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Only recently have scholars begun to explore the cross-section connection of entrepreneurship and personal selling and introduced the notion of entrepreneurial selling. This study contributes to the emerging debate by addressing the personal selling role of business owners of small and medium-sized enterprises (SMEs) in the business-to-business (B-to-B) market in the context of failure. It examines how business owners make sense of their entrepreneurial selling activities and how underperformance in this role contributes to failure. Based on a literature review and interviews, the paper concludes that entrepreneurial selling is a crucial activity for preventing business failure and one that business owners recognize. Reasons for underperformance include business owners spending too little time on selling, their lack of personal selling skills, and procrastinating their selling activities. Answering the "bird-in-the-hand sales means" questions can produce either success or failure. Future research avenues are then suggested. [ABSTRACT FROM AUTHOR]

This article reviews and criticizes Joseph Heath's market failures approach (MFA) to business ethics. Our criticism is organized into three sections. First, we argue that, even under the ideal assumptions of perfect competition, when markets generate Pareto-efficient distributions, Heath's approach does not rule out significant harms. Second, we show that, under nonideal conditions, the MFA is either too demanding, if efficiency is to be attained, or not sufficiently demanding, if the goal of Pareto efficiency is abandoned. Finally, we argue that Heath's appeal to regulations and specific moral requirements as a remedy for market failures is unlikely to safeguard efficiency and exposes a number of general worries regarding the moral force of the MFA. We end this article with a constructive suggestion on how to adjust the MFA to avoid these problems while preserving its contractualist and Paretian spirit. [ABSTRACT FROM AUTHOR]

Citing corporate concentration and lax enforcement since the Reagan era, the Biden administration has declared a new era of aggressive antitrust prosecution, bringing antimonopoly actions against tech giants such as Meta, Google, and Amazon. But what's so bad about monopoly or corporate concentration? The standard answer appeals to economic consequences, such as higher prices or deadweight losses. This paper offers a different framework. It argues monopolizing can be a form of cheating, which is a wrong that attaches to means, not just ends; an athlete who cheats but loses still does wrong. In particular, this paper argues that certain market-controlling strategies constitute a form of cheating I call 'structural cheating,' best illustrated by the metaphor of creating an unlevel playing field: rather than compete fairly on merits such as product quality and price, a firm that acquires rivals biases the market in its favor, thereby entrenching a dominant position that effectively forces would-be competitors to compete uphill. By framing (alleged) antitrust violations as cheating, while using the FTC's lawsuit against Facebook (now Meta) as a test case, this paper provides a needed corrective to those citing market success as evidence of merit or skill. A further upshot is the structural cheating account better explains the distinctively problematic features of social media market concentration than Heath's Market Failures Approach. More generally, this paper provides a normative lens for analyzing fair market competition and shows why it's not only winning or losing that counts in capitalism, but how one plays the game. [ABSTRACT FROM AUTHOR]

This paper reviews four recent books on insurance economics. One of them is a comprehensive textbook, one a discussion of the financial aspects of insurance reserving, and the other two (with a common author) deal with moral hazard and adverse selection. My review deals with the treatment of possible market failures in insurance in each of the cases, and concentrates on information asymmetries and imperfections as a potential source. I argue that adverse selection in insurance usually arises because of some external influence (either regulation or custom) which forces insurers to ignore information on risk that they could easily obtain. In contrast, moral hazard occurs in the more intractable situation where the insured has private knowledge after insurance purchase about determinants of claims. Each of the books provides rigorous, careful, and (in one case) humorous treatment of imperfections, but a reader looking for a comprehensive treatment of potential market failure will have to combine the separate topics across these books. [ABSTRACT FROM AUTHOR]

