corporate sustainability toward a theoretical integration of catholic social teaching and the natural resource based view of the firm even though management scholars have offered several views on the process of corporate sustainability these efforts have focused mainly on the technical aspects of sustainability while omitting the fundamental role played by individual moral competences therefore previous work offers an incomplete and somewhat reductionist view of corporate sustainability in this article we develop a holistic framework of corporate sustainability in which both the moral and technical aspects of sustainability are considered we do so by integrating the ethical normative perspective of the catholic social teaching cst with the competitive view of the natural resource based view this framework highlights the importance of cst principles and ideas in developing executive moral competences such as moral sensitivity and awareness and moral cognition and motivation moral competences in turn influence the organizational selection of environmental strategies giving leaders the intrinsic motivation to promote both a longer term stance on corporate sustainability efforts and a relentless search for greener business models such strategies move the firm closer towards achieving environmental sustainability hence by bridging the individual normative ethical with the organizational implementational levels of corporate sustainability our framework provides a more realistic coherent and complete perspective on the complex process of achieving corporate sustainability

the effect of cognitive moral development on honesty in managerial reporting this study examines whether truth telling in the form of honest reporting is associated with cognitive moral development conventional agency theory assumes that people are self interested and willing to tell a lie to increase their personal payoffs while recent empirical evidence shows that some people give up monetary rewards to tell the truth e g evans et al account rev 76 537 559 2001 the social psychology literature suggests that cognitive moral development influences individuals ethical decisions we carried out an experiment whereby participants submitted managerial reports in which truth telling decreased their monetary payoff despite the fact that their decisions were not subject to monitoring auditing or reputation effects some participants reported honestly or partially honestly we find the relationship between honest reporting and cognitive moral development to be both positive and linear compared with those at lower stages of cognitive moral development participants at higher stages of cognitive moral development were more likely to submit an honest report and give up potential monetary gains from lying we further examine the economic impact of honest reporting on the firm s profit with the assumption of self interest and profit maximization antle and eppen manag sci 31 163 174 1985 suggest that a contract with a hurdle rate feature reduces managers information rent we find that in comparison with the expected outcome of a hurdle contract the firm can yield higher profits with a trust contract by hiring managers with a p score higher than 16 67

financial development and the occurrence of banking crises abstract we perform an in depth analysis of the effect of different dimensions of financial development on the occurrence of banking crises horse race estimations carried out on a large dataset of 113 banking crises in 112 countries reveal that the growth of m3 gdp and the level of banks credits deposits increase the occurrence of banking crises while the growth and sometimes the volatility of the ratio of banks assets to the sum of banks and the central bank s assets decrease it in addition we do not find a significant effect of banks credits gdp finally we unveil heterogeneities related to nonlinearities in the effect of financial development the time span for the pre crisis dynamics of financial development and the level of economic development our results suggest that only some dimensions of financial development are significantly associated with the occurrence of banking crises

do big countries win tariff wars yes it is widely believed that tariffs invite retaliation and that the postretaliation equilibrium l eaves all countries worse off than they would be at free trade the a uthors present a simple pure exchange model with two countries and t wo goods and show which endowment patterns are consistent with this belief they find that if one country is substantially bigger than th e other it can expect to gain from a tariff war despite retaliation the model can be extended to show that the advantage obtained by bei ng part of a large trading unit can help explain the formation of cus toms unions copyright 1988 by economics department of the university of pennsylvania and the osaka university institute of social and economic research association

backward stealing and forward manipulation in the wto abstract motivated by the structure of wto negotiations we analyze a bargaining environment in which negotiations proceed bilaterally and sequentially under the most favored nation mfn principle we identify backward stealing and forward manipulation problems that arise when governments bargain under the mfn principle in a sequential fashion we show that these problems impede governments from achieving the multilateral efficiency frontier unless further rules of negotiation are imposed we identify the wto nullification or impairment and renegotiation provisions and its reciprocity norm as rules that are capable of providing solutions to these problems in this way we suggest that wto rules can facilitate the negotiation of efficient multilateral trade agreements in a world in which the addition of new and economically significant countries to the world trading system is an ongoing process

five hypotheses concerning the fate of the singapore issues in the doha round at the cancun ministerial conference the members of the world trade organization wto disagreed on whether to launch negotiations on multilateral disciplines concerning the four areas of government policy collectively known as the singapore issues this amounted to a decision not to expand the wto s boundaries along these dimensions in this paper five hypotheses concerning the treatment of the singapore issues by the wto s membership are described and assessed the implications of this assessment for the likelihood that at some future date similar proposals can be successfully advanced in the multilateral trade arena are also discussed

inequality and the instability of polity and policy we create alternative measures of political instability which capture only movements from dictatorship to democracy and vice versa and unlike older well known measures does not capture government changes that preserve the democratic or dictatorial structure of the country we show that inequality is positively correlated with our measures of political instability as well as with a well known measure used by alesina and perotti but the impact of inequality on the latter is only through components of political instability captured by our measures we show that our measures have significant policy implications political instability increases both fiscal and trade polity volatility

