Farmers markets have traditionally served as a space for farmers to sell directly to consumers. Recently, many FMs in the US and other regions have experienced a renaissance. This article compares the different value sets embedded in the rules and norms of two metropolitan FM regions—Minneapolis, Minnesota and in Vienna, Austria. It uses a values-based framework that reflects the relationships among FM operating structures and their values reflected by the key FM participants—i.e., farmer/vendors, consumers and market (...) managers. The framework allows us to focus on two very contrasting value sets of metropolitan FM regions in presenting and discussing the values found and embedded in the two metropolitan market regions; illustrating how the values found are embodied as rules and norms in each FM region; considering the alignment or not of FM participant values with their corresponding FM values; and the differences and commonalities as well as the benefits and challenges of the two market regions. In contrasting metropolitan FMs we explain that FM value sets are complex and differ among and within FM participant groups and are dependent on their respective OS. We show that contrasting two metropolitan FM regions can be useful in understanding beneficial and disadvantageous relationships between the values and structures of, and in FMs, and specifically in examining institutional impediments such as governance. Thus we illustrate the possibilities and limitations of values for and within metropolitan FMs. (shrink)

Ethics have taken a center stage in business curriculum development over the past 5 years. Sustainable business practices are an important issue when it comes to adequately educating the next generation of marketing professionals. A variety of approaches in how to achieve such goals have been proposed as ideal methodologies. This paper presents a case study on curriculum development for a study abroad trip in Cambodia for marketing students. Furthermore, this article represents one method to incorporate the role of NGOs (...) in international business into business ethics courses. Results show that values-based curriculum serve as an appropriate learning pedagogy for the advancement of ethics in business educational scenarios. Through the use of values-based format, results demonstrate that when students are presented in constructive ethical situations it induces critical self-reflection necessary for more effective ethics education. Furthermore, with the additional cross-cultural component of the research design, students were also exposed to ethics as a component of culture. The current study extends both the pedagogy and ontological development and application of ethics education, specifically, the values-based curriculum providing a pragmatic approach to ethics teachings, and also presents an empirical study of how to integrate NGOs into international business educational platforms. (shrink)

In the last few decades, the emergence of mid-scale, intermediated marketing channels that fall between commodity and direct markets has attracted growing interest from scholars for their potential to preserve small and mid-sized farms while scaling up alternative agrifood sourcing. When such mid-scale supply chains are formed among multiple business partners with shared ethics or values related to the qualities of the food and the business relationships along the supply chain, they may be termed “values-based supply (...) chains (VBSCs).” Most of the research on VBSCs to date has relied primarily on a case study approach that investigates the performance of VBSCs from the perspective of VBSC founders or leaders. In contrast, this research seeks out the perspectives of farmers who participate in VBSCs. A nationwide farmer survey conducted in 2017 offers original insights on farmer motivations for participating in VBSCs and how they are being used by farmers relative to other marketing channels. We find that VBSCs serve farms of all sizes. Overall, smaller farms were more likely to market a higher percentage of overall sales through their VBSC and more likely to rank their VBSC as one of the top three marketing channels in their portfolio. But it was the larger farms that were more likely to perceive VBSC-specific benefits. Our findings confirm that while there is a limited volume of product that such regional supply chains can currently handle, farmers view VBSCs as a valuable marketing option that aligns with their own values and preserves their product’s identity. (shrink)

The Diagnosis Confirmation Model includes a dual-pricing mechanism designed to support value-based pricing of novel antibiotics while improving the alignment of financial incentives with their optimal use in patients at high risk of drug-resistant infections. DCM is a market-based model and complementary to delinked models. Policymakers interested in stimulating antibiotic innovation could consider tailoring the DCM to their reimbursement systems and incorporating it into the suite of incentives to improve the economics of antibiotics.

As policy innovation is essential for upscaling responsible innovation, understanding its relationship to value change(s) occurring or sought in sociotechnical systems is imperative. In this study, we ask: what are the different types of values in the policy process? And, how does value change influence policy innovation? We propose a disaggregation of values and value change based on a four-stream variant of the multiple streams framework (MSF), a conceptual lens increasingly used for explaining policy innovation in sociotechnical (...) transitions. Specifically, we posit that the values that ‘govern’ problem framing, policy design, political decision making, and technological diffusion can evolve relatively independently, potentially leading to value conflict. We apply this framework to the ongoing case of the market-based economic dispatch of electricity (MBED) policy in the Indian energy transition using content analysis. We find that the MBED scheme—with its emphasis on efficiency (problem), economic principles (policy), low-cost dispatch (technology), and centralization (politics)—attempts value change in each stream. Each instance of value change is, however, widely contested, with the ensuing value conflicts resulting in significant opposition to this policy innovation. We conclude that a disaggregation of values based on the MSF can facilitate an analysis of value change and value conflict in sociotechnical transitions and lay the foundation for systematically studying the relationships among technological change, value change, and policy change. (shrink)

We are pleased to print here the winning entry for the 1995 European Business Ethics Essay Competition, which was sponsored jointly by the Foundation for Business Responsibilities and London Business School and to which entry was open to students for the MBA or equivalent management degree at any institution in Europe. The author, Mr Nils Elmark, subsequently gained his MSc degree in Public Relations at the Department of Marketing, University of Stirling, and is now with Marks and Brands, St. Kirkstrade (...) 3, DK‐1073 Copenhagen, Denmark. (shrink)

