Følg med i CBS’ nye forskningsudgivelser / november
Foto: Bjarke MacCarthy
Er du journalist, forsker eller simpelthen bare interesseret i videnskabelige artikler om business og kultur?
Så skriv dig op til denne forskningsoversigt, hvor du får overblik over de nyeste forskningspublikationer på CBS for den seneste måned – direkte i din indbakke.
Vi har ikke gennemtygget det, så du får det i et råt format, hvor du selv skal læse videre eller kontakte forskeren bag for yderligere information.
De videnskabelige artikler er peer-reviewed, dvs. de har været igennem flere uvildige forskere, der har anerkendt og godkendt resultater og fremgangsmåde.
HER ER DENNE MÅNEDS PEER-REVIEWED FORSKNING (PÅ ENGELSK) – GOD LÆSELYST!
Tryk på overskrift for at læse abstract.
Abstract: Past research indicates that individuals with scarce resources focus on urgent needs. We hypothesize and find that individuals with scarce financial resources have greater discretionary expenditures such that they engage in more discretionary spending, borrowing, and investing. We demonstrate that one possible explanation for why those with scarce financial resources have greater discretionary expenditures is because they have more optimistic future perceptions. We support our predictions using a sample of over 60,000 observations from a survey in rural India, two archival datasets from surveys in Italy and Germany, and two preregistered online experiments. We control, test, and rule out different alternative explanations. The results of this research extend the findings in the financial scarcity and discretionary consumption literature. Additionally, we provide actionable guidelines for managers and public policy makers on how to nudge individuals with financial scarcity.
Abstract: Many US companies with December 31, 2019 as their fiscal year end had their Annual Shareholder Meeting scheduled (usually online) during the COVID pandemic. Unexpectedly faced with significant changes in operating environments, some companies decided to suspend shareholder dividend payments. In normal circumstances, this would be interpreted as a very negative event and shareholders could be expected to respond adversely at the annual meeting. However, we investigate whether CEOs were able to maintain shareholder support by offering a previously unheard of response of “sharing the pain”, committing to cut their own pay following a dividend suspension. At issue is whether investors acted as if they updated their inferences using the new voluntary pay-cut decision to infer the extent to which the CEOs underlying personality type was well matched to crisis management. We estimate an instrumental variables model in which the dividend suspension is used as an instrument for the endogenous pay cut variable.
Abstract: Artificial intelligence (AI) as an upcoming general-purpose technology is poised to create many new business opportunities and to disrupt entire industries. Startups and large corporations are seizing AI opportunities and strengthening their position. But what about midsize companies that often lack access to big data and AI talent? These midsize firms risk being left behind in the age of AI. As a remedy, these firms should consider pooling their data and talent in joint AI ventures.
Abstract: The economics of the authoritarian regime of Francisco Franco in Spain are often narrowed to a bespoke form of fascism. This paper suggests that this regime’s rather inchoate economic regimes were in fact a series of experiments that blended varieties of statism and liberalism. Thus, a form of import-substitution industrialization colored by Italian fascist features (1939-1959) lasted fifteen years longer in Spain than in the country of importation. In contrast, a local version of French developmentalism (1964-1975) was largely in sync with what was being tried in France at the time. However, this French developmentalist template imbued with fiscal Keynesianism was layered with liberal economic projects, particularly in the monetary policy arena. But while fascist import substitution (the so called “autarky”) collapsed mostly due to its internal problems, Spain’s translation of French developmentalism was associated with economic growth and was only extensively damaged by the crisis of the global capitalist core ushered by the 1973 oil shock. Critically, while in the symbolic terrain of Spanish politics the liberal economic projects that accompanied the local translation of French developmentalism were always associated with reformist and even “dissident” elite circles, the stigma of developmentalism’ association with the core elites of authoritarianism removed developmentalism as a source of alternatives to the liberal economic reforms ushered by Spain’s transition to liberal democracy in the late 1970s and early 1980s.
Abstract: Most organizations use budgeting and describe it as an institutionalized management accounting system, but it is also criticized for being unsuitable in today’s uncertain business environment. This paper explores how sudden changes in organizational context impact the importance of budgeting. Earlier studies have reported less importance given to budgeting following a crisis and a need for more interactive approaches. Our study is based on a survey of CFOs of the 300 largest companies in Iceland, according to the dataset Frjáls Verslun, following the financial crisis of 2008. A total of 191 (63.6%) responded to the survey. The results show widespread use of budgeting, regardless of the size of the organization. The results also show that uncertainty and organizational complexity do not impact the perceived importance of budgeting. Contrary to prior studies, this indicates that budgeting remains an important management tool during a sudden change in the organizational context.
