New Zealand’s 1993 Companies Act defines reckless trading as when a director/manager induces a “substantial risk of serious loss to the company’s creditors”. The definition…
Abstract
New Zealand’s 1993 Companies Act defines reckless trading as when a director/manager induces a “substantial risk of serious loss to the company’s creditors”. The definition contrasts with international common and statutory law that holds managers personally liable only under circumstances of moral failing. It also allows for managers to be found liable for bad investments during the continued existence of a firm. Replacing the standard of moral failing with a standard of objective risk evaluation and allowing culpability beyond bankruptcy proceedings extends liability in a way that indirectly taxes corporations. This extension of liability stands contrary to the evolutionary development of the corporation as based on an efficient redistribution of property rights. It biases investment towards lower risk, lower yield ventures, and is expected to decrease New Zealand’s innovation‐driven economic growth
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This essay presents a theory of the State as derived from the writings of Coase, Stigler, and Smith. It argues that the state may find a role in (1) lowering the level of…
Abstract
This essay presents a theory of the State as derived from the writings of Coase, Stigler, and Smith. It argues that the state may find a role in (1) lowering the level of transactions costs; and (2) redistributing property rights given the level of non‐zero transactions costs. These tenets suggest an explanation for the secular growth of government. Also, alternative to the Marshallian theory of differing marginal utilities of a dollar of income, the essay offers a more general theory of redistribution in a way consistent with Coase’s (1992) concept of a transactions‐cost‐based, more general, price theory.
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Max Gillman and Tim Eade
Traces the evolution of the corporation in England, fromGreco‐Roman times to the Joint Companies Act of 1862. The evolutionsuggests a supply of the corporate form that responded…
Abstract
Traces the evolution of the corporation in England, from Greco‐Roman times to the Joint Companies Act of 1862. The evolution suggests a supply of the corporate form that responded to the demands of the marketplace. With the growing specialization of labour in the markets, the corporate form came to be more specialized itself, ending with the enactment of universally available limited liability incorporation.
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This article focuses on one court case concerning the regulation of Anti-Abortion protesting and asks: (1) Do the various actors involved in this case recognize a tension between…
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This article focuses on one court case concerning the regulation of Anti-Abortion protesting and asks: (1) Do the various actors involved in this case recognize a tension between their actions and their broader beliefs concerning the regulation of political protests? (2) If this tension is recognized, how do the actors resolve it, and if it is not recognized, why is it not? While concerned with legal consciousness and cognitive dissonance, the article is framed by broader questions concerning tolerance and the interaction of law and political passions.
The conclusion of the Cold War rivalry between the United States and former Soviet Union in the late 1980s and early 1990s created new areas of opportunity and concern for U.S…
Abstract
The conclusion of the Cold War rivalry between the United States and former Soviet Union in the late 1980s and early 1990s created new areas of opportunity and concern for U.S. national security policy. No longer menaced by the threat of nuclear war from Soviet military might, the United States emerged from the Cold War as the world's preeminent military power. Successful developments such as this often produce elation in the pronouncements of U.S. officials as a recent Clinton administration declaration demonstrates:
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Laura M. Keyes and Abraham David Benavides
The purpose of this paper is to juxtapose chaos theory with organizational learning theory to examine whether public organizations co-evolve into a new order or rather…
Abstract
Purpose
The purpose of this paper is to juxtapose chaos theory with organizational learning theory to examine whether public organizations co-evolve into a new order or rather institutionalize newly gained knowledge in times of a highly complex public health crisis.
Design/methodology/approach
The research design utilizes the results from a survey administered to 200 emergency management and public health officials in the Dallas–Fort Worth metroplex.
Findings
The findings of this paper suggest that public entities were more likely to represent organizational learning through the coordination of professionals, access to quality information, and participation in daily communication. Leadership was associated with the dissemination of knowledge through the system rather than the development of new standard operating procedures (as suggested by chaos theory and co-evolution).
Research limitations/implications
There are limitations to this study given the purposive sample of emergency management and public health officials employed in the Dallas–Fort Worth metroplex.
Practical implications
The authors find that public organizations that learn how to respond to unprecedented events through reliance on structure, leadership, and culture connect decision makers to credible information resulting in organizational learning.
Social implications
As a result, public administrators need to focus and rely on their organization’s capacity to receive and retain information in a crisis.
Originality/value
This research contributes to our understanding of organizational learning in public organizations under highly complex public health situations finding decisions makers rely on both organizational structure and culture to support the flow of credible information.
