Using U.S. Department of Justice data on state-level political corruption, we find that, consistent with the Harmful Corruption Environment Hypothesis (HCEH), firms situated in states with higher levels of corruption incur higher costs of equity (CoEs). These results are robust for additional controls, propensity score matching, use of instrumental variables, exogenous shocks, and alternate measures for main dependent and primary independent research variables. Our study extends the stream of literature that investigates the influence of local ethical or trust factors (...) on CoE and complements works by El Ghoul and colleagues and Gupta and colleagues. (shrink)

This study examines how the sell-side analysts interpret firms’ corporate social responsibility activities. Specifically, we examine the differential impact of overall, legal, and normative CSR on the analysts’ earnings forecast dispersion, stock return volatility, cost of equity capital, and firm value. Employing a sample of U.S. public firms during 1993–2009, we find that overall CSR intensities reduce analyst dispersion of earnings forecast, volatility of stock return and cost of capital , and increase firm value. However, (...) its impact is reduced for firms with better accounting and disclosure quality. When we disaggregate CSR into legal and normative CSR, we find that legal CSR decreases analysts’ dispersion, stock return volatility, and COC, while legal CSR increases firm value. The sell-side analysts tend to have less information asymmetry regarding the net benefits of pursuing CSR that is required by laws. We find, however, that the benefit of having normative CSR realized in 1 year lag such that analyst dispersion, stock return volatility, COC decrease, respectively, and firm value increases. Furthermore, we find that the benefit of normative CSR is offset for firms with higher accounting and disclosure quality. (shrink)

We examine how corporate environmental responsibility affects the cost of equity capital for manufacturing firms in 30 countries. Using several approaches to estimate firms’ ex ante equity financing costs, we find in regressions that control for firm-level characteristics as well as industry, year, and country effects that the cost of equity capital is lower when firms have higher CER. This finding is robust to addressing endogeneity through instrumental variables, to using alternative specifications and (...) proxies for the cost of equity capital, and to accounting for noise in analyst forecasts. We conclude that investment in CER reduces firms’ equity financing costs worldwide. (shrink)

This paper selected Vanke as the case to study the governance problems of Vanke and the protection of the interests of small and medium shareholders under the situation of equity disputes. At the same time, the study further explored the advantages and disadvantages of the dispersed ownership structure, the long-term impact on the company’s development and the choice of the involved corporate governance methods under the current Chinese capital market conditions. This paper adopted the event research method and (...) selected the period from June 2015 to June 2017 as the observation period to analyze the market performance impact of Vanke in the equity disputes. At the same time, this paper also measured Vanke’s individual stock rate of return and market rate of return, and calculated Vanke’s normal rate of return [E], abnormal rate of return, and cumulative abnormal rate of return during different event windows. Vanke’s shareholding was too dispersed and the stock price had been sluggish for a long time, which had greatly reduced the acquisition difficulty and cost of Baoneng, thus triggering the “barbarian invasion” of Baoneng. In the struggle for control, whether it was Vanke’s anti-takeover measures or China Resources, Baoneng, and Evergrande’s competition for equity, their actions had harmed the interests of small and medium shareholders. The market supervision department was too lenient to supervise and punish the interests of small and medium shareholders, and opportunism made behaviors that infringe on the interests of others more reckless. However, small and medium shareholders cannot actively participate in the company’s management decision-making to safeguard their legitimate rights and interests, which intensifies the violations of all parties in the equity disputes, thus forming a vicious circle. Therefore, the protection of the interests of small and medium shareholders required the joint efforts and consciousness of regulators, small and medium shareholders, and acquirers. (shrink)

For a sample comprising 36,105 U.S. firm-year observations from 1985 to 2008, we find that firms located in more religious counties enjoy cheaper equity financing costs. This result is robust to a battery of sensitivity tests, including alternative assumptions and model specifications, additional controls for noise in analyst forecasts, and various approaches to addressing endogeneity. In another set of tests, we find that the equity pricing role that religion plays comes predominantly from Mainline Protestants. We also document that (...) the effect of religiosity on firms’ cost of equity capital is larger for firms (periods) lacking alternative monitoring (regulation) mechanisms as measured by lower institutional ownership (the pre-SOX era), implying that religion plays a corporate governance role. Finally, we find that the importance of religion to equity pricing is concentrated in firms that suffer lower visibility, which tend to be more sensitive to local social and economic factors. By examining the links between religiosity and valuation at the firm level, we provide strong, robust evidence supporting the perspective that religion facilitates economic development. (shrink)