Abstract: Recent debate has focused on the introduction of a central stabilization capacity as a completing element of the Economic and Monetary Union. Its main objective would be to contribute to cushioning country-specific economic shocks, especially when national fiscal stabilizers are run down. There are two main potential objections to such schemes proposed so far: first, they may lead to moral hazard, i.e., weaken the incentives for sound fiscal policies and structural reforms. Second, they may generate permanent transfers among countries. Here we present a scheme that is relatively free from moral hazard, because the transfers are based on changes in world trade in the various industrial sectors. These changes can be considered as largely exogenous, hence independent from an individual government’s policy. Therefore, the scheme is better protected against manipulation compared with other schemes based on domestic variables (e.g., unemployment). Our scheme works as follows: if a sector is hit by a negative shock at the world market level, then a country with an economic structure that is skewed toward this sector receives a temporary transfer from the other countries. We show that the transfers generated by our scheme are countercyclical. In addition, since transfers are based on deviations from trends in sectoral export value-added, the danger of permanent transfers from one set of countries to the other countries is effectively ruled out. Finally, we show that the transfers are robust to different sectoral aggregation and revisions in the underlying export data.
Abstract: Based on a new dataset developed by the authors, this paper studies the domestic listed equity investments of Danish pension funds. Compared to other financial investors, tentative evidence is found that pension funds (a) tend to focus more on large companies; (b) have a longer holding period and (c) obtain higher portfolio returns with less volatility. The new dataset, covering about three quarters of Danish pension fund holdings, will form the basis of future research on wider economic effects, including economic growth and productivity, of Danish pension funds’ investment activities.
Abstract: For several years, the Brexit has been an ongoing political crisis with high uncertainty that nonetheless affects us in many ways. Until now, the academic debate has mainly emphasized the political, economic and legal consequences, while disregarding the social-psychological effects of the crisis. This article examined the relationships between trust in UK and EU government and perceived uncertainty, and how these relationships affected consumers’ choices (i.e., travelling decisions). We assessed these relationships in a two-country Brexit field experiment (UK and Germany; N = 1,228) confirming moderation by country differences, where trust in one’s own government has a weaker impact. In turn, the soft and hard Brexit scenarios moderated these country differences: for the British sample, the effect of trust in the EU government is stronger for a hard Brexit, while Germans showed a reversed and counterintuitive structure for trust in the UK government.
Abstract: Climate change has been described as one of the greatest threats to people and the planet. Its impacts affect virtually the entire spectrum of internationally recognised human rights as well as the environment in and of itself. In relation to human rights, there is a growing consensus that companies should exercise human rights due diligence in order to identify and prevent their actual and potential adverse impacts. However, the relevance and implications of the concept of the due diligence have not yet fully been analysed in relation to climate change. In this paper, we explore the concept of risk-based due diligence, which builds on the concept of human rights due diligence but extends it to other areas such as the environment. Through a review of recent regulatory developments as well as case-law and other grievances, we analyse the three facets of risk-based due diligence for climate change—prevention, mitigation and remediation. We consider both the short term as well as the longer-term human rights and environmental implications of companies’ climate-related impacts, as well as those resulting from the company’s contributions to the green transition. We argue that risk-based due diligence offers an under-explored but important dual function: providing the operational means through which companies can identify and address the climate-related human rights and environmental impacts with which they may be involved, whilst also taking into consideration the human rights implications of their climate mitigation strategies and contributions to the just transition.
Abstract: In this paper, we tackle the problem of enhancing the interpretability of the results of Cluster Analysis. Our goal is to find an explanation for each cluster, such that clusters are characterized as precisely and distinctively as possible, i.e., the explanation is fulfilled by as many as possible individuals of the corresponding cluster, true positive cases, and by as few as possible individuals in the remaining clusters, false positive cases. We assume that a dissimilarity between the individuals is given, and propose distance-based explanations, namely those defined by individuals that are close to its so-called prototype. To find the set of prototypes, we address the biobjective optimization problem that maximizes the total number of true positive cases across all clusters and minimizes the total number of false positive cases, while controlling the true positive rate as well as the false positive rate in each cluster. We develop two mathematical optimization models, inspired by classic Location Analysis problems, that differ in the way individuals are allocated to prototypes. We illustrate the explanations provided by these models and their accuracy in both real-life data as well as simulated data.
Abstract: This paper investigates how monetary policy shock affects the stock market of the United States (US) conditional on states of investor sentiment. In this regard, we use a recently developed estimator that uses high-frequency surprises as a proxy for the structural monetary policy shocks, which in turn is achieved by integrating the current short-term rate surprises, which are least affected by an information effect, into a vector autoregressive (VAR) model as an exogenous variable. When allowing for time-varying model parameters, we find that, compared to the low investor sentiment regime, the negative reaction of stock returns to contractionary monetary policy shocks is stronger in the state associated with relatively higher investor sentiment. Our results are robust to alternative sample period (which excludes the zero lower bound) and model specification and also have important implications for academicians, investors, and policymakers.
Abstract: In this paper, we investigate how conventional and unconventional monetary policy shocks affect the stock market of eight advanced economies, namely, Canada, France, Germany, Japan, Italy, Spain, the U.K., and the U.S., conditional on the state of sentiment. In this regard, we use a panel vector auto-regression (VAR) with monthly data (on output, prices, equity prices, metrics of monetary policies, and consumer and business sentiments) over the period of January 2007 till July 2020, with the monetary policy shock identified through the use of both zero and sign restrictions. We find robust evidence that, compared to the low investor sentiment regime, the reaction of stock prices to expansionary monetary policy shocks is stronger in the state associated with relatively higher optimism, both for the overall panel and the individual countries (with some degree of heterogeneity). Our findings have important implications for academicians, investors, and policymakers.
