We attempt to identify and evaluate the association between key characteristics of not-for-profit hospitals and market concentration, as measured by the Herfindahl–Hirschman Index, using data available from the American Hospital Association, the Centers for Medicare and Medicaid Services, and the Internal Revenue Service Form 990. Our goal is to provide decision support to policy makers on factors that contribute to market competitiveness, which has been linked to improvements in efficiency, costs, and access to health care. We find (...) that contributions are positively associated with market concentration. This could indicate that well-run NP hospitals are rewarded both financially as well as with increased market share. We also find that a higher percentage of Medicare patients is positively correlated with market concentration. This could be explained by the fact that Medicare reimbursement rates are generally lower than those paid by private insurers ; thus, hospitals might not necessarily choose to operate in areas with high Medicare populations. Further, median income is negatively associated with market concentration. One explanation for this effect could be the fact that a population with a higher median income is in a better position to pay for services, making them attractive to hospitals as a potential market. Finally, we find that the presence of managers with voting rights on the boards of directors has no significant impact. (shrink)

The main goal of concentration control and basic legal tests applied worldwide for the evaluation of concentrations, such as “dominance”, “significant impediment of competition” and “substantial lessening of competition” are analysed in this article. Every control, whatever its nature, is implemented in order to reach certain goals. In the first part of this article we analyse the goals of concentration control in different jurisdictions – mostly in the European Union, the USA and Lithuania. Four basic market security (...) standards are excluded: economic efficiency, protection of consumers, protection of competitors and protection of effective market competition. At the end we make a conclusion that the same standard, namely that of consumer protection, is applied in all those jurisdictions and that more attention should be paid for the protection of competitors and competition as a whole. Secondly, “dominance” test, applied in the EU under Regulation 4064/89, is analysed in detail. Moreover, the article discusses the meaning of a “dominant position”. We uphold the clarification of “dominance” provided by the Court of Justice, according to which dominance means the ability “to act to a considerable extent independently of their competitors, their customers and, ultimately, of consumers”. It is argued that “dominance” test is not sufficient for contemporary economics. The main disadvantage of this rule is that it is inapplicable for concentrations that do not create or strengthen dominant position. Furthermore, the new European Union rule of “significant impediment of competition” can be named as a smart European decision that tackled several problems: the practice of the Court of Justice remained applicable for future cases, because no serious changes to the wording of the rule were made. The detection of “dominant position” became only an alternative means to impede competition. In addition to this, the USA, the UK rule of “substantial lessening of competition” is compared to the two rules referred above. The concept of “monopoly” used in the wording of the rule, as well as the practice of the USA courts concerning the evaluation of market concentrations is analysed. We conclude that literally the phrases “significant impediment of competition” and “substantial lessening of competition” are different, but the content of these rules is the same. Different decisions taken in the same or similar cases on both sides of the Atlantic depend not on a certain rule but on the means of its application and some other circumstances (social, political factors, etc.). Finally, it is argued that practice of the evaluation of concentrations in the Republic of Lithuania is extremely poor. According to the present findings of the Competition Council of the Republic of Lithuania, it is hard to say the kind of approach the Council follows or, in other words, what kind of a rule the Council applies. Despite the fact that competition law in Lithuania was updated in conformity with the changes made in the EU competition law, we state that the test of “dominance” is further applied in certain concentration cases. (shrink)

Firms are increasingly personalising their offers and services, leading to an ever finer-grained segmentation of consumers online. Targeted online advertising and online price discrimination are salient examples of this development. While personalisation's overall effects on consumer welfare are expectably ambiguous, it can lead to concentration in the distribution of advertising and commercial offers. Constellations are possible in which a market is generally open to competition, but the targeted consumer is only made aware of one possible seller. For the (...) consumer, such a market could effectively resemble a monopoly. We call such extreme cases ‘targeting pockets’. Competition-law metrics such as the Herfindahl–Hirschman Index and traditional means of public oversight of adverts would not detect this concentration. We, therefore, suggest a novel metric, the Concentration-after-Personalisation Index (CAPI). The CAPI treats every consumer as a separate ‘market’, computes a measure of concentration for personalised adverts and offers for each individual consumer separately, and then averages the result to measure the exposure experienced by an average consumer. We demonstrate how the CAPI can serve as a monitoring tool for regulators and auditors and thus help to enforce existing consumer law as well as proposed new regulations such as the European Union's Digital Services Act and its Artificial Intelligence Act. We further show how adding noise via randomly distributed non-personalised adverts can dilute the potential harm of overly concentrated personalisation. We demonstrate how the CAPI can identify the optimal degree of added noise, balancing the protection of consumer choice with the economic interests of advertisers. (shrink)

This book concentrates upon the historic associations of the marketplace in the work of Aristotle, Adam Smith, Karl Marx, and demonstrates how what markets were imagined to entail for society was critical to each author's understanding of the central social problems of their time.

This 2000 text applies modern advances in game theory to the analysis of competition policy and develops some of the theoretical and policy concerns associated with the pioneering work of Louis Phlips. Containing contributions by leading scholars from Europe and North America, this book observes a common theme in the relationship between the regulatory regime and market structure. Since the inception of the new industrial organization, economists have developed a better understanding of how real-world markets operate. These results have (...) particular relevance to the design and application of anti-trust policy. Analyses indicate that picking the most competitive framework in the short run may be detrimental to competition and welfare in the long run, concentrating the attention of policy makers on the impact on the long-run market structure. This book provides essential reading for graduate students of industrial and managerial economics as well as researchers and policy makers. (shrink)

This study uses insights from the political perspective on corporate governance to investigate the influence of geographic concentration of institutional blockholders on workplace safety violations. When institutional investors who have a blockholding stake (i.e., institutional blockholders) are geographically concentrated, corporate managers are more likely to pursue efficiency at the expense of employee interests because these blockholders may find it easier to coordinate their actions, strengthening their power over corporate managers and ultimately giving rise to more workplace safety violations. We (...) also contend that the influence of institutional blockholders’ geographic concentration on workplace safety violations hinges upon the ownership of employees, socially responsible investment funds, and the CEO. Findings from a longitudinal sample of 1316 U.S. firms support our arguments. This study contributes to a nascent stream of research examining the influence of capital market participants on workplace safety by highlighting the role of institutional blockholders’ geographic concentration as a new channel through which investors can shape employee outcomes. (shrink)

