An empirical investigation of determinants of corporate social performance using multi-dimensional panel data analysis

An assessment of the determinants of corporate social performance (CSP) in emerging economies is still too fractured. This article contributes to general management literature by developing an empirical model based on the existing theoretical models rooted in neo-institutional theory (legitimacy approach), stakeholders management theory, agency theory, the resource-based view of the firm, slack resources argument, and managerial control theory. A robust, multidimensional, unweighted disclosure index was used to measure CSP. This article provides a methodologically and empirically more rigorous assessment of determinants of CSP compared to previous studies by performing panel data regression analysis on 307 firms for 10 years. The results reveal that the presence of a legal framework, board attributes (board size, board diversity, board interlocking), women on board, ownership pattern, financial performance, firm attributes (size, age, leverage), and industry characteristics affect CSP significantly. These findings provide very important clues to design pragmatic strategies to improve CSP.     

产业政策的制订与战略性产业的选择

产业政策是一种政府行为,是政府为了促进、引导、保护或限制某些产业发展的各种政策措施的总和.在市场经济条件下,产业政策的作用主要是纠正市场失灵,弥补市场缺陷.产业政策的重点是对战略性产业进行扶持和保护.我国现阶段宜将能源、技术密集型的机械装备制造业、以信息技术为先导的高新技术产业和高技术武器装备研发与制造业作为战略性产业.     

我国高技术产业化的金融体制约束

高技术创新的根本目标是推进新技术产品的产业化进程,促进产业结构高级化,提高本国产业的国际竞争力。我国许多新技术的产业化推进效果不够理想,一个关键的原因是面临金融体制的约束。本文分析了我国高技术产业化进程中科技贷款难的原因,论证了风险投资机制推进高技术产业化的有效作用和我国风险投资发展缓慢的原因,并提出了若干对策建议。     

Size Matters: Toward a Contingency Theory of Diversity Effects on Performance

Abstract

This study examines the diversity-performance link by focusing on two types of diversity—gender and functional—in the context of governing boards of 24 quasi-government agencies in Korea over 16?years (2000–2015). Although public management scholarship contains evidence regarding the importance of diversity in public organizations, there is little consensus on what constitutes diversity and how it affects public sector performance. This study expands the scope of dialogues by highlighting multidimensional characteristics of diversity and the contingent nature of diversity effects. Multiplicative interaction models confirm that there are distinctive effects of different types of diversity on performance, and the relationship is moderated by the size of the group to which minorities belong. While the effect of board gender diversity is limited in our data, the effect of having a female chief executive is positively significant with decreasing marginal effect as the number of board members increases. On the other hand, the relationship of functional diversity in the boardroom to agency performance is negative, while the negative marginal effect decreases and becomes positive when board size rises above a critical number.     

State-sponsored violence as a tragedy of the commons: England's privateering wars with France and Spain, 1625–1630

The “tragedy of the commons” is the familiar problem that open access to a common property resource leads to overexploitation and to zero profits. A commons model is applied to an example of state sponsored private violence, the practice of privateering or licensed piracy. It is predicted that the presence of uncertainty about the value of the prey will reduce the amount of exploitation effort, and that industry profits may be positive due to both uncertainty and heterogeneous exploiters. Using data from England's wars with France and Spain between 1625 and 1630, the model suggests that the commons, represented by enemy merchant shipping, was not overexploited and that privateering profits were positive. The dynamic paths of privateering effort, ships seized, and individual firm profits were, however, consistent with the normal expectation that commons exploitation will peak and fall, as competition drives down returns through entry. “England was never richer than when at war with Spain.” Sir Edward Coke      

Building the firm's political (lobbying) strategy

• In this paper, we present a framework for building a firm's issue‐specific lobbying strategy. We argue that there are five critical elements of a lobbying strategy and that the major choices concerning political lobbying strategy relate to these elements. The five elements, and the primary strategic choices concerning these elements are: (1) the choice of the level and type of inclusiveness of the strategy; (2) the choice of the form, or forms, of argument to be used in persuading relevant target constituencies; (3) the choice of jurisdictional venue to be addressed; (4) the choice of organizational target that will be engaged and (5) the choice of delivery mode—that is, whether political strategies should be implemented directly by firm managers or outsourced to professional suppliers of these services. We explain these elements in detail. However, in order to engage in a lobbying strategy on a specific issue, the firm must first be able to identify relevant government actions and understand their profitability impact. We show how the strategic logic can be generated by an augmented version of Porter's ‘five forces’ (5F) model (Porter, 1980 ) that explicitly recognizes the role of government—‘six forces’ analysis.