Especially since the 1980s, the current account deficit problem has been one of the most important problems of most countries, especially developing countries. The current account deficit means that a country consumes more than the amount of goods and services it produces during a period. The current account balance is among the most important indicators of the real sector in a country. For this reason, the issue of closing the current account deficit and financing it is important for countries. One of the most important factors in closing and financing the current account deficit is the development levels of countries' financial systems. While high financial development can lead to more foreign resource inflows, low financial development can lead to less foreign resource inflows. Foreign resources are the most important sources for closing the current account deficit. Based on this, the study aims to investigate the relationship between the current account balance and financial development in BRICS-T countries for the period 1994-2021 with the help of symmetric and asymmetric causality. As a result of the symmetric causality analysis, no causality relationship was detected throughout the panel, while a unidirectional causality from the current account balance to financial development was detected only in Brazil and South Africa. According to the findings of asymmetric causality analysis, a causal relationship was determined between positive and negative shocks of current balance and financial development in all countries. This situation reveals the impact of asymmetric information, which is considered one of the significant reasons for market failures. Therefore, it is of great importance for policymakers and investors to consider asymmetric effects in their decision-making processes. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to give an overview of the roles, objectives, and trade-offs in a two-pillar pension system consisting of tax-financed, public pensions and defined contribution, individual pensions. A pension system has many moving parts and our aim is to provide the reader with an understanding of how the parts interact and work together, a theme rarely addressed in the literature. In the first part of this paper, we give a qualitative overview of market failures, behavioural aspects, and distributional issues that form the background for a multi-pillar pension system design with mandatory components. In the second part of this paper, we present three thematic, quantitative analyses that illustrate fundamental relationship concerning wealth, inequality, insurance, and demographic changes. This paper also contains a detailed description of the agent-based model used for the analyses. The model is calibrated to Danish data, but the insights drawn from the model are of general validity. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Administrative Sciences / Yonetim Bilimleri Dergisi is the property of Canakkale Onsekiz Mart Universitesi, Terzioglu Kampusu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The International Maritime Organization collaborates with member states to develop the Maritime Autonomous Surface Ships (MASS) Code to establish an international agreement framework. In December 2023, an agreement was reached on the European Union (EU) Artificial Intelligence (AI) Act within the MASS Code. It was officially finalized and implemented on 1 August 2024. While the Act's full application is set for two years later, certain provisions regarding safety against AI risks will take effect sooner. This study utilized a multiple-streams analysis method to examine how the EU AI Act impacted shipyards and shipping companies, focusing on ethical AI use and user safety. The findings indicate that technical completeness, safety enhancement, and AI system regulation through risk classification influence autonomous ship innovation. The challenges of reviewing the commercialization of new technologies for autonomous ships may result in market failures or decreased industry competitiveness. The study emphasizes the need to balance AI safety and ethical responsibility with autonomous ship development innovations. To ensure the sustainable application of AI technology, innovators must adapt to the EU AI Directive. Hence, this study confirms that the ethical and legal regulation of AI technology is crucial in technological innovation and development related to autonomous ships. [ABSTRACT FROM AUTHOR]

We investigate the causal impact of public discourse on socially responsible market behavior. Across three laboratory experiments, having market participants engage in public discourse generally increases market social responsibility. These positive impacts are robust to variation in several characteristics of the discourse. We provide evidence that discourse strengthens beliefs that others support socially responsible exchange. However, relaxing requirements to engage in discourse sharply reduces its effectiveness. Our findings suggest that campaigns encouraging discussion of appropriate market behavior can have sizable impacts on addressing inefficiencies due to market failures but that policies encouraging broad public engagement may be important. (JEL C92, D62, D83, D91, P36, M14, Z13) [ABSTRACT FROM AUTHOR]

Policy constraints and market incentives have made it an important foundation for developing countries such as China to develop agricultural green transition policies. This study employed the panel data of 31 provinces in China from 2003 to 2022 and the three-dimensional framework of ‘institutions, technology, and marketisation’ to probe whether environmental regulation constraints or expected economic revenue incentives play a critical role in China’s current agriculture development. Whether the green transition of agriculture depends on environmental regulatory policy constraints and expected economic revenue incentives is related to the level of agricultural technology development and market development. Technology and market play a positive role in the agricultural green transition by enabling the realisation of agricultural green production and the realisation of the agricultural green market. [ABSTRACT FROM AUTHOR]

