effects of oil price shocks on the stock market performance do nature of shocks and economies matter the main focus of this study is to examine how oil price fluctuations influence the performance of stock markets this study used the causality approach developed by toda and yamamoto 1995 to explore the causality between oil prices and stock prices in the long run and their short term impact the generalized impulse response functions were applied to the monthly data in the period from january 1997 to july 2013 in this study to capture the different characteristics of oil refining exporting and importing three asian economies were examined the results indicate that the manner in which a market reacts to hikes in oil prices varies between different markets and periods this depends on differences in the oil characteristics of the economy and the nature of the shock in oil prices

escaping the green prison entrepreneurship and the creation of opportunities for sustainable development abstract while entrepreneurial activity has been an important force for social and ecological sustainability its efficacy is dependent upon the nature of market incentives this limitation is sometimes explained by the metaphor of the prisoner s dilemma which we term the green prison in this prison entrepreneurs are compelled to environmentally degrading behavior due to the divergence between individual rewards and collective goals for sustainable development entrepreneurs however can escape from the green prison by altering or creating the institutions norms property rights and legislation that establish the incentives of competitive games we provide a variety of evidence of such entrepreneurial action and discuss its implications for theory and practice

the relationship between energy consumption structure economic structure and energy intensity in china this paper investigates the long run equilibrium relationships temporal dynamic relationships and causal relationships between energy consumption structure economic structure and energy intensity in china time series variables over the periods from 1980 to 2006 are employed in empirical tests cointegration tests suggest that these three variables tend to move together in the long run in addition granger causality tests indicate that there is a unidirectional causality running from energy intensity to economic structure but not vice versa impulse response analysis provides reasonable evidences that one shock of the three variables will cause the periods of destabilized that followed however the impact of the energy consumption structure shock on energy intensity and the impact of the economic structure shock on energy consumption structure seem to be rather marginal the findings have significant implications from the point of view of energy conservation and economic development in order to decrease energy intensity chinese government must continue to reduce the proportion of coal in energy consumption increase the utilization efficiency of coal and promote the upgrade of economic structure furthermore a full analysis of factors that may relate to energy intensity e g energy consumption structure economic structure should be conducted before making energy policies

sustainable consumption within a sustainable economy beyond green growth and green economies abstract in 1992 one unambiguous result of the unced conference was the need for changing consumption and production patterns with affluent countries taking the lead 20 years later at the 2012 uncsd little is left over and instead the green economy has been the theme pursued by the oecd the eu and other countries so the question needs to be answered if this is finally an attempt to put into practice what was promised 20 years ago or another diversion from what needs to be accomplished sustainable development is still a convincing concept if the original definition is taken avoiding the confusion caused by partisan interests reinterpreting the concept focussing on human needs fulfilment and respecting environmental limits it can still guide strong sustainable consumption green economy green growth on the other hand is a new terminology for what is known since 40 years as ecological modernisation it is indeed overdue but with its focus on efficiency and innovation it cannot guarantee to fulfil the brundtland sustainability criteria a factor analysis based on the i p a t formula demonstrates how optimistic the assumptions regarding future technologies must be to support the green growth concept consequently the authors pledge for a pragmatic risk avoiding approach by slimming the physical size of the economy this requires strong sustainable consumption including production as resource consumption which in turn requires a change of the societies institutional settings formal and informal mechanisms and orientations finally some elements of a strategy towards this end are pointed out with special emphasis on the role of non governmental organisations ngos through networking and advocacy they can both stimulate bottom up action and mobilise the pressure necessary for the institutional changes which are needed to mainstream strong sustainable consumption

sufficiency and consumer behaviour from theory to policy abstract it is increasingly obvious that for safeguarding environmental sustainability eco efficiency measures will need to be complemented by sufficiency in particular by strong sustainable consumption the theory of planned behaviour tpb and social practice theory spt offer different views on consumer behaviour and on ways to change it this paper briefly describes the challenges discusses the applicability of both theories and their meaningfulness for policy recommendations we suggest an approach combining results of both bodies of theory complemented by ideas from political economy to substantiate the prism of sustainable consumption we introduce as a heuristic sufficiency policy tool it is useful to identify affordability criteria for change in each dimension as the basis for deriving suggestions for effective policy interventions we conclude that i effective interventions are possible ii they have to address several dimensions of affordability simultaneously and iii the sufficiency policy space prism can be a useful tool in structuring planned interventions

toward a theory of sustainable entrepreneurship reducing environmental degradation through entrepreneurial action this article explains how entrepreneurship can help resolve the environmental problems of global socio economic systems environmental economics concludes that environmental degradation results from the failure of markets whereas the entrepreneurship literature argues that opportunities are inherent in market failure a synthesis of these literatures suggests that environmentally relevant market failures represent opportunities for achieving profitability while simultaneously reducing environmentally degrading economic behaviors it also implies conceptualizations of sustainable and environmental entrepreneurship which detail how entrepreneurs seize the opportunities that are inherent in environmentally relevant market failures finally the article examines the ability of the proposed theoretical framework to transcend its environmental context and provide insight into expanding the domain of the study of entrepreneurship

how sustainable entrepreneurs engage in institutional change insights from biomass torrefaction in the netherlands sustainable entrepreneurship often requires a purposeful change to the existing business environment market regulations and societal norms and values institutions to ensure sustainable products and services become legitimate and competitive yet how sustainable entrepreneurs alter or create institutions remains unclear we employ a two year comparative case study with four entrepreneurs commercializing torrefied biomass in the netherlands consistent with insights from institutional entrepreneurship research findings show that sustainable entrepreneurs create new symbols theorize construct new measures build consensus and forge new relations to alter or create new institutions moreover we find that entrepreneurial collaboration in the form of a trade association has three feedback effects it creates accessible modes diversity of scope and an increased scale of institutional change strategies we conclude that future studies should further connect sustainable and institutional entrepreneurship research and take group and individual factors into account when explaining how sustainable entrepreneurs engage in institutional change

a fuzzy goal programming approach to portfolio selection abstract portfolio selection is a usual multiobjective problem this paper will try to deal with the optimum portfolio for a private investor taking into account three criteria return risk and liquidity these objectives in general are not crisp from the point of view of the investor so we will deal with them in fuzzy terms the problem formulation is a goal programming g p one where the goals and the constraints are fuzzy we will apply a fuzzy g p approach to the above problem to obtain a solution then we will offer the investor help in handling the results

erratum to how far the tbl concept of sustainable entrepreneurship extends beyond the various sustainability regulations can greek food manufacturing enterprises sustain their hybrid nature over time this study presents the design and selected results of a comprehensive research on measuring the concept of sustainable entrepreneurship we used the methodology of conjoint analysis and developed a hierarchical framework that lists all the multi attributes that exist in the triple bottom line concept in doing so we collected data from 150 greek food companies the multi attributes were categorized and ranked into the following four headings internal social values isv external social values esv environmental values env and economic values ecv specifically we found that the creation of values that improve the safety and hygiene issues of products to consumers is the most important attribute for the isv domain respectively the most important attribute for the esv domain is the creation of values that impact on the local economy accordingly the creation of values for minimizing environmental impacts was found as the most important attribute for the env domain and lastly the establishment of ecv that increase long run profitability was identified as the most important for the ecv dimension finally all the categorized values offer rich feedback for entrepreneurship scholars and parishioners and to that extent our findings are slightly different from those reported in previous researches to other contexts as we have managed to build an aggregated instrument that promotes the hybrid nature of food companies towards international development