money market pressure and the determinants of banking crises this article develops an index of money market pressure to identify banking crises we define banking crises as periods in which there is excessive demand for liquidity in the money market we begin with the theoretical foundation of this new method with the newly defined crisis episodes we examine the determinants of banking crises using data complied from 47 countries we find that slowdown of real gdp lower real interest rates extremely high inflation large fiscal deficits and over valued exchange rates tend to precede banking crises the effects of monetary base growth on the probability of banking crises are negligible

the value of trade agreements in the presence of political pressures an argument often heard in favor of trade agreements is that by committing to free trade a government can credibly distance itself from domestic lobbies but several existing models of endogenous protection suggest that governments have no interest in foreclosing interest group pressures since governments derive rents from the political process we develop a small country model in which factors are sector specific in the short run but mobile in the long run we show that in this setting a government may be worse off in the political equilibrium than under commitment to free trade and hence it may value a trade agreement

explaining bank distress in eastern european transition economies abstract this paper considers the joint role of macroeconomic structural and bank specific factors in explaining the occurrence of banking problems in the nineteen eastern european transition countries over the last decade with data at the individual bank level we show using a discrete time survival model that all three factors interact in their impact and have a rich dynamic profile which underlines the highly volatile cycles challenging the stability of banks in this region a fragile funding basis accompanied by high exposure to market risk in an environment of reforms and macroeconomic disturbances is the typical precursor of bank distress

asset stock accumulation and sustainability of competitive advantage given incomplete factor markets appropriate time paths of flow variables must be chosen to build required stocks of assets that is critical resources are accumulated rather than acquired in strategic factor markets barney barney j 1986 strategic factor markets expectations luck and business strategy management sci october 1231 1241 sustainability of a firm s asset position hinges on how easily assets can be substituted or imitated imitability is linked to the characteristics of the asset accumulation process time compression diseconomies asset mass efficiencies inter connectedness asset erosion and causal ambiguity

is the wto passe the wto has delivered policy outcomes that are very different from those likely to emerge out of the recent wave of preferential trade agreements ptas should economists see this as an efficient institutional hand off where the wto has carried trade liberalization as far as it can manage and is now passing the baton to ptas to finish the job this paper surveys a growing economics literature on international trade agreements and argues on this basis that the wto is not passe rather and subject to some caveats this survey of research to date suggests that the wto warrants strong support while a more cautious view of ptas seems appropriate

a cautious note on the use of panel models to predict financial crises abstract panel data framework has often been used to build early warning systems for financial crises this paper questions the implicit assumption that crises are homogenously caused by identical factors it suggests a preliminary step aiming at forming optimal country clusters

leading indicators of crisis incidence evidence from developed countries abstract we examine which indicators are most useful in explaining the cost of economic crises in eu and oecd countries between 1970 and 2010 to define the dependent variable we combine a measure of costs to the economy which consists of the output and employment loss and the fiscal deficit with a database of crisis occurrence designed specifically for this task we take into account model uncertainty in two steps first for each potential leading indicator we select the relevant prediction horizon by using panel vector autoregression second we identify the most useful leading indicators with bayesian model averaging our results suggest that domestic housing prices share prices and credit growth and some global variables such as private credit constitute important sources of risk

bank regulation property prices and early warning systems for banking crises in oecd countries abstract early warning systems ews for banking crises generally omit bank capital bank liquidity and property prices most work on ews has been for global samples dominated by emerging market crises where time series data on bank capital adequacy and property prices are typically absent we estimate logit crisis models for oecd countries finding strong effects from capital adequacy and liquidity ratios as well as property prices and can exclude traditional variables higher capital adequacy and liquidity ratios have a marked effect on the crisis probabilities implying long run benefits to offset some of the costs that such regulations may impose

from the marketplace to the dinner plate the economy theology and factory farming factory farming is big business since the products of factoryfarming are living breathing sentient creatures particular ethical issues are raised in a market system based on efficiency productivity costs of production and profit this paper focuses on the question of weather food animals in the american market system are subjected to unnecessary pain and suffering before they make it to our dinner plates the single most important consideration then is an exploration of the extent to which economic considerations render factory farming not only lucrative but also necessary under present market conditions the concern for unnecessary suffering moves the paper into an exploration of the extent to which the practices and effects of factory farming raise spiritual concerns which believers ought to address

implementation and imbalance dealing with hangover from the uruguay round the uruguay round agreements impose bound obligations to implement but provide only unbound promises of assistance is there a legal solution within the wto legal system i e can implementation assistance be made a legal obligation the author concludes that the doha negotiations on trade facilitation and on aid for trade demonstrate that such a legal arrangement cannot be constructed this is not however a problem the international community has provided extensive trade related assistance through bilateral and multilateral development agencies regarding the overall uruguay round imbalance developing countries gave more than they got failure of the international community to acknowledge that the imbalance stems in major part from the wto agreement on intellectual property trips has retarded a general making up

income money ethic pay satisfaction commitment and unethical behavior is the love of money the root of evil for hong kong employees this study examines a model involving income the love of money pay satisfaction organizational commitment job changes and unethical behavior among 211 full time employees in hong kong china direct paths suggested that the love of money was related to unethical behavior but income money was not indirect paths showed that income was negatively related to the love of money that in turn was negatively related to pay satisfaction that in turn was negatively associated with unethical behavior pay satisfaction was positively related to organizational commitment thus the love of money is the root of evil but money is not