Using a signaling framework, we argue that ethical behavior as evidenced by charitable donations is viewed more positively by investors when seen not to be based on self-serving motives but rather on authentic generosity that builds moral capital. The affirmed religiosity of CEOs may make their ethical position more credible, while their embeddedness within a family business suggests that CEOs are backed by powerful owners with long-time horizons and a desire to build moral capital with stakeholders. We find in (...) a study of market responses to 1572 corporate donations by S&P 1500 firms that financial markets react more positively to charitable initiatives from firms with religion-declared CEOs, but only if these are family businesses. (shrink)

International marketing practices, embedded in a strong ethical doctrine, can play a vital role in raising the standards of business conduct worldwide, while in no way compromising the quality of services or products offered to customers, or surrendering the profit margins of businesses. Adherence to such ethical practices can help to elevate the standards of behavior and thus of living, of traders and consumers alike. Against this background, this paper endeavors to identify the salient features of the Islamic framework of (...) International Marketing Ethics. In particular, it highlights the capabilities and strengths of this framework in creating and sustaining a strong ethical international marketing culture. At the heart of Islamic marketing is the principle of value-maximization based on equity and justice (constituting just dealing and fair play) for the wider welfare of the society. Selected key international marketing issues are examined from an Islamic perspective which, it is argued, if adhered to, can help to create a value-loaded global ethical marketing framework for MNCs in general, and establish harmony and meaningful cooperation between international marketers and Muslim target markets in particular. (shrink)

Sometimes we believe that others receive harmful information. However, Marschak’s value of information framework always assigns non-negative value under expected utility: it starts from the decision maker’s beliefs – and one can never anticipate information’s harmfulness for oneself. The impact of decision makers’ capabilities to process information and of their expectations remains hidden behind the individual and subjective perspective Marschak’s framework assumes. By introducing a second decision maker as a point of reference, this paper introduces a way for evaluating others’ (...) information from a cross-individual, imperfect expectations perspective for agents maximising expected utility. We define the cross-value of information that can become negative – then the information is “harmful” from a cross-individual perspective – and we define (mutual) cost of limited information processing capabilities and imperfect expectations as an opportunity cost from this same point of reference. The simple relationship between these two expected utility-based concepts and Marschak’s framework is shown, and we discuss evaluating short-term reactions of stock market prices to new information as an important domain of valuing others’ information. (shrink)

Perhaps nothing so radically changes one’s value perspective as psychosis. In a moving article, writer Mark Lukach describes his wife Giulia’s struggle with an illness presumed to be bipolar disorder. A woman with a “concrete life plan … to become a director of marketing at a fashion company and have three kids by the time she turned 35”, Gulia’s acute psychosis resulted in her ranting “unintelligible babble about heaven, hell, angels, and the devil”. For her husband, Gulia had become a (...) different person; “the person you love is no longer there, replaced by a stranger who’s shocking and exotic”.Yet, change to value systems is ubiquitous and usually far less dramatic than that occurring in... (shrink)

Based on an abductive analytic study, we examine financial and social value incorporation in the multi-valued market of impact investing. This paper draws on interviews with investment professionals in 54 charitable foundations, intermediary and field building organizations in the impact investing market, to compare market objectives with practice, and to determine whether social and financial values are incorporated, thus producing ‘returns’ of both types through market exchange. We find unincorporated valuation is apparent at both the market level and (...) for several types of investors in contrast with the incorporated or even integrated valuations of other investors. This demonstrates that rather than incorporating logics in a binary or hybrid way, valuation in the moral market of impact investing occurs in a multiplicity of ways and on different levels of the market, depending on a variety of factors including adherence to traditional financial market standards and market design and maintenance. (shrink)

This study investigates the market reaction to corporate press releases announcing donations to the relief effort following the December, 2004 tsunami in Southeast Asia. Based on a sample of 79 U.S. companies, results indicate a statistically significant positive 5-day cumulative abnormal return. While differences in the timing of the press releases do not appear to have influenced market reactions, the amount of the donations did. Overall, the results appear to support Godfrey’s (Academy of Management Review 30, 777–798; 2005) assertion (...) that philanthropic giving must be perceived as being a genuine manifestation of the firm’s underlying social responsiveness in order to increase firm value. (shrink)

In this paper I argue that the free-market provision of health care is both practical and morally sound, and is superior in both respects to its provision by the State. The State provision of health care will be inefficient compared to its free-market alternative. It will thus provide less health care to persons for the same amount of expenditure, and so save fewer lives and alleviate less suffering for two reasons: state actors have no incentive to husband their resources effectively, (...) and that in a non-market setting, special interest groups can capture resources through lobbying, perverting them away from their efficient allocation. Given these considerations of efficiency a utilitarian should morally prefer the free-market provision of health care to its State-based rival. Furthermore, even if one is not a utilitarian, the free-market provision of health care will be more morally sound than its State-based alternative because it will likely better respect the autonomy of persons, and will better refrain from imposing values upon persons. With these points in hand, I address two prominent objections to a free market system of health care. (shrink)

The growth of global value chains (GVCs) and the emergence of novel forms of value chain governance pose two questions for normative business ethics. First, how should we conceptualize the relationships between members of a GVC? Second, what ethical implications follow from these relationships, both with respect to interactions between GVC members and with respect to achieving broader transnational governance goals? We address these questions by examining the emergence of transnational eco-labeling as an increasingly prominent form of GVC governance that (...) is redefining the relationship between nominally independent firms. On the first question, we argue that GVCs occupy a middle ground between intrafirm and interfirm transactions, thereby posing a challenge to theoretical frameworks that attempt to apply ethical standards based on transaction types. On the second question, we argue that this unique institutional status leads to a range of novel ethical considerations and dilemmas for GVC members. Lead firms, their suppliers, and third-party standard-setters all confront new ethical quandaries when third-party eco-labeling is introduced to a GVC. The nature of these quandaries means that, while GVCs may be well-positioned to serve as instruments of transnational governance, they are frequently not well-oriented to do so. Our analysis marks an initial attempt to map the ethical considerations that apply to members of a GVC, and in doing so, places the literature on normative business ethics and transnational governance in a closer conversation. (shrink)