consumer scapegoatism and limits to green consumerism an axiom that has shaped policy approaches to sustainable consumption has been that if more consumers understand the environmental consequences of their consumption patterns through their market choices they would inevitably put pressure on retailers and manufacturers to move towards sustainable production the result is the proliferation of green consumerism and consumption of green products eco labels to assist consumers in making informed ecologically conscious choices consumer awareness campaigns etc however this paper argues that the dominant focus on green consumerism as against the need for structural changes towards a broader systemic shift is unrealistic furthermore promoting green consumerism at once lays responsibility on consumers to undertake the function of maintaining economic growth while simultaneously even if contradictorily bearing the burden to drive the system towards sustainability given the scope of the sustainability challenge and the urgency with which it must be addressed this paper argues that the consumer is not the most salient agent in the production consumption system and so expecting the consumer through green consumerism to shift society towards scp patterns is consumer scapegoatism this paper draws on the discursive confusion over discourse and practice of sustainable consumption in an attempt to clarify the differences between green consumerism and sustainable consumption and to provide a broadened framework for sustainable consumption policy design that enables wellbeing and ecological sustainability without propagating the economic growth dogma that has a stranglehold on contemporary policy making

towards sustainable de growth medical survey data as predictors for estimation of niche market value gluten free beer market case abstract big brewing companies often look for sustainable resource and energy management rather than for minimization of negative social impact or maximization of positive ones that s why sustainable degrowth in production sounds like nightmare to them several activities on market such as demand for product personalization force manufacturers response but few niche markets with huge personalization potential are still underestimated by big producers to bridge the gap between company profits and sustainable de growth the useful tools for niche market value estimation which could help in investments decision making have been worked out the medical data reports were used to assess the socio demographic characteristic of customer of gluten free beer this market is still in its starting phase as big producers are not especially interested in beer products which require significant investments in production process a celiac disease cd is chronic inflammatory enteropathy induced with presence of gluten its prevalence is estimated as 1 100 which suggest that 1 person per 100 absolutely can t drink typical barley wheat beer the equations for calculation model were elaborated based on medical reports of cd occurrence in poland and then in europe total population and adult population data in 2013 eurostat the bart haas report of beer production in 2013 and average prices of gluten free beers manufactured and sold in europe the final formulas of beer production increase and the value of gluten free beer market have been elaborated results reveal that almost 6 5 million of adult people in europe must comply with gluten free diet value of gluten free beer market in europe is estimated as 3 3 billion eur annual for average price 3 eur for 0 5 l introduction of gluten free beer into market will increase production by at least 0 1 up to even 1 it is a value in range of 0 55 5 5 million hectolitres per year

sustainable development in a transition economy business case studies from poland abstract in general examples from developed countries are cited when making reference to good practice in sustainable development while there is limited access to case studies from transition economies our aim is to analyse case studies from poland which has recently undergone the transition to a market based economy in order to identify and critically assess both the drivers of and barriers to sustainable development in polish business by demonstrating that evidence of good practice is available within poland we also aim to motivate key stakeholders to follow these examples in an addition to importing practice from developed countries together the 11 case studies analysed in the article demonstrate that while constraints exist to sustainable development there are nonetheless positive examples of best practice from which to learn this review therefore complements other studies conducted on sustainable development in transition economies by indicating that lessons can be drawn on promoting sustainable development within this context and in other similar states undergoing economic political and social transition

unemployment equilibria and input prices theory and evidence from the united states the paper develops an efficiency wage model where input prices affect the equlibrium rate of unemployment we show that a simple framework based on only two prices the real price of oil and the real rate of interest is able to explain the main post war movements in the rate of u s joblessnss the equations do well in forecasting unemployment many out of sample and provide evidence that the oil price spike associated with iraq s invasion of kuweit appears to be a component of the mystery recession which followed

a social and environmental approach to microfinance credit scoring microfinance institutions provide loans to low income individuals their credit scoring systems if they exist are strictly financial although many institutions consider the social and environmental impact of their loans they do not incorporate formal systems to estimate these social and environmental impacts this paper proposes that their creditworthiness evaluations should be coherent with their social mission and accordingly should estimate the social and environmental impact of microcredit thus a decision support system to facilitate microcredit granting is proposed using a multicriteria evaluation the assessment of social impact is performed by calculating the social net present value the system captures credit officers experience and addresses incomplete and intangible information the model has been tested in a microfinance institution the paper shows how a small institution can include social and environmental issues in its decision making systems to evaluate credit applications a gap in the preferences was found between members of the board who are socially driven and managers and credit officers who are financially drifted this mission drift was corrected the approach followed contributed to creating a culture of social and environmental assessment within the institution especially among credit officers thereby translating microfinance institutions social mission into numbers

forecasting volatility of crude oil markets abstract this article investigates the efficacy of a volatility model for three crude oil markets brent dubai and west texas intermediate wti with regard to its ability to forecast and identify volatility stylized facts in particular volatility persistence or long memory in this context we assess persistence in the volatility of the three crude oil prices using conditional volatility models the cgarch and figarch models are better equipped to capture persistence than are the garch and igarch models the cgarch and figarch models also provide superior performance in out of sample volatility forecasts we conclude that the cgarch and figarch models are useful for modeling and forecasting persistence in the volatility of crude oil prices

oil and the macroeconomy since world war ii all but one of the u s recessions since world war ii have been preceded typically with a lag of around three fourths of a year by a dramatic increase in the price of crude petroleum this does not mean that oil shocks caused these recessions evidence is presented however that even over the period 1948 72 this correlation is statistically significant and nonspurious supporting the proposition that oil shocks were a contributing factor in at least some of the u s recessions prior to 1972 by extension energy price increases may account for much of post opec macroeconomic performance

oil price fluctuations and singapore economy this study finds that the impact of an oil price shock on the singapore economy is marginal both impulse response and variance decomposition analysis provide reasonable grounds to believe that the impact only had an insignificant adverse effect on singapore s gross domestic product gdp inflation and unemployment rates further analysis on two oil vulnerability measures supports the finding the declining trend of oil intensity in singapore since 1989 and the declining shares of the singapore s expenditure on oil consumption as a percentage of its nominal gdp this study identifies however that the impact of an oil price shock on the singapore economy should not be considered negligible even though it is small

the dynamics of willingness to consume abstract it is increasingly acknowledged that the growing consumption in the north constitutes an important part of global environmental problems to improve the possibilities of dealing with this aspect of the problems this paper explores some of the driving forces behind the growth in consumption the first section introduces the environmental debate on consumption including the relationship between final consumption and the consumption of resources the recent political acceptance of dealing with consumption and the fundamental conditions for consumption growth in the north in the following sections a cross disciplinary approach is applied in a broad search for the driving forces behind the willingness to consume throughout the exposition two questions are explored 1 why are productivity increases largely transformed into income increases instead of more leisure 2 why is such a large part of these income increases used for the consumption of goods and services with a relatively high materials intensity instead of less material intensive alternatives the explanations are divided into three groups first the economic explanations including socio economic aspects related to the institutional set up of the economy second socio psychological explanations focusing on consumption from the perspective of the human being embedded in specific social relations third historical and socio technological explanations focusing on different aspects of everyday life the paper concludes with some reflections on the political implications of the analysis

