The Sarbanes–Oxley Act of 2002 requires company executives to certify financial statements and internal controls as a means of reducing fraud. Many companies have operationalized this by instituting a sub-certification process and requiring lower-level managers to sign certification statements. These lower-level organizational members are often the individuals who are aware of fraud and are in the best position to provide information on the fraudulent act. However, the sub-certification process may have the effect of reducing employees’ intentions to report wrongdoing. We (...) suggest that subordinates with knowledge of a superior who committed a fraudulent act and certified that there is no fraud will feel less personal responsibility to report the act, thus, decreasing reporting intentions. Additionally, we suggest that if the fraud is discovered subsequent to the reports being filed with the Securities and Exchange Commission, employees will perceive lower management responsiveness to investigate the fraud, which will reduce intentions to report. Using an experimental approach, we manipulate two between-participant variables: the presence or absence of sub-certification by the transgressor and the timing of fraud discovery, either before or after the reports have been filed with the SEC. We find that when sub-certification is present, perceived personal responsibility and intentions to report were diminished compared to when sub-certification is absent. Timing of the discovery of the fraudulent act did not influence perceived management responsiveness or reporting intentions. Supplemental analysis shows that personal responsibility partially mediates the relationship between sub-certification and reporting intentions. Our findings suggest that audit committees and senior executives may want to carefully consider the costs and benefits of the sub-certification process. (shrink)

This paper considers discussions of the work of Alasdair MacIntyre in management literature. It argues that management scholars who have attempted to appropriate his After Virtue as a supportive text for conventional business ethics do so only by misreading or by ignoring his other work. It shows that MacIntyre does not argue for a reformed capitalism in which individual virtue overcomes institutional vice. Rather he argues that capitalist businesses are inherently vicious and that therefore individual virtue cannot be realised within (...) them. The job of the virtuous is to resist them.2. The paper first presents an account of MacIntyre’s position on management and introduces some of the critical and supportive uses of his work in management scholarship. It focuses on two papers3 typical of the approach taken by conventional business ethicists to his work. These have attempted to deploy concepts developed by MacIntyre while denying the account of management and organisation of which they form a part. The paper provides some tentative hypotheses as to why management scholars have approached MacIntyre in this way. It argues that these attempted appropriations not only have failed but also must fail as conceptual coherence is sacrificed when the account within which those concepts make sense is denied.4. (shrink)

This article aims to give an analysis of the phenomena of unjust misappropriation of marginalised groups’ terms online, using the example misappropriation of ‘woke’ from the Black community on Twitter. I argue that using terms such as these outside their original context warps their meaning, decreasing the intelligibility of the experiences of the marginalised agents who use them when attempting to express themselves both within their community and without. I intend to give an analysis of this phenomena, with (...) the expectation that understanding it better will provide a crucial step in combatting it. To this end, I argue it can be understood as a specialised form of what Kristie Dotson calls ‘contributory injustice’, injustices which involve the suppression of a marginalised community’s existing hermeneutical resources, combined with a specific consequence of what Boyd and Marwick call ‘context collapse’, the removal of social norms created through the homogenising effect of social media sites like Twitter. The result is a novel misappropriation phenomenon, I label ‘Context-Collapsed Contributory Injustice’ or ‘CC.CI’. This type of misappropriation is particularly harmful due to it being faster-acting than historical varieties of misappropriation. Furthermore, unchecked continual cases of CC.CI can cause a novel from of what Miranda Fricker calls ‘hermeneutical injustice’, which is demarcated from standard cases by its ability to reintroduce conceptual lacunas through undermining existing hermeneutical resources. I finish by disambiguating cases of CC.CI from natural meaning change and critically analysing some existing philosophical treatments of “woke”. (shrink)

Education and learning occur in various settings, some of which are more formally institutionalized than others. Even if it seems to have failed as a definition of art, awareness of art-world institutions has increased in the wake of George Dickie’s proposal that art enmeshes an artifact in a set of interlocking yet informally structured art-world systems, that is, “the art-world.”1 However, relatively little of that attention has fallen on the distinctively educative roles played by art-world institutions and those who act (...) on their behalf. This oversight is sometimes addressed when the topic is the art museum,2 but very little has been said about parallel issues concerning music, the concert hall, and what Virgil.. (shrink)