The growth of global value chains (GVCs) and the emergence of novel forms of value chain governance pose two questions for normative business ethics. First, how should we conceptualize the relationships between members of a GVC? Second, what ethical implications follow from these relationships, both with respect to interactions between GVC members and with respect to achieving broader transnational governance goals? We address these questions by examining the emergence of transnational eco‐labeling as an increasingly prominent form of GVC governance that (...) is redefining the relationship between nominally independent firms. On the first question, we argue that GVCs occupy a middle ground between intrafirm and interfirm transactions, thereby posing a challenge to theoretical frameworks that attempt to apply ethical standards based on transaction types. On the second question, we argue that this unique institutional status leads to a range of novel ethical considerations and dilemmas for GVC members. Lead firms, their suppliers, and third‐party standard‐setters all confront new ethical quandaries when third‐party eco‐labeling is introduced to a GVC. The nature of these quandaries means that, while GVCs may be well‐positioned to serve as instruments of transnational governance, they are frequently not well‐oriented to do so. Our analysis marks an initial attempt to map the ethical considerations that apply to members of a GVC, and in doing so, places the literature on normative business ethics and transnational governance in a closer conversation. (shrink)

Since the introduction of Ethereum in 2015, blockchain technology (BT) has been evolving, and BT has been associated with the concept of the sharing economy by business academics. Despite the marketing research on the sharing economy that has been extensively conducted in the last decade, the linkage between BT and ethical marketing in the sharing economy remains unclear. Through a systematic literature review of 163 articles and a co-citation analysis, this study identifies the key elements of blockchain capabilities, blockchain attributes, (...) and the underlying economic theories of blockchain. It also synthesizes and proposes a shift of ethical marketing logic in the blockchain-based sharing economy that delineates the principles of stakeholder capitalism. The article concludes with a list of future research directions that underline three approaches of stakeholder theory (i.e., the descriptive, instrument, and normative approaches). These directions aim to guide marketing scholars concerning how BT enables an institutionally embedded view of ethical marketing activities and practices that enhance collaborative marketing and subsequently innovate value chains and create sustainable business models in the sharing economy, as well as to the metaverse. (shrink)

Few scholars have investigated the considerations of over-empowered teams from a non-consequential ethics approach. Leveraging a virtue-based ethics lens of team empowerment, we provide a framework of team ethical orientation and over-empowerment using highly influential market research teams as a basis for our analysis. The purpose of this research is to contrast how teams founded on virtue-based ethics can attenuate ethical dilemmas and negative organizational outcomes from team over-empowerment. We provide a framework of four conditions that include Sophisticated, (...) Suppressed, Contagion, and Impeded to discuss alignment between team ethical orientation and team empowerment. Through this framework, we aim to further our understanding of empowered team behavior between action that is virtuous, moral, and ethical and activity that threatens organizational values and goals. (shrink)

This study explores the relationships among marketers' deontological norms and their personal values. Based on the review of theoretical works in the area of marketing, hypotheses concerning the relationships among marketers' norms and their personal values were developed and tested. Data were collected from 249 marketing professionals. Results from canonical correlation analysis generally indicate that marketers' norms can be partly explained by personal values. Marketers' pricing and distribution norms, information and contract norms, and norms pertaining to (...) marketers' honesty and integrity were significantly related to the personal values emphasizing "excitement," "warm relationships with others," "fun and enjoyment in life," and "a sense of accomplishment.". (shrink)

On the example of the analysis of the content of films-leaders of the box office box office, the value dynamics of the symbols of success is revealed as an objectively occurring sociocultural process in film communication. Cultural production and consumption are being rethought as the self-communication of society, which has sustainable trends. The connections of the sociocultural process of symbolizing success with communicative, semantic and semiotic processes have been studied. The specificity of the dialectical contradiction between sociocentric and personocentric symbols (...) of success is described. The theoretical provisions that reveal the structural and functional side of the socio-cultural process of symbolizing success are presented, its objectivity is proved on the example of the analysis of an array of films, the dominant tendencies in the halo of the cultural space of the general film market are determined. The book is addressed to scientists, students and teachers interested in cultural dynamics, social communication, the role of cinema in modern society. (shrink)

The identification of regularities in time-dependent functional structures leads to turn patterns, observed according to a given time resolution, into functional attractors on which it is first possible to found any complex system. Rationality is introduced under the form of probabilities for functions to make up a given attractor beyond the first rough descriptive pattern. These physically characterized attractors are the medium enabling the definition of value as an extension of the Prospect Theory overall utility, considering that the actions produced (...) by their functions are outcomes which are modulated by PT psychological value functions and an operational value appears naturally as an optimization taking account of diminishing sensitivity to action efficiency. Nevertheless, this diminishing sensitivity, when applied to negative actions, introduces also a bias of negative externalities underestimation. An attractor-based complex system evolution in an industrial context is described according to Manufacturing Readiness Level and to the main milestones of an industrial project, corresponding to singular points of maturity expressed in terms of probability—or decision—weighting, up to the system release to the market. So, a maturity assessment heuristics is proposed both for the system development and for its marketing. The supply and demand law is established, highlighting that the ideal case of a purely mature economy can be a good approximation reducing the complexity of the exchanges analysis. Equilibria are discussed as depending on an initial point from which the usual Gaussian probability distribution and a speculative weight qualify equilibrium. (shrink)

