The Consolidation of the ESG Rating Industry as an Enactment of Institutional Retrogression

The socially responsible investing (SRI) movement has been aiming to create lasting institutional change by infusing the investment sector with new norms and values. Environmental, social and governance (ESG) rating agencies have emerged in response to the needs of SRI actors for reliable data on the social performance of firms. Since 2005, the ESG rating industry has witnessed a number of national and cross‐border consolidations. Based on a set of 37 interviews and secondary data, the paper explores the driving forces behind this consolidation as well as its impact. Our focus is on four ESG rating agencies, based in the United States, the United Kingdom, France and Switzerland. We conclude that in effect consolidation has at least partially resulted in institutional retrogression, whereby the traditional norms and values have reaffirmed their primacy, thereby somewhat negating the institutional change sought by the SRI movement. Copyright © 2016 John Wiley & Sons, Ltd and ERP Environment     

Political Risk Assessment and the Arab Spring: What Can We Learn?

Whether dealing with debt issues in the Eurozone, investment prospects in emerging markets, or potential disruptions in patterns of global trade, the identification, assessment, and measurement of political risk (PR) are recurring issues for businesses and governments today. In the past few years, abrupt social and political change has become the rule in international relations. A prominent instance of this is the “Arab Spring,” the massive and unexpected wave of social and political turmoil that, starting in the winter of 2010‐2011, swept across the Middle East and North Africa (MENA) region. The Arab Spring has significantly affected the business climate of the countries involved. In doing so, it has also exposed the shortcomings of the extant approaches to PR assessment. This article discusses the performance of five different approaches to PR assessment (OECD, ONDD, EIU, PRS, SACE) vis‐à‐vis the Arab Spring, providing some specific suggestions on how to improve PR assessment and analysis. © 2015 Wiley Periodicals, Inc.     

An analysis of the use and success of online recruitment methods in the UK

The use of online recruitment methods is now widespread among UK organisations, but has not dominated the recruitment market in the way that was predicted by the popular media. This may be because organisations experience mixed success in using online methods of recruitment. This article reports on the use of a large‐scale, longitudinal survey of recruitment activity to investigate the usage and perceived success of both corporate and commercial web sites by employers. In addition, 20 interviews with users and providers of online recruitment were conducted in order to provide a deeper exploration of the factors that may affect the success of these methods. The results provide valuable insights into the use and success of online recruitment in the UK and have strong implications for practitioners.     

Employment relationship in the small firm: Revisiting orientations to work

The purpose of this paper is to explore the role that owners’ orientations to work play in the employment relationship in the small business. Through four case studies in the restaurant sector the work challenges whether sector and size are influential or whether agency is vital to the discussion. The paper positions the importance of orientations to work in discussing the small business owner and highlights the role orientation to work plays on the employment relationship in these firms. Four alternate orientations to work operating within the businesses are discussed and their impact is evaluated through two examples: interacting with the labour market and pay setting.     

Are the Mediterranean countries competitive in fresh fruit and vegetable exports?

For many of the countries surrounding the Mediterranean Sea, fruit and vegetables are very important products. In light of the increasing trade liberalization and thus increasing competition between countries, this paper aims to investigate the competitiveness of ten Mediterranean countries with respect to fresh fruit and vegetables. The analysis rests on two foundations. First, a set of indicators are calculated to give a general impression of trends and potentials. Second, a constant market share analysis is performed where the countries' competitiveness in world trade is investigated. The results show that the competitiveness of the investigated countries has deteriorated over the period.     

The Association of Meaningfulness,Well‐Being,and Engagement with Absenteeism: A Moderated Mediation Model

We theorized that absence from work is a resource‐based process that is related to perceived meaningfulness of work, well‐being, and engagement. Broaden‐and‐build theory (Fredrickson, 1998, 2001) and engagement theory (Bakker, Schaufeli, Leiter, & Taris, 2008; Kahn, 1990) were used to develop a framework for explaining absence. Results of a study of 625 employees and human resource records of subsequent absenteeism data for a three‐month period supported our hypotheses that meaningful work increases engagement with work, and that engagement is associated with low levels of absenteeism. Furthermore, data showed that engagement fully mediated the relationship between meaningfulness and absence, and that well‐being strengthened the relationship between meaningfulness and engagement. The results have implications for understanding the role of individual‐level resources in the workplace, and how meaningfulness, well‐being, and engagement influence absence.     

Climate change adaptation in the Pacific Island tourism sector: analysing the policy environment in Vanuatu

Tourism is a growing economic sector in the South Pacific providing the region with great potential for economic development. Vanuatu and its neighbouring Small Island Developing States and Territories experience a high vulnerability to climate change impacts. The tourism sector in Vanuatu is particularly vulnerable, and it needs to develop and implement effective adaptation strategies to reduce climate change risks. Policies play an important role by providing the platform on which adaptation can occur and resilience be built. This study examines the policy environment in Vanuatu for its conduciveness to climate change adaptation. It identifies the types of adaptation processes (explicit or implicit) and types of adaptation measures (technical, business management, behavioural, policy, and research and education) and critically analyses the current tourism-related policies for their effectiveness in assisting the sector to address climate change. It is found that the majority of policies identified deal with climate change through implicit adaptation processes and mainly through the use of policy and research and education measures. The authors argue that in order to strengthen the resilience of the tourism industry, the Government of Vanuatu needs to develop and implement explicit climate change adaptation policies for the tourism sector.     

Gender and competition in adolescence: task matters

We look at gender differences among adolescents in Sweden in preferences for competition, altruism and risk. For competitiveness, we explore two different tasks that differ in associated stereotypes. We find no gender difference in competitiveness when comparing performance under competition to that without competition. We further find that boys and girls are equally likely to self-select into competition in a verbal task, but that boys are significantly more likely to choose to compete in a mathematical task. This gender gap diminishes and becomes non-significant when we control for actual performance, beliefs about relative performance, and risk preferences, or for beliefs only. Girls are also more altruistic and less risk taking than boys.     

Testing of the mean reversion parameter in continuous time models

In this paper we use the approximate bias expressions developed in Yu (2012) and Bao et al. (2013) to improve the testing of the ordinary least squares or quasi-maximum likelihood estimator of the mean reversion parameter in continuous time models. We follow the approach given in Iglesias and Phillips (2005) and Chambers (2013), where if we bias correct the estimated mean reversion parameter, we can improve on the small sample properties of the testing procedure. Simulation results confirm the usefulness of this approach using a t$t$-statistic in this setting in the near unit root situation when the mean reversion parameter is approaching its lower bound. Therefore we always recommend bias correcting when applying a t$t$-statistic in practice in this context.