monetary intelligence and behavioral economics the enron effect love of money corporate ethical values corruption perceptions index cpi and dishonesty across 31 geopolitical entities monetary intelligence theory asserts that individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness this study explores the dark side of monetary intelligence and behavioral economics dishonesty corruption dishonesty a risky prospect involves cost benefit analysis of self interest we frame good or bad barrels in the environmental context as a proxy of high or low probability of getting caught for dishonesty respectively we theorize the magnitude and intensity of the relationship between love of money and dishonest prospect dishonesty may reveal how individuals frame dishonesty in the context of two levels of subjective norm perceived corporate ethical values at the micro level cev level 1 and corruption perceptions index at the macro level cpi level 2 collected from multiple sources based on 6382 managers in 31 geopolitical entities across six continents our cross level three way interaction effect illustrates as expected managers in good barrels high cev high cpi mixed barrels low cev high cpi or high cev low cpi and bad barrels low cev low cpi display low medium and high magnitude of dishonesty respectively with high cev the intensity is the same across cultures with low cev the intensity of dishonesty is the highest in high cpi entities risk seeking of high probability the enron effect but the lowest in low cpi entities risk aversion of low probability cpi has a strong impact on the magnitude of dishonesty whereas cev has a strong impact on the intensity of dishonesty we demonstrate dishonesty in light of monetary values and two frames of social norm revealing critical implications to the field of behavioral economics and business ethics

coherence and the wto coherence between the wto and the bretton woods institutions a formal wto objective has achieved some minor goals but has been expensive in terms of direct costs and inefficiencies in policy making and policy debate the so called integrated framework has achieved relatively little and aid for trade has yet to be fully established there is little role for the wto in development and aid policy other than its traditional job of facilitating trade growth and so its role in aid for trade is unclear coherence especially when interpreted as allowing developing countries to avoid trade liberalization in the name of development has confused and weakened the doha round of wto negotiations

early warning systems and systemic banking crises in low income countries a multinomial logit approach abstract this paper estimates an early warning system ews for predicting systemic banking crises in a sample of low income countries in sub saharan africa since the average duration of crises in this sample of countries is longer than one year the predictive performance of standard binomial logit models is likely to be hampered by the so called crisis duration bias the bias arises from the decision to either treat crisis years after the onset of a crisis as non crisis years or remove them altogether from the model to overcome this potential drawback we propose a multinomial logit approach which is shown to improve the predictive power of our ews compared to the binomial logit model our results suggest that crisis events in low income countries are associated with low economic growth drying up of banking system liquidity and widening of foreign exchange net open positions

the love of money satisfaction and the protestant work ethic money profiles among univesity professors in the u s a and spain this study tests the hypothesis that university professors lecturers in the u s and spain with different money profiles based on factors success budget motivator equity and evil of the love of money scale will differ in work related attitudes and satisfaction results suggested that achieving money worshipers with high scores on factors success motivator equity and budget had high income work ethic and high satisfaction with pay level pay administration and internal equity comparison but low satisfaction with external equity comparison careless money admirers high success but low budget had low intrinsic job satisfaction and low satisfaction with pay level and life apathetic money managers low evil and low motivator had the highest intrinsic job satisfaction and life satisfaction money repellent individuals high evil and low success had low income work experience work ethic and low satisfaction with pay administration money does not provide the same motivation for people in all four money profiles results are discussed in light of the effectiveness of using money to reward people with different money profiles intrinsic motivation and unethical behavior

a resource based perspective on corporate environmental performance and profitability drawing on the resource based view of the firm we posited that environmental performance and economic performance are positively linked and that industry growth moderates the relationship with the returns to environmental performance higher in high growth industries we tested these hypotheses with an analysis of 243 finns over two years using independently developed environmental ratings results indicate that it pays to be green and that this relationship strengthens with industry growth we conclude by highlighting the study s academic and managerial implications making special reference to the social issues in management literature

does deposit insurance increase banking system stability an empirical investigation based on evidence of 61 countries in 1980 97 the authors find that explicit deposit insurance tends to be detrimental to bank stability the more so where bank interest rates are deregulated and the institutional environment is weak the adverse impact of deposit insurance on bank stability tends to be stronger the more extensive is the coverage offered to depositors and where the scheme is funded and run by the government rather than the private sector

predicting banking crises with artificial neural networks the role of nonlinearity and heterogeneity studies of the early warning systems ewss for banking crises usually rely on linear classifiers estimated with international datasets i construct an ews based on an artificial neural network ann model and i also account for regional heterogeneity in order to improve the generalization ability of ews models all of the banking crises in my test set are then predictable at a 24 month horizon using information from earlier crises for some countries estimation with a regional dataset significantly improves the predictions the ann outperforms the usual logit regression assessed by the area under the receiver operating characteristics curve