The aim of the research is to analyse the relationship between digital marketing and delivery failures and identify opportunities for optimization. The research employed the methods of statistical analysis, correlation analysis, comparative analysis, and analysis of metrics. The conducted research determined that one of the main challenges of the supply chain is failures caused by various reasons (lack of skills, diseases, transport failures, adverse weather conditions, cyber attacks, etc.). Disruptions often lead to delivery failures. The reasons for this often do not depend on the companies and bring significant negative consequences, in particular, in the form of losses, loss of reputation, and decreased customer loyalty. The study revealed that digital marketing indicators are positively correlated with non-delivery indicators. In particular, Social media interactions and Failures to deliver (0.75), Social media likes and Failures to deliver (0.74), Social media interactions and Biweekly Failures to deliver volume (0.78), Social media likes and Biweekly Failures to deliver volume (0.78). It was assumed that this state of affairs may be determined by increased demand due to digital marketing, for which companies may not always be ready. Insufficient preparedness can lead to disruptions because of supply chain congestion. The results can be useful for e-commerce companies to evaluate and minimize the number of failed deliveries. [ABSTRACT FROM AUTHOR]

Whereas various support mechanisms are in place to correct market failures, knowledge on their welfare effects is still incomplete. This paper, applying a Bertrand approach, studies and compares the effects of variable and fixed cost subsidies on consumer surplus, producer surplus, total surplus and total surplus net of distorting tax effects ('overall surplus') in three different market settings: a for‐profit duopoly, a duopoly with two non‐profit organisations and a mixed duopoly, the duopolists in each case supplying mutually exclusive goods or services. In a for‐profit duopoly, more variable cost subsidies lead to an increase of both consumer and producer surpluses, where the latter is impacted most. The higher the level of demand interaction between the two products, the higher the welfare impact. In the non‐profit setting, we establish that the effects of changing fixed cost subsidies on the fiscal cost are more substantial than in the for‐profit duopoly. Subsidies in mixed competition also generate an impact on both producer and consumer surpluses. The effects on overall surplus are shown to depend in complex ways on the level of demand interaction between the products, the shadow cost of taxation and the firms' cost levels. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Planning Education & Research is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

A key component in Heath's position is a claim about the "scope" (92) of ethical theory: morality in capitalist markets and firms I differs i from everyday morality. I would also register a second concern, regarding the notion of role morality I in mercatu. i The philosopher's role morality in business ethics is quite minimalist, according to Heath. Heath has been writing about the market failures approach (MFA) to business ethics for two decades (Heath [3]). This is surprising given Heath's idiosyncratic approach to moral justification: in an effort to make philosophical sense of the "counterintuitive moral context" (92) in business ethics, Heath is meticulous about articulating norms in light of empirical social scientific research. [Extracted from the article]

The current paper aims to explain the role of banks' market power in creating liquidity during an oil price shock. The sample population of this study includes Iran's commercial and specialized banks whose information is available from 2011 to 2021. To test the research hypotheses based on the multiple regression method, the data were analyzed using Eviews 10 software after checking the data's validity and the regression analysis assumptions. The Lerner index was used to measure the bank market power variable as the research's independent variable. The inverted index of stable funding net ratio based on Basel 3 liquidity requirements was used to measure the study's dependent variable, liquidity creation. Furthermore, the negative changes in oil prices were considered oil price shocks, which is the moderating variable of the present study. The results showed that bank market power has a positive and significant effect on the creation of bank liquidity at the confidence level of 90%, which means that with a high market power, banks tolerate more liquidity risk. Besides, the results indicate that the oil price shock has a negative and significant effect on bank liquidity creation at the level of 90%; Oil price shock does not influence the relationship between bank market power and liquidity creation. Therefore, banks with high market power tolerate more liquidity risk, and market power can significantly impact economic growth through its effect on creating liquidity. [ABSTRACT FROM AUTHOR]

