Corporate social responsibility (CSR) is becoming increasingly important in China. This paper investigates the implementation of instruments for dimensions of CSR that are relevant for the Chinese context and the challenges that Chinese companies face. Based on a survey among 109 Chinese companies, we find that formal instruments to implement CSR are rather common. Companies spend most effort in improving the economic aspects of CSR, such as competitiveness, product innovation and process innovation. Only a small minority of the companies set (...) concrete targets and report the realization of these targets for social and environmental goals. This indicates that the attention to social and environmental aspects of CSR is still rather loose. The most important challenges for improving CSR are strong competitive pressure, insufficient support from the government and/or nongovernmental organizations and high costs of CSR implementation. Multiple regression analysis shows that the use of instruments is positively related to company size and foreign ownership and negatively related to lack of resources and support for CSR by investors and consumers. (shrink)

This study investigated the status quo of article retractions by Chinese researchers. The bibliometric information of 834 retractions from the Web of Science SCI-expanded database were downloaded and analysed. The results showed that the number of retractions increased in the past two decades, and misconduct such as plagiarism, fraud, and faked peer review explained approximately three quarters of the retractions. Meanwhile, a large proportion of the retractions seemed typical of deliberate fraud, which might be evidenced by retractions authored by repeat (...) offenders of data fraud and those due to faked peer review. In addition, a majority of Chinese fraudulent authors seemed to aim their articles which contained a possible misconduct at low-impact journals, regardless of the types of misconduct. The system of scientific evaluation, the “publish or perish” pressure Chinese researchers are facing, and the relatively low costs of scientific integrity may be responsible for the scientific integrity. We suggested more integrity education and severe sanctions for the policy-makers, as well as change in the peer review system and transparent retraction notices for journal administrators. (shrink)

The value–attitude–behavior and the theory of planned behavior appear to provide limited explanation for consumer green purchase behavior. This study aims to examine the relationship between pro-environmental value, consumption value, and TPB toward green car purchasing intention among the young Chinese generation. A total of 541 student responses were collected, and the results showed that altruistic value positively influenced subjective norm and perceived behavioral control, but negatively influenced green purchase attitude. Biospheric value positively influenced GPA and PBC. Function value and (...) emotional value positively influenced GPA, respectively, and emotional value fully mediated the relationship between function value and GPA. Furthermore, GPA, SN, PBC positively influenced intention toward green car purchasing behavior, respectively, and SN mediated the relationship between GPA and intention. This study shows how pro-environmental value and consumption value can influence components of TPB in green car purchase intention. (shrink)

Objectives: This study aimed to provide a comprehensive understanding of all intervention for learning burnout by meta-analyzing their effects.Methods: Relevant studies that had been published up to September 18, 2020, were identified through a systematic search of the PubMed, Web of Science, the China National Knowledge Infrastructure, and Wan Fang databases. Eligible studies included randomized control trials of any learning burnout intervention conducted among students. The Jadad scale was used to evaluate the quality of the study. Random-effect meta-analyses, subgroup analyses, (...) meta-regression analysis, and sensitivity analysis were conducted. Funnel plots and Egger's tests were used to evaluate publication bias. Duval and Tweedie's non-parametric trim-and-fill method was used to adjust the effect of publication bias.Results: Of the 5,245 articles found, 39 met the inclusion criteria for the systematic review. There were 3,400 students, including 1,847 students in the intervention group and 1,553 in the control group. A meta-analysis of 44 studies showed that the interventions were effective. Subgroup analyses were conducted according to education, scales, intervention measures, and intervention time. The results showed that, compared with the control group, the learning burnout scores of undergraduates, secondary vocational students, and middle school students were significantly lower. Based on different scales, all interventions were also effective. The funnel plot was asymmetric and consistent with the results of Egger's test. The trim-and-fill method was used, and seven missing studies were merged to obtain a symmetric funnel plot.Conclusions: This meta-analysis indicated that learning burnout interventions are effective. The subgroup analyses showed that group counseling is the most widely used, exercise intervention is probably the most effective, and 8 weeks or more is the appropriate intervention time. An integrated intervention study based on the factors of learning burnout adds value. More studies are needed to supplement the results in the future. (shrink)

