Does the capital of social capital matter? Relational resources of the board and the performance of Brazilian companies

Based on theories of social capital, in this study, we seek to assess the impact of a board’s social capital on the market value of companies listed on the Brazilian stock exchange. As our indicator of social capital, we use the relational resources identified in the direct, indirect and heterogeneous ties of the board. Employing panel data from 508 observations, our results indicate that heterogeneous relational resources have a stronger and more significant influence than the resources available from board members’ direct relationships. Additionally, as the effects of board interlock are endogenously determined by several factors related to the firm level, we seek to mitigate the endogeneity problem using models of instrumental variables and simultaneous equations. Our hypotheses were consistent after controlling for endogeneity. We also check whether the board’s social capital could present a U-inverted effect on the market value. This relationship was only plausible in social capital by indirect ties. Finally, we isolate the effect of relational resources within and between industries on Tobin’s Q. There was no significant effect through interlocks within the same industry. However, ties with companies in several other industries were significant.     

Ergonomic factors and production target evaluation in eucalyptus timber harvesting operations in mountainous terrains

There are several forest operations involved in Eucalyptus timber harvesting. This study was carried out during brush-cutting; tree felling, bucking, delimbing, piling and manual extraction operations, with the following objectives: a) analyzing, ergonomically, two systems of brush-cutting: one manual and the other semi-mechanized, using two different machines; b) ergonomically evaluating three different brands of pruner machines used in delimbing felled trees. c) determining the feasible target of productivity as a function of ergonomic factors relevant to establish the time of resting pauses for workers in manual and semi-mechanized timber harvesting systems in mountainous terrain. Brush-cutting, either manual or semimechanized, is an activity carried out prior to timber harvesting. It is usually a hard work, with low productivity when compared with mechanized systems. Pruner machines have been used by forest companies, due to the great possibilities to improve productivity, quality and the health of workers. Ergonomics is a discipline that promotes the adequacy of work to the physical and mental characteristics of human beings, seeking to design production systems and products considering relevant aspects, including social, organizational and environmental factors. Companies should consider the ergonomic factor in the determination of daily worker production targets.     

Are the Competent the Morally Good? Perspective Taking and Moral Motivation of Children Involved in Bullying

The present study tested the hypothesis of the cognitively competent but morally insensitive bully. On the basis of teacher and peer ratings, 212 young elementary school children were selected and categorized as bullies, bully–victims, victims, and prosocial children. Children's perspective-taking skills were assessed using theory-of-mind tasks, and moral motivation was assessed with a task about moral emotion attributions after moral rule transgressions. Analyses at the group level revealed that only bully–victims, but not bullies, were characterized by a deficit in perspective taking, while both aggressive groups showed a deficit in moral motivation. Analyses at the individual level, however, revealed that bullies were a more heterogeneous group, including children with an asymmetry between perspective taking and moral motivation, as well as children scoring consistently low or high on both measures. The findings highlight the importance of distinguishing between (1) strategic social–cognitive and moral competencies and (2) different subgroups of bullies.     

The decision-making process for strategic adaptation

This paper deals with a research study sponsored by the Italian National Committee for Research (CNR), which involved the comparative analysis of 16 medium-large firms operating in a variety of technological and environmental conditions. The study analyzed the discontinuity and contingent nature of the planning process, and the relevance of tactical actions to adaptation. The comparative study demonstrated the impact of environmental change on the organizational structure and, to a certain extent, also on the form of strategic adaptation. A high degree of formality of the planning process did not appear to ensure an effective strategic formulation.     

Endogenous fertility,endogenous lifetime and economic growth: the role of child policies

We examine the effects of child policies on both transitional dynamics and long-term demo-economic outcomes in an overlapping-generations neoclassical growth model à la Chakraborty (J Econ Theory 116(1):119–137, 2004) extended with endogenous fertility under the assumption of weak altruism towards children. The government invests in public health, and an individual’s survival probability at the end of youth depends on health expenditure. We show that multiple development regimes can exist. However, poverty or prosperity does not necessarily depend on the initial conditions, since they are the result of how a child policy is designed. A child tax, for example, can be used effectively to enable those economies that were entrapped in poverty to prosper. There is also a long-term welfare-maximising level of the child tax. We show that a child tax can be used to increase capital accumulation, escape from poverty and maximise long-term welfare also when (a) a public pay-as-you-go pension system is in place and (b) the government issues an amount of public debt. Interestingly, there also exists a couple child tax–health tax that can be used to find the second-best optimum optimorum. In addition, we show that results are robust to the inclusion of decisions regarding the child quantity–quality trade-off under the assumption of impure altruism. In particular, there exists a threshold value of the child tax below (resp. above) which child quality spending is unaffordable (resp. affordable) and different scenarios are in existence.     

Managerial Delegation under Alternative Unionization Structures

This paper studies the effects of managerial delegation in a duopoly game under alternative unionization structures. Introducing managerial delegation in a framework with centralized unionization leads to incentives for sales, lower profits and higher consumer surplus as well as overall welfare. In contrast, delegating output decisions to managers in the presence of decentralized unionization produces opposite results unless unions are strongly employment‐oriented. Moreover, managerial delegation makes unionization structure neutral in relation to consumer surplus and overall efficiency. Finally, the timing of moves in the three‐stage game proves to be important for obtaining the above qualitative results under decentralized unionization.     

拉达克王国：公元950-1842年（九）——拉达克政府及其施政

本文利用有限的资料,从国家体制、行政机构、财政、税收、商贸、邮政等方面论述了拉达克王国的管理体系。     

The origins of the public debt of Italy: Geographically dispersed interests?

In this paper we reconstruct the macro regional government deficits of Italy and find that the aggregate deficit resulting from our estimates captures quite well the entire dynamics of the Italian national public deficit. This new data set shows that the ultimate cause of the accumulation of public debt of Italy lies in the extraordinary fiscal imbalance of the Southern regions. The new data allow us to test empirically a simple Common Pool model, augmented by a variable measuring the political influence of each macro region in the Government, to verify the existence of a geographically dispersed interests issue for the Italian case. Our measure of political influence turns out to significantly explain the regions’ deficits also when controlling for population and income gaps. In addition, using a J-test approach, we find that including the predictions of the Common Pool–Pork Barrel regional model into a general model of the Italian national deficit turns out to greatly increase its explanatory power. The results call for deep institutional reforms of the fiscal decentralization so far implemented in Italy.     

Decentralization and growth: Do informal institutions and rule of law matter?

We develop a model of the interactions among decentralization, informal institutions and the rule of law. The model sheds light on the ambiguous empirical results reported in the literature regarding the growth effects of the policy of devolving fiscal responsibility to local governments. We find that the distribution of civicness within a country determines the magnitude of the effects of decentralization on its regional convergence, as well as whether decentralization fosters or dampens the country’s national growth. We perform a series of simulated “reforms” using Monte Carlo methods parameterized using OECD countries data set. We then test our findings using a panel data set of 23 OECD countries covering the period 1975–2010. We find that the short and the long run growth effect of decentralization policy depends on the size of the policy reform and can range from extremely negative to positive depending on the rule of law, the level of social capital and its regional dispersion, in line with the model predictions.