the effect of published reports of unethical conduct on stock prices this study adds to the empirical evidence supporting a significant connection between ethics and profitability by examining the connection between published reports of unethical behaviour by publicly traded u s and multinational firms and the performance of their stock using reports of unethical behaviour published in the wall street journal from 1989 to 1993 the analysis shows that the actual stock performance for those companies was lower than the expected market adjusted returns unethical conduct by firms which is discovered and publicized does impact on the shareholders by lowering the value of their stock for an appreciable period of time whatever their views on whether ethical behaviour is profitable managers should be able to see a definite connection between unethical behaviour and the worth of their firm s stock stockholders the press and regulators should find this information important in pressing for greater corporate and managerial accountability

domestic policies in self enforcing trade agreements abstract if all cross country externalities travel through the terms of trade efficient trade agreements may simply target the terms of trade and ignore domestic policies this argument has been advanced by several prominent studies simply put it reads terms of trade agreements are efficient i show that this result breaks down if the following two standard conditions are met first a self enforcement requirement constrains the agreement and second production possibilities are intertemporally linked these conditions imply that a country s current policy mix affects future production possibilities and thus impacts payoffs under potential defection since a terms of trade agreement does not specify a country s policy mix it effectively invites countries to manipulate their own defection temptation to be self enforcing terms of trade agreement must ensure that no country while optimizing its policies on the iso terms of trade schedule will abandon its zone of voluntary cooperation this requirement implies that terms of trade agreements are inefficient and can be improved upon by agreements that target policies directly

monitoring banking sector fragility a multivariate logit approach this article explores how a multivariate logit model of the probability of a banking crisis can be used to monitor banking sector fragility the proposed approach relies on readily available data and the fragility assessment has a clear interpretation based on in sample statistics the model has better in sample performance than currently available alternatives and the monitoring system can be tailored to fit the preferences of decision makers regarding type i and type ii errors the framework can be useful as a preliminary screen to economize on precautionary costs

legal vs normative csr differential impact on analyst dispersion stock return volatility cost of capital and firm value this study examines how the sell side analysts interpret firms corporate social responsibility csr activities specifically we examine the differential impact of overall legal and normative csr on the analysts earnings forecast dispersion stock return volatility cost of equity capital and firm value employing a sample of u s public firms during 1993 2009 we find that overall csr intensities reduce analyst dispersion of earnings forecast volatility of stock return and cost of capital coc and increase firm value however its impact is reduced for firms with better accounting and disclosure quality when we disaggregate csr into legal and normative csr we find that legal normative csr decreases increases analysts dispersion stock return volatility and coc while legal normative csr increases decreases firm value the sell side analysts tend to have less greater information asymmetry regarding the net benefits of pursuing csr that is not required by laws we find however that the benefit of having normative csr realized in 1 year lag such that analyst dispersion stock return volatility coc decrease respectively and firm value increases furthermore we find that the benefit of normative csr is offset for firms with higher accounting and disclosure quality

optimal international agreement and restriction on domestic efficiency the wto s strict treatment of domestic subsidies has not been well received in the existing literature an essential reason is that the consequent restriction on domestic efficiency is hardly compatible with the existing theory of government intervention under which the primary objective of using domestic subsidies domestic efficiency is not sacrificed for another objective we develop a trade agreement model in which the magnitude of a legitimate domestic subsidy with which to address a production externality is private information we find that an optimal agreement substantially restricts domestic efficiency for the international objective of expanding market access

commodity prices and bank lending we analyze the transmission of changes in commodity prices to bank lending in a large sample of developing countries a bank level analysis shows that a fall in commodity net export prices is associated with a reduction of bank lending particularly for commodity exporters and during episodes of terms of trade decline we complement this analysis with loan level data from a credit register which allows us to identify the effect of a commodity price shock on the supply of credit controlling for unobserved factors that could drive borrowers credit demand results show that banks with relatively lower deposits and poor asset quality transmit the changes in commodity prices to lending more aggressively jel f30 f34 g21 q02

an early warning system for predicting systemic banking crises in the eurozone a logit regression approach abstract eurosystem macroprudential policies require shared action between national authorities and the european central bank ecb this has created the need for a common basis for macroprudential analysis and as result the macroprudential database mpdb was created by the ecb and the european systemic risk board esrb in 2015 in order to support the central bank s functions and esrb s needs this paper examines a multivariate binary logit early warning model ewm for systemic banking crises with the aim to evaluate the predictive validity of the risk indicators included in the mpdb as well as further variables not employed in previous relevant studies the main finding is that most of the risk indicators employed from mpdb are important for forecasting from 4 to 1 years before the onset of a systemic banking crisis specific banking variables that capture industry concentration assets funding and liquidity are more important on average than macroeconomic variables important financial stress indicators such as clifs and sovciss and economic expectations are also significant the model is robust to various specifications and has a better performance when post crisis observations are not included

why is it so difficult trade liberalization under the doha agenda many explanations have been offered for the current difficulties of the world trade organization wto in fact the system appears to have managed many of these challenges reasonably well including the increase in the number of members its mediaeval decision making procedures the changing geopolitical environment the rapid growth of preferential trade arrangements ptas the complexity of its agreements and concerns about erosion of unilateral preferences by contrast the near exhaustion of the traditional fuel of industrial country non agricultural tariffs the increasing importance of non trade concerns and incomplete adjustment to a new multi polar negotiating system appear to be important factors requiring further examination