Contemporary universities are characteristic of an evident proliferation of corporate discourse. A sole concentration on the production of new knowledge and the education of students does not ensure the prosperity or even survival of universities any longer, and equally important are the admission of elite students, the outcome-based evaluation of academic performance, the establishment of alumni network and also fundraising. This article examines how and to what extent this trend of marketization has invaded the order of discourse of Chinese (...) universities. The research methodology combines the paradigms of critical discourse analysis and the tenets of critical genre analysis [Bhatia VK Towards critical genre analysis. In: Bhatia VK, Flowerdew J and Jones RH Advances in Discourse Studies. London: Routledge, pp. 166–177], with particular attention paid to the notion of genre, interdiscursivity and conversationalization. The texts examined include ceremonial speeches, regulatory documents, insiders’ accounts and field notes. Analytical results show that the trend of marketization, in spite of a potential threat for academic integrity, does facilitate the institutional restructuring and transformation of universities in the context of Mainland China. (shrink)

In times of modern information technology, the world of science is becoming smaller. Does this mean that there will be no more provinces? We do not think so. Setting out from Leszek Nowak's thought “province is where one thinks not on one's own account but on account of another,” we indicate a number of processes that perpetuate provinces. These processes are driven by specific access to scientific knowledge, by education, by new forms of communication, by shortage of financial support and (...) the concentration of resources. We look at the interplay between criteria of theory choice and location on the scientific map. Next, we explore the connection between geo-social and scientific provinces, taking into consideration political and cultural parameters. The conceptual framework of metropolises and provinces in science turns out to be, though not all-embracing, an extremely fruitful one. (shrink)

The chapter sets forth a conceptual model of a comparative institutional approach to law and economics that can help make the meaningful alternatives known to society. The driving force behind such an approach is the need to come to grips with the interrelations between legal and economic processes. Consistent with the thrust of old and new institutional economics, institutional structure cannot merely be assumed away or taken as given; rather, institutions must be the subject of study involving a comparison of (...) the effects of institutional alternatives on our environment, natural resources, and use of land. The chapter includes a discussion of the i) constitutional, ii) institutional, and iii) economic-impact stages of choice, focusing on four different means of social control that serve to allocate society’s scarce resources, namely the market sector, the public sector, the communal sector, and the openaccess resource sector. Environmental, natural resource, and land-use examples are included in the analysis of each stage of choice in exploring the consequences of fashioning remedies within the market sector, the public sector, the communal sector, or leaving resources in the open-access resource sector. It presents a perspective that avoids the rhetorical policy stance of “government versus the market” by showing that economic performance is driven by i) law, ii) technology and iii) social norms. In this, the state stands as an essential complement to the market sector, the public sector, and the communal sector and not a substitute for them; each exists through the active role of government not by government forbearance.Ce chapitre présente un modèle conceptuel d’une approche institutionnelle comparative en analyse économique du droit, aidant à faire connaître d’autres alternatives à la société. Cette approche permettra d’approfondir, les interrelations entre les processus économiques et juridiques. Selon les principes de l’ancienne et de la nouvelle économie institutionnelle, la structure des institutions ne peut pas être supposée donnée ou absente de l’analyse. Plutôt, les institutions doivent être l’objet d’étude, et l’on doit s’attacher à comparer les effets des différentes alternatives sur l’environnement, les ressources naturelles et l’utilisation de la terre. Ce chapitre contient une discussion des étapes de choix constitutionnels, institutionnels et des impacts économiques. Il se concentre sur quatre moyens différents de contrôle social, qui servent à allouer des ressources rares de la société, notamment le marché, le secteur public, le secteur de communautés, le secteur des ressources d’accès libre. Les exemples environnementaux, ceux des ressources naturelles, et de l’utilisation des terres sont considérés dans l’analyse de chacune des étapes de choix, en analysant les conséquences de la confection de remèdes au sein respectivement, du secteur de marché, du secteur public, du secteur des communautés, ou lorsque l’on laisse libre les ressources du secteur d’accès libre. Il fournit une perspective qui évite les positions rhétoriques de politiques “Etat versus marché” en montrant que la performance économique est liée au droit, à la technologie et aux normes sociales. Dans cette perspective, l’Etat est considéré comme un complément essentiel du marché, du secteur public, du secteur communal et non comme un substitut; chacun de ces secteurs existe à travers le rôle actif de l’Etat. (shrink)

The way in which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. Market Liquidity offers a more accurate and authoritative take on liquidity and price discovery. The authors start from the assumption that not everyone is present at all times simultaneously on the market, and that even the limited number of participants who are have quite diverse information about the security's fundamentals. As a (...) result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. This book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have accumulated in the last thirty years, and have come to form a well-defined field within financial economics known as 'market microstructure.' Focusing on liquidity and price discovery, they analyze the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity suffers. The book also confronts many puzzling phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time, why large trades move prices up or down, and why these price changes are subsequently reversed, why we see concentration of securities trading, why some traders willingly disclose their intended trades while others hide them, and why we observe temporary deviations from arbitrage prices. (shrink)

Futurists have imagined the Internet as a separate “cyberspace” and as a force for an idealized marketplace. Business practice and economic theory, however, lead to a different picture. (1) “Always-on” connections bring new interface problems and social skills. (2) Reduced transaction costs and increased economies of scale bring outsourcing, concentration, and globalized economy of focused monopolies. (3) The economies of scope inherent in modular computing systems bring “shallow diversity”: processes and products generated by a common underlying framework. This new (...) picture omits many countervailing factors. Even so, the very existence of alternative scenarios should sharpen questions for research. (shrink)