Abstract. This article argues that a primary, contemporary product of four moments in the history of faith-based social services has been a highly selective and inconsistent use of the notion of human rights by churches and church leaders. Churches still occasionally reference a communitarian sense of human rights and public good but now more commonly use the rhetoric of individual rights to contest specific political positions and social policies in the arena of the social service agencies these churches sponsor. (...) Changing church views of human nature are not sweeping changes, but small changes of degree that still have the power to powerfully reorient social relations. In this sense, churches that sponsor social services increasingly espouse a privatized, economic, and individualistic “Civil Society” in sharp contrast to communitarian notions of social citizenship that formerly better reflected churches’ operating ontology. (shrink)

The main goal of the article is a further development of the usage of income and comparable approaches to company valuation aimed at defining market capitalization sensitivity to value changing in the conditions of dynamization of internal and external business parameters. The relevance of the researched topic is determined by the importance of establishing the factors influencing the change in company market capitalization based on the synthesis of approaches to company valuation. To obtain the results of the study, the (...) following methods were used: structural and logical analysis – to improve the process approach to company valuation in the context of determining the impact of its change on market capitalization; discounted cash flow method (DCF-model) – to determine the value of the enterprise based on the income approach; comparable companies method – to determine the value of the company on the basis of a market approach; factor analysis method – to assess the impact of changes in value on company market capitalization; generalization and logical analysis – in conclusions building. The results of critical analysis of publications of domestic and foreign scientists on the application of company valuation methods identified the need of improvement the process approach to company valuation in the context of determining the impact of its change on the company market capitalization. To adequately assess company value, the use of a synthesis of income and market approaches is proposed. The implementation of the DCF-model and comparable companies valuation method while valuation of Private Joint-Stock Company “SKF Ukraine” allowed to establish that the greatest impact on the target metric (company market capitalization) has an average industry multiplier EV/EBITDA, terminal growth rate and weighted average cost of capital – 5.9 %, 3.2% and 2.7% respectively. The practical value of the results of the study is determined by the importance of forming a full analytical basis for establishing the attractiveness of the performance of joint-stock companies in the market and consolidating management decisionsin order to increase market capitalization. (shrink)

This study provides empirical evidence on how corporate sustainability performance (CSP), as proxied by membership of the Dow Jones sustainability index, is reflected in the market value of equity. Using a theoretical framework combining institutional perspectives, stake-holder theory, and resource-based perspectives, we develop a set of hypotheses that relate the market value of equity to CSP. For a sample of North American firms, our preliminary results show that CSP has significant explanatory power for stock prices over the traditional summary (...) accounting measures such as earnings and book value of equity. However, further analyses suggest that we should not focus on corporate sustainability itself. Our findings suggest that what investors really do is to penalize large profitable firms with low level of CSP. Firms with incentives to develop a high level of CSP not engaging on such strategy are, thus, penalized by the market. (shrink)

How do calculative trust and relational trust influence the emergence of institutional-based trust in farmers’ markets? We fill a gap in the literature by studying how diverse forms of trust influence the way frequent consumers evaluate the institutions of a farmers’ market. We analyze a data set of 687 frequent shoppers from the U.S. state of Missouri, assessing the institutional-based trust in farmers’ markets in comparison with the level of institutional-based trust in conventional food systems. (...) The results suggest that calculative trust plays an important role in the consolidation of institutional-based trust in local food systems. More specifically, consumers who shop frequently and live closer to a farmers’ market tend to trust more in local food systems than in conventional food systems. Likewise, affinity towards conventional food systems—i.e., convenience-oriented lifestyle preferences—seems to influence the level of institutional-based trust in local food systems. Consumers who eat out more often tend to trust less in local food systems, possibly due to the lack of repeated experiences with sellers. Following the literature, we also show that consumers search for a broader set of attributes when shopping at a farmers’ market. Even though relational trust is correlated with higher levels of institutional-based trust in alternative food systems, strong ties do not increase the trust in the information found in a farmers’ market. (shrink)

Strengthening the abilities of smallholder farmers in developing countries, particularly women farmers, to produce for both home and the market is currently a development priority. In many contexts, ownership of assets is strongly gendered, reflecting existing gender norms and limiting women’s ability to invest in more profitable livelihood strategies such as market-oriented agriculture. Yet the intersection between women’s asset endowments and their ability to participate in and benefit from agricultural interventions receives minimal attention. This paper explores changes in gender relations (...) and women’s assets in four agricultural interventions that promoted high value agriculture with different degrees of market-orientation. Findings suggest that these dairy and horticulture projects can successfully involve women and increase production, income and the stock of household assets. In some cases, women were able to increase their control over production, income and assets; however in most cases men’s incomes increased more than women’s and the gender-asset gap did not decrease. Gender- and asset-based barriers to participation in projects as well as gender norms that limit women’s ability to accumulate and retain control over assets both contributed to the results. Comparing experiences across the four projects, especially where projects implemented adaptive measures to encourage gender-equitable outcomes, provides lessons for gender-responsive projects targeting existing and emerging value chains for high value products. Other targeted support to women farmers may also be needed to promote their acquisition of the physical assets required to expand production or enter other nodes of the value chain. (shrink)

