This chapter, written for a volume on Hidden Fallacies in Corporate Law and Financial Regulation, argues that markets and market actors can be better understood by taking into account some neglected determinants of behavior, motivations and beliefs -- and ultimately, by embracing an expanded view of rationality. The neglected determinants are tribes, by which I mean communities with their own norms, rituals, and institutions, and temperament, which I use in its colloquial sense. Deal makers, for instance, can be said to have a community, with norms as to, among other things, ‘what’s market.” Knowing and abiding by the norms conveys information about a person’s willingness and ability to function as a member of the community. The community anoints certain experts who pass muster as experts for purposes of community judgments. Interestingly, the status as anointed expert can be sticky notwithstanding significant disconfirming evidence, as demonstrated by the continuing high market shares of the major rating agencies. Temperament figures in when a less confident investor, even a “sophisticated” institutional investor, rushes to buy “a hot new issue” because it is hot, notwithstanding ample cautionary disclosure. Temperament also figures in when a banker designs a financial instrument or sales strategy that honors the letter of the law while arguably violating its spirit. The chapter discusses temperament on two different dimensions: greater or lesser degrees of confidence in one’s own judgments, including, at the extremes, the least confident and the contrarians, and “regulatory focus,” a concept developed by psychologist and business school professor Tory Higgins, which distinguishes “prevention” focus (more vigilant, hate to lose) from “promotion” focus (less vigilant, love to win). My arguments succeed, or not, by persuasion rather than proof – it’s not clear what proof would look like in any event. Certainly, the personality types I describe are well-known, in the literature and in real life, as are, at some level of generality, the social dynamics I describe, such as herding, and the existence of market communities, broadly construed, that have norms, rituals and institutions. My burden is more to show that taking tribes and temperament into account in analyses of market behavior is feasible and desirable, and that not doing so unnecessarily sacrifices realism. Since around the mid-‘90s, there has been a push to make economics, and law and economics, more realistic. Exploring the neglect of tribes and temperament and how this could be remedied can be an effective means of doing so: rather than characterizing ways in which people are less rational than law and economics assumes them to be, law and economics can instead reconceive what rationality requires. The re-conception of rationality should, in my view, be radical as to economics’ ontology but not as to its conceptual toolbox. Underlying the standard economics worldview is a metaphorical or
{"title":"Tribes and Temperament: Two Underappreciated Determinants of Market Actor Behavior, Motivations and Beliefs","authors":"C. Hill","doi":"10.2139/ssrn.3876431","DOIUrl":"https://doi.org/10.2139/ssrn.3876431","url":null,"abstract":"This chapter, written for a volume on Hidden Fallacies in Corporate Law and Financial Regulation, argues that markets and market actors can be better understood by taking into account some neglected determinants of behavior, motivations and beliefs -- and ultimately, by embracing an expanded view of rationality. The neglected determinants are tribes, by which I mean communities with their own norms, rituals, and institutions, and temperament, which I use in its colloquial sense. Deal makers, for instance, can be said to have a community, with norms as to, among other things, ‘what’s market.” Knowing and abiding by the norms conveys information about a person’s willingness and ability to function as a member of the community. The community anoints certain experts who pass muster as experts for purposes of community judgments. Interestingly, the status as anointed expert can be sticky notwithstanding significant disconfirming evidence, as demonstrated by the continuing high market shares of the major rating agencies. Temperament figures in when a less confident investor, even a “sophisticated” institutional investor, rushes to buy “a hot new issue” because it is hot, notwithstanding ample cautionary disclosure. Temperament also figures in when a banker designs a financial instrument or sales strategy that honors the letter of the law while arguably violating its spirit. The chapter discusses temperament on two different dimensions: greater or lesser degrees of confidence in one’s own judgments, including, at the extremes, the least confident and the contrarians, and “regulatory focus,” a concept developed by psychologist and business school professor Tory Higgins, which distinguishes “prevention” focus (more vigilant, hate to lose) from “promotion” focus (less vigilant, love to win). My arguments succeed, or not, by persuasion rather than proof – it’s not clear what proof would look like in any event. Certainly, the personality types I describe are well-known, in the literature and in real life, as are, at some level of generality, the social dynamics I describe, such as herding, and the existence