This paper presents the ‘rationality‐of‐ends/market‐structure grid’. With this grid, the article contrasts, in economic terms, different approaches to business ethics and addresses the question how far and what type of business ethics is feasible. Four basic scenarios for business ethics are outlined that imply different conceptualizations of business ethics. The grid interrelates a rationality‐of‐ends dimension with a market‐structure dimension. The rationality‐of‐ends dimension ranges from opportunism and self‐interested egoism to self‐interested altruism and ultimately to authentic altruism. The market‐structure (...) dimension ranges from perfect competition/no information problems/perfectly dispersed market power to imperfect competition/high information problems/concentrated power. Rather than presenting economic, legal, ethical and discretionary issues in a hierarchical fashion, the grid interrelates these issues. Conclusions are spelled out regarding the empirical observance of business ethics and the programmatic, ‘theoretical’ positions that are behind empirical observations. Practical implications for managers and public policy makers are outlined. (shrink)

Karl Polanyi in The Great Transformation diagnosed what had happened in the Nineteenth Century that led to poverty, increasingly wild economic fluctuations, increasingly severe depressions, and social dislocation and oppression on a massive scale – the market had been disembedded from communities which were then subjected to the imperatives of a supposedly autonomous market. In fact, such disembedding and imposition of these imperatives was a deliberate strategy developed as a means to impose exploitative relations on people, in opposition (...) to ideas of republican democracy. Recognizing this, after such disembedding had engendered a major global depression in the 1890s and an even more severe depression in the 1930s, along with two world wars, reformers largely succeeded in re-embedding markets. This achievement was fought by neoliberals, and their triumph in the 1970s was a really a project of reversion to the Nineteenth Century economic and political order, now upheld by much more powerful forces, including immensely powerful transnational corporations and financial institutions, corrupt politicians, and much more effective mind control industries. As in the Nineteenth Century, it has concentrated wealth and income, destabilized economies, and threatens a new Great Depression and, as a by-product of the tensions generated by global ecological destruction, possibly a new world war. As opposed to Marxist analyses, Polanyi’s analysis provided a much clearer goal to aim at that has not been discredited by the failures of supposedly communist countries. However, there are still huge problems to be overcome if we are to re-embed the market in communities, including the problem of grappling with the immense power of transnational corporations and financial institutions and those who serve them and the success they have had in corrupting the institutions and culture of democracy. This includes not only undermining the power of nations to control their economies and their subversion of democratic processes, but also in promoting passivity in the population to render them inert and powerless. In this paper I will examine proposals, such as those promoted by Arild Vatn in his book Institutions and the Environment, to develop institutions able to achieve this re-embedding. (shrink)

Wet markets, a ‘traditional’ form of food retail, have maintained their popularity in urban China despite the rapid expansion of ‘modern’ supermarket chains. Their continued popularity rests in the freshness of their food. Chinese consumers regard freshness as the most important aspect of food they buy, but what constitutes ‘freshness’ in produce is not simply a given. Freshness is actively produced by a range of actors including wholesalers, vendors as well as consumers. The paper examines what fresh food means to (...) consumers in the Chinese market. It argues that wet markets create a sense of freshness that resonates with this culinary culture through their sensoria, atmosphere, and trust between food vendors and consumers. Together these respond to desires for and reproduce criteria used to evaluate freshness. Within a fragmented food trade system, wet market vendors have an advantage in offering ‘freshness’ through their ability to connect various wholesalers, agencies, and middlemen, and shorten supply chains. The paper is based on participatory observation, a consumer survey and in-depth interviews of various stakeholders in southern China, especially Sanya in Hainan and Guangzhou in Guangdong. This study suggests that this cultural construction of freshness creates a niche for small-scale players and ‘traditional’ markets in an increasingly concentrated global food system. (shrink)

This paper presents the 'rationality-of-ends/market-structure grid'. With this grid, the article contrasts, in economic terms, different approaches to business ethics and addresses the question how far and what type of business ethics is feasible. Four basic scenarios for business ethics are outlined that imply different conceptualizations of business ethics. The grid interrelates a rationality-of-ends dimension with a market-structure dimension. The rationality-of-ends dimension ranges from opportunism and self-interested egoism to self-interested altruism and ultimately to authentic altruism. The market-structure (...) dimension ranges from perfect competition/no information problems/perfectly dispersed market power to imperfect competition/high information problems/concentrated power. Rather than presenting economic, legal, ethical and discretionary issues in a hierarchical fashion, the grid interrelates these issues. Conclusions are spelled out regarding the empirical observance of business ethics and the programmatic, 'theoretical' positions that are behind empirical observations. Practical implications for managers and public policy makers are outlined. (shrink)

In this paper, we want to analyze conceptually whether and when merely using economic discourse – talking money – can crowd out people's positive attitudes towards environmental goods and their reasons to protect them. We concentrate on the specific case of market-based or monetary valuation as an instance of ‘commodification in discourse’ and argue that it can have the same moral problems as real commodification. We aim to bring together insights from philosophy, ethics, economics and psychology to argue that (...) there are good reasons to think about how and when to apply MV in environmental cases. On the basis of this interdisciplinary analysis and in order to promote further empirical research, we develop four empirically falsifiable hypotheses. Commodification in discourse can bring about real commodification. MV can have framing and crowding effects on those who come into contact with it. Intrinsic motivation is more robust than extrinsic motivation and leads less to freeriding. MV's framing and crowding effects can decrease environmental protection. (shrink)

The study of matching degree between energy equipment manufacturing and market demand is crucial for energy enterprises to adjust business strategies, expand market share, and develop sustainably. Considering that the current electricity market evaluation indicators are rarely selected from a global perspective and a single evaluation method may lead to one-sided results, this article takes the technology and equipment related to electric energy as the research object and selects six indicators, including technical standards, qualification certification, export methods, (...) after-sales service, market concentration, and product concentration. By analyzing the supply and demand characteristics of major global regional markets and the situation of Chinese power enterprises in these markets, we propose matching model cluster including osculating value method, rank-sum ratio method, ideal point method, entropy value method, and efficacy coefficient method to conduct the matching degree study. The results show that the overall market matching degree of Chinese power companies is good, especially in Southeast Asia, Central Asia, and Africa. For markets with a low degree of matching, we analyze the reasons based on the matching indicators values to provide companies with corresponding strategies and recommendations. (shrink)

