Debt and household finance: evidence from the Financial Diaries

The Financial Diaries data-set is a unique, new set of year-long daily income, expense and financial transactions for households from three different areas of South Africa. These data show that over-indebted households (those that spend 20 per cent or more of their gross monthly income on debt) do not fit one homogeneous profile. Formal debt tends to be responsible for over-indebtedness in the urban areas, while in the rural areas the cause tends to be informal debt. In the urban areas high indebtedness is more prevalent among medium-income and high-income households, whereas in the rural areas it occurs at all income levels. High indebtedness in grant-dependent rural households tends to be persistent, whereas in wage-dependent urban households it is often short-lived. These findings present a new financial picture of poor rural populations that is unlikely to be touched by recent policy measures to address over-indebtedness.     

Reciprocity between soccer events and visited destination in a border context

ABSTRACT

The study proposes a conceptual model based on hypothesized relationships among team fanship, satisfaction with the event, and host city as antecedents of behavioral intentions in the United States–Mexico border context. The analysis used data from 290 visitors who attended three soccer games of the Xoloitzcuintles team of Tijuana. The results revealed (1) the emotions felt at the visited destination had significant influences on fanship, satisfaction with event venue, and intentional behavior; (2) fanship and event satisfaction do not seem to influence the visitors’ intentions to return and recommend the visited place; (3) gender and duration of the stay showed a significant moderating function.     

Living Labs as an Approach to Strengthen Agricultural Knowledge and Innovation Systems

Climate and ecosystem changes, economic and policy imperatives, food system pressures, and multiple societal expectations pose complex challenges for sustainable farming. A key problem is determining an effective and efficient approach to enable innovation in complex, multi-stakeholder settings. One approach currently receiving much policy attention and investment in the EU is ‘Living Labs’ which bring together public and private stakeholders to co-create, validate, and test new services, business ideas, markets and technologies. However, the analysis, monitoring and evaluation of Living Labs and their effectiveness and policy value in different contexts is limited. The AgriLink Living Labs were undertaken between 2018 and 2021 in Italy, Latvia, The Netherlands, Norway, Romania and Spain to co-create innovation support for improving agricultural sustainability. Our evaluation suggests that four inter-related critical conditions are needed for the success of Living Labs. These relate to the complexity of the challenge, the enabling environment, the proficient facilitation and the energy to move. These conditions influence the functioning of the Living Lab and we discuss the implications for policymakers and practitioners for the deployment of Living Labs in agricultural settings.     

A Framework for Developing and Testing Financial Capability Education Programs Targeted to Elementary Schools

Concerns about consumers’ ability to manage their finances have triggered a range of proposals, including interventions aimed at elementary school students. The goal of these approaches is to improve lifelong economic decision making, but the evidence supporting their efficacy is thin. In this article, the authors discuss the trend toward elementary financial education and propose a framework for developing evidence-based programs. They emphasize the need for understanding the underlying mechanisms that facilitate the translation of student knowledge into the ability to make sound economic decisions over the life course. The framework illustrates the importance of articulating the intended mechanisms and effects of education programs. This focus on mechanisms will not only facilitate the evaluation of individual programs, but also the synthesis of evidence across interventions.     

Prostitution services: an exploratory empirical analysis

This study provides an empirical analysis of the market for some male prostitution services in the UK. Flexible working hours, part-time working, and multiple job holding are considered as important labour market characteristics in this service sector. Statistical models helping explain the provision of a deviant and a more mainstream sexual service is reported, utilizing cross-section data drawn from individual prostitute advertisements. The significance of various declared intrinsic endowments of the prostitutes are examined in relation to the offer of these services, including age, ethnicity, physique, and masculine demeanour.     

Parental preferences and choice of school

This paper provides a UK high resolution microeconometric study of parental preferences and the choice process for secondary schools. Given the particular geographical features of the region, first preference almost entirely related to one of two state schools, which is a situation that perhaps better reflects the real nature of the options faced by most parents in the UK. In contrast to earlier work, distance and access considerations were explicitly incorporated in the preference and choice models estimated and found to be a significant influence on parental decisions. Further significant factors were found, dependent upon the parents' actual choice of school.     

The brighter side of being socially responsible: CSR ratings and financial distress among Chinese state and non-state owned firms

We examine the effect of corporate social responsibility (CSR) quality ratings on the financial distress levels of Chinese enterprises by using the previously unexplored new China-specific Altman ‘Z_China Score’ in the context of CSR and data from 749 firms over the 2009–2014 period. First, we find that CSR quality ratings significantly reduce Chinese firms’ distress levels. Second, we find that the ability of CSR to reduce distress levels in non-state-owned Chinese firms is higher than state-owned ones. Finally, we find similar results when we divide the data into high-low CSR ratings and levels of distress. Our results are robust to potential endogeneities.     

Environmental performance,sustainability, governance and financial performance: Evidence from heavily polluting industries in China

This study seeks to contribute to the existing business strategy and the environment literature by examining the effect of governance structures on Chinese firms' environmental performance, and consequently ascertain the extent to which the financial performance–environmental performance nexus is moderated by governance mechanisms. Using a sample of Chinese companies from heavily polluting industries over a 5-year period, our baseline findings suggest that, on average, board size and governing board meetings are positively associated with Chinese firms' environmental performance, whilst board independence and gender diversity have positive, but insignificant association with firms' environmental performance. Our evidence suggests further that the examined internal governance mechanisms have a mixed moderating effect on the link between financial performance and environmental performance. Our findings have important implications for company executives, environmental activists, policy-makers, and regulators. Our results support insights drawn from agency, resource dependence, stakeholder, and legitimacy theories.     

The value of youth: equalizing age differentials in marriages

"The objective of this paper is to present a model of constrained utility-maximizing behaviour which is able to explain several features of marriage. The model predicts that individuals meet in the marriage market and trade characteristics, in which they are relatively well endowed, to obtain characteristics in which they are less well endowed. The model implies a positive age differential in favour of the husband due to biological differences. This differential is shown to be attentuated by differences in earnings capacity and human capital investments. The model also has implications for dynamic aspects of marriage and provides an explanation for the secular increase in females' age of first marriage and difficulty experienced by females in the post thirty-year age group in finding suitable partners. An examination of unit record data on residents of metropolitan California from the 1980 United States Census reveals systematic patterns in the data are consistent with the theory."