On predictive distributions of public net liabilities

The analysis of the sustainability of public sector finances requires an accounting of all future revenues and all future spending that we would expect, under current tax laws and current entitlements. The classical calculation does not acknowledge the inherent uncertainty of the future economic and demographic developments, so the results can be misleading. Our aim is to produce a more robust summary of the sustainability of the public sector than the one currently available. By taking a forecasting point of view, our formulation takes into account the uncertainty of future productivity, stock and bond markets, and demography. Methodological complications that arise in the stochastic setting are discussed. Estimates of the relative roles of economics and demographics in the uncertainty of public net liabilities are presented.     

China＇s Urban and Rural Old Age Security System： Challenges and Options

I. Introduction In the process of economic transition, China has adopted an urban-priority reform approach in establishing its old age security system, which conforms to international development experiences. China’s rapid aging of people with low-incomes, however, is unprecedented compared with other developed or developing countries. The urban-priority reform ensures a relatively high coverage in urban areas, whereas it imposes a heavy burden ofold age support on rural households. Current …     

加快壮大广东县域经济 全面建设小康社会

本文通过分析广东县域经济发展现状并与其他强省比较,提出了广东县域经济发展对策。其对策应是强县扩权,发展地方特色经济,调整和优化产业结构,大力发展民营经济,稳步推进小城镇建设。     

Advertising and Deep Autonomy

Concerns about advertising take one of two forms. Some people are worried that advertising threatens autonomous choice. Others are worried not about autonomy but about the values spread by advertising as a powerful institution. I suggest that this bifurcation stems from misunderstanding autonomy. When one turns from autonomous choice to autonomy of persons, or what is often glossed as self-rule, then one has reason to think that advertising poses a moral problem of a sort so far unrecognized. I diagnose this problem using Charles Taylor's work on "strong evaluation". This problem turns out to have political ramifications that have been only dimly recognized in business ethics circles.     

Corporate sustainability efforts and e-WOM intentions in social platforms

Abstract

The current study adopts service dominant logic to examine how consumers react to social platforms that communicate corporate sustainability efforts. The results suggest a positive connection between corporate sustainability efforts and evaluation of e-service quality as well as between corporate sustainability efforts and e-WOM. We also find that corporate sustainability efforts encourage consumers to spread positive e-WOM on a platform that provides useful information and that is well-designed. This study extends our understanding of corporate sustainability efforts by applying service dominant logic toward an explanation of consumer evaluation and e-WOM.     

Sense and sustainability revisited: the limits of total factor productivity measures of sustainable agricultural systems

Many economists have advocated and applied total social factor productivity (TSFP) (i.e., total factor productivity estimated with both market and non‐market inputs and externalities, and with all factors valued at social prices) as a single all‐embracing measure of agricultural sustainability. This paper reviews the conceptual and practical issues in measuring TSFP and shows that no one measure alone will be theoretically or empirically robust as an indicator of sustainability. TSFP is a conceptually flawed measure since inclusion of non‐market inputs and outputs and social price‐based valuation, in most cases, violates the theoretical basis underlying those estimates. Trends in TSFP also have limited value in diagnosing the nature of sustainability problems, unless changes in productivity are related to underlying changes in technology, human and physical infrastructure, and indicators of resource quality. More attention needs to be given to defining key indicators of agro‐ecosystem health and relating these measures to trends in productivity. This analysis must be sufficiently disaggregated and for a long enough time period to allow for spatial and temporal variability inherent in agricultural production. Secondary data at the district level on both conventional inputs and outputs and resource quality have recently allowed more quantitative estimates of sustainability and its causes. With limited data, yield growth decomposition analysis can often be used to provide valuable insights into sustainability problems. Meanwhile, there is a need to invest in long‐term experimental and panel surveys of farmers and their fields for key production systems in order to provide long‐term data that will allow full productivity accounting, using more formal statistical procedures. Regardless of the approach selected, the findings of this paper strongly suggest a need for economists, agronomists and soil scientists to collaborate in integrating approaches in order to provide more robust and informative measures of sustainability.     

