Corporate social responsibility and marketing: An integrative framework

This article introduces a conceptualization of corporate social responsibility (CSR) that emphasizes the role and potential contribution of the marketing discipline. The proposed framework first depicts CSR initiatives as the actions undertaken to display conformity to both organizational and stakeholder norms. Then, the article discusses the managerial processes needed to monitor, meet, and even exceed, stakeholder norms. Finally, the analysis explains how CSR initiatives can generate increased stakeholder support. Isabelle Maignan (imaignan@feweb.vu.nl) is an assistant professor of marketing at the Vrije Universiteit in Amsterdam in the Netherlands. Her research focuses on corporate social responsibility and its marketing dimensions in an international setting. Her work has appeared in theJournal of the Academy of Marketing Science, theJournal of International Business Studies, theJournal of Business Research, theJournal of Advertising, among other journals and conference proceedings. O. C. Ferrell (oc.ferrell@colostate.edu) is chair and a professor of marketing at Colorado State University. His research focuses on marketing ethics and corporate social responsibility. His work has appeared in theJournal of Marketing, theJournal of Marketing Research, theJournal of the Academy of Marketing Science, theJournal of Public Policy and Marketing, as well as other leading journals. In addition, he is the coauthor ofMarketing: Concepts and Strategies, Business Ethics: Ethical Decision Making and Cases, Business and Society: A Strategic Approach to Corporate Citizenship, Marketing Strategy, and other textbooks.     

Response to Seitz and Tödter, 'How the P* Model Rationalizes Monetary Targeting: A Comment on Svensson'

Seitz and TÎdter argue, counter to Svensson, that the P * model provides a rationale for money-growth targeting. In particular, they argue that 'money growth targeting is a special form of inflation forecast targeting based on a "limited" information set. In contrast to "full information" inflation forecast targeting, money growth targeting is likely to be more robust under changing conditions of the real world'.
However, money-growth targeting is better described as a special case of inflation targeting, namely when money growth is considered to be the only predictor of future inflation. But there is overwhelming empirical evidence that there are not only other, but also better, predictors of future inflation than money growth, which makes inflation-forecast targeting superior to money-growth targeting. Inflation-forecast targeting is indeed more robust (in the sense of using available information and allowing judgemental adjustments in a flexible way) than monetary targeting.
In particular, in the P * model, the real money gap is a better predictor of future inflation than money growth, as demonstrated theoretically by Svensson and empirically by Gerlach and Svensson (the empirical finding is also confirmed by Trecroci and Vega). Therefore, inflation-forecast targeting is superior also within the P * model. Under `changing conditions of the real world', for instance after the formation of a monetary union, money growth is likely to be particularly unreliable as a predictor of future inflation, making monetary targeting especially unsuitable and non-robust.     

Some antecedent factors that shape actors’ adoption of enterprise systems

This paper proposes a conceptual model based on technology-organization-environment (T-O-E) and institutional frameworks and examines how the traditional and isomorphic factors explain adoption of enterprise systems (ES) by service small and medium enterprise (SMEs) in Nigeria. The model extends the T-O-E framework by integrating environmental typology with institutional changes in order to recognize homologous behavior in the social systems. Logistic regression and Wald’s statistics were used to analyze the data from field survey questionnaire administered to a purposive and snow-ball sample of 262 executives. The results show that adoption of ES is significantly influenced by organizational, technological and isomorphic factors though normative and mimetic isomorphism had negative coefficients; a unit increase in the complexity of the two attracts less analogous modeling and mimicry or vice versa. The technical, economic and legitimated elements are critical adoption determinants; thus, managers make informed decisions that improve competitive advantage when they understand the institutional homogeneity that drives less efficiency in the social structure.     

A brief technology assessment of the Carbon Dioxide effect

Significant increases in atmospheric carbon dioxide are occuring as a result of fossil fuel combustion. More than a four-fold increase over preindustrial levels may occur by the year 2100. Heating of the atmosphere, changes in precipitation patterns and global storm paths, and other resulting effects are sure to cause significant social changes. This article is essentially a methodological case study demonstrating a useful but inexpensive type of technology assessment. It summarizes current research findings on “the CO₂ effect,” and presents hitherto unpublished findings that resulted from a brief but systems-oriented approach. These findings suggest that most published forecasts of phenomena associated with a CO₂ buildup may be systematically low because various positive feedback relationships are not reflected.     

