Co-Evolution: Law and Institutions in International Ethics Research

Despite the importance of the co-evolution approach in various branches of research, such as strategy, organisation theory, complexity, population ecology, technology and innovation (Lewin et al., 1999; March, 1991), co-evolution has been relatively neglected in international business and ethics research (Madhok and Phene, 2001). The purpose of this article is to show how co-evolution theory provides a theoretical framework within which some issues of ethics research are addressed. Our analysis is in the context of the contrasts between business systems (North, 1990), and in particular the distinction between informal systems and those systems where institutions are formalised in law. This complements the growing research on comparative corporate governance and capitalisms (Chandler and Hikino, 1990; Choi et al., 1999; Whitley, 1994). The synthesis of co-evolution and analysis of divergent institutional environments in ethics research can also complement the globalisation and MNE approaches to international business research.     

Empirical Evaluation of Fair Use Flat Rate Strategies for Mobile Internet

The fair use flat rate is a promising tariff concept for the mobile telecommunication industry. Similar to classical flat rates it allows unlimited usage at a fixed monthly fee. Contrary to classical flat rates it limits the access speed once a certain usage threshold is exceeded. Due to the current global roll-out of the LTE (Long Term Evolution) technology and the related economic changes for telecommunication providers, the application of fair use flat rates needs a reassessment. We therefore propose a simulation model to evaluate different pricing strategies and their contribution margin impact. The key input element of the model is provided by so-called discrete choice experiments that allow the estimation of customer preferences.     

The Integration of Mortgage and Capital Markets in Emerging Economies—Evidence from South Africa

Integration of the capital and mortgage markets is an important step in moving emerging countries toward full economic development. With data from South Africa, this research examines the incremental contribution of deregulation and the secondary mortgage market to the integration between the mortgage and capital markets. With deregulation occurring in the early 1980s, the results indicate that the two markets were fully integrated prior to 2001 when a secondary mortgage market was introduced in South Africa. However, we also find that the introduction of the secondary mortgage market has significantly reduced constraints on the supply of mortgage credit.     

Process innovations and firm productivity growth

This article analyses the effect of process innovations on firm total factor productivity growth, explicitly considering the impact of firm size on the nature of this relationship. In particular, we analyse whether firm size affects the life span of the impact of process innovations on productivity growth. The data are drawn from a Spanish survey of manufacturing firms over the period 1991–1998. We use a fully non-parametric methodology based on the concept of stochastic dominance. Our results show that the implementation of process innovations produces an extra productivity growth both for large and small firms. However, this productivity growth is more persistent for large than for small firms.     

A virtual voyage through 3D structures generated by chaotic mixing of magmas and numerical simulations: a new approach for understanding spatial and temporal complexity of magma dynamics

In this contribution, we present a virtual voyage through 3D structures generated by chaotic mixing of magmas and numerical simulations with the aim to highlight the power of 3D representations in the understanding of this geological phenomenon. In particular, samples of mixed juveniles from Salina island (Southern Italy) are reconstructed in 3D by serial lapping and digital montage and numerical simulations are performed by using a 3D chaotic dynamical system. Natural and simulated magma mixing structures are visualized by using several multimedia tools including animations and “virtual reality” models. It is shown that magma interaction processes can generate large spatial and temporal compositional heterogeneities in magmatic systems. The same topological structures are observed in both 3D reconstructed rock samples and chaotic numerical simulations, indicating that the mixing of magmas is governed by chaotic dynamics. The use of 3D multimedia models gives the opportunity to penetrate into magma mixing structures and to understand their significance in the context of magma dynamics. Such an approach is very powerful since multimedia tools can strongly capture the attention of the reader bringing him/her into an interactive and memorable geological experience.     

Social capital and entrepreneurial process

The paper examines the relationship between social capital and entrepreneurial engagement of individuals in 35 nations from Europe and Asia. To the best of our knowledge, this is the first empirical research that attempts to investigate the influence of three-dimensional social capital concept – trust, networks and norms – on three stages of entrepreneurial process – preference, trial and success – using such large and comprehensive cross-sectional micro data. In general, we find that all three dimensions of social capital matter in the entrepreneurship context, albeit differently. They become beneficial in different ways and at different stages of entrepreneurial involvement. For example, among trust variables, institutional trust in general, and trust in business-oriented and business-supporting actors in particular, exert significant positive effect on entrepreneurial process. Individuals with formal membership in professional associations are more likely to perceive entrepreneurial opportunities, while some close or strong-tie networks might prevent them from progressing in the entrepreneurship ladder. Finally, individual level civic norms appear to be negatively associated with early-stage entrepreneurship, while the success in becoming an entrepreneur is not found to be bound by people’s civic norms.     

The Ethical Mutual Fund Performance Debate: New Evidence from Canada

Although the academic interest in ethical mutual fund performance has developed steadily, the evidence to date is mainly sample-specific. To tackle this critique, new research should extend to unexplored countries. Using this as a motivation, we examine the performance and risk sensitivities of Canadian ethical mutual funds vis-à-vis their conventional peers. In order to overcome the methodological deficiencies most prior papers suffered from, we use performance measurement approaches in the spirit of Carhart (1997, Journal of Finance 52(1): 57–82) and Ferson and Schadt (1996, Journal of Finance 51(2): 425–461). In doing so, we investigate the aggregated performance and investment style of ethical and conventional mutual funds and allow for time variation in the funds’ systematic risk. Our␣Canadian evidence supports the conjecture that any␣performance differential between ethical mutual funds and their conventional peers is statistically insignificant.      

The Sensitivity of the General Price Level to Changes in the Price of Crude Oil

There are many direct and indirect effects of changing crude oil prices on the inflation rate, so it is not surprising that there are different views about the resulting effects on the general price level and also on other aspects of the general economy. This study, estimates the direct and indirect effects of oil price changes on the economy-wide rate of inflation, which then has effects on spending and producing decisions. However, in this forum, we do not try to estimate the full indirect effects on the level of economic activity, such as effects on real GDP. JEL Classification E310, E370     

Women’s Leadership and Firm Performance: Family Versus Nonfamily Firms

We evaluate the relationship between the appointment of women to CEO or Chair positions and firm performance, and shed light on the differences between family and nonfamily firms. By using a propensity score matching approach on a sample of 394 French firms over the period 2001–2010, we find major discordances between women’s leadership style and family business expectations relative to firm performance, as measured by return on assets and Tobin’s q. Notably, our results support the conjecture that family firms, which are more conducive to transformational leadership, offer women a more appropriate climate for exercising the function of Chair than that of CEO. In contrast, women CEOs perform better in nonfamily firms. Our findings move away from the predominant focus on barriers and stereotypes images about the female leadership and support the contingency theory of leadership, which states that the effectiveness of a leadership style depends on the organization and culture in which leaders operate, and on task-related positions