Copyright © 2005 John Wiley & Sons, Ltd.     

Turkish delight a public affairs study on family business: The influence of owners in the entrepreneurship orientation of family‐owned businesses

Family‐owned businesses (FOBs) are as unique as the families that own and control them. As reported by Miller, Steier, and Le Breton‐Miller (2003, p.513), the founders of many of these businesses try to continue their legacy and ensure continued family control via intergenerational succession, as when they hand over leadership to their children. The initial statistics suggest only approximately one third of FOBs survive into the second generation, with just 12% remaining “viable” by the third, and only about 3% operating into the fourth generation or beyond. Thus, one of the central problems for FOBs is this inability to ensure competent cross‐generational family leadership through successful transfer of ownership and management to the next family generation. This is a core issue for the modern public affairs practitioner and policy maker, nationally and internationally, and the Turkish case is a good example of the multicomplex issues evident in succession planning and leadership for business founders and leaders in these organisations. A firm's strategic orientation is an indicator of the processes developed to integrate new information, to coordinate decisions, to examine the evolution of environmental factors, and to assess new projects (Escriba‐Esteve, Sanchez‐Peinado & Sanchez‐Peinado, 2009). However, few studies have provided a framework that jointly analyses the FOB owner characteristics, the mediating processes and attitudes by which owners shape the direction of their family firms, and the effect of these postures on firm performance. This paper addresses the influence of family business owner, over the behaviour of FOBs. By treating FOB owners' characteristics as predictors of a firm's strategic orientation, we seek to provide a deeper understanding of how the characteristics of FOB owners shape decision making process and FOBs' behaviours in order to successfully survive in generations. This study introduced the concept of FOB's entrepreneurship orientation (EO) as a variable that mediates between FOB owners' characteristics and business performance. The objective of this paper is twofold: (a) to identify the demographic predictors FOBs' EO and (b) to analyse the role of EO as a mediator of the relationship between FOB owners' characteristics and FOBs' performance.     

The United States,Japan and the aerospace industry: from capture to competitor? 1

Abstract

For all its success in other high-technology sectors, Japan has largely failed to develop a strong aerospace sector. Its leading firms do not market finished aircraft and, in stark contrast to other sectors, the aerospace industry features a trade deficit with the United States. Japanese firms seem trapped as suppliers of components and sub-assemblies, mainly for the US industry. The general explanation for this state of affairs is that the Japanese industry has been effectively ‘captured’ by the United States; Boeing in particular dominates the sector and has effectively locked the Japanese firms into a relationship where moving up the value chain is difficult. This relationship may be changing. Japan's government has placed renewed emphasis on developing Japan's aerospace sector, while matters are evolving at the corporate level too, with Boeing's relations with Japan revealing a steadily increasing work share for the Japanese industry. The rise of Asia as an important market, and technological change making aerospace more like other manufacturing industries, presents Japanese firms with new incentives and opportunities beyond the US relationship.     

Interpreting national security and intelligence in geographic exploration: Explorers and geographers in America's early republic

‘Intelligence’ connotes the collection of information in furtherance of policy and strategic security objectives. Intelligence practitioners tend to look primarily to the histories of battlefield reconnaissance and court intrigue for their profession's discursive precedents. For the Western state, the mastery of territory has also been an important security objective since the Age of Exploration. Specifically, in the American case, territorial expansion and the subduing of new territory long lay at the heart of America's viability as a state. Thus, the intelligence field ought also to recognize geographical exploration as deeply implicated in Western national security discourse and as sharing an epistemological similarity with intelligence gathering. Both intelligence gathering and geographical exploration rely upon ‘Humint’, that is, informants penetrating distant and hidden places and reporting on the features found therein. America's early Republic period offers key examples of this fundamental similarity.     

Postmodern War in the Age of Bush II

This study charts the genealogy and development of new trends in high-tech warfare that have emerged in the past decade, focusing on both the challenges and dangers. Attention is devoted to the Bush administration's military program and foreign policy moves, highlighting the ways Bush II intensifies the dangers of high-tech war while undermining efforts at collective security, environmental protection, and global peace. The argument here is that the volatile mixture of highly regressive, unilateralist, and militarist tendencies combined with high-tech weapons provides a clear and present danger of a protracted and frightening period of war. This mixture dramatically erupted in Bush's military response to the terrorist attacks of September 11 and is currently intensifying dangers to world peace in the campaign some are labeling "World War III."     

Does corporate governance affect CEO compensation in Indian manufacturing firms?

