With the development of the economy, family wealth continues to accumulate, and more and more consumers participate in financial management affairs. As an important way to improve financial knowledge, informal financial education is vital to consumer financial capability. Utilizing data from the 2012, 2015, and 2018 US National Financial Capability Study and the approaches of ordinary least squares and ordered probit regression are employed to produce more accurate estimates. Meanwhile, the study also explores the (...) mediating effects of financial knowledge between informal financial education and consumer financial capability. The results show that informal financial education has a positive effect on the improvement of consumer financial capability. Besides, financial knowledge partially mediates the nexus between informal financial education and consumer financial capability. Therefore, policymakers are encouraged to formulate measures to promote financial education programs not only in schools and universities but also in workplaces or communities. Companies also should offer more opportunities for their employees to receive financial education and further enhance their financial capability. Consumers should be aware of the importance of financial education and actively learn financial knowledge to improve financial capability and further enhance financial satisfaction. (shrink)

This article argues that abstract knowledge in the form of formally developed theory plays an increasingly important role in the economy and in financial innovation in particular.knowledge is easily reified, and this is an aspect of knowledge work that is insufficiently researched. In this article, we problematize reification of abstract knowledge in financial innovation from wisdom, ethics, and social network analysis perspectives. This article, therefore, considers the composition and structures of financial innovation networks (...) that help avoid reification by building ethicality through social practice wisdom. Finally, we discuss future directions that empirical ethics research can take. (shrink)

The scale of know­ledge is growing rapidly in the big data environment, and traditional know­ledge organization and services have faced the dilemma of semantic inaccuracy and untimeliness. From a know­ledge fusion perspective-combining the precise semantic superiority of traditional ontology with the large-scale graph processing power and the predicate attribute expression ability of property graph-this paper presents an ontology and property graph fusion framework (OPGFF). The fusion process is divided into content layer fusion and constraint layer fusion. The result of the (...) fusion, that is, the know­ledge representation model is called know­ledge big graph. In addition, this paper applies the know­ledge big graph model to the ownership network in the China’s financial field and builds a financial ownership know­ledge big graph. Furthermore, this paper designs and implements six consistency inference algorithms for finding contradictory data and filling in missing data in the financial ownership know­ledge big graph, five of which are completely domain agnostic. The correctness and validity of the algorithms have been experimentally verified with actual data. The fusion OPGFF framework and the implementation method of the know­ledge big graph could provide technical reference for big data know­ledge organization and services. (shrink)

The video game producers are currently in spotlight of market information services. Successes and huge budgets of such companies attract many readers. However, scientific studies related to this sector do not share the same popularity. A reflection on the source of value in this sector shows that what generates revenues is not disclosed in the report. Great examples are customers’ relationships or the value of employees creating the game code and story of the game. Video games producers sector presents a (...) good combination of business and culture that allows reflection on financial characteristics of knowledge based companies. Prior studies show that market’s valuation takes into account unrecognised assets but capital-intensive character of a production and intangibility of a product and its assets causes problems with exact valuation. In this paper the author asks about the impact of the characteristics on the assessment of a financial condition. The research question in this paper is whether it is possible to use and interpret correctly popular discriminant analysis model for knowledge based entities on the example of video game companies. Results are applicable by analysts and managers of this sector and help to determine the usefulness of this method, but it still depends on assumptions and accounting policies. The reflection presented also broadens the discussion on financialisation because analysed companies can oppose this trend in a specific way. (shrink)

Based on a 12-year bibliographic record collected from the Web of Science database, the present study aims to provide a macroscopic overview of the knowledge domain in financial decision making. A scientometric and bibliometric analysis was conducted on the literature published in the field from 2010 to 2021, using the CiteSpace software. The analysis focuses on the co-occurring categories, the geographic distributions, the vital references, the distribution of topics, as well as the research fronts and emerging trends of (...) financial related decision making. The steady increase of papers published year by year demonstrated the increasing interest on this topic at the international level. The scientometric analysis of the literature showed that financial decision, investment decision, and financing decision stood out of the crowd of the research on FDM, suggesting their important role in FDM and its research. The results of citation burst analysis predicted the focus of topics, i.e., the impact of individual differences such as financial literacy, gender and age on FDM in the coming years. Different from the traditional approach of literature review, this bibliometric analysis offers a scientometric approach to reveal the status quo and the development trend of FDM by macro and quantitative means. In addition, future research directions for the field are recommended. (shrink)

A person’s financial well-being is the complete contentment gained from one’s present financial condition. This has a powerful impact on the entire achievement of an employee’s “well-being.” Researchers, financial analysts, financial planners, educationists, and economists have explored the “enablers” to improve employees’ living standards by investigating the possible “FWB” resources for decades. There is no literature available to show the connection between social capital theory, social exchange theory, social cognitive theory, financial literacy and FWB, and (...) employees’ financial knowledge sharing a moderator to expand the complete FWB. (shrink)

Publication date: 24 January 2019 Source: Author: Ali Jamshidi, Omid Grey Present research’s goal is to study the relationship between knowledge management of Parsian Bank and its financial performance. The statistical population consists of 220 executives, assistants and postgraduate staff in banking and financial management. The statistical sample consists of 144 of them who were determined according to the Morgan Table. This research uses quantitative and survey method and it has a practical purpose. The results show that (...) there is a meaningful relationship between the research variables and that the relationship between them includes strength and weakness. (shrink)

