This paper provides a background to, detailed exploration, and then critique of, the influential notion of economic performativity. It begins with a broad sweep of the theoretical developments in economic sociology in the years before the advance of the performativity program. In doing so it outlines the theoretical quandary that performativity sought to move beyond. Having set the scene, it then looks at the performativity thesis in detail, explaining how it seeks to do away with modern ontological binaries (...) like the object/subject dichotomy. Once the performativity thesis has been unpacked, it is critiqued. Leading to the conclusion, that while there have been some benefits to the performative approach, especially in research looking at finance, the performativity thesis ultimately fails in its attempt to move beyond the ontology of “the moderns”, and does little to shift the debates in economic sociology that predated its popularity. (shrink)

Drawing on evolutionary realism as a guiding framework and using relevant theoretical bases at macro-, meso-, and micro- levels, we investigate the relative variance explained by each level on selection and retention of Benefit Corporations. Based on a sample of 5052 observations of certified B-Corps and 1403 observations of decertified B-Corps, relative to the country and industry differences, firm-level differences explain most of the variance in non-economic performance, especially for workers and community impact areas. Industry-level differences explain small (...) differences in customers and environmental performance while country differences do not explain meaningful performance differences. The results also show a similar pattern in relative effects for decertified B-Corps. Our findings point to the value of disaggregating the relative effects of multilevel factors in further understanding drivers of non-economic performance and the decertification of B-Corps. (shrink)

This article concerns challenges arising from the development of economic globalization as the so-called “creator of a new world order“ and its tendency to deteriorate the foundation of a global order in terms of social justice, solidarity, and human dignity. As main point of referral functions, the report of the “Commission Stiglitz, Sen and Fitoussi cs“ on the Measurement of Economic Performance and Social Progress that refers to the European Commission's strategy of development, acknowledges the need for (...) these values. On behalf of this reflection, this article is based on the recent outcomes of the exploration of these social quality issues in a recent published book by the Foundation on Social Quality. The article argues that indicators are needed in order to understand the effects of societal changes in response to the current economic globalization, which increases inequality and the fragmentation of the labor market. (shrink)

Together, China and India account for almost two fifths of mankind. In purchase power parity terms the Chinese economy is the second largest in the world ahead of Japan, and the Indian economy is the fourth largest ahead of Germany. In less than two decades these two big Asian economies together might account for a quarter of the global product. Currently, however, both countries are still poor.Both countries might outgrow poverty, because potential advantages of backwardness as well as fairly strong (...) domestic investment favor growth. Concerning human capital formation China and India differ. China is much better than India in primary school education. Eradication of analphabetism is in sight in China, but far in the future in India. India, however, is much stronger in tertiary education than China. Another major difference between China and India is their degree of integration in the global economy. China benefits much more from the global division of labor than India does. China attracts much more foreign direct investment, too.In the past fifty years, Chinese economic performance was superior to the Indian performance. Nevertheless I reject the interpretation that either China’s autocracy or China’s communist ideology is responsible for China’s better performance. China started to grow faster than the global economy only after Deng Xiaoping liberalized and opened up the economy. Under Mao Zedong and during the great leap forward more than 30 million Chinese starved to death. Similar disasters did not happen in poorer India. If China and India teach a lesson about the impact of regime characteristics on growth, it is the following: Democracy promotes performance quite similar to the global average, autocracy as a constitution of arbitrariness permits much better performance or much worse performance.In the long run, the growth prospects of both China and India depend not only on their own economic policies, but also on Western readiness to take their exports. Open Western markets together with sensible policies in China and India may promote global prosperity and peace.A eux deux, la Chine et l’Inde représentent deux cinquièmes de l’humanité. En termes de capacité de pouvoir d’achat comparé, l’économie chinoise est la deuxième plus grande au monde, devant le Japon, et l’économie indienne est la quatrième plus grande, devançant l’Allemagne. Dans moins de deux décennies, ces deux gigantesques économies asiatiques pourraient représenter conjointement un quart du produit global. Aujourd’hui cependant, ces deux pays sont toujours pauvres.Les deux pays pourraient surmonter la pauvreté car les potentialités que recèle un retard économiq- ue ajoutées à un investissement intérieur relativement soutenu favorisent la croissance. En ce qui concerne la formation du capital humain, des différences existent entre la Chine et l’Inde. La Chine est meilleure que l’Inde dans le domaine de l’éducation primaire. L’éradication de l’analphabétisme semble être en vue en Chine mais est loin d’être une partie gagnée en Inde. A l’inverse, l’Inde devance la Chine dans le domaine de l’éducation tertiaire. Une autre différence majeure entre la Chine et l’Inde concerne leur degré d’intégration dans l’économie globale. La Chine bénéficie davantage de la division globale du travail que l’Inde. De plus, la Chine attire plus d’investissements directs de l’étranger. Durant les cinquante dernières années, la performance de l’économie chinoise a été supérieure à celle de l’Inde. Néanmoins, l’auteur rejette l’interprétation suivant laquelle ce serait ou l’autocratie chinoise ou l’idéologie communiste qui serait à l’origine de cette supériorité. La Chine commença à croître plus rapidement que l’économie globale seulement après que Deng Xiao Ping a libéralisé l’économie chinoise et ouvert ses frontières. Sous le règne de Mao Tsé Tung, et durant le “grand bond en avant”, plus de 30 millions de chinois sont morts de famine. De tels désastres n’ont pas été observés en Inde qui est relativement plus pauvre. Si une leçon peut être tirée des expériences chinoise et indienne à propos de l’impact des caractéristiques des régimes sur la croissance économique, c’est la suivante : la démocratie promeut des performances assez identiques à la moyenne globale, et l’autocratie en tant que constitution de l’arbitraire donne lieu à des performances bien meilleures ou bien pires. A long terme, les perspectives de croissance de la Chine et de l’Inde dépendent non seulement de leurs propres politiques, mais aussi de la volonté des pays occidentaux de digérer leurs exportations. Des marchés occidentaux ouverts et des politiques intelligentes en Chine et en Inde peuvent promouvoir la prospérité et la paix au niveau global. (shrink)

