Search results

Baumol’s impact on the development of managerial theories of the firm is investigated here through the material found in Galbraith’s archives. In 1957, Galbraith published a paper claiming that the impact of macroeconomic policies varies with market structures (competitive versus oligopolistic). That publication prompted Baumol (1958b) to send Galbraith a manuscript dealing extensively with a crucial question of managerial theories of the firm, namely, the trade-off between sales and profits. I argue that Baumol’s critiques and Galbraith’s answers largely explain the way Baumol (1958a, 1959) framed his alternative model of the behavior of corporations. He reasoned in terms of maximization of sales with a profit constraint as their main objective. In return, Business Behavior, Value and Growth fostered the development of Marris’ (1964) and Galbraith’s (1967) theories of the corporation. While Tullock (1978) provides a narrative in which the sales maximization hypothesis has two main branches – Baumol for the one and Galbraith–Marris for the other – the paper demonstrates that these branches are intimately connected.

Nations with high levels of economic inequality tend to have high rates of entrepreneurial activity. In this paper, we develop propositions about this relationship, based upon current research. Although we provide some descriptive analyses to support our propositions, our paper is not an empirical test but rather a theoretical exploration of new ideas related to this topic. We first define entrepreneurship at the individual and societal level and distinguish between entrepreneurship undertaken out of necessity and entrepreneurship that takes advantage of market opportunities. We then explore the roles that various causes of economic inequality play in increasing entrepreneurial activity, including economic development, state policies, foreign investment, sector shifts, labor market and employment characteristics, and class structures. The relationship between inequality and entrepreneurship poses a potentially disturbing message for countries with strong egalitarian norms and political and social policies that also wish to increase entrepreneurial activity. We conclude by noting the conditions under which entrepreneurship can be a source of upward social and economic mobility for individuals.

Map of this detour: This is one of a series of detours compelled by consideration of inheritance law as an aspect of cultural transmission. ¹ This course draws attention to three problematic time forms (temporalities) through which the “self” and its relations with history are often written and read. These implicit time forms are all too common and all too easily go unrecognized. Each involves the illusion of some kind of exalted and immediate convergence between the self (the subject) and an object of exaggerated importance to this self (the world, the universe, the metaphysical or artistic beyond, the origin, etc.). Three figures are explored here: that of Hercules in Hegel’s Aesthetics, and those of Adrian and Breisacher in Thomas Mann’s Doctor Faustus. Each of these invites attention to a different temporality through which an exalted convergence may be imagined: the first involves a fantasy of immediate belonging to the whole of history, the second, that of escape forward from history (toward a self-created “ultimate” object), and the third, that of return to fullness in origin (before history). This detour also suggests ways of reading history (including “reading for mana through glances,” which will be explained) that protect against the problems just described. The detour closes considering implications of all of the above for U.S. inheritance law. The tutor text for this last leg is François Mauriac’s Le noeud de vipères.

The chapter aims to analyse the challenges needed in order to achieve the full integration of corporate reporting.

As a viewpoint chapter, both theoretical and practical problems are presented.

On the theoretical side, there is still an elusive relationship between environmental, social and governance (ESG) indicators and financial performance. Conceptual models are still in the making and a global standard has not yet been achieved. Besides, as each company may have different CSR strategies, it might be difficult to achieve comparability among firms. On the practical side, there might be concerns about materiality of data (what actually merits to be informed) and the potential risks for disclosing additional information to the market.

While the linkage between non-financial and financial results is not yet standard practice, it should be encouraged by stakeholders. The impact of integrated reporting is probably not going to be limited to investors and financial markets, as other stakeholders would have the opportunity to act on the information provided by these documents.

Integrated reporting is still a concept that is being developed. Thus, this chapter aims to contribute to this ongoing academic and practical debate.