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Zachary Anesbury, Yolanda Nguyen and Svetlana Bogomolova
Increasing and maintaining the population’s consumption of healthful food may hinder the global obesity pandemic. The purpose of this paper is to empirically test whether it is…
Abstract
Purpose
Increasing and maintaining the population’s consumption of healthful food may hinder the global obesity pandemic. The purpose of this paper is to empirically test whether it is possible for healthful sub-brands to achieve higher consumer behavioural loyalty than their less healthful counterparts.
Design/methodology/approach
The study analysed three years of consumer panel data detailing all purchases from five consumer goods categories for 15,000 UK households. The analysis uses best-practice techniques for measuring behavioural loyalty: double jeopardy, polarisation index, duplication of purchase and user profile comparisons. Each sub-brand’s healthfulness was objectively coded.
Findings
Despite the level of healthfulness, all sub-brands have predictable repeat purchase patterns, share customers as expected and have similar user profiles as each other. The size of the customer base, not nutrition content, is, by far, the biggest determinant of loyalty levels.
Research limitations/implications
Consumers do not show higher levels of loyalty to healthful sub-brands, or groups of healthful sub-brands. Nor do they buy less healthful sub-brands less often (as a “treat”). There are also no sub-groups of (health conscious) consumers who would only purchase healthful options.
Practical implications
Sub-brands do not have extraordinarily loyal or disloyal customers because of their healthfulness. Marketers need to focus on growing sub-brands by increasing their customer base, which will then naturally grow consumer loyalty towards them.
Originality/value
This research brings novel evidence-based knowledge to an emerging cross-disciplinary area of health marketing. This is the first study comparing behavioural loyalty and user profiles towards objectively defined healthful/less healthful sub-brands.
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The author augments an otherwise standard business cycle model with a richer government sector and adds money-in-utility (MIU) considerations to study economic fluctuations.
Abstract
Purpose
The author augments an otherwise standard business cycle model with a richer government sector and adds money-in-utility (MIU) considerations to study economic fluctuations.
Design/methodology/approach
More specifically, real money balances enter in a non-separable way with consumption and leisure. This specification is then calibrated to Bulgarian data after the introduction of the currency board (1999–2020) gives a role to money in accentuating economic fluctuations.
Findings
This novel mechanism allows the framework to reproduce – better than the real business cycle (RBC) model – the observed variability and correlations among model variables, and those characterizing the labor market in particular. In addition, money is non-neutral and affects aggregate economic activity.
Originality/value
This is the first micro-founded monetary-DSGE (dynamic stochastic general equilibrium) model on Bulgaria trying to explain the role of money for economic fluctuations.
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Hoseyn A. Amiri, Rouzbeh Shafaghat, Rezvan Alamian, Seyed Mohamad Taheri and Mostafa Safdari Shadloo
The purpose of this paper is to design, investigate and optimize a horizontal axis tidal turbine (HATT) using computer-aided numerical simulation and computational fluid dynamics…
Abstract
Purpose
The purpose of this paper is to design, investigate and optimize a horizontal axis tidal turbine (HATT) using computer-aided numerical simulation and computational fluid dynamics (CFD). This is the first step of research and development (R&D) for implementation in the Persian Gulf condition. To do so, suitable locations are reviewed. Then, the optimization is focused on determining the optimum fixed pitch angle (β) of a three-bladed HATT based on the widespread multiple reference frame (MRF) technique to calculate power and thrust coefficients at different operational rotating speeds.
Design/methodology/approach
To simplify the problem and reducing the computational costs due to cyclic symmetry only one blade, accordingly one-third of the whole computational domain is considered in the modeling. Due to flow’s nature involving rotating, separation and recirculation, a realizable κ-ε turbulence model with standard wall function is selected to capture flow characteristics influenced by the rotor and near the wall region. Simulations are conducted for two free-stream velocities, then compared with their dependencies through the dimensionless tip speed ratio (TSR) parameter.
Findings
The validation process of the simulations is carried out by the use of AeroDyn BEM code, which has been evaluated by comparing with two experimental data. As results, the highest coefficient of power is achieved at ß = 19.3° at TSR = 4 with the value around 0.41 and 0.816 for thrust coefficient. Furthermore, to comprehend the rotor’s performance and simulation method, flow characteristics due to the rise in angular velocity is discussed in detail. Moreover, the major phenomenon, cavitation occurrence, is also checked at the critical situation where it is found to be safe.
Originality/value
By comparing and evaluating the results to other HATTs, it implies that the proposed rotor of this study is feasible and proved by CFD evaluation at this step. However, the current rotor is awaiting a justification through experimental assessment.