In this article, we provide a broad overview of the interplay among cognition, belief systems, and institutions, and how they affect economic performance. We argue that a deeper understanding of institutions’ emergence, their working properties, and their effect on economic and political outcomes should begin from an analysis of cognitive processes. We explore the nature of individual and collective learning, stressing that the issue is not whether agents are perfectly or boundedly rational, but rather how human beings (...) actually reason and choose, individually and in collective settings. We then tie the processes of learning to institutional analysis, providing arguments in favor of what can be characterized as “cognitive institutionalism.” Besides, we show that a full treatment of the phenomenon of path dependence should start at the cognitive level, proceed at the institutional level, and culminate at the economic level. (shrink)

_The assessment of institutional quality and its influence on economic performance is highly relevant in Nigeria due to the country's constantly changing governmental institutions, dynamic market circumstances, and diversified socioeconomic atmosphere. Thus, the study aims to investigate the impact of institutional quality on the economic performance of Nigeria. This study employed ex post facto research, while time series data was used, which spans from 1996 to 2021, sourced from the Central Bank of Nigeria (CBN) and the (...) Worldwide Governance Indicators (WGI). The study employed unit root tests, Johansen cointegration, and the Error Correction Model as estimation techniques. However, post estimation tests such as normality, serial correlation, heteroskedasticity and stability tests were carried to ascertain the level of statistical accuracy outcome of the variables used. The findings suggest that there is a sustained nexus between the quality of institutions and characteristics related to economic growth. Also, it was equally found out that political stability has a significant impact in the short run. This suggests that a unit increase in political instability would definitely amount to a decrease in economic performance in Nigeria during the period under investigation. The study suggests enhancing accountability, transparency, administrative efficiency, and law adherence to improve Nigerian institutions. This can be achieved through reform implementation, capacity building, and good governance mechanisms, while reducing political unrest and fostering stability._. (shrink)

Although migration and religion have traditionally developed as two separate research topics, in the current context of globalization and trans-nationalism attention begins to focus on the way they interconnect. Religion received little attention in Romanian studies on migration undertaken so far. Using the results of our survey among Romanian international migrants of different religious faiths, this paper aims to raise interest in migration-religion relationship and, at the same time, to improve the understanding of the economic performance factors in (...) a migration context by focusing on the distinctive characteristics of Romanian religious minorities. We address both the theoretical and the empirical dimension of this topic, making use of various statistical methods. Our main findings are consistent with the assumption that religious belief is reflecting upon the behavior and economic performance of Romanian migrants. (shrink)