Across contexts and time, subjects marked by racial difference have expressed public accounts of the multiple injuries of race. From the vantage point of critical race and black theory, this paper sheds light on both the heuristic and critical political values of such accounts. The first part critically reassesses conceptualizations of vulnerability as an ambivalent ontological condition within critical approaches to liberalism. A close reading of Fanon's account of injury in Black Skin, White Masks specifies how race exploits bodily and (...) enunciative vulnerability and materializes subjects into a state of suspension and suspicion. The second part addresses the political promise of accounts of racialized injury. Departing from sceptical readings of “wounded attachment,” critical race and black analyses associate accounts of injury with citational practices that pertain to historically entrenched conventions of resistance to racial and colonial abusive power. Such accounts can be read as misappropriations of race which expand the horizon of the human. (shrink)

The theological misappropriation of Christianity as a civilizing force occurs when individuals convert to Christianity due to deception that ignores the faith-based aspect of Christianity. The history of Western education in India illustrates the hidden curriculum that Christian missionaries employed to disrupt the Indian educational system. This unnerving pedagogy points to the need for a postcolonial theoretical framework that relates the inescapable hybridity of religion and culture where Orientalism has the potential to occur. To press the ongoing urgency of (...) this discussion, I convey how the history of British India connects to my lived-reality as an American Hindu. Overall, I point to hybridity as a lived paradox of ambiguous conflict that embraces interfaith relations. I offer implications for Christian missionaries today to foster authentic interfaith connections without engaging in colonizing ideologies. (shrink)

The purpose of this paper is to examine whether anonymous reporting channels are effective in detecting fraud against companies. Fraud, which comprises predominantly asset misappropriation, represents a key operational risk and a major cost to organisations. The fraud triangle provides a framework for developing our understanding of how ARCs can increase detection of fraud. Using publicly listed company survey data collected by KPMG in Australia—where ARCs are not mandated—we find a positive association between ARCs and reported fraud. These results (...) indicate that ARCs are effective in detecting fraud. Additional analysis reveals that small firms derive the greatest benefit from adopting ARCs. We also find that independent boards do not directly influence the detection of fraud, but companies with independent boards detect more fraud because they implement ARCs. (shrink)

Previous research showed that accumulations of capital following stationary interest rates are underestimated by human judges. Hyperbolic discounting was suggested as a descriptive and explanatory model for this phenomenon. First, we investigated judged accumulated capital after a period of annual growth and decline. The degree of underestimation increased with accumulated growth and the results supported hyperbolic discounting as a descriptive model on the group level. However, the hyperbolic model did not apply to the data for one third of the participants. (...) Second, we investigated how investment decisions were related to capital accumulation before the investments and to judgments of the possible outcomes of the future investments. To our surprise, the participants’ judgments of expected future accumulated capital did not add predictive power to predictions based on whether there was growth or decline before the investment decision. Unfortunately this strategy leads to suboptimal investment decisions. (shrink)

This is a rebuttal of influential attempts to appropriate Murdoch for either Christianity or Buddhism. I show that Maria Antonaccio and Peter Byrne ignore Murdoch's explicit statements and misunderstand Murdoch’s interest in the Ontological Argument. I explain how St. Anselm’s remark ‘I believe in order to understand’ is properly connected with Murdoch’s parable of the Mother-in-Law: Murdoch is here offering support for a virtue epistemology. Later, I explore the merits and dangers of exegesis from Peter J. Conradi and Gordon Graham (...) treating Murdoch as a kind of Buddhist. I argue that the sense in which Murdoch is speaking as a ‘ Buddhist Christian’ makes her a third kind of thinker resembling a Buddhist on some points, and a Christian on others. (shrink)

Den Ausgangspunkt der Arbeit bildet die Frage, in welchem Umfang die Universalsukzession kraft Rechtsgeschäft für den Unternehmensverkehr nutzbar gemacht werden kann. Aktueller Anlass der Untersuchung sind die durch das deutsche Umwandlungsgesetz von 1994 - sowie auf rechtsvergleichender Ebene das Schweizer Fusionsgesetz aus dem Jahre 2003 und das österreichische Unternehmensgesetzbuch aus dem Jahre 2007 - eröffneten Gestaltungsmöglichkeiten. Unter Berücksichtigung des Systems der Verfügungsgeschäfte nach dem Bürgerlichen Gesetzbuch, wird der Versuch einer Gesamtdarstellung sämtlicher universalsukzessiver Übertragungstatbestände unternommen. Dabei wird die Möglichkeit aufgezeigt, die (...) handelsrechtlichen Vorschriften der §§ 25 ff. HGB als Pendant zu den umwandlungsrechtlichen Instituten der Spaltung und Vermögensübertragung aufzufassen. Einen weiteren Schwerpunkt bilden ferner die Auswirkungen auf den Bereich des Schuldrechts. Auf der Grundlage der verschiedenen universalsukzessiven Übertragungstatbestände können Schuldverhältnisse grundsätzlich frei, d.h. ohne Zustimmung des betroffenen Vertragspartners, übertragen werden. Nachgegangen wird den Grenzen einer solchen freien Übertragbarkeit, der Funktion der Spaltungshaftung, wie auch den möglichen leistungsstörungsrechtlichen Implikationen einer Rechtsübertragung im Wege der Universalsukzession. (shrink)