Purpose: High levels of child obesity alongside rising stunting and the absence of a coherent food policy have deemed UK's food system to be broken. The National Food Strategy (NFS) was debated intensely in media, with discussions on how and who should fix the food system. Design/methodology/approach: Using a mixed methods approach, the authors conduct framing analysis on traditional media and sentiment analysis of twitter reactions to the NFS to identify frames used to shape food system policy interventions. Findings: The study finds evidence that the media coverage of the NFS often utilised the tropes of "culture wars" shaping the debate of who is responsible to fix the food system – the government, the public or the industry. NFS recommendations were portrayed as issues of free choice to shift the debate away from government action correcting for market failure. In contrast, the industry was showcased as equipped to intervene on its own accord. Dietary recommendations made by the NFS were depicted as hurting the poor, painting a picture of helplessness and loss of control, while their voices were omitted and not represented in traditional media. Social implications: British media's alignment with free market economic thinking has implications for food systems reform, as it deters the government from acting and relies on the invisible hand of the market to fix the system. Media firms should move beyond tropes of culture wars to discuss interventions that reform the structural causes of the UK's broken food systems. Originality/value: As traditional media coverage struggles to capture the diversity of public perception; the authors supplement framing analysis with sentiment analysis of Twitter data. To the best of our knowledge, no such media (and social media) analysis of the NFS has been conducted. The paper is also original as it extends our understanding of how media alignment with free market economic thinking has implications for food systems reform, as it deters the government from acting and relies on the invisible hand of the market to fix the system. [ABSTRACT FROM AUTHOR]

Contrary to much of the conventional wisdom, taking stronger actions on climate change may enhance economic growth, even as conventionally measured, but even more so, in terms of societal well-being. We identify the flaws in the models and analyses which contend that there must be a trade-off and explain the mechanisms and dynamic forces which have the potential to enhance growth. Critically, there are numerous market failures that result in suboptimal economic performance. We explain how addressing climate change reduces the bite of these failures and enhances the incentives and political will to address them. We identify packages of policies that alleviate market failures, enhance growth, and reduce carbon emissions. Finally, we argue that the green transition is coming at a time when, both because of persistent deficiencies of aggregate demand and advances in technology, including artificial intelligence and robotization, the macroeconomic opportunity costs of strong climate actions may be especially low and the benefits particularly high. [ABSTRACT FROM AUTHOR]

Transaction cost economics (TCE) carefully analyzes market failure while remaining largely silent about hierarchical failure. We argue that 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. [ABSTRACT FROM AUTHOR]

The subject of this research is many conditions that contribute to the emergence of crisis phenomena in the financial and economic spheres. The purpose of the article is to study the causes, consequences, and prevention possibilities of financial crises. Among the methodology used, it is necessary to distinguish the analysis of internet-resources corresponding to the subject of the study, their synthesis and generalisation. The detailed analysis of the concept and causes of financial crises, systematisation of information about the possibilities of their avoidance are the main results of the conducted research. The obtained results can be applied in the development of methodologies and recommendations for the prevention of financial crises with consideration to the current situation as well as in the educational process. The prospects for further research on a given topic include: determination of the dynamics and specifics of the development of financial crises, the main development stages, formulation of forecasts about their occurrence in various economic sectors. In conclusion, we will note that, firstly, financial crises represent one of the integral stages of the development of economic relations both in a single country and in the whole world. Secondly, the causes of financial crises may be explained by using a certain theoretical framework with consideration to modern phenomena and, as a rule, are the result of the introduction of new tools, methods ,and ways of management. Thirdly, in order to increase the effectiveness of leveling the negative impact of financial crises, it’s important to apply the integrated approach which includes the implementation of preventive measures not only within the country, but also at the company level.

Copyright of Akademik Hassasiyetler is the property of Huzeyfe Suleyman Arslan and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

How do failure events affect subsequent new venture creation? The existing literature seems to point in two opposing directions. While the information perspective suggests that failure events undermine collective beliefs about market viability, the competition view implies that failures may foster entrepreneurship via easing competition in both factor and product markets. To address this question, we adopt an inductive approach and analyse registry data in Norway. Based on the firm-level microdata, we construct an industry-region-level marketspace to analyse the number of firm failures and new ventures in different markets. Results show that failures of existing firms generally lead to more venture creation in the same market, albeit being contingent on industry features. And such effect is mainly 'pulled' by product market vacuum, rather than 'pushed' by factor abundance. However, we also observe that ventures that are created following failure events are less likely to survive. [ABSTRACT FROM AUTHOR]