Deciding to undergo a predictive genetic test is difficult. The patient has no symptoms that might tip the balance in favor of the test, and knowledge of the information might have significant implications for her physical and mental health, her family, and her financial position. Furthermore, although the decision to undergo many medical tests might reasonably be said to be the patient's own business, it could be argued that predictive genetic tests are different. Dean Bell and Belinda Bennett (...) argue that genetic information has a “shared” or “familial” character due to the likelihood of it affecting others. If others might be affected by the results of your test, then it is certainly plausible to suggest that they have an interest in knowing the information. If that is the case, then it could also be argued that they are entitled to be considered when you are deciding whether to undergo a test. (shrink)

The rising tide of corporate scandals and audit failures has shocked the public, and the integrity of auditors is being increasingly questioned. It is crucial for auditors and regulators to understand the main causes of audit failure and devise preventive measures accordingly. This study analyzes enforcement actions issued by the China Securities Regulatory Commission against auditors in respect of fraudulent financial reporting committed by listed companies in China. We find that auditors are more likely to be sanctioned by the (...) regulators for failing to detect and report material misstatement frauds rather than disclosure frauds. Further analysis of the material misstatements indicates that auditors are more likely to be sanctioned for failing to detect and report revenue-related frauds rather than assets-related frauds. In sum, our results suggest that regulators believe auditors have the responsibility to detect and report frauds that are egregious, transaction-based, and related to accounting earnings. The results contribute to our knowledge of auditors’ responsibilities for detecting frauds as perceived by regulators. (shrink)

The rapid, recent emergence of new medical knowledge models has engendered a dizzying number of new medical initiatives, programs and approaches. Fields such as evidence-based medicine and translational medicine all promise a renewed relationship between knowledge and medicine. The question for philosophy and other fields has been whether these new models actually achieve their promises to bring about better kinds of medical knowledge—a question that compels scholars to analyze each model’s epistemic claims. Yet, these analyses may miss (...) critical components that explain how these models actually work and function. Using the case of translational medicine, this paper suggests that analyses which treat these models as a primarily epistemic interventions miss the way that new approaches are increasingly shaped by specific financial and commercial agendas. Ultimately, social epistemological analyses that are attentive to market forces are required to make sense of emerging bioscientific research models, which are increasingly tethered to or a manifestation of increasingly financialized models of science research and innovation. (shrink)

The paper investigates the distinctly Chinese intertwining of expertise and state & financial capital to enrich the current understanding of neoliberalism as a hegemonic governing rationale. Since the summer of 2015, China has been experiencing one of its most severe financial crises since the adoption of a ‘socialist market economy’ in 1978. However, globally circulating narratives have failed to look beyond a Western-centric corollary, rehashing a critique of the Chinese one-party system and its lack of a ‘genuine’ free (...) market. By exploring the specific genealogy of Chinese capitalism, and the distinctive Chinese financial-market structure, the article will show how the scientific authority of experts formulated amongst neoliberal thinkers never permeated the Chinese idea of knowledge. In the Chinese variety of financial capitalism, expertise is seen to lie not so much in the wisdom of individual experts as in their socio-political support, which legitimises their economic interventions. (shrink)

The financial crisis that began in the US real-estate market in 2007 and culminated in a global economic slump showed bluntly how wrong financial risk models can be. This state of affairs has triggered a number of reactions and observations at the level of the specification and use of models and at a more conceptual/fundamental level. This article focuses on the epistemic features of such models – namely the nature, source, conditions of validity, structure and limits of the (...) knowledge that ‘well-specified’ models generate – so as to assess models in a balanced way, giving due weight to the fundamental determinants of their output and warning against overestimation of their possibilities; clarify the conditions under which models can be validly applied to economic and social relationships; render intelligible why the degree of accuracy that successful models would require is intrinsically unattainable; better understand models’ failure as evidenced by the crisis; and comment on the policy steps being undertaken to prevent similar financial crisis in the future. The analysis applies the principal tenets of critical realism to the daily preoccupations of risk management professionals and financial regulators alike. It is not intended as an intervention into critical realism. It draws on the works of Tony Lawson and Roy Bhaskar, and revisits relevant aspects of John Maynard Keynes’s work, connecting dots amongst them and marrying economic and philosophical analysis with day-to-day financial risk management and regulatory issues. Content Type Journal Article Category Article Pages 462-486 DOI 10.1558/jcr.v11i4.462 Authors Mattia L. Rattaggi, UBS/Cambridge Social Ontology Group Journal Journal of Critical Realism Online ISSN 1572-5138 Print ISSN 1476-7430 Journal Volume Volume 11 Journal Issue Volume 11, Number 4 / 2012. (shrink)

Financial literacy is essential for every individual concerned with public welfare and household portfolio choices. In this study, we investigate the impact of household financial literacy on individuals’ financial behavior using the China Household Financial Survey Data of 2015 and 2017. The results show that financial knowledge has significant current, long-term, and dynamic effects on financial behavior. This finding suggests that financial literacy is an important factor in shaping and improving financial (...) behavior. Second, financial literacy can improve residents’ limited attention, and residents with high attention tend to have formal bank accounts, participate in the stock market, and engage in financial behaviors in situations such as risky financial markets. High attention also helps to improve residents’ financial behavior. This relationship suggests that financial literacy positively impacts formal bank account holding, participation in financial markets, participation in commercial insurance, participation in pension plans, and credit card holdings through limited attention channels that facilitate access to specific financial information. In addition, heterogeneity analysis showed that the impact of financial literacy on financial behavior differs significantly between urban and rural households, between men and women, and between high and low education levels. The study provides valuable insights for policy implications to enhance financial literacy, such as carrying out financial training to improve residents’ knowledge about financial aspects, which further helps to optimize household financial decision-making. (shrink)