This article critically analyzes the assumption that land is becoming increasingly scarce and that, therefore, farmland values are bound to rise across the globe. It investigates the process of land value creation, as well as its flipside: value erosion and stagnation, looking at the various mechanisms involved in each. As such, it is a study of how the financialization of agriculture affects the process of land commoditization. I show that, for farmland to be turned into an asset, a whole range (...) of conditions have to be fulfilled, presenting a typology of asset making in the context of farmland. Asset making, like commoditization, is a process of assemblage, and it is less straightforward and less stable than generally assumed. Further, I argue that ‘asset making’ is not a one-way process. The article is based on an analysis of global data on land values and the case of farmland investment in post-Soviet farmland. (shrink)

This paper analyzes the family business as an organizational entity and as a proprietary form useful to transmit personal values and company assets to the next generations. This paper aims to introduce the legal instruments in Italy to transfer family businesses and to evaluate how these are useful for ensuring not only the survival of the company in the market but also that family values and characteristics pass from one generation to the next maintaining a prosocial humanistic management perspective. (...) The legal status of the family business and the fact that most small- and medium-sized companies in Italy are not listed, which considerably affects disclosure obligations and makes it more challenging to get consistent and reliable information at affordable costs, has to date limited research on this model. In recent years, given their growth in size and market share, the strategic potential of family businesses was recognized by both academics and practitioners, giving rise to further study. A primary goal of a family business is to maintain its competitive advantage in the market and pass down its values in the succession line. Hence, one of the most important themes on which scholars focused has been how this process takes place to ensure continuity. This paper argues that the trust and the family pact are both valid legal instruments to this end, albeit with different advantages depending on the circumstances surrounding the succession. (shrink)

The ethical conduct of research is central to the integrity of universities, where research and graduate education are inseparable.In the medical sciences, those who first describe a new feature, whether it's an anatomical structure, clinical sign or symptom, disease, physiological entity, or surgical procedure, often have their discoveries named after them. The insider knows what is meant by such eponymous, abstract designations as Padget's disease, the circle of Willis, Pavlov's dog, Asperger's syndrome, or the Papanicoulaou test. This kind of acknowledgment (...) is not just restricted to medicine, it also applies to other fields of science and technology, where terms like the Heisenberg uncertainty principle .. (shrink)

Asset freezes are sometimes viewed as the quintessential form of targeted sanctions—relatively effective in achieving their goals, while affecting only the individuals and companies that are “bad actors.” However, as part of the roundtable “Economic Sanctions and Their Consequences,” this essay argues that there are significant ethical problems raised by asset freezes and other forms of targeted financial sanctions. Sanctioners have long been criticized for targeting individuals and companies for arbitrary reasons or without adequate due process. However, there is a (...) second concern that is less well known. Asset freezes and other targeted financial sanctions may be imposed on government officials, government agencies, or private companies that hold a critical role in the target country's economy. A country's central bank, national oil company, or national shipping line, for example, may be severely compromised as a result of its inclusion on a financial blacklist. In addition to the explicit prohibitions imposed by targeted financial sanctions, there is a chilling effect as well. This can be seen when international banks and corporations withdraw from the target country altogether because the burden of compliance with these measures is so great, and the potential penalties so high. (shrink)

Child Family Health International is a U.S.-based nonprofit, nongovernmental organization that has more than 25 global health education programs in seven countries annually serving more than 600 interprofessional undergraduate, graduate, and postgraduate participants in programs geared toward individual students and university partners. Recognized by Special Consultative Status with the United Nations Economic and Social Council , CFHI utilizes an asset-based community engagement model to ensure that CFHI’s programs challenge, rather than reinforce, historical power imbalances between the “Global North” and “Global (...) South.” CFHI’s programs are predicated on ethical principles including reciprocity, sustainability, humility, transparency, nonmaleficence, respect for persons, and social justice. (shrink)

The Civil Code of Lithuania re-established enterprise (business) as a self-sufficient object of civil rights and introduced several legal transanctions with it, the so- called asset deals (sale-purchase of enterprise and lease of enterprise). Since every transfer of enterprise comprises the transfer (delegation) of debts to the new owner, the legal regulation on asset deals must be orientated to the protection of creditors’ rights. However, the legal practice showed that the existing legal regulation regarding asset deals, in particular the mechanism (...) of the protection of creditors’ rights, is complex, and thus unappealing to legal practitioners. Therefore, this research focuses on an analysis of the legal regulation of the mechanism of the protection of creditors’ rights applicable to asset deals and its impact on the civil turnover of enterprise as an object of civil rights. In order to thoroughly examine the problem of the efficient mechanism of the protection of creditors’ rights, the national legal regulation is analysed in comparison to the legal systems of France, Germany and Russia. (shrink)