how much does honesty cost small bonuses can motivate ethical behavior although people generally try to avoid lying the lure of potential monetary payoffs often leads to unethical behavior the current research investigates whether small monetary rewards for honesty help people resist the temptations of larger incentives or whether they backfire and lead to even more dishonesty four experiments address these issues experiment 1 shows that a 1 bonus led people to act more honestly when they could have lied to obtain 4 an identical bonus however did not increase dishonesty experiment 2 uses a different context and again shows that a 1 bonus led people to act more honestly it also finds no evidence that this small payoff crowded out subsequent altruistic behavior experiment 3 shows that a 1 bonus increased people s honesty even when the payoffs for lying increased to 8 12 and 16 but not when the payoff for lying increased to 20 experiment 4 finds that smaller bonuses for honesty still had an impact although it tended to be somewhat weaker in addition com

trade and the environment with pre existing subsidies a dynamic general equilibrium analysis abstract countries that wish to erect trade barriers have a variety of instruments at their disposal in addition to tariffs and quotas countries can offer tax relief low interest financing reduced regulation and other subsidies to domestic industries facing foreign competition in a trade agreement countries typically agree to reduce not only tariffs but also subsidies we consider the effect of a free trade agreement on pollution emissions we show that while reducing tariffs may indeed increase output and pollution reductions in some subsides required by the trade agreement reduce pollution in general equilibrium for reasonable parameter values reducing subsidies has three effects on pollution 1 reducing subsidies to firms reduces pollution causing capital accumulation 2 if subsidized firms are more pollution intensive then reducing subsides moves capital and labor from more to less pollution intensive firms and 3 reducing subsidies concentrates production in more productive firms increasing output and thus pollution we derive straightforward conditions for which 1 and 2 outweigh 3 we then calibrate the model to china in 1997 and find that pollution has a more elastic response to reducing subsidies than to reducing tariffs while a 5 reduction in tariffs increases all pollutants by approximately 1 a 5 reduction in subsidies reduces pollution by 1 8 11 6 depending on the pollutant the reductions in pollution occur without any environmental side agreements or abatement policy changes

research notes using relative deprivation theory to explain satisfaction with income and pay level a multistudy examination this article reports four studies in which we applied relative deprivation theory to the prediction of satisfaction with income and pay level the proposed model specified both social comparisons a

are you satisfied with your pay when you compare it depends on your love of money pay comparison standards and culture we develop a theoretical model of income and pay comparison satisfaction with two mediators love of money and pay comparison standards examine the direct and the indirect paths of our model and treat culture the us vs spain as a moderator based on 311 professors in the us and spain we demonstrate a positive direct path and a negative indirect path our subsequent multi group analysis illustrates for american professors their direct path shows that income is directly related to high pay comparison satisfaction their indirect path reveals the following new insights professors with high income have a strong love of money orientation set their pay equity comparison standards deserved pay and other s salary significantly higher than their own salary and as a consequence have low pay comparison satisfaction for spanish professors love of money is not related to their pay comparison standards which are slightly non significantly higher than their own self reported income neither the direct nor the indirect path is significant the standardized total effect of income to pay satisfaction is positive for american professors but negligible for spanish professors are you satisfied with your pay when you compare our results demonstrate that pay comparison satisfaction depends on not only one s income but also one s love of money and pay equity comparison standards which may vary across cultures

domestic policies national sovereignty and international economic institutions to what extent must nations cede control over their economic and social policies if global efe ciency is to be achieved in an interdependent world this question is at the center of the debate over the future role of the wto formerly gatt in the realm of labor and environmental standards in this paper we establish that the market access focus of current wto rules is well equipped to handle the problems associated with choices over labor and environmental standards in principle with relatively modest changes that grant governments more sovereignty not less these rules can deliver globally efe cient outcomes i introduction to what extent must nations cede control over their economic and social policies if global efe ciency is to be achieved in an interdependent world at a broad level this question probes the limits of any international economic institution whether geared toward real or e nancial concerns that is designed to promote global efe ciency while respecting national sovereignty naturally the answer depends upon the particular problem that the institution is meant to solve in other words the answer depends upon the inefe ciency that would arise under unilateral policy choices at a more specie c level this question is at the center of the debate concerning the appropriate scope of the world trade organization wto formerly gatt recently member countries have considered ways to broaden the wto s orientation beyond conventional trade policy measures to include labor and environmental standards there are now initiatives to introduce the issue of labor standards directly onto the negotiating agenda of the wto with the purpose of creating a wto social clause the social clause would specify a set of minimum international labor standards and then permit restrictions to be placed against imports from countries not complying with these minimum standards with regard to environmental policies a wto committee on trade and environment has been established to identify the relationships between trade and environmental measures and to

