the influence of csr on firm value an application of panel smooth transition regression on taiwan abstractprevious studies on the relationship between corporate social responsibility csr and firm value generally belong to one of the two opposing schools of thought the social impact hypothesis and the shift of focus hypothesis this study however proposes that the relationship between csr and company value is non linear and neither wholly positive nor negative we employed the corporate social responsibility index crsi to test this hypothesis the panel smooth transition regression pstr model was used to analyse listed taiwanese firms from 2010 to 2012 and calculate the value transition threshold of csr using csri as the transition variable we then applied pstr to determine whether csri shows a two regime non linear relationship as inferred by our model empirical findings show that the threshold value of csri is 13 082 thus we concluded that investment in csr does not contribute to enhancing company value until it exceeds the value transition threshold

garp for kids on the development of rational choice behavior in this paper we examine the extent to which consumption choices by 7 and 11 year old children and college undergraduates satisfy the axioms of revealed preference we find that choices by even the 7 year olds are considerably more likely to obey revealed preference axioms than would be true if they were choosing randomly 11 year olds do better still while college students do no better than 11 year old children we also find that mathematical ability is not correlated with choosing rationally we argue that this evidence suggests that the ability to choose rationally is not innate but that it does develop quickly

channel competition and coordination of a dual channel supply chain with demand and cost disruptions the impacts of simultaneous disruption of demand and cost on pricing production and coordination of a dual channel supply chain with one manufacturer and one retailer are examined first coordina

no myopic loss aversion in adolescents an experimental note abstract myopic loss aversion mla has been found to play a persistent role for investment behavior under risk we study whether mla is already present during adolescence quite surprisingly we find no evidence of mla in a sample of 755 adolescents this finding is at odds with previous findings and it might be explained by self selection effects in other dimensions however we are able to replicate stylized findings in our pool of adolescents such that teams invest higher amounts than individuals and that women invest less than men

the importance of noncognitive skills lessons from the ged testing program it is common knowledge outside of academic journals that motivation tenacity trustworthiness and perseverance are important traits for success in life thomas edison wrote that genius is 1 percent inspiration and 99 percent perspiration most parents read the aesop fable of the tortoise and the hare to their young children at about the same time they read them the story of the little train that could numerous instances can be cited of high iq people who failed to achieve success in life because they lacked self discipline and low iq people who succeeded by virtue of persistence reliability and self discipline the value of trustworthiness has recently been demonstrated when market systems were extended to eastern european societies with traditions of corruption and deceit it is thus surprising that academic discussions of skill and skill formation almost exclusively focus on measures of cognitive ability and ignore noncognitive skills the early literature on human capital e g gary becker 1964 contrasted cognitive ability models of earnings with human capital models ignoring noncognitive traits entirely the signaling literature e g michael spence 1974 emphasized that education was a signal of a one dimensional ability usually interpreted as a cognitive skill most discussions of ability bias in the estimated return to education treat omitted ability as cognitive ability and attempt to proxy the missing ability by cognitive tests most assessments of school reforms stress the gain from reforms as measured by the ability of students to perform on a standardized achievement test widespread use of standardized achievement and ability tests for admissions and educational evaluation are premised on the belief that the skills that can be tested are essential for success in schooling a central premise of the educational testing movement since its inception much of the neglect of noncognitive skills in analyses of earnings schooling and other lifetime outcomes is due to the lack of any reliable measure of them many different personality and motivational traits are lumped into the category of noncognitive skills psychologists have developed batteries of tests to measure noncognitive skills e g robert sternberg 1985 these tests are used by companies to screen workers but are not yet used to ascertain college readiness or to evaluate the effectiveness of schools or reforms of schools the literature on cognitive tests ascertains that one dominant factor g summarizes cognitive tests and their effects on outcomes no single factor has yet emerged to date in the literature on noncognitive skills and it is unlikely that one will ever be found given the diversity of traits subsumed under the category of noncognitive skills studies by samuel bowles and herbert gintis 1976 rick edwards 1976 and roger klein et al 1991 demonstrate that job stability and dependability are traits most valued by employers as ascertained by supervisor ratings and questions of employers although they present no direct evidence on wages and educational t discussants susan mayer university of chicago cecilia rouse princeton university nan maxwell california state university hayward janet currie university of california los angeles