The COVID-19 pandemic shocked the global economy, with numerous companies suffering losses and shutting down. However, some companies proved to be resilient, being able to sustain their economic performance despite the pandemic. The study aims to explain the sustainable economic performance of companies during the COVID-19 pandemic. The relationships between empowering leadership, innovative work behavior, organizational readiness to change, and sustainable economic performance were assessed. The data were collected via an online questionnaire from January (...) 2021 to March 2021, during the height of the COVID-19 pandemic in Russia. The respondents were Russian companies’ employees holding management positions, competent to objectively assess organizational circumstances during the COVID-19 pandemic. A sample of 337 was used in the analysis. Confirmatory factor analysis (CFA) with maximum likelihood estimation was conducted using SPSS AMOS. The structural model was tested with standardized parameter estimates, standard errors, and p-values calculated. The findings of the study suggest that innovative work behavior and organizational readiness to learn have a direct influence on sustainable economic performance. The findings also suggest that empowering leadership impacts innovative work behavior but not sustainable economic performance. The mediation analysis indicates that innovative work behavior is a mediator between empowering leadership and sustainable economic performance, whereas organizational readiness to learn is not a moderator. The study adds to the leadership and sustainability body of knowledge and contributes to the research on the COVID-19 pandemic in the organizational context. (shrink)

Hegel’s philosophy has witnessed periods of revival and oblivion, at times considered to be an unrivalled and all-embracing system of thought, but often renounced with no less ardour. This book renews the dialogue with Hegel by looking at his legacy as a source of insight and judgement that helps us rethink contemporary economics. This book focuses on a concept of institution which is equally important for Hegel's political philosophy and for economic theory to date. The key contributions of this (...) Hegelian perspective on economics lead us to the synthesis of traditional approaches and new ideas gained in economic experiments and advanced by neuroeconomists, sociologists and cognitive scientists. The proper account of contemporary 'civil society' involves comprehending it as a historically evolving totality of individual minds, ideas and intersubjective structures that are mutually dependent, tied by recognitive relations, and assert themselves as a whole in the ongoing performative movement of 'objective spitit'. The ethics of recognition is paired with the ethics of associations that supports moral principles and gives them true, concrete universality. This unusual constellation of seemingly remote fields suggests that Hegel, read in a pragmatist mode, anticipated the new theories and philosophies of extended mind, social cognition and performativity. By providing a new conceptual apparatus and reformulating the theory of institutions in the light of this new synthesis, this book claims to give new meaning both to Hegel as interpreted from today, and to the social sciences. Seen from this perspective, such phenomena as cooperation in games, personal identity or justice in the version of Amartya Sen's 'realization-focused comparisons' are reinscribed into the logic of institutional theory. This 'Hegel' clearly goes beyond the limits of philosophical discussion and becomes a decisive reference for economists, sociologists, political scientists and other scholars who study the foundations and consequences of human sociality and try to explore and design the institutions necessary for a worthy common life. (shrink)

This paper shows that, if the performance of the economy is independent of the identities of individuals, then many welfare criteria yield sets of optimal social states that are equal to the Pareto optimal set. This result is proved for income distributions and extended to more general social choice problems. If the independence condition holds, then the set of optimal states is invariant to the adoption of an anonymity axiom, and to the utility information available.

Transition economies have inherited of a lot of outdated or blackwarded facilities in many industries from the socialist period. Restructuring such enterprises or industries need massive inputs of investment and technology. Privatisation and foreign direct investment provide answers to this problem, but at the price of important lost of control over the concerned bodies. Here we consider the situation of Hungarian telecoms which have been successfully privatised to Deutsch Telecom and try to assess the results of the operation and the (...) effects on the potential growth of the industry and more generally on the Hungarian economy.Les économies en transition ont hérité de la période socialiste un certain nombre d’entreprises et de secteurs aux installations largement obsolètes. Leur mise à niveau constitue un préalable à l’amélioration qualitative des productions, des processus de production, et par conséquent à une élévation progressive des salaires réels et des niveaux de vie. Cette opération nécessite des injections massives de capitaux et de technologie. La privatisation des entreprises concernées, en particulier au bénéfice d’investisseurs étrangers, peut apporter une solution, mais au prix d’une perte importante de contrôle.Ici, nous examinons la situation des télécoms en Hongrie, qui ont été privatisées au profit de l’entreprise elle-même, du point de vue de l’industrie des télécommunications, et plus généraleme- nt in s’interroge sur les effets qu’elle peut avoir sur l’ensemble de l’industrie hongroise. (shrink)