The study aimed to investigate the impact of behavioral biases on herding for Islamic financial products with the mediation of shariah literacy. An adopted questionnaire from several published studies was used to collect data. The data were collected from 410 respondents and were analyzed with SmartPLS. The results for the direct impact showed that self-attribution, illusion of control, and information availability have a positive and significant impact on herding for Islamic financial products while shariah literacy showed an insignificant (...) impact on herding. The results for mediation showed that previously significant and positive impact turned to insignificant when shariah literacy was introduced as mediating variable between the illusion of control, self-attribution, information availability, and herding. From a theoretical perspective, this study would contribute to the existing body of knowledge of financial decision making from shariah literacy point-out. On the other hand, the findings of this study may be useful for investors to avoid herding in the Islamic financial markets. The authors synthesize the contribution made by behavioral finance studies in extending the knowledge of herding behavior in Islamic financial products with a mediating role of shariah literacy. The key limitation of the study includes data that were collected from three districts of Punjab, Pakistan. (shrink)

Many physicians are involved in relationships that create tension between a physician's duty to work in her patients’ best interest at all times and her financial arrangement with a third party, most often a pharmaceutical manufacturer, whose primary goal is maximizing sales or profit. Despite the prevalence of this threat, in the United States and globally, the most common reaction to conflicts of interest in medicine is timid acceptance. There are few calls for conflicts of interest to be banned, (...) and, to our knowledge, no one calls for conflicted practitioners to be reprimanded. Contrast our attitudes in medicine with public attitudes toward financial conflicts among government employees. When enforcement of rules against conflict of interest slackens in the public sector, news organizations investigate and publish their criticism. Yet even when doctors are quoted in the media promoting specific drugs, their personal financial ties to the drug maker are rarely mentioned. Policies for governmental employees are strict, condemnation is strong, and criminal statutes exist (allowing for corruption charges). Yet the evidence that conflict is problematic is, if anything, stronger in medicine than in the public sector. Policies against conflicts of interest in medicine should be at least as strong as those already existing in the public sector. (shrink)

Like earthquakes and volcanic eruptions, the current international monetary crisis—bank failures and a collapse of markets worldwide—was not sufficiently predictable to preempt with defensive action. One would think that history's experiences with sudden breakdowns in global economics would have taught the modern world enough lessons to assure that economic intelligence would have tightened the reins of investors and speculators over the last decade of runaway optimism. But history has never been a good teacher—better said, people have rarely been good students (...) of history's lessons in cause and effect. Still, it makes sense, as with this essay, that we look back on such financial follies of the past, as epitomized by Holland's tulipmania, and take comfort in finding that our follies are just enough different from historical ones to at least claim them as our very own. (shrink)

Many physicians are involved in relationships that create tension between a physician's duty to work in her patients’ best interest at all times and her financial arrangement with a third party, most often a pharmaceutical manufacturer, whose primary goal is maximizing sales or profit. Despite the prevalence of this threat, in the United States and globally, the most common reaction to conflicts of interest in medicine is timid acceptance. There are few calls for conflicts of interest to be banned, (...) and, to our knowledge, no one calls for conflicted practitioners to be reprimanded. Contrast our attitudes in medicine with public attitudes toward financial conflicts among government employees. When enforcement of rules against conflict of interest slackens in the public sector, news organizations investigate and publish their criticism. Yet even when doctors are quoted in the media promoting specific drugs, their personal financial ties to the drug maker are rarely mentioned. Policies for governmental employees are strict, condemnation is strong, and criminal statutes exist. Yet the evidence that conflict is problematic is, if anything, stronger in medicine than in the public sector. Policies against conflicts of interest in medicine should be at least as strong as those already existing in the public sector. (shrink)

Our study considers the governance, ethics and operational challenges associated with the acquisition, manipulation and commodification of ‘big data’ in the financial services sector. To the best of our knowledge, there are no published studies describing empirical research undertaken within companies in this sector to understand how they are responding to such challenges: our field-based research is a significant initial contribution in this respect. We describe the results of a micro-ethnographic study undertaken in a small-to-medium-sized company developing disruptive, (...) technology-related platforms and services in the banking and retail sectors based on big data and associated analytics: these are used to derive commercially valuable insights from personal customer data in exchange for cash back and targeted rewards. The company was found to employ a multi-level innovation governance approach, underpinned by an ethical strategy based on a principle of mutual benefit. Opt-in and informed consent for using data for specific purposes was supported by principles of data minimisation and anonymisation, with unrestricted use of secondary, anonymised and aggregated data to develop insights. Governance, which included contextual data protection legislation, payment-card industry data usage standards and internal corporate controls, presented as bespoke organisational practices relating to data security and privacy. These in total set the governance and ethics frame for big data innovation at the company within which it has had to be both adaptive and responsive under conditions of normative and regulatory uncertainty. (shrink)

