Social choice rules are often evaluated and compared by inquiring whether they satisfy certain desirable criteria such as the Condorcet criterion, which states that an alternative should always be chosen when more than half of the voters prefer it over any other alternative. Many of these criteria can be formulated in terms of choice sets that single out reasonable alternatives based on the preferences of the voters. In this paper, we consider choice sets whose definition merely relies on the pairwise (...) majority relation. These sets include the Copeland set, the Smith set, the Schwartz set, von Neumann-Morgenstern stable sets, the Banks set, and the Slater set. We investigate the relationships between these sets and completely characterize their computational complexity, which allows us to obtain hardness results for entire classes of social choice rules. (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)

BackgroundStress is a major risk factor for the impairment of psychological well-being. The present study aimed to evaluate the empirical evidence of the Transactional Stress Model proposed by Lazarus and Folkman in patients with psychosomatic health conditions.MethodsA structural equation model was applied in two separate subsamples of inpatients from the Department of Psychosomatic Medicine for consecutive model building and confirmatory analyses using self-reported health status information about perceived stress, personal resources, coping mechanisms, stress response, and psychological well-being.ResultsThe initial model was (...) created to reflect the theoretical assumptions by Lazarus and Folkman about their transactional stress concept. This model was modified until a sufficient model fit was reached. The modified model was confirmed in a second sample. Perceived external stressors and personal resources explained 91% of the variance of the stress response, which was closely related to symptoms of depression. The attenuating effect of resources on stress response was higher than the impact of perceived stressors on stress response.ConclusionThe empirical data largely confirmed the theoretical assumption of the Transactional Stress Model, which was first presented by Lazarus and Folkman, in patients with a wide range of psychosomatic conditions. However, data analyses were solely based on self-reported health status. Thus, proposed inner psychological mechanisms such as the appraisal process could not be included in this empirical validation. The operationalization and understanding of coping processes should be further improved. (shrink)