of market communities, broadly construed, that have norms, rituals and institutions. My burden is more to show that taking tribes and temperament into account in analyses of market behavior is feasible and desirable, and that not doing so unnecessarily sacrifices realism. Since around the mid-‘90s, there has been a push to make economics, and law and economics, more realistic. Exploring the neglect of tribes and temperament and how this could be remedied can be an effective means of doing so: rather than characterizing ways in which people are less rational than law and economics assumes them to be, law and economics can instead reconceive what rationality requires. The re-conception of rationality should, in my view, be radical as to economics’ ontology but not as to its conceptual toolbox. Underlying the standard economics worldview is a metaphorical or","PeriodicalId":448402,"journal":{"name":"Corporate Governance & Sociology or Psychology eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124926579","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study whether firm managers’ physical appearance affects their decisions on corporate philanthropy. Examining a large sample of corporate donations matched with managers’ attractiveness data, we find that male managers’ motivations for philanthropic giving are driven by their physical attractiveness. In contrast to managers with average looks, attractive managers do not engage more actively in corporate philanthropy; however, unattractive managers are more inclined to participate in charitable giving and contribute a greater amount. Further, the impact of managers’ unattractiveness on their philanthropic decisions is stronger in firms with lower market capitalization, lower managerial compensation, and weaker corporate governance. Inspired by the research in psychology, we propose two psychological channels through which physical attractiveness may influence a manager’s philanthropic decisions. First, corporate executives with undesirable looks may perceive themselves as belonging to a relatively lower social class, which is associated with a greater motivation for conducting philanthropy. Second, because altruistic behaviors may characteristically aggrandize individuals and concretely enhance their performance evaluations, unattractive managers are motivated to contribute to charity to assail the sense of inferiority due to their undesirable appearance. Together, out findings demonstrate a significant link between individuals’ attractiveness features and philanthropic motivations as well as agency problems behind managers’ ostensibly prosocial behaviors that satisfy their self-interest and personal needs.
{"title":"Looking Good by Doing Good: CEO Attractiveness and Corporate Philanthropy","authors":"Leng Ling, Xiaoxia Li, Danglun Luo, Xintong Pan","doi":"10.2139/ssrn.3743688","DOIUrl":"https://doi.org/10.2139/ssrn.3743688","url":null,"abstract":"We study whether firm managers’ physical appearance affects their decisions on corporate philanthropy. Examining a large sample of corporate donations matched with managers’ attractiveness data, we find that male managers’ motivations for philanthropic giving are driven by their physical attractiveness. In contrast to managers with average looks, attractive managers do not engage more actively in corporate philanthropy; however, unattractive managers are more inclined to participate in charitable giving and contribute a greater amount. Further, the impact of managers’ unattractiveness on their philanthropic decisions is stronger in firms with lower market capitalization, lower managerial compensation, and weaker corporate governance. Inspired by the research in psychology, we propose two psychological channels through which physical attractiveness may influence a manager’s philanthropic decisions. First, corporate executives with undesirable looks may perceive themselves as belonging to a relatively lower social class, which is associated with a greater motivation for conducting philanthropy. Second, because altruistic behaviors may characteristically aggrandize individuals and concretely enhance their performance evaluations, unattractive managers are motivated to contribute to charity to assail the sense of inferiority due to their undesirable appearance. Together, out findings demonstrate a significant link between individuals’ attractiveness features and philanthropic motivations as well as agency problems behind managers’ ostensibly prosocial behaviors that satisfy their self-interest and personal needs.","PeriodicalId":448402,"journal":{"name":"Corporate Governance & Sociology or Psychology eJournal","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128667796","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper discusses how professional codes of practice and the law of obligations interact to influence professional practice. The private law of obligations applies to professional services that involve engagement in markets for the supply of goods and services. Self-regulating profession bodies determine, monitor and enforce codes of conduct for their members. This paper begins with an overview of codes of conduct as forms of regulation, explores the regulatory effect of the law of obligations then analyses the interaction between the two regulatory forms.