Many consumers care about climate change and other externalities associated with their purchases. We analyze the behavior and market effects of such "socially responsible consumers" in three parts. First, we develop a flexible theoretical framework to study competitive equilibria with rational consequentialist consumers. In violation of price taking, equilibrium feedback nontrivially dampens the impact of a person's consumption on aggregate consumption, undermining the motive to mitigate. This leads to a new type of market failure, where even consumers who fully "internalize the externality" overconsume externality-generating goods. At the same time, socially responsible consumers change the relative effectiveness of taxes, caps, and other policies in lowering the externality. Second, since consumer beliefs about and preferences over their market impacts play a crucial role in our framework, we investigate them empirically via a tailored survey. Consistent with our model, consumers are often consequentialist, and many believe that they have a dampened impact on aggregate consumption. Inconsistent with our model, however, we also find many respondents who expect to have a one-to-one impact on aggregate consumption. Third, therefore, we analyze how such "naive" consumers modify our theoretical conclusions. They consume less than rational consumers in a single-good economy, but may consume more in a multigood economy with cross-market spillovers. A mix of naive and rational consumers may yield the worst outcomes. [ABSTRACT FROM AUTHOR]

Monetary markets serve as established resource allocation mechanisms, typically achieving efficient solutions with limited information. However, they are susceptible to market failures, particularly under the presence of public goods, externalities, or inequality of economic power. Moreover, in many resource-allocating contexts, money faces social, ethical, and legal constraints. Consequently, artificial currencies and non-monetary markets are increasingly explored, with Karma emerging as a notable concept. Karma, a non-tradeable, resource-inherent currency for prosumer resources, operates on the principles of contribution and consumption of specific resources. It embodies fairness, near incentive compatibility, Pareto-efficiency, robustness to population heterogeneity, and can incentivize a reduction in resource scarcity. The literature on Karma is scattered across disciplines, varies in scope, and lacks conceptual clarity and coherence. Thus, this study undertakes a comprehensive review of the Karma mechanism, systematically comparing its resource allocation applications and elucidating overlooked mechanism design elements. Through a systematic mapping study, this review situates Karma within its literature context, offers a structured design parameter framework, and develops a road map for future research directions. [ABSTRACT FROM AUTHOR]

Copyright of International Journal of Disciplines Economics & Administrative Scienves Studies is the property of International Journal of Disciplines in Economics & Administrative Sciences Studies and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Governments endorse R&D promotion policies to correct for potential market failure that is caused by R&D’s positive externalities and the discrepancies between the social and private rates of return to R&D. The logical connection of the Quadruple-Helix model with the characteristics of the sectoral specialisation of the economies of the regions in terms of their innovation potential and priority areas for the development of scientific research and innovation will be investigated in this chapter. A special focus will be on the digitalisation acting as a push factor for the processes. The advantages of this approach are with the web-based services and with the established Centre of Excellence could assist SMEs from limited area, but also with the web-based services will grant the SME a number of scenarios they could follow or adjust to their specific needs. [ABSTRACT FROM AUTHOR]

Purpose: The paper frames modern slavery as a global wicked problem and aims to provide a set of international business (IB) policy recommendations for taming it. The outlined approach can also guide IB policymaking to address other kinds of wicked problems. Design/methodology/approach: This is a conceptual paper that reviews existing literature on wicked problems and integrates it with an IB policy double helix framework. The paper focuseses on the role multinational enterprises (MNEs) play in moderl slavery globally, either through global value chains or within global factory modes of operation. Findings: As a global wicked problem, modern slavery will never be solved, but it can be re-solved time and time over. Understanding the social reproduction of modern slavery can help shift the focus from labor governance and a narrow supply chain focus toward the role of transnational governance and the need to address institutional, market and organizational failures. Originality/value: The paper contributes to the gap in an overarching theory of modern slavery and systematically applies the concept of wicked problems and wickedness theory to modern slavery. Drawing on an IB policy double helix framework, the paper addresses the governance nexus between modern slavery, IB and policymaking which can in turn advance IB policy research and theory. [ABSTRACT FROM AUTHOR]