We bring together recent discussions on data capitalism and biocapitalization by studying value flows in consumer genomics firms—an industry at the intersection between health care and technology realms. Consumer genomics companies market genomic testing services to consumers as a source of fun, altruism, belonging and knowledge. But by maintaining a multisided or platform business model, these firms also engage in digital capitalism, creating financial profit from data brokerage. This is a precarious balance to strike: If these companies’ business models consist (...) of assetizing the pool of genomic data that they assemble, then part of their work has to revolve around obscuring to consumers any uncertainties that would potentially impinge on these processes of assemblage. We reflect on the nature of these practices and the market relationships that enable them, and we relate this reflection to debates around alternative market arrangements that would potentially mitigate the extractive tendencies of these and other digital health firms. (shrink)

The act of “embezzlement” provided for in Article 183 of the Criminal Code of the Republic of Lithuania gives rise to a number of both theoretical and practical problems. First of all, various authors do not agree whether embezzlement constitutes a substantive or formal element. In the author’s opinion, embezzlement is deemed complete when possession of the property of others is taken illegally and there is a real possibility, perceived by the perpetrator, to manage it, to use it or to (...) dispose of it or misappropriation is made of a property right, giving the perpetrator a possibility to receive other persons’ property or property benefit immediately or in the future, to treat the property of others as one’s own. That is, when a real possibility, perceived by the perpetrator, to treat the property of others as one’s own arises but not when the damage is caused. In this case, particular importance is adduced to the condition that the perpetrator must clearly perceive his/her possibility to treat the property of others as one’s own. In case such a possibility has not been perceived by the perpetrator, we cannot state that embezzlement is complete. The moment of completeness and the fact that in practice there may be cases where no real damage is caused to a legal entity when the perpetrator embezzles property of the former (see the example in footnote 15), show that the criminal act provided for in Article 183 of the Criminal Code contains a formal element. When evaluating practical problems, the article overviews two rulings of the Supreme Court of Lithuania that are of particular importance for the formation of the case-law. Before the ruling of the Supreme Court of Lithuania of 8 May 2012, this court used to formulate somewhat erroneous case-law in examining cases concerning accusations raised on the basis of Article 183 of the Criminal Code. In cases where the head (shareholder) of a company was accused of embezzlement and used all the “cashed” funds of the company only for the interests and benefit of the company, the court used to evaluate the factual circumstances of the case not as indicative of the fault of the defendant, but only as indicative of the purpose of his/her act. Even if it was determined that the perpetrator did not perceive the real possibility to treat the company’s property as his/her own and always used to regard the property which came to his/her disposal as the company’s property, the court used to qualify the perpetrator’s act as embezzlement, by reasoning that the purpose of the perpetrator’s act was not a circumstance relevant for such qualification. It can be stated that in such a manner the court failed to distinguish between the concept of purpose and the concept of fault, failed to evaluate the features of the subjective part individually, and assessed them in their entirety. Due to such a mistake, the court created an impression that the concepts of fault and purpose in the case were confused. By its ruling of 8 May 2012 the Supreme Court of Lithuania corrected those mistakes, however, its instruction to investigate whether “cashed” funds were not used “for personal needs” and whether the company suffered damage introduced a confusion into the investigation of cases of this type and their examination in court, as the concept of “personal needs” was not absolutely clear, whereas the fact of suffering damage was not necessary in order to qualify an act under Article 183 of the Criminal Code. In the author’s opinion, the Supreme Court of Lithuania should pronounce clearly that the cases where the head (shareholder) of the company has not perceived the real possibility to treat the other person’s property as his/her own will not be regarded as property embezzlement and there will be no deliberation in the person’s act. The absence of such perception would be confirmed by the fact that the perpetrator has used absolutely all “cashed” money of the legal entity only for the interest and benefit of the company. (shrink)

The COVID-19 pandemic is global and affects all countries in the world. The difference in the financial impact assessment of its outbreak concerns, inter alia, the state of preparation of the public sector in the previous period. The article assumes that countries which coordinated the structure of sovereign assets and liabilities before 2020 were less exposed to the negative effects of financial risks resulting from the COVID-19 pandemic. The study uses data and methodology of the International Monetary Fund and (...) the authors’ measures dedicated to the public sector to assess the sovereign asset and liability management (SALM). As part of the results, the negative value of net worth and the national net welfare index for the studied countries, including Poland in the period before the pandemic crisis, were indicated. In addition, the level of the loans mismatch on the public balance sheet and the scale of the increase in financial risk in the first year of COVID-19 are presented. Conclusions of research make it possible to assess the impact of COVID-19 on Sovereign Asset and Liability Management. (shrink)