In this paper, we examine the relationship between the environmental practices and implied cost of equity. Using a comprehensive sample of 23,301 firm–year observations from 43 countries, we find that an improvement in environmental practices leads to reduction of the implied cost of equity. Further, the results are stronger in countries where country-level governance is weak. Our results indicate that most of the benefits come from the reduction of emission and unnecessary wastage of resources. Our results (...) remain robust to alternative specifications and endogeneity concerns. (shrink)

Starting from sociological perspectives on complexity, we show how the social capital of boards and owners networks affects the implied cost of capital of companies listed on Brazilian stock exchange. We specifically show arguments and evidence that the effect of the relational resources found in the direct, indirect, and heterogeneous board’s ties reduces the cost of capital while relational resources embedded in shareholder networks increase the cost of capital. Our results show that while (...) the increase in the relational resources of the board reduces the implied cost of capital, an increase in these shared resources in the ownership relationships of the firm increases the cost of financial capital. (shrink)

This paper aims to examine the credibility value of sustainability assurance and the type of assurance provider on cost of capital. A large sample of international companies from the period 2007–2014 was used to develop our models of analysis. We find a greater decrease in cost of capital for companies that publish and assure their social and environmental reports. Thus, voluntary sustainability disclosures decrease the cost of capital. However, companies also have the opportunity to (...) reinforce this decrease by providing an assurance statement, so increasing the credibility of corporate social responsibility information. In addition, the decrease in the cost of capital is significantly higher when such assurance is provided by a top-tier accountancy firm instead of by engineering or consultancy firms; this result supports also the reputational capital of accountancy firms. (shrink)

This paper investigates the effect of corporate social responsibility (CSR) on firm value and seeks to identify the source of that value, by disaggregating the effects on forecasted profitability, long-term growth and the cost of capital. The study explores the possible risk (reducing) effects of CSR and their implications for financial measures of performance. For individual dimensions of CSR, in general strengths are positively valued and concerns are negatively valued, although the effect is not universal across all dimensions (...) of CSR. We show that these valuation effects are principally driven by CSR performance associated with better long run growth prospects, with an additional minor contribution made by a lower cost of equity capital. (shrink)

Prior studies in business ethics highlight the role of philanthropy in shaping stakeholders’ perceptions of a firm’s underlying moral tendencies and values. Scholars argue that philanthropy-based character inferences influence whether and how stakeholders engage with firms. We extend this line of reasoning to examine the impact of philanthropy on firms’ contracting costs in the capital market. We posit that philanthropy-based character inferences reduce investors’ agency concerns, thereby reducing firms’ cost of capital. We also posit that the strength (...) of the philanthropy–cost of capital relationship is contingent on uncertainty regarding a firm’s character, visibility of a firm, and prevailing philanthropic norms. We test and find support for our arguments in a longitudinal study of philanthropy and the cost of capital. Our findings have implications for business ethics research on corporate philanthropy and corporate social performance and for organizational research on social judgment. (shrink)

Numerous studies indicate that racial minorities are both more likely to be executed for murder and that those who murder them are less likely to be executed than if they murder whites. Death penalty opponents have long attempted to use these studies to argue for a moratorium on capital punishment. Whatever the merits of such arguments, they overlook the fact that such discrimination alters the costs of murder; racial discrimination imposes higher costs on minorities for murdering through tougher sentences, (...) and it imposes lower costs on whites for murdering minorities by dispensing weaker sentences. These cost differentials constitute an injustice not simply to actual minority defendants in capital cases, nor simply to the actual minority victims of murder, but to all members of minority communities. I here offer two arguments for a moratorium on capital punishment: The first draws upon evidence of racial discrimination against minority defendants in capital cases, and claims that such discrimination modifies the costs of murder in such a way that minority individuals do not enjoy equal status under the law. The second draws upon the evidence regarding racial discrimination in relation to the race of victims, and claims that such discrimination modifies the costs of murder in such a way that minority individuals do not enjoy the equal protection of the law. Thus, by not assigning equal costs to murder, the American criminal justice system fails to provide racial minorities the equality under the law and discounts the value of their lives and liberties. A moratorium is the least unjust response to such a social injustice. I also reply to the criticism that a moratorium prevents us from executing deserving murderers. (shrink)

