Marx and Engels’ Vision of a Better Society

Notwithstanding their much noted aversion to detailing the nature of a post-capitalist society, Marx and Engels indeed have a broad vision of such a better society that both runs through and informs their entire lives' work. It is rooted in their concepts of the inherently social nature of humans and potential authentic human development in accord with human nature, and the negation by humans as the active agents of history of the barriers posed to that development. This paper discuses their dialectic approach to defining a better society, their concept of human nature that it rests on, and finally specifies a number general aspects they give for a better future socialist society.     

Market Risk Disclosures and Investment Efficiency: International Evidence from the Gulf Cooperation Council Financial Firms

This study examines the association between market risk disclosures (MRDs) and the investment efficiency of financial firms from six emerging markets in the Gulf Cooperation Council (GCC) region. Based on a sample of 553 firm‐year observations over the 2007–2011 period, we find that MRDs are significantly and negatively associated with both under‐investment and over‐investment and that this association is more pronounced for larger firms. We also find that the association between MRDs and under‐investment is moderated during periods of economic distress such as the Global Financial Crisis of 2008 and that the association between MRDs and over‐investment is magnified during periods of reduced financial distress. Our results are consistent with the idea that MRDs reduce information asymmetry, which ultimately improves investment efficiency. We contribute to the literature in an emerging market context by providing empirical evidence on the association between MRDs and investment efficiency across six emerging GCC capital markets. This study also fills a gap in the literature by providing evidence on the factors affecting the investment efficiency of financial firms.     

Organizational mindfulness,mindful organizing,and environmental and resource sustainability

The research theorizes that environmental vulnerability can be minimized through mindfulness‐based strategies, and redesigning organizing processes, so that richer thinking is activated more quickly among greater number of people all of whom try to update their knowledge regardless of the knowledge source. It empirically evaluates the effects of organizational mindfulness and mindful organizing on resources and environmental sustainability. The model was tested in a very appropriate setting—Saudi Arabia, where increasing demand for and supply of energy culminates in unsustainable resources utilization and rise in greenhouse gas emissions and other environmental vulnerabilities. Data were collected from Saudi firms operating in the oil and gas sector and analyzed using SmartPLS software. The measurement and structural models were evaluated. The measurement model exhibits adequate model fit. The tests for the structural models show that four (of five) dimensions of organizational mindfulness (viz., commitment to resilience, deference to expertise, preoccupation with failure, and reluctance to simplify interpretations) and mindful organizing are significantly related at 5% significance level. Sensitivity to operations has no significant relationship with mindful organizing. Mindful organizing is significantly related to environmental and resources sustainability. Moreover, mindful organizing fully or partially mediates in the relationship between some of the dimensions of organizational mindfulness and environmental and resources sustainability. The study is one of the first to integrate mindfulness‐based approaches to sustainability and environmental research.     

IFRS Adoption in Emerging Markets: The Case of Jordan

The aim of this study is to research the adoption of International Financial Reporting Standards (IFRS) in Jordan, which was one of the first Middle Eastern emerging economies to adopt IFRS. The paper investigates the related factors that pressure and prevent such adoption over time, and illustrates the developmental aspects of such adoption. An interpretive methodology is employed, and perceptions of the study's participants are analysed regarding the adoption of IFRS in Jordan, which is an area that is under researched. Semi‐structured interviews were undertaken to collect Jordanian experts’ perceptions. Based on the empirical data analysis and prior theoretical and empirical literature, an adoption model was developed, which can serve future studies as well. The model illustrates the paradox of accounting changes in emerging economies, in which the actual conditions that pressure IFRS adoption are also the conditions that prevent full adoption. The model also provides an explanation of the implementation process of IFRS in emerging economies at both country and corporation levels. It combines practical features and related theories in an integrative model seeking to explain the phenomenon of IFRS as a new accounting regulation change.     