The U.S. health care system is often criticized for being the most expensive in the world while delivering mediocre health outcomes. While policymakers on both the right and left agree about the need for reform, they disagree strongly about whether that reform should involve a smaller role for government or a larger role. At the same time, the U.S.' high costs and mediocre health outcomes likely are at least partly attributable to lifestyle choices that occur outside of the health care system, creating another possible avenue for intervention. This introduction to the symposium on "Free Markets and Health Care" discusses how welfare economics provides a useful tool in evaluating the appropriateness of government involvement in markets related to health and health care. The papers in the symposium provide important new evidence to help inform debates about, for instance, regulations on health care providers and insurers, health insurance expansions, and policies designed to influence health behaviors. [ABSTRACT FROM AUTHOR]

Exclusivity rights such as patents have gained special attention in the post-pandemic period. Patents are intended to be a tool to prevent potential market failure in intangible goods and encourage investment in innovation. At the same time, recently they have been accused of blocking access to COVID-19 vaccines and have even fuelled public debate on the introduction of various measures to limit the exclusivity rights arising from the grant of a patent. However, patents are not the only exclusivity available to (bio)pharmaceuticals. Regulatory exclusivities, though less well-known to broader society, are no less important than patents and no less relied on by the pharmaceutical industry. A fortiori, de lege lata regulatory exclusivities have no exceptions, which means they are more robust than patents and can potentially provide even stronger protection than that afforded by patents. This contribution provides a comparative view on patents and the less explored '8+2+1' regulatory exclusivities, outlining common and distinctive features and the interaction between the two regimes. Some preliminary reflections are made on potential legislative adjustments, without which the much-debated compulsory licensing may prove to be of little use. Finally, insights are provided into the European Commission's proposals of spring 2023 for general pharmaceutical legislation and compulsory licensing. Some preliminary insights into the proposed changes to the regulatory exclusivity system are also provided. Special attention is paid to the proposal aimed to reach compatibility between regulatory exclusivities and compulsory licensing. [ABSTRACT FROM AUTHOR]

Purpose: This article conceptualizes and constructs a comprehensive framework that can better help to answer that question – Who is accountable for social and public problems? – theoretically and practically. Design/methodology/approach: Tracing the drivers behind two phenomena "accountability hole" and "accountability black hole", stemming from "pushing power game" and "pulling power game", respectively, this study considers (1) the three actors of society: citizens (civil society), corporations (market) and civil servants (government), and (2) the principal-agent relationship between the three actors in the face of social and public problems. As a result, the 4CAs framework that contains the three actors' collaborative accountabilities to one another is presented. Findings: The 4CAs model emphasizes (1) all three actors function as agents that are accountable to one another, (2) collaborative accountability beyond collaborative governance and (3) repowering citizens and corporations beyond just empowering them, i.e. returning their inherent rights and obligations to serve one another. Originality/value: The 4CAs model may function as a descriptive and prescriptive lens through which the trilemma between market failure, government failure and citizen failure can be re-assessed and balanced. The model can also be used as a set of indicators for assessing and helping a society to better resolve the social and public problems collectively. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Accounting Review is the property of Journal of Accounting Review and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Agricultural Outlook (1673-3908) is the property of Institute of Agricultural Information, Chinese Academy of Agricultural Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Across the EU sectoral policies, a variety of instruments are used to foster investments and to transform Europe's productive capacities. Reading beyond the traditional bureaucratic and policy silos, this paper shows how such a composite repertoire of instruments crystalised, taking advantage of two complementary historical fieldworks. Using the sociological concept of 'age', we show how a European policy for productive investments emerged, supported by specific rationales and staff, to address episodes of budgetary constraints over investment policies. We first distinguish an 'age of infrastructure' (from the 1950s), where the first EEC bureaucrats in charge of these policies – mainly lawyers and engineers – designed loans strategies to continue reconstruction efforts, targeting heavy infrastructural investments in energy or transportation. Then, we show how in the 1970s context of rising budgetary tensions, economists urged their colleagues to take advantage of the Common Market to create European champions, through grants and co-financing, and by promoting SMEs as growth drivers: this marks the 'integrative age'. Finally, from the 1990s, bureaucrats with a background in finance reoriented PI policies to overcome so-called 'markets failures' through loans, guarantees and equity, initiating an 'age of leverage' in EU public action. Here, the global access to (publicly subsidized) finance and the rise of derisking activities became a new standard. By capturing the way these successive policy ages concatenated and gave the EU Investor State its current shape, our approach accounts for both stability and change in EU policies. [ABSTRACT FROM AUTHOR]