taking stock of antidumping safeguards and countervailing duties 1990 2009 antidumping safeguards countervailing duties 1990 2009 this article examines the evolving cross country use of antidumping safeguard and countervailing duty policies temporary trade barriers ttbs over the period 1990 2009 i construct two new measures of imported products subject to the combined use of these ttbs before applying these measures to new data drawn from the world bank s temporary trade barriers database i then establish a number of facts regarding trends in historical use to benchmark against policy activity during the global economic crisis of 2008 09 the 2008 09 economic shock mostly accentuates patterns and trends already visible in the precrisis data e g while the major users of such policies overall combined to increase the product lines subject to ttbs by 25 per cent during the crisis this was driven almost entirely by developing economies which increased their product coverage by 40 per cent perhaps surprisingly recession affected high income economies increased their stock of product coverage by only 5 per cent during the crisis a muted policy response consistent with earlier trends in which major developed economies like the united states and eu reduced the stock of imported products they subject to ttbs to 2007 levels that were only 50 per cent as high as their within period peak furthermore a previously unidentified feature of the data is that a much larger share of china s exported products to other developing economies is subject to foreign imposed antidumping than its exports to developed economies the evidence confirms this feature is shared by a number of other major developing economy exporters deepening concern that these discriminatory trade barriers are increasingly a south south phenomenon finally i also clarify emerging trends in countervailing duty anti subsidy use across countries

aid and trade this paper surveys the recent theoretical and empirical literature that explores the relations between aid and trade and asks about the complementarity or substitution effects at work we distinguish between the effects of aid on trade flows and on trade policies of the donor as well as the recipient countries special focus is given on trade facilitation or aid for trade

multilateral trade cooperation what next this paper first briefly describes the role of the wto and its history it then lays out a simple bargaining model of international negotiations which can be used for understanding the doha round of talks this simple framework is used to distil and discuss a number of potential explanations for the difficulties that have arisen in concluding these talks as well as a number of systemic questions that confront wto members a key question is whether the wto should concentrate primarily on market access or on further expanding its coverage to deal with regulatory issues or with other domestic policies that may have an impact on trade given the difficulties that arise in agreeing on behind the border disciplines we argue that a continued focus on market access and enforcement of market access commitments is likely to prove most fruitful

profit and more catholic social teaching and the purpose of the firm the empirical findings in collins and porras study of visionary companies built to last and the normative claims about the purpose of the business firm in centesimus annus are found to be complementary in understanding the purpose of the business firm a summary of the methodology and findings of built to lastand a short overview of catholic social teaching are provided it is shown that centesimus annus claim that the purpose of the firm is broader than just profit is consistent with collins and porras empirical finding that firms which set a broader objective tend to be more successful than those which pursue only the maximization of profits it is noted however that a related finding in collins and porras namely that the content of the firm s objective is not as important as internalizing some objective beyond just profit maximization can lead to ethical myopia two examples are provided of this the walt disney company and philip morris centesimus annus offers a way to expose such myopia by providing guidance as to what the purpose of the firm is and therefore as to what kinds of objectives are appropriate to the firm

the importance of work goals an international perspective the paper probes into the basic question of what individuals seek from working results from a representative sample of the labor force in seven countries n 8192 showed that the two most dominant work goals are interesting work and good pay these were consistent internationally across different organizational levels between the genders and among different age categories

toward an ethical theory of organizing current organizations are underpinned by utilitarian ethics of modernity pure economic motive driven organizations detach themselves from larger societal interest rising number of corporate scandals and intraorganizational income inequalities are breeding similar trends in society at large current organizations base their competitive advantage on resources and capabilities which boils down to economic supremacy at all cost whether it is named i o or rbv of the firm this theoretical article posits ethics based trust as the main competency and capability for attaining sustained competitive advantage it in no way condemns utility view of the firms but treats it as a natural yet secondary outcome of genuine ethicality of the firm cultivating an ethical culture in the firm through identifying antecedents organizational practices and the outcomes where profitability is an automatic but secondary outcome under the supremacy of ethics is detailed in the multilevel model presented in this article the main call of this article is to posit ethics and morality over and above short term profits so that organizations fulfill their trustee role for society through enacting socio humanistic theories within organizations a brief analysis of the proposed ethical theory of firm is undertaken in light of the schooling notion in the contemporary organization theory literature

an assessment of the association between renewable energy utilization and firm financial performance contemporary research highlights multiple societal and environmental benefits in addition to potential economic advantages associated with renewable energy re utilization as federal and state incentives for investments in re technologies become more prevalent re sources represent increasingly viable alternatives to established fossil fuel energy re utilization is recognized as a key component of green product innovation that helps firms reduce the environmental impact of production processes and diminish their ecological footprints and energy consumption yet despite consistent evidence that corporate sustainability initiatives are favorably associated with firm performance the limited research that examines associations between re initiatives and firm performance yields mixed results and an explicit link has yet to be established drawing on the natural resource based view of the firm we examine the association between re utilization and firm financial performance over time annual roi tobin s q and operating margin for large u s firms identified as exceptional users of re in the epa s fortune 500 top green power partners list are compared with their respective industry medians over a 7 year period 2007 2013 and post hoc bootstrapping and sensitivity analyses are performed to further validate the study findings our research advances current knowledge about the influence of re utilization by demonstrating that top re user firms consistently generated superior financial performance compared to their industry competitors as such the study findings lend credence to the existence of a business case that complements the societal and environmental benefits of re utilization