Based on the literature on stakeholder management and family firm dynamics, this research analyses the relationship between three constructs: the identification of business families with their family firms, FFs’ orientation toward key non-family stakeholders, and the achievement of better economic performance. Data analyses from 374 family and non-family members of 173 Spanish FFs show that a high level of family identification with their firms affects the orientation of FFs toward key non-family stakeholders in setting corporate goals and that (...) this orientation will lead to higher economic performance only when it is built on family identification with the firm. Our results also show that the significance of both relationships changes with the degree of family involvement in the management of the FF. (shrink)

This article examines whether economic performance could affect EID and how the relationship is determined by the form of ownership from voluntarism to regulation under the current Chinese context. In this study, our empirical results show that the relationship between firms’ performance and EID is complex and the interactive impact of ownership and economic performance on EID significantly varies from voluntary disclosure to mandatory disclosure. This study provides a more comprehensive understanding of the motivations in (...) corporate EID. The performance–impression theory can be used to explain the disclosure behaviors during the period of voluntary disclosure, while the pressure–legitimacy theory can be used during the period of mandatory disclosure. The finding suggests that when evaluating corporate EID associated with economic performance in emerging economies such as China, it needs to be cautious, as which tends to vary with the form of ownership and whether there is any mandatory regulation in place. (shrink)

A collection of essays on economic policy in the open economy. If a country is opening up its economy, that is, allowing its domestic production to become competitive with that of the rest of the world, how do policy choices critically influence its economic performance? This book highlights the choices that can be made in several areas: monetary policy, exchange-rate policy, financial reform, protection, tax reform, and foreign capital. It includes detailed case-studies of Nigeria and Bolivia.

What is the relationship between electoral and economic performance? Previous literature posits that poor economic performance hurts the incumbent at the ballot box because overall economic performance serves as a competence signal, which voters can readily access at low costs. Building on an emerging economic voting literature exploring heterogeneity in the electorate, this article argues that social groups are affected differently by various dimensions of economic performance and that their sociotropic sanctioning (...) of incumbents is contingent on the retrospective performance of these dimensions. It theorizes how four social groups—low-skilled workers, pensioners, public sector employees, and high-income individuals—are differently affected by each of four economic dimensions: unemployment, inflation, stock market performance, and public spending; as a result, they penalize the incumbent to varying extents. Results from a multilevel logistic regression analysis from four modules of the Comparative Study of Electoral Systems containing around seventy electoral contexts are consistent with the argument. (shrink)

This study contributes to the growing literature on the intersection between human resource management and corporate sustainability and, in particular, on sustainable human resource management. In particular, this paper claims that the members of the HR professional community can increase their job satisfaction and decrease their intention to leave by implementing sustainable HRM. In addition, we test for the mediating role played by the meaning that HR professionals and managers attach to HR work. Indeed, when HR professionals and managers are (...) involved in sustainable HRM perceive their job to become more meaningful as it has a broader scope which goes beyond the solely focus on economic performance, and that leads then to higher job satisfaction and lower turnover intention. The study, which is based on 176 questionnaires collected through a cross-country survey, has been developed in partnership between the authors and a leading European association of HR managers and professionals. Our findings, which in general extend the knowledge on the employees’ perception of CS—employee attitudes relationships, represent a data-driven argument for a more active role of HRM in developing Sustainable HRM. (shrink)

This study examined the constraining effect of economic performance on the relationship between CEO stakeholder orientations and four pollution performance categories. Economic performance was found to moderate the relationship for two of the four categories. Additionally economic performance was found to consistently interact with some CEO stakeholder orientations and not others. Overall the results suggest that CEO concern with stakeholder expectations is in large part moderate by the economic performance of the (...) firm. (shrink)

The objective of this paper is to analyze the effect of privatization on the performance of firms by using a panel data set of 38 companies that were privatized in Europe. We compare the profit, profitability, total product, operating efficiency, net income, employment, leverage and risk of these SOEs before and after their privatization. The legal environment, regulation, goals of privatization and competition characterize each sector, which is why we split the total sample into sectors. Our results indicate that (...) the performance of companies in the utility industry is significantly better after privatization; however, we cannot assert this for the other sectors. (shrink)