Abstract: Purpose: The purpose is to assess the impact of clinical costing approaches on the quality of cost information in seven countries (Denmark, England, France, Germany, Ireland, the Netherlands and Portugal).
Design/methodology/approach: Costing practices in seven countries were analysed via questionnaires, interviews and relevant published material.
Findings: Although clinical costing is intended to support a similar range of purposes, countries display considerable diversity in their approaches to costing in terms of the level of detail contained in regulatory guidance and the percentage of providers subject to such guidance for tariff setting. Guidance in all countries involves a mix of costing methods.
Research limitations/implications: The authors propose a two-dimensional Materiality and Quality Score (2D MAQS) of costing systems that can support the complex trade-offs in managing the quality of cost information at both policy and provider level, and between financial and clinical concerns.
Originality/value: The authors explore the trade-offs between different dimensions of the quality (accuracy, decision relevance and standardization) and the cost of collecting and analysing cost information for disparate purposes.
Abstract: We explore why and how designers move sticky notes by conducting a visuospatial analysis of sticky note moves as they unfold across time in design practice. We find that individual sticky note moves have a relatively stable sequential order containing strategies for directing and maintaining shared attention. Further, three kinds of sticky note movements are found pertaining to the formation of associations, categories, and partial solution structures. Moving sticky notes provides support for conceptual design centrally through attending to the proximity between notes across time in gesture and placement. Proximity serves as a marker of associative strength and category centrality, and also plays a key role in the structural build-up of relationships between objects
Abstract: This article presents a systematic literature review of how norms are used in a sample of 436 articles in the human resource management (HRM) field. In exploring how norms are theorized, applied, and operationalized, the article identifies four main thematic fields in which norms are commonly used: culture, diversity, labor market, and work–life. The article makes three main contributions to the existing literature. First, it reveals a pervasive inconsistency in the use of norms across HRM research such that any assumption of a “norm of norms”—that is, consensus on the meaning of norms in HRM—is erroneous and in need of critical reflection. Second, the review offers a typology that outlines four similarities and differences in how HRM research employs norms. Finally, the authors propose a norm-critical research agenda as a relevant basis for future critical and reflexive enquiry into norms in both HRM theory and practice.
Abstract: The dynamichazard package implements state space models that can provide a computationally efficient way to model time-varying parameters in survival analysis. I cover the models and some of the estimation methods implemented in dynamichazard, apply them to a large data set, and perform a simulation study to illustrate the methods' computation time and performance. One of the methods is compared with other models implemented in R which allow for left-truncation, right-censoring, time-varying covariates, and timevarying parameters.
Journal: Journal of Statistical Software
Published: September 2021
Contact CBS researcher:
Abstract: I denne artikel diskuterer vi analytikeres budgetadfærd i såvel den eksplicitte budgetperiode som terminalperioden i forbindelse med værdiansættelse af virksomheder. Baseret på kandidat- og HD-afhandlinger fra Copenhagen Business School for perioden 2008-2020 finder vi, at mens den langsigtede omsætningsvækst estimeres lavere end den historiske omsætningsvækst, så er det modsatte tilfældet for den langsigtede driftsindtjening udtrykt ved afkastningsgraden (ROIC). For visse tests finder vi, at ROIC estimeres 44% højere end det historiske niveau. Denne optimisme er især drevet af optimistiske skøn over de fremtidige driftsomkostninger. Samlet tyder disse resultater på, at de udarbejdede skøn for den fremtidige indtjening budgetteres mere optimistisk end de historiske niveauer tilsiger og med risiko for en tilsvarende optimisme i den underliggende værdiansættelse.
Abstract: We compare individuals presently employed either at a university, or at a firm from an R&D-intensive sector, and analyze which of their personal-specific and employer-specific characteristics are related to their choice to leave their present employer for an own startup. Our data set combines the population of Danish employees with their present employers. We focus on persons who at least hold a Bachelor's degree in engineering, sciences and health and track them over 2001-2012. We show that (i) there are overall few differences between the characteristics of university and corporate startup entrepreneurs, (ii) common factors associated with startup activity of both university and corporate employees are education, top management team membership, previous job mobility and being male, (iii) it is primarily human capital-related characteristics that are related to startup choice of university employees while (iv) the characteristics of the present workplace are the foremost factors of entrepreneurial activity by corporate employees.
Abstract: Nowadays, with the advancement of smart technologies, the Internet of Things (IoT) emerged as a booming technology that can provide better quality and facilities for the residents of smart cities. Smart cities can offer several services and have several applications in healthcare, transportation, education etc. Despite such a potential vision, the privacy of users on these IoT devices is a major concern. Most authentication schemes do not provide privacy and anonymity to legitimate users. to tackle this problem, we propose an efficient Zero Knowledge-based authentication scheme in the paper that authenticates devices on the network without knowing the information about user identity or revealing any other data entered by users. To explain our system framework at the micro-level, we apply our privacy-preserving scheme to IoT based healthcare applications, but it can easily be extended to the more general use cases where privacy-preserving authentication is required. This paper’s second major contribution is designing the data encryption algorithm ZKNimble that is mainly suitable for lightweight devices. Once the user is authenticated using Zero Knowledge Proof, the ZKNimble cipher can be used for legitimate users’ encryption and decryption processes.
