James W. Julian and Clark F. Seavert
The purpose of this paper is to present AgProfit™ as a tool for users to assess economic risks associated with adoption of new technologies or production practices in production…
Abstract
Purpose
The purpose of this paper is to present AgProfit™ as a tool for users to assess economic risks associated with adoption of new technologies or production practices in production agriculture.
Design/methodology/approach
This paper presents the AgProfit™ software program, its approach to capital investment analysis and demonstrates the program use by developing a scenario for analysis and discusses the process and results of the analysis.
Findings
AgProfit™ was developed to assist growers in understanding the risks associated with technology adoption. The example presented in this paper demonstrates the value of the software program as a decision‐making tool on the complex question of how many acres are required for an economically beneficial adoption of a new technology. Thus, with this software program, a grower can base investment decisions on the net present value and internal rates of return on an investment rather than a sales pitch or “gut” feeling.
Originality/value
AgProfit™ is a recently developed software program that fills a void in available decision tools, providing users with the ability to assess the profitability and feasibility of production investment decisions.
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Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).
A collection of essays by a social economist seeking to balanceeconomics as a science of means with the values deemed necessary toman′s finding the good life and society enduring…
Abstract
A collection of essays by a social economist seeking to balance economics as a science of means with the values deemed necessary to man′s finding the good life and society enduring as a civilized instrumentality. Looks for authority to great men of the past and to today′s moral philosopher: man is an ethical animal. The 13 essays are: 1. Evolutionary Economics: The End of It All? which challenges the view that Darwinism destroyed belief in a universe of purpose and design; 2. Schmoller′s Political Economy: Its Psychic, Moral and Legal Foundations, which centres on the belief that time‐honoured ethical values prevail in an economy formed by ties of common sentiment, ideas, customs and laws; 3. Adam Smith by Gustav von Schmoller – Schmoller rejects Smith′s natural law and sees him as simply spreading the message of Calvinism; 4. Pierre‐Joseph Proudhon, Socialist – Karl Marx, Communist: A Comparison; 5. Marxism and the Instauration of Man, which raises the question for Marx: is the flowering of the new man in Communist society the ultimate end to the dialectical movement of history?; 6. Ethical Progress and Economic Growth in Western Civilization; 7. Ethical Principles in American Society: An Appraisal; 8. The Ugent Need for a Consensus on Moral Values, which focuses on the real dangers inherent in there being no consensus on moral values; 9. Human Resources and the Good Society – man is not to be treated as an economic resource; man′s moral and material wellbeing is the goal; 10. The Social Economist on the Modern Dilemma: Ethical Dwarfs and Nuclear Giants, which argues that it is imperative to distinguish good from evil and to act accordingly: existentialism, situation ethics and evolutionary ethics savour of nihilism; 11. Ethical Principles: The Economist′s Quandary, which is the difficulty of balancing the claims of disinterested science and of the urge to better the human condition; 12. The Role of Government in the Advancement of Cultural Values, which discusses censorship and the funding of art against the background of the US Helms Amendment; 13. Man at the Crossroads draws earlier themes together; the author makes the case for rejecting determinism and the “operant conditioning” of the Skinner school in favour of the moral progress of autonomous man through adherence to traditional ethical values.
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Barrie O. Pettman and Richard Dobbins
This issue is a selected bibliography covering the subject of leadership.
Abstract
This issue is a selected bibliography covering the subject of leadership.
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Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are…
Abstract
Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.
Franziska M. Renz and Julian U. N. Vogel
Aligning interests of principals and agents is the most efficient way to reduce the agency conflict. Yet, the literature on executive compensation reveals inefficiencies in…
Abstract
Purpose
Aligning interests of principals and agents is the most efficient way to reduce the agency conflict. Yet, the literature on executive compensation reveals inefficiencies in providing executives with legal ownership. Thus, the authors go beyond legal ownership and posit that executives' psychological ownership further aligns the interests of executives as agents and shareholders as principals.
Design/methodology/approach
The authors employ sophisticated methodology, including dynamic panel data regressions, static panel data regressions and propensity score matching. External validity is achieved through the large-scale sample of 22,179 firm-quarters spanning 24 quarters from 2013 to 2018 of the S&P 1500.
Findings
Psychological ownership aligns the interests of executives and shareholders since this mindset makes executives perceive the company as “theirs”. Executives' psychological ownership decreases firms' fraud and financial performance. The decrease in financial performance is related to an observed increase in executives' risk-aversion. Investors recognize this ownership mindset in executives and reward it with a positive market reaction.
Originality/value
The study is the first to consider psychological ownership of executives in relation to firm outcomes such as financial performance or fraud. The findings are of interest to scholars and practitioners, as this study establishes both theoretically and empirically a way to align the interests of principals and agents beyond executive compensation.
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DULLNESS can be the aftermath of conferences, but Scarborough may be an exception. Some of the heat engendered at the Annual Business Meeting has indeed already evaporated, but…
Abstract
DULLNESS can be the aftermath of conferences, but Scarborough may be an exception. Some of the heat engendered at the Annual Business Meeting has indeed already evaporated, but its implications remain. They are these: that, while the examination system of the L.A. is to remain as it is for another two years, some revision is imperative; and the relations of the L.A. with the Association of Assistant Librarians must be so arranged that the latter can continue a distinctive existence. As for the examinations, resentment was felt not so much at the age‐limits, although these were the gravamen of the criticism against them, but against the undue severity of the Intermediate Examination, which, we are told, has delayed and impaired the careers of many quite capable young people. The severity, great as it seems in the two subjects, is increased by the requirement that both must be passed together. Only students exceptionally possessed of the examination faculty can do this, and we have the spectacle of several who have passed in each subject two or more times and yet have never been able to pass them together. The sanity of the requirement that they be passed together lies in the fact that it prevents cramming. Will anyone tell us the remedy?