Education is about human flourishing and explores meaning, purpose and values. As a holistic and integral practice for developing sustained attention and concentration, education is profoundly antithetical to the market and it is not a technological domain. The combination of markets and technology in the pursuit of efficiency destroys the potential of education to help societies nurture well-being. This book dives deeply into the overlapping crises of education today. The author draws on decades of experience and many disciplines (...) to celebrate the spirit of education and to frame it as a gift. (shrink)

Money markets are at the heart of financialized capitalism, as those markets that provide the funding liquidity needed for credit creation and leveraged trading. How have these markets evolved, grown, and become critical for larger financial flows? To answer this question, I distinguish an early period of financial globalization marked by regulatory arbitrage, offshoring, deregulation, and informal trading practices from a period of regime-consolidation marked by formal institutionalization. Concentrating on repo markets as the key funding sources for market-based banking, (...) I demonstrate that new institutional arrangements for these markets were initiated by private sector associations, but supported and authorized by public authorities. Bond trader groups codified new contractual arrangements and these were validated via reforms of bankruptcy codes and changes in central banks’ policy frameworks in the United States and European Union. Through these modifications and re-articulations in institutional conditions, transactions and large exposures on money markets became routine affairs—for shadow banking actors like money market funds as well as for commercial banks. The article concludes by discussing the continuity of regime-consolidation efforts after the transatlantic financial crisis and hypothesizes that they reveal “neo-patrimonial” features. (shrink)

In many high-income countries, agricultural land is highly concentrated in a few hands, but detailed knowledge of ownership structures is limited. We examined land ownership structures and agricultural land concentration for the entire state of Brandenburg, Germany (1.3 million ha), using cadastral and company network data. Our aim was to characterise all landowners, analyse the degree of ownership concentration, and examine the role of the largest landowners in more detail. We found a high fragmentation of ownership among 185,000 (...) different owners. Most of the land was owned by individuals not active in agriculture and only a third of the land was owned by farmers and other agricultural actors. Absentee ownership covered a quarter of the land. Ownership concentration was low to moderate in most regions and reached high levels in only a few areas. The largest owners were public institutions, private investors and nature protection institutions. Areas where public institutions owned a lot of land showed high concentrations, but also some areas where private landowners owned a lot of land. In summary, our analysis provides rare information on the concentration of agricultural land ownership in a large region. Such analysis facilitates better justification and design of policies that regulate agricultural land markets. (shrink)

This essay attempts to interpret John Rawls's concept of the state in his "Theory of Justice". His concept is not an analysis of the existing monopoly capitalist state. Such an analysis can be found in, for example, "The Fiscal Crisis of the State" by James O'Connor. Rawls's concept is, by contrast, not one of the actual state but of an idealized state. Ideals, though, touch reality at some point. At what point does Rawls's concept of the state touch reality? The (...) market is the key to a realistic interpretation of Rawls's concept of the state. His view of the market is even at the basis of his renowned principles of justice. The 'efficiency' and 'freedom' of the market are prized by Rawls and other liberal theorists. Income inequality and large capital concentration threaten these prized virtues of the market. Rawls requires a strongly interventionist state to counteract the dangers of monopoly. His idealized state intervenes, not to promote concentration in the manner of the monopoly capitalist state, but to promote greater equality. This equality is needed if the market is to display efficiency and freedom. It is through this intervention that the state promotes justice. Properly interpreted, the assurance problem on which Rawls bases the need for the state arises from market tendencies. The market enables initial advantages to be increased. This is ultimately why people with advantages support the market, whether the context is private ownership or bureaucratic control within so-called market socialism. The inequality resulting from increasing initial advantages interferes with efficiency and freedom. Rawls's state intervenes to preserve the market while restraining it. This can be seen as an attempt to preserve class society from itself. Consequently, Rawls's conception of justice is founded on classes. (shrink)

In contrast to industrial markets based on mass-production of material goods, postindustrial markets hinge on images, experiences, and emotions produced and exchanged on screens and in real life. Because postindustrial markets tend to be highly concentrated and technology-driven, they pose a threat to small businesses and low-skill workers in both advanced industrial economies and the Global South, where a large share of the population makes a living in the informal economy. Using the 2014 World Cup as a case of postindustrial (...) economic activity hinged on spectacle, emotional experience, and intellectual property, I analyze the income-making strategies used by street vendors in São Paulo, Brazil. I show that organizers’ control of fan markets was limited by local conceptions of ownership over national symbols as well as informal workers’ flexible relation to legal norms and enforcement-dodging practices. Circumventing market barriers required risky and sophisticated strategies, however, which were more readily available to the more marginal section of the street vending population. (shrink)

This paper presents the ‘rationality‐of‐ends/market‐structure grid’. With this grid, the article contrasts, in economic terms, different approaches to business ethics and addresses the question how far and what type of business ethics is feasible. Four basic scenarios for business ethics are outlined that imply different conceptualizations of business ethics. The grid interrelates a rationality‐of‐ends dimension with a market‐structure dimension. The rationality‐of‐ends dimension ranges from opportunism and self‐interested egoism to self‐interested altruism and ultimately to authentic altruism. The market‐structure (...) dimension ranges from perfect competition/no information problems/perfectly dispersed market power to imperfect competition/high information problems/concentrated power. Rather than presenting economic, legal, ethical and discretionary issues in a hierarchical fashion, the grid interrelates these issues. Conclusions are spelled out regarding the empirical observance of business ethics and the programmatic, ‘theoretical’ positions that are behind empirical observations. Practical implications for managers and public policy makers are outlined. (shrink)

The Online Labour Index was launched in 2016 to measure the global utilisation of online freelance work at scale. Five years after its creation, the OLI has become a point of reference for scholars and policy experts investigating the online gig economy. As the market for online freelancing work matures, a high volume of data and new analytical tools allow us to revisit half a decade of online freelance monitoring and extend the index's scope to more dimensions of the (...) global online freelancing market. While measuring the utilisation of online labour across countries and occupations by tracking the number of projects and tasks posted on major English-language platforms, the new Online Labour Index 2020 also tracks Spanish- and Russian-language platforms, reveals changes over time in the geography of labour supply and estimates female participation in the online gig economy. The rising popularity of software and tech work and the concentration of freelancers on the Indian subcontinent are examples of the insights that the OLI 2020 provides. The OLI 2020 delivers a more detailed picture of the world of online freelancing via an interactive online visualisation updated daily. It provides easy access to downloadable open data for policymakers, labour market researchers, and the general public. (shrink)