designing a global standardized methodology for measuring social entrepreneurship activity the global entrepreneurship monitor social entrepreneurship study although there is a high level of practitioner policymaker and scholar interest in social entrepreneurship most research is based on case studies and success stories of successful social entrepreneurs in a single country we develop a methodology to measure population based social entrepreneurship activity sea prevalence rates and test it in 49 countries our results provide insights into institutional and individual drivers of sea using the global entrepreneurship monitor gem methodology of total entrepreneurial activity tea we find that countries with higher rates of traditional entrepreneurial activity also tend to have higher rates of social entrepreneurial activity we develop a broad definition of social entrepreneurship and then explore types based on social mission revenue model and innovativeness

community renewable energy at a crossroads a think piece on degrowth technology and the democratization of the german energy system abstract degrowth activists and scholars have questioned society s current levels of material throughput and energy use the energy sector is at the core of any modern economy and germany serves as an international showcase for the transition of a large industrialized economy to a low carbon energy system diverse actors organizational models and technologies have contributed to the initiation of germany s energy transition through a wide range of community renewable energy projects the think piece investigates how far these diverse actors embrace the aims of the degrowth movement it also provides a critical account of on the ground realities through six hypotheses and contrasts them with claims made by the degrowth movement it is suggested that community renewable energy projects are at a crossroads while many projects have familiarized thousands of people with alternative economic models there is little evidence of a general change in attitudes towards technology consumption or equity in conclusion a major effort is needed to open initiatives to less affluent actors oppose recent trends of commodification and prevent community renewable energy projects from being engrossed by the dominant political and economic system

interactions between energy and imports in singapore empirical evidence from conditional error correction models this study empirically tests for long run equilibrium relationship and the direction of causality between imports and energy consumption in singapore the results of the present study reveal that a long run equilibrium relationship exists between import growth and energy consumption growth in singapore by using bivariate systems imports of singapore converge to long term equilibrium levels by 79 9 percent speed of adjustment through the channel of energy growth furthermore the major finding of this study is that there are long and short term undirectional causalities that run from energy growth to import growth in singapore which denote that energy consumption in singapore is a catalyst for importing

institutional entrepreneurship in sustainable urban development dutch successes as inspiration for transformation sustainable urban development is a wicked problem on the basis of three case studies we conclude that institutional entrepreneurs play an important role in sustainable urban development the question we address is how institutional entrepreneurs do this we theorize and find six tactics that entrepreneurs employ to influence both formal and informal institutions to create a favourable institutional context for sustainable development we do so by combining insights from both institutional theory and institutional economics through framing and theorizing institutional entrepreneurs create new visions on sustainable urban developments whereas collaboration and lobbying are important for the realization of the projects the study adds new insights into how negotiation private governance contracts property rights and standardization certification standards form a key to altering incentive schemes and to create a competitive advantage through the joint changes in both informal institutions and the formal institutions the entrepreneurs are able to change the institutional context in which projects are embedded thereby increasing the feasibility of their projects 2013 elsevier ltd all rights reserved

the paradox of sustainable innovation the eroom effect moore s law backwards innovation has been widely acknowledged as a key mechanism for addressing sustainable development concerns however less attention has focused on downstream commercialization challenges such as achieving increasingly complex and stringent regulatory approval such challenges may hinder the development of more sustainable technologies especially those coming from smaller or publically funded institutes as well they may obstruct the development of applications that could provide societal benefits but may only have limited commercial viability due to small market niches or applicability to customers with limited financial means we explore this apparent paradox using the concept of the eroom effect moore s law backwards i e where improved price performance due to technological advances are outweighed by increasing costs of regulatory approval and other commercialization costs we illustrate this phenomenon with two cases of publically funded institutes one developing transgenic cotton and the other lignin transformation technology that can replace petroleum based feedstocks in a number of industrial applications we discuss the unintended consequences of the eroom effect and conclude with implications for industry policy and ngos

agricultural innovation and new ventures assessing the commercial potential innovation and new ventures have been part of the food production and distribution industry for decades if not centuries in recent times new ventures under the banner of valueadded agriculture have become the mantra for producers politicians and agri businesses that are searching for better margins and higher incomes than provided by traditional commodity production and distribution but the commercial potential of value added ventures and innovations is not obvious often is not realized and may be frequently overestimated in fact studies of new business start ups in agriculture and other sectors indicate that a high proportion of those businesses fail during the first twelve months of operation and many are not sustainable even after this most vulnerable start up period sba the objective of this paper is to provide a framework for assessing the commercial potential of innovation in agriculture we highlight the four critical components of market analysis essential to successful innovation and new ventures those are the assessment of customers competitors sustainable competitive advantage and internal capabilities we identify and describe where concepts of economics

a degrowth transition pathways for the degrowth niche to replace the capitalist growth regime abstract facing the intertwined environmental social and economic crisis requires us to seriously consider alternatives to the current capitalist system including the emerging concept of degrowth existing understandings of degrowth have focused on characterizing the shape the key elements and the proposals for a degrowth society however its dynamic and evolving nature as an alternative vision of the future and the dynamics of a transition toward degrowth are inadequately considered this paper seeks to address this conceptual gap through a reconceptualisation of degrowth as a radical niche innovation to the capitalist growth regime by extending the multi level perspective framework to the capitalist growth system we undertake a critical reconsideration of the multi level perspective exposing key assumptions of this framework grounded in capitalist economic theory through this we propose a pluriversal potential pathway for change to consider this further a bibliometric analysis is used to measure and visualize research activity in degrowth as a proxy for the processes of development of the degrowth niche then we return to the multi level perspective to consider two potential pathways for change involving the degrowth niche and the capitalist growth regime finally we point to areas for further research that build on this new conceptualisation of a degrowth transition

sustainability driven entrepreneurship principles of organization design abstract concern about whether the social ecological processes that provide for human wellbeing can be sustained has given rise to sustainable development as a broad social goal as a dynamic force for change entrepreneurship is increasingly expected to contribute to this goal this article reports on the results of an intensive empirical study investigating the organization design expertise necessary for sustainability driven entrepreneurs to succeed in a competitive market context results reveal five principles of organization design that diverge in important ways from the conventional principles of entrepreneurship suggesting the expertise required for venture success differs depending on entrepreneurial values and motives