Measuring and explaining the efficiencies of the United Arab Emirates banking system

Using newly collected data from a survey distributed to all banks in the United Arab Emirates (UAE), this article measures economic efficiency in the banking industry, namely allocative, technical, pure technical and scale efficiency. Employing a nonparametric Data Envelopment Analysis (DEA) approach, the study estimates the efficiency for a cross section of the UAE banks in 2004. The results indicate that the dominant source of inefficiency in the UAE banking is stemming from allocative inefficiency rather than technical inefficiency. Furthermore, the main source of the relatively small size, technical inefficiency in the UAE banking industry is not the scale inefficiency but rather pure technical inefficiency. The results further indicate that the UAE banks are able to use their input resources more efficiently when they have more branches, and that newer banks are performing better than older banks on average. Moreover, the results also show that short experiences of employees affect efficiencies negatively and government ownership tends to reduce efficiency (as the government shares increase in the bank, the efficiency scores get lower). Finally, the most interesting results have to do with finding higher average efficiencies in banks that employ more women, more managers and less national citizens of the UAE.     

Making sense of different perspectives on career transitions: A review and agenda for future research

Although scholars across numerous disciplines have studied specific types of career transitions, there has been no examination of the career transitions literature as a general phenomenon since Louis' seminal article was published four decades ago. Much has changed in the career landscape in the last forty years, including the number and types of career transitions being made by individuals. Using an inductive approach, the five major theoretical perspectives of career stage, decision-making, adjustment, relational, and identity emerged from our analysis of 242 publications. In this paper, we summarize research on each of these major perspectives on career transitions, recognizing emerging trends and research gaps. Based upon an analysis across these perspectives, we recommend seven major avenues for future research on career transitions.     

Consumers' perception of and attitudes towards organic food in Galicia (Northern Spain)

Although the organic sector is still relatively small, the demand for organic food is increasing throughout the world. The characterization of consumers' perception of and attitudes towards organic food is important to enable the development of marketing policies aimed at attracting conventional consumers to the sector. Consumers' behaviour studies must be conducted specifically for different regions and countries as perceptions and attitudes vary across the world. In the present study, a questionnaire was designed for administration to consumers in Galicia (Northern Spain). The questionnaire was administered to 830 consumers in 200 establishments to obtain data about the consumers' perception of and attitudes towards organic food. The survey results showed that one‐third of responders consume organic food and that the typical profile of a consumer of organic food is a middle‐aged, medium‐high class, university‐educated female living in a large village, who shops in supermarkets and preferably consume vegetables, fruits and eggs. Most people who declared that they consume organic products confuse these with home and locally produced food, indicating the potential for growth of the organic sector by providing such consumers with appropriate information. Most consumers (including conventional consumers) have a good opinion of organic food and consider that it is better for health, is of better quality than conventional food and avoid pesticide residues. However, price continues to be a barrier to the consumption of organic produce. Most respondents stated that they would consume more organic food if the price was only between 10% and 30% higher than the conventional equivalent. Finally, organic consumers in Galicia showed positive attitudes towards using local breeds in organic agriculture, both for producing food and for ecotourism and educational activities. Such activities could contribute to conserving breed biodiversity and adding value to organic farming.     

Investment Committee,Corporate Cash Holdings and Corporate Life Cycle

We investigate the association between voluntary formation of board investment committee (IC) and corporate cash holdings of nonfinancial firms over the corporate life cycle stages for a large sample of Gulf Cooperation Council firms during 2005–2016. We find that IC increases corporate cash holdings in growth and maturity stages of firm, compared to introduction, shake‐out, and decline stages. These results have important implications for investors, policy makers, and regulators. Our findings are robust to various econometrics specifications.     

Bankruptcy reform in the Middle East and North Africa: Analyzing the new bankruptcy Laws in the UAE,Saudi Arabia,Morocco, Egypt,and Bahrain

For years, countries in the Middle East and North Africa (MENA) region have been trying to increase entrepreneurship rates and attract foreign investment, however, their bankruptcy statutes remained antiquated and punitive in nature. Potential start‐ups and foreign investors have been deterred from these markets due to a lack of alternative solutions to liquidation and a fear of punishment for business failure. At least seven countries in the region have now taken steps to modernize their bankruptcy laws to provide restructuring mechanisms and other measures designed to incentivize risk‐taking rather than to deter it. With this year's crash in oil prices, an unprecedented global pandemic and an imminent recession, an effective bankruptcy system has become even more critical to avoid catastrophic results for the employment rates and economic value of the companies in the region. However, despite these recent reforms, significant improvements are still needed to maximize the value and benefits of bankruptcy procedures in the face of these growing economic threats.