ABSTRACT Imagine, as most economists do, that financial-market participants understand the basic structure of the world: While they cannot predict the future with certainty, they are endowed with knowledge of the possible outcomes of their actions and the probability that each of those outcomes will occur. Given these assumptions, if bankers, regulators, investors, and rating agencies were rational, we may conclude that the financial crisis was caused by poor incentives: These actors must have knowingly jeopardized their institutions (...) and the global economy to pursue private gain. Alternatively, market participants, caught up in the mania of crowds, may have irrationally ignored risks of which they were aware and of which they knew the correct probability. Neither of these explanations for the financial crisis stands up to the evidence, since both explanations assume that the participants knew the U.S. housing market was about to crash. A fresh look at the data five years later suggests that they were ignorant of this fact, and that they acted rationally (or at least reasonably) in light of what they (thought that they) knew. This allows a more nuanced understanding of how financial institutions ended up in bedlam, why credit markets collapsed, and why they took so long to recover. (shrink)

This paper argues that some of the major theories in current business ethics fail to provide an adequate account of moral responsibility for the creation of systemic financial risk. Using the trading of credit default swaps during the 2008 financial crisis as a case study, I will formulate three challenges that these theories must address: the problem of risk imposition, the problem of unstructured collective harm and the problem of limited knowledge. These challenges will be used to (...) work out key shortcomings of stakeholder approaches and Integrative Social Contracts Theory. I will argue that pluralist connection models used in political theory can help to overcome these shortcomings. Adopting an approach based on these models shows that financial institutions incur obligations in five main areas: managing their own risk profile; remedying some of the harms caused by financial crises; supporting the development of better epistemic methods; curbing the transmission and amplification of initial losses; and instigating structural reforms. (shrink)

This study investigates the impacts of intellectual capital through Value-Added Intellectual Capital (VAIC) and its components: human capital efficiency (HCE) and structural capital efficiency (SCE) on financial performance in terms of return on assets (ROA) and return on equity (ROE). In addition, this study compares the effects between firms from financial and pharmaceutical industries. A total of 149 Vietnamese firms comprising of 108 financial firms and 41 pharmaceutical firms were examined. Based on the findings, VAIC and HCE (...) show beneficial impacts on both financial performance measures, ROA, and ROE. However, SCE shows adverse and beneficial implications on ROA and ROE, respectively. In terms of industry comparison, VAIC has positive effects on ROA and ROE among the firms from financial industry, whereas it has no effect in the firms from pharmaceutical industry. The effect of HCE on ROA is stronger in the firms from financial industry than firms from pharmaceutical industry while the effect of HCE on ROE is stronger in the firms from pharmaceutical industry than firms from financial industry. The effect of SCE on ROA is stronger in the pharmaceutical firms than financial firms while the effect of SCE on ROE is stronger in the financial firms than pharmaceutical firms. Lastly, the implications of the importance of knowledge-based resources on value creation were elaborated. (shrink)

This paper argues that some of the major theories in current business ethics fail to provide an adequate account of moral responsibility for the creation of systemic financial risk. Using the trading of credit default swaps (CDS) during the 2008 financial crisis as a case study, I will formulate three challenges that these theories must address: the problem of risk imposition, the problem of unstructured collective harm and the problem of limited knowledge. These challenges will be used (...) to work out key shortcomings of stakeholder approaches and Integrative Social Contracts Theory. I will argue that pluralist connection models used in political theory can help to overcome these shortcomings. Adopting an approach based on these models shows that financial institutions incur obligations in five main areas: managing their own risk profile; remedying some of the harms caused by financial crises; supporting the development of better epistemic methods; curbing the transmission and amplification of initial losses; and instigating structural reforms. (shrink)

The economic crisis has exposed shortcomings in standard economic theory and provided an impetus for new economic thinking. But the theoretical debate in the wake of the crisis has been unduly constrained by the terms of the mainstream approach to economic theory. Like any approach, it is characterised by a way of framing reality, giving meaning to terms and setting criteria for good argument. It also determines how any economic theory is understood, whether from the history of economic thought or (...) from the contemporary literature. But there are other approaches to economics which would open up the field to a much wider range of possibilities for new economic thinking. Addressing the challenge that any reader bases her understanding on her own approach, the purpose of this paper is to attempt to explain what it means to consider different approaches and why it matters for policy. This is done by discussing two features of the financial crisis which pose particular problems for economic theory. These are the role of changing market sentiment in driving asset prices on the one hand and the breakdown of trust relationships in banking on the other (the moral hazard issue). We will see how these are addressed by mainstream theory and by alternative approaches. First, market sentiment is discussed within the mainstream rational-optimising framework, where risk is quantifiable, and compared with the Keynesian approach based on the general uncertainty of knowledge, where reason, evidence and sentiment are integrated. The moral hazard issue is then discussed in its mainstream form in terms of rational opportunism and in its institutionalist form in terms of the foundation of social relations (including relations between institutions) in trust. It is shown that different ways of approaching theorising in each case imply different policy measures. It is argued further that an exclusively deductive mathematical approach to analysis of market sentiment and trust is unduly limiting and that a more pluralist approach would more fully address the issues. (shrink)

Financial market and economic growth and development trends can be regarded as an extremely complex system, and the in-depth study and prediction of this complex system has always been the focus of attention of economists and other scholars. Emotion recognition algorithm is a pattern recognition technology that integrates a number of emerging science and technology, and has good non-linear system fitting capabilities. However, using emotion recognition algorithm models to analyze and predict financial market and economic growth and development (...) trends can yield more accurate prediction results. This article first gives a detailed introduction to the existing financial development and economic growth status and development trend forecasting problems, and then gives a brief overview of the concept of emotion recognition algorithms. Then, it describes the emotion recognition methods, including statistical emotion recognition methods, mixed emotion recognition methods, and emotion recognition methods based on knowledge technology, and conducts in-depth research on the three algorithm models of statistical emotion recognition methods, they are the support vector machine algorithm model, the artificial neural network algorithm model, and the long and short-term memory network algorithm model. Finally, these three algorithm models are applied to the financial market and economic growth and development trend prediction experiments. Experimental results show that the average absolute error of the three algorithms is below 25, which verifies that the emotion recognition algorithm has good operability and feasibility for the prediction of financial market and economic growth and development trends. (shrink)