At first glance, it may seem that climate policy based on estimates of the social cost of carbon (SCC) presupposes a set of controversial assumptions, especially about what detailed knowledge regulators have about the impacts of climate change, and what the proper role of government and policy is in responding to those impacts. However, I explain why the SCC-based approach need not actually have these problematic presuppositions as well as why SCC estimates may provide the best guide to climate (...) policy when implemented in a way that incorporates a healthy dose of humility. The SCC-based approach can be used in a way that is ecumenical between the wide range of reasonable but incompatible views about the proper goals of government and policy, ranging from views that aim only at market-efficiency, to utilitarian views, to rights-based and other deontological views, to libertarian views, to virtue ethics views, and others. Beyond this, I suggest that the SCC-based approach can help us find an overlapping consensus on a particular climate policy given the range of reasonable but incompatible normative views endorsed in diverse societies. Finally, I consider a number of specific objections to the SCC-based approach that are especially prominent in contemporary discourse and policy debates. I suggest that even if we agree that all of these objections to existing SCC-based analyses have an important kernel of truth, nonetheless the correct response to climate change still involves substantial emissions reductions to be achieved via policy, and the best methods for deciding the magnitude of those reductions still depend essentially on the SCC-based approach. (shrink)

The objective of this research is to investigate the effects of corporate governance scores and environmental, social, and governance scores (ESG) on firms’ cost of capital in emerging countries. The sample consists of 800 firm-year observations collected from Thomson Reuters. We analyze the data using panel-corrected standard errors (PCSE) regressions, which correct for heteroskedasticity issues and contemporaneous errors in the data. When moderated with emerging market variable, our findings indicate that in the financial sector, corporate governance and ESG (...) score is negatively associated with cost of capital. Nonetheless, in the nonfinancial sector, no evidence is found on the effect of corporate governance and ESG on cost of capital. Our findings indicate that emerging countries, different institutional, ownership, and legal structural has an effect on corporate governance and ESG implementation. (shrink)

A variety of stakeholders have long been interested in the factors that are related to firm valuation. This article investigates why companies with more comprehensive corporate governance (CG) have a value premium over companies with less comprehensive CG. We posit and find that the cost of equity capital (COC) decreases with the strength of CG, suggesting that the value premium stems from the lower COC for more comprehensive CG. We also find that the COC is lower for (...) companies with strong commitment to business ethics (BE) than for those with weak commitment to BE and that the beneficial effect of CG on the COC is more pronounced for companies with weak commitment to BE than for those with strong commitment to BE. Companies with more comprehensive CG tend to exhibit strong commitment to BE, but the beneficial effect of corporate ethical commitment is not completely subsumed by CG. Our results suggest that companies could lower their cost of equity capital and increase firm value by adopting more comprehensive CG practices and committing to higher standards of BE. (shrink)

The marginal cost of public funds measures the loss incurred by society in raising additional revenues to finance government spending. The MCF has emerged as one of the most important concepts in public economics; it is a key component in evaluations of tax reforms, public expenditure programs, and other public policies. The Marginal Cost of Public Funds provides a unified treatment of the MCF, carefully developing its theoretical foundations in a variety of contexts and describing its application to (...) a wide range of policies--from excise taxes in Thailand to public sector borrowing in Canada and the United States. The Marginal Cost of Public Funds develops the basic theory of the MCF within the framework of public economics and shows how it is related to the traditional measures of the efficiency loss from distortionary taxation. The MCF concept is then applied to the major sources of revenues for governments--sales and excise taxes, taxes on labor income, taxes on the return to capital, public sector borrowing, and intergovernmental grants. This book will be an essential reference for economists and public policy analysts both in and out of government. Exercises and recommendations for further reading at the end of each main chapter highlight its usefulness as a supplementary text in advanced undergraduate or graduate courses in public economics.Bev Dahlby is Professor of Economics at the University of Alberta and a coauthor of Public Finance in Canada, second edition. He has served as a consultant for such organizations as the International Monetary Fund, the World Bank, and the Canadian government's Department of Finance. (shrink)