This study explores how firms build organizational resilience (OR) through constructing their corporate social responsibility (CSR) practices. Based on the optimal distinctiveness theory, we propose that a firm may be able to simultaneously conform in scope and differentiate in emphasis in its CSR practices to meet the institutional and strategic needs of CSR, thus building OR. Using data collected from 574 Chinese listed firms during the unique setting of the COVID-19 pandemic, we provide evidence that CSR scope conformity enhances organizational (...) stability, whereas CSR emphasis differentiation enhances organizational flexibility during a transboundary pandemic period. Furthermore, firm competitive position strengthens the positive relationship between CSR scope conformity and organizational stability. Market concentration strengthens the positive relationship between CSR emphasis differentiation and organizational flexibility. This study contributes to the CSR and organizational resilience literature by highlighting the influence of CSR optimal distinctiveness on OR. (shrink)

This article defends Richard Titmuss''s argument, and PeterSinger''s sympathetic support for it, against orthodoxphilosophical criticism. The article specifies thesense in which a market in blood is ``dehumanising'''' ashaving to do with a loss of ``imagined community'''' orsocial ``integration'''', and not with a loss of valued or``deeper'''' liberty. It separates two ``domino arguments''''– the ``contamination of meaning'''' argument and the``erosion of motivation'''' argument which support, indifferent but interrelated ways, the claim that amarket in blood is ``imperialistic.'''' Concentrating onthe first domino (...) argument the article considers theview that monetary and non-monetary meanings of thesame good can co-exist given the robustness of certainkinds of relationship and joint undertakings withinwhich gifts can figure. It argues that societalrelationships are vulnerable or permeable to theeffects of the market in a way that those constitutiveof the personal sphere are not.General, more broadly political questions remainunanswered but the core of Titmuss''s original andchallenging argument remains and can be presented ina defensible form. (shrink)

While the existing literature focuses on the disclosure of social information mainly by large companies, this paper concentrates on the disclosure of social information by small- and medium-sized companies (SME) listed on the Alternative Investment Market (AIM) in the U.K. The paper investigates the prevalent view that SMEs are unlikely to report social information due to their financial constraints and the perception that they have very little social conduct on which to report. Our overall evidence illustrates that, contrary to (...) this view, SMEs report social information regardless of their financial constraints, most likely in the same manner as large companies do, because they realise the significance of social reporting in establishing and retaining their corporate reputation. (shrink)

With the shift from a society dominated mass media toward a media landscape of targeted messages, mediated social relations are also transformed. This article addresses a civil society increasingly mediated by advanced marketing communication technologies, analyzing the democratic consequences of information flows constituting new forms of social interaction. It is suggestive to think of advanced marketing technologies not as discreet components and legal codes, but as representational technologies that allow the coordination of a variety of sophisticated knowledge specialties, and as (...) laboratories that structure the relationships, possibilities, and options for managers, technicians, viewers, and distributors. By conceptualizing issues of privacy with the focus on the creation and impact of social categories, we have a chance to make the marketing representations and laboratories constructed by concentrated powers less opaque and more open to joint creation. (shrink)

In this article, I investigate whether states should regulate energy-drink marketing practices targeting gamers. Energy drinks are high-sugar, high-caffeine, non-alcoholic beverages that allegedly improve energy, stamina, cognitive performance, and concentration. First, I define what “gamer” means and identify the market agents that play a crucial role in the gaming community, including the energy-drink industry. In doing so, I analyze energy-drink marketing practices and explore calls for regulating them. Second, I draw parallels between regulation of energy-drink marketing and marketing (...) of products such as video games and comics with explicit violent and sexual content, tobacco, alcohol, and food high in fat, sugar, and salt. Third, I examine arguments to justify regulation of energy-drink marketing practices that target gamers. Lastly, I formulate an autonomy-based argument for regulating such marketing practices. (shrink)

This paper brings about a conversation between Schumpeterian and Polanyian perspectives on markets and their central role in the capitalist economy. For Schumpeter, markets were critical to the process of selftransformation of economic activity, but in his vision, markets as such were largely taken for granted. Markets enabled the introduction of new processes and products equally as well as rendering economic activities obsolete, with the entrepreneur and firm as agents of change, generating new combinations of activities and driven by the (...) creative power of knowledge. Innovation and markets are jointly the engines of endogenous growth. For Karl Polanyi, by contrast, although markets were the central feature of the capitalist economy from the beginning of the nineteenth century, his main interest is the constant impulse for markets as institutions to expand into every aspect of social life and the countermovement of regulation to restrain what he sees as their essentially destructive nature. His focus is therefore on markets as instituted economic processes, driven by the double movement of regulation and de-regulation. He scarcely considers innovation in production or consumption, concentrating on institutions of exchange and distribution. The paper explores the two perspectives in order to ask the question that their confrontation raises: What is the relation between intra-market endogenous change and marketframework institutional change? To test out each perspective, a schematic “long-duration” empirical account of the United Kingdom food distribution markets is subjected to a Schumpeterian and Polanyian reading, and each is exposed for complementary deficits. A broader explanatory framework is sketched that proposes analysis of innovation in market institutions--especially processes exchange and distribution-- in combination with innovation in production and consumption. It is suggested that to explore the constant change of capitalist economies, these four economic domains each involve different orders of innovation and transformation that have complex feedbacks and interactions with each other. Rather than according primacy to one or other order of change, we require a complex causal account embracing multiple instituted economic processes.Cet article discute de la vision des marchés et de leur rôle central dans l’économie capitaliste selon Schumpeter et Polanyi. Pour Schumpeter, les marchés sont essentiels au processus d’auto transformation de l’activité économique, mais dans son approche il présuppose l’existence des marchés. Les marchés permettent l’introduction de nouveaux processus et produits et rendent en même temps les activités économiques obsolètes. Les marchés, avec l’entrepreneur et la firme comme agents du changement, créent de nouvelles combinaisons d’activités et sont dynamisés par le pouvoir créatif de la connaissance. L’innovation et les marchés sont conjointement les moteurs de la croissance endogène. Chez Karl Polanyi, en revanche, bien que les marchés soient un élément central de l’économie capitaliste dès le début du 19ème siècle, l’attention se porte sur le mouvement permament des marchés-institutions à s’étendre à tous les domaines de la vie sociale ainsi que sur le contre-mouvement de la régulation à limiter ce que Polanyi considère comme la nature destructrice des marchés. Son interêt se porte ainsi aux marchés comme des processus économiques établis, conduits par un double mouvement de régulation et de dérégulation. Il ne considère que rarement l’innovation de production ou de consommation, et se concentre sur les institutions de l’échange et de la distribution.L’article explore les deux visions afin de sinterroger sur ce que la confrontation des approches soulève comme question: Quelle est la relation entre les changements endogènes intra marché et les changements institutionnels de la structure de marché? Pour tester chacune des visions, un compte-rendu empirique sur longue période de la distribution alimentaire au Royaume-Uni est soumis à une lecture Schumpeterienne et Polanyienne.Un cadre explicatif plus large est esquissé et suggère une analyse de l’innovation des institutions de marché - particulièrement des processus d’échange et de distribution - conjointement à l’innovation de production et de consommation. Il est suggéré que pour analyser le changement permanent des économies capitalistes, il faut considérer les ordres d’innovation et de transformation de ces quatres domaines économiques qui connaissent des “effets de retour” ainsi des interactions. Au lieu d’accorder la primauté à un des ordres de changement, il est nécessaire de rendre compte d’une causalité complexe qui prend en compte des processus économiques multiples. (shrink)