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

A history of colonization inflicts psychological, physical, and structural disadvantages that endure across generations. For an increasing number of Indigenous Australians, environmental epigenetics offers an important explanatory framework that links the social past with the biological present, providing a culturally relevant way of understanding the various intergenerational effects of historical trauma. In this paper, we critically examine the strategic uptake of environmental epigenetics by Indigenous researchers and policy advocates. We focus on the relationship between epigenetic processes and Indigenous views of (...) Country and health—views that locate health not in individual bodies but within relational contexts of Indigenous ontologies that embody interconnected environments of kin/animals/matter/bodies across time and space. This drawing together of Indigenous experience and epigenetic knowledge has strengthened calls for action including state-supported calls for financial reparations. We examine the consequences of this reimagining of disease responsibility in the context of “strategic biological essentialism,” a distinct form of biopolitics that, in this case, incorporates environmental determinism. We conclude that the shaping of the right to protection from biosocial injury is potentially empowering but also has the capacity to conceal forms of governance through claimants’ identification as “damaged,” thus furthering State justification of biopolitical intervention in Indigenous lives. (shrink)

Background: Adolescence is a period with physical, psychological, biological, intellectual, and social changes in which there is usually little perception of risk. COVID-19 has generated constant situations of change and uncertainty worldwide. During the pandemic, the acquisition of preventive behaviors has been relevant. Various studies carried out with adults associate risk perception and the implementation of preventive behaviors with knowledge about the COVID-19 and with age, but there are not many studies with adolescents. Therefore, the objective is to validate, (...) in Spanish, the questionnaire of the knowledge, attitudes, risk perceptions, and practices of adolescents toward the pandemic, and analyze it according to sociodemographic characteristics.Method: This study was a descriptive cross-sectional study, which included adolescents between the ages of 12–18. First, a translation and a back-translation of the questionnaire were performed. The questionnaire was presented in several high schools chosen by convenience sampling and following a non-probabilistic snowball sampling. Reliability and validity analyses were then carried out and the relationships between the different sociodemographic variables were analyzed.Results: The reliability of the questionnaire is acceptable. Knowledge was higher in women, and in those with a higher level of education; and were lower in those who lived in smaller towns, as well as in those who had a member of their family receiving financial aid. In terms of attitudes and risk perceptions, younger adolescents had higher scores, and those who had a member of their family receiving financial aid, lower.Conclusion: The questionnaire is a reliable tool in the Spanish adolescent population. Knowledge was influenced by gender, place of residence, level of education, and financial aid. Attitudes and risk perceptions were influenced by age and financial aid. For practices, no predictors were found. In general, adolescents scored lower on knowledge about COVID-19, but they scored higher on COVID-19 safety practices. (shrink)

In his important recent book, Ethics and the Global Financial Crisis: Why Incompetence is Worse than Greed, Boudewijn de Bruin argues that a key element of the global financial crisis of 2007–2008 was a failure of epistemic virtue. To improve matters, then, de Bruin argues we need to focus on the acquisition and exercise of epistemic virtues, rather than to focus on a more ethical culture for banking per se. Whilst this is an interesting suggestion and it is (...) indeed very plausible that an increased focus on proper knowledge-related behaviour will be part of a solution, we are sceptical both about de Bruin’s overarching theoretical claims and about his practical suggestions for change. Instead we argue that change in this sector is best promoted by reconceiving of the relationship between financial institutions and the societies they serve, and that this is fundamentally not an epistemic but a moral issue. (shrink)

This article draws on historical material to examine the co-evolution of economic science and business education over the course of the twentieth century, showing that fields evolve not only through internal struggles but also through struggles taking place in adjacent fields. More specifically, we argue that the scientific strategies of business schools played an essential—if largely invisible and poorly understood—role in major transformations in the organization and substantive direction of social-scientific knowledge, and specifically economic knowledge, in twentieth century (...) America. We use the Wharton School as an illustration of the earliest trends and dilemmas (ca. 1900–1930), when business schools found themselves caught between their business connections and their striving for moral legitimacy in higher education. Next, we look at the creation of the Carnegie Tech Graduate School of Industrial Administration after World War II. This episode illustrates the increasingly successful claims of social scientists, backed by philanthropic foundations, on business education and the growing appeal of “scientific” approaches to decision-making and management. Finally, we argue that the rise of the Graduate School of Business at the University of Chicago from the 1960s onwards (and its closely related cousin at the University of Rochester) marks the decisive ascendancy of economics, and particularly financial economics, in business education over the other behavioral disciplines. We document the key role of these institutions in diffusing “Chicago-style” economic approaches—offering support for deregulatory policies and popularizing narrowly financial understandings of the firm—that sociologists have described as characteristic of the modern neo liberal regime. (shrink)