will international rules on subsidies disrupt the world trading system international disputes over subsidies have become a prominent feature of the world trading system the creation of the world trade organization wto as a successor to the general agreement on tariffs and trade gatt was nearly prevented by disputes in the uruguay round of gatt negotiations over the issue of negotiating disciplines on agricultural subsidies an issue which continues to plague the ongoing doha round of wto negotiations and ongoing disputes over subsidies that violate existing wto rules have led to the largest amount of authorized retaliation in gatt wto history yet despite their evident importance the international rules that govern subsidies have received little formal attention

income and quality of life does the love of money make a difference this paper examines a model of income and quality of life that controls the love of money job satisfaction gender and marital status and treats employment status full time versus part time income level and gender as moderators for the whole sample income was not significantly related to quality of life when this path was examined alone when all variables were controlled income was negatively related to quality of life when 1 the love of money was negatively correlated to job satisfaction and 2 job satisfaction was positively related to both income and quality of life income was negatively related to quality of life for full time high income and male employees when these two conditions failed to exist income was not related to quality of life for part time median or low income and female employees this model provides new insights regarding the impact of the love of money and job satisfaction on the income quality of life relationship

taking stock of antidumping safeguards and countervailing duties 1990 2009 this article examines the evolving cross country use of antidumping safeguard and countervailing duty policies temporary trade barriers ttbs over the period 1990 2009 i construct two new measures of imported products subject to the combined use of these ttbs before applying these measures to new data drawn from the world bank s temporary trade barriers database i then establish a number of facts regarding trends in historical use to benchmark against policy activity during the global economic crisis of 2008 09 the 2008 09 economic shock mostly accentuates patterns and trends already visible in the precrisis data e g while the major users of such policies overall combined to increase the product lines subject to ttbs by 25 per cent during the crisis this was driven almost entirely by developing economies which increased their product coverage by 40 per cent perhaps surprisingly recession affected high income economies increased their stock of product coverage by only 5 per cent during the crisis a muted policy response consistent with earlier trends in which major developed economies like the united states and eu reduced the stock of imported products they subject to ttbs to 2007 levels that were only 50 per cent as high as their within period peak furthermore a previously unidentified feature of the data is that a much larger share of china s exported products to other developing economies is subject to foreign imposed antidumping than its exports to developed economies the evidence confirms this feature is shared by a number of other major developing economy exporters deepening concern that these discriminatory trade barriers are increasingly a south south phenomenon finally i also clarify emerging trends in countervailing duty anti subsidy use across countries

towards a new early warning system of financial crises abstract this paper develops a new early warning system ews model based on a multinomial logit model for predicting financial crises it is shown that commonly used ews approaches which use binomial discrete dependent variable models are subject to what we call a post crisis bias this bias arises when no distinction is made between tranquil periods when economic fundamentals are largely sound and sustainable and crisis post crisis periods when economic variables go through an adjustment process before reaching a more sustainable level or growth path we show that applying a multinomial logit model which allows distinguishing between more than two states is a valid way of solving this problem and constitutes a substantial improvement in the ability to forecast financial crises the empirical results reveal that for a set of 20 open emerging markets for the period 1993 2001 the model would have correctly predicted a large majority of crises in emerging markets

monetary intelligence and behavioral economics across 32 cultures good apples enjoy good quality of life in good barrels monetary intelligence theory asserts that individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness this study explores the bright side of monetary intelligence and behavioral economics frames money attitude in the context of pay and life satisfaction and controls money at the macro level gdp per capita and micro level z income we theorize managers with low love of money motive but high stewardship behavior will have high subjective well being pay satisfaction and quality of life data collected from 6586 managers in 32 cultures across six continents support our theory interestingly gdp per capita is related to life satisfaction but not to pay satisfaction individual income is related to both life and pay satisfaction neither gdp nor income is related to happiness money makes people happy our theoretical model across three gdp groups offers new discoveries in high gdp rich entities high income not only reduces aspirations rich motivator and power but also promotes stewardship behavior budget give donate and contribute and appreciation of achievement after controlling income we demonstrate the bright side of monetary intelligence low love of money motive but high stewardship behavior define monetary intelligence good apples enjoy good quality of life in good barrels this notion adds another explanation to managers low magnitude of dishonesty in entities with high corruption perceptions index cpi risk aversion for gains of high probability tang et al 2015 doi 10 1007 s10551 015 2942 4 in low gdp poor entities high income is related to poor budgeting skills and escalated happiness these managers experience equal satisfaction with pay and life we add a new vocabulary to the conversation of monetary intelligence income gdp happiness subjective well being good and bad apples and barrels corruption and behavioral ethics

