Values motivation and concern for appearances: the effect of personality traits on responses to corporate social responsibility

• The present research seeks to examine differences in support for corporate social responsibility based on certain personality traits. Secondary data from a nationally representative sample of 6065 respondents were examined. The results demonstrate that individuals motivated by a concern for appearances, an egoistic enhancement motivation, as well as individuals motivated by their values, make purchases in support of corporate philanthropy. However those concerned for appearances do not view CSR as a normative requirement, unlike those motivated by their values.

Copyright © 2006 John Wiley & Sons, Ltd.     

The inter‐relationship between capital structure and dividend policy: empirical evidence from Jordanian data

The study investigates the under‐researched relationship between capital structure and dividend policy in emerging markets with regard to the Jordanian market. The empirical analysis focuses on the estimation of both single equation models and structure equation models using the reduced form equations to examine the joint determinants of capital structure and dividend policy. The study investigates whether capital structure and dividend policy theories can explain the financial decisions in emerging market such as the Jordanian market. Namely, the study examines agency theory, signalling theory, pecking order theory and bankruptcy theory. The results indicate that there is a positive relationship between debt‐to‐asset ratio on the one hand, and asset tangibility, profitability, market‐to‐book, liquidity, firm size, and industry classification on the other hand. Also, there is a negative relationship between debt‐to‐asset ratio and profitability. In addition, there is a positive relationship between dividend payout ratio on the one hand, and profitability, asset tangibility, market‐to‐book and industry classification on the other hand. Finally, the results of the reduced form equations show that capital structure and dividend policy have the following common factors: profitability; asset tangibility; market‐to‐book; industry classification; and limited evidence of institutional ownership. Therefore, the determinants of capital structure and dividend policy in emerging markets such as the Jordanian market share the same set of suggested factors with the developed markets.     

Duplicate Accounting Records: Historical Notes

According to some of the earliest printed expositions of bookkeeping and accounts, a businessman might keep two ledgers pertaining to the same set of transactions. The second ledger could be an exact copy of the original ledger, to be available if the latter were lost or destroyed. Or, one of the ledgers could be a distorted version of the original, designed to deceive and defraud. Other uses of duplicate ledgers are also considered in this article.     

SAVING IS NEVER A CONSTRAINT ON INVESTMENT1

Saving is regarded in mainstream macroeconomics as a volitional relationship, like consumption. This paper argues that this view is incorrect. There is no independent volitional saving function. Since all goods produced are either consumption goods or investment goods, saving, defined as “income not consumed”, is the accounting record of investment spending. Changes in the definition of investment produce identical changes in saving, with no accompanying volitional change in saving behavior. “Saving” in economics should properly be termed “abstention” since it does not constitute transitive behavior. To understand saving behavior a Hicksian definition of income must be used, and capital gains and losses must be included in the definition of income. In modern capitalist economies most saving undertaken by agents is non‐volitional, and takes the form of permitting the market value of total net wealth to increase.     

The extended website stage model: a study of Canadian winery websites

Rao, Metts, and Mora Monge (2003) proposed a stage model to reflect the progression small businesses follow in their use of Internet technology. We extend their work in two ways. We introduce marketing integration into this technology-focused model and further differentiate the transactions stage of the framework. We then use the model to examine differences in the degree of sophistication of websites used by businesses in the Canadian winery sector. Data collection entailed a content analysis on a census of English language Canadian winery websites (N = 206). A supplementary survey was used to distinguish among those sites that were making use of relatively advanced technologies. A multinomial logit analysis was applied to examine a series of research questions based upon our integrated model. Implications of the findings for scholarship and practice are discussed. Copyright © 2009 ASAC. Published by John Wiley & Sons, Ltd.     

The endogeneity of credit money 1

This article examines the important post-Keynesian theme of the endogeneity of the money supply. A series of Granger-Sims tests of causality are employed to ascertain the main determinants of credit money. The results support the view that the money supply is endogeneously determined and that changes in the wage bill are the main determinants of increases in the demand for bank credit.     

Environmental Policies and Firm Value

Many organizations are currently becoming more environmentally friendly. Eco‐efficiency maximizes the effectiveness of a business operation while reducing its impact on the environment; with the necessary skills, organizations can create more value while using less input. Prior empirical studies have suggested that firms engaging in eco‐efficient activities are better valued than those without such activities. Therefore, this will enhance business efficiency and excellence. This study investigates the link between eco‐efficiency, as environmental policy, and firm value in the United Kingdom (UK) for the period 1999 to 2008. We generate new insights into environmental–financial performance by using different definitions of the term ‘eco‐efficiency’. In the UK context our results support that eco‐efficient firms have higher market values than those lacking environmental strategies. Hence, we recommend that firms become involved in environmental polices since the adoption of these polices will have a positive impact on firm value. Copyright © 2011 John Wiley & Sons, Ltd and ERP Environment.     

Public sector and economic growth: the Greek experience

Over the past two decades there has been an increase in the relative size of the public sector, accompanied by a decline in the growth performance of the Greek economy. In an attempt to highlight the contribution of the government size to growth, an analytical framework is developed, incorporating the possibility that marginal factor productivities are not equal in the public and private sectors. Econometric analysis utilizing this framework points to a negative relationship between government size and economic growth. This seems to derive, in part, from intersectoral diseconomies generated by the growing share of deft-financed government activities.