Abstract: “Unknown unknowns,” that is, future contingencies that lack an ex ante description for some decision-makers for whom the contingency is relevant, are fundamental to strategy theory and practice. And yet, most strategy research is founded on the assumption that the future can be described in terms of “known unknowns,” that is, future contingencies that are known in principle (but whether and how they actually occur is unknown). We discuss the importance of unknown unknowns for strategy, focusing specifically on firm-level adaptation. We also discuss why prior literature has failed to address unknown unknowns, and outline key points that should be addressed by a program of research into the nature and role of unknown unknowns in strategy.
Abstract: Research projects that actively involve ‘crowds’ or non-professional ‘citizen scientists’ are attracting growing attention. Such projects promise to increase scientific productivity while also connecting science with the general public. We make three contributions. First, we argue that the largely separate literatures on ‘Crowd Science’ and ‘Citizen Science’ investigate strongly overlapping sets of projects but take different disciplinary lenses. Closer integration can enrich research on Crowd and Citizen Science (CS). Second, we propose a framework to profile projects with respect to four types of crowd contributions: activities, knowledge, resources, and decisions. This framework also accommodates machines and algorithms, which increasingly complement or replace professional and non-professional researchers as a third actor. Finally, we outline a research agenda anchored on important underlying organisational challenges of CS projects. This agenda can advance our understanding of Crowd and Citizen Science, yield practical recommendations for project design, and contribute to the broader organisational literature.
Abstract: We argue and explain how the study of emerging market multinational companies can help enrich our understanding of the internationalization process. Firms' internationalization process is a central and enduring theme in international business. However, most of the theoretical models are built on the analysis of advanced economy multinationals. Emerging market multinationals differ crucially in the role that the home country plays in their behavior, resulting in different patterns of internationalization. We propose that the discussion of the applicability of extant theory can be advanced by differentiating internationalization theories according to three different ontological perspectives: resource oriented, transaction oriented, and process oriented. We further suggest that the study of emerging market multinationals' internationalization processes reveals three contextual accelerators: government, catch-up, and global value chains. These accelerators help adapt internationalization process models to new contextual realities.
Abstract: We model how investors allocate between asset managers, managers choose portfolios of multiple securities, fees are set, and security prices are determined. Investors are indifferent between higher-cost informed managers and lower-cost uninformed managers, interpreted as passive managers as their portfolio is linked to the " expected market portfolio." We make precise Samuelson's dictum by showing that active investors reduce micro-inefficiencies more than they do macro-inefficiencies. In fact, all inefficiency arises from systematic factors when the number of assets is large. Further, we show how the costs of active and passive investing affect macro- and micro-efficiency, fees, and assets managed by active and passive managers. Our findings help explain the rise of delegated asset management and the resultant changes in financial markets.
Abstract: This paper analyses the development of pseudo micro-profit centres (MPCs) at Kitanihon, a Japanese manufacturer. MPCs aim to relate financial and operational concerns by sensitising operators to the financial consequences of their actions and by triggering financial improvements. MPCs, however, also create many small interdependent responsibility centres, which makes it difficult to delegate financial accountability. The paper studies the dynamic construction of relations between financial and operational concerns when structural interdependencies are important. It analyses such construction as a process of mediation. While extant studies focus on how accounting calculations, as mediating instruments, help linking dispersed people, aspirations and domains, the paper studies how accounting requires itself to be mediated to relate financial and operational concerns and to become powerful.
It shows that people, spaces and instruments form a heterogeneous ‘web of mediators’ by which relations between accounting and operations are constructed. It shows how structural interdependencies take part in this mediation of relations. Finally, this study shows that mediation does not link, but transforms mediated entities including accounting, which forms, per-forms and trans-forms along the chain of mediation it helps constituting.
This study aims to integrate and extend existing approaches from self-identity literature by examining the underexplored aspects of online private self-disclosure. The study first explores the experiential value co-created when consumers voluntarily self-disclose on public platforms. Second, it sheds light on what motivates such consumers to disclose private self-images and experiences, thus giving up some degree of privacy on an unrestricted platform.
This study conducted 65 laddering interviews and observed the profiles of ten consumers, who actively posted self-images on Instagram, through a netnographic study. Then, this study implemented a means-ends chain analysis on interview data.
This study found that online private self-disclosure can involve a co-created experiential value that consists of consumers’ self-affirmation, affective belief and emotional connection. These value components derive from three higher-order psychological consequences – empowerment, buffering offline inadequacy of self-worth and engagement – and four functional consequences – opportunity to learn, online control, self-brand authenticity and impression management.
Operationally, this study proposes that Instagram could be configured and synched with other social networking sites to provide a more complete representation of the online self. Using algorithms that simultaneously pull from other social networking sites can emotionally connect consumers to a more relevant and gratifying personalized experience. Additionally, managers could leverage the findings to tailor supporting tools to transfer consumers’ private self-disclosure skills learned during online communication into their offline settings.