the political economy of services trade liberalization a case for international regulatory cooperation little progress has been made since the creation of the wto on expanding and deepening the coverage of services liberalization commitments this paper identifies and discusses five hypotheses that may explain the absence of dynamism i technological changes allowing ever more services to be traded cross border unaffected by policy ii strong incentives to pursue liberalization on an autonomous basis unilaterally iii perceptions that bilateral or regional cooperation are a good substitute for the wto iv standard political economy factors such as adjustment costs and resistance by incumbents to erosion of rents and v concerns that the wto will affect the ability of regulators to enforce national norms we argue that all of these explanations play a role and that some of these factors significantly impede the scope for reciprocal exchanges of concessions the engine of wto negotiations copyright the author 2007 published by oxford university press

collaborative enterprise and sustainability the case of slow food the current and prevailing paradigm of intensive agricultural production is a straightforward example of the mainstream way of doing business mainstream enterprises are based on a negativistic view of human nature that leads to counter productive and unsustainable behaviours producing negative impact for society and the natural environment if we want to change the course then different players are needed which can flourish thanks to their capacity to serve others and creating values for all the participants in the network in which they are embedded in the article through the analysis of the slow food movement and the use of recent theoretical and empirical contributions in behavioural sciences and psychology we support the collaborative enterprise model as an alternative to the still prevailing mainstream business models evidence shows that caring and responsible efforts of economic agents are acknowledged and reciprocated even in highly competitive markets

trade adjustment in the wto system are more safeguards the answer for countries to engage successfully in the international trading system their industries firms and workers must respond continually to new conditions of competition the continuing need to adjust arises both from policy changes approved in multilateral negotiations e g implementation of trade liberalization commitments preference erosion or adverse terms of trade consequences of export subsidy elimination and from ongoing changes in competitive pressures inherent in a liberal trading system e g effects on comparative advantage of changes in technology or factor supplies but the political response to a situation calling for adjustment is often a call for safeguards whether as an ex ante provision in negotiated agreements or as an ex post measure once the agreement has been signed and the reality of new conditions takes shape this paper examines the range of adjustment problems confronting the current and future international trading system the economic arguments for intervention to deal with these problems the adjustment environment as set out in the current world trade organization wto agreements and proposals for reform while the adjustment problems we discuss apply to both rich and poor wto member countries we highlight the issues of adjustment especially relevant for developing countries

institutional emergence in an era of globalization the rise of transnational private regulation of labor and environmental conditions1 why have systems of transnational private regulation recently emerged to certify corporate social and environmental performance different conceptions of institutional emergence underlie different answers to this question many scholars argue that firms create certification systems to solve problems in the market a view rooted in a conception of institutions as solutions to collective action problems the author develops a different account by viewing institutions as the outcome of political contestation and by analyzing conflict and institutional entrepreneurship among a wide array of actors using a comparative case study design the analysis shows how these arguments explain the formation of social and environmental certification associations both theoretical approaches are needed but strong versions of the market based approach overlook an important set of dynamics that the author calls the political construction of market institutions the analysis shows how both problem solving in markets and

regional free trade areas sorting out the tangled spaghetti as a result of the difficulties in negotiating the liberalization of trade globally countries seek liberalization among smaller groups we describe open regionalism as one such attempt to do this and show why after a decade of success it ran into the ground as a strategy the formation of discriminatory regional free trade areas ftas is sometimes seen as another response to this problem this paper point outs what is wrong with this response that it distorts trade patterns and thereby sets up an unpleasant prisoner s dilemma and suggests some ways forward we propose the formation of open trading arrangements otas and the establishment of a trade transparency commission in each country that is participating in an ota we also suggest global regulation of trade diversions caused by all ftas whether otas or not ultimately the return to health of the global trading system will require expanded understanding of the basic insight of economics that liberalization enhances the welfare of citizens of the liberalizing country

economy of mutuality merging financial and social sustainability the article posits the concept of economy of mutuality as an intellectual mediation space for shifts in emphasis between market and social structures within economic theory and practice economy of mutuality it is contended provides an alternative frame of reference to the dichotomy of market economy and social economy for inquiry about what business is for and what values it presupposes and creates the article centers around the objective of gaining a broadened understanding of business so as to include not just market economy but social enterprise and social economy in pursuit of this objective a range of various archetypes of business enterprise are considered in light of higher ends of economic life the highest telos of business encompassing all such archetypes it is argued is founded on reciprocity and integral human development the article concludes that compared to market economy per se economy of mutuality provides a better conceptual framework for business in undertaking the challenges of sustainability

beyond does it pay to be green a meta analysis of moderators of the cep cfp relationship review of extant research on the corporate environmental performance cep and corporate financial performance cfp link generally demonstrates a positive relationship however some arguments and empirical results have demonstrated otherwise as a result researchers have called for a contingency approach to this research stream which moves beyond the basic question does it pay to be green and instead asks when does it pay to be green in answering this call we provide a meta analytic review of cep cfp literature in which we identify potential moderators to the cep cfp relationship including environmental performance type e g reactive vs proactive performance firm characteristics e g large vs small firms and methodological issues e g self report measures by analyzing these contingencies this study attempts to provide a basis on which to draw conclusions regarding some inconsistencies and debates in the cep cfp research some of the results of the moderator analysis suggest that small firms benefit from environmental performance as much or more than large firms us firms seem to benefit more than international counterparts and environmental performance seems to have the strongest influence on market measures of financial performance