AFDC and births to unwed women

Most studies by economists have been inconclusive when seeking a consistent relationship between income-support programs [like aid to families with dependent children (AFDC)] and births to unwed women (or, as the literature traditionally terms it, illegitimacy). But a recent study [Southern Econ. J. 62 (1995) 44] reports a large, positive and statistically significant relationship when data are weighted to reflect differences in propensities toward illegitimacy. We find that the 1995 study appears to rely upon erroneous data and irregular econometric technique. When these are remedied, the major results are reversed. We then suggest that a switching regimes methodology, with parameters influenced by other variables, is more appropriate to the issue. Our empirical results confirm the literature's consensus that AFDC and illegitimacy do not appear to be strongly related.     

Risiko-Benchmark-Werte für das Risikocontrolling deutscher Unternehmen

Ohne Zusammenfassung     

The influence of ownership structure and board strategic involvement on international sales: The moderating effect of family involvement

This paper contributes to the family business and the international business literature by analysing whether and to what extent different compositions of the ownership structure and degrees of board strategic involvement impact on the level of international sales of family and non-family businesses. Our main hypotheses are tested on a sample of 342 Norwegian firms via regression analysis. The results from this study show the existence, in both in family and non-family businesses, of a positive and significant relationship between foreign investors’ ownership and the level of international sales. Furthermore, the relationship between CEO ownership impacts negatively on international sales in both family and non-family businesses. While board strategic involvement contributes positively to international sales in non-family businesses it becomes not significant when we only look at family businesses. Implications for theory and practice and future research directions are discussed.     

Managing Relationships with Environmental Stakeholders: A Study of U.K. Water and Electricity Utilities

In this paper we report a study of the approach of six U.K. water and electricity companies towards managing the relationship with their 'green' stakeholders. Stakeholders are accorded increasing importance in political discourse and stakeholder theory is emerging as a promising framework for the analysis of corporate social performance.We studied the companies' general approach towards green stakeholders, their dealings with specific stakeholder groups and whether they emphasised the consultation or the information aspect of stakeholder management. We found that none of the six companies had a systematic stakeholder approach that extended to all potential green stakeholders. Rather, the importance of specific stakeholder groups seemed to be determined by managers' intuition and by the stance that the stakeholders themselves displayed towards the company.Green stakeholders with an institutional power base – government via legislation, environmental and industry regulators – emerged as the most immediately influential stakeholders. The Environment Agency, the environmental regulator, played an especially important role in the companies' environmental management. Customers and the general public – the source of corporate social legitimacy – were also considered to be important, but their influence was more long term and based on voice, rather than the potential for direct retaliation. Economic stakeholders were generally considered to be not very interested in the companies' environmental performance.     

HR's view of ethics in the work place: Are the barbarians at the gate?

Based on responses from 1078 human resource (HR) professionals, this study concludes that there is not an ethical crisis in the work place. Seven of 37 situations were rated as serious problems by more than 25% of the respondents. HR reported that their organizations are serious about uncovering and disciplining ethical misconduct, top management has a commitment to ethical business conduct, personal principles are not compromised to conform to company expectations, and performance pressures do not lead to unethical conduct. John Danley is Professor of Philosophy at Southern Illinois University at Edwardsville. His area of research is political philosophy and applied ethics. His publications include journals such as Philosophy and Public Affairs, Philosophical Studies, Mind, Southwestern Journal of Philosophy, and the Journal of Business Ethics. He has authored a book entitled The Role of the Modern Corporation in a Free Society (Notre Dame Press, 1994). Edward J. Harrick is Professor of Management and Director of Labor and Management Programs at Southern Illinois University at Edwardsville. His research interests concern organizational effectiveness, employee satisfaction, and human resource issues. His work has appeared in journals such as Personnel Administrator, Personnel, Training and Development Journal, Public Personnel Management, National Productivity Review and Consulting Psychology Journal. Diane Schaefer is Assistant Director of Labor and Management Programs at Southern Illinois University at Edwardsville. She has been involved in several large-scale survey research projects and employment selection validation studies. She was recently published in Consulting Psychology Journal. Donald Strickland is Professor of Management and Chair of the Department of Management at Southern Illinois University at Edwardsville. He recently published a work on the responses of accounting administrators to situations related to fund raising in higher education. His research has appeared in journals such as Issues in Accounting Education, Journal of Drug Issues, Journal of Advertising, Journal of Health and Social Behavior, and American Sociological Review. George Sullivan is Associate Professor of Management at Southern Illinois University at Edwardsville. He teaches business law and business and society. His research has focused on such topics as employment discrimination, drugs in the workplace, race harassment, sex harassment, and pregnancy discrimination. His work has appeared in Labor Law Journal, Business and Society, Business Insights, Industrial Management, and the Journal of the College and University Personnel Association.     

Macroeconomic effects of corporate default crisis: A long-term perspective

Using an extensive data set on corporate bond defaults in the US from 1866 to 2010, we study the macroeconomic effects of bond market crises and contrast them with those resulting from banking crises. During the past 150 years, the US has experienced many severe corporate default crises in which 20–50% of all corporate bonds defaulted. Although the total par amount of corporate bonds has at times rivaled the amount of bank loans outstanding, we find that corporate default crises have far fewer real effects than do banking crises. These results provide empirical support for current theories that emphasize the unique role that banks and the credit and collateral channels play in amplifying macroeconomic shocks.     

Wirkungen einer Beseitigung des „Mittelstandsbauchs“ im Einkommensteuertarif

German income tax revenue is rising continuously, and at a faster rate than overall revenue. This is why tax reductions are increasingly called for. One option is to abolish or at least level the so-called “middle class bulge”. This paper analyses how different tax reform variants affect revenue and the distribution of the tax burden across taxpayers.