Developing a Learning Community Approach to Business Ethics Education

In this paper we discuss a project, still in progress, that moves away from a traditional lecture based educational pedagogy. We present a team taught approach to ethics teaching that embraces a progressive philosophy of education and is focused on the development of a discussion based learning community. We describe our primary pedagogical tools of case discussion and the development of student expert role assignments as a locus, and how they relate to the learning community, course content and course objectives. Finally, we provide our preliminary review of outcomes and emerging issues.     

A new family-community social structure

The purpose of this paper is to examine whether a new family-community social structure of accumulation (FSSA) has emerged in the Unites States to contribute to long-wave growth and development through the early decades of the 21st century. Institutions that promote system-functions or public goods are required for sustainable growth and development. Three dimensions of the potential FSSA institutions are examined in this paper, within the context of the systemic circuit of social capital: (a) stability within families, (b) trust and association in the community, and (c) the degree of relative equality. Overall, the findings are that a new FSSA does not currently operate in the US because the emerging family type is not promoting sufficient stability, trust has diminished to low levels, and structural inequality has continued to rise. These factors have negatively impacted long-term economic performance through several transmission mechanisms, which are analyzed in the paper.     

Bias Reduction in Dynamic Panel Data Models by Common Recursive Mean Adjustment*

The within‐group estimator (same as the least squares dummy variable estimator) of the dominant root in dynamic panel regression is known to be biased downwards. This article studies recursive mean adjustment (RMA) as a strategy to reduce this bias for AR(p) processes that may exhibit cross‐sectional dependence. Asymptotic properties for N,T→∞ jointly are developed. When ( log ²T)(N/T)→ζ, where ζ is a non‐zero constant, the estimator exhibits nearly negligible inconsistency. Simulation experiments demonstrate that the RMA estimator performs well in terms of reducing bias, variance and mean square error both when error terms are cross‐sectionally independent and when they are not. RMA dominates comparable estimators when T is small and/or when the underlying process is persistent.     

Ownership changes, accounting practice and the redefinition of the corporation

This paper examines the role of accounting in facilitating and legitimating the conglomerate movement in American business during the 1960s. We argue that the profileration of conglomerate mergers contributed to a reconceptualization of the corporation that emphasized its financial rather than its productive capacities. This conception of the firm has now been institutionalized; its logic motivates the takeovers and restructuring that characterize contemporary business. Our case illustrates the rhetorical power of accounting as a symbolic system for legitimating new corporate forms and practices.     

Agency costs,corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis

This paper examines the impact of governance and ownership variables on agency costs for a panel of large UK quoted companies. We use three measures of agency costs: the ratio of sales-to-total assets, the interaction of free cash flows and growth prospects and the number of acquisitions. We employ a range of techniques to analyse the data: fixed-effects, instrumental variables, and Tobit regressions. We find that the changes in board structures that have occurred in the post-Cadbury period have not, generally, affected agency costs. This suggests a range of mechanisms is consistent with firm value maximisation. We also find that having a nomination committee increases agency costs, which indicates that there are costs associated with certain governance mechanisms. Increasing board ownership also helps to reduce agency costs. We also find that debt reduces agency costs. Our results raise questions about the usefulness of the information sent to shareholders when firms adopt a recommended governance framework.     

Recent evidence on the relationship between anonymity and response variables for mail surveys

Although most marketing researchers and texts recommend guaranteeing respondents anonymity in mail surveys, emirical evidence on this issue is dated, and often is based on results from student or occupational samples. The present study examines the impact of anonymity on item omission, response bias, and response quality. Based on a representative sample of respondents from a Southern SMSA, it was found that lack of anonymity had minor effects on response variables. Anonymous respondents provided slightly less information to complex questions, and lower-income respondents, nonwhites, and homeowners were more likely to identify themselves on the return envelope. Yet, the responses of these groups did not differ substantively from answers of other respondents on the range of questionnaire items examined.     

The impact of Milton Friedman on modern monetary economics: Setting the record straight on Paul Krugman's “Who was Milton Friedman?”

Paul Krugman's essay “Who Was Milton Friedman?” seriously mischaracterizes Friedman's economics and his legacy. In this paper, we provide a rejoinder to Krugman on these issues. In the course of setting the record straight, we provide a self-contained guide to Milton Friedman's impact on modern monetary economics and on today's central banks. We also refute the conclusions that Krugman draws about monetary policy from the experiences of the United States in the 1930s and of Japan in the 1990s.     

Flexible Product Development: Building Agility for Changing Markets by Preston G. Smith

Books reviewed in this issue:

• ▪

  Flexible Product Development: Building Agility for Changing Markets
• ▪

  The Leader's Guide to Lateral Thinking Skills: Unlocking the Creativity and Innovation in You and Your Team
• ▪

  Service Is Front Stage: Positioning Services for Value Advantage
• ▪

  Involving Customers in New Service Development
• ▪

  Project Sponsorship: Achieving Management Commitment for Project Success

Please note that the editor in chief of the Journal of Product Innovation Management (JPIM) , Anthony Di Benedetto, was solely responsible for all editorial work on the first book review, since this is an assessment of the newest book by JPIM 's book review editor, Preston Smith. To assure objectivity in the review process, Di Benedetto identified the reviewer, solicited and edited the review, and submitted the accepted review directly to the publisher. Smith did not see the review until it was completed and accepted for publication.