This research contributes to the extant marketing literature by providing insights into how consumers can use private self-disclosure to co-create experiential value, an emerging concept in modern marketing that is key to attaining satisfied and loyal consumers. This study shows that, even in anonymous online settings, consumers are willing to self-disclose and progress to stable intimate exchanges of disclosure by breaking their inner repression and becoming more comfortable with releasing their desires in an emotional exchange.
Abstract: We study parameter estimation from the sample X, when the objective is to maximize the expected value of a criterion function, Q, for a distinct sample, Y. This is the situation that arises when a model is estimated for the purpose of describing other data than those used for estimation, such as in forecasting problems. A natural candidate for solving maxT∈σ(X)EQ(Y,T) is the innate estimator, θˆ=argmaxθQ(X,θ). While the innate estimator has certain advantages, we show that the asymptotically efficient estimator takes the form θ̃=argmaxθQ̃(X,θ), where Q̃ is defined from a likelihood function in conjunction with Q. The likelihood-based estimator is, however, fragile, as misspecification is harmful in two ways. First, the likelihood-based estimator may be inefficient under misspecification. Second, and more importantly, the likelihood approach requires a parameter transformation that depends on the true model, causing an improper mapping to be used under misspecification.
Abstract: Historie handler ikke om gamle dage men om nutiden og fremtiden. Hvis organisationer ikke studerer og arbejder med deres historie, er der en overhængende risiko for, at traditionen kommer til at dominere. I første del af denne artikel diskuterer jeg histories relevans for banker og andre organisationer i forhold til samfundsmæssig legitimitet og forankring, organisationskultur, identitet og branding samt strategi, lærings- og forandringsprocesser. I anden del viser jeg, hvordan banker og organisationer kan institutionalisere og bruge deres historie. Endelig diskuterer jeg, om og hvordan Danske Bank har brugt eller ikke brugt sin 150-årige historie, og jeg giver nogle bud på, hvordan virksomheder kan drage fordel af i højere grad at beskæftige sig aktivt med deres historie.
Abstract: Effektivitet er et nøgleord for arbejdspladser, og derfor interesserer ledelses- og organisationsforskningen sig naturligvis også for, hvordan arbejdet tilrettelægges, så det udføres så effektivt som overhovedet muligt. Den mere systematiske forskning inden for disse felter stammer tilbage fra taylorismen, og har – selvom pandemien tvang mange arbejdspladser til at sende ansatte på hjemmearbejde – i dag fortsat et godt greb om de mange måder, vi udfører vores arbejde på. Taylorismen fokuserede primært på forudsigelige og veltilrettelagte arbejdsprocesser, mens mange i dag arbejder under, hvad der kan kaldes meget dynamiske, arbejdsbetingelser med ganske lille forudsigelighed. Udfordringen er derfor, at da de værdiskabende processer i arbejdet ikke længere kun (hvis overhovedet) handler om bearbejdning af noget meget synligt (fx råvarer) og forudsigeligt, men snarere om noget usynligt, som viden, bliver det vanskeligere at gennemskue, om arbejdet nu også udføres effektivt
Abstract: This paper develops a model with overlapping generations of households, productive public and private capital, and a golden rule of fiscal policy aimed at maximizing economic growth. Studying the transitional dynamics between steady states triggered by different exogenous shocks, we find that a waning fertility rate, coming through a weaker preference for having children, increased longevity, a decrease in subjective discounting or lower financial support for child rearing, will require a policy intervention to ensure convergence to the growth maximizing debt level. A simple calibration exercise shows that when faced with projected demographic aging the adjustments in public debt and public investment required for keeping the economy at its maximum steady state growth rate may be small.
Abstract: As crowdfunding becomes an increasingly common source of financing for a diverse range of entrepreneurs, this paper seeks to add to the literature by qualitatively exploring why entrepreneurs choose to engage in crowdfunding. We find that entrepreneurs often engage in crowdfunding as a first resort with three distinct motives; to raise capital, to validate a business idea, or to create brand awareness. Especially reward-based crowdfunding is often seen as a tool for validate a business idea or generating awareness not as a source of finance. Finally we observe that entrepreneurs’ motives for engaging in crowdfunding often correlate with their maturity and thus motivations for engaging in crowdfunding shift as they mature.
Abstract: Blockchain technology is increasingly emerging as an important organizational phenomenon, especially for collaboration across firm boundaries. Over the past three decades, accounting scholars have shown significant interest in management accounting and control mechanisms that are used by actors to sustain inter-organizational relationships. We outline fundamental technical features and limitations of permissioned blockchain technology and analytically propose blockchain as an empirical concept with implications for management accounting practices that underpin inter-organizational collaboration, trust, control, and information exchange. Particular focus of the analysis is on the interplay between the technical capabilities of blockchain technology and inter-organizational management control procedures. Based on this analysis, we develop a series of propositions that theorize how these procedures affect the way in which blockchain is enacted in IORs, and how they are affected by blockchain in turn. The paper concludes with a research agenda for accounting scholars and offers directions for further research.