{"title":"Professional Codes of Practice and the Law of Obligations","authors":"H. Bird, G. Gilligan","doi":"10.2139/ssrn.3712052","DOIUrl":"https://doi.org/10.2139/ssrn.3712052","url":null,"abstract":"This paper discusses how professional codes of practice and the law of obligations interact to influence professional practice. The private law of obligations applies to professional services that involve engagement in markets for the supply of goods and services. Self-regulating profession bodies determine, monitor and enforce codes of conduct for their members. This paper begins with an overview of codes of conduct as forms of regulation, explores the regulatory effect of the law of obligations then analyses the interaction between the two regulatory forms.","PeriodicalId":448402,"journal":{"name":"Corporate Governance & Sociology or Psychology eJournal","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123818433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Schelling and Sakoda prominently proposed computational models suggesting that strong ethnic residential segregation can be the unintended outcome of a self-reinforcing dynamic driven by choices of individuals with rather tolerant ethnic preferences. There are only few attempts to apply this view to school choice, another important arena in which ethnic segregation occurs. In the current paper, we explore with an agent-based theoretical model similar to those proposed for residential segregation, how ethnic tolerance among parents can affect the level of school segregation. More specifically, we ask whether and under which conditions school segregation could be reduced if more parents hold tolerant ethnic preferences. We move beyond earlier models of school segregation in three ways. First, we model individual school choices using a random utility discrete choice approach. Second, we vary the pattern of ethnic segregation in the residential context of school choices systematically, comparing residential maps in which segregation is unrelated to parents' level of tolerance to residential maps reflecting their ethnic preferences. Thirdly, we introduce heterogeneity in tolerance levels among parents belonging to the same group. Our simulation experiments suggest that ethnic school segregation can be a very robust phenomenon, occurring even when about half of the population prefers mixed to segregated schools. However, we also identify a sweet spot in the parameter space in which a larger proportion of tolerant parents makes the biggest difference. This is the case when the preference for nearby schools weighs heavily in parents' utility function and the residential map is only moderately segregated. Further experiments are presented that unravel the underlying mechanisms.
{"title":"Can Ethnic Tolerance Curb Self-Reinforcing School Segregation? A Theoretical Agent Based Model","authors":"Lucas Sage, A. Flache","doi":"10.2139/ssrn.3631176","DOIUrl":"https://doi.org/10.2139/ssrn.3631176","url":null,"abstract":"Schelling and Sakoda prominently proposed computational models suggesting that strong ethnic residential segregation can be the unintended outcome of a self-reinforcing dynamic driven by choices of individuals with rather tolerant ethnic preferences. There are only few attempts to apply this view to school choice, another important arena in which ethnic segregation occurs. In the current paper, we explore with an agent-based theoretical model similar to those proposed for residential segregation, how ethnic tolerance among parents can affect the level of school segregation. More specifically, we ask whether and under which conditions school segregation could be reduced if more parents hold tolerant ethnic preferences. We move beyond earlier models of school segregation in three ways. First, we model individual school choices using a random utility discrete choice approach. Second, we vary the pattern of ethnic segregation in the residential context of school choices systematically, comparing residential maps in which segregation is unrelated to parents' level of tolerance to residential maps reflecting their ethnic preferences. Thirdly, we introduce heterogeneity in tolerance levels among parents belonging to the same group. Our simulation experiments suggest that ethnic school segregation can be a very robust phenomenon, occurring even when about half of the population prefers mixed to segregated schools. However, we also identify a sweet spot in the parameter space in which a larger proportion of tolerant parents makes the biggest difference. This is the case when the preference for nearby schools weighs heavily in parents' utility function and the residential map is only moderately segregated. Further experiments are presented that unravel the underlying mechanisms.","PeriodicalId":448402,"journal":{"name":"Corporate Governance & Sociology or Psychology eJournal","volume":"86 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121441540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Subhayan Mukerjee, Tian Yang, G. Stadler, Sandra González-Bailón
Co-exposure networks are a useful tool to analyze patterns of news consumption. In these networks, nodes are news sources and ties measure the strength of their audience overlap. In observational data, some overlap might result from random exposure or random browsing behavior. Filtering techniques can help eliminate the weakest connections and, with them, random noise. There are different approaches to filtering weighted networks; however, it is not always clear which approach is the most appropriate. Here, we describe three different techniques and we compare their performance using two observed networks. First, we assess the impact that each technique has on the global topology. We then study the trade-off that exists between removing ties and preserving the connectedness of the network, and we offer a mathematical approach to systematically analyze that trade-off. We propose a method to identify an optimal threshold to maximize the number of edges removed while minimizing the number of nodes that become isolates.
