The Manure Hits the Land: Economic and Environmental Implications When Land Application of Nutrients Is Constrained

The discharge of manure nutrients into area waters from confined animal feeding operations is considered a leading contributor to U.S. water quality impairments. An option to mitigate these impairments is to constrain land application of manure. When these constraints are particularly binding, due to minimal acceptance of manure as a substitute for commercial fertilizer, potentially large and unanticipated changes in returns to agricultural production and water quality may occur. Moreover, some of the cost of meeting the constraints is passed on to consumers through higher prices and to a portion of rural economies through lower production rates and labor expenditures.     

Cost-effective design of agri-environmental payment programs: U.S. experience in theory and practice

Key features of U.S. agri-environmental programs are reviewed and analyzed using literature review and program data. We focus, in particular, on several key questions: Has benefit-cost targeting increased the environmental benefit obtained from program budgets? Has competitive bidding reduced program costs? To what extent have these program designs resulted in additional gain (that would not have otherwise been obtained)? Previous research illustrates how benefit-cost targeting using environmental indices (such as the Environmental Benefits Index in the Conservation Reserve Program) can increase environmental cost-effectiveness. Previous research and data from two U.S. programs suggests that bidding has reduced costs, but that the full potential of bidding may not have been realized. Finally, most U.S. programs are intended to yield environmental gains that would not have otherwise been obtained, but sometimes fall short of this goal.     

An analysis of dynamic risk in the Greater China equity markets

This study looks at the time-varying nature of systematic risk in the Greater China equity markets. The Shanghai and Shenzhen markets both have a low average systematic risk when measured against the world market. The short outbursts in systematic risk for these two markets seem to be directly related to policy shifts. The Hong Kong and Taiwan markets are more integrated with world markets and they show signs of large variations in systematic risk over time. Furthermore, conditional betas in the Shanghai and Shenzhen markets are stationary, while the Hong Kong and Taiwan betas are integrated of order one. In addition, long memory tests show that all four markets exhibit a long-run dependence in their conditional betas. While the two mainland China market betas are covariance stationary, the Hong Kong and Taiwan betas are not.     

Welfare distribution of collective in-kind transfers in education: an application to the extended schools programme

In this study, we employ the distributional characteristics approach to analyse the welfare distribution of the Extended Schools Programme, a social programme that fights inequality in Northern Ireland’s public schools. Our main result is that increasing funding to schools as their size increases penalizes the most deprived students. This is because the school size, although related to the educational supply, does not reflect the distribution of deprivation within schools. Thus, although in the Northern Irish context the largest welfare gains are possible if funds are redistributed among middle-size schools, our general result indicates an excessive support of small-size schools at the expenses of large-size schools.     

Underpaid and Corrupt Executives in China’s State Sector

This study examines the role of executive compensation in public governance. We collect data on corruption cases that involve top-level executives in Chinese listed state-controlled firms. We find a significant positive relationship between underpayment of executives and the likelihood of an investigation into corrupt behavior. We also show that corruption is positively associated with firm performance and that the relationship between underpayment of executives and corruption is influenced by firm performance, suggesting that top managers are more likely to engage in illicit behavior if they are compensated poorly while the firms under their control perform well. Finally, we find that pay-performance sensitivity decreases when top executives are involved in corruption investigations, indicating a lack of pecuniary incentives. Our empirical findings point toward an important relationship between executive compensation and corrupt behavior, thus providing valuable input to the understanding of executive pay and its effects in China’s state sector.     

Responding to public and private politics: corporate disclosure of climate change strategies

The challenges associated with climate change will require governments, citizens, and firms to work collaboratively to reduce greenhouse gas emissions, a task that requires information on companies' carbon risks, opportunities, strategies, and emission levels. This paper explores the conditions under which firms participate in this endeavor. Building on theories of how social activists inspire changes in organizational norms, beliefs, and practices, we hypothesize that shareholder actions and regulatory threats are likely to prime firms to adopt practices consistent with the aims of a broader social movement. We find empirical evidence of direct and spillover effects. In the domain of private politics, shareholder resolutions filed against a firm and others in its industry increase a firm's propensity to engage in practices consistent with the aims of the related social movement. Similarly, in the realm of public politics, threats of state regulations targeted at a firm's industry as well as regulations targeted at other industries increase the likelihood that the firm will engage in such practices. These findings extend existing theory by showing that both activist groups and government actors can spur changes in organizational practices, and that challenges mounted against a single firm or a single industry can inspire both firm and field‐level changes. Copyright © 2009 John Wiley & Sons, Ltd.     

Institutional Effects on the Evolution of the Size Distribution of Firms

In this paper it is argued that the size distribution of firms may largely be determined by institutional factors. This hypothesis is tested in an exploratory fashion by studying the evolution of the size distribution of firms over time in Sweden for a period spanning from the late 1960s to the early 1990s. The data used are divided into finer size classes compared to most previous studies. This gives more scope for investigating the impact of institutions. Moreover, we use a unique data set, starting in 1984, to take account of corporate groups and government ownership. The analysis shows a poor development for intermediate-sized (10–199 employees) firms. This is likely to reflect the existence of a threshold that many firms are either unwilling or unable to cross. The analysis of the institutions and rules of the game determining the entrepreneurial and business conditions in Sweden indicate that the conditions have been unfavorable for small firms, and hence that too few small firms have managed to grow out of the smallest size classes. The conclusion is supported by an international comparison of the number of firms in different size classes. Data indicate that Sweden has fewer small (10–99 employees), and more large (500+) firms per capita than other European countries.     

Community gardening and health-related benefits for a rural Victorian town

Community gardens are growing in popularity as a strategy to effectively deal with population health at a local level. There is a need to gather information about the health-related benefits of community gardens for people living in a rural locale. This paper discusses the health-related benefits of rural community gardens. We adopted a qualitative approach to examine these issues. Ten participants, eight females and two males, aged between 50 and 82, who have participated in a community garden located in South Gippsland, Victoria, for a minimum of 12 months, took part in this study. Semi-structured interviews that lasted between 30 and 60 min were conducted to explore the perspectives and lived experiences of the participants. Thematic analysis was utilised to analyse the data. We situate our discussion in this paper within the therapeutic landscape theory. Findings indicate that there is a range of health-related benefits associated with participation in rural community gardens, including physical, nutritional, social and psychological. Despite these benefits, the participants wished to see some improvements that could attract more people in rural areas to participate in community gardens. Given the paucity of research available regarding rural community gardens, future research should continue to develop an understanding of these rural sites, especially given the ever-growing popularity of community gardens Australia-wide.     

An exploratory study of managerial compensation in the restaurant industry

ABSTRACT

Set within the human capital framework, the focus of this exploratory study is to investigate how individual and industry attributes affect the earnings of salaried restaurant managers in the United States. Previous compensation studies in the restaurant industry have almost exclusively focused on executive compensation and its relationship to a firm's financial variables. Given the size of the industry, it is important to investigate compensation practices at various levels of its leadership. The findings show that relevant work experience, gender, education, race, and property size are significant attributes effecting restaurant managers’ compensation. Practical implications are provided.