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In this paper a multi-factor generalization of Ho–Lee model is proposed. In sharp contrast to the classical Ho–Lee, this generalization
allows for those movements other than parallel shifts, while it still is described by a recombining tree, and is a process
with stationary independent increments to be compatible with principal component analysis. Based on the model, generalizations
of duration-based hedging are proposed. A continuous-time limit of the model is also discussed.
This research was supported by Open Research Center Project for Private Universities: matching fund subsidy from MEXT, 2004–2008
and also by Grants-in-Aids for Scientific Research (No. 18540146) from the Japan Society for Promotion of Sciences. 相似文献
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The present study examines the relationship between corporate social responsibility (CSR) and firm value, and the effects of corporate governance code revisions on the relationship. We examine this relationship for: (i) a high‐income country, Japan; (ii) middle‐income countries China, Malaysia and Thailand; and (iii) low‐income countries India and Indonesia. We use the Heckman two‐stage sample selection bias approach for the empirical analysis. We find that Japanese stakeholder CSR and environmental CSR have a smaller positive effect on firm value compared to the middle‐income countries, but we do not find any statistically significant association for the low‐income countries. In addition, we find that only Japanese corporate governance code revisions significantly contribute to the positive relationship between CSR and firm value, which concurs with the new recommendations documented in the revised codes of corporate governance. The present study reveals that foreign major shareholders matter to the value creation of CSR in Japan and the middle‐income countries of China, Malaysia and Thailand. 相似文献
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This study examines the effects of nationality (U.S. vs. China) and personal values on managers’ responses to the Perceived
Role of Ethics and Social Responsibility (PRESOR) scale. Evidence that China’s transition to a socialist market economy has
led to widespread business corruption, led us to hypothesize that People’s Republic of China (PRC) managers would believe
less strongly in the importance of ethical and socially responsible business conduct. We also hypothesized that after controlling
for national differences, managers’ personal values (more specifically, self-transcendence values) would have a significant
impact on PRESOR responses. The hypotheses were tested using a sample of practicing managers enrolled in part-time MBA programs
in the two countries. The results indicate that nationality did not have a consistent impact on PRESOR responses. After controlling
for national differences, self-transcendence values had a significant positive impact on two of the three PRESOR dimensions.
Conservation values such as conformity and tradition also had a significant association with certain dimensions of the PRESOR
scale.
William E. Shafer is an associate professor in the Department of Accountancy at Lingnan University in Hong Kong. His primary
research interests are professionalism and ethics in accounting and corporate social and environmental accountability. His
publications have appeared in a variety of academic and professional journals, including Auditing: A Journal of Practice &
Theory; Accounting Horizons; Accounting, Auditing & Accountability Journal; Business Ethics Quarterly; Journal of Business
Ethics; Journal of Accountancy; and The CPA Journal.
Kyoko Fukukawa is a lecturer in marketing at Bradford University School of Management and holds a Ph.D. from the University
of Nottingham, UK. Her research interests include ethical decision-making in consumption and business practices; corporate
social responsibility (CSR) of MNCs concerning their policies and strategic communication; and CSR and corporate branding.
Her publications appear in the Journal of Business Ethics, Journal of Corporate Citizenship and others.