The traditional command and control approach and the more recent free market have proven inadequate for promoting ecological agricultural development in China. Organic certification represents a regulated market mechanism with the potential to stimulate ecologically based agricultural research, extension, and investment. Recent linkages between the global organic food industry and local agricultural development in China provide an opportunity to test this potential. The article examines China’s two largest organic certification systems for their potential to promote the adoption of integrated (...) pest management (IPM) as a key component of ecological agriculture. Organic certification is providing a format for research, extension, and implementation of IPM principles and practices, and has the potential to do much more. However, possible contradictions between ecological and market rationality, inherent in organic certification and marketing systems, may be exacerbated by the authoritarian political economy of rural China. (shrink)

Cause-related marketing has risen to become a popular strategy to increase business value through profit-motivated giving. Despite the growing number of articles published in the last decade, no comprehensive analysis of the most discussed constructs of cause-related marketing is available. This paper uses an advanced Text Mining methodology to conduct a comprehensive analysis of 246 articles published in 40 different journals between 1988 and 2013 on the subject of cause-related marketing. Text Mining also allows quantitative analyses to be performed on (...) the literature. For instance, it is shown that the most prominent long-term topics discussed since 1988 on the subject are “brand-cause fit”, “law and Ethics”, and “corporate and social identification”, while the most actively discussed topic presently is “sectors raising social taboos and moral debates”. The paper has two goals: first, it introduces the technique of CTM to the Marketing area, illustrating how Text Mining may guide, simplify, and enhance review processes while providing objective building blocks to be used in a review; second, it applies CTM to the C-RM field, uncovering and summarizing the most discussed topics. Mining text, however, is not aimed at replacing all subjective decisions that must be taken as part of literature review methodologies. (shrink)

From a certifier’s perspective, this paper deals with the question of how to bring together the values of producers and consumers in globalized food markets. It is argued that growth and mainstreaming of organic food production cannot be achieved solely by ethically aware consumers signalling their more sustainable purchase decision to the market. In fact, the intrinsic motivation of producers is an indispensable requisite for such a development. It is then the organic movement’s and the certifier’s task to (...) bring together the values of consumers and producers. This challenge is explored in the following by using the example of organic aquaculture. Based on one of the author’s experience in the field of aquaculture certification since the late 1990s, in about twenty countries and with most aquaculture animal species, the paper examines critical value-based aspects that are prominent from the perspective of sustainability. These are: use of problematic substances in aquaculture production, stocking density, origin of feedstuff, certification procedure, and small-scale farming versus large aquaculture companies. On this basis, the paper describes and analyses attempts to formulate respective organic certification standards. In order to bring about organic aquaculture, it is argued that consumers’ choices alone are not sufficient and that successful transformation to sustainable aquaculture also needs to take into account values and preferences of producers. (shrink)

Many believe that innovation offers opportunities to create wealth through innovation in the form of new services and new technologies, an aspiration often not realised in practice. Nonetheless, organisations do possess unique advantages for governing certain types of economic activity through a logic very different from that of the market. This paper suggests that governing and guiding this 'organisational economy' of many and various stakeholders is essential to creating significant value from innovation, and that governance structures should be chosen which (...) align with the economic character of the organisation. This paper considers relationships between wealth creation through innovation, choices of governance structure and the nature of the organisation's relationships with its stakeholders. To inform the discussion, the paper draws on analysis and findings from recent applied doctoral research at Henley Management College into the creation of significant economic change in complex organisations which have a high dependence on technology. (shrink)

This study uses a Corpus Assisted Discourse Studies methodology to provide the first systematic analysis of how trust is discursively constructed in crypto-drug markets. The data come from two purpose-built corpora. One comprises all the forum messages posted on the flag ship crypto-drug market Silk Road during the years in which it traded on the hidden net. The other corpus comprises all the reports published by the United Nations Office on Drugs and Crime during the same period. Our analysis (...) of trust focuses on the identities of those buying and selling drugs. The findings reveal that the Silk Road community members regularly discussed vendors’ identities alongside a continuum of trust–risk calculation, explicitly identifying both ‘good’ and ‘bad’ practices and hence engaging in self-regulatory discourses, and mainly constructed drug users’ identities in relation to values of expertise, integrity and benevolence. The findings also suggest that hard law enforcement activity, such as crypto-drug market closure, may encourage technological innovation within these markets. Moreover, our results show a disconnect between the discursive reality of the policy-making documents we examined and the very crypto-drug markets that they seek to legislate. (shrink)

Thomas Lyson argued that civic markets were possible and could have positive impacts on rural development. Increasingly local governments are being forced into market-based governance regimes of privatization, decentralization and free trade. This article explores the impacts of these trends on rural local governments in the US. These market trends can erode civic foundations, but recent data show local governments are balancing markets with civic concerns and giving increased attention to citizen interests in the service delivery process.

Ethical reasoning of all types is anthropocentric, in that it is addressed to agents, but anthropocentric starting points vary in the preference they accord the human species. Realist claims about environmental values, utilitarian reasoning and rights-based reasoning all have difficulties in according ethical concern to certain all aspects of natural world. Obligation-based reasoning can provide quite strong if incomplete reasons to protect the natural world, including individual non-human animals. Although it cannot establish all the conclusions to which (...) anti-speciesists aspire, it may establish many of them with some clarity. (shrink)