Resumen: La ola creciente de la China-chic proporciona un nuevo modo de presentación para la excelente cultura tradicional, permitiendo a la gente volver a ser testigo de la vitalidad innovadora de la cultura local y brindando una nueva vía de creación para la cultura popular rural. En este contexto, el diseño con el tema de la cultura popular rural se enfrenta tanto a nuevas oportunidades como a nuevos retos. En este artículo, basado en el estudio de caso del diseño folclórico (...) rural del Templo señorial del condado de Hexian, en la provincia de Anhui, se analizan brevemente la relación dialéctica y la práctica de la herencia y la innovación en el trabajo de diseño bajo el trasfondo del China-chic. Se propusieron estrategias de diseño innovador para revitalizar el énfasis de la gente en la cultura tradicional, reavivar la atención de la gente hacia la cultura tradicional y ampliar la vía de diseño innovador de una vía de comunicación de la cultura tradicional para promover la transformación creativa y el desarrollo innovador de la cultura tradicional china. (shrink)

To clarify the relationship between higher vocational students’ liking of teachers and their learning engagement, based on the theory of social exchange, 1,279 vocational students in the Yangtze River Delta and the Pearl River Delta in China are used as the research objects. From the perspective of students and teachers, SPSS and AMOS are used to conduct a two-stage linear regression analysis. The results show that students’ liking of their teachers has a positive effect on learning engagement; liking positively affects (...) students’ psychological empowerment; liking of teachers indirectly influences learning engagement through psychological empowerment; teacher’s support positively moderates the indirect relationship between liking of teachers and learning engagement through psychological empowerment. This study attempts to provide practical guidance for college students to provide learning engagement. (shrink)

Familiarity and green image influencing travelers’ green hotel patronage have often been overlooked in previous research. The aim of this study was to examine the relationship of the two dimensions of familiarity and the two dimensions of image with the overall image, satisfaction, and loyalty. The theoretical research model used in this study was based on the stimulus–organism–response framework. The research design for this study employed a quantitative approach using a purposive sampling method involving 488 student responses. The tests of (...) the proposed hypotheses were conducted using SPSS and AMOS. The results of the study showed that experiential familiarity and informational familiarity positively influenced cognitive image and affective image, respectively, while cognitive image had a positive influence on the affective image. In addition, cognitive and affective images have a positive influence on the overall image, and the overall image is shown to have a positive impact on satisfaction and loyalty. Finally, satisfaction was found to have a positive influence on loyalty, while satisfaction plays a partial meditation role in the relationship between overall image and loyalty. (shrink)

The automated valuation of benchmark land price plays an essential role in regulating land demand in Chinese real-estate market as the big data are currently accumulated rapidly. However, this problem becomes highly challenging due to the multidimension, large volume, and nonlinearity of the land price-influencing factors. In this paper, an effective data-driven automated valuation framework is proposed for valuing real estate assets by combining a GIS and neural network technologies. This framework can automatically obtain the values of spatial factors affecting (...) land price from GIS and generate training set data for training the neural network to identify the complex relationship between all kinds of factors and benchmark land prices. The effectiveness and universality of the framework is verified via the data of benchmark land prices in Wuhan. The framework can be applied for automated benchmark land price valuation in other cities. (shrink)

This paper investigates the nonlinear vehicle platoon control problems with external disturbances. The quadratic spacing policy is applied into the platoon control, in which the desired intervehicle distance is a quadratic function in terms of the vehicle’s velocities. Comparing with the general constant time headway policy, the QSP is more suitable to the human driving behaviors and can improve the traffic capacity. Then, a novel platoon control scheme is proposed based on the distributed integrated sliding mode. Since the external disturbances (...) are taken into consideration, the sliding mode method is employed to handle the disturbances. Moreover, the stability and string stability of the proposed platoon control system are strictly analyzed. In final, numerical simulations are provided to verify the proposed approaches. (shrink)