This paper reviews the development of socially responsible investment (SRI) in the Spanish financial market. The year, 1997 saw the appearance in Spain of the first SRI mutual fund, but it was not until late 1999, that major Spanish fund managers offered SRI mutual funds on the retail market. The development of SRI in the Spanish financial market has not experienced the high levels of development seen in other European countries, such as France or Italy, where interest in (...) SRI began during the same period. This paper presents an analysis of the impact of SRI mutual funds managed by Spanish fund managers comparing the evolution of managed assets and number of investors. We also analyse the investment strategies adopted by these funds, which mainly use negative screening criteria and the participation of non-governmental organisations as institutional investors. An analysis of the take up of socially responsible investment in the Spanish financial market shows majors deficits in this process. This is due to Spanish investors having limited sensitivity to social issues and knowledge of SRI, and a lack of development of SRI investment strategies, such as engagement or shareholder activism by fund managers. Furthermore, the take-up of SRI mutual funds in the Spanish financial market coincided with a fall in the stock market at the beginning of the 21st Century. We conclude with an analysis of the relationship between SRI and Corporate Social Responsibility (CSR). (shrink)

Not for the first time, the banks and other financial institutions have got themselves – and the rest of us – into a mess, this time on an unprecedented financial and geographical scale. It is no surprise that opinions about causes, consequences and cures abound with ethical issues, as well as technical and economic concerns, a focus of attention. It is to be hoped that useful lessons for the future will be learned. In this chapter, however, we step (...) back from a direct engagement with the stated ills of the financial system itself, whether actual or perceived, chronic or acute. Our starting point is that crisis in the financial system not only makes us stop and think; but it might also, particularly under conditions of moral panic, prevent us from thinking well. Our contention is that a further impediment to thinking well about financial crises is the lack of a substantial body of academic knowledge that might be termed ‘financial ethics’ – a corpus of well developed conceptual insights and appropriate empirical evidence. We identify some of the reasons for this situation and proffer some suggestions regarding what might be done to remedy it – including the development of knowledge that is as relevant to everyday practices during periods of normality as it is to providing perspectives on crisis. The chapter is structured as follows: the next section provides a perspective on debate during times of crisis; the middle section seeks to explain why academic financial ethics is not a significant constituent element of debate on the financial crisis post-2007; and the final two main sections explore ways in which an academic agenda for financial ethics might be constructed. In a curious way this chapter echoes some of the themes and especially the conclusion of David Bevan’s chapter in this work although the reasoning to the conclusion that finance ethics is an empty set follows a rather different Badiou-inspired path in chapter 18. (shrink)

While this article sets out to advance our knowledge about the characteristics of Nigerian cybercriminals (Yahoo-Boys), it is also the first study to explore the narratives of the Economic and Financial Crimes Commission (EFCC) officers concerning them. It appraises symbolic interactionist insights to consider the ways in which contextual factors and worldview may help to illuminate officers’ narratives of cybercriminals and the interpretations and implications of such accounts. Semi-structured interviews of forty frontline EFCC officers formed the empirical basis (...) of this study and were subjected to a directed approach of qualitative content analysis. While prior studies, for example, indicated that only a group of cybercriminals deploy spiritual and magical powers to defraud victims (i.e. modus operandi), our data analysis extended this classification into more refined levels involving multiple features. In particular, analysis bifurcates cybercriminals and their operations based on three factors: [a] educational-attainment, [b] modus-operandi, and [c] networks-collaborators. Results also suggest that these cybercriminals and their operations are embedded in “masculinity-and-material-wealth”. These contributions thus have implications for a range of generally accepted viewpoints about these cybercriminals previously taken-for-granted. Since these criminals have victims all over the world, insights from our study may help various local and international agencies [a] to understand the actions/features of these two groups of cybercriminals better and develop more effective response strategies. [b] to appreciate the vulnerabilities of their victims better and develop more adequate support schemes. We also consider the limitations of social control agents’ narratives on criminals. (shrink)

This document discusses the status of research on detection and prevention of financial fraud undertaken as part of the IST European Commission funded FF POIROT (Financial Fraud Prevention Oriented Information Resources Using Ontology Technology) project. A first task has been the specification of the user requirements that define the functionality of the financial fraud ontology to be designed by the FF POIROT partners. It is claimed here that modeling fraudulent activity involves a mixture of law and facts (...) as well as inferences about facts present, facts presumed or facts missing. The purpose of this paper is to explain this abstract model and to specify the set of user requirements. (shrink)

Till now, comprehensive and quantitatively meaningful analyses of stock market participation outcomes of retail investors have been limited by data sources in developing countries. This article devised a special questionnaire related to stock investment to measure the financial literacy and stock investment return for the subjects with stockownership in China and to theoretically and empirically study the effects of objective FL, self-assessed FL, and their composite FL on SIR. The results of the comparative analysis showed that self-assessed FL has (...) a greater effect on SIR than objective FL, and the effect is mediated by risk preference. In addition, we found that competent and overconfident respondents have higher SIR, while under confident respondents cannot gain from the stock market. We also found that risk preference has a positive mediating effect in the relationship between competence and overconfidence and SIR, and a negative mediating effect in the relationship between under confidence and SIR. We thus concluded that confident investors can gain more stockholding returns via taking more risks regardless of the level of their actual financial knowledge. Our findings would be a meaningful complement to the studies of stock market participation. (shrink)