As the debate over the value of microfinance institutions intensifies, it remains apparent that microfinance may, at the very least, be considered as one tool in the arsenal of the war against poverty in base of pyramid markets. Given the variety of actors in the microfinance arena, stakeholders have placed a relatively new emphasis on performance reporting for MFIs, allowing comparisons and identifications of performance gaps. One result of this scrutiny is an increased importance placed on MFIs’ social performance, (...) with an eye to understanding measures of MFIs’ intent, process, and results in the social realm—in addition to their financial sustainability. While a number of factors may explain differences in social performance, in this paper we take a close look at a particular factor that may have a positive relationship with social performance—that of an MFI’s religious affiliation or religiosity. Using archival data, we derived three sets of randomly paired samples, pairing religious MFIs with non-religious ones, and compared social performance indicators derived from the literature across the samples. We sought to understand whether religiously-affiliated MFIs would, in fact, demonstrate stronger social performance intent, wider social performance reach via service delivery processes, and better social performance outcomes in BoP markets. Statistical analysis provided preliminary evidence that religiously-affiliated MFIs display stronger social performance, suggesting new avenues for future research. (shrink)

In the literature, CSR’s roles on firm performance are found to be positive, negative, or neutral. This inconclusive pattern suggests there may be a more complicated mechanism at work than the traditional focus on simple linear associations. We propose and test an inverted-U-shaped relationship between CSR and shareholder value, the fundamental measure of firm performance. Further, we incorporate a critical firm attribute, marketing capability, to moderate the nonlinear link between CSR and shareholder value, thereby exploring a previous understudied area involving (...) the interplay between CSR and market-side competency. The results show that an initial increase in CSR engagement positively drives firm shareholder value, but the effect turns negative when a firm pursues excessive CSR engagement. Notably, however, this negative association does not apply to firms that have a high marketing capability. Our research generates meaningful implications for a stakeholder view of CSR, strategic management, firm valuation, resource-based theories, and business practices. (shrink)

Information and communication technologies are increasingly used for development in the Global South, and mHealth plays key role. This paper analyzes the particular relationship to science that characterizes a global maternal mHealth program deployed in Ghana and India. Using science and technology studies, this research relies on qualitative interviews conducted between 2014 and 2016 with funders, implementers, and beneficiaries of this mHealth program. This story begins with a randomized controlled trial, a biomedical experiment with a strong positioning regarding science and (...) the production of evidence. But rapidly the scientific stance disappears to give way to the testing and marketing of a product for the digital economy. From science to market, this paper offers to revisit a classical STS topic through the lens of mHealth. It shows how the various experimental forms taken by this project fundamentally diverge from scientific methods and evidence production and at the same time how it nurtures an ongoing instrumental relationship with science. Thus, from clinical research to product marketing, this paper highlights the tenuous link between evidence-based and market-based mHealth in the Global South. (shrink)

The Market Failures Approach (MFA) is one of the leading theories in contemporary business ethics. It generates a list of ethical obligations for the managers of private firms that states that they should not create or exploit market failures because doing so reduces the efficiency of the economy. Recently the MFA has been criticised by Abraham Singer on the basis that it unjustifiably does not assign private managers obligations based on egalitarian values. Singer proposes an extension to the (...) MFA, the Justice Failures Approach (JFA), in which managers have duties to alleviate political, social, and distributive inequalities in addition to having obligations to not exploit market failures. In this paper I describe the MFA and JFA and situate them relative to each other. I then highlight a threefold distinction between different types of obligations that can be given to private managers in order to argue that a hybrid theory of business ethics, which I call the MFA +, can be generated by arguing that managers have obligations based on efficiency and duties based on equality to the extent that these latter obligations do not lead to efficiency losses. This argument suggests a novel theoretical option in business ethics, elucidates the issues that are at stake between the MFA and the JFA, and clarifies the costs and benefits of each theory. (shrink)

In heterogeneous markets, one of the many consumer groups is that of green product buyers. With rising ethical values, the green market is assuming its place in a general growth trend. Given this, it is important to determine the profile of green product buyers. This study aims to find out whether there are sub-markets for green product buyers, based on their personal values and consumption values, and to determine a detailed profile for these buyers. (...) Both personal values and consumption values are basic factors guiding consumer behaviour and affecting consumption preferences. The data was collected, through surveys in Turkey, from green consumers who were members of the TEMA (the Turkish Foundation for Combating Soil Erosion, for Reforestation and the Protection of Natural Habitats) council. The result of our clustering analysis indicates that green product buyers could be segmented into sub-groups according to their personal values and consumption values. (shrink)

Current research considers business model innovation as a series of responses to technological change and market environment change. However, in practice, it is often business model innovation that leads to market innovation and subversion and then promotes a new round of iterative product renewal. This is because business model innovation is a value creation activity based on market demand, rather than a technology-oriented innovation behavior. Moreover, since the degree of demand manifestation varies, the degree of its influence on value (...) creation and thus the driving mechanism for business model innovation vary significantly, and the duality of market-oriented theory is introduced to explore how firms go about achieving business model innovation based on different demand characteristics and how the results of firms’ integration of market information work. Through regression analysis of 230 sample enterprises, the results show that both responsiveness and proactive market orientation have a significant positive impact on business model innovation. In contrast, market information integration has a positive regulatory effect on the two groups of relationships. (shrink)

This paper uses agent-based modelling to study the frequent booms and busts in Chinese agricultural markets. First, an artificial agricultural commodity market consisting of heterogeneous agents, such as producers, consumers, and speculators, is built. A numerical simulation suggests that speculation can cause large price fluctuations via nonlinear price dynamics. Then, parameters are estimated by the simulated method of moments using garlic and ginger price data in China from 2006Q2 to 2018Q3. The estimation yields a statistically significant speculative behavior (...) parameter, supporting speculators’ existence. Based on the well-estimated model, a low-cost policy experiment aiming at market stabilization is carried out. The essence of this policy is to release the theoretical steady state of the estimated model as the government-guided price to producers. The guided price, even partially followed by producers, can reduce simulated price variances and weaken speculators’ negative impact on market stability. Robustness tests show that the effect of policy experiment is robust under a 20% change in any parameter value or a 5% change in the guided price. (shrink)