In this study, we demonstrate a previously unknown finding that mindful learning can improve an individual’s spatial cognition without regard to gender differences. Thirty-two volunteers participated in the experiment. Baselines for spatial ability were first measured for the reaction time on the mental rotation task. Next, the participants were randomly assigned to either a mindful or mindless learning condition. After learning, the mental rotation task showed that those in the mindful learning condition responded faster than those in the mindless learning (...) condition. This study provides promising evidence for applying mindful learning to education. (shrink)

Protein redox reactions are one of the most basic and important biochemical actions. As amino acids are weak redox mediators, most protein redox functions are undertaken by protein cofactors, which include organic ligands and transition metal ions. Since both kinds of redox cofactors were available in the pre‐protein RNA world, it is challenging to explore which one was more involved in redox processes of primitive proteins? In this paper, using an examination of the redox cofactor usage of putative ancient proteins, (...) we infer that organic ligands participated more frequently than transition metals in redox reactions of primitive proteins, at least as protein cofactors. This is further supported by the relative abundance of amino acids in the primordial world. Supplementary material for this article can be found on the BioEssays website. BioEssays 30:766–771, 2008. © 2008 Wiley Periodicals, Inc. (shrink)

Remanufacturing has become an important way to realize sustainable development strategy. For remanufacturing closed-loop supply chain under different circumstances, many factors are considered, such as consumers’ different preferences for the purchase and payment of remanufactured products and the quality of recycled products. In this study, three models are presented for supply chain system, including a manufacturer lead and a retailer recycle. While nongovernment participation and non-supply-chain coordination are considered in model I, model II has government participation but non-supply-chain coordination, and (...) model III has both government participation and supply chain coordination. The equilibrium decisions are derived for each model using the game-theoretic approach. The study found that consumers’ preferences affect the pricing decisions of remanufactured products. When consumers’ willingness to buy and pay for remanufactured products is close to that of new products, the total profit of the supply chain will significantly increase; the quality of recycled products will also influence the pricing decisions of new/remanufactured products, which in turn will affect the market demand for products. Government participation is conducive to encouraging manufacturer, retailer, and consumers to actively participate in the recycling and remanufacturing activities of used products. Supply chain coordination contracts can further enhance the role of the consumer market and promote the implementation of government policies. Under certain conditions, revenue sharing contract coordination can significantly increase the total profit of the supply chain system. The research conclusions have certain reference value for the coordination among the nodes of the remanufacturing supply chain and the formulation of policies with government participation. (shrink)

Evidence supports predictive roles of non-social smartphone use for smartphone addiction, but the relationship of social smartphone use and smartphone addiction is unclear. This study explored whether social smartphone use has a double-edged impact on smartphone addiction. Using data from a sample of 909 Chinese undergraduates, we tested a parallel mediation model that considered online social support and realistic social support as mediators. As predicted, social smartphone use weakened smartphone addiction through realistic social support and contributed to smartphone addiction through (...) online social support. Moreover, we tested the moderating role of agreeableness in the mediation path of online social support. Agreeableness only moderated the indirect effects. Specifically, the predictive effects of online social support on smartphone addiction was greater for lower rather than higher agreeableness. The results suggest that social needs play an important role in the formation of smartphone addiction. Several limitations and implications are also discussed herein. (shrink)

This paper addresses the sliding mode control problem for a class of networked control systems with long time delay and consecutive packet dropout. A new modeling method is proposed, through which time delay and packet dropout are modeled in a unified model described by one Markov chain. To avoid the chattering problem of classic reaching law, a new chattering-free reaching law is proposed. Then with a focus on the problem that controller-actuator channel network condition cannot be foreseen by the controller, (...) a new compensation strategy is proposed, which can effectively compensate for the effect of time delay and packet dropout in controller-actuator channel. Finally, a simulation example is presented to demonstrate the effectiveness of the proposed approach. (shrink)

