Search results for "OLDER"
showing 10 items of 1264 documents
Economic value, competition and financial distress in the european banking system
2012
Abstract In this paper we examine the impact of a large number of factors at the bank level (liquidity and credit risks, asset size, income diversification and market power), at the industry level (banking concentration) and macro-level (real GDP growth) on bank financial distress using an unbalanced panel of 308 European commercial banks between 1996 and 2009. The observations falling below a given threshold of the empirical distribution of the Shareholder Value Ratio proxy bank financial distress. We employ a panel probit regression and, given the presence of overlapping data giving rise to residual autocorrelation, we use the Bertschek and Lechner (1998) robust estimator of the covarianc…
Influence of board of directors on firm performance: Analysis of family and non-family firms
2015
This article analyses how board structure can affect both financial and social performance, comparing family and non-family firms. Our theoretical framework is based on the integration of the agency theory, traditionally used in the analysis of the impact of the board on the firm's financial performance, with the stakeholder theory, which is more appropriate in the analysis of the social aspects of the firm. Three main aspects are addressed: the analysis of the firm's social performance; the integration of agency theory with stakeholder theory; and the study of the specific characteristics of family firms' boards. The research confirms that neither the agency theory nor the stakeholder theo…
The Cost of Ownership in Microfinance Organizations
2009
Accepted version of article published in the journal: World Development Published version available on Science Direct: http://dx.doi.org/10.1016j.worlddev.2008.03.006 We compare the ownership-cost of shareholders firms (SHFs), non-profit organizations (NPOs), and cooperatives (COOPs) invoked in microfinance. A paradoxical situation motivates us: most providers, both historically and today, are NPOs or COOPS,while policy papers advocate SHFs, We lay out it theoretical framework to understand ownership-costs in microfinance organizations (MFOs) better. We propose that cost-variable related to market contracting favor NPOs and COOPS, whereas most cost-variables related to the practice of owner…
Cumulative innovation, open source, and distance to frontier
2020
We develop a multistage game in which firms do cumulative research and development (R&D) to complete a lengthy process, and we study whether firms patent intermediate results or release them in Open Source. A patent holder obtains a larger reward in the market, but since in equilibrium it forecloses R&D, it remains alone to complete the process and so pays a larger cost than an Open Source firm. We have Open Source equilibria when R&D is highly complementary, R&D costs are large, and firms are sufficiently different and far from the frontier. We identify two market failures, in the forms of free riding and coordination failure, and we discuss public intervention.
Adaptation interventions and their effect on vulnerability in developing countries: Help, hindrance or irrelevance?
2021
This paper critically reviews the outcomes of internationally-funded interventions aimed at climate change adaptation and vulnerability reduction. It highlights how some interventions inadvertently reinforce, redistribute or create new sources of vulnerability. Four mechanisms drive these maladaptive outcomes: (i) shallow understanding of the vulnerability context; (ii) inequitable stakeholder participation in both design and implementation; (iii) a retrofitting of adaptation into existing development agendas; and (iv) a lack of critical engagement with how ‘adaptation success’ is defined. Emerging literature shows potential avenues for overcoming the current failure of adaptation intervent…
Analysing moral issues in stakeholder relations
2001
The purpose of this paper is to develop a framework for analysing managers’ attitudes toward moral issues in stakeholder relations, and to operationalise the developed framework by defining statements to be used as empirical measures in survey research. The research question, how can moral issues in business be examined with the stakeholder approach, is answered by paying attention to both theoretical and empirical viewpoints. The paper reveals that by analysing a company’s stakeholder relations, we can discover the important moral issues in business. To validate the framework developed and the empirical measures which result, the development process is described in detail. The argument is …
Financial stress and sovereign debt composition
2015
"Published online: 19 Oct 2015"
Understanding Stakeholder Thinking: Themes from a Finnish Conference
1997
Discussion and debate on stakeholder theory continues unabated, but not a lot of people know that it first began in Finland in the 1960s, as this report of a recent Conference there shows. Archie B. Carroll, the well-known writer on corporate social responsibility, is Robert W. Scherer Professor of Management at the University of Georgia, Athens, GA, USA (e-mail acarroll@uga.cc.uga.edu); and Juha Nasi is Professor of Management at the University of Jyvaskyla, Jyvaskyla, Finland.
On the Persistent Understatement of Shareholder's Equity Around Europe
2003
We examine the existence of balance sheet conservative practices by listed companies in seven European countries, analysing the differences among them. Our results show that in every country under study there are conservative practices that lead to a persistent understatement of operating assets with respect to market value. This understatement could be mainly attributable to the usage of historic cost accounting as well as to the non-recognition of certain intangible assets. We also find that in code-law based countries balance sheet conservative practices are much more pronounced. Additionally, we analyse whether our results are influenced by a different sample composition, and if spuriou…
Individual, Collective and Social Responsibility of the Firm
2000
The main concern of this paper is the moral responsibility of the firm, as well as of the individuals in a firm, to uphold environmental protection. Much of the business ethics literature defines corporate social responsibility in terms of stakeholder relationships, and the emphasis is frequently on collective as opposed to individual responsibility. This paper has three objectives. The first is to clarify the nature of moral responsibility, and the distinction between legal and moral responsibility. The second objective is to steer academicians and others towards a new vision of the firm. We argue that a firm is not just a singular legal entity but also a collectivity of morally responsibl…