is earth recognized as a finite system in corporate responsibility reporting abstract companies are increasingly encouraged to frame their sustainability activities and communication around ecological limits as captured by concepts such as planetary boundaries climate tipping points or regenerative capacity ecological limits may serve as scientific basis for defining environmental sustainability targets at the company level and moreover inspire companies to align their product portfolios with emerging societal needs related to sustainable transformations although corporate environmental reporting is widely researched little attention has hitherto been given to company use of the ecological limits concepts in stakeholder communication this study presents a comprehensive review of references made to ecological limits in corporate responsibility cr reports in 2000 2014 an exhaustive list of terms related to ecological limits was developed and used to search the corporateregister database which contained approximately 40 000 cr reports from this time period for every identified reference we analyzed the context in which the ecological limit term was used in the cr report we found a 10 fold increase in the number of references made to ecological limits in cr reports during the period 2000 2014 the number of cr reports published in this time period has also increased at a similar rate hence the proportion of companies referring to ecological limits in their cr reports has over the years remained stable roughly 5 the most commonly invoked ecological limits were related to climate change and references to 2 c were by far the most frequent the vast majority of companies referring to ecological limits did so without specific references to ongoing or planned changes in their activities as a consequence of recognizing these limits only a small percentage predominately high tech companies 31 in total explicitly used ecological limits to define targets for resource consumption emissions reductions and or as a stated reason for adjusting their product portfolio in defining targets for resource consumption or emissions only a few cr reports dealt explicitly with the issue of allocating resource and emission rights within ecological limits amongst companies and other actors a longitudinal study of three companies showed that these did not directly report progress towards planned changes based on ecological limits and offered explanations as to why some companies abandoned planned changes altogether our findings provide novel insights into the current use of the ecological limits concept by companies and may be useful for actors trying to motivate companies to align their activities with the finite nature of earth s natural systems

modelling sustainability performance to achieve absolute reductions in socio ecological systems as the world s natural resources dwindle and critical levels of environmental pollution are approached sustainability becomes a key issue for governments organisations and individuals with the consequences of such an issue in mind this paper introduces a unifying approach to measure the sustainability performance of socio economic systems based on the interplay between two key variables essentiality of consumption and environmental impact this measure attributes to every system a fitness value i e a quantity that reflects its ability to remain resilient healthy by avoiding ecological social and economic collapse as it consumes the available resources this new measure is tested on a system where there is a limited supply of resources and four basic consumption types the analysis has theoretical implications as well as practical importance as it can help countries organisations or even individuals in finding better ways to measure sustainability performance

associative sustainable business models cases in the bean to bar chocolate industry abstract this study contributes to the growing literature of sustainability business models sbm by introducing a new category coined as associative sustainability business models asbm we theorize that this category encompasses firms with innovative business models that rely on partnership association and collaboration to create value in the triple bottom line and address pressing sustainability challenges following an inductive research approach we analyze four case studies of asbm ventures in the chocolate industry our findings reveal the emergence of two key theoretical constructs firm location and claimant identity that help to identify differences across asbm designs and lead to four different subcategories of asbm in addition drawing on the literature of sustainable business models we develop theoretical propositions that link our four subcategories of asbm to the business case for sustainability therefore we extend the literature on sbm by providing new insights on how business model innovations based on strong association and collaboration can generate solutions to social and environmental challenges

are oil shocks inflationary asymmetric and nonlinear specifications versus changes in regime this paper identifies a structural break in core u s inflation phillips curves such that oil prices contributed substantially before 1981 but since that time pass through has been negligible this characterization is robust to a variety of re specifications and fits the data better than asymmetric and nonlinear oil price alternatives evidence does not support the hypotheses that declining energy intensity or deregulation of energy producing and consuming industries played an important role monetary policy did not itself become less accommodative of oil shocks but may have helped create a regime where inflation is less sensitive to price shocks more generally

why are we growth addicted the hard way towards degrowth in the involutionary western development path abstract by questioning the origins of the inertia facing the degrowth movement this contribution identifies property as the constitutive institution of capitalism and property expansion as the dominant socioeconomic process leading world societies to economic path dependence techno institutional lock in and eco social impasse demonstrating why and how property based economic rationality subordinates ecological and social considerations to capitalist requirements this paper stresses both the need for an inversion in the hierarchy of social norms and the systemic opposition to such an inversion which emanates from the capitalist industrial expansion the text also brings to light some disregarded processes underlying the current economic crisis by pointing out the institutional and technological locked in situation into which the western development path has led our societies

strong sustainable consumption governance precondition for a degrowth path this paper aims to link two debates and literatures at the cutting edge of sustainable development research and governance sustainable consumption and degrowth interestingly these literatures have only recently started to exchange and integrate insights despite their similar interest in the fundamental systemic challenges to sustainable development the paper argues that this lack of connection is due to a predominance of perspectives in sustainable consumption governance that focus almost exclusively on questions of efficiency gains this weak sustainable consumption governance however is not able to address the challenges to sustainable development arising from overconsumption in general or the rebound effect and distributive issues in particular in contrast a strong sustainable consumption perspective provides a basis for a promising inquiry into the linkages between consumption and sustainable development as well as a fruitful exchange with degrowth specifically it allows the delineation of relevant insights on the role of values in governance obstacles to political reform and promising political strategies for the degrowth debate and literature

market imperfections opportunity and sustainable entrepreneurship this research develops the argument that four types of market imperfections i e inefficient firms externalities flawed pricing mechanisms and information asymmetries at once contribute to environmental degradation and that they also provide significant opportunities for the creation of radical technologies and innovative business models we show that these opportunities establish the foundations for an emerging model of sustainable entrepreneurship one which enables founders to obtain entrepreneurial rents while simultaneously improving local and global social and environmental conditions to advance this new field we offer suggestions for a research agenda focusing on two areas the relationship between market imperfections and entrepreneurial opportunities and the emerging field of sustainable entrepreneurship

social exclusion and transgenic technology the case of brazilian agriculture many argue that transgenic technology will have wide ranging implications for farmers in developing nations a key concern is that competencies may be destroyed by predominantly foreign multinational transgenic technologies exacerbating problems of social exclusion in the case of subsistence farmers conversely those that fail to adopt the technology may become uncompetitive particularly in commodity based export markets drawing on interview data conducted in brazil and supporting data collected in north america europe and china we found that the impact of transgenic technology varies it has less impact on farmers that adapt the products to their crop systems and environment and greater negative implications for less formally educated subsistence farmers in consequence of both complexity and compatibility earlier attempts at industrializing agriculture through technological innovation led to vastly improved agricultural output and exports but the benefits of productivity was not equitably distributed d lee 2005 american journal of agricultural economics 87 5 1325 1334 nor was it designed to meet specific local environmental and socioeconomic farmer conditions exacerbating social exclusion multinationals attempting to introduce transgenic technology without considering the broader social and ethical implications will invite resistance we discuss the implications for policy makers multinationals and small scale farmers

the physical dimension of international trade part 2 indirect global resource flows between 1962 and 2005 global trade is increasingly being challenged by observations of growing burden shifting in particular of environmental problems this paper presents the first worldwide calculations of shifted burden based on material flow indicators in particular direct and indirect physical trade balances this study covers the period between 1962 and 2005 and includes between 82 and 173 countries per year the results show that indirect trade flow volumes have increased to around 41 billion tonnes in 2005 the traded resources with the highest share of associated indirect flows are iron hard coal copper tin and increasingly palm oil regarding the burden balance between regions europe is the biggest shifter whereas australia and latin america are the largest takers of environmental burden due to resource extraction to evaluate the findings from a global perspective the results are analysed in terms of resource flow induced environmental pressure related to a country s land area in terms of total and per capita area resource endowment and population density seem to be more relevant in determining the physical trade balance including indirect flows than income level