In its roughly 25 years of existence, the trial consulting profession has grown dramatically in membership, recognition, and breadth of practice. What began as a small activist group of social scientists volunteering their expertise to assist in the defense of Vietnam War protestors has evolved into a diverse set of professionals from a range of educational and professional backgrounds. In spite of such enormous growth, the work of trial consultants has gone largely unexamined. Trial Consulting takes an in-depth look at (...) the primary activities of trial consultants, including witness preparation, focus groups and mock trials, jury selection, change of venue surveys, and attorney presentation style. It also examines the profession's struggle to define itself, resisting certification and licensure requirements and settling instead for a set of practice standards. The authors draw upon empirical and other scholarly work in the social sciences, recommended "best practices" from trial lawyers, and the written and spoken recommendations and reflections of the trial consultants themselves. Addressing a broad spectrum of topics ranging from handwriting analysis to medical malpractice cases, they also suggest reforms for improving the profession and the efficacy of the trial consultant in the courtroom. The result is a critical analysis of what trial consulting truly adds to, and detracts from, the administration of justice. This book is an indispensable guide for practicing and aspiring trial consultants as well as the judges, attorneys, and psychologists who work with them. Trial Consulting provides a thought-provoking statement on the state of the profession, and students and professionals alike will benefit from the challenges it offers. (shrink)

Son yıllarda başarılı yönetişimin ekonomik performansa etkisi tartışmaların odak noktası haline gelmiştir. Yönetişimin ekonomik büyüme ve gelişme üzerindeki rolünün önemli olduğu düşünülmektedir. Bu çalışmada OECD ülkelerinin, yönetişim değişkenleri ve bazı makroekonomik değişkenler açısından kümelenmeleri amaçlanmaktadır. Bu sayede söz konusu ülkelerin birbirlerine göre konumlarının yanı sıra Türkiye ile olan konumları da belirlenmiştir. Otuz beş OECD üyesi ülkenin ele alındığı araştırmada kümeleme analizi kullanılarak yedi değişkene ilişkin derlenen 2016 yılı verileri analiz edilmiştir. Analiz sonuçlarına göre; bu ülkeler üç farklı kümede gruplanmış ve (...) Türkiye’nin Meksika ile aynı küme altında toplandığı tespit edilmiştir. (shrink)

The phenomenon of performativity has recently sparked debates about the status of the economic discourse. This paper aims to discuss the subjectivist idea that if economics ‘performs’ social reality, rather than merely reflects it, then every theory can be considered ‘true.’ My main goal is to point out three limits of performativity. First, not all theories can be performative since some do not produce empirical landmarks for agents. Second, social institutions restrict performativity. Third, I emphasize the necessity that a (...) theory to be self-fulfilling. This article is a prelude to a new kind of performative studies based on an original definition: a theory performs the world if it implies a behavioral regularity which leads to a general coordination between agents. That is to say, if it becomes a convention à la David Lewis. (shrink)

This research aims to fill a major gap in the relevant literature on small businesses in developing countries, specifically concerning the development of models to better explain economic and environmental performance as a result of environmental compliance, thus moving toward an explanation of the sustainable behavior of these businesses. Data from 186 pottery craft businesses located in three Mexican states (Oaxaca, Puebla and Tlaxcala) reveal that environmental compliance significantly influences economic and environmental performance, with the mediating (...) role of environmental innovation, confirming the Porter hypothesis in the context of small businesses in an emerging economy. Environmental compliance is an important factor in improving the economic and environmental performance of small businesses in emerging economies. (shrink)

Socio-economic status and mathematical performance seem to be risk factors of mathematics anxiety in both children and adults. However, there is little evidence about how exactly these three constructs are related, especially during early stages of mathematical learning. In the present study, we assessed longitudinal performance in symbolic and non-symbolic basic numerical skills in pre-school and second grade students, as well as MA in second grade students. Participants were 451 children from 12 schools in Chile, which differed (...) in school vulnerability index, an indicator of SES. We tested an explanatory model of MA that included SES and longitudinal performance in basic numerical skills as predictors. The results showed a direct effect of SES on MA and a mediating effect of performance in symbolic and non-symbolic comparison tasks in pre-school. However, in second grade, only performance in symbolic comparison significantly mediated the SES-MA relationship. These findings suggest that performance in non-symbolic comparison plays an important role in explaining MA at initial stages, but that its influence is no longer significant by the time children reach formal instruction in second grade. By contrast, as children’s formal educational experience in mathematics increases, MA becomes linked primarily to symbolic numerical tasks. In sum, SES affects MA and this is due in part to the effect of SES on the development of numerical learning in pre-school, which in turn has an impact on subsequent, more complex learning, ultimately leading to differences in MA. We discuss the implications of these findings for preventing and acting upon the emergence of MA. (shrink)