In the wake of financial, sovereign debt and health crises, public interventions in the European economy have taken on a new level of breadth, marking a reentry in force of the state in economic life that goes beyond the regulatory state. Yet, these interventions do not follow the old Keynesian interventions neither, being shaped through a particular logic of investment that link public and private actors in a particular configuration. The introduction to this special issue lays out this configuration for the case of the EU and its Member States through the concept of "European Investor state." By this concept, we refer to the redefinition of the role of European states in the economy as an "investor," in reference to private investment funds, which the state seeks both to imitate and to enroll. The paper embeds this redefinition of state intervention in the context of the 2010s in Europe, characterized by worries about "secular stagnation" and growing concern about an "investment gap," interpreted as the failure of financial markets to invest in productive sectors, especially when risky. The budgetary constraints and the ideological outlook then shaped the specific financial and off-balanced sheet tools of the investor state. Finally, the paper explores the implications of the Covid-crisis on this intervention model. It concludes that despite major changes in fiscal policy at the EU level, this approach is likely to persist, because of the lasting interpretation in terms of "investment gap," which only public-private collaborations are seen to be able to fill. [ABSTRACT FROM AUTHOR]

For systemic risk, the impact of the financial network's characteristics remains imperfectly understood at best, even if the view that network structure is closely related to systemic risk has become a broad consensus. By choosing S&P 500 constituents as the research sample, we investigate the structural characteristics of the Engle-Granger networks and explore the impact of network centrality on one-quarter-ahead systemic risk. We find that a firm's network centrality is positively related to both dimensions of its systemic risk (i.e. the firm's vulnerability to, and contribution to, system-wide downturns). The results remain robust after we consider the potential endogeneity and various sensitivity checks. An examination of potential channels reveals that centrally located firms in the network have a high extent of co-movement with the market, and are likely to trigger systemic market failures caused by stock price crashes in clusters once they fall into a downturn. We further show that the positive relation between network centrality and future systemic risk is more salient for financial firms and more pronounced during recessions. [ABSTRACT FROM AUTHOR]

Five main risk factors of fintech lending enterprises are empirically analysed by using the duration analysis model. The main findings are: Technology does not cause a significant increase in enterprise risk, the main reason is that although technology brings new types of risk, namely, technical risk, but it eliminates the human errors and moral hazards in a certain extent. There is debate on the role of regulatory policy on corporate risk, 'market failure theory' and 'regulatory failure theory', the empirical results show that the institutionalization of regulatory is more conducive to reducing risk than the frequently issuing 'new regulatory policies'. As for the debate about whether large or small enterprises carry greater risks, the empirical evidence shows that the failure risks of large enterprises are only 79% of the risks of small enterprise. Another important finding is that the risks of listed companies or venture capital-controlled enterprises are far less than that of private enterprises, which suggests that the institution is very important to reduce risk. [ABSTRACT FROM AUTHOR]

Grassroots communities in the 21st century take on the role of social innovators and contribute to addressing market failures and system failures through innovative action. The aim of this empirical study is to evaluate the various modes in which social innovations (products and services) arise in the conditions of community-led grassroots initiatives, to compare the patterns of social and economic value creation through these innovations and to elaborate the possibilities of their commercial exploitation. Drawing from data on 63 innovative products and service of 106 grassroots, taking the optics of grounded theory and adopting the approach of comparative analysis, this study sheds a light on the emergence of "pure", "bi-focal", and "market-exposed SI" products and services. Furthermore, the results suggest that it is possible to conceptualize the demand for community-led products and services. The majority of identified innovative products and services of grassroots generate a mix of social and economic outcomes that address both the social needs within one's own community and needs of various stakeholders, or marginalized groups. The differentiation of SI into "pure", "bi-focal", and "market-exposed" was found to be relevant. Also, we identified a rationale for further elaboration of the evolutionary patterns of SI development, as we found that some "pure" SIs have the potential to be introduced to market within the later stages of the SI life-cycle. Some of the investigated products and service had to be commercially exploited due to a paradox—some social, public beneficial solutions need to be commercially exploited to be provided sustainably in the long term. [ABSTRACT FROM AUTHOR]

