THE VALUE OF A FUNGICIDE ADVISORY PROGRAMME FOR CEREALS

An estimate is made of the benefits resulting from the implementation of a proposed fungicide advisory programme for Kent wheat farmers. The programme has a value by providing information which enables improved spraying decisions to be made by farmers. The expected annual value for Kent is found to be £106,000. A closer examination is made of both the returns and costs of one component of the scheme, viz, the training of farmers to recognise the disease (caused by Septoria spp.) in their fields. An average benefit/cost ratio of 8/1 is calculated to result from the provision of farmer training programmes. However, if the decision by farmers to attend courses is made upon the criteria of expected gain to themselves, then initial courses would have a much higher benefit/cost ratio. There would be diminishing returns to additional courses, but only those Kentish wheat growers with the smallest areas of crop would lack the financial incentive to attend.     

Communication assumptions in consumer research: An alternative socio‐cognitive approach

Although communication appears natural to most people, the successful act of transferring meaning relies on an alignment of intricate interpretive processes between the sender and receiver. Yet the full range of these intricate processes is often oversimplified, homogenized, and molded according to each paradigm’s narrow epistemological assumptions, leading to contradictory representations across paradigms. For example, within cognitivist and structuralist research the communicative act is portrayed as unproblematic as it engages objectified meaning structures embedded in the structures of texts, symbols, and social practices, which remain independent of (i.e., disembodied from) the interpreting mind. In contrast, in postmodernist research, communication is regarded as implausible as meaning is uniquely created by the receiver (regardless of what is intended by the sender). Although each major perspective provides some insights to the communicative act, the elegance of each camp’s reasoning is undone by it not addressing the full complexity of communication as it actually exists. To provide a more comprehensive and internally consistent understanding of meaning transfer (i.e., communication) we introduce a socio‐cognitive model that accounts for apparent objectivist and subjectivist outcomes. This framework situates meaning production within the mind, driven by the interaction between mental (private and/or cultural) models, cognitive (reflective and/or categorical) processing, and environmental feedback mechanisms.     

Tariffs and income: a time series analysis for 24 countries

We argue for a new approach to examining the relationship between tariffs and growth. We demonstrate that more can be learned from time series analyses of the experience of individual countries rather than the usual panel data approach, which imposes a causal relation and presents an average coefficient for all countries. Tentative initial results using simple two-variable cointegrated VAR models suggest considerable heterogeneity in the experiences of the countries we look at. For most, however, there was a negative relationship between tariffs and levels of income for both the pre- and post-Second World War periods. However, in the second half of the twentieth century, the causality ran from income to tariffs: that is, countries simply liberalized as they got richer. Policy decisions based on the usual panel approach might thus be very inappropriate for individual countries.     

Steuerflucht und Steueroasen

The current debate on tax planning has to distinguish between tax evasion and aggressive tax planning. While tax evasion is illegal and requires the enhanced exchange of information, measures against aggressive tax planning seem to be very complex and complicated. Tax havens’ benefits from tax haven activities are inversely related to the intensity of competition among tax havens. Once the set of tax havens narrows, each havens’ share of the business increases and its margins go up. This competition aspect makes initial successes easy but final success very difficult. Nevertheless, some authors argue that action against tax flight is inevitable. As tax flight is a multilateral phenomenon, coordinated initiatives by country groups appear particularly promising. Here the EU should be in the vanguard. Only automatic information exchange generates the transparency and leeway needed to eliminate income tax evasion and to permit countries to devise tax codes at their own discretion. Despite the European trend towards lower corporate taxes, an empirical analysis shows that German multinationals have increased their tax haven activities. Recent research suggests that this development might be explained by the increased usage of anti-tax avoidance measures by high-tax countries. The substitutive nature of different tax-avoidance schemes indicates that only a coordinated closing of loopholes for profit shifting would reduce the demand for tax-haven operations significantly.     

Seasonality and the valuation of commodity options

Price movements in many commodity markets exhibit significant seasonal patterns. However, given an observed futures price, a deterministic seasonal component at the price level is not relevant for the pricing of commodity options. In contrast, this is not true for the seasonal pattern observed in the volatility of the commodity price. Analyzing an extensive sample of soybean, corn, heating oil and natural gas options, we find that seasonality in volatility is an important aspect to consider when valuing these contracts. The inclusion of an appropriate seasonality adjustment significantly reduces pricing errors in these markets and yields more improvement in valuation accuracy than increasing the number of stochastic factors.     

Investor reactions to corporate environmental saints and sinners: an experimental analysis

Following Dierkes and Antal's (1985) model, this study examines the decision usefulness of narrative disclosures on firms' environmental performance by focusing on how investors allocate their investment funds. Using an experimental design, the study examines investors' reactions to two states of corporate environmental performance: one in which the company discloses it is performing badly with respect to the environment, and another in which the company discloses it is a leader in environmental management. The results indicate that investors, as expected, react strongly and negatively to the poor environmental performer, while somewhat less expected, there is no significant reaction to the better environmental performer. Sub-analyses, however, reveal ‘environmental clientele’ effects. For the poor environmental performer, investors who specifically mention environmental performance react even more strongly and negatively than those who make no mention of environmental performance. In the case of the better environmental performer, the reactions are more complex. For those investors who specifically mention the firm's environmental performance, two opposite reactions result. While one group positively invests in the company for its environmental leadership, the other group avoids investing in the company for what it appears to consider excessive and unnecessary expenditure. The results from this study are consistent with the widespread observation that firms will rarely disclose poor environmental performance unless required to do so. Moreover, the mixed reactions to the better environmental performer could also partly explain why firms appear willing to report their positive environmental achievements in only vague and general terms.     

Populist Syndrome and Nonmarket Strategy

Although recognized as a defining feature of the current political era, populism and its implications for non-market strategy remain undertheorized. We offer a framework that (a) conceptualizes populism and its progression over time; (b) outlines the risks populism generates for firms; and (c) theorizes effective nonmarket strategies under populism. Our framework anchors the political risk profile of populism in three interdependent elements: anti-establishment ideology, de-institutionalization, and short-term policy bias. These elements jointly shape the policymaking dynamics and institutional risks for firms under populism. Our analysis shows how firms can calibrate two nonmarket strategies – political ties and corporate social responsibility – to mitigate populism-related risks. We specify how particular configurations of political ties and CSR activities, aimed at the populist leadership, bureaucrats, political opposition, and societal stakeholders, minimize risk under populism. Further, we theorize how the effectiveness of specific attributes of political ties and CSR – namely their relative covertness (more vs. less concealed) and their relative focus (narrowly vs. widely targeted) – varies as a function of firm type (insiders vs. outsiders) and the probability of populist regime collapse. Finally, we address how motivated reasoning may bias firms' assessments of regime fragility and resulting strategy choices.     

Reviewing Thailand's master plans and policies: implications for creative tourism?

This article contributes to an understanding of how creative tourism is perceived on a national level, by using Thailand as a case analysis. The primary objective of this article is to investigate Thailand's plans and policies for the creative economy at both national and ministry levels in relation to creative tourism. It also identifies how a national strategic plan can provide a blueprint for individual agency master plans to provide policy support for the development of the creative economy in the tourism sector. Thailand is chosen as an example of how government and related agencies can contribute to a national creative tourism movement in the country, especially in the light of the Tourism Authority of Thailand branding campaign to stimulate creative tourism to the destination. The qualitative research methodology through content analysis is used to scrutinise the plan and policy contents from the selected government agencies. The results demonstrate a better view of how creative tourism is positioned in the Thailand context and contribute to a policy study on the creative economy in the tourism sector as well as in creative tourism.