This study examines the effects of (a) chief executive officers (CEO) pay dynamics, (b) corporate governance characteristics, and (c) the impact of environmental, social, and governance disclosure practices on CEO compensation. Data of 282 Indian manufacturing firms were collected from Bloomberg database from 2013–14 to 2018–19. This study uses Generalized Method of Moments estimation technique to assess the impact of corporate governance on CEO compensation. The empirical estimates reveal that increase in board size, board independence, women director in board, CEO duality, and institutional holdings reduced CEO compensation. Furthermore, the environmental, social, and governance disclosure confirmed that higher firm disclosures help to streamline CEO compensation. It has also been found that CEOs' current compensation is affected by their previous pay. This study corroborates the objectives of Companies Act 2013 to streamline the governance practices for optimizing CEO compensation.     

Role conflict and the limits of state identity: the case of Indonesia in democracy promotion

This paper aims to analyse why Indonesia projects democracy as a state identity by taking on the role of democracy promoter? This paper argues that Indonesia's aspiring role as a democracy promoter is not a manifestation of a firm and coherent democratic political culture, which is more likely to be a permanent feature of states. Thus, rather than seeing it as firmly established state identity, instead, Indonesia's democratic identity should be seen as role conception articulated by foreign policy elites in its quest for international prestige. Its role as a democracy promoter has enabled Indonesia to enhance its other roles conceptions such as a regional leader in Southeast Asia as well as a bridge-builder at the global level. However, this paper further argues that Indonesia's role as a democracy promoter has also been hindered due to the inter-role conflicts arising from its enactment of multiple roles. As a result, Indonesia's enactment of the role as democracy promoter has relatively less impactful towards democratization in the region. To substantiate this argument, the paper examines Indonesia's strategies in promoting democracy and human rights in three case studies, namely Indonesia's role in mainstreaming human rights in ASEAN, Indonesia's democracy promotion through the Bali Democracy Forum, and Indonesia's engagement towards democratization in Myanmar.     

China's security agenda after the cold war

The end of the cold war has changed China's basic perception of world politics and its conception of national security. In the cold war era, Chinese leaders tended to view national security from the perspective of global balance of power and China's strategic relations with the two superpowers. It was in Beijing's security interests to maintain a comfortable position in a strategic triangular relationship with the Soviet Union and the United States. When the Soviet Empire and the East European communist regimes collapsed, the structure of the postwar international system dissolved, and the old parameters for Beijing's security strategy disappeared. The Chinese leadership suddenly found itself in a totally new world in which China needed to reorient and redefine its security strategy on a new strategic axis.

Beijing's security strategy after the cold war is redefined by its domestic priorities, growing foreign economic relations, the new security environment in Asia, and concerns over territorial disputes. In a sense, the myopic conception of security based on war and peace is fading away. Beijing's thinking on national security becomes more inclusive, diverse, and complicated. The nature and intensity of external threats has changed. China's growing economic ties with the outside world have redirected Beijing's attention to economic interests and security. The Chinese leadership realizes that its security is affected not only by the military forces of other countries, but also by political, economic, societal, and environmental factors in international relations Beijing needs to employ both traditional military defence and non‐military actions to safeguard its territorial integrity and to realize its full capacity in world affairs.

The purpose of this paper is to analyse China's security agendas after the cold war. It first examines the impact of the end of the cold war on China's thinking on national security, then discusses Beijing's threat perception and changing defence strategy. This is followed by an examination of domestic stability considerations and economic interests in Beijing's security strategy. Finally, it discusses the implications of China's growing power for regional security.     

The Sino-Russian Space Entente

Cooperation on space issues has been one of the elements of the Russian-Chinese strategic partnership, and includes both technological and political dimensions. As a rising space power with an ambitious space exploration program, China has greatly benefited from proven Russian technology and knowledge. Additionally, Russia and China have united their voices on the issue of space weaponization, and have coordinated their efforts in the international fora. Through analyzing political and technical cooperation on space issues between the two nations, prospects for, and limits of, the Sino-Russian strategic partnership in space are assessed. The conclusion is reached that building on a Russian technological base, China is gradually transforming from a recipient of Russian technical assistance to an equal partner in complex scientific projects. The issue of technology transfer, however, is sensitive for Russia and places limits on cooperation. At the same time, a change in the United States approach to both states challenges the Sino-Russian space entente, both in its technical and political dimensions, and in the long-term viability of a strategic partnership.     