Taking support from ego-depletion theory, this study examines ego depletion as a mechanism that explains how employees’ organizational citizenship behavior leads to antagonistic consequences, i.e., service sabotage. Employees’ positive psychological capital is considered a moderator. PROCESS macro was used to test all the hypotheses using time-lagged, dyadic data collected from 420 employees and their 112 their supervisors associated with the service industry in China. This study finds that employees’ exhibition of OCB is positively linked to ego depletion, which in (...) turn drives service sabotage behavior. Furthermore, employees’ PsyCap weakens the effect of OCB on employees’ ego depletion. This study highlights the dark side of OCB, the mechanism through which it causes adverse effects, and the moderating effect of PsyCap. It also provides insights to the organizations for managing service sector employees to effectively interact with customers. (shrink)

Many transgender people need specific medical services to affirm their gender. Gender-affirming health care services may include mental health support, hormone therapy, and reconstructive surgeries. Scant information is available about the utilization or costs of these services among transgender people, which hinders the ability of insurance regulators, health plans, and other health care organizations to plan and budget for the health care needs of this population and to ensure that transgender people can access medically necessary gender-affirming care. This study used (...) almost three decades of commercial insurance claims from a proprietary database containing data on more than 200 million people to identify temporal trends in the provision of gender-affirming hormone therapy and surgeries and to quantify the costs of these services. (shrink)

After the 2008 financial panic, long-term compensation measures have gained favor as a way to limit managerial opportunism and excessive risk-taking. These measures, which may become mandatory for systemically important institutions, include restriction of stock grants for a period of years, and, in the event of performance reversals, divestment of deferred stock and clawbacks of bonus compensation. These measures are considered uncontroversial enough that some have suggested that all public companies, not just systemically important firms, should adopt them. In this (...) Article, I argue that the benefits of long-term compensation have been overstated while the potential downsides have been largely ignored. Restricted periods for equity grants must be large compared to the executive’s tenure in order to have a significant effect upon behavior overall, and mandatory clawback provisions end up transferring what would have been bonus pay into salary. Furthermore, to the extent that long-term compensation does affect behavior, these consequences are not necessarily good. I show that given fairly reasonable assumptions of executive risk aversion, the information content of long-term and short-term price signals, and managerial control over the timing of project execution and disclosure, a long-term focus can have significant negative effects. (shrink)

High turnover rate is one of the striking features of the hotel industry and one of the most significant challenges. High turnover rate causes substantial costs for recruitment, selection and training in hotels, on the other hand, it also leads to negative consequences such as the decline of organizational performance and service quality. Thus, it is necessary to search for the root causes of turnover and put forward solutions. This study was designed to examine the impact of psychological capital, (...) organizational commitment, and job satisfaction on turnover intention among hotel employees. Additionally, it aimed to test the mediating roles of job satisfaction and organizational commitment. The data were obtained from 228 hotel customer-contact employees with a time lag of two weeks in three waves in Kuala Lumpur based on convenience sampling. A series of structural equation modeling analyses were utilized to investigate hypothesized relationships. The results reveal that there exists a significant and negative impact of PsyCap on employees’ turnover intention and this correlation is partially mediated through two job attitudes. That is to say, to retain hotel talents, five-star hotel management should take proper measures to help employees obtain and maintain positive psychological resources such as PsyCap, on the other hand, how to cultivate positive job attitudes and strengthen their sense of identification and belonging for their organizations is supposed to be more focused on. (shrink)

