With the emergence of environmental sustainability and green business management, increasing demands have been made on businesses in the areas of environmental corporate social responsibility (ECSR). ...Furthermore, the influence of ECSR on green capital investment, environmental performance, and business competitiveness has also been the subject of attention from enterprises. However, in previous studies, the mediating role of green information technology (IT) capital in the relationship between ECSR, environmental performance, and business competitiveness, has not been investigated by researchers. In order to bridge this gap in the ECSR literature, this study aims to examine the influence of ECSR on green IT capital, and the consequent effect of green IT capital on environmental performance and business competitiveness. Data were collected from 358 companies from the top 1000 manufacturers in Taiwan. The results confirmed that ECSR has significant positive effects on green IT human capital, green IT structural capital, and green IT relational capital. Green IT structural capital and green IT relational capital have positive effects on environmental performance and business competitiveness, and environmental performance has a positive effect on business competitiveness. In addition, green IT structural capital and green IT relational capital have partial mediating effects on ECSR, environmental performance, and business competitiveness. The implications and suggestions for future research are discussed.
In this book Geert Reuten presents 21 of his previously published essays on the three volumes Marx’s Capital, dating from 1991–2019. The essays largely take the form of a summary of Marx’s text (a ...Volume or its Parts or Chapters) followed by an appreciation and (when required) a reconstruction. The book thus offers an overview of each of the three volumes of Capital, including their interconnection, as well as a focus on specific Parts of Capital. Throughout the general overviews and more focused analyses, Reuten emphasises Marx’s systematic-dialectical method and his monetary value-form analysis.
Investment-to-GDP ratios across the Caribbean tend to be relatively high. In many countries, these ratios have been trending higher since the mid-1990s, largely reflecting public investment and ...foreign direct investment. Private domestic investors have been less prominent. This may be one reason why such high investment has delivered Caribbean growth rates below the middle-income average. This paper seeks to understand how higher private investment may be encouraged. Using new data, it concludes that: the multiplier effects of public investment and FDI on private domestic investment are weak; and private domestic investment (PDI) is sensitive to the cost of capital. Public policy designed to raise PDI should focus on creating conditions for a lower cost of capital. The focus should be on removing barriers to lower real interest rates, rather than the further extension of costly tax concessions.
We examine a potential benefit associated with the initiation of voluntary disclosure of corporate social responsibility (CSR) activities: a reduction in firms' cost of equity capital. We find that ...firms with a high cost of equity capital in the previous year tend to initiate disclosure of CSR activities in the current year and that initiating firms with superior social responsibility performance enjoy a subsequent reduction in the cost of equity capital. Further, initiating firms with superior social responsibility performance attract dedicated institutional investors and analyst coverage. Moreover, these analysts achieve lower absolute forecast errors and dispersion. Finally, we find that firms exploit the benefit of a lower cost of equity capital associated with the initiation of CSR disclosure. Initiating firms are more likely than non-initiating firms to raise equity capital following the initiations; among firms raising equity capital, initiating firms raise a significantly larger amount than do non-initiating firms.
The frequency and virulence of recent financial crises have led to calls for reform of the current international financial architecture. In an effort to learn more about today's international ...financial environment, the authors turn to an earlier era of financial globalization between 1870 and 1913. By examining data on sovereign bonds issued by borrowing developing countries in this earlier period and in the present day, the authors are able to identify the characteristics of successful borrowers in the two periods. They are then able to show that global crises or contagion are a feature of the 1990s which was hardly known in the previous era of globalization. Finally, the authors draw lessons for today from archival data on mechanisms used by British investors in the 19th century to address sovereign defaults. Using new qualitative and quantitative data, the authors skillfully apply a variety of approaches in order to better understand how problems of volatility and debt crises are dealt with in international financial markets. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/economicsfinance//toc.html
Intangible capital which relies on essential human inputs, or 'organization capital,' presents a unique challenge for measurement. Organization capital cannot be fully owned by firms' financiers, ...because it is partly embodied in key labor inputs. Instead, cash flows must be shared with key talent and thus neither book nor market values will fully capture its value. Measurement of organization capital requires a model featuring these unique property rights. We use accounting data along with a simple example of such a model to measure the fraction of the US capital stock which is missing from book and market values.
In a standard q-theory model, corporate investment is negatively related to the cost of capital. Empirically, we find that the weighted average cost of capital matters for corporate investment. The ...form of the impact depends on how the cost of equity is measured. When the capital asset pricing model (CAPM) is used, firms with a high cost of equity invest more. When the implied cost of capital is used, firms with a high cost of equity invest less. The implied cost of capital can better reflect the time-varying required return on capital. The CAPM measure reflects forces that are outside the standard model.
Barriers to democracy Jamal, Amaney A
2009., 20090706, 2009, 2007, 2007-01-01, 20070101
eBook
Democracy-building efforts from the early 1990s on have funneled billions of dollars into nongovernmental organizations across the developing world, with the U.S. administration of George W. Bush ...leading the charge since 2001. But are many such "civil society" initiatives fatally flawed? Focusing on the Palestinian West Bank and the Arab world,Barriers to Democracymounts a powerful challenge to the core tenet of civil society initiatives: namely, that public participation in private associations necessarily yields the sort of civic engagement that, in turn, sustains effective democratic institutions. Such assertions tend to rely on evidence from states that are democratic to begin with. Here, Amaney Jamal investigates the role of civic associations in promoting democratic attitudes and behavioral patterns in contexts that are less than democratic.
Jamal argues that, in state-centralized environments, associations can just as easily promote civic qualities vital to authoritarian citizenship--such as support for the regime in power. Thus, any assessment of the influence of associational life on civic life must take into account political contexts, including the relationships among associations, their leaders, and political institutions.
Barriers to Democracyboth builds on and critiques the multifaceted literature that has emerged since the mid-1990s on associational life and civil society. By critically examining associational life in the West Bank during the height of the Oslo Peace Process (1993-99), and extending her findings to Morocco, Egypt, and Jordan, Jamal provides vital new insights into a timely issue.
Using hand-collected data on divisional managers at S&P 500 firms, we study their role in internal capital budgeting. Divisional managers with social connections to the CEO receive more capital. ...Connections to the CEO outweigh measures of managers' formal influence, such as seniority and board membership, and affect both managerial appointments and capital allocations. The effect of connections on investment efficiency depends on the tradeoff between agency and information asymmetry. Under weak governance, connections reduce investment efficiency and firm value via favoritism. Under high information asymmetry, connections increase investment efficiency and firm value via information transfer.
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