The ethical dimension of industrial production has been largely neglected by theorists of production. This article identifies three important features of the production process, i.e. utility, compartmentalization, and independent external end-point; brought about by industrialization in the...

Manuscript Type: Empirical. Research Question/ Issue: Codes of ethics contain a set of rules of conduct and corporate principles concerning the responsibility to stakeholders and shareholders, which help guide corporate and employees’ behavior, and they constitute verifiable elements of social...

Taking into account the global expansion that certain traditional financial practices like hawala have experienced in the last decades, it is undeniable that both cultural diversity and different moral perceptions have become relevant questions in the international financial arena. Consequently,...

Milton Friedman famously stated that the only social responsibility of business is to increase its profits, a position now known as the shareholder model of business. Subsequently, the stakeholder model, associated with Edward Freeman, has been widely seen as a heuristically stronger theory of...

This paper examines several US monthly financial time series data using fractional integration and cointegration techniques. The univariate analysis based on fractional integration aims to determine whether the series are I(1) (in which case markets might be efficient) or alternatively I(d) with...

This paper contributes to the permanent income hypothesis (PIH) and excess consumption smoothness debate in the context of fractional integration. We show that the excess consumption smoothness result is a consequence of the quarterly data frequency commonly employed in empirical work. In fact,...

Operations managers are becoming more important in modern corporations. They do not only care on firms’ inventory management but also they are involved in firms’ strategic decisions. Within this setting we ask about the consequences in the inventory policy of this new role undertaken by...

This paper offers a framework within which the corporate’ corruption may be analyzed and a comprehensive road map to understand the role played by corporation on corruption. Despite corruption is a field with a long tradition and a common topic of many researches, disagreements persist about...

We formulate and solve a Rational Expectations New Keynesian macro model that implies non-linear cross-equation restrictions on the dynamics of inflation, the output gap and the Federal funds rate. Our maximum likelihood estimation procedure fully imposes these restrictions and yields asymptotic...

Despite the growing role that business has played in the development of capitalism, the neo-classical paradigm has largely ignored the concept of organization. This paper illustrates the neo-classical concept of the firm and the entrepreneur. Analyzing both, the moral and economic thought of...