Scholarly debate over the transformative potential of neoliberal, market-based, food movement strategies historically contrasts those who value their potential to reform the food-system from the inside against those who argue that their use concedes the primacy of the market, creates citizen-consumers, and undermines overall movement goals. While narrow case studies have provided important amendments, the legacy of such strategies requires impacts to be evaluated both contextually and more broadly than the specific activism. This study thus conceptualizes the ‘case’ of (...) U.S. biotechnology market activism expansively, drawing on interviews with 25 activists from diverse organizations to investigate the legacy of two food-labeling movement strategies (one public and mandatory, one private and voluntary). The results support that the legacy of market strategies extends more broadly than the immediate initiative. They also confirm that the consequences of such neoliberalized strategies are most productively assessed contextually and applied, rather than categorically—as most clearly illustrated by the counterintuitive results of the failed mandatory labeling effort. Of the two market strategies, voluntary labeling demonstrated the most problematic relationship to broader movement goals of food system transformation, in part because of the greater potential for overlapping credence claims and in part due to the risks of niche market logic. (shrink)

Although there is increasing public criticism of intensive livestock production, the market share of meat with an animal welfare standard exceeding legal requirements remains small. Food retailers, in their role as gatekeepers, can influence changes in production and consumption patterns. Their strategic role between farmers and consumers allows them to control commodity, information and value flow and therefore places them into a key position when it comes to the distribution of meat with a higher animal welfare standard. The aim of (...) this explorative study is to identify factors which motivate food retailers to take on the marketing of products of increased animal welfare standards, in this case, pasture-based beef. Nine in depth-interviews were conducted with representatives of the food retail industry. The interviews took place in June 2018, followed a structured guideline and were transcribed verbatim. The transcripts were categorized and evaluated using qualitative content analysis. Results showed that food retailers are driven by both extrinsic and intrinsic motives. The main extrinsic motive is the perceived customer demand. Consciousness for animal welfare and the regional production cycles, including close connection between farmers and retailers are inherently intrinsic motives. Interestingly, the interviewed retailers show a high personal interest and moral obligation with regard to sourcing and marketing pasture-based beef. As such, this research finds innovative retailers, who take on a new role in sustainable food systems which exceed classical distribution functions and may have a considerable effect in transforming the food system. (shrink)

This paper builds on London and Hart’s critique that Prahalad’s best-selling book prompted a unilateral effort to find a fortune at the bottom of the pyramid. Prahalad’s instrumental, firm-centered construction suggests, perhaps unintentionally, a buccaneering style of business enterprise devoted to capturing markets rather than enabling new socially entrepreneurial ventures for those otherwise trapped in conditions of extreme poverty. London and Hart reframe Prahalad’s insight into direct global business enterprise toward “creating a fortune with the base of the pyramid” (...) rather than at the BoP. This shift in language requires a recalibration of strategic focus, we argue, and will necessitate implementation of “moral imagination” to formulate new mental models that can frame the possibility of local entrepreneurs working collaboratively and discursively with development partners drawn from civil society, corporate, and government sectors. Successful partnerships will arise from interactive processes of emergent, co-creative learning within a shared problem domain or “community of practice”. We call attention to three related pluralist framings of situated learning within such communities of practice: decentered stakeholder networks; global action networks; and a focus on “faces and places” as a cognitive lens to humanize and locally situate diverse inhabitants within base of the pyramid partnership projects. (shrink)

In the modern scientific literature, there are many reports about the successful application of neural network technologies for solving complex applied problems, in particular, for modeling the urban real estate market. There are neural network models that can perform mass assessment of real estate objects taking into account their construction and operational characteristics. However, these models are static because they do not take into account the changing economic situation over time. Therefore, they quickly become outdated and need frequent updates. In (...) addition, if they are designed for a specific city, they are not suitable for other cities. On the other hand, there are several dynamic models taking into account the overall state of the economy and designed to predict and study the overall price situation in real estate markets. Such dynamic models are not intended for mass real estate appraisals. The aim of this article is to develop a methodology and create a complex model that has the properties of both static and dynamic models. Moreover, our comprehensive model should be suitable for evaluating real estate in many cities at once. This aim is achieved since our model is based on a neural network trained on examples considering both construction and operational characteristics, as well as geographical and environmental characteristics, along with time-changing macroeconomic parameters that describe the economic state of a specific region, country, and the world. A set of examples for training and testing the neural network were formed on the basis of statistical data of real estate markets in a number of Russian cities for the period from 2006 to 2020. Thus, many examples included the data relating to the periods of the economic calm for Russia, along with the periods of crisis, recovery, and growth of the Russian and global economy. Due to this, the model remains relevant with the changes of the international economic situation and it takes into account the specifics of regions. The model proved to be suitable for solving the following tasks: industrial economic analysis, company strategic and operational management, analytical and consulting support of investment, and construction activities of professional market participants. The model can also be used by government agencies authorized to conduct public cadastral assessment for calculating property taxes. (shrink)