Based on the evolutionary game theory, this article constructs a quartet evolutionary game model for debt restructuring with the participation of asset management companies; studies the interactive mechanism of complex behaviors among the government, banks, asset management companies, and enterprises; and analyzes the stability of the strategies of each game subject. It also analyzes the stability of the equilibrium points in the system and finds the stable points that maximize the interests of each subject. Research shows that the government chooses (...) to give specific support, banks choose debt-to-equity swaps, asset management companies choose to provide liquidity, and enterprises choose to work hard, which can better promote the debt restructuring process. Finally, using Matlab2018 software to analyze the impact of each essential element in the debt restructuring on the stability of system evolution, the research results provide a basis for the successful debt restructuring of the enterprises. (shrink)

Blockchain’s language and terminology is confusing, contested, and rapidly changing. As a hype-driven technology, Blockchain is critical to an increasing number of projects that exist in a space of regulatory uncertainty. As communities of blockchain develop and evolve, the language they use to describe these functions changes. This causes concerns when attempting to have global regulatory certainty and clarity. Regulators and communities have different approaches to blockchain language, and this causes problems because of the translation between practical use in a (...) community, and the legal effects created by regulators. Of particular concern is the lack of clear expression amongst the broader community regarding the concept of blockchain-related assets as these ‘tokens’, ‘coins’, and ‘assets’ form a key part of financial regulation. This project uses semiotics to study the diverse language associated with blockchain. This analyzes a series of self-proclaimed ‘dictionaries of blockchain’ to assess key definitions, themes, perceptions, and misconceptions present in these communities. The study involved a case analysis of the terminology used in Australia’s proposed response to blockchain in comparison with that of wider communities. When comparing this to regulatory definitions and approaches, it becomes clear that this is an area that requires further attention. This project highlights the need for regulators to understand and use common terms in blockchain regulation. It is argued that this approach facilitates a better understanding of poorly understood concepts and clearly connects the law with those it intends to target. (shrink)

Today, after the family, the school is the first institution in which children experience the implementation of social rules and the behaviors that follow from them. It is useful, therefore, to insert paths that favor the consolidation of a system made up of rules, inspired by the principles of transparency, fairness and solidarity, which can be the first and most effective lesson of democratic legality. In this perspective, teaching activities can appropriately refer to the programmatic contents of the disciplines which, (...) not only with regard specifically to civic education and law, but also with regard to other cultural areas, are bearers of explicit information and formative experiences. Particular attention is paid today to the planning of “Percorsi per le Competenze Trasversali e l’Orientamento” [Paths for Soft Skills and Guidance] (PCTO), which will also have an implicit educational value, that consisting in showing, through field experiences, the convergence of multiple cultural interests towards the purpose of education to legality. (shrink)

The contemporary process of financialization has been a major driver of the remarkable changes witnessed in global food and agricultural markets over the past decade, contributing to the rise and subsequent volatility of food and agricultural commodity prices since 2006. In the wake of these developments it has become clear that the turmoil has intensified the relationship between agriculture and finance in ways that have profound and enduring implications for the sector, and the people whose lives and livelihoods depend upon (...) it. This symposium brings together four original research articles that contemplate the contemporary relationship between the agrifood and financial sectors. They examine a variety of overlapping themes, including the creation of financial assets from farmland and agricultural commodities, the activities of different types of investors in these assets in specific geographic contexts, and the challenges of governing this activity at the global scale. These articles show that the period of market volatility that began a decade ago re-invigorated investor interest in financial products linked to agriculture and farming, and inspired the packaging of new forms of financial assets in ways that have affected politics and practice on the ground, and are likely to leave a lasting legacy. (shrink)