To examine how different ownership structures, varying from diverse ownership bases to narrow ownership bases, influence the extent of corporate social responsibility (CSR) reporting by companies in emerging market. The motivation for this study is the reported inconsistent results for this association in developing countries and the lack of research in emerging markets. Eight hundred observations of 80 nonfinancial sector listed companies in the Amman Stock Exchange for the period 2006 to 2015 were used for a content analysis to (...) assess the extent of CSR reporting. Ordinary least square multiple regression analysis was undertaken to examine the association between five different ownership structures and their extent of CSR reporting. The results reveal three separate associations between the types of ownership and the extent of CSR reporting. First, the two types of ownership (foreign and government) have a significant and positive influence on the extent of CSR reporting. Second, another two types of ownership (Family and managerial) have a significantly negative association. Finally, institutional ownership has an insignificant and negligible influence on the extent of CSR reporting. These findings provide insights into how ownership structure influences the CSR reporting extent by emerging market companies such as Jordan. These findings suggest that policy makers, regulatory bodies, companies, and investors should increase their awareness about how different concentration of company ownership influences the extent companies voluntarily disclose CSR reporting. The evidence adds to the limited body of knowledge about different ownership groups' influence on the extent of CSR reporting in a developing country because few empirical studies have undertaken such a comprehensive analysis of this association. (shrink)

The role of sustainable development in the export intensity of small and medium-size enterprises represents an open research question. We consider sustainable development through the environmental, social, and governance dimensions as well as via firms’ innovative activity indicators. Our objective is to reveal the sustainability determinants of export intensity of SMEs in emerging markets subject to financial constraints, which is one of the major obstacles for SMEs. Our sample is based on the 2018–2020 Business Environment Enterprise Performance Survey data. The (...) Heckman model allows us to reveal the factors relevant for SMEs to gain access to foreign markets under the control of financial constraints specific for SMEs. We also analyze the determinants of the SMEs’ share of direct exports in revenue. Our results demonstrate that innovative activity and corporate social responsibility facilitate entry to foreign markets, while equity concentration is a major deterrent. In particular, we reveal a significant positive effect of research and development investment on export intensity. Our findings highlight the complex nature of the interrelations between the SMEs’ share of direct exports in revenue and ESG consciousness. We find that other significant factors are political links of the top management, the gender composition of production and administrative units, employee training facilities, and ownership structure. (shrink)

Although US and European research has documented improvement in earnings quality associated with corporate governance characteristics, the situation in Latin America is questionable, given the business environment in which firms operate, which is characterized by controlling family ownership and weak legal protection. The purpose of this study is to examine the relation between the internal mechanisms of Corporate Governance and Earnings Management measured by discretionary accrual. We use a sample of listed Latin American non-financial companies from the period 2006–2009. Our (...) results show how in the Latin American context the role of external directors is limited and that Boards which meet more frequently take a more active position in the monitoring of insiders, so showing a lower use of manipulative practices. In addition, we find a non-linear relation between insider ownership and discretionary accruals, also pointing to the fact that ownership concentration may be a manipulative practices constrictor mechanism only when the ownership of main shareholders is moderate. The findings have important policy implications since this is, to the best of our knowledge, the first study to analyze the relation between the effectiveness of the government and the earnings management behavior. As policy implications, we document how when a country implements controls aimed at reducing corruption, strengthening the rule of law or improving the effectiveness of government, this leads to a reduction in firm earnings management. (shrink)

While previous studies have discussed how much should be given by firms, less is known about how firms would spend these investments, such as strategically allocating these philanthropy activities across geographic markets. This study examines the impact of multimarket contact on corporate philanthropy in different geographic markets. Using Chinese property insurance firms from 2007 to 2015 as samples, the results show that firms are less likely to initiate philanthropy activities in geographic markets with high multimarket contact. We also found that (...) the negative impact of multimarket competition on corporate philanthropy is stronger in highly concentrated markets. Moreover, this negative relationship is stronger when institutional distance at a firm level is low. Our study contributes to the literature on corporate philanthropy and multimarket contact. (shrink)