The Assess Model of Intellectual Capital and a Company's Value Added Cohesion Nowadays intangible assets are especially important in every company and can help to increase a company's value added. The importance is so huge that many companies invest more money in intellectual capital than in material assets. Why has this happened? Scientists answer this question very quickly and easily - many companies have already been disappointed and damaged by their materials, goods, equipment, buildings, cars, machinery that (...) class='Hi'>cost a lot of money but do not give effective productivity. On the contrary, intellectual capital that usually costs only the salary of an employee brings significant benefits. The research purpose is to evaluate the cohesion between intellectual capital and a company's value added and to provide the model of this cohesion. The methods used are analysis of scientific literature, GBN matrix method, expert evaluation, average comparison method, and Kendall's coefficient of concordance. Scientific aims: to reveal the cohesion between intellectual capital and a company's value added; to introduce a model of a company's value added and its intellectual capital; to demonstrate the results of expert evaluation on the model of intellectual capital and a company's value. The findings are as follows: intellectual capital is considered as a unit of social capital, communicational capital, and psychological capital; intellectual capital has a huge influence for the growth of a company's value added; employee motivation is the most important factor either for the growth of intellectual capital or a company's value added. Conclusions: expert evaluation was performed in order to investigate the importance of intellectual capital factors for the growth of intellectual capital itself and a company's value added. Experts were taken from two areas: business environment and academic environment. It is possible that experts from other environments could answer the questions in a completely different way, and this model could be improved even more. (shrink)

This study aims to examine how the relationship between intellectual capital and bank profitability changed during COVID-19. Based on the data of 34 Chinese banks and 39 Pakistani banks, this study uses ordinary least squares to examine this relationship during the COVID-19 era. Profitability is measured by return on assets and return on equity, and IC is measured by the value added intellectual coefficient model. The findings show that, even during the COVID-19 pandemic, IC has managed to sustain (...) its positive influence on bank profitability in China and Pakistan. Among IC components, our study reports that human capital is the only IC resource that continues to enhance ROA and ROE of Chinese and Pakistani banks during the pandemic period. Our study suggests that policymakers should pay more attention to IC resources, which has the potential to improve banks’ profitability even during crisis times. (shrink)

The social cost of carbon (SCC) is a central concept in climate change economics. This chapter explains the SCC and investigates it philosophically. As is widely acknowledged, any SCC calculation requires the analyst to make choices about the infamous topic of discount rates. But to understand the nature and role of discounting, one must understand how that concept—and indeed the SCC concept itself—is yoked to the concept of a value function, whose job is to take ways the world could (...) be across indefinite timespans and to rank them from better to worse. A great deal, therefore, turns on the details of the value function and on just what is meant by “better” and “worse.” This chapter seeks to explicate these and related issues, and then to situate them within the evolving landscape of federal climate policy in the United States. (shrink)

The importance of communicating corporate social responsibility (CSR) not only to socially responsible investors but also to the mainstream of the financial community is gaining importance in a more competitive capital market environment. This article looks at how equity analysts at the German stock exchange in Frankfurt – individuals who are not particularly involved in socially responsible investment (SRI) research – perceive economic, legal, ethical and philanthropic responsibility strategies. The evidence obtained in our interviews suggests that responsibility issues (...) are increasingly becoming part of mainstream investment analysis. However, for them to play a larger part in the future, investor relations personnel must frame responsibility strategies in a way that is more consistent with the financial community's perspective. In particular, the impact of CSR measures on strategic development, competitive anticipation and creating trust with stakeholders are key in leveraging CSR in financial communications. (shrink)

