The financialisation of business ethics

Business schools have become implicated in the widespread demonisation of the financial classes. By educating those held most responsible for the crisis – financial traders and speculators – they are said to have produced ruthlessly talented graduates who have ambition in abundance but little sense for social responsibility or ethics. This ethical lack thrives upon the trading floor within a compelling critique of the complicity of the pedagogy of the business school with the financial crisis of the global economy. An ethical turn within the curriculum is now widely encouraged as a counteractive force. Within this paper, however, we argue that taking this ethical turn is not enough. For business ethicists to learn from the financial crisis, the crisis' legacy needs to be taken account of, and financialisation needs to be taken seriously. Pedagogical reform cannot bracket itself off from the crisis as if it were coincidental with or separate from it. Post-crisis pedagogy must rather take the fact that it is requested now, in light of the crisis, as its very point of departure. The financial crisis must not be understood as something to be resisted in the name of Business Ethics. Instead, the financial crisis must be understood as the very foundation for contemporary Business Ethics in particular and for contemporary business and management education more generally.     

Subordinate perceptions of family‐supportive supervision: the role of similar family‐related demographics and its effect on affective commitment

Using survey data from 227 employees, we draw from shared reality theory to study subordinate perceptions of family‐supportive supervision, its antecedents and outcomes. We focus on similarity in salient subordinate and supervisor family‐related demographics as an antecedent to perceived family‐supportive supervision. As expected, female subordinates perceived more family‐supportive supervision from female supervisors than from male supervisors. Likewise, parent subordinates perceived parent supervisors, compared with nonparent supervisors, to be more family supportive. Subordinate perception of family‐supportive supervision also positively related to affective commitment – mediating the indirect positive relationship between similarity in family‐related demographics and affective commitment.     

Future disassembly and recycling technology: results of a Delphi study

This article presents the results of a Delphi study that was carried out between November 1996 and March 1997. The subject of this study is future disassembly and recycling technology for the electronics and the automotive industry. The results reflect the opinions of a panel of about 70 specialists, preselected by the authors. Issues in this Delphi Study range from the possibilities for automatic disassembly and sophisticated material separation and sorting techniques to the development of recycling output prices. All issues were investigated for technological feasibility and for economic attractiveness. The main conclusion of this study shows that obstacles for future disassembly and recycling technology are of an economic rather than a technological nature. Automatic disassembly will probably gain importance in the next 25 years, but only for specific product categories. Sorting and separation techniques will become increasingly sophisticated.     

Fat tails,VaR and subadditivity

Financial institutions rely heavily on Value-at-Risk (VaR) as a risk measure, even though it is not globally subadditive. First, we theoretically show that the VaR portfolio measure is subadditive in the relevant tail region if asset returns are multivariate regularly varying, thus allowing for dependent returns. Second, we note that VaR estimated from historical simulations may lead to violations of subadditivity. This upset of the theoretical VaR subadditivity in the tail arises because the coarseness of the empirical distribution can affect the apparent fatness of the tails. Finally, we document a dramatic reduction in the frequency of subadditivity violations, by using semi-parametric extreme value techniques for VaR estimation instead of historical simulations.     

Environmental leaders: making a difference. A typology of environmental leaders and recommendations for a differentiated policy approach

In the literature, environmental leaders are often implicitly considered as a homogeneous group of companies. In addition, this proposition underlies much public policymaking that is aimed at supporting companies that go green'. A recent exploratory study conducted in the Netherlands however revealed that environmental leaders are often rather heterogeneous – even if they operate in the same sector. Differences are particularly related to incentives for and barriers to environmental leadership. In this paper we develop a typology of environmental leaders and provide recommendations for a differentiated and more effective public policy approach to supporting environmental leaders. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.     

The Forex Regime and EMU Expansion

This paper provides evidence that the choice of the foreign exchange regime is not of first order importance for achieving high output growth. It is argued that due to the forward looking nature of the foreign exchange market, exchange rate stability hinges on the current and anticipated coherency of monetary and fiscal policies. We demonstrate this empirically on a panel including potential EMU accession countries. By means of rank regression analysis we uncover the partial links across the regime specifics of the representative country versus the German regime during the 1990s.