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Since 1950s, most African nations have gained independence from their colonial powers. Fortunately, independence has brought many changes to these nations and these include multi-party democratic government and western education systems. Unfortunately, the Africa’s economy is the least...
Persistent link: https://www.econbiz.de/10011259767
Lorenzo de Medici, his family and his followers were well-known bankers, merchants and investors. The cultural heritage of Tuscany and Italy profited by a very great influence of this Highlighted Sponsor. Tuscany is nowadays a comprehensive heritage, one of the treasure the Italian Cultural...
Persistent link: https://www.econbiz.de/10005790372
This paper proposes a model of an incomplete markets economy with pro- duction, in which the firm acts as financial innovator by issuing claims against its stock. The firm’s objective is to maximize its adjusted value, which is the sum of the market value and the shareholders’ surplus from...
Persistent link: https://www.econbiz.de/10005836520
how the traditional incentives’ mechanisms are modified in a non-profit setting. In particular, market, reputational and … ideological incentives are considered. The analysis highlights that new governance rules are necessary. In this context a new …
Persistent link: https://www.econbiz.de/10008533574
privatization failure. The effect on public firm incentives from introducing deregulation as a consequence from choosing a specific …
Persistent link: https://www.econbiz.de/10011113845
This article clarifies the relationship between profits and principles by distinguishing four alternative perspectives: the win-win perspective in which ethical behaviour generates the highest profits; a licence-to-operate perspective in which a minimum ethical performance is required to receive...
Persistent link: https://www.econbiz.de/10008593010
Corporations discover that social responsibility pays off. However, sometimes doing what is ethical will prove costly to a company. The purpose of this article is to clarify this trade-off by developing an economic model that describes the choice between profits and principles. The model is used...
Persistent link: https://www.econbiz.de/10008636499
This paper addresses the puzzle of why the inclusion of non-financial social justice or religious criteria by professional fund managers has been so popular in Malaysia and yet has had to date relatively little influence in the United States stock market. Drawing from over 125 ethnographic...
Persistent link: https://www.econbiz.de/10005789952
skill diversity and leadership in teams. Our analysis focuses on workers' strategic incentives to manipulate their skills … improvements in workers' skill. We also show new potential benefits of leadership: assigning a leader to a team yields a smaller …
Persistent link: https://www.econbiz.de/10011107452
Economists generally view environmental enforcement as a tool to secure compliance with regulations. This paper … demonstrates that credible enforcement significantly increases statutory over-compliance with regulations as well. We find that … many plants with discharges typically below legally permitted levels reduce discharges further when regulators issue fines …
Persistent link: https://www.econbiz.de/10008684901