This study focuses on the managerial issue of should social enterprises become more marketing oriented. It adapts the Kohli et al. MARKOR marketing orientation scale to measure the adoption of marketing by SEs. The items capture Vincentian-based values to leverage business in service to the poor as a measure of a Vincentian marketing orientation. A VMO is an organisational wide value-driven philosophy of management that focuses a SE on meeting its objectives by adopting a more marketing orientated approach (...) to serve the needy and poor in a just and sustainable manner. SEs that exhibit a VMO seek to understand and respond to both the needs of their beneficiaries and stakeholders. They are constantly generating, disseminating, and responding to environmental, beneficiary, and stakeholder information and develop their business propositions to more effectively and efficiently meet the needs of the poor, while guided by a philosophy of leveraging business for social good. This study of SEs in Australia found that a VMO is strongly and positively correlated with social, economic, and environmental performance. These findings suggest that SEs may benefit by leveraging marketing capabilities to better serve their beneficiaries and stakeholders. (shrink)

This paper further extends the existing GARCH-MIDAS model to deal with the effect of microstructure noise in mixed frequency data. This paper has two highlights. First, according to the estimation of the long-term volatility components of the GARCH-MIDAS model, rAVGRV is adopted to substitute for the RV estimator. rAVGRV uses the rich data sources in tick-by-tick data and significantly corrects the impact of the microstructure noise on volatility estimation. Second, besides introducing macroeconomic variables, deposits in financial institutions, industrial value-added, and (...) M2), Chinese Economic Policy Uncertainty index and Infectious Disease Equity Market Volatility Tracker are introduced in the long-run volatility component of the GARCH-MIDAS model. As indicated by the results of this paper, the rAVGRV-based GARCH-MIDAS is slightly better than the RV model-based GARCH-MIDAS. In addition to the common macroeconomic variables significantly impacting stock market volatility, CEPU also substantially impacts stock market volatility. Nevertheless, the effect of EMV on the stock market is insignificant. (shrink)

As part of a multifactorial approach to address weak incentives for innovative antimicrobial drug development, market entry rewards are an emerging solution. Recently, the Duke-Margolis Center for Health Policy released the Priority Antimicrobial Value and Entry Award proposal, which combines a MER with payment reforms, transitioning from volume-based to “value-based” payments for antimicrobials. Here, the PAVE Award and similar MERs are reviewed, focusing on further refinement and avenues for implementation.

Purpose– The purpose of this paper is twofold: to provide an overview of related studies and to highlight research gaps and questions that need to be addressed. Research conducted in three-dimensional (3D) online environments constitutes a different research context, not least because it involves the recruitment of avatars in the research process. Researchers need to appreciate better the ethical concerns that arise in this novel, fast-evolving context and how these concern different stakeholders.Design/methodology/approach– The paper employs an interdisciplinary desk-research approach. It (...) critically reviews related literature, highlights the involved stakeholders, discusses ethical issues from a marketing research perspective and concludes with a discussion of related studies and research gaps, providing direct future research avenues.Findings– The characteristics of the 3D online environments and the behaviour and experiences of their users set the boundaries and guide the way regarding the ethical research in this context.Research limitations/implications– The paper does not present primary empirical results, instead it reviews and critiques related literature in 3D online environments and sets the agenda for future research.Practical implications– The paper provides ethical guidelines and identifies blurred areas in conducting or participating in research in 3D online environments.Originality/value– Based on earlier studies and examples of ethical concerns when studying 3D online environments, this paper emphasises the parameters that should be taken into consideration in current and future research studies. (shrink)

Corporate bond appeared in 1992-1994 in Vietnamese capital markets. However, it is still not popular to both business sectors and academic circles. This paper explores different dimensions of Vietnamese corporate bond market using a unique and perhaps, most complete data set. State not only intervenes in the bond markets with its powerful budget and policies but also competes directly with enterprises. The dominance of state-owned enterprises and large corporations also prevents small and medium enterprises from this debt financing (...) vehicle. Whenever a convertible term is available, bondholders are more willing to accept lower fixed income payoff. But they would not likely stick to it. On the one hand, prospective bondholders could value the holdings of equity when realized favourably ex ante. On the other hand, the applicable coupon rate for such bonds could turn out negative inflation-adjusted payoff when tight monetary policy is exercised and the corresponding equity holding turns out valueless, ex post. Given the weak primary market and virtually non-existent secondary market, the corporate bond market in Vietnam reflects our perception of the relationship-based and rent-seeking behaviour in the financial markets. For the corporate bonds to really work, they critically need a higher level of liquidity to become truly tradeable financial assets. Updated entries in 2010 affirm the findings and conclusions. (shrink)

Customers’ declining receptivity to conventional marketing tools has been a challenge for convenience stores. To overcome this, retailers are turning to social media as a new, potent marketing tool for creating business prospects and encouraging direct customer interaction. However, it is still unknown how social media marketing affects the shifts in customer behavior. This paper expands on the relationship of “loyalty program + virtual community experience → perceived value → customer loyalty” in the traditional convenience store scenario, refining the variables (...) of virtual community experience, perceived value, and customer loyalty. It also compares the effectiveness of different LP design structures and explores the mediation impact of program loyalty and the moderation effect of alternative attractiveness. The results demonstrate the superior performance of LPs with an expiry policy and differential returns and highlight the importance of enhancing members’ virtual community experiences in fostering customer perceived value and loyalty. The results also show the minor negative moderation impact of community group buying and prove that emotional value significantly impacts customer loyalty. Still, the social value does not affect program loyalty. The recommendations are offered, such as designing growing-oriented and periodical zeroing LPs, as well as using new social media marketing tools to empower traditional marketing techniques and constructing a “convenience store + community group buying” model. The findings have substantial theoretical and practical implications for traditional convenience stores in properly implementing loyalty and social media marketing tactics to maximize customer value and loyalty with a limited budget. (shrink)