DETERMINING THE APPROPRIATE DISCOUNT RATES IN PURE CAPITAL RATIONING

This paper proposes an interpretation of the pure capital rationing problem as it is faced by many managers in decentralized firms in which budgets serve as the principal means of control. It is argued that the appropriate objective for situations such as these is the maximization of either undiscounted earnings over the planning horizon or total value of the investments at the horizon. When either objective function is used in conjunction with the frequently encountered linear programming models for the capital rationing problem, shadow prices result which give rise to discount rates that will reproduce the optimal solution using discounted cash flow as a criterion. These results are then used as a means for clarifying several confusing and misleading statements that have appeared in the literature.     

Corporate Reputation and Women on the Board

In this paper, we investigate the determinants of corporate reputation, derived from the assessments of managers and market analysts, of a sample of large UK firms. Along with the influences of a variety of firm attributes, we find a reputational effect associated with a female presence at board level. This effect varies across sectors and demonstrates the influence of a firm's stakeholder environment in determining whether a female presence on the board enhances or harms the reputation of the firm. The pattern that emerges indicates that the presence of women on the board is favourably viewed in only those sectors that operate close to final consumers. We argue that the nature of this effect reflects an imperative for equality of representation that highlights the need to reflect gender diversity among customers.     

Civil Society Organisations in Research: A Literature-Based Typology

This article explores literatures from various sources to highlight and understand differences among key players surrounding the perceived nature and role of civil society in research from different literature streams. Including Civil Society Organisations (CSOs) in research activities is an integral part of a broad drive towards integration of science and society. Interest in CSO inclusion in research is widespread, but lacks a coherent focus and clarity on what CSOs are. Without this clarity, CSO-inclusive research, or policy, may be ineffective. This article addresses this gap in knowledge by presenting findings from an exploration of academic, policy and research project literature in order to come to a view on CSOs in research. This culminates in a typology of CSOs and provides a means of identifying types of CSOs. The typology shows four main types of CSO (common cause, shared voice, research-oriented, commercially oriented) and provides a definition for each type, along with a basis for the definition; an example of each; some typical terminology; typical area of activity; properties; typical mission; key areas of interest and their ‘action logic’ in research.     

A Bayesian approach to non-parametric monotone function estimation

Summary.  The paper proposes two Bayesian approaches to non-parametric monotone function estimation. The first approach uses a hierarchical Bayes framework and a characterization of smooth monotone functions given by Ramsay that allows unconstrained estimation. The second approach uses a Bayesian regression spline model of Smith and Kohn with a mixture distribution of constrained normal distributions as the prior for the regression coefficients to ensure the monotonicity of the resulting function estimate. The small sample properties of the two function estimators across a range of functions are provided via simulation and compared with existing methods. Asymptotic results are also given that show that Bayesian methods provide consistent function estimators for a large class of smooth functions. An example is provided involving economic demand functions that illustrates the application of the constrained regression spline estimator in the context of a multiple-regression model where two functions are constrained to be monotone.     

The Next Generation of Collective Action Research

The articles presented in this volume describe part of a new generation of interest and vigor in the social psychological study of collective action. This new wave builds nicely on the foundation set by social identity, self-categorization, and relative deprivation theories but also introduces a number of important innovative perspectives and variables. In this commentary, I review some of these expansions and additions, raise a number of conceptual concerns that arise out of these new directions, and discuss more generally some novel and important directions that emerge from the work presented in the volume and in other recent work on collective action.     

Between Neo-liberalism and Neo-indigenismo: Reconstructing National Identity in Mexico

Heightened integration with the US coupled with the rise of an indigenous movement have challenged and strained long-held images regarding the US and the indigenous within Mexico. As a result, Mexico finds itself facing the difficult task of re-evaluating and reconstructing its national identity. This paper explores the traditional images of the US and the Indian shaping national identity in Mexico and the challenges posed today by neo-liberalism and neo-indigenismo. It sets out a range of current issues, explores the linkages and contradictions, and examines the state of national reform. Fundamentally, the paper strives to raise important theoretical questions and hence set the stage for further research into these issues.     

The politics of figurational sociology

Figurational sociology is so often said to distance itself from the political issues of the day. Whilst this is certainly true with regards to the present day, it in no way follows that figurational sociology seeks to distance itself from politics as such. On the contrary, as will be shown within this paper, politics is and always has been a central concern for figurational sociologists. This political concern, however, is an exclusively long term concern; figurational sociology purposively postpones present political engagement for the sake of developing a sufficiently detached sociology that would eventually facilitate in the delivery of effective practical and political measures. This paper discusses the stakes involved in, as well as the reasoning behind, the assignment of such a place to politics. It gestures towards two distinct and separate concepts of social control that exist within figurational sociology and then proceeds to offer a critical consideration of the consequences that can be derived from any temporal demarcation of the political done on their basis. The paper ultimately suggests that figurational sociology's position on politics raises a series of as yet unanswered questions, questions which can no longer remain unanswered by the contemporary figurational sociologist.     

Czechoslovakia’s Interrupted Revolution

Russia’s transition to a market economy has been accompanied by serious, and in some ways unanticipated, disruptions of the existing social welfare system. The social policy dilemma has become a contentious issue in the national political arena. This paper examines the debate on the relationship between social welfare and democratization in post-communist Russia, exploring the case of pensions for the elderly. Although the causes of the pension crisis are complex and rooted in institutional difficulties, the state’s fiscal weakness alone does not explain the difficulties and controversies associated with Russia’s pension crisis. Analysis of the assumptions and principles of pension policy during the Soviet era and perestroika reveals that Russia today is caught between contradictory and competing discourses over citizens’ entitlement to pensions: Is an old-age pension to be considered a reward distributed by a prosperous society, or a basic and inviolable human right? Although the Russian government has used an argument that in effect makes pensions conditional on government resources, citizen and opposition protest has to some extent compelled the Russian government to be increasingly sensitive to demands for guaranteed pensions.     

The Persistence of Neighboring as a Determinant of Community Attachment: A Community Field Perspective*

We examined the community field perspective as a complement to the linear‐development and systemic models of community attachment, wherein community attachment is defined as a social bond to the community of place. We empirically evaluated indicators of the actor's interaction within the social field, such as the perceived quality of neighboring and density of friendships, using social survey and census data from 99 communities in 1994 and 2004 and evaluated as well the percentage change in these indicators from 1994 to 2004. Results show that the community field perspective can complement previous approaches by highlighting the importance of perceived neighboring and friendship density and the persistence of perceived neighboring over time. We suggest implications for community development efforts aimed at enhancing community attachment.