We propose that local corruption distorts the allocation of government-controlled resources and impairs the contract environment, thereby reducing firms’ use or suppliers’ provision of trade credit. We use a sample of Chinese-listed firms from 2007 to 2020 to examine the role of local corruption in firms’ access to trade credit and find that the level of local corruption is negatively related to firms’ trade credit use. This effect is more pronounced in firms with weak (vs. strong) internal governance, slack (tight) (...) external monitoring and high (low) supplier concentration. The results of path analysis show that local corruption extends short-term bank loans as well as government subsidies and impairs firms’ accounting quality, thereby inhibiting firms’ demand for or suppliers’ provision of trade credit. Moreover, the post-2012 anti-corruption campaign in China plays a significant role in correcting the misallocation of trade credit caused by corruption. The results of this study illuminate the negative external effects of local corruption on trade credit. (shrink)

This article explores how economic inequality in the United States has led to growing levels of poverty, food insecurity, and obesity for the bottom segments of the economy. It takes the position that access to nutritious food is a requirement for living and for participating fully in the workplace and society. Because of increasing economic inequality in the United States, growing segments of the U.S. economy have become more food insecure and obese, eating unhealthy food for survival and suffering an (...) erosion of “equality of capabilities” that undermines their ability to play a “full and active part in the functioning of community.” Unequal access to nutritious foods in the United States is attributable in part to an industrial food system that is designed to produce short-term profits for industrial food producers, processors, and distributors that extract surplus labor value through market concentration and opportunistic behavior at the expense of the long-term benefits for consumers, food workers, and ecosystems. Economic inequality, food insecurity, and the erosion of equality of capabilities in the United States have given rise to protest movements, social movements, social innovations, and some modest strengthening of regulations to make access to and consumption of healthy food a right for every person. Implications for business and society research are explored. (shrink)

One of the most influential recent developments in supposedly radical philosophy is ‘posthumanism’. This can be seen as the successor to ‘deconstructive postmodernism’. In each case, the claim of its proponents has been that cultures are oppressive by virtue of their elitism, and this elitism, fostered by the humanities, is being challenged. In each case, however, these philosophical ideas have served ruling elites by crippling opposition to their efforts to impose markets, concentrate wealth and power and treat everyone and everything (...) as mere instruments in a way that is not only undermining democracy and threatening economic, social and political stability through growing inequality, but is crippling efforts to deal with the global ecological crisis. Philosophers, Nietzsche claimed, are physicians of culture. Why should people claiming to be philosophers, or at least aligned with philosophers, subvert their own calling? In this paper I will suggest that with the expansion of education and the rise of neoliberalism, those involved in education and research, particularly in the humanities and social sciences, have been proletarianized, and most have accepted this proletarianization. They have been reduced to a fraction of the proletariat - wage-slaves without economic security and therefore dependent on the will of others on whom they are dependent. They are not ordinary wage-slaves, however, but wage-house-slaves, having salaries rather than wages. If, as Marx argued, social being determines consciousness, posthumanism can be understood as the expression of ressentiment of these house-slaves at their condition while simultaneously serving to affirm their superiority to field-slaves while serving their masters. Their work is supported because it provides ideological cover for their masters, the new transnational managerial class or corporatocracy as they expand their power through information technology, while absolving this corporatocracy from responsibility for the consequences of their growing power. In making this claim I will argue that the real target of deconstructionists and posthumanists, although this is now seldom appreciated, has been the humanism of the New Left, a revival of the Radical Enlightenment inspired by Renaissance civic humanism and the German Renaissance. (shrink)

Many years have passed since the first liberalization processes in the electricity sectors the in European Union that were performed in order to establish a single market for electricity. In practice, convergence between neighbouring market areas was established mainly between the Member States in Central-Western Europe, while other countries have allowed for only limited levels of competition. As a consequence, many market areas remain illiquid and consumers pay relatively higher prices for the energy they consume. The final (...) bill is further increased through financing the increasingly ambitious climate agenda, gradually leading to social opposition against ever-growing prices. The aim of this article is to provide examples of differences in market functioning in Member States, leading to discrepancies in average energy costs for end consumers. The consequences of different levels of market concentration, infrastructure investments and renewable generation subsidization are analysed using publicly available statistics. Careful literature review is also performed before the conclusions are presented. (shrink)

Citing corporate concentration and lax enforcement since the Reagan era, the Biden administration has declared a new era of aggressive antitrust prosecution, bringing antimonopoly actions against tech giants such as Meta, Google, and Amazon. But what’s so bad about monopoly or corporate concentration? The standard answer appeals to economic consequences, such as higher prices or deadweight losses. This paper offers a different framework. It argues monopolizing can be a form of cheating, which is a wrong that attaches to (...) means, not just ends; an athlete who cheats but loses still does wrong. In particular, this paper argues that certain market-controlling strategies constitute a form of cheating I call ‘structural cheating,’ best illustrated by the metaphor of creating an unlevel playing field: rather than compete fairly on merits such as product quality and price, a firm that acquires rivals biases the market in its favor, thereby entrenching a dominant position that effectively forces would-be competitors to compete uphill. By framing (alleged) antitrust violations as cheating, while using the FTC’s lawsuit against Facebook (now Meta) as a test case, this paper provides a needed corrective to those citing market success as evidence of merit or skill. A further upshot is the structural cheating account better explains the distinctively problematic features of social media market concentration than Heath’s Market Failures Approach. More generally, this paper provides a normative lens for analyzing fair market competition and shows why it’s not only winning or losing that counts in capitalism, but how one plays the game. (shrink)

This study focuses on why some companies in developing countries go beyond environmental regulations when implementing their corporate environmental social responsibilities or citizenship behavior. Drawing mainly upon the new institutional theory, this study develops a conceptual framework to explain three institutional factors: companies’ market orientations, industrial characteristics, and corporate identities. Accordingly, we suggest that companies from developing countries that are oriented to markets in developed countries, operate in highly concentrated industries, and have missionary identities adopt corporate environmental citizenship behavior (...) by going beyond environmental regulations. The study also discusses the theoretical, policy, and managerial implications of the conceptual framework. (shrink)