{"title":"What Counts as a Weak Tie? A Comparison of Filtering Techniques to Analyze Co-Exposure Networks","authors":"Subhayan Mukerjee, Tian Yang, G. Stadler, Sandra González-Bailón","doi":"10.2139/ssrn.3368603","DOIUrl":"https://doi.org/10.2139/ssrn.3368603","url":null,"abstract":"Co-exposure networks are a useful tool to analyze patterns of news consumption. In these networks, nodes are news sources and ties measure the strength of their audience overlap. In observational data, some overlap might result from random exposure or random browsing behavior. Filtering techniques can help eliminate the weakest connections and, with them, random noise. There are different approaches to filtering weighted networks; however, it is not always clear which approach is the most appropriate. Here, we describe three different techniques and we compare their performance using two observed networks. First, we assess the impact that each technique has on the global topology. We then study the trade-off that exists between removing ties and preserving the connectedness of the network, and we offer a mathematical approach to systematically analyze that trade-off. We propose a method to identify an optimal threshold to maximize the number of edges removed while minimizing the number of nodes that become isolates.","PeriodicalId":448402,"journal":{"name":"Corporate Governance & Sociology or Psychology eJournal","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131649468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine the impact of the social attachment through age similarity between the independent directors and the CEO on earnings management. Using changes in independent director composition due to director death and retirement for identification, we find that firms with the presence of the independent directors who have the same age of the CEO are more likely to manage earnings, and this positive impact decreases as the age gap widens, but is intensified if the independent directors share other characteristics with the CEO, including gender, education level, nationality and executive experience, and if the independent directors sit on audit or nomination committees. Overall, our results that suggest the social attachment due to age similarity with the CEO weakens the intensity of board monitoring.
{"title":"From Watchdog to Watchman: Do Independent Directors Monitor a CEO of Their Own Age?","authors":"Yaoyao Fan, Yuxiang Jiang, Kose John, Hong Liu","doi":"10.2139/ssrn.3303644","DOIUrl":"https://doi.org/10.2139/ssrn.3303644","url":null,"abstract":"We examine the impact of the social attachment through age similarity between the independent directors and the CEO on earnings management. Using changes in independent director composition due to director death and retirement for identification, we find that firms with the presence of the independent directors who have the same age of the CEO are more likely to manage earnings, and this positive impact decreases as the age gap widens, but is intensified if the independent directors share other characteristics with the CEO, including gender, education level, nationality and executive experience, and if the independent directors sit on audit or nomination committees. Overall, our results that suggest the social attachment due to age similarity with the CEO weakens the intensity of board monitoring.","PeriodicalId":448402,"journal":{"name":"Corporate Governance & Sociology or Psychology eJournal","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115866352","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Each time researchers jointly write an article, a decision must be made about the order in which the authors are listed. There are two main norms for doing so. The vast majority of scientific disciplines use a contribution-based norm, according to which authors who contributed the most are listed first. Very few disciplines, most notably economics, instead resort primarily to the norm of listing authors in alphabetical order. It has been argued that (1) this alphabetical norm gives an unfair advantage to researchers with last name initials early in the alphabet and that (2) researchers are aware of this ‘alphabetical discrimination’ and react strategically to it, for example by avoiding collaborations with multiple authors. This article reviews the empirical literature and finds convincing evidence that alphabetical discrimination exists and that researchers react to it.