who is behavioral cognitive ability and anomalous preferences in this paper we ask whether variation in preference anomalies is related to variation in cognitive ability evidence from a new laboratory study of chilean high school students with similar schooling backgrounds shows that small stakes risk aversion and short run discounting are less common among those with higher standardized test scores the relationship with test scores survives controls for parental education and wealth we find some evidence that elementary school gpa is predictive of preferences measured at the end of high school two laboratory interventions provide suggestive evidence of a possible causal impact of cognitive resources on expressed preferences jel j24 d14 c91

gender differences in competitiveness and risk taking comparing children in colombia and sweden we explore gender differences in preferences for competition and risk among children aged 912 in colombia and sweden two countries differing in gender equality according to macro indices we include four types of tasks that vary in gender stereotyping when looking at competitiveness running skipping rope math and word search we find that boys and girls are equally competitive in all tasks and all measures in colombia unlike the consistent results in colombia the results in sweden are mixed with some indication of girls being more competitive than boys in some tasks in terms of performance change whereas boys are more likely to choose to compete in general boys in both countries are more risk taking than girls with a smaller gender gap in sweden

economic behavior of children and adolescents a first survey of experimental economics results abstract about 15 years ago economic experiments with children and adolescents were considered as an extravagant niche of economic research since then this type of research has exploded in scope and depth it has become clear that studying the development of economic behavior and its determinants is important to understand economic behavior of adults and to provide a basis for potential policy interventions with respect to economic behavior in childhood and adolescence given the huge increase of papers we provide the first overview of economic experiments with children and adolescents we focus on the following aspects rationality of choices risk preferences time preferences social preferences cooperation and competitiveness all of these aspects are analyzed with respect to the influence of age and gender and we also consider the role of socio economic status or interventions

adolescent time preferences predict lifetime outcomes this study investigates the relationship between time preferences and lifetime social and economic outcomes we use a swedish longitudinal data set that links information from a large survey on children s time preferences at age 13 to administrative registers spanning over five decades our results indicate a substantial adverse relationship between high discount rates and school performance health labour supply and lifetime income males and high ability children gain significantly more from being future oriented these discrepancies are largest regarding outcomes later in life we also show that the relationship between time preferences and long run outcomes operates through early human capital investments

transmission of csr requirements in supply chains investigating the multiple mediating effects of csr activities in smes in recent years scholars have increasingly turned their attention to the separate areas of corporate social responsibility csr and supply chain management scm however little scholarly attent

social preferences during childhood and the role of gender and age an experiment in austria and sweden we examine social preferences of swedish and austrian children and adolescents using the experimental design of charness and rabin 2002 we find that difference aversion decreases while social welfare preferences increase with age

real effects of workers financial distress evidence from teacher spillovers abstract this paper studies the effects of financial distress on workers productivity using detailed data from the public school system in texas we show that the student passing rate in the median sized grade decreases by 1 2 percentage points following a declaration of bankruptcy by one teacher in the grade the effect of financial distress increases with the complexity of the task overall our results suggest a potential feedback effect of worker financial distress on local economic conditions and thus contribute to the understanding of the propagation and potential amplification of shocks through a local economy

trade and access to finance of smes is there a nexus limited resources and barriers to entry are critically higher for small and medium enterprises smes than for large companies one of the reasons explaining why the resources of smes are scarce is their limited access to financial services this in turn reduces the likelihood of exporting for this reason using the census of smes done by the central bank of egypt and the egyptian banking institute we try to examine the impact of access to finance on their export performance we measure the latter by the extensive margin that means the probability of becoming an exporter and the probability of serving several markets we found a significant and positive impact of dealing with banks and having banking facilities on the probability of exporting and that of exporting to more than one destination thus wider and more efficient financial services are likely to increase the number of exporters and boost exports diversification

