An Investigation of Ethics Officer Independence

In this paper, we examine whether ethics officers are able to perform their assigned duties independently of organizational management. Specifically, we investigate whether inherent conflicts of interest with company management potentially hinder the ability of ethics officers to serve as an effective monitor and deterrent of unethical activity throughout the organization. As part of our analysis, we conducted 10 detailed phone interviews with current and retired ethics officers in order to determine whether practicing ethics officers feel the need for additional independence protection from management. We propose that the current system in which ethics officers report to management must be changed in order for ethics officers to effectively perform their jobs. Specifically, we maintain that ethics officers should (1) be hired by, (2) be fired by, and (3) report directly to the corporate board of directors rather than company management. Such a change in the reporting environment would greatly enhance the independence of ethics officers. W. Michael Hoffman, Ph.D., is the founding Executive Director of the Center for Business Ethics at Bentley College. He received his Ph.D. in Philosophy at the University of Massachusetts/Amherst, has authored or edited 16 books, and has published over 70 articles. In addition, Dr. Hoffman was the first Executive Director of the Ethics Officer Association and currently is the advisor to its board of directors. John D. Neill, Ph.D., CPA, is a professor of accounting at Abilene Christian University and has previously published articles in numerous journals including the Journal of Business Ethics, Journal of Accounting Literature, Accounting Horizons, Journal of Applied Business Research, the Financial Analysts Journal, and the Journal of Accounting, Ethics, and Public Policy. O. Scott Stovall, Ph.D., is an assistant professor of accounting at Abilene Christian University and has published articles in the Journal of Business Ethics, Journal of Applied Business Research, Management Accounting Quarterly, and The Journal of Accounting Case Research.     

Evaluating International Ethical Climates: A Goal Programming Model

A critical concern for firms pursuing international expansion strategies involves identifying countries that offer a good fit with the firm's overall ethical orientation. Unfortunately, little has been written to aid firms in identifying countries that offer this type of fit. This paper presents a model that combines the concepts of strategic management, cross-cultural management, business ethics, and the management science technique of goal programming. The purpose of the model is to aid managers in identifying countries for international expansion that offer the best fit with the firm's ethical orientation. The paper also extends the existing literature on cross-cultural management and business ethics by applying a computer optimization model to evaluate potential countries for international expansion in a way that has not been done before.     

Valuation of bankrupt firms

This study compares the market value of firms that reorganizein bankruptcy with estimates of value based on management'spublished cash flow projections. We estimate firm values usingmodels that have been shown in other contexts to generate relativelyprecise estimates of value. We find that these methods generallyyield unbiased estimates of value, but the dispersion of valuationerrors is very wide - the sample ratio of estimated value tomarket value varies from less than 20% to greater than 250%.Cross-sectional analysis indicates that the variation in theseerrors is related to empirical proxies for claimholders' incentivesto overstate or understate the firm's value.     

The marketing of diversity in the inner city: tourism and regulation in Harlem

This article brings regulation theory and the broader post‐Fordist debate together with an empirical study of the emergence and consequences of tourism in Harlem. It shows that the valorization of cultural diversity, as well as under‐served markets, has helped reposition this formerly unmarketable area in relation to city, state and capital markets. Moreover, as development occurs, the nature of regulation pertaining to Harlem begins to change. The author argues that the failure to disaggregate – to link the elements of the restructuring economy to outcomes for specific areas and residents, leads to an overly pessimistic view. Tourism‐based development may act as an equalizing force, helping to rebalance the uneven urban spatial development characteristic of Fordism and symbolized by the social isolation and concentrated poverty of the racial ghetto in the US. The role of cultural capital as the engine of growth in Harlem, has meant that revitalization promotes cultural differentiation along with standardization. Overall, cultural tourism requires substantial civic engagement. This gives the community control, but at the same time disciplines and stabilizes. Urban tourism thus incorporates a new mode of regulation, making for greater social/political and economic inclusion, but with the associated costs as well as benefits. Cet article allie la théorie de la régulation et le débat plus large du post‐Fordisme, à une étude empirique sur l'apparition et les conséquences du tourisme à Harlem. Il montre que la valorisation de la diversité culturelle, de mäme que les marchés sous‐approvisionnés, ont aidéà repositionner cette zone auparavant sans attrait commercial dans une relation avec les marchés de la ville, de l'État et des capitaux. En outre, avec l'expansion, la nature de la régulation propre à Harlem a commencéà changer. L'absence de désagrégation – qui associe les éléments de l'économie en restructuration aux résultats en faveur de zones et résidents particuliers – conduit à une vision des plus pessimiste. Toutefois, un essor basé sur le tourisme peut avoir une force compensatrice, aidant à rééquilibrer l'aménagement spatial urbain inégal, caractéristique fordienne symbolisée par l'isolement culturel et la pauvreté concentrée dans les ghettos raciaux aux Etats‐Unis. Le rôle du capital social en tant que moteur de croissance d'Harlem s'est traduit par une revitalisation favorisant à la fois différenciation culturelle et normalisation. Le tourisme culturel implique surtout un engagement civique réel, celui‐ci donnant la maä'trise à la communauté, tout en apportant discipline et stabilité. Le tourisme urbain amène donc un nouveau mode de régulation, créant une meilleure inclusion socio‐politique et économique, mais avec les coûts (et avantages) associés.     

Narcissism in organizational contexts

The literature on narcissism in organizational contexts is reviewed. We begin by describing the context of narcissism and several relevant theoretical approaches to understanding it. We next describe research on narcissism in a range of organizational topics, from leadership to meta-organizational issues. We conclude by highlighting several reoccurring themes involving the role of narcissism in organizational contexts, with an emphasis on articulating directions for future research.     

Unbiasedness and Market Efficiency Tests of the U.S. Rice Futures Market

This study examines short-run and long-run unbiasedness within the U.S. rice futures market. Standard OLS, cointegration, and error-correction models are used to determine unbiasedness. In addition, the forecasting performance of the rice futures market is analyzed and compared to out-of-sample forecasts derived from an additive ARIMA model and the error-correction model. The results of our unbiasedness tests and the forecasting performance of the rice futures market provide supporting evidence that the U.S. long-grain rough rice futures market is efficient. The results have important price risk management and price discovery implications for Arkansas and U.S. rice industry participants.     

Review of Reflections on Allan H. Meltzer’s Contributions to Monetary Economics and Public Policy

Business Economics -     

Product/Market Innovations: A Study of Top Management Involvement Among Four Cultures

Over the years, many authors have stressed that successful new product development requires the support of top management. Harvey Hegarty and Richard Hoffman explore this involvement through survey data obtained from top managers employed by a cross-cultural sample of organizations. Reported influence on innovations varied by the respondents' functional specialties rather than their cultural backgrounds. However, both the use of strategic management activities and their association with influence on innovations were found to vary across cultures.