Vertical syndication-proof competitive prices in multilateral assignment markets

We consider a market comprising a number of perfectly complementary and homogeneous commodities. We concentrate on the incentives for firms producing these commodities to merge and form a vertical syndicate. The main result establishes that the nucleolus of the associated market game corresponds to the unique vector of prices with the following properties: (i) they are vertical syndication-proof, (ii) they are competitive, (iii) they yield the average of the buyers- and the sellers-optimal allocations in bilateral markets, and (iv) they depend on the traders’ bargaining power but not on their identity. The proof uses an isomorphism between our class of market games and the entire class of bankruptcy games.     

Interest rate dynamics and volatility transmission in the European short term interest rate market

This paper investigates the price and volatility relationship in European short-term interest rate markets. Cointegration analysis is used to analyse the long and short run relationship and a GARCH BEKK model is estimated to analyse the volatility transmission between the markets. The stability of the long run relationship is also examined using Bai and Perron (Econometrica 66(1),47–78, 1998, J Appl Econ 18(1):1–22, 2003) structural break methodology. The results show that the relationship between the EURIBOR spot deposit rate and the EURIBOR future contract has changed significantly since 2001 and several structural breaks are present in the 13 year sample period. During periods where there is a long run relationship present the spot deposit rate generally leads the future rate in price discovery. In the short run there is bi-directional causality present between the markets. There is also significant evidence of volatility transmission from the spot market to the futures market throughout the sample period.     

Trading cost expectations: Evidence from S&P 500 index replacement stock announcements

This paper tests the effect on stock value of an expected change in future trading costs. The capitalized value of a reduction in trading costs is hypothesized to increase the stock value, a trading cost effect. Improved liquidity reduces trading costs. Inclusion as an S&P 500 Index replacement stock is an event hypothesized to increase liquidity. We use 114 observations between January 1, 1983 and October 12, 1989 of stocks added to the Index as replacements for stocks removed. The abnormal return of each stock is regressed against the ratio of the bidask spread to the price of the stock, the change in trading volume of the stock, and the open interest in the Index futures contracts at the close of the month prior to the replacement announcement. We find that the positive abnormal returns for replacement stocks are related to increased daily trading volume after inclusion in the Index. Further, the trading cost effect is proportional to percentage bid-ask spreads prior to inclusion. The trading cost effect increases as trading in derivatives of the Index increases. The volume and stock price changes after replacement are not transitory, indicating an improvement in liquidity. Three alternate hypotheses suggested in prior research to explain the abnormal returns for replacement stocks are tested. Testing each of the three models previously considered: price pressure, inelastic demand curves, and information, we find that none can be accepted with statistical confidence. The abnormal returns of Index replacement stocks are consistent with rational pricing of an anticipated reduction in future transaction costs. This anticipated reduction is capitalized in the value of the stock at the time of the replacement announcement. These results are consistent with a trading cost effect.     

Labour relations,economic development and democracy in the 21st century

Within the context of the transformation of capitalist society in the last third of the twentieth century–a decline in the relative importance of manufacturing both in terms of GDP and employment, changes in the conception of work as mental rather than manual and in the types of interaction between capital and labour - labour relations systems in the twenty-first century will be very different from those prevailing today.     

Screening‐oriented recruitment messages: Antecedents and relationships with applicant pool quality

The ability of firms to attract qualified job applicants is a critical component of the human resource management process. However, while a large body of research has examined the relationship between firm recruitment practices and applicant pool attributes, very little research has investigated what factors are associated with organizational decision makers' utilization of specific recruitment tactics. We draw on labor economics, sociological, and agency theoretical perspectives to make predictions regarding the use of screening‐oriented recruitment messages in actual web‐based job advertisements. Results suggest that perceptions of labor supply, recruiting firm reputation, and the use of quality‐based compensation incentives are associated with use of screening‐oriented messages, which in turn are associated with applicant pool quality. These findings hold important theoretical insights into the factors shaping firm recruitment activity and provide practical strategic implications for managing firm recruitment objectives. © 2012 Wiley Periodicals, Inc.