The motivation of the study is to gauge the effects of access to finance, technical know-how, and financial literacy on women’s empowerment through establishing women’s entrepreneurial development. A sample of 950 women-owned SMEs was considered, and structured questionnaires were sent from getting target responses. After careful assessment through the data cleansing procedure, it was found that only 795 responses are suitable for further investigation, implying the sample response rate for the study is 74.71%. The study implemented structural equation modeling (...) and multivariate regression analysis for gauging the causal association that is direct and indirect effects of target variables. According to findings, a positive statistically significant linkage was revealed with women’s entrepreneurship sustainability and women empowerment. Furthermore, the mediating effects were also established for women’s empowerment. According to the study findings, it is suggested that for women entrepreneurship sustainability, effective policies surrounding financing accessibility, technical knowledge expansion, and financial understating have to be promulgated in the economy, which allows bringing women empowerment at large. (shrink)

Increasingly in economics what had been considered to be unusual and unacceptable has come to be considered usual and acceptable, if not necessarily desirable. Whereas it had been widely believed that economic reality could be reasonably described by sets of pairs of linear supply and demand curves intersecting in single equilibrium points to which markets easily and automatically moved, now it is understood that many markets and situations do not behave so well. Economic reality is rife with nonlinearity, discontinuity, and (...) a variety of phenomena that are not so easily predicted or understood. At the same time the broad coherence of economic systems is more impressive than ever in the face of such phenomena. The order of the economy appears to emerge from the complex interactions that constitute the evolutionary process of the economy. These phenomena have come to be labeled as complexity in economics. Even what seems simple in economics generally arises from behavior not reflecting rational expectations; we live in a world that reflects the enormous variety and diversity of humanity in their knowledge, attitudes, and behaviors, interacting with each other in an enormous range of institutional frameworks. What emerges in the aggregate may have little to do with what happens at the individual level. But this aggregate cannot be simply described by some set of aggregate equations. It emerges out of the soup of the individual and particular with all its multiform interactions and peculiarities. (shrink)

The UK's personal financial services sector has been the site of controversy over alleged professional malpractice. Financial advisers’ status as professionals is in question, and their claim to knowledge and expertise is apparently challenged by an extensive consumer literature on personal finance. This article analyses a corpus of seventeen consumer guides to personal finance and money management published in the UK, together with a range of financial material available on the internet. These guides urge readers to (...) give high priority to their finances, given the irreversible global retreat of the state from welfare provision. They argue that expert professional advice is indispensable. They prepare readers to play their part as clients in mutually profitable collaboration with professional advisers. They offer reassurance about the effectiveness of industry regulation and consumer protection. The guides are reflexively implicated in the promotional culture of personal financial services. They support financial advisers’ claim to professional standing, and contribute to the cultural work of creating a clientele for them. (shrink)

For the 15 member states of the Caribbean Community to join and to introduce a measure of equity to the emergent global information society, they must be able to manage and exploit digital communication networks, technologies, products and services in ways that nurture and advance Caribbean knowledge, culture and development. This requires a type of digital access to the new telecommunication infrastructures these small developing countries as yet have been unable to attain. As a consequence, this paper develops a (...) six‐layered model of societal access that includes physical, financial, cognitive, secure, administrative and operational components, and argues that in the absence of all of these layers functioning together, less advanced economies like those in the Caricom grouping cannot begin to build local innovation, foster knowledge creation and advocate increased equity in the evolving networked society. (shrink)

PurposeThis paper aims to explore poverty issues in South Africa, to investigate some of the key contributions that knowledge management can make in the eradication of poverty and to suggest a strategy of knowledge management for poverty eradication in South Africa.Design/methodology/approachThis is a conceptual paper. Secondary data sources, in the form of journal articles, policy documents, newspaper articles and the internet, were consulted.FindingsThis paper contributes to the debates on moving towards an integrated poverty strategy that goes beyond reducing (...) poverty by simply raising national income. The paper advocates for a contextualised knowledge management strategy tailored to specific poverty intervention projects and communities. It also suggests that a knowledge management strategy will result in permanent investment in knowledge and the human development of people.Research limitations/implicationsGiven that this is a conceptual paper, the paper recommends empirical future studies that will implement this strategy within specific poverty-stricken communities in the country.Practical/implicationsThe paper raises awareness among policy and decision-makers of the importance of knowledge management as a tool for poverty eradication. In the knowledge economy, knowledge assets – other than the tangible assets of financial capital and local infrastructure – are the prime creator of wealth. It adds to the body of knowledge on knowledge management for poverty eradication by the World Bank and other international organisations.Social implicationsA knowledge management strategy will create an environment in which human development is attained and the minds of the poor are transformed. It will enhance policy formulation and implementation, empower the poor and create a learning organisation.Originality/valueThe paper presents a proposed strategy for knowledge management for poverty eradication in South Africa. (shrink)

Abstract -/- Introduction: Publication ethics is a constant concern for academic and students alike as being an author has important academic, social, and financial implications. However, the perception of academics towards matters related to publication ethics is unclear and often a source of conflict. Objective: The aim of this study was to investigate and compare students’ perceptions regarding publication ethics in two medical universities. Method: The target population was selected from two academic settings (Isfahan University, n=279, University of Kuala (...) Lumpur, n=216). Subjects were asked to fill in a standard questionnaire in a cross sectional study design, testing their perceptions towards publication ethics. Simple random sampling was employed. A p value of 0.05 was considered significant. Result: The result suggests that students from Isfahan had a higher level of knowledge in three areas: publication ethics (P=0.001), funding (P=0.001) and authorship (P=0.005) compared to students from the University of Kuala Lumpur. No significant difference was found between the two groups in terms of reporting the result (P=0.438). Conclusion: Student training on publication ethics is necessary to prevent academic disappointment and conflict. It is recommended that formal training be added to medical curricula and that publication ethics be practiced in university settings. (shrink)