Corporate social responsibility in china: an analysis of domestic and foreign retailers' sustainability dimensions

In the past decade, a sizeable body of literature has built up on the concept and characteristics of corporate social responsibility (CSR) in Western countries, where it has also been referred to as sustainability. More recently, attention has grown for CSR in emerging countries. Remarkably, China has hardly been studied so far. This paper aims to help fill this gap by considering, against this background, the CSR notion in China, through an exploration of a small sample of large retailers in China, both Chinese and non‐Chinese companies. The analysis of CSR/sustainability dimensions, as communicated by these large retailers in both the Chinese and the English language, shows substantial differences between the Chinese and international contexts. Interestingly, the largest divergence can be found for international retailers between their Chinese and corporate attention for CSR (so home versus host settings), most notably in the case of Carrefour, and to a lesser extent Wal‐Mart. In the Chinese context, there are differences between the Chinese and international retailers as well (so domestic versus foreign firms), with the former reporting more on economic dimensions, including philanthropy, and the latter more on product responsibility – contentious labour issues and the environment receive relatively limited attention in both groups in China. The paper concludes with a discussion of the implications for research and practice. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment.     

Incorporating sustainability criteria into credit risk management

Does a commercial debtor's economic, environmental and social performance in terms of sustainability affect its credit risk rating? Does adding criteria aimed at assessing a lender's environmental, social or sustainability practices provide added value to traditional financial rating criteria? Many analyses have reported that a correlation exists between companies' environmental and their financial performance. We checked out the assertion that it ‘pays to be sustainable’ by analyzing the role that criteria pertaining to sustainability and environmental orientation play in the commercial credit risk management process. Our results show that sustainability criteria can be used to predict the financial performance of a debtor and improve the predictive validity of the credit rating process. We conclude that the sustainability a firm demonstrates influences its creditworthiness as part of its financial performance. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment.     

Corporate sustainability and innovation in SMEs: Evidence of themes and activities in practice

Recently, innovation processes towards sustainable development have received increasing attention in academic literature. This research introduces the combination of insights from innovation theory, sustainable development practice and small business characteristics to unlock new knowledge on factors that influence the translation of sustainable innovation within small and medium‐sized enterprises (SMEs) into practice. The sustainability themes and activities as described for large companies (i.e. in the sustainability reporting and management literature) were used as starting point in this study. It presents empiric results of the PRIMA Project conducted within the rubber and plastics industry (RPI) on sustainable innovation activities. It will show that many sustainable innovations are directed at the improvement of technological processes (eco‐efficiency) and to lower costs of production. These innovations can be seen as incremental. Companies with sustainability integrated in their orientation and innovation processes show value creation: the development of products new to the market (radical innovations) and cooperation with stakeholders. The PRIMA project shows that more insight in SME innovative characteristics and (e)valuation of sustainable innovation efforts provides opportunities to improve the sustainability performance of SMEs. Copyright © 2009 John Wiley & Sons, Ltd and ERP Environment.     

The fiscal cost of child grants in the context of high adult mortality in South Africa: A simulation to 2015

This paper investigates the expected costs of cash transfers to children in South Africa up to 2015. The child population is not expected to grow between 2008 and 2015 and thus the fiscal cost of the Child Support Grant is expected to stabilise in the near future. The other major child grant, the Foster Care Grant, is far less predictable – while it is not intended to be an orphan grant, three quarters of its beneficiaries are orphans. Because of the HIV/AIDS pandemic, the number of dual orphans is expected to double between 2008 and 2015, reaching 1.3 million, and the overall number of orphans (maternal, paternal and dual) to reach 4.8 million by 2015. If the Foster Care Grant were to become a de facto orphan grant, its costs would escalate rapidly. The paper does not argue in favour of an orphan grant, but rather for greater effort in ensuring that the Child Support Grant reaches the neediest children, especially maternal orphans.