Objective: Tangent Space Mapping using the geometric structure of the covariance matrices is an effective method to recognize multiclass motor imagery. Compared with the traditional CSP method, the Riemann geometric method based on TSM takes into account the nonlinear information contained in the covariance matrix, and can extract more abundant and effective features. Moreover, the method is an unsupervised operation, which can reduce the time of feature extraction. However, EEG features induced by MI mental activities of different subjects are not (...) the same, so selection of subject-specific discriminative EEG frequency components play a vital role in the recognition of multiclass MI. In order to solve the problem, a discriminative and multi-scale filter bank tangent space mapping algorithm is proposed in this article to design the subject-specific Filter Bank so as to effectively recognize multiclass MI tasks. Methods: On the 4-class BCI competition IV-2a dataset, first, a non-parametric method of multivariate analysis of variance based on the sum of squared distances is used to select discriminative frequency bands for a subject; next, a multi-scale FB is generated according to the range of these frequency bands, and then decompose multi-channel EEG of the subject into multiple sub-bands combined with several time windows. Then TSM algorithm is used to estimate Riemannian tangent space features in each sub-band and finally a liner Support Vector Machines is used for classification. Main Results: The analysis results show that the proposed discriminative FB enhances the multi-scale TSM algorithm, improves the classification accuracy and reduces the execution time during training and testing. On the 4-class BCI competition IV-2a dataset, the average session to session classification accuracy of nine subjects reached 77.33 ± 12.3%. When the training time and the test time are similar, the average classification accuracy is 2.56% higher than the latest TSM method based on multi-scale filter bank analysis technology. When the classification accuracy is similar, the training speed is increased by more than three times, and the test speed is increased two times more. Compared with Supervised Fisher Geodesic Minimum Distance to the Mean, another new variant based on Riemann geometry classifier, the average accuracy is 3.36% higher, we also compared with the latest Deep Learning method, and the average accuracy of 10-fold cross validation improved by 2.58%. Conclusion: Research shows that the proposed DMFBTSM algorithm can improve the classification accuracy of MI tasks. Significance: Compared with the MFBTSM algorithm, the algorithm proposed in this article is expected to select frequency bands with good separability for specific subject to improve the classification accuracy of multiclass MI tasks and reduce the feature dimension to reduce training time and testing time. (shrink)

This paper analyses the use of strategies and instruments for organising ethics by small and large business in the Netherlands. We find that large firms mostly prefer an integrity strategy to foster ethical behaviour in the organisation, whereas small enterprises prefer a dialogue strategy. Both large and small firms make least use of a compliance strategy that focuses on controlling and sanctioning the ethical behaviour of workers. The size of the business is found to have a positive impact on the (...) use of several instruments, like code of conduct, ISO certification, social reporting, social handbook and confidential person. Also being a subsidiary of a larger firm has a significant positive influence on the use of instruments. The most popular instrument used by small firms is to let one member of the board be answerable for ethical questions, which fits the informal culture of most small firms. With respect to sectorial differences, we find that firms in the metal manufacturing and construction sectors are more actively using formal instruments than firms in the financial service sector and retail sector. The distinction between family and non-family firms hardly affects the use of instruments. (shrink)

To improve the accuracy and timeliness of the trajectory tracking control of the driverless racing car during the race, this paper proposes a track tracking control method that integrates the rear wheel differential drive and the front wheel active steering based on optimal control theory and fuzzy logic method. The model of the lateral track tracking error of the racing car is established. The model is linearized and discretized, and the quadratic optimal steering control problem is constructed. Taking advantage of (...) the differential drive of dual-motor-driven racing car, the dual motors differential drive fuzzy controller is designed and integrated driving with active steering control. Simulation analysis and actual car verification show that this integrated control method can ensure that the car tracks different race tracks well and improve the track tracking control accuracy by nearly 30%. (shrink)

