environmental and Economic Performance of Brazilian Manufacturing Firms

This study investigates the impact of formal and informal regulations on environmental and economic performance of Brazilian manufacturing firms. We adopt a dual approach where production technology is represented by a cost function, approximated by a translog form. Pollution is considered as a negative by-product that can be modified trough using either formal regulation (inspections or sanctions) or informal regulation (community pressure). A simultaneous equation model is estimated by three-stage least squares on a sample of 404 industrial establishments located in the state of S?o Paulo, Brazil. We show that pollution abatement costs for the Brazilian manufacturing sector are different from zero which suggests that pollution emissions are affected by environmental regulation. We also demonstrate that environmental performance of firms is jointly affected by formal and informal regulation. Lastly, formal regulation is largely influenced by informal regulation and more specifically by community pressure.     

Competition for attention in the Information (overload) Age

The Information Age has a surfeit of information received relative to what is processed. We model multiple sectors competing for consumer attention, with competition in price within each sector. Sector advertising levels follow a constant elasticity of substitution (CES) form, and within‐sector prices are dispersed with a truncated Pareto distribution. The “information hump” shows highest ad levels for intermediate attention levels. Overall, advertising is excessive, although the allocation across sectors is optimal. The blame for information overload falls most on product categories with low information transmission costs and low profits.     

Financialization as a strategy of workplace control in professional service firms

Recently, there has been an increased focus on finance as a form of control in corporations. In this paper, we explore financialization as an employee control strategy in a Big Four accountancy firm, and more specifically how it affects the everyday lives of the professionals within the firm. We found financialization involved attempts to transform employees working lives into an investment activity where work was experienced as ‘billable hours’ that are ‘invested’ in the hope of a high future pay-off. Employees sought to increase the value of their investment by skilful manipulation. If wisely managed, this investment could yield significant benefits in the future. We argue that financialization involves active employee participation and is a way of binding other forms of control together.     

中国城镇不同所有制企业职工收入差距的变化趋势

本文利用最新发布的CHIP-2007和CHIP-2002分析了2002年到2007年中国城镇不同所有制企业职工收入差距的变化趋势。我们发现这段时期不同所有制企业的收入差距正在减小,且这种收敛的趋势更有利于非国有企业职工,这与1995年到2002年的变化趋势形成鲜明对比。当我们分解收入差距时,发现个体的特征或能力的差别对于解释收入差距的重要性在显著提高。此外,市场分割对于不同所有制的企业仍然存在,特别对于高收入群体,但有逐步缩小的趋势。     

Corporate Social Responsibility as a Vehicle to Reveal the Corporate Identity: A Study Focused on the Websites of Spanish Financial Entities

This study explores the relevance of corporate social responsibility (CSR) as an element of the corporate identity of Spanish financial institutions. Specifically, it aims to analyze the CSR actions developed by financial entities through the analysis of all the available information disclosed in their websites. A content analysis applied to 82 banking institutions, followed by different quantitative analyses, reveals the multidimensionality of CSR. Findings show that, while the number of entities institutionalizing CSR values as core elements of their identities is still reduced, most organizations disclose CSR information to construct communicated identities and legitimate behaviours. Besides, these dimensions are classified depending on the stakeholder the action is aimed to, and that entities favour the generation of distinctive identities through the implementation and communication of more visible CSR actions like those involving their customers or the community. In any case, results indicate that organizations with certain characteristics are more likely to construct distinctive identities through CSR activities and to establish ethical and social values within their corporate statements and cultures.     

Induced and Linguistic Generalized Aggregation Operators and Their Application in Linguistic Group Decision Making

We introduce a wide range of induced and linguistic generalized aggregation operators. First, we present the induced linguistic generalized ordered weighted averaging (ILGOWA) operator. It is a generalization of the OWA operator that uses linguistic variables, order inducing variables and generalized means in order to provide a more general formulation. One of its main results is that it includes a wide range of linguistic aggregation operators such as the induced linguistic OWA (ILOWA), the induced linguistic OWG (ILOWG) and the linguistic generalized OWA (LGOWA) operator. We further generalize the ILGOWA operator by using quasi-arithmetic means obtaining the induced linguistic quasi-arithmetic OWA (Quasi-ILOWA) operator and by using hybrid averages forming the induced linguistic generalized hybrid average (ILGHA) operator. We also present a further extension with Choquet integrals. We call it the induced linguistic generalized Choquet integral aggregation (ILGCIA). We end the paper with an application of the new approach in a linguistic group decision making problem.     

Agricultural commodities pricing model applied to the Brazilian sugar market

This article suggests a pricing model for commodities used to produce biofuel. The model is based on the concept that the deterministic component of the Wiener process is not constant and depends on time and exogenous variables. The model, which incorporates theory of storage, the convenience yield and the seasonality of harvests, was applied in the Brazilian sugar market. After predictions were made with the Kalman filter, the model produced results that were statistically more accurate than those returned by the two‐factor model available in the literature.