This paper is intended to investigate the role of Venture-Capital Syndication background in the relationship between intellectual capital and portfolio firm performance ; specifically, this article examines the moderating effect of VCS’s leading firm background and member heterogeneity on the effect of IC on PFP. This study used a modified VAIC model to measure IC to compose a 4-component variable including human capital, structural capital, relational capital, and innovation capital. The data were collected from (...) VCS-backed and listed firms in China during 2014 to 2018 applying the pooled OLS model for hypotheses test, Generalized Method of Moments to reduce endogeneity and unobserved factor control, and also return on equity instead of ROA for the robustness test. Empirical results showed that IC and its components can improve PFP for VCS-backed firms in China; in detail, IC showed greater impact on performance of firms invested by foreign lead investors than in private or government VCS, specially reflected in the impact of innovation capital on PFP. Furthermore, IC showed weaker impact on PFP of mixed VCS-backed firms compared to pure VCS-backed firms and showed diminished effect on higher VCS member heterogeneity mainly reflected in the impact of relational capital on firm performance. These findings propose a new way of combining IC and VC to improve firm performance and are beneficial to theoretical development of IC and VC as well as a perspective for VC firm managers to choose suitable partners prior to join a VCS. (shrink)

The importance of communicating corporate social responsibility (CSR) not only to socially responsible investors but also to the mainstream of the financial community is gaining importance in a more competitive capital market environment. This article looks at how equity analysts at the German stock exchange in Frankfurt – individuals who are not particularly involved in socially responsible investment (SRI) research – perceive economic, legal, ethical and philanthropic responsibility strategies. The evidence obtained in our interviews suggests that responsibility issues (...) are increasingly becoming part of mainstream investment analysis. However, for them to play a larger part in the future, investor relations personnel must frame responsibility strategies in a way that is more consistent with the financial community's perspective. In particular, the impact of CSR measures on strategic development, competitive anticipation and creating trust with stakeholders are key in leveraging CSR in financial communications. (shrink)

The real estate industry is characterized by a high degree of financial intensity and is more significant in certain areas. The relative enterprises require certain financial ability and large shareholders’ controlling power to support their survivals and competitiveness. However, due to the multiple adverse impacts of current state policies on banks and private capital, the problem of capital restraints of real estate has become increasingly serious. From a corporate governance perspective, this paper studies the interactions among financial constraints, (...) ownership concentration and corporate performance under different shareholding states: by analyzing the quantitative characteristics of equity structure and searching for the appropriate range of the largest shareholder holding ratio, which has considered both the financial sustainability and characteristics. It is found that raising the ownership concentration could enhance supervision effect rather than encroachment, effectively ease the financial constraints and improve the performance of enterprises, both of which are significant under high ownership concentration. Financial constraints play a significant intermediary effect in absolute holdings and have obvious regulatory effects in decentralized equity. Also, the mechanisms of ownership concentration are reflected in the strengthening of corporate supervision, reduced agency costs, improved operating efficiency, and increased investment attractiveness. The adjusted behavior adds to the responsibility awareness rather than free-ride psychology, forming a dynamic game on financial decisions. Their financial sustainability in areas would provide a nationwide reference for governance reform and managerial behavior. (shrink)

We seek insights into potential benefits for firms adopting strategies to improve business sustainability in a carbon-constrained future. We investigate whether lenders incorporate a firm’s exposure to carbon-related risk into lending decisions through the cost of financing, and if so, importantly whether firms can mitigate the penalty by demonstrating an awareness of their carbon risks. We use a sample of 255 firm-year observations from eight industries over the period 2009–2013. We measure carbon-related risk exposure as the firm’s historical carbon (...) emissions and our primary measure of carbon risk awareness is based on the firm’s willingness to respond to the Carbon Disclosure Project survey. We document a positive association between cost of debt and carbon risk for firms failing to respond to the CDP. Further, this association is economically meaningful, with a one standard deviation increase in carbon risk mapping into between a 38 and 62 basis point increase in the cost of debt. Equally, we find that this penalty is effectively negated for firms exhibiting carbon risk awareness. Our results are robust when we consider alternate measures of carbon awareness—disclosure through alternative medium to the CDP and firms’ annual cash investment in new capital assets using “cleaner” technology. Our results highlight not only the importance of carbon awareness as a business strategy for polluting firms, but also its importance to lenders exposed to their clients’ default and reputational risk. The debt market appears to incorporate historical carbon emissions and forward-looking indicators of carbon performance. (shrink)