the today and tomorrow of kids time preferences and educational outcomes of children abstract we experimentally investigate the distribution of children s time preferences along gender and racial lines we find that boys are more impatient than girls and black children are more impatient than white children black boys have the highest discount rates of all groups most importantly we show that impatience has a direct correlation with behavior that is predictive of economic success an increase of one standard deviation in the discount rate is associated with an increase in the number of disciplinary referrals that a child has the following school year by 14 our results suggest that impatience might play an important role in determining the success of performance incentive programs for school children

exploring the capability to reason backwards an experimental study with children adolescents and young adults this is the first study investigating the development of the capability to reason backwards in children adolescents and young adults aged 6 to 23 under controlled laboratory conditions the experimental design employs a modified version of the race game as in the original game subjects need to apply backward analysis in order to solve the games we find that subjects capability to reason backwards improves with age but that this process systematically differs across genders our repetition of the games indicates that differences exist also in learning between age groups and across genders

strategic sophistication of individuals and teams experimental evidence many important decisions require strategic sophistication we examine experimentally whether teams act more strategically than individuals we let individuals and teams make choices in simple games and also elicit first and second order beliefs we find that teams play the nash equilibrium strategy significantly more often and their choices are more often a best response to stated first order beliefs distributional preferences make equilibrium play less likely using a mixture model the estimated probability to play strategically is 62 for teams but only 40 for individuals a model of noisy introspection reveals that teams differ from individuals in higher order beliefs

does corporate social responsibility make over educated workers more productive this article provides first evidence on whether corporate social responsibility csr influences the productivity effects of over education by relying on detailed belgian linked employer employee panel data covering the period 1999 2010 our empirical results exhibit a positive and significant impact of over education on firm productivity moreover they suggest that the effect of over education is positively enhanced when the firm implements a csr process especially when it aims to have i a good match between job requirements and workers educational level ii a diverse workforce in terms of gender and age and iii a long term relationship with its workers when focussing on required education and over education the results suggest that csr besides representing an innovative and proactive approach for the firms stakeholders may also be beneficial for the firm itself through a bigger increase in productivity for each additional year of required education or over education

estimating time preferences from convex budgets experimentally elicited discount rates are frequently higher than what seems reasonable for economic decision making such high rates are often attributed to present biased discounting a well known bias of standard measurements is the assumption of linear consumption utility attempting to correct this bias using measures of risk aversion to identify concavity researchers find reasonable discounting but at the cost of exceptionally high utility function curvature we present a new methodology for identifying time preferences both discounting and curvature from simple allocation decisions we find reasonable levels of both discounting and curvature and surprisingly dynamically consistent time preferences jel c91 d12 d81 understanding and estimating time preferences is obviously of great importance to economists marketers and policy makers consumers decide how much to invest in savings education real estate and life insurance how much to diet exercise and smoke whether to marry when to have children and what to leave in their wills while there has been substantial research estimating time preferences using aggregate consumption data 1 the bulk of the effort has occurred in laboratory environments 2 among the many laboratory techniques employed recent studies have favored multiple price lists mpl with monetary payments 3 with mpls individuals are asked multiple times to choose between smaller payment amounts closer to the present and larger amounts further into the future the interest rate increases monotonically in a price list such that the point where an individual switches from preferring sooner payments to later payments carries interval

csr disclosure and sustainable supplier management a small to medium sized enterprises perspective the respective literatures on corporate social responsibility csr disclosure and sustainable supplier management have grown in recent years but little scholarly attention has been paid to the li

patience among children abstract recent policy initiatives offer cash payments to children and often their families to induce better health and educational choices these policies implicitly assume that children are especially impatient i e have high discount rates however little is known about the nature of children s patience how it varies across children and whether children can even make rational inter temporal choices this paper examines the inter temporal choices of 5 to 16 year old children in an artefactual field experiment we examine their choices between varying levels of compensation received in 2 or 4 months in the future and in 0 or 2 months in the future we find that children s choices are consistent with hyperbolic discounting boys are less patient than girls older children are more patient and that mathematical achievement test scores private schooling and parent s patience are not correlated with children s patience we also find that although more than 25 of children do not make rational inter temporal choices within a single two period time frame we cannot find variables that explain this behavior other than age and standardized mathematical achievement test scores