new foundations for ecological economics abstract ecological economics has been repeatedly described as transdiciplinary and open to including everything from positivism to relativism i argue for a revision and rejection of this position in favour of realism and reasoned critique looking into the ontological presuppositions and considering an epistemology appropriate for ecological economics to meaningfully exist requires rejecting the form of methodological pluralism which has been advocated since the start of this journal this means being clear about the differences in our worldview or paradigm from others and being aware of the substantive failures of orthodox economics in addressing reality this paper argues for a fundamental review of the basis upon which ecological economics has been founded and in so doing seeks improved clarity as to the competing and complementary epistemologies and methodologies in part this requires establishing serious interdisciplinary research to replace superficial transdisciplinary rhetoric the argument places the future of ecological economics firmly amongst heterodox economic schools of thought and in ideological opposition to those supporting the existing institutional structures perpetuating a false reality of the world s social environmental and economic systems and their operation

understanding socially responsible investing the effect of decision frames and trade off options over the past two decades the phenomenon of socially responsible investing has become more widespread however knowledge about the individual socially responsible investor is largely limited to descriptive and comparative accounts the question of why do some investors practice socially responsible investing and others don t is therefore still largely unanswered to address this shortcoming in the current literature this paper develops a model of the decision to invest socially responsibly that is grounded in the cognition literature the hypotheses proposed in the model are tested with an experimental survey the results indicate that the framing of the investing situation influences the likelihood of engagement in socially responsible investing and how much return the individuals are willing to sacrifice when choosing socially responsible over conventional investments the study does not find support for a relationship between expectations about corporate social responsibility and the likelihood of engagement in socially responsible investing

subsidies in carbon finance for promoting renewable energy development abstract faced with decreasing exhaustible nonrenewable resources and climate change resulting from the use of fossil energy it is urgent to accelerate the development of renewable energy but the development of renewable energy requires abundant financial support both from banks and governments this article considers bank loans to develop renewable energy and highlights the effects of government subsidies by using a microeconomic model and taking all stakeholders including the government banks and shareholders of the firm into consideration this study finds that government subsidies raise outputs and debt levels of renewable energy firms and improve shareholder value as well more importantly financial debts stimulate firms outputs but decrease the net profit per unit of debt due to the limited liability effects finally subsidy policy plays a critical role in renewable energy development because environmental efficiencies of subsidies decrease with the subsidy degree other valuable conclusions would be achieved if principal agent problem and other corporate governance factors are employed

price of oil and world inflation and recession new evidence shows that the commonly held assumption that the 1973 74 oil price increase directly affected us and world inflation and subsequent recession is consistent with the empirical data an extended lucas varro real income equation applied to the us united kingdom canada france germany italy japan and the netherlands gives mixed results partly because of price control and decontrol programs simulation experiments on the price control variable using us data finds strong effects further studies can be made when consistent international data is available for the 1979 80 period 18 references 4 figures 3 tables dck

impulse response analysis of cointegrated systems abstract impulse response or dynamic multiplier analysis of vector autoregressive systems with cointegrated variables is considered the asymptotic distribution of the responses estimated with johansen s 1988 maximum likelihood procedure is derived the results are illustrated with an analysis of a west german money demand system the investigation shows that a direct interpretation of the cointegration relations may be difficult or misleading thereby the virtue of impulse response analysis for applied work is illustrated

market and non market determinants of private consumption and their impacts on the environment abstract the view of consumption as an activity combining market and non market elements with the aim of attaining life enjoyment targets allows one to focus on the social and institutional determinants of the border between market and non market components of the consumption process and to consider the interrelations of market and non market domains of social life as a possible source of the environmental degradation which derives from consumption activities in this paper an analytical framework is proposed in which the view of consumption as a social process and the neo ricardian theory of prices and profits are combined to yield an evaluation of consumer efficiency and of its environmental effects the paper argues that the social and institutional framework in which consumption is embedded significantly determines the impact of human activities on the natural environment and that environmental degradation is intimately connected with a distortion in the consumption process towards a predominance of market relations and an excess of labour in industrial society two examples household energy conservation and private transportation illustrate the analytical framework and suggest the importance of redrawing the border between market and non market domains of social life in environmental policy

what happened to the oil price macroeconomy relationship abstract strong evidence is found that oil prices no longer granger cause many u s macroeconomic indicator variables in data after 1973 a number of potential explanations are explored that sample stability issues are responsible that oil prices are now endogenous and that linear and symmetric specifications misrepresent the form of the oil price interaction none of these hypotheses are supported by the data the opec price increases do appear to have had significant impacts while the effects of the price declines of the 1980s are smaller and harder to characterize these results have potentially important implications for the large body of research which utilizes oil prices as an instrumental or explanatory variable

environmentally sustainable household consumption from aggregate environmental pressures to priority fields of action unsustainable consumption patterns of the north or rather of the global affluent consumers class have been identified by agenda 21 as one of the key driving forces behind the unsustainable development however neither accounting based on the system of national accounts sna nor household economics provide the proper instruments to assess the environmental impact of household decision making eco efficiency assessments as familiar in the business sector provide no appropriate tool for households as an alternative an environmental space based assessment scheme is suggested covering the major pressures on the environment caused by household decisions the methodology is used twice once to analyse the environmental relevance of the main activity clusters of household consumption and once to identify the dominant acts of consumption within each cluster the latter provide the basis for deriving environmental performance indicators a rough analysis of household influence potentials permits to identify housing eating and mobility as the three priority fields for action for minimising the environmental impact of households extending the influence analysis actor matrixes are derived allocating influence and thus responsibility for environmental pressures to different groups of economic agents

policy entrepreneurship creativity and sustainability the case of principi attivi active ingredients in apulia region southern italy the present work assesses the case of principi attivi active ingredients this is a policy initiative of the apulia region in southern italy to support new start ups of young entrepreneurs since 2010 the year of green revolution 2 0 entrepreneurship remains active and competitive in the globalised world through sustainable innovation initiatives if innovation is the successful implementation of new ideas then creativity can be seen as the seed of innovation inspired by these arguments and the case of principi attivi active ingredients the present work adds new insights to the current debate and investigates the relationships between creativity and sustainability from supply and demand side perspectives in particular this paper addresses the following aims i on the demand side we question how creativity relates to sustainability through entrepreneurship to reach this aim we employ a cluster analysis and a network meta analysis nma approach to determine the existence of latent relationships between creativity and sustainability within the project proposals submitted to principi attivi active ingredients ii to understand on the demand side what are the main factors affecting the allocation of regional funding for young entrepreneurs and iii to determine on the supply side to what extent creativity and sustainability proposals influence the outcome of the selection process to reach aims ii and iii we use a probabilistic model to infer data on the probability of project proposals to be admitted to regional funding main results suggests i the existence of latent relationships between creativity and sustainability in business initiatives ii the potential propensity of the decision maker to support green entrepreneurship and larger groups of young entrepreneurs iii the limited influence almost non existent on the decision maker of creativity and sustainability proposals during the evaluation process the present work point us to assert the persistence of asymmetric information between the young entrepreneur and the policy maker adequate initiatives are needed to close this gap to help foster creativity and sustainability driven entrepreneurship