This paper addresses the field of economic measurements of the value of assets, carried out by the methods of independent expert evaluation. The mathematical principles of application, within a comparative methodical approach, of additive and multiplicative models for correcting the cost of single indicator of compared objects have been considered. The differences of mathematical basis of the compared models were analyzed. It has been shown that the ambiguity in the methodology of correction procedure requires studying the advantages and disadvantages (...) of known models, as well as the justification and elaboration of recommendations for their application. Possible forms of correction representation using several alternative units of measurement have been defined; formulas for their interconnection have been built. Analytic expressions have been derived that mathematically describe the algorithms for performing the evaluation correction procedure using various forms of correction representation. The influence of the correction execution model on the characteristics of uncertainty in the independent evaluation result has been analyzed. The scope of two possible types of correction introduction models has been determined. A specific numerical example was used to demonstrate the methodological advantages of using a multiplicative model when summarizing percentage corrections. The independence of the correction result on the sequence of correction introduction has been confirmed. It is proposed to use the selected measure of partial corrections as a criterion for the adequacy of the correction introduction model. It is proved that the result of the independent expert evaluation depends on the chosen model and does not depend on the sequence of correction introduction. The reported study results are important in terms of theory and practice since they make it possible to improve the accuracy and reliability of the result of independent expert evaluation. (shrink)

Are bilingualism and/or biculturalism good for a person’s positive well being? A growing number of studies have shown different positive outcomes of being exposed to two cultures or speaking two languages respectively, but the benefits of being both bilingual and bicultural have rarely been investigated theoretically or empirically. The purpose of this paper is to summarize the main beneficial outcomes of bilingualism and biculturalism, and to integrate these benefits into a new conceptual framework： Positive Bilingualism and Biculturalism GEAR model. The (...) GEAR model suggests that the beneficial outcomes of bilingualism and biculturalism can be systematically classified into four positive dimensions (psychological Growth; cognitive Exploration; linguistic Awareness; social Reinforcement), in which there are dynamic interactions among these four dimensions. The hypothetical GEAR model provides an intricate theoretical approach to understand the potential benefits to an individual of experiencing more than one language and one culture in their life. The proposed model in this research offers a systematic framework for conducting future research to examine whether bilingualisms and biculturalism accrue benefits to the individual. (shrink)

Contributing to the emerging religion and development literature, this study sets out to analyse the role of faith in the context of a particular development approach, 'Use Your Talents' at the Malagasy Lutheran Church in Madagascar. By analysing the views of lay Christian informants with regard to their involvement in the UYT project, the study asked what is the role of faith as an intangible asset in an asset-based community development project? The qualitative data were collected through participant observations and (...) interviews conducted in four congregations across Madagascar in 2018. The results showed that church teachings and biblical stories created a normativity of good and desirable behaviour in the context of the asset-based community development project. Faith may constitute an asset when it promoted the individual's capacity to achieve positive economic and social change.CONTRIBUTION: This research broadened the understanding of religion in the context of asset-based community development projects. The results showed that the participants attributed their engagement in community development to their religious calling. The belief in the existence of a higher power not only seemed to influence individuals to act but also enabled them to feel empowered and have something to contribute. As a contribution to sociology of religion, this study showed that community development can be part of Christians' and congregational holistic activities that depended on local knowledge and resources. Faith not only motivated individuals to engage in community development, but also it seemed to represent the essence of their engagement. (shrink)

Under the present judicial interpretation of federal securities law, an individual is prohibited from trading on non-public information that has been misappropriated in contravention of a fiduciary duty. Trades made using non-pubIic information that has not been misappropriated are not prohibited by Rule 10b-5, promulgated under the Securities and Exchange Act of 1934. The current requirement of misappropriation to trigger Rule 10b-5 liability creates a gap that permits transactions that are both ethically and economically undesirable. Judicial or legislative reforms (...) are recommended to close the gap and help ensure the fairness and efficiency of securities markets. (shrink)

The authors identify the challenge of holding contemporary business leaders accountable for enhancing the intangible strategic asset of integrity capacity in organizations. After defining integrity capacity and framing it as part of a strategic resource model of sustainable global competitive advantage, the stakeholder costs of integrity capacity neglect are delineated. To address this neglect issue, the authors focus on the cultivation of judgment integrity to handle behavioral, moral and hypothesized economic complexities as key dimensions of integrity capacity. Finally, the authors (...) recommend two leadership practices to build competence in business leaders to enhance integrity capacity as an organizational strategic asset. (shrink)

This article sets out a new conception of ‘property as an asset of resilience’. Building on Fineman’s emphasis on ‘webs’ of resilience, and applying insights from Actor-Network Theory and Resilient Property Theory, we examine how the rhetorical claims asserted by owners and non-owners, individually and collectively, and the ways that law recognizes and endorses those claims, affect the production of property-as-resilience. Applying Fineman’s framework, we argue that the ‘embodiment’ and ‘embeddedness’ of human vulnerability is revealed by the necessary and inevitable (...) relationship we have with land, housing and place. Everyone—including homeless people—must ‘be’ somewhere (embodiment); however, it is our ability to access ‘assets of resilience’ through our social embeddedness in institutional structures and relationships that mitigates (or not) our experience and life opportunities. In this article we analyze the nature of real property as an asset of resilience, the consequences of exclusionary concepts of ownership for how resilience is allocated, and the implications for how we think and talk about ‘exclusion’ and ‘inclusion’ in property theories and property law. We consider the roles that states perform in the allocation of property as an asset of resilience: both directly, through the protection and enforcement of private property rights and official narratives about the nature of private property; and indirectly, as owners leverage the hinterland of privilege extended to ‘ownership’ and owners to deepen their own networks of resilience. (shrink)