This paper explores the relationship between religious belief and the dilemmas Dutch executives confront in daily business practice. We find that the frequency with which dilemmas arise is directly related to various aspects of religious belief, such as the belief in a transcendental being and the intensity of religious practice. Despite this relationship, only 17% of the dilemmas examined involve a religious standard. Most dilemmas originate from a conflict between moral and practical standards. We also find that 79% of the (...) identified dilemmas stem from a conflict between two or more internalized standards of the executive. (shrink)

Starting from MacIntyre’s virtue ethics, we investigate several codes of conduct of banks to identify the type of virtues that are needed to realize their mission. Based on this analysis, we define three core virtues: honesty, due care, and accuracy. We compare and contrast these codes of conduct with the actual behavior of banks that led to the credit crisis and find that in some cases banks did not behave according to the moral standards they set themselves. However, although banks (...) and the professionals working in them can be blamed for what they did, one should also acknowledge that the institutional context of the free market economy in which they operated made it difficult to live up to the core values lying at the basis of the codes of conduct. Given the neo-liberal free market system, innovative and risky strategies to enhance profits are considered desirable for the sake of shareholder’s interests. A return to the core virtues in the financial sector will therefore only succeed if a renewed sense of responsibility in the sector is supported by institutional changes that allow banks to put their mission into practice. (shrink)

In this paper, we examine the relationship between various Christian denominations and attitude and behavior regarding consumption of socially responsible products. Literature on the relationship between religiosity and pro-social behavior has shown that religiosity strengthens positive attitudes towards pro-social behavior, but does not affect social behavior itself. This seems to contradict the theory of planned behavior that predicts that attitude fosters behavior. One would therefore expect that if religiosity encourages attitude towards SR products, it would also increase the demand for (...) them. We test this hypothesis for four affiliations on a sample of 997 Dutch consumers, using structural equation modeling. We find that Christian religiosity, indeed, increases positive attitude towards SR products, except for the Orthodox Protestant affiliation. In accordance with the theory of planned behavior, attitude is found to increase the demand for SR products. We find no evidence of hypocrisy for any of the Christian denominations. (shrink)

During the last years competition in the textile sector has increased, putting financial returns under considerable pressure. As a result, production has shifted to low wage countries in the third world. This has raised the relevance of ethical procedures. This paper analyses how C&A, as one of the largest Western apparel companies, organises its sourcing ethics, notwithstanding the financial pressure in the market. Based on interviews with Asian suppliers of C&A during the second half of 2000, we review the opinions (...) of external stakeholders about the sourcing ethics of C&A. Finally, we evaluate C&A’s sourcing ethics from a theoretical perspective. (shrink)

The main goal of this study is to explore the drivers of meaningful sport consumption and its influence mechanism. In sports consumption, consumers not only seek hedonic value but also pursue to experience greater purpose and meaning in life, which is regarded as meaningful sports consumption. This study extends existing sports management literature by examining how social needs impact meaningful sports behavior with team affiliation, self-improvement, and self-esteem as mediators. Based on the questionnaire data collected from China, the empirical analysis (...) results show that social needs have a significant positive impact on meaningful sports consumption behavior through the mediating effect of team affiliation and self-esteem motivation. However, self-improvement motivation does not have a mediating effect on the relationship between social needs and meaningful sports consumption. This study enriches the research content of sports consumption, adds research object of social needs, and expands the research scope of meaningful consumption by introducing meaningful sports consumption into the above domain. (shrink)

This paper explores the relationship between the Islamic religion and the level of socially responsible business conduct (SRBC) of Islamic entrepreneurs. The authors find that the common ideas of SRBC correspond with the view of business in Islam, although there are also some notable differences. They also find that Muslim entrepreneurs attach a higher weight to specific elements of SRBC than do non‐Muslims. However, they also find that Muslims are less involved with applying SRBC in practice than non‐Muslim managers.