oil price movements and macroeconomic performance evidence from twenty six oecd countries abstract this study investigates the relationship between oil price movements and macroeconomic aggregates such as gross domestic product gdp consumer prices cpi and unemployment for oecd countries to do this second generation econometric methods have been employed to panel data including panel unit root tests panel cointegration tests and panel long run models panel unit root tests suggest that oil prices plus selected macroeconomic aggregates in oecd countries are non stationary at levels but become stationary at first differences in the existence of multiple structural breaks five structural break points have successfully been investigated in the series of this study during panel unit root and panel cointegration tests durbin h panel co integration tests confirm that there is a long term relationship between oil prices and those macroeconomic aggregates on the other hand results of this study reveal that the price of oil exerts statistically and negatively significant impacts on gdp cpi and unemployment in the case of oecd countries in general

markowitz revisited social portfolio engineering abstract in recent years socially responsible investing has become a popular subject with both private and institutional investors at the same time a number of scientific papers have been published on socially responsible investments sris covering a broad range of topics from what actually defines sris to the financial performance of sri funds in contrast to non sri funds in this paper we revisit markowitz portfolio selection theory and propose a modification allowing to incorporate not only asset specific return and risk but also a social responsibility measure into the investment decision making process applied in an a posteriori fashion the model results in a three dimensional capital allocation plane illustrating the complete set of feasible optimal portfolios it enables investors to custom tailor their asset allocations and incorporate all personal preferences regarding return risk and social responsibility in an empirical analysis with a data set of over 6000 international companies including the complete universe of social responsibility rated stocks we find that investors opting to maximize the social impact of their investments do indeed face a statistically significant decrease in expected returns however the social responsibility risk optimal portfolio yields a statistically significant higher social responsibility rating than the return risk optimal portfolio

exogenous shocks social skill and power urban energy transitions as social fields abstract the constantly growing scholarship on urban energy transitions needs a framework to analyze these transitions this article proposes the field perspective fp as an approach for the study of urban energy transitions fp analyses how the interplay of actors who are dedicated to a similar purpose and the structures guiding this interplay co evolve by applying fp to the energy transition in the german city emden the article shows how the transition evolves through a alterations in the exogenous context of the city e g national feed in tariffs for renewables b the social skill and changing interplay of local actors engaged in the transition and c the emergence of power constellations and rules

removing environmental market failure through support mechanisms insights from green start ups in the british french and german energy sectors environmentally relevant market failure related to the lack of value attached to environmentally beneficial economic activity constrains environmental entrepreneurship as reported by dean and mcmullen journal of business venturing 22 50 76 2007 unless this market failure is addressed green start ups will be confined to a green prison as stated in pacheco et al sustainable development and entrepreneurship 25 464 480 2010 unable to grow and disseminate their eco innovations out with environmental niche markets in britain france and germany support mechanisms promote the expansion of renewable power technologies this paper examines environmental entrepreneurs perceptions of the importance and effectiveness of support mechanisms in removing environmental market failure in the energy sectors of these three countries our findings suggest that these support mechanisms are perceived by entrepreneurs as having provided a crucial pecuniary motivation among consumers to adopt eco innovation creating greater market certainty for green start ups however when these support mechanisms are reformed aiming at greater market integration for eco innovation green start ups find this transition from protection to more market exposure as challenging and more suited for incumbent firms

where do the poor live this paper argues that the distribution of global poverty has changed and that most of the world s poor no longer live in countries officially classified as low income countries lics it is estimated that the majority of the world s poor or up to a billion people live in middle income countries mics this pattern is largely as a result of the recent graduation into the mic category of a number of populous countries the paper discusses the trends in the distribution of global poverty and opens a wider discussion on the potential implications for aid and development cooperation

the system boundaries of sustainability abstract the energy systems of the western industrialized nations have passed through different stages of development and fundamental energy crises over the course of their history 14th 18th and the end of the 20th century these crises have contributed decisively to the transformation of the energy system and of european societies the various historical energy systems their system boundaries and the restrictions resulting from them have decisively influenced the opportunities for development in european societies based upon this knowledge the question arises as to what energy system boundaries a future sustainability strategy will have to deal with the different sustainability concepts strong and weak sustainability imply different system boundaries for an energy system aiming at sustainable development climate change the design of the future energy system and the finiteness of the fossil energy system are the restrictions for the future energy system hence the boundaries of the sustainability system are determined by four dimensions based on the finiteness of the fossil energy system the development of a post fossil energy system the problem of climate change and the chosen sustainability paradigm this sustainability approach could enable sustainable development opportunities for the present generation without affecting the welfare of future generations

impact of oil price shocks on output inflation and the real exchange rate evidence from selected asean countries this article analyses the impact of oil price shocks on real output inflation and the real exchange rate in thailand malaysia singapore the philippines and indonesia asean 5 using a structural var model the cointegration tests indicate that the macroeconomic variables of these countries are cointegrated and share common trends in the long run the impulse response functions reveal that oil price fluctuations do not impact the asean 5 economies in the long run and much of its effect is absorbed within five to six quarters the variance decomposition results further assert that with a few exceptions oil price shocks do not explain a significant variation in any of the variables under consideration we also identify a very unique pattern of response to oil price fluctuations between malaysia and singapore and between the philippines and thailand the pairs exhibit a high degree of similarity in their responses they do not share any commonalities across the group

selection of socially responsible portfolios using hedonic prices this research presents a novel framework for selecting socially responsible investment sri portfolios the hedonic price method hpm is applied to obtain an evaluation of sri criteria that is integrated into a multi objective mathematical programming model this approach allows us to obtain a portfolio whose financial performance is similar to which the investor would have reached if he or she had not taken into account social ethical and environmental see characteristics when making his or her investment decisions this methodology is applied to portfolios composed of socially responsible and conventional mutual funds domiciled in spain

the impact of competitors firm power divergence on chinese smes environmental and financial performance competitor pressure is one of the major reasons that a sme engages in environmentally friendly or damaging activities extant research has argued that environmental strengths and concerns have mirror opposite relationships with stakeholder antecedents as well as with performance outcomes we suggest this argument does not reflect the reality building on stakeholder management and red queen theories we hypothesize that environmental strengths and concerns have differential relationships with competitors firm power exchange and financial performance for chinese smes results of ten interviews a pretest and a large scale field study indicate that competitors firm power divergence has a positive relationship with environmental strengths yet the link between this divergence and environmental concerns does not exist further environmental strengths mediate the relationship between competitors firm power divergence and financial performance of chinese smes

product services as a research field past present and future reflections from a decade of research in the last decade many researchers institutes and programs in the eu paid attention to product service systems pss given this massive effort it is time to take stock is pss research a theoretical field in its own right is the pss concept indeed the road to the factor 10 world is it the road to enhanced competitiveness what is needed to really use the potential of the concept this paper discusses these questions summarizing the analysis done in the pss review book new business for old europe various eu sponsored projects and the conceptual approach chosen in a new research network on sustainable consumption and production called score 2006 elsevier ltd all rights reserved