Digital personal data is increasingly framed as the basis of contemporary economies, representing an important new asset class. Control over these data assets seems to explain the emergence and dominance of so-called “Big Tech” firms, consisting of Apple, Microsoft, Amazon, Google/alphabet, and Facebook. These US-based firms are some of the largest in the world by market capitalization, a position that they retain despite growing policy and public condemnation—or “techlash”—of their market power based on their monopolistic control of personal data. (...) We analyse the transformation of personal data into an asset in order to explore how personal data is accounted for, governed, and valued by Big Tech firms and other political-economic actors. However, our findings show that Big Tech firms turn “users” and “user engagement” into assets through the performative measurement, governance, and valuation of user metrics, rather than extending ownership and control rights over personal data per se. We conceptualize this strategy as a form of “techcraft” to center attention on the means and mechanisms that Big Tech firms deploy to make users and user data measurable and legible as future revenue streams. (shrink)

The portrayal of sexuality in folktale course-books that are prescribed for secondary school learners in Zimbabwe is indeed a cause for concern. Not much attention, if any, has been given to exploring the portrayal of ‘sexuality’ especially in ChiShona prescribed course-books. This article qualitatively explored through content and discourse analysis the portrayal of ‘sexuality’ in folktales prescribed course-books based on an Afrocentric perspective of Unhu and Ubuntu. The study sought to determine whether course-books are an asset or a liability for (...) the socialisation of learners of both genders especially at the critical adolescence stage of development. This undertaking assessed gender attributes, norms, values, and behaviour patterns proffered in school course-books. The examination of the ‘sexuality’ portrayed in these course-books was based on the assumption that education is value-laden. The gender value inherent in these course-books being a vaccine for the social ills like gender inequalities bedevilling Shona communities. The major finding was that the portrayal of ‘sexuality’ in the course-books analysed in this study shows that they are more of a liability. The article recommended a gender discourse that evaluates and critically analyses the gender portrayals in the course-books to avoid losing the gender equality milestones achieved so far in Zimbabwe.Contribution: The study examined sexuality sensibilities secondary school learners are exposed to through the authority of folktale prescribed course-books: Hodza’s (1983) Ngano Dzamatambidzanwa and Fortune’s (ed. 1983) Ngano Volume 4. It adopted the Afrocentric perspective of Unhu and Ubuntu to assess the impact of these instructional materials on the learners’ socialisation processes. (shrink)

Introduction. The condition of fixed assets and their rational management largely determine the competitiveness of an enterprise. Updating the production base is possible both at the expense of their own funds and at the expense of borrowed funds. When choosing sources of financing for renovating fixed assets, it is important to assess the impact of the chosen acquisition method on cash flows and the financial result of an enterprise. The purpose of the article is to assess the impact (...) of the chosen method of financing the acquisition of fixed assets on the company’s financial results and cash flow. Methods. Comparison, induction, analysis, synthesis, direct counting, the author’s methodology for assessing the impact of the source of renovation on the financial result of the enterprise and cash flow. Scientific novelty of the research. The authors propose an additional criterion for assessing the efficiency of managing fixed assets of an enterprise: choosing the most optimal method of acquisition, based on assessing its impact on the financial results of activities, and they also proposed to supplement the options for renovating the main environments using leases, since, depending on the economic situation, this option may have financial advantages over credit, loan and leasing. Results. The authors predict the influence of the method of financing the acquisition of fixed assets (credit, leasing, rent, own funds) on the financial result of an enterprise and cash flows; develop the general approaches to the method of choosing the optimal source of financing for the renovation of fixed assets. Conclusions. The acquisition of ownership of fixed-capital assets is not always advisable. The article shows that not only credit or leasing operations, but also rent are comparable in efficiency. When choosing a source of financing for renovating fixed assets, it is necessary to compare the costs of acquiring property and their distribution by periods, to analyze the impact of the method of acquiring them on the financial result of the enterprise and cash flow. (shrink)