Starting from MacIntyre’s virtue ethics, we investigate several codes of conduct of banks to identify the type of virtues that are needed to realize their mission. Based on this analysis, we define three core virtues: honesty, due care, and accuracy. We compare and contrast these codes of conduct with the actual behavior of banks that led to the credit crisis and find that in some cases banks did not behave according to the moral standards they set themselves. However, although banks (...) and the professionals working in them can be blamed for what they did, one should also acknowledge that the institutional context of the free market economy in which they operated made it difficult to live up to the core values lying at the basis of the codes of conduct. Given the neo-liberal free market system, innovative and risky strategies to enhance profits are considered desirable for the sake of shareholder’s interests. A return to the core virtues in the financial sector will therefore only succeed if a renewed sense of responsibility in the sector is supported by institutional changes that allow banks to put their mission into practice. (shrink)

There are relatively few empirical studies on the impacts of corporate social responsibility policies and programs. This article addresses the research gap by analyzing the incidence of, and the conditions that affect, decoupling among CSR policies, implementation of CSR programs, and CSR impacts for various environmental and social issues. Complete decoupling is a condition of full divergence among policies, programs, and impacts amounting to purely ceremonial CSR. Using ratings from a sustainability rating agency on a sample of about 1,000 large (...) companies in 24 countries, the authors find empirical evidence not supporting a conclusion of complete decoupling. The empirical evidence suggests four levels of nondivergence in the sample. First, for most CSR issues examined, CSR policies of high quality do have relatively strong effects on CSR implementation. Second, CSR programs of high quality do have relatively strong effects on CSR impacts. Third, for most CSR issues, even low-quality CSR policies enforce the incidence and quality of programs in comparison with having no policy at all. Fourth, weak programs have more impact on the realization of CSR goals than having no program at all. The authors also find that the quality of CSR reporting and locating the responsibility for CSR at the board level reduce decoupling by strengthening the quality of CSR programs. (shrink)

This paper considers the distribution of responsibility for prevention of negative social or ecological effects of production and consumption. Responsibility is related to ability and ability depends on welfare. An increase in competition between Western companies depresses their profitability, but increases the welfare of Western consumers and,hence, their ability to acknowledge social values. Therefore, an increase in competition on consumer markets shifts the balance in responsibility from companies to consumers to prevent negative external effects from production and consumption patterns. An (...) increase in competition on investor markets will shift the balance in an opposite direction. (shrink)

This paper explores the relationship between the Islamic religion and the level of socially responsible business conduct (SRBC) of Islamic entrepreneurs. The authors find that the common ideas of SRBC correspond with the view of business in Islam, although there are also some notable differences. They also find that Muslim entrepreneurs attach a higher weight to specific elements of SRBC than do non‐Muslims. However, they also find that Muslims are less involved with applying SRBC in practice than non‐Muslim managers.

During the last years competition in the textile sector has increased, putting financial returns under considerable pressure. As a result, production has shifted to low wage countries in the third world. This has raised the relevance of ethical procedures. This paper analyses how C&A, as one of the largest Western apparel companies, organises its sourcing ethics, notwithstanding the financial pressure in the market. Based on interviews with Asian suppliers of C&A during the second half of 2000, we review the opinions (...) of external stakeholders about the sourcing ethics of C&A. Finally, we evaluate C&A’s sourcing ethics from a theoretical perspective. (shrink)

