Fully Unconscious and Prone to Habit: The Characteristics of Agency in the Structure and Agency Dialectic

While the human agent must have the capacity for reflexivity, intentionality and consciousness, the same agent must also be affected by the social world in which she lives: herein lies the essence of the structure and agency dialectic. This paper argues that while some realists are in principle committed to a dialectical relationship between structure and agency, there is some dissonance between this commitment and the concepts of agency that they develop. I highlight the exclusion of the unconscious and habit from realist notions of agency and argue that this oversight serves to unbalance the dialectic between structure and agency thereby leading to the over‐empowerment of agency. The concepts of agency developed by Margaret Archer, Anthony Giddens and Pierre Bourdieu are discussed in this paper. Archer's concept of agency is argued to focus exclusively on reflexivity whilst neglecting to include the unconscious and habit. Giddens is shown to develop a much improved concept of agency, which includes the unconscious, however, his rejection of the independent causal powers of structure and agency problematises his commitment to the dialectic. A much improved approach to theorising agency, developed within a critical realist framework, is offered drawing on Bourdieu's concept of habitus. The paper concludes with a discussion of gender, and considers how the unconscious and habit can help to better understand the myriad ways in which gender functions in society.     

Exploring Moderating Effects of Violent Conflict on Household Welfare in a Resource-Constrained Environment: The Case of Sub-Saharan Africa

ABSTRACT

This study examines correlates of household welfare in three countries of sub-Saharan Africa, Tanzania, Zambia, and Zimbabwe, using data from the 2004 wave of the Afrobarometer survey. We also assess the role violent conflict might play in influencing this relationship. This subject has become especially relevant today in sub-Saharan Africa, given the growing disfranchisement of vulnerable individuals and households and increased incidents of violent conflict. Insight into the relationship between violent conflict and household welfare may be an important step in understanding why many sub-Saharan African countries have difficulties in stimulating economic growth and welfare. The study sample includes 3,525 respondents. Study findings provide partial support for the hypothesized relationship. Specifically, poverty reduction initiatives and informal assistance are associated with reduced hardship, while violent conflict is related to an increase in hardship. We also note that certain individual and household characteristics are linked to hardship. Practice and policy implications are suggested.     

Corporate governance and the market reaction to stock repurchase announcement

This paper investigates the effect of corporate governance on market reaction around of a stock repurchase announcement. We argue that corporate governance affects the ability of a stock repurchase to alleviate agency costs related to free cash flows, and the credibility of the undervaluation signal sent by the announcement of buyback programs. We find a higher 3-day cumulative abnormal return to programs announced by firms with better corporate governance practices than those with bad governance (1.6% and 0.85% respectively), and the market reaction is significantly higher following the successive scandals in year 2001 (Enron, Arthur Anderson, WorldCom??) and the resulting Sarbanes?COxley Act of 2002. Further investigations indicate that firms with a lower Free Cash Flow to Asset ratio have a higher market reaction, which is consistent with the information signaling hypothesis, and this is more significant in firms with good governance practices, and following post Sarbanes?COxley Act.     

ASYMMETRIES IN THE RESPONSES OF REGIONAL JOB FLOWS TO OIL PRICE SHOCKS

This paper studies the effect of oil price innovations on manufacturing job flows across U.S. states. First, I estimate a nonlinear structural equation model and compute impulse response functions by Monte Carlo integration. I find asymmetries in the responses of job flows to positive and negative oil price innovations. Yet, these asymmetries do not pass a test of symmetry on the impulse responses, especially after accounting for data mining. Third, I use a test for the absence of job reallocation to evaluate whether an unexpected increase in the real price of oil price triggers an important change in job reallocation. I find that oil price shocks have limited regional allocative effects. (JEL E24, E32, Q43)     

How to make innovation happen--part 3

In the last installment of this 3-part series, learn the framework needed to support an innovation team that can make change happen.     

Corporate governance and market performance of parent firms following equity carve-out announcements

Using the Gompers, Ishii, and Metrick corporate governance index on a sample of 158 parent firms, this study demonstrates that firms with a superior governance rating have a higher short-term market reaction to carve-out announcements relative to firms with an inferior governance rating. Although the data supports previous evidence regarding negative long-term market reaction that parent firms typically experience following equity carve-outs, the results show that well-governed firms marginally outperform others. The findings also confirm that the dynamic effects related to improvements in corporate governance positively affect the long-term market outcome of parent firms; this relation is more significant in well-governed parent firms. Finally, the study shows evidence that corporate governance helps mitigate the agency problems related to the financing hypothesis, which results in better short and long-term market reactions following carve-out announcements.     

Investigating the impact of Hurricane Maria on an ongoing birth cohort in Puerto Rico

Population and Environment - Prior to Hurricane Maria, Puerto Rico already had 200+ hazardous waste sites, significant contamination of water resources, and among the highest rates of preterm birth...