The aim of The Legal Foundations of Micro-Institutional Performance is to introduce the reader to a different way of thinking about economics that will allow them to both understand and apply legal concepts to economic analysis. To this end, it adopts and further develops Wesley Hohfeld's legal framework of jural (legal) relations as a tool of analysis. This analytical tool, as built into the Legal-Economic Performance framework, provides specific direction in identifying and describing interdependence among (...) class='Hi'>economic agents (including rights, duties, liberties and exposure to various acts). The framework adopted and developed in this book relies on the concept of interdependence--that all economic agents are tied together in a legal system given the inherent interdependent nature of transactions in a complex modern global economy. The authors start by developing this framework and then apply it to a variety of settings and empirical examples. Using this new method, economists will be able to reshape their analysis to account for how legal systems and specific legal rules impact economic performance and outcomes. This approach will be of great interest to graduate and advanced undergraduate social science scholars, faculty interested in the intersections of law and economics and the application of legal concepts to impact analysis, and practitioners in the fields of policy, law and economics. (shrink)

Literature on ethical behavior has paid little attention to the mechanism between macro-environmental variables and environmental performance. This study aims at constructing a model to examine the relationships which link cultural values, population growth, economic development, and environmental performance by incorporating the mediating role of education. The multiple linear regression model was employed to test the hypotheses on a 3-year-pooled sample of 51 countries. Empirical results conclude that national culture, economic development, and population growth would significantly (...) influence environmental performance directly. In addition, through the mediating effect of education, population growth and national culture would significantly affect environmental performance indirectly. These findings provide theoretical and managerial implications for constructing the mechanism of cultural values and ethical behavior in general and environmental management in particular. (shrink)

Do firms respond to changes in economic growth by altering their corporate social responsibility programs? If they do respond, are their responses simply neglect of areas associated with corporate social performance or do they also cut back on positive programs such as profit sharing, public/private housing programs, or charitable contributions? In this paper, we argue that because CSP-related actions and programs tend to be discretionary, they are likely to receive less attention during tough economic times, a result (...) of cost-cutting efforts. However, the various CSP performance areas vary in terms of their resource requirements and their influence on financial performance, which suggests that firms may respond differently depending on area. Consequently, in addition to examining CSP concerns separately from positive actions and programs, we also examine the influence of economic growth across the five areas of diversity, employee relations, the environment, product quality/safety, and the community. Based on data from 837 firms over 15 years, our results suggest that firms neglect some areas associated with CSP during economic downturns, resulting in increased concerns about community and employee relations, product safety/quality, and the environment. However, this relationship does not apply to positive actions and programs. Instead, firms tend to increase their positive CSP programs in areas such as diversity, employee relations, and the environment during periods of slow economic growth and reduce them when the economy picks up. We offer potential explanations for our findings and discuss their importance to research on CSP. (shrink)

This book describes and analyses the activities and procedures through which the professional economist may advise on matters of public policy, specifically on the performance of an economic system. The author shows that the decision-making component within a system may be defined in terms of optimal policies for attaining well-specified objectives, but that the choice of rules by which the system is governed must remain 'outside' the system due to its dependence upon the legislative process. He proposes a (...) 'generating mechanism' for arriving at public policy choices based on the interaction between the economic system and the legislative process. (shrink)

The paper aims to investigate the effects of corporate social performance (CSP) on bankruptcy likelihood in times of economic upswing. This is important because prior related literature focused on data containing times of economic crises. We measure bankruptcy likelihood with the Altman Z score and CSP with Refinitiv ESG scores. By applying static panel data regressions and instrumental variable regressions on a sample of 6696 US-firm-year observations from 2010 to 2019 our main findings are: (i) In contrast (...) to existing research, the level of firms’ CSP seems to have no (positive) effect on the likelihood of bankruptcy during times of economic upswing. (ii) Increasing a firm’s CSP in times of economic upswing leads to a rise in bankruptcy likelihood. We conclude that the positive effects of CSP on stakeholder relationships fail to materialize in flourishing business environments. The costs of increasing CSP, thus, exceed their immediate positive effects and raise bankruptcy likelihood. However, as they reduce financial default risk in subsequent crises, CSP investments can be seen as a balancing measure. Our findings bear implications for scholars, practitioners, and policymakers. (shrink)