Abstract: Under the but-for requirement of causation, a tort injurer cannot be held liable for more than the difference between the loss the victim would have suffered if the injurer had not been negligent, and the loss that is in reality suffered. We ask whether this causation requirement yields efficient precaution in the context of two or more injurers. Contrary to a widely accepted view, we find that but-for causation may lead to the existence of an inefficient Nash-equilibrium. We characterize when this may occur and compare those instances with precedent in which courts have not required but-for causation. Moreover, we ask whether alternative concepts of causation do better than but-for causation in terms of incentives. We find that while both the NESS-test and the Shapley provide optimal incentives when injurers act simultaneously, there are reasons for considering the Shapley-value as the more satisfactory concept of causation.
Abstract: In this paper, we address how different types of positive attitude towards international diversity among team members can influence team outcomes. Our study explores whether openness to language diversity could contribute to the effect of openness to value diversity becoming more salient. Data was collected from 1085 team leaders of highly globalised academic research teams in the Nordic region. The results show a significant and positive effect of openness to different cultural values on team outcomes. Furthermore, in teams rated more open to language diversity, the impact of openness to value diversity on team performance is enhanced. Effects of different types of diversity attitude have been assessed in extant literature. No prior studies, however, have focused on the interaction between the different types of diversity attitude. This is an important omission because one type of diversity attitude could function as a boundary condition for other types of diversity attitude.
Abstract: Research Summary
This article explores the relationship between organizational governance and location choices. While the existing literature provides significant intuition regarding the factors that influence these choices, it often assumes that governance and location choice are independent from one another. This article tests the veracity of this assumption in the global semiconductor industry. We report evidence of significant correlations across choices regarding how to govern and where to locate production, evidence of a reciprocal relationship between governance and location choices, and evidence suggesting how interdependence between governance and location choices affects the stability of relationships highlighted by extant theories. We conclude with implications for future theoretical and empirical research based on the existence of these interdependent effects.
Managers face difficult choices when deciding how to organize the performance of an activity. They must choose whether to outsource an activity by balancing the potential benefits of a supplier's lower costs or knowledge against the costs of diminished coordination and control. They must also choose where to perform an activity by considering the benefits of locally bound expertise as well as potential costs associated with cultural, legal, and social barriers. While prior research has often addressed these issues by assuming that these choices are independent, this paper demonstrates that governance and location choices are interdependent and that each choice reciprocally affects the other. It concludes by suggesting managers utilize an expanded governance-location choice set when evaluating where and how to manage their core activities.
Abstract: Viggo Kampmann is a rare example of a person who at the same time is close to academic economics, does have great political influence, and serves as top minister for a long period. He has influence on Social Democratic politics from the late years of the war and until 1962. We find the revealed economic theory framework for two articles of Kampmann as serving minister of finance in Nationaløkonomisk Tidsskrift in the 1950ies to be the IS-LM model. The mix of monetary and fiscal policy is a central theme; always having the distribution and social justice in mind. After a review of the articles follow historical and theoretical commentaries. Kampmann does not explicitly present his model, but the article suggests the main structure of such a model. The article problematizes the LM-curve and the consumption function, and it comments on the link between investment, growth and future welfare.
Abstract: Many organizations are eager to develop a digital platform. Yet, it is not clear how to realize this ambition, especially for large companies with complex existing structures. This study demonstrates how the growing trend of “Inner Source” (adopting internal open-source/crowdsourcing practices within large organizations) can help companies become more platform-based. This article studies three large organizations—Zalando, Philips Healthcare, and PayPal—and identifies a four-stage model that explains how Inner Source helped them develop their internal and external platforms. It details six recommendations for large organizations wishing to follow a strategy of Inner Source-driven platformization.
Abstract: Energy efficiency can boost economic growth and reduce greenhouse gas (GHG) emissions. However, the global rate of energy efficiency improvement is slowing – a trend that has implications for consumers, businesses and the environment as the adverse climate change and pollution impacts deepen. The emissions in the EU have decreased by 17% in the past decade while member countries such as Germany, United Kingdom and Poland were among the largest emitters of CO2. This paper examines the effect of energy efficiency, proxied by final energy consumption, on CO2 emissions in the EU using a generalized methods of moments based on a quantile regression approach. We use the Panel Quantile ARDL for inference at various quantiles and support the ARDL estimations by the 2SLS estimations for robustness checks. We use the final energy consumption data as an indicator of energy efficiency as included in the energy efficiency indicators database of the International Energy Agency and emissions for the time period spanning 1980–2018. The results indicate that energy efficiency has reduced emissions by 8.6% on average in all the quantiles. Improving efficiency in petroleum consumption will enable the EU to reduce emissions as well as improve energy security by reducing imports as per the aims of the European Green Deal and the Efficiency First Principle. We also recommend that energy efficiency policies should account for possible rebound effects, which can limit their effectiveness.
Abstract: Reviews General Court case law from January 2015 to June 2020 concerning public procurement, including key features of decisions made by EU institutions, cases involving Commission Decisions and public procurement Directives, and Commission Decisions under state aid law.