The traditional concern universities have had with public, universal knowledge seems to be waning, with an ever-greater stress upon privatised knowledge. Nevertheless, this is an old quarrel. Since Plato saw knowledge as in service of society, he scorned the Sophists for commercialising knowledge. For the mediaeval university, which continued and developed certain strands of Plato’s thinking, the privatisation of knowledge was also unthinkable, since all knowledge ultimately belonged to God.The success of the mediaeval university (...) lay in its autonomy, and its freedom from commercial pressure. As such, the university’s mission was the cultivation of a global, philosophical worldview in function of a broader social mission, and not in function of surplus economic value. The shift to modernity meant that scientific knowledge could lead to commercial products and techniques.With the cooling of the Enlightenment and its optimism in the scientific project, knowledge increasingly became a neutral resource used and applied in any way possible. Today, the close connection between entrepreneurs and scientists seems to reflect an official policy that the commercialisation of university knowledge is in the best interest of society.However, the university offers more than commercial knowledge – its orienting function also helps ensure that knowledge is won honestly and used responsibly, a double loyalty stretching back to Plato. It would not be wise to attempt to rail against the commercialisation of knowledge, but it would be just as foolish to think that knowledge is only something to be commercialised. The question is to forge an understanding between financial partners and academics that respects and works according to this double loyalty. The credibility of research – and the academy – depends on this. (shrink)

This article explores the activities of the Society of Apothecaries and its members following the foundation of a laboratory for manufacturing chemical medicines in 1672. In response to political pressures, the guild created an institutional framework for production which in time served its members both functionally and financially and established a physical site within which the endorsement of practical knowledge could take place. Demand from state and institutional customers for drugs produced under corporate oversight affirmed and supported the society's (...) trading role, with chemical and pharmaceutical knowledge utilized to fulfil collective and individual goals. The society benefited from the mercantile interests, political connections and practical expertise of its members, with contributions to its trading activities part of a much wider participation in London's medical, scientific and commercial milieu. Yet, as apothecaries became increasingly engaged in the practice of medicine rather than the preparation and sale of drugs, the society struggled to reconcile the changing priorities of those it represented, and tensions emerged between its corporate and commercial activities. (shrink)

This study aims to overview the existing literature, knowledge framework, and intellectual structure mapping in the field of corporate environmental performance (CEP) and corporate financial performance (CFP) by employing a bibliometric analysis approach to selected 311 papers sourced from the Scopus database between 1994 and 2022. It presents the publication growth, influential sources, productive authors, and collaboration index of countries using Biblioshiny software. Stringent regulatory regime and stakeholders' pressure followed by a growing trend of publication motivated us to (...) comprehend the evolving facets of the relationship using co‐citation analysis followed by a systematic literature review using coupling analysis which identified five research themes as CEP–CFP relationships—facets, strategies and dimensions, and methodological choices during the initial phase of 1994–2014; and green innovation and corporate sustainability practices, environmental disclosure and environmental responsibility, and green development behavior and practices during 2015–2022. From the insights congregated from research themes, the study discusses prominent developments and provides future research directions to further enrich the field of CEP and CFP. Our findings provide various global regulatory frameworks, government, policymakers, and firm managers the need to explore the dynamic factors while formulating the strategic environmental policy and how it contributes to the financial performance of the firms. (shrink)

The Song Empire had a larger population, a higher agricultural output, a more efficient infrastructure, and a more extensive monetary system than any previous empire in Chinese history. As local jurisdictions during the eleventh century became entangled in empire-wide economic relations and trans-regional commercial litigation, imperial officials sought to reduce the bewildering movement of people, goods, and money to an immanent cosmic pattern. They reasoned that because money and commerce brought to imperial subjects the goods they required to survive, money (...) and commerce must be beneficent, and because they were beneficent, they must conform to the immanent pattern of the moral cosmos, as did everything else that was enduringly sustaining of life and wellbeing. And because money and commerce conformed to the moral cosmos, officials attempted to understand their workings by analogy with other phenomena that sustained human life, such as the flow of water and the circulation of vital essences through the human body. During the 1030s and 1040s, officials and scholars believed that knowledge of the cosmic pattern lay within their grasp, and that this knowledge would allow them to align culture with nature, and the present with hallowed antiquity. By the 1080s, however, this intellectual optimism had been defeated by irreconcilable disagreements about financial and economic policy. The failure of the attempt to understand finance by natural analogy draws attention to the underlying ideological insistence on moral learning as the basis for political power, and to the very limited range of economic discourse that has been preserved in eleventh-century texts. (shrink)

This paper aims to improve knowledge about the main factors influencing firm environmental commitment, by examining empirically the relationship between public support for R&D for small and medium enterprises (SMEs) and their investment in environmental protection. The empirical analysis was developed using a sample of 1594 Spanish firms, and a binary logistic regression to evaluate the existence of dependency relationships between the analyzed variables. The results show that those companies receiving direct funding from local public entities and those collaborating (...) with research centers and universities, invest more in environmental actions to protect the natural ecosystem. The paper contributes to the academic literature by analyzing the main factors that influence the SMEs environmental commitment. Moreover, showing practitioners and policy makers the effectiveness of different types of financial support depending on the origin of the funds and the form of action taken; showing managers the advantages of collaborating with public administrations, as well as with other research organizations, to obtain better ECSR results. (shrink)