{"title":"The Effects of Listing Authors in Alphabetical Order: A Review of the Empirical Evidence","authors":"Matthias Weber","doi":"10.2139/ssrn.2803164","DOIUrl":"https://doi.org/10.2139/ssrn.2803164","url":null,"abstract":"Each time researchers jointly write an article, a decision must be made about the order in which the authors are listed. There are two main norms for doing so. The vast majority of scientific disciplines use a contribution-based norm, according to which authors who contributed the most are listed first. Very few disciplines, most notably economics, instead resort primarily to the norm of listing authors in alphabetical order. It has been argued that (1) this alphabetical norm gives an unfair advantage to researchers with last name initials early in the alphabet and that (2) researchers are aware of this ‘alphabetical discrimination’ and react strategically to it, for example by avoiding collaborations with multiple authors. This article reviews the empirical literature and finds convincing evidence that alphabetical discrimination exists and that researchers react to it.","PeriodicalId":448402,"journal":{"name":"Corporate Governance & Sociology or Psychology eJournal","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132436372","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Person-centered approaches assume that a respective sample might reflect multiple subpopulations characterized by different sets of parameters. Three hospitality employee cohorts with different workplace profiles were hypothesized based on the levels of organizational commitment and predictive outcomes. The hypotheses were tested among subgroup populations using applied latent profile analyses and multigroup structural equation modeling (MSEM) procedures. The sample (n=160) differentiated between two restaurant types. The construct validity of the extracted latent profiles was verified by plotted Euclidean Distances and multivariate analysis of covariance. Next, cross-restaurant comparisons using MSEM provided the richer interpretations between subgroups and their relations. The analyses confirmed a model with four latent profiles. Further analysis using MSEM presented theoretical coherent patterns of predictor differences between full- and quick-service restaurant employees in terms of their intrinsic motivation and organizational-based self-esteem. Practical implications of implementing a person-centered approach to the study of restaurant employees and future directions are discussed.
{"title":"Commitment Profiles of Restaurant Employees: A Person-Centered Approach with Multigroup Structural Equation Modeling","authors":"Naiquing Lin, K. Sauer","doi":"10.2139/ssrn.3092290","DOIUrl":"https://doi.org/10.2139/ssrn.3092290","url":null,"abstract":"Person-centered approaches assume that a respective sample might reflect multiple subpopulations characterized by different sets of parameters. Three hospitality employee cohorts with different workplace profiles were hypothesized based on the levels of organizational commitment and predictive outcomes. The hypotheses were tested among subgroup populations using applied latent profile analyses and multigroup structural equation modeling (MSEM) procedures. The sample (n=160) differentiated between two restaurant types. The construct validity of the extracted latent profiles was verified by plotted Euclidean Distances and multivariate analysis of covariance. Next, cross-restaurant comparisons using MSEM provided the richer interpretations between subgroups and their relations. The analyses confirmed a model with four latent profiles. Further analysis using MSEM presented theoretical coherent patterns of predictor differences between full- and quick-service restaurant employees in terms of their intrinsic motivation and organizational-based self-esteem. Practical implications of implementing a person-centered approach to the study of restaurant employees and future directions are discussed.","PeriodicalId":448402,"journal":{"name":"Corporate Governance & Sociology or Psychology eJournal","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115769742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-07-22DOI: 10.1108/JFC-05-2017-0045
A. Issa, Antonio R. Alleyne
PurposeThis paper aims to determine the extent of anti-corruption information disclosure in the sustainability reports originating from Gulf countries.Design/methodology/approachThis study utilizes a deeply rooted content analysis technique of corporate sustainability reporting, covering 66 Gulf Cooperation Council (GCC) firms during 2014.FindingsStrengthened by the application of the institutional theory, insight into the results points to a state of limited maturity regarding the disclosure of anti-corruption procedures in the region. More specifically, the results highlight the compliance in the reporting of conduct code, while reporting information on whistleblowing was significantly less in comparison. Firms in Qatar and the UAE ultimately release better informed reports, inclusive of detailed information on internal anti-corruption practices.Originality/valueThe aim of this study is to determine the extent of sustainability reporting in GCC companies under coercive isomorphism concept, with a special interest in the disclosure of anti-corruption practices. Ultimately, addressing the following questions: To what extent the GCC companies disclose their anti-corruption practices in the sustainability reports? What areas of anti-corruption disclosure the GCC is more concerned in their sustainability reports? To what extent do external forces under coercive isomorphism explain the extent of anti-corruption?