State authorities have taken a variety of measures aimed at combating the COVID-19 pandemic. One group of those measures constitutes restrictions on the freedom of economic activity. In the paper the author analyses the provisions establishing prohibitions on performing specific economic activities introduced in Poland in the period from 14 March 2020 to 31 May 2021 in order to verify whether they have sufficient legal bases. For that purpose it was necessary to establish the constitutional conditions for introducing (...) restrictions on the freedom of economic activity. Subsequently the author verified what legal bases for the implementation of the restrictions were indicated in the legal acts introducing those restrictions and how those prohibitions have been defined. The main research method used for the purpose of the paper is the dogmatic method of analysing the provisions contained in the legal acts. (shrink)

Around the globe, economists affect markets by saying what markets are doing, what they should do, and what they will do. Increasingly, experimental economists are even designing real-world markets. But, despite these facts, economists are still largely thought of as scientists who merely observe markets from the outside, like astronomers look at the stars. Do Economists Make Markets? boldly challenges this view. It is the first book dedicated to the controversial question of whether economics is performative--of whether, in some cases, (...) economics actually produces the phenomena it analyzes.The book's case studies--including financial derivatives markets, telecommunications-frequency auctions, and individual transferable quotas in fisheries--give substance to the notion of the performativity of economics in an accessible, nontechnical way. Some chapters defend the notion; others attack it vigorously. The book ends with an extended chapter in which Michel Callon, the idea's main formulator, reflects upon the debate and asks what it means to say economics is performative.The book's insights and strong claims about the ways economics is entangled with the markets it studies should interest--and provoke--economic sociologists, economists, and other social scientists.In addition to the editors and Callon, the contributors include Marie-France Garcia-Parpet, Francesco Guala, Emmanuel Didier, Philip Mirowski, Edward Nik-Khah, Petter Holm, Vincent-Antonin Lépinay, and Timothy Mitchell. (shrink)

Proactive corporate social responsibility (CSR) involves business practices adopted voluntarily by firms that go beyond regulatory requirements in order to actively support sustainable economic, social and environmental development, and thereby contribute broadly and positively to society. This empirical study examines the role of the economic, social and environmental dimensions of proactive CSR on the association between three specific capabilities—shared vision, stakeholder management and strategic proactivity—and financial performance in small and medium enterprises (SMEs). Using quantitative data collected from (...) a sample of 171 Australian SMEs in the machinery and equipment manufacturing sector and employing structural equation modelling, we find that the adoption of practices in each CSR dimension by SMEs is influenced slightly differently by each capability, and affects financial performance differentially. The study also demonstrates the importance of the interaction between the three dimensions of proactive CSR in positively moderating the deployment of each individual CSR dimension to generate financial performance. Paying primary attention to the economic dimension of proactive CSR and selectively focusing on social and environmental elements of proactive CSR that drive and support the economic dimension are of key importance to sustainable long-term financial success for SMEs. (shrink)

Ethical oaths for bankers, economists and managers are increasingly seen as successful instruments to ensure more responsible behaviour. In this article, we reflect on the nature of ethical oaths. Based on John Austin's speech act theory and the work of Emmanuel Levinas, we introduce a performative concept of ethical oaths that is characterised by (1) the existential self-performative of the one I want to be, which is (2) demanded by the public context. Because ethical oaths are (3) structurally threatened by (...) the possibility of infelicity or failure, we stress (4) the behavioural aspect of ethical oaths in economics and business. We conclude that a performative concept of ethical oaths can contribute to more ethical behaviour in economics and business, because the performative involves action and behaviour. At the same time, it becomes clear that a radical new perspective on the nature, function and limitation of oaths is needed. (shrink)

This book provides an introduction to the relationship between economics and ethics, explaining why ethics enters economics, how ethics affects individual economic behavior and the interactions of individuals, and how ethics is important in evaluating the performance of economies and of economic policies.