Despite the increase in the acceptance of responsible investing in general, the global community is still witnessing unprecedented levels of practices that can only be categorized as “unsustainable”. It appears, then, that either the inroads made by the RI community have not kept up with the increase in unsustainable practices, or, that the RI process itself has been ineffective at producing meaningful change. The current study aims to investigate the practices used by pension plan sponsors to determine how they may (...) enable, or interfere with, the adoption of implementation of RI. We adopt Framing Theory, specifically the idea that particular frames find alignment when they resonate with their targets, by either bridging, extending, amplifying or transforming a domain. We extend research to include understudied practices by performing an analysis of 60 public pension funds in Canada. We find evidence of disconnect between the financial frame which dominates practices for compliance and evaluation, and the social frame of RI as a source of change. If the aim of RI is to produce long-term change, then a consideration of whether it aligns with extant practices is critical. We discover a variety of frame alignment tactics already employed in practice. We also find that, even within the dominant financial frame, opportunities for frame extension, amplification and transformation do exist, and examine how these are more possible depending on how the asset management structure is designed. (shrink)

This article does not intend to actually valuate intangible assets but focuses to investigate the relative value distribution of corporate intangible assets, and this links closely to the concept and application of value drivers. This is because we believe that drivers or attributes of the value significantly determine how the virtual value of these intangibles can be created for companies. We apply the analytic hierarchy process (AHP) to the appraising process of intangible assets. The AHP method can (...) mainly sort the non-financial value drivers in order according to their weighted contributions. Therefore, the key purpose of this article is to develop a tentative model for the evaluation of intangible assets, which helps business to correctly appraise corporate value ratios and avoid bias due to mainly relying on financial statements when measuring an entity’s value. In addition, in view of the significant proportion of intangible assets over total assets in high-technology industries, this research, then, uses six industries in Hsinchu Science Park, Taiwan, as its research objects in order to test the applicability of its model, as well as exploring the value weights of intangible assets and its evaluation among different technology industries. Besides, the empirical result of this article is mainly to support business appraisal and thus improves the effectiveness of value-based management. (shrink)

The purpose of this article is to offer an alternative, more nuanced analysis of the labelling of frontline workers as heroes than originally proposed. Here, we argue that the hero narrative in itself need not be problematic, but highlight a number of wider factors that have led to the initial rise in support for labelling frontline workers as heroes. Through our related work, we have gathered similar stories from frontline workers where they feel betrayed, let down or otherwise short-changed by (...) the hero label, and we have sought to make sense of this through understanding more about how the hero label is used rather than what it means. In this article, we propose a way forward where there is greater discussion around the hero label in this context where individuals can be heroes but still struggle, still fail and still feel vulnerable, and where heroism is viewed as a state of interdependence between heroic actor and the wider group. It is true that heroes can inspire, lead, guide and build morale and camaraderie, but collective responsibility is held with us all. We can draw hope and energy from our heroes, but we must dig deep and be proactive, particularly in the face of adversity. In doing so, we support the heroes to lead from the front and ensure that even though we cannot physically help; we are not making their situation worse. (shrink)

We survey the literature that has explored the implications of decision-making under ambiguity for financial market outcomes, such as portfolio choice and equilibrium asset prices. This ambiguity literature has led to a number of significant advances in our ability to rationalize empirical features of asset returns and portfolio decisions, such as the failure of the two-fund separation theorem in portfolio decisions, the modest exposure to risky securities observed for a majority of investors, the home equity preference in international portfolio diversification, (...) the excess volatility of asset returns, the equity premium and the risk-free rate puzzles, and the occurrence of trading break-downs. (shrink)

This paper provides an examination of some problems caused by the concentration of influence in the capital markets of developed countries. In particular, I argue that large asset managers exercise quasi-political power that is not democratically legitimate. In section two, I will examine the economic driver behind the size and power of the big asset managers: the passive investing revolution. I will discuss several respects in which this revolution has fundamentally changed capital markets, most notably by making a large share (...) of investors universal owners. In the third section, I argue for my central analytical conjecture: asset managers exercise quasi-political power. They use their influence to shape the rules of the game in public capital markets in order to implement social and environmental policies that have traditionally been the exclusive purview of states. “Asset manager capitalism” is a recent term coined to refer to the contemporary system of corporate governance that succeeded the Berle and Means corporation with its dispersed ownership; the argument of this section is that asset manager capitalism is also a new political-economic regime. In the fourth section I defend my central normative claim: asset manager capitalism is an untenable and illegitimate political-economic arrangement, for at least two reasons. First, the power of asset managers is not checked by any institutional constraints, and is not rendered legitimate by any democratic process. More fundamental than this procedural critique is an argument that the interests of asset managers could not be aligned with the public interest, given the fact that the distribution of capital is highly unequal. I conclude by discussing several proposals to reform asset manager capitalism. (shrink)