Abstract: Betalingstransaktioner bliver i stadigt større omfang digitaliserede, og fysiske kontanter er under udfasning. Samtidig vinder nye, decentraliserede betalingsformer som ”kryptovalutaer” og ”stablecoins” stadig større udbredelse. Denne udvikling udfordrer det etablerede pengesystem og centralbankernes muligheder for effektivt at løse deres kerneopgaver: opretholdelse af et sikkert betalingsvæsen, understøttelse af den finansielle stabilitet og sikring af stabile priser. Som et modtræk overvejer centralbankerne i et større antal lande at indføre deres egne digitale valutaer, de såkaldte Central Bank Digital Currencies (CBDC). Processen er dog i overvejende grad endnu kun på undersøgelsesstadiet. Kun en håndfuld små lande har indført CBDC’er i praksis, og det er usikkert, om og i givet fald i hvilken form digitale centralbankvalutaer vil blive introduceret i lande, der som Danmark allerede har velfungerende betalingssystemer. I denne artikel ser vi nærmere på formål med, fordele og ulemper ved og mulige konsekvenser af en eventuel introduktion af CBDC’er.
Abstract: Research Question: Does the use of IS in family businesses differ significantly from non-family businesses? Does professionalisation of accountants positively impact the use of IS, and is there a difference between family and non-family businesses?
Motivation: Research indicates family businesses have more limited implementation and use of information systems (IS) coupled with less accounting and control. As accounting is a primary user of IS, this paper explores if professionalisation of accounting may explain such reported differences in IS use.
Idea: This study tests two hypotheses around IS use and professionalisation of accounting. Using a more refined measure of professionalisation of accounting than previous.
Data: Data was collected from a survey of CFOs in a country with a strong family business tradition and strong professional accounting bodies. A response rate of 30% was achieved.
Tools: A Mann-Witney test coupled with binary and multi-nominal regressions were used to test the hypotheses.
Findings: Although professional accountants’ presence is a significant explanatory variable, the results show no significant difference in IS use between family and non-family-owned firms. However, contrary to similar studies in countries without strong professional accounting bodies, the analysis suggests that professionalisation is a significant explanatory factor in the similarities found.
Contribution: By applying a more refined measure of professionalisation of accounting, this study provides a useful basis for further exploration of the professionalisation of the accounting function in family firms and links to IS use.
Abstract: In accordance with critical reflective thinking on colonialisation, we respond to Dunlap’s critical remarks on our article by deconstructing some of the themes presented in the debate on internal colonialism in the context of large-scale wind energy developments in the Isthmus of Tehuantepec, Mexico. We return to a historical conceptualisation of internal colonialism as it pertains to a continuation of colonial-like dynamics – oppression, repression, violation and exploitation of vulnerable people – within a country, which is important for our discussion on energy justice, particularly cognitive justice, as the colonial-like dynamics of economic transactions between economically motivated indigenous people and private investors with the support of elite actors – which we term transactional colonialism – have repercussions for vulnerable people and indigenous livelihoods. We hope that our perspective will contribute to the global discussion of the socio-ecological impacts of large-scale wind energy developments and green transitions more generally.
Abstract: We examine whether criminal records of CEOs and rank-and-file employees are associated with firms’ likelihood of bankruptcy, and whether lenders adjust their required cost of debt accordingly. We use a nationwide sample of private firms and criminal registers covering all firm employees. We find that the likelihood of bankruptcy is positively associated with the CEO’s criminal record and the proportion of employees with criminal records. We find some, though less robust, evidence that lenders price a firm’s loan higher when the firm’s CEO has a criminal record and when more of the employees have criminal records. The results suggest that the characteristics of firm employees represent a risk that, to some extent, is priced by lenders.
Abstract: In recent years, awareness of energy poverty has gained increasing attention in European countries. Comparative country studies can enhance our understanding of the causes and effects of this growing problem. This paper proposes a new model for the analysis of energy poverty. We define a theoretical framework and model to estimate an energy poverty frontier. The estimated frontier indicates the minimum level of energy poverty that a country can achieve given its income level, energy prices, energy intensity, and other country-specific features. We apply the approach to a sample of 30 European countries during the period 2005–2018. This allows us to contrast whether policy measures aimed at reducing the poverty among vulnerable individuals and households have been effective. The results indicate that financial aid aimed at vulnerable groups, reductions in energy prices, and improvements in energy efficiency have been beneficial against energy poverty. These factors may partly explain why, despite the negative income impact of the financial crisis, we found a steady and general energy poverty reduction during the period in almost all the countries analysed.
Abstract: This article explores recent HIV prevention campaigns for pre-exposure prophylaxis (PrEP), focusing on how they integrate pleasure and desire in their calls for self-discipline through a continual use of pharmaceuticals. This emerging type of health promotion, here represented by ads promoting the preventive use of pharmaceuticals, no longer simply approaches target groups with demands to abstain from harmful substances or practices and thus control risks, but also includes messages that recognize individuals’ habits, values, and their desires for pleasure. Drawing on Foucault’s work concerning discipline and security, we suggest that a novel, permissive discipline is emerging in contemporary HIV prevention. Further guided by Barthes’s theory of images, we analyse posters used in prevention campaigns, scrutinizing their culture-specific imagery and linguistic messages, i.e. how the words and images interact. We conclude that these campaigns introduce a new temporality of prevention, one centred on pleasure through the pre-emption and planning that PrEP enables.