Grace M. Lee is an assistant professor is the Department of Accountancy at Lingnan University in Hong Kong. Her primary research
interests are corporate financial disclosure and corporate social responsibility disclosure in the Greater China Region. She
has published in the Journal of International Financial Management and Accounting and the Journal of Information Systems. 相似文献
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Although Kolb’s experiential learning model has been widely used and remains among the most influential frameworks in the fields of human resource development, management education and higher education, it has been criticized for failing to propose a second‐order learning process. The purpose of this study was to revise Kolb’s model by addressing its limitations. The revised model consists of (1) expected and unexpected experiences, (2) the management of emotions, (3) reflective analysis, (4) abstract conceptualization, (5) unlearning, and (6) active experimentation. Developed from the revised model, we created a checklist for debriefing experience‐based training programs. The contribution of this study is its development of a framework and a checklist for deep experiential learning. 相似文献
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Kyoko fukukawa 《Journal of Business Ethics》2002,41(1-2):99-119
In light of the growing interest in "ethically questionable" consumer behavior, this study explores possible explanations of the occurrence of such behaviour, and subsequently develops a theoretical framework. The study is based upon data collected from 72 U.K. consumers, acquired from a projective approach with scenarios. Taking the theory of planned behavior (TPB) as an initial analytical framework, attitude, social influence, opportunity(as perceived behavioral control in TPB) and perceived unfairnessare identified as the antecedents of ethically questionable behavior (EQB). Social influenceis extended to include a broader range of external influences from subjective norm in TPB. Opportunityis considered to represent an aspect of perceived behavioral control as available resource to engage in EQB. Perceived unfairnessis presented as an additional component and refers to the extent to which an actor is motivated to redress an imbalance that is perceived as unfair. Binary logistic models suggest that attitudeand social influenceconsistently impact on EQB, as TPB would predict. Analysis of variance suggests that perceived unfairnessand opportunity, though context specific, also show signs of significant influence on the acceptance and practice of this behavior. Additional to the construct of TPB, this study develops the dimension of perceived unfairnessin the context of EQB decision-making. In the context of TPB, it provides further insight into our understanding of EQB, helping to provide a theoretical framework. 相似文献
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On the basis of an empirical investigation in the context of Romania, this paper identifies a moderating role of neutralization techniques within ethically questionable consumer behavior. The quantitative study is based on a synthesized model of theory of planned behavior incorporating the factor of perceived unfairness and neutralization techniques. Significantly, neutralization techniques are shown to have a negative, but definite impact on the action to behave unethically. This leads to their consideration as a process of thinking, rather than as static judgment. As such, neutralization techniques are conceptually distinctive to the other factors. The paper analyzes the results specific to the Romanian context, but noting implications for an understanding of the morality of markets with similar historical, political, and economic conditions. Overall, the findings offer a more nuanced reading of consumer behavior. The paper places moral flexibility in terms of a specific cultural context, but also reveals how neutralization techniques can moderate ethically questionable behaviors beyond matters of self‐interest, which, in turn, has implications for how companies can consider their responsibilities in relation to their customers. 相似文献
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Understanding Japanese <Emphasis Type="Italic">CSR</Emphasis>: The Reflections of Managers in the Field of Global Operations 总被引:1,自引:1,他引:0
The education of students and professionals in business ethics is an increasingly important goal on the agenda of business
schools and corporations. The present study provides a meta-analysis of 25 previously conducted business ethics instructional
programs. The role of criteria, study design, participant characteristics, quality of instruction, instructional content,
instructional program characteristics, and characteristics of instructional methods as moderators of the effectiveness of
business ethics instruction were examined. Overall, results indicate that business ethics instructional programs have a minimal␣impact
on increasing outcomes related to ethical perceptions, behavior, or awareness. However, specific criteria, content, and methodological
moderators of effectiveness shed light on potential recommendations for␣improving business ethics instruction. Implications
for␣future research and practice in business ethics are discussed. 相似文献
10.
The paper explores the emergence and development of socially responsible investment (SRI) in Japan. SRI is a recent field
in Japan. It is not clear which model it will follow: the European, American or its own model. Through the analysis of the
historical roots of SRI, the key actors and motivations that have contributed to its diffusion, the paper provides explorative
grounds to sketch the translation mechanisms of SRI in Japan and offers insight into its future path. Based on primary and
secondary sources of information, the paper shows that although SRI in Japan holds some similarities with the U.S. and especially
with the European model, it remains unique. It highlights the importance of translation and re-interpretation in adopting
a practice in a new context. SRI in Japan is still in a dynamic construction process. Although we expect it to develop further,
it is difficult to depict its future shape and form. 相似文献