Neurite orientation dispersion and density imaging is a diffusion model specifically designed for brain magnetic resonance imaging. Despite recent studies suggesting that NODDI modeling might be more sensitive to brain development than diffusion tensor imaging, these studies were limited to a relatively small age range and mainly based on the manually operated region of interest analysis. Therefore, this study applied NODDI to investigate brain development in a large sample size of 214 subjects ranging in ages from 0 to 14. The (...) whole brain was automatically segmented into 122 regions. The maturation trajectory of each region was characterized by the time course of diffusion metrics and further quantified using nonlinear regression. The NODDI-derived metrics, neurite density index and orientation dispersion index, increased with age. And these two metrics were superior to the DTI-derived metrics in SVM regression models of age. The NDI in white matter exhibited a more rapid growth than that in gray matter. These diffusion indicators experienced conspicuous increases during early childhood and the growth speed slowed down in adolescence. Region-specific maturation patterns were described throughout the brain, including white matter, cortical and deep gray matter. These development patterns were evaluated and discussed on the basis of NODDI’s model assumptions. To summarize, this study verified the high sensitivity of NODDI to age over a crucial developmental period from newborn to adolescence. Moreover, the existing knowledge of brain development has been complemented, suggesting that NODDI has a potential capability in the investigation of brain development. (shrink)

Among business ethicists, Adam Smith is widely viewed as the defender of an amoral if not anti-moral economics in which individuals’ pursuit of their private self-interest is converted by an ‘invisible hand’ into shared economic prosperity. This is often justified by reference to a select few quotations from The Wealth of Nations. We use new empirical methods to investigate what Smith actually had to say, firstly about the relationship between free market institutions and individuals’ moral virtues, and secondly about the (...) further relationship between virtues and societal flourishing. We show with more quantitative precision than traditional scholarship that the invisible hand reading dramatically misrepresents both the nuance and the sum of Smith’s analysis. Smith paid a great deal of attention to a flourishing society’s dependence on virtues, including the non-self-regarding virtues of justice and benevolence, and he worried also about their fragility in the face of the changed incentives and social conditions of commercial society. (shrink)

Whether or not capitalism is compatible with ethics is a long standing dispute. We take up an approach to virtue ethics inspired by Adam Smith and consider how market competition influences the virtues most associated with modern commercial society. Up to a point, competition nurtures and supports such virtues as prudence, temperance, civility, industriousness and honesty. But there are also various mechanisms by which competition can have deleterious effects on the institutions and incentives necessary for sustaining even these most commercially (...) friendly of virtues. It is often supposed that if competitive markets are good, more competition must always be better. However, in the long run competition enhancing policies that neglect the nurturing and support of the bourgeois virtues may undermine the continued flourishing of modern commercial society. (shrink)

Using PitchBook’s private equity database of 4548 PE funds from 42 countries for the 2000 to 2012 period, we find that higher reporting frequency is associated with lower information asymmetry in performance reports from general partners to limited partners. We also find that endowments are systematically associated with less reported unrealized returns as a percentage of total returns generated from GPs. Moreover, endowments receive more performance reports from their PE funds, implying more stringent governance. These findings persist after controlling for (...) various institutional and GP characteristics and are robust to several adjustments for endogeneity concerns. This study also contributes to the finance, accounting, and business ethics literature on financial reporting quality. (shrink)

"We live in an uncertain world. The politics of the United States affects our lives more often than what is decided in the Hague or Brussels. Many people experience in their daily work a kind of powerlessness when they have to face the consequences of decisions that are taken far away, for example because they work with the daughter company of a multinational. More than ever we are depending on the “global economy”. We are — whether we like it or (...) not — part of a worldwide political and economic entity." This text occurred in a 2002 publication of the Dutch Council of Churches, entitled ‘Economy in the service of life’, and has proved to be prophetic. Because since then, and especially after 2008, the awareness of global dependence and associated impotence has only become stronger. Rarely in history have we observed how quickly economic changes materialize worldwide. (shrink)

This article clarifies the relationship between profits and principles by distinguishing four alternative perspectives: the win-win perspective in which ethical behaviour generates the highest profits; a licence-to-operate perspective in which a minimum ethical performance is required to receive legitimation from the society; an acceptable profits perspective, in which an acceptable profitability is required to assure the financial continuity; and an integrated perspective. These four perspectives are illustrated by statements from Shell reports and from interviews with managers of a large European (...) retail company. (shrink)