Abstract: Denne artikel analyserer de forslag om nye og skærpede regler om ledelsesansvaret i finansielle virksomheder, som foreslås i betænkning nr. 1575/2021. Betænkningen foreslår bl.a. at der indføres omvendt bevisbyrde for bestyrelsens erstatningsansvar for den finansielle virksomheds aftaler med andre ledelsesmedlemmer og objektivt ansvar for det ledelsesmedlem, i hvis interesse en sådan aftale indgås i strid med reglerne, og at ledelsens tilsidesættelse af interne politikker og retningslinjer skal indgå med større vægt i vurderingen af ledelsens erstatningsansvar. Det konkluderes, at betydningen af særligt den omvendte bevisbyrde og det objektive ansvar er begrænset, mens forslag om at skærpe reglerne om direktørers fratrædelsesgodtgørelse i i større eller mindre omfang synes at bygge på en lidt ældre praksis, som i dag ofte er forladt i virksomheder, som følger markedsudviklingen, og at der er en mere lige vej til at opnå det, man gerne vil her.
Abstract: The transition from fossil-fuel cars to those powered by electricity seems to occur differently in Brazil compared with what has been observed in other countries, where it is motivated by the goal to reduce CO2 emissions and the need to reduce dependence on fossil-fuel imports. At present, fleets are reduced, values are high, and the infrastructure is incipient. This article presents a problematization of the local scenario and the results of a survey with local consumers. The goal is to determine whether this market tends towards a scenario where an electric car is perceived as a substitute for a fossil-fuel vehicle, with new technology but the same function (transportation) or if it tends towards a reinterpretation, seeing integration with the electricity grid. The results indicate gaps and opportunities in service design, public policies for smart cities, and new ICTs associated with smart grids.
Abstract: I artiklen behandles de ændringer til CFC-reglerne, der er foretaget med vedtagelsen af L 89 (2020/2021). Herved er de danske CFC-bestemmelser for selskaber blevet tilpasset EU's skatteundgåelsesdirektiv. Forud for vedtagelsen er gået et langstrakt forløb, hvor det voldte store besværligheder at finde en løsning, der på fornuftig vis kunne forene en korrekt implementering af direktivet med lovgivers stærke ønske om at bevare den særegne og ganske omfattende danske model for CFC-beskatning. Til sidst lykkedes det dog at opnå flertal for et forslag, der ændrer på en række centrale elementer i CFC-reglerne, både med hensyn til betingelserne for reglernes anvendelse og retsvirkningerne. Disse ændringer behandles i artiklen, og afslutningsvis gøres en række komparative og EU-retlige overvejelser.
Abstract: We consider a spatial Lévy-driven moving average with an underlying Lévy measure having a subexponential right tail, which is also in the maximum domain of attraction of the Gumbel distribution. Assuming that the left tail is not heavier than the right tail, and that the integration kernel satisfies certain regularity conditions, we show that the supremum of the field over any bounded set has a right tail equivalent to that of the Lévy measure. Furthermore, for a very general class of expanding index sets, we show that the running supremum of the field, under a suitable scaling, converges to the Gumbel distribution.
Abstract: The literature shows that some police officers develop cynicism early in their careers, i.e., develop a critical or distrusting attitude that is often aimed towards citizens. Despite a recent increase in societal focus on how citizens experience interaction with the police, we have only a limited understanding of how cynicism develops in Scandinavia, including Denmark. In this study, we present statistical analyses of questionnaire data collected among police employees in three waves between the beginning of their training to become police officers and after four years of active service. The results demonstrate that cynicism should be approached as a multi-faceted phenomenon. This is because participants generally report a decrease in cynicism towards citizens, but an increase in cynicism in connection with other aspects of police work. Post hoc analyses, however, indicate that high emotional demands, as well as violence and threats may contribute to an increased cynicism towards citizens.
Abstract: Transaction cost economics (TCE) carefully analyzes market failure while remaining largely silent about hierarchical failure. We argue this omission occurs because TCE’s opportunism assumption does not consider organizational member motivations under different hierarchical forms. Thus, TCE does not fully examine opportunistic behavior under hierarchy, resulting in an incomplete governance analysis. To fill this gap, we build a discriminating alignment theory of hierarchical choice that incorporates explicit motivations under each hierarchical form. We make three contributions to TCE with this theory. First, using the counterproductive work behavior and goal framing literatures, we predict specific motivations (effort, visceral, financial or status opportunism, or collaboration) across hierarchical forms. Second, we predict when “efficient” hierarchical forms (mapped from Williamson’s internal governance analysis) do not effectively mitigate opportunistic behavior, creating hierarchical failure. In these cases, we augment the hierarchical forms with supplemental governance mechanisms necessary to efficiently govern the exchange. Finally, we investigate how different motivations across hierarchical forms lead to excess misalignment costs to enhance our understanding of hierarchical failures. Examining how both transaction hazards and specific motivations drive particular behaviors allows for a more nuanced understanding of specific “costs and competencies” of hierarchy and in turn hierarchical failure in TCE