The industrialization of agriculture not only alters the ways in which agricultural production occurs, but it also impacts the decisions farmers make in important ways. First, constraints created by the economic environment of farming limit what options a farmer has available to him. Second, because of the industrialization of agriculture and the resulting economic pressures it creates for farmers, the fact that decisions are constrained creates new ethical challenges for farmers. Having fewer options when faced with severe economic pressures is (...) a very different situation for farmers than having many options available. We discuss the implications of constrained choice and show that it increases the likelihood that farmers will consider unethical behavior. (shrink)

BackgroundThe pharmaceutical market in Bangladesh is highly concentrated. Due to high competition aggressive marketing strategies are adopted for greater market share, which sometimes cross limit. There is lack of data on this aspect in Bangladesh. This exploratory study aimed to fill this gap by investigating current promotional practices of the pharmaceutical companies including the role of their medical representatives.MethodsThis qualitative study was conducted as part of a larger study to explore the status of governance in health sector in (...) 2009. Data were collected from Dhaka, Chittagong and Bogra districts through in-depth interview, observation, and round table discussion.ResultsFindings reveal a highly structured system geared to generate prescriptions and ensure market share instituted by the pharmaceuticals. A comprehensive training curriculum for the MRs prepares the newly recruited science graduates for generating enough prescriptions by catering to the identified needs and demands of the physicians expressed or otherwise, and thus grab higher market-share for the companies they represent. Approaches such as inducements, persuasion, emotional blackmail, serving family members, etc. are used. The type, quantity and quality of inducements offered to the physicians depend upon his/her capacity to produce prescriptions. The popular physicians are cultivated meticulously by the MRs to establish brand loyalty and fulfill individual and company targets. The physicians, willingly or unwillingly, become part of the system with few exceptions. Neither the regulatory authority nor the professional or consumer rights bodies has any role to control or ractify the process.ConclusionsThe aggressive marketing of the pharmaceutical companies compel their MRs, programmed to maximize market share, to adopt unethical means if and when necessary. When medicines are prescribed and dispensed more for financial interests than for needs of the patients, it reflects system’s failed ability to hold individuals and entities accountable for adhering to basic professional ethics, code of conduct, and statutory laws. (shrink)

Este Modelo de Optimización Social de Cobertura y Calidad propone una respuesta nueva a la antigua cuestión de política económica y social, de identificar la mejor combinación (o tamaño) en que operen los sectores Mercado y Estado, en términos de maximizar la cobertura y optimizar la calidad de las prestaciones que ambos sectores ofrecen a la población para satisfacer sus necesidades de educación, salud, vivienda, etc. Más que analizar las ventajas y desventajas de cada sector, se busca la mejor combinación (...) de ambos, buscando el óptimo social. En una primera instancia se elabora un modelo que considera dos sectores (mercado y Estado), y luego se integra al modelo un tercer sector que se identifica como Sector Solidario. Se comprueba que sólo incluyendo este Sector Solidario es posible transitar desde la situación presente (de insuficiente cobertura y calidad de las prestaciones sociales) a la situación que el Modelo identifica teóricamente como Optimo Social. (shrink)

Marx concentrated on Western Europe and North America in his core writings, but discussions of Asia, the Middle East, Africa, Eastern Europe, and Latin America are scattered throughout his work. In the Communist Manifesto (1848) and his writings for the New York Tribune Marx posited a universal theory of historical and economic development in which non-Western societies represented backwardness, but could progress into modernity with the external impetus of the world market. Later, especially in the Grundrisse (1857-58) and the (...) recently available Ethnological Notebooks of 1879-82, Marx gradually altered this implicitly unilinear model, replacing it with a more multilinear one in which non-Western societies (in which he included Russia) might be able to embark upon an alternate form of modernity that would offer a new challenge to capitalist modernity. The basis of this alternate form was economic, in the “communal” property forms that he saw as underlying many Asian societies, as opposed to Western-style private property. (shrink)

The morality of tendering practices is an issue of economic and social significance, especially when large government contracts are involved. Criticisms are mostly concentrated around collusive tendering: illegal agreements between tenderers that result in seemingly competitive bids, price fixing or market distribution schemes that circumvent the spirit of free competition and defraud clients. Although collusion has been identified as an endemic malaise of tendering, its behavioural and moral dimensions have not been systematically studied before. The paper addresses this knowledge (...) gap and describes part of an exploratory empirical investigation of the decision-making patterns utilised by estimators in Australia'slargest construction organisations. (shrink)

This scientific article is devoted to the research of different aspects and forms of existence of the "European idea". In particular, the idea of "Europe of concentrative circles" and conception of "Europe of variable geometry" which were offered by the prime minister of France E. Balladur. The author focuses on the fact that the problems associated with formation or, in fact, definition of the theoretical foundations of contemporary European integration process have an objective character. This is due to deepening and (...) enlargement of the EU, in the context of changes in theoretical approaches. Treated on the basis of facts the author makes following conclusions: the idea of "Europe of concentrative circles" provides more higher level of integration towards the "center" of the European Community, which would be after the EU political union, a common market and economic and monetary union. Followed by countries of the European Free Trade Association, close to the EU in economic and legal terms. The outer circle is composed of the countries associated with the EU applying for full membership. Fourth, the broadest range - there are the member-states of the OSCE as a common area of European cooperation. (shrink)

The status of the child in the context of contemporary socio-cultural processes that are reflected in the market is the main issue discussed in this paper. It may be surprising to concentrate on children and the market, while the sphere of economic exchange is the scene of such actions as work, production and consumption which seem to be reserved to adult members of the society. Although there are issues – such as kids advertisement and its consequences, and children’s (...) participation in the process of buying – that are discussed, the range of problems that deserve consideration is far wider. The questions analyzed in this paper concentrate on two aspects. First of them is the influence of the market sphere on the life of children as members of the families and the society. The question that should be asked here is whether a child can and should be regarded as any other consumer, or should be protected – e.g. against controversial marketing practices. The second group of problems is connected with the objective way of treating children which leads to formation of something that can be called the markets of children”. Both these sets of issues are the stimulus to analyze the way of understanding a child and its status in the society. It is also done through taking into consideration such issues as current concepts of socialization, antipedagogy, infantilisation and adultisation that influence and shape market processes. Finally the analysis undertaken in this paper leads to an attempt to answer the question whether in the current context children are seen as persons or resources. (shrink)