Offshore democracy: launch and landfall of a socio-technical experiment

Germany's bank-based financial system has been generally perceived as good at providing long-term debt finance to traditional industry but poor at supplying equity capital to high-tech start-ups. In 1997 a special segment of the Frankfurt stock exchange, the Neuer Markt , was founded to improve the supply of high-risk equity capital in Germany. The subsequent listing of over 300 companies on the Neuer Markt , many of them in technology-intensive sectors, has led to speculation that Germany is rapidly closing the gap with the US, the world leader in high technology. Contrary to this view, this article suggests that these companies have more in common with traditional German small and medium-sized companies (SMEs) than with the Silicon Valley model of governance and innovation.     

Organizational Structure and the Optimal Design of Policymaking Panels: Evidence from Consensus Group Commissions’ Revenue Forecasts in the American States

Increasing both the size and diversity of policymaking panels is widely thought to enhance the accuracy of collective policy decisions. This study advances the theoretical conditions in which improving collective accuracy necessitates an efficient trade‐off between a panel's size and its level of organizational diversity. This substitution effect between these organizational characteristics is empirically supported with data on official general‐fund revenue forecasts made by consensus group (CG) independent commissions in the American states. Evidence of an asymmetric substitution effect is also uncovered, whereby increasing organizational diversity in large CG commissions produces revenue forecasts that reduce collective accuracy by slightly more than three times as much compared to decreasing such diversity in small CG commissions. This study underscores the limits of organizational diversity as a mechanism for improving collective judgments when policymaking authority is diffuse among many panel members.     

Assessing the impact of stricter alcohol advertising standards: the case of Beam Global Spirits

Reducing youth exposure to alcohol advertising is a global health priority. In most countries around the world, the alcohol industry is given the opportunity to regulate itself with respect to advertising practices. Generally, the alcohol industry self‐regulations are lax, allowing youth to be disproportionately exposed to alcohol advertising. However, Beam Global Spirits and Wine (Beam) voluntarily adopted more restrictive advertising standards in the United States in 2007. This study assessed Beam's compliance with their new standard and estimates its effect on youth exposure and advertising costs. We found that Beam's compliance with its more restrictive standards was imperfect, but never‐the‐less, we estimated that youth exposure to alcohol advertising was reduced compared to other spirits brands. Beam's more restrictive standards did not increase their advertising costs, and therefore other alcohol companies should consider adopting similar standards around the world. Copyright © 2015 John Wiley & Sons, Ltd.     

Dispersion versus decentralization: British location of industry policies and regional development 1945–60

The 1945 Labour government launched two major location of industry intiatives-Development Area plicy, to maintain full employment in Britain's formerly depressed areas, and the decentralization of London's population and industry, partly via the development of eight London New Towns. Conflict between these policies was inevitable. Despite initial safeguards, the Conservative administrations of the 1950s allowed the industrial needs of the London New Towns to take precedence over those of the Development Areas. Furthermore, while the growth-orientated development objectives and strategy of the London New Towns produced a capital-intensive, mutually reinforcing industrial base of high-tech firms, Development Area policy emphasized short-term employment creation, encouraging the growth of low-wage, labour-intensive ‘overspill’ production. These differences in policy objectives and strategy had important consequences for the relative long-term success of the two initiatives.     

India's security partnership with Singapore

Abstract

In recent years, India and Singapore have developed a strong bilateral security and economic partnership that has assumed a central position in India's strategic engagement in Southeast Asia. Having sought strategic engagement with India for many decades, Singapore has now successfully positioned itself as India's leading political partner and economic gateway to the region. At the same time, India and Singapore have actively pursued close defence ties, including frequent joint training and the assumption of an active maritime security role by India in Southeast Asia. The recent decision by India to allow the Singapore air force and army to operate long term training facilities on Indian territory represents a significant development in Indian strategic practice and may presage a more permanent Indian security presence in East Asia. This article will examine these developments and consider to what extent the emergent security relationship between India and Singapore should be seen as a desire to balance China's growing economic and political dominance of the region and to what extent it reflects a ‘natural’ strategic sphere for India stretching from Aden to Singapore and beyond into East Asia.     

Viewpoint: The Strategic Context of the Moon Echoes of the Past,Symphony of the Future

A strategic framework for the Moon must weave together the economic, social, scientific, national security, and civil aspects that have evolved largely in isolation since the inception of the space age. The United States—based on its historical dependence upon space assets, exploration heritage, and global leadership position,—has the most to gain and lose by the tenor of its leadership in this framework's development and implementation. A permanent presence on the Moon, combined with the use of lunar and space resources, offers the means to create a new space age. Lunar exploration offers many scientific and cultural benefits and has significant historic implications. In addition, this extension of human reach beyond low Earth orbit, and the ability to regularly access and use cislunar space is critical for addressing emerging national, economic, and scientific challenges. An analogy to this strategic moment is the development of United States maritime policy at the beginning of the 20th century.