In 1, the authors regret that due to the typing error and mathematical errors in the proof, three equations need to be corrected. Despite these errors, the main contributions of this article as well ...as the conclusions are correct.
Over the past three decades, economic sociology has been revealing how culture shapes economic life even while economic facts affect social relationships. This work has transformed the field into a ...flourishing and increasingly influential discipline. No one has played a greater role in this development than Viviana Zelizer, one of the world's leading sociologists.Economic Livessynthesizes and extends her most important work to date, demonstrating the full breadth and range of her field-defining contributions in a single volume for the first time.
Economic Livesshows how shared cultural understandings and interpersonal relations shape everyday economic activities. Far from being simple responses to narrow individual incentives and preferences, economic actions emerge, persist, and are transformed by our relations to others. Distilling three decades of research, the book offers a distinctive vision of economic activity that brings out the hidden meanings and social actions behind the supposedly impersonal worlds of production, consumption, and asset transfer.Economic Livesranges broadly from life insurance marketing, corporate ethics, household budgets, and migrant remittances to caring labor, workplace romance, baby markets, and payments for sex. These examples demonstrate an alternative approach to explaining how we manage economic activity--as well as a different way of understanding why conventional economic theory has proved incapable of predicting or responding to recent economic crises.
Providing an important perspective on the recent past and possible futures of a growing field,Economic Livespromises to be widely read and discussed.
Research Summary: Using arguments derived from transactions cost economics and incomplete contract theory, this article shows that the assumption that shareholders are a firm's only residual ...claimants is logically inconsistent with resource‐based theory's model of profit generation. It follows from this conclusion that resource‐based theory's model of profit appropriation must incorporate a stakeholder perspective. Some theoretical and empirical implications of this conclusion for resource‐based theory's model of profit generation, profit appropriation, the role of managers and entrepreneurs in resource‐based theory, and how conflicting interests among stakeholders can be resolved are all discussed. Finally, some continuing differences between stakeholder theory and incorporating a stakeholder perspective into resource‐based theory's model of profit appropriation are also discussed.
Managerial Summary: Some argue that since shareholders are the only stakeholder who have a claim on a firm's profits, managers should focus only on maximizing shareholder wealth. Not only will this satisfy shareholders, it will also satisfy a firm's other stakeholders, since—in principle—these other stakeholders get paid before shareholders. This article shows that this logic is deeply flawed. In particular, it shows that if the only stakeholder who has a claim on a firm's economic profits is shareholders, then—in most competitive settings—a firm will not be able to attract the kinds of resources it needs to generate these profits. To attract the kinds of resources that can generate profits, managers must recognize that stakeholders, besides shareholders, have claims on the profits that their resources help generate. This, in turn, suggests that managers seeking to generate economic profits must adopt a stakeholder perspective in how they manage their firm. This article explores the managerial implications of this conclusion.
Using a sample of Chinese firms from 2005 to 2018, we show that firms with female directors (either executive or independent) are characterized by fewer related party transactions (RPTs), ...particularly in state‐owned enterprises. Fewer RPTs are associated with improved subsequent operating performance and, in contrast, RPTs are associated with decreased performance for firms with no or fewer female directors, suggesting that female directors engage or allow only efficient but not opportunistic RPTs to facilitate the long‐term strategic objectives of their firms. Our findings are robust for using an alternative measure of RPTs, female board directorships and methods to mitigate potential endogeneity issues.
IDENTIFYING FRAUD IN ONLINE TRANSACTIONS Sen, Sneha
JOURNAL OF MECHANICS OF CONTINUA AND MATHEMATICAL SCIENCES,
09/2023, Letnik:
18, Številka:
9
Journal Article
Recenzirano
Odprti dostop
Fraudulent credit card transactions must be when customers are charged for items that they did not purchase. Such problems can be tackled with Data Science and its importance, along with Machine ...Learning, cannot be overstated. This project intends to illustrate the modelling of a data set using machine learning with Identifying Fraud in Online Transactions. The Identifying Fraud in Online Transactions problem includes modelling past credit card transactions with the data of the ones that turned out to be a fraud. This model is then used to recognize whether a new transaction is fraudulent or not. Our objective here is to detect 99.99% of the fraudulent transactions while minimizing the incorrect fraud classifications. Identifying Fraud in Online Transactions is a typical sample of classification. In this process, we have focused on analyzing and pre-processing data sets by using a Random Forest Algorithm.
Research Summary
We examine how organizations govern interfirm transactions that involve innovative tasks. Designing contracts that foster innovation is challenging and becomes more complex when ...exchange hazards are present. We draw on regulatory focus theory to examine the effects of promotion and prevention effects in contract framing contracts to address how firms should design their contracts to balance the need for promoting innovation and protecting against opportunistic behavior. Using a sample of contracts from the information technology services industry, we find that in the presence of exchange hazards, task innovation involves hybrid payment systems, less use of detailed description of requirements, and more use of extensive contingency planning.
Managerial Summary
Managers must understand how contract design can aid in the success of interfirm innovation endeavors as radical innovation is frequently developed in an interfirm context. Our findings suggest that contract negotiators should pay special attention to several contractual elements when designing contracts for tasks that require more radical innovation. In particular, the payment structure, specifications of outcomes and processes, and contingency planning clauses influence the innovative output of suppliers. Employees who understand the task should participate in contract negotiation and design, allowing them to outsource more innovative tasks and manage them more effectively.
We extend the current short‐selling literature on the disciplining role of short‐sellers by examining the effect of short‐selling on related‐party transactions (RPTs). Using data from the Chinese ...stock exchanges over the post‐short‐selling deregulation period of 2010–2017, we find a two‐faceted effect of short‐sales on RPTs in which short‐selling restrains detrimental RPTs but encourages beneficial RPTs. The findings reveal that short‐selling not only has a disciplinary effect but also induces managerial decisions that are beneficial to shareholders’ wealth. Additional analyses demonstrate that the two‐faceted effect depends on the strength of the external and internal governance mechanisms proxied by analysts following, media coverage, regional shareholder protection, and the firms’ internal control. Our findings are robust to a batch of tests conducted to alleviate concerns for endogeneity. A difference‐in‐difference test further confirms that the aforementioned effects result from the deregulation of short‐selling.
This article develops a model of practice-driven institutional change—or change that originates in the everyday work of individuals but results in a shift in field-level logic. In demonstrating how ...improvisations at work can generate institutional change, we attend to the earliest moments of change, which extant research has neglected; and we contrast existing accounts that focus on active entrepreneurship and the contested nature of change. We outline the specific mechanisms by which change emerges from everyday work, becomes justified, and diffuses within an organization and field, as well as precipitating and enabling dynamics that trigger and condition these mechanisms.
Many transactions in web applications are constructed ad hoc in the application code. For example, developers might explicitly use locking primitives or validation procedures to coordinate critical ...code fragments. We refer to database operations coordinated by application code as ad hoc transactions. Until now, little is known about them. This paper presents the first comprehensive study on ad hoc transactions. By studying 91 ad hoc transactions among eight popular open-source web applications, we found that (i) every studied application uses ad hoc transactions (up to 16 per application), 71 of which play critical roles; (ii) compared with database transactions, concurrency control of ad hoc transactions is much more flexible; (iii) ad hoc transactions are error-prone—53 of them have correctness issues, and 33 of them are confirmed by developers; and (iv) ad hoc transactions have the potential for improving performance in contentious workloads by utilizing application semantics such as access patterns. Based on these findings, we discuss the implications of ad hoc transactions to the database research community.
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