{"title":"Corporate Disclosure on Anti-Corruption Practice: A Study of Social Responsible Companies in The Gulf Cooperation Council","authors":"A. Issa, Antonio R. Alleyne","doi":"10.1108/JFC-05-2017-0045","DOIUrl":"https://doi.org/10.1108/JFC-05-2017-0045","url":null,"abstract":"PurposeThis paper aims to determine the extent of anti-corruption information disclosure in the sustainability reports originating from Gulf countries.Design/methodology/approachThis study utilizes a deeply rooted content analysis technique of corporate sustainability reporting, covering 66 Gulf Cooperation Council (GCC) firms during 2014.FindingsStrengthened by the application of the institutional theory, insight into the results points to a state of limited maturity regarding the disclosure of anti-corruption procedures in the region. More specifically, the results highlight the compliance in the reporting of conduct code, while reporting information on whistleblowing was significantly less in comparison. Firms in Qatar and the UAE ultimately release better informed reports, inclusive of detailed information on internal anti-corruption practices.Originality/valueThe aim of this study is to determine the extent of sustainability reporting in GCC companies under coercive isomorphism concept, with a special interest in the disclosure of anti-corruption practices. Ultimately, addressing the following questions: To what extent the GCC companies disclose their anti-corruption practices in the sustainability reports? What areas of anti-corruption disclosure the GCC is more concerned in their sustainability reports? To what extent do external forces under coercive isomorphism explain the extent of anti-corruption?","PeriodicalId":448402,"journal":{"name":"Corporate Governance & Sociology or Psychology eJournal","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133771607","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Scholarship on fiduciary obligation law has long been divided into two camps: traditionalists and contractarians. Those two camps have largely been talking past each other, however, because each fails to appreciate that there are really two distinct, coherent bodies of fiduciary obligation law. There are traditional fiduciary relationships rooted in equity and modern, statutory and contractual fiduciary relationships. Much of the confusion in the case law can be attributed to judges attempting to apply assumptions developed for traditional, equitable fiduciary relationships to modern, statutory and contractual fiduciary relationships where those assumptions no longer belong.Scholars and judges should appreciate that there are two bodies of fiduciary obligation law and that they require different approaches. Rather than the top-down analysis that has typically been applied to traditional fiduciary obligations, judges should apply a bottom-up analysis to modern, statutory and contractual obligations. That is, judges should perform a data-driven analysis that closely examines the relative statutory and contractual language. This will better fit the needs of legislatures in providing for those fiduciary relationships and the needs of parties in entering into them. The modern, statutory and contractual form of fiduciary obligation is a rational response to a design problem stemming from changes in the law and in the economy.
{"title":"What Equity, the Promise Economy, and Cognition Mean for How Fiduciary Law Should Develop","authors":"H. Pace","doi":"10.2139/ssrn.2840291","DOIUrl":"https://doi.org/10.2139/ssrn.2840291","url":null,"abstract":"Scholarship on fiduciary obligation law has long been divided into two camps: traditionalists and contractarians. Those two camps have largely been talking past each other, however, because each fails to appreciate that there are really two distinct, coherent bodies of fiduciary obligation law. There are traditional fiduciary relationships rooted in equity and modern, statutory and contractual fiduciary relationships. Much of the confusion in the case law can be attributed to judges attempting to apply assumptions developed for traditional, equitable fiduciary relationships to modern, statutory and contractual fiduciary relationships where those assumptions no longer belong.Scholars and judges should appreciate that there are two bodies of fiduciary obligation law and that they require different approaches. Rather than the top-down analysis that has typically been applied to traditional fiduciary obligations, judges should apply a bottom-up analysis to modern, statutory and contractual obligations. That is, judges should perform a data-driven analysis that closely examines the relative statutory and contractual language. This will better fit the needs of legislatures in providing for those fiduciary relationships and the needs of parties in entering into them. The modern, statutory and contractual form of fiduciary obligation is a rational response to a design problem stemming from changes in the law and in the economy.","PeriodicalId":448402,"journal":{"name":"Corporate Governance & Sociology or Psychology eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132332663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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