support for investor activism among u k ethical investors an important goal of ethical investment is to influence companies to improve their ethical and environmental performance the principal means that many ethical funds employ is passive market signalling which may not on its own have a significant effect a much more promising approach may be active engagement this paper reports on a questionnaire study of a sample of 1146 ethical investors in order to assess whether u k ethical investors would support more activist ethical investment and whether they would be prepared to invest in companies which are failing ethically in order to do so the results show general support for the current practice of passive signalling accompanied by soft engagement in the form of lobbying and the development of dialogue in order to improve corporate practice the harder options of investing in companies that err in order to change them is however favoured by consistent minorities

start up sustainability an insurmountable cost or a life giving investment abstract an outstanding question in the entrepreneurship literature reigns given recent emphases on sustainable business practices and corporate social responsibility if small start ups are generally stretched for time and resources does it enhance their chances for survival and success to be sustainable and socially responsible new firms can aid in rectifying pressing environmental and social issues by being more sustainable while many entrepreneurs like a sustainable business model and or mission investment may not follow so willingly this paper examines a sample of 300 start ups across thirty cities around the world to consider whether sustainability is rewarded by investors investors signal confidence in start ups when they infuse life extending investments into them this analysis also considers whether a more sustainable national context affects investor confidence and whether a sustainable firm within a sustainable national context gains more investor attention and investment results show that investors avoid sustainable firms particularly those that are environmentally sustainable moreover investors enjoy national contexts that are socially responsible but pay no attention to those that are environmentally conscious in addition firms that are sustainable in a sustainable national context are not better off for attracting investment insights for policy are that mainstream investors are attracted by national social policies but these investors are unlikely to be the main force behind sustainable venture growth under today s conditions

the paradox of growth critique narrative analysis of the finnish sustainable consumption and production debate abstract academic discussion on economic growth and the environment has made a comeback under the auspices of the degrowth debate to date however literature on the topic has been mainly theoretical and empirical studies of actual policy discussions have received less attention this article contributes to the debate with a narrative policy analysis of interviews with members of finland s committee on sustainable consumption and production narrative policy analysis is suitable for complex policy cases by tracing and comparing the different stories non stories and counterstories in the debate the analysis clarifies the issue and paves the way for solutions we found that it is common even among business and ministry representatives to criticize the current growth bound economic system from the perspective of narrative policy analysis however this critique only increases uncertainty and complexity in the policy field which paradoxically leads to a strengthening of the dominant growth stories we suggest that constructing a complete degrowth story is essential for supporting democratic deliberation on sustainability robust institutional support for degrowth work together with research and experimentation are important milestones on the way

what does it really mean to be a strongly sustainable company a response to nikolaou and tsalis abstract in a recent issue of this journal nikolaou and tsalis 2018 published a paper titled a framework to evaluate eco and social labels for designing a sustainability consumption label to measure strong sustainability impact of firms products in their paper the authors n t develop a method for identifying strongly sustainable companies as a basis for consumer communication n t test their method on a case study of five chemical companies and conclude that two of these are strongly sustainable essentially because they had obtained a higher number of eco labels than the average across the five companies while we agree with n t on the relevance of applying a strong sustainability perspective in the assessment of companies we are afraid that their method can lead to misguided consumer communication at the root of this concern is that n t 1 use a market average as reference to decide whether a company has a strong or weak sustainability performance and 2 use the number of eco labels as an environmental indicator we lay the foundation of this response by briefly accounting for the academic origin of the weak strong sustainability dichotomy we then present our argument against the method presented by n t this is followed by a proposal for how to improve the method finally we discuss state of the art in strong sustainability assessments of companies taking into account other existing methods that draw on the planetary boundaries concept and life cycle assessment

from green technology development to green innovation inducing regulatory adoption of pathogen detection technology for sustainable forestry technological entrepreneurship has been widely acknowledged as a key driver of modern industrial economies and more recently a panacea for environmental and social problems however our current understanding of how green technology ventures emerge and diffuse more sustainable innovations remains limited we advance theory on green entrepreneurship by drawing on institutional work to refine and extend our understanding of how entrepreneurs may influence government policies and practices in their attempts to diffuse green technology we develop a theoretical framework that combines institutional work with a search tool the technological commercial organizational and societal tcos framework of innovative uncertainties which identifies key opportunities hurdles and potential unintended consequences at early stages of technology development we present a detailed case study of a potential university based green tech venture developing pathogen detection technology for forestry protection foreign pathogens spread by international trade can have major detrimental impacts on forests and the industries that rely on them our analysis found that green technology demonstrating technological feasibility is necessary but not sufficient green tech ventures must also engage in institutional work in this case articulating the technology s benefits to regulators to establish legitimacy and avoid misuse that can hinder its adoption we thus add to previous studies by emphasizing that institutional work could be a main activity for a green tech venture a core entrepreneurial strategy rather than an afterthought

socially responsible investing in the united states socially responsible investing sri has emerged in recent years as a dynamic and quickly growing segment of the u s financial services industry involving over 2 trillion in professionally managed assets its conceptual origins can be found in the early history of civilization with it s modern roots in the 1960s this paper provides an overview of the breadth and depth of the concept and practice of socially and environmentally responsible investing describes the investment strategies that together define sri as currently practiced in the u s offers several observations about some of the factors fueling its dramatic growth and presents data showing that investors who choose to invest in a socially and environmentally responsible manner can do so without giving up investment returns sri has matured to a point where virtually any investment need can be met through portfolio design that integrates an investor s personal values institutional mission and or social priorities the socially responsible investment industry in the unitedstates is a young phenomenon even referring to it as an industry ten years ago may have been a bit of a stretch while it has grown dramatically in recent years it is an area of work of study and of practical application that continues to evolve in many significant ways one intriguing example of the ongoing development of the field can be found in the analysis of the language used to describe it the terms social investing socially responsible investing ethical investing socially aware investing socially conscious investing green investing values based investing and mission based or mission related investing all refer to the same general process and are often used interchangeably

linking daly s proposition to policymaking for sustainable development indicators and pathways abstract the statement that in the full world increasing the ultimate efficiency expressed as service throughput is the necessary condition for humanity to achieve high levels of well being within ecological limits is honoured as daly s proposition in this paper the purpose of this paper is to make daly s proposition effective guidance for policymaking related to sustainable development for this aim this paper puts forward the indicator ecological well being performance which is composed of the human development index and the ecological footprint to measure the ultimate efficiency furthermore by means of matrix analysis and factor decomposition analysis the respective pathways for countries at different stages of development to make the sustainable development transition were discussed the g20 countries were taken as the cases to conduct the research the empirical results show that improvements in well being and increases in throughput level are not necessarily positively related the relationship between the two depends on how countries control throughput levels and improve the ecological well being performance which also explains different performances on the sustainable development transition in a simple way this contribution provides new methods and criteria to track and evaluate national performance on sustainable development by referring to daly s original theories