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The purpose of the paper is to explore recent practical experiences of state financial interventions in property-led regeneration in England. It considers the policy context for property regeneration through 'Levelling Up', explains the reasons for market failure and why state support is needed, and then outlines the various models/methods of financial state support to address such failures. It provides a commentary on the pros and cons of the various models, citing examples where appropriate, and concludes by highlighting some of the current challenges and opportunities facing funding and financing of regeneration activity. [ABSTRACT FROM AUTHOR]

Drawing on the work of Layton and Duffy, and Williams, Davey and Johnstone, this paper examines the infant formula marketing system. Using a Systems of Provisioning approach, marketing system failure as a result of regulatory intervention at the intersection of two systems is conceptualized - the infant health system and the infant formula marketing system. Positive population-based outcomes for breast feeding rates and negative stigmatizing outcomes at an individual consumer level occur as the two provisioning systems respond to regulatory interventions. The mechanisms are identified whereby intervention restricts participant choice and coevolution of the marketing system contributing to the failure. Taking a Systems of Provisioning approach, we advance the understanding of marketing system failure, and we recommend co-design processes involving multiple stakeholders as a way forward to remedy such occurrences. [ABSTRACT FROM AUTHOR]

The authors argue that paid providers of care services in the United States (in health, education, and social service industries) are less able than providers of business services to capture value-added or to extract rents because limited consumer sovereignty, incomplete information regarding quality, and large positive externalities reduce their relative market power. In addition, many care jobs enforce normative responsibility for others and require specific skills that limit cross-industry mobility. Analysis of Current Population Survey data for 2014 to 2019 reveals significant pay penalties in care services relative to business services, controlling for factors such as gender, education, occupation, and public or private employment. Women's concentration in care services explains a significant proportion of the gender wage gap and raises the possibility of significant potential benefits from industry-level bargaining strategies. [ABSTRACT FROM AUTHOR]

The escalating challenge of antimicrobial resistance (AMR) has led to a surge of global research and policy discourse on refilling an empty antibiotic pipeline. The empty pipeline metaphor is, however, wrought with paradoxes. Drawing on critical social sciences and humanities research on pharmaceutical innovation, this comment article presents five of the key paradoxes that structure contemporary innovation discourse: Was the so-called "Golden Age" of antibiotics really golden? Was rational drug design truly rational in terms of antibiotic development? Was the antibiotic pipeline really built on a foundation of scientific breakthroughs by an elite group of (male) inventors? How can antibiotics, powerful symbols of industrial power, be considered as market failures? How could the crisis of antibiotics become the golden hour of their policing? Rather than dissect each paradox, the article aims to complicate standard problem diagnoses and encourage creative new conceptualizations of inclusive antimicrobial innovation. [ABSTRACT FROM AUTHOR]

This paper characterizes the probability of a market failure defined as the default of two or more globally systemically important banks (G-SIBs) in a small interval of time. The default probabilities of the G-SIBs are correlated through the possible existence of a market-wide stress event. The characterization employs a multivariate Cox process across the G-SIBs, which allows us to relate our work to the existing literature on intensity-based models. Various theorems related to market failure probabilities are derived, including the probability of a market failure due to two banks defaulting over the next infinitesimal interval, the probability of a catastrophic market failure, the impact of increasing the number of G-SIBs in an economy, and the impact of changing the initial conditions of the economy's state variables. We also show that if there are too many G-SIBs, a market failure is inevitable, i.e., the probability of a market failure tends to 1. [ABSTRACT FROM AUTHOR]