In case of failure, entrepreneurs could endure various financial, psychological, and social costs. These intertwined costs could affect their learning from failure. All individuals do not react in the same way when dealing with adversity. Rather than focusing on consequences of business failure, we took a more positive approach by using the Conservation of Resources model theory to build our conceptual model. Psychological capital, which refers to “an individual’s positive psychological state of development characterized by high levels of self-efficacy, (...) optimism, hope, and resilience,” could be considered as a resource to recover from entrepreneurial setbacks. We suggest that a high level of psychological capital plays a mediating role in the relationship between the negative consequences of failure and learning from failure. By learning from this experience, failed entrepreneurs will increase their intention to re-create a venture and pursue their entrepreneurial career. This theoretical research, by building a conceptual model based on resources, offers a more positive approach of entrepreneurial failure and investigates key psychological assets, such as psychological capital, that support the development of entrepreneurial resilience rather than the prevention of business failure. (shrink)

We highlight how Corporate Social Responsibility can be strategically used against the negative perception from earnings management. Using international data, we analyse the effect of CSR and EM on the cost of capital and corporate reputation. Results confirm that CSR strategy is positively valued by investors and other stakeholders. Contrary to EM, CSR has a positive effect on corporate reputation and lowers the cost of capital. In addition, we also find that the favourable effect of CSR (...) on cost of capital is consistently more intense in firms that show signs of EM indicating that the market does not identify when CSR practices are used as a strategy to mask EM. We also demonstrate how institutional factors influence the above relationship. (shrink)

Venture capital syndication, an investment model, is gaining increasing attention. This paper uses a new perspective on knowledge transfer to explore the influence mechanism of knowledge heterogeneity in VCS on the innovation performance of entrepreneurial firms. We use firm-year panel data from the Shenzhen Stock Exchange for 2000–2017 and find that the knowledge heterogeneity of VCS includes, at least, management knowledge heterogeneity, investment knowledge heterogeneity, and technical knowledge heterogeneity. In particular, management knowledge heterogeneity and technical knowledge heterogeneity positively affect (...) the IP of entrepreneurial firms. We further find that the intellectual capital of entrepreneurial firms mediates these positive relationships. Moreover, the equity concentration of VCS positively moderates the relationship between knowledge heterogeneity and IP and negatively moderates the relationship between knowledge heterogeneity and IC. This paper provides a new theoretical explanation of the relationship between VCS and IP of entrepreneurial firms from a knowledge transfer perspective and explores the impact paths of this relationship. (shrink)

Learning to live together is the central concern of education everywhere in the world. Traditional sporting games provide interpersonal experiences that shape miniature communities charged with emotional meanings. The objective of this study was to analyze the ethnomotor features of TSG in three Catalan-speaking Autonomous Communities and to interpret them for constructing emotional communities. The study followed a phenomenological-interpretative paradigm. The identification of TSG was done by a hermeneutic methodological approach by using an exhaustive exploratory documentary research. We studied 503 (...) games collected in the Dictionary Català-Valencià-Balear de Alcover and Moll. Instruments and procedure: A database was built up with information about the internal and external logic of the games. The validity of the information was confirmed by means of a concordance test between the researchers. Data processing was carried out by means of classification trees, identifying the predictive variables of the types of TSG. Most of the TSGs were sociomotor games. The classification tree identified four explanatory variables. Three variables were internal traits, and one variable corresponded to external logic. Features of the TSG of the Catalan-speaking Autonomous Communities build original emotional communities. The ethnomotor regularities triggered emotional experiences associated with pleasure for living together ; domesticating of aggressiveness over opponents ; developing sustainability ; educating the competition ; and interpersonal well-being based on the community. (shrink)

In small-scale societies, punishment of adults is infrequent and employed when the anticipated cost-to-benefit ratio is low, such as when punishment is collectively justified and administered. In addition, benefits may exceed costs when punishers have relatively greater physical and social capital and gain more from cooperation. We provide examples from the Tsimane horticulturalists of Bolivia to support our claims.