the growth discourse growth policy and sustainable development two thought experiments abstract this paper addresses three aspects of growth the discourse the policy and the impacts the growth discourse claims that the central factor for social economic political and environmental progress is economic growth it is assumed to create wealth and provide the necessary means for social and environmental purposes on the basis of the growth discourse different growth policies can be derived based on different economic and political ideologies in order to reveal the implications of de facto degrowth two thought experiments are conducted for physical and economic end to growth strategies the latter is capable of meeting environmental objectives but implies significant social tensions and hardships and calls for transition strategies consisting of carefully designed steps

sustainable development and entrepreneurship past contributions and future directions this article discusses the emerging research concerned with sustainable development and entrepreneurship which is the focus of this special issue of the journal of business venturing entrepreneurship has been recognized as a major conduit for sustainable products and processes and new ventures are being held up as a panacea for many social and environmental concerns however there remains considerable uncertainty regarding the nature of entrepreneurship s role and how it may unfold we begin with an overview of sustainable development and the role of entrepreneurship and outline recent contributions exploring this role we then summarize the papers presented in this special issue and conclude with suggestions for further research

rewriting the bases of capitalism reflexive modernity and ecological sustainability as the foundations of a new normative framework the debate on sustainable globalized development rests on two clearly stated economic assumptions that development proceeds solely and inevitably through industrialization and the proliferation of capital intensive high technology towards the creation of service sector economies and that globalization based on a neoliberal capitalist free market ideology provides the only vehicle for such development sustainability according to the proponents of globalized development is merely a function of market forces which will generate the solutions for all problems including the environmental dilemmas that loom over the globe today the social focus of globalized development is clearly the individual and the much touted goal of development in the context of these debates is the emancipation of the individual from want this glorification of the individual so characteristic of the enlightenment has defined all aspects of modernity leading to approaches that are self focused and that give little thought to the needs of society or even the social context the increasing impoverishment of human life and the growing environmental degradation however provide a poignant counterpoint to this onrush of capital interests demanding a reassessment of sustainability separate from the logic of industrialization and globalized development this paper examines the unfolding of the logic of capitalism which underlies the structure of the rostowian model of development and the problems in the assumptions underlying today s globalized development process the evident impossibility of sustainability in the current growth based market system leads to the examination of alternatives including a reflexive understanding of the choices and the inclusion of opportunity costs related to the social environmental and economic aspects of decision making the integration of all factors of production into the logic of development provides a sustainable alternative to the current system

green entrepreneurship in transition economies a case study of bosnia and herzegovina abstract the countries with transition economies are under pressure to increase entrepreneurial activities that will enable fast growth with minimum impact on natural resources despite specific challenges the economies in transition face development of sustainable entrepreneurship has not been in focus of the academic research this leaves some open questions such as those concerning the role and mode of operation of public policies level of risk and its influence on entrepreneurship creativity role of knowledge in diffusing entrepreneurial values and fostering aspirations externalities created for the society and the connection between sustainability and entrepreneurship this paper aims to introduce a discussion on sustainable entrepreneurship in countries with economies in transition the research carried out included i review of literature and statistical data on entrepreneurial environment ii structured interviews with representatives of government civil society business sector and academia to understand the society s perception of green entrepreneurship and iii analysis of case studies on green entrepreneurs it can be concluded that entrepreneurs in economies in transition do not seem to be ready to respond to the challenges or to take any risks by investing in green business but also that the government and educational institutions do not recognize their own role and fail to support the development of green entrepreneurship for those green oriented businesses the key sociological constructs are personal motivation and mission locality and a forward thinking orientation in terms of sustainability all businesses managed to achieve the economic environmental and social value creation without any support from the government

the transition to the sustainable enterprise abstract the sustainable enterprise is entering a new phase private enterprise engages in a shift from environmentally friendly production methods towards true sustainable entrepreneurship dealing both with quality and volume aspects of natural capital corporate governance changes at two levels first the internal governance of the firm alters as new environmental preservation demands come forward secondly the external governance of the firm changes as new initiatives need to be employed to ensure adequate and sustainable social technological and infrastructural conditions for production it is argued that the preservation of non reproducible key stocks of energy biodiversity and space requires new and special attention in the strategic management of the sustainable enterprise also it is shown that evolving ethical values of intergenerational equity demand a timely transition to new business practices finally a program for governments and enterprises to enhance progress towards the next stage of sustainable entrepreneurship is presented

macroeconomic performance of oil price shocks outlier evidence from nineteen major oil related countries regions abstract as a special energy commodity oil price shocks can affect not only the energy market but also the performance of the macroeconomy this research provides complementary explanations for nineteen major oil related countries regions macroeconomic effects caused by unexpected oil price changes it focuses on the macroeconomic performance of oil price shocks from outlier perspective investigating the inner hidden factors of co movements between oil price shocks and macroeconomy three methods called empirical covariance ec method robust covariance rc method and one class support vector machine svm method are used in the outlier detection empirical results show that a one class svm method has the best environmental adaptability for detecting the outlier performance of the co movements between oil price shocks and macroeconomy followed by ec and rc methods b according to the time axis the outlier performances of gross domestic production consumer price index and unemployment rate are all concentrated in 2005 2014 which is highly consistent with the oil price shock process and c according to the spatial axis countries four categories with similar outlier performances are obtained outlier performance of macroeconomy of oil related country region in lower levels seems to be worse than that of the country region in higher levels which can be attributed to more attentions paid by higher leveled oil related countries on the oil price shock response system to relieve the severe macroeconomic impacts caused by oil price shocks

the effects of oil price shocks on asian exchange rates evidence from quantile regression analysis abstract this paper investigates the effects of oil price shocks on asian exchange rates we employ quantile regression analysis and allow for structural breaks and asymmetry our results indicate that positive and negative oil price shocks have asymmetrical effects on exchange rate returns that vary in significance size and sign throughout the distribution of exchange rate returns the impact of oil price shocks is also affected by market conditions bearish and bullish currency markets during bullish markets in domestic currencies at lower quantiles of currency movements in terms of u s dollar exchange rates rising oil prices cause further appreciation for indonesia korea the philippines and thailand currencies during bearish markets in the domestic currencies at higher quantiles of exchange rate movements in terms of u s dollar exchange rates rising falling oil price causes further currency depreciation for indonesia malaysia thus currencies respond differently to oil price shocks under extreme bullish or bearish currency market conditions and the impact of rising or falling oil prices on foreign exchange markets can vary by country and market conditions

oil and the macroeconomy when prices go up and down an extension of hamilton s results in an important paper hamilton 1983 demonstrated a strong correlation between oil price changes and gross national product growth in u s data however his study pertained to a period in which all the large oil price movements were upward and thus it left unanswered the question whether the correlation persists in periods of price decline moreover the price variable he used was somewhat distorted by price controls in the 1970s this note investigates whether hamilton s results continue to hold when the sample is extended to include the recent oil market collapse and the oil price variable is corrected for the effects of price controls particular attention is given to the possibility of asymmetric responses to oil price increases and decreases as suggested in the structural employment literature loungani 1986 davis 1987 hamilton 1988 like hamilton i based my investigation on the gnp equation in sims s 1 980b six variable quarterly vector autoregressive model