Human capital and ICT have a significant role in determining human development. The impacts of ICT and human capital on green growth and environmental sustainability should be explored for sustainable economic development. This research contributes to the literature on the role of ICTs and human capital in the determination of green growth and environmental performance. Based on time-series data 1990–2019, the study intends to investigate the impact of ICTs and human capital on environmental and green growth (...) performance for China. The study reports that ICTs tend to reduce CO2 emissions and improve green growth in the long-run. However, education reduces CO2 emissions in the long-run but does not produce any significant impact on green growth in the long-run. It is suggested that government should invest in environmental efficiency and environmental technologies simultaneously with human capital that could significantly contribute to pollution reduction. Lastly, policies to increase human capital should be implemented simultaneously with policies to promote ICTs contribution in order to confirm green growth and environmental protection. (shrink)

Migrating Minds contributes to the prominent interdisciplinary domain of Cosmopolitan Studies with twenty innovative essays by humanities scholars from all over the world that re-examine theories and practices of cosmopolitanism from a variety of perspectives.

A travers une phénoménologie où l'art éclaire le réel, à travers son choix des auteurs et des oeuvres qu'il a commentés, le philosophe Henri Maldiney (1912-2013) a proposé un décentrement du regard et du savoir propres à renouveler l'étude du paysage. Il part d'une question trompeusement simple : sommes-nous "devant" ou "dedans" le paysage? Comment s'approche le paysage? Comment se fait-il image? Ce recueil présente une pensée complexe de manière accessible à tous les spécialistes et les passionnés de littérature et (...) d'études visuelles. Exemples littéraires, picturaux et photographiques, témoignent de la fécondité d'une pensée fondée sur l'aisthèsis, la présence et le rythme."--Page 4 of cover. (shrink)

Comment une école publique d’art en Grande Bretagne a-t-elle été créée, comment a-t-elle évolué au XIXe siècle et quelle fut sa place vis-à-vis de la Royal Academy of Arts? Quelles furent l’incidence et l’importance de l’économie politique utilitariste et plus particulièrement des écrits de J. Bentham sur le goût, l’éthique et l’utilité, dans le développement d’une institution subventionnée par l’État et destinée à l’éducation artistique de la nation? Quels furent les débats et les apories..

Background. Despite common recognition of joint responsibility for global health by all countries particularly to ensure justice in global health, current discussions of countries’ obligations for global health largely ignore obligations of developing countries. This is especially the case with regards to obligations relating to health financing. Bearing in mind that it is not possible to achieve justice in global health without achieving equity in health financing at both domestic and global levels, our aim is to show how fulfilling (...) the obligation we propose will make it easy to achieve equity in health financing at both domestic and international levels. Discussion. Achieving equity in global health financing is a crucial step towards achieving justice in global health. Our general view is that current discussions on global health equity largely ignore obligations of Low Income Country governments and we recommend that these obligations should be mainstreamed in current discussions. While we recognise that various obligations need to be fulfilled in order to ultimately achieve justice in global health, for lack of space we prioritise obligations for health financing. Basing on the evidence that in most LICs health is not given priority in annual budget allocations, we propose that LIC governments should bear an obligation to allocate a certain minimum percent of their annual domestic budget resources to health, while they await external resources to supplement domestic ones. We recommend and demonstrate a mechanism for coordinating this obligation so that if the resulting obligations are fulfilled by both LIC and HIC governments it will be easy to achieve equity in global health financing. Summary. Although achieving justice in global health will depend on fulfilment of different categories of obligations, ensuring inter- and intra-country equity in health financing is pivotal. This can be achieved by requiring all LIC governments to allocate a certain optimal per cent of their domestic budget resources to health while they await external resources to top up in order to cover the whole cost of the minimum health opportunities for LIC citizens. (shrink)

We give a general method for producing various effective Null and Positivstellensätze, and getting new Positivstellensätze in algebraically closed valued fields and ordered groups. These various effective Nullstellensätze produce algebraic identities certifying that some geometric conditions cannot be simultaneously satisfied. We produce also constructive versions of abstract classical results of algebra based on Zorn's lemma in several cases where such constructive version did not exist. For example, the fact that a real field can be totally ordered, or the fact that (...) a field can be embedded in an algebraically closed field. Our results are based on the concepts we develop of dynamical proofs and simultaneous collapse. (shrink)