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In theorizing the dynamics of social processes, dialectical thinking informs Marx's historical materialist inquiries and both – dialectics and historical materialist…
In theorizing the dynamics of social processes, dialectical thinking informs Marx's historical materialist inquiries and both – dialectics and historical materialist principles – inform his political–economic analysis. In conceptualizing empirical observations during this work, Marx (1973b, p. 101) assumes that the “concrete is concrete because it is the concentration of many determinations, hence unity of the diverse” and that “With the varying degree of development of productive power, social conditions and the laws governing them vary too” (Marx, 1992, p. 28). This methodological tack strives for the flexibility needed for analyzing patterns in long-term social development (the structure of history) as well as the logic of specific systems in their totality and flux (the history of structures).
Drawing upon Alfred Sohn-Rethel's work, we argue that, just as capitalism produces abstract labor, it coproduces both abstract mind and abstract life. Abstract mind is the…
Drawing upon Alfred Sohn-Rethel's work, we argue that, just as capitalism produces abstract labor, it coproduces both abstract mind and abstract life. Abstract mind is the split between mind and nature and between subject/observer and observed object that characterizes scientific epistemology. Abstract mind reflects an abstracted objectified world of nature as a means to be exploited. Biological life is rendered as abstract life by capitalist exploitation and by the reification and technologization of organisms by contemporary technoscience. What Alberto Toscano has called “the culture of abstraction” imposes market rationality onto nature and the living world, disrupting biotic communities and transforming organisms into what Finn Bowring calls “functional bio-machines.”
The purpose of this paper is to investigate the engagement with integrated reporting (IR) of the Development Bank of Singapore (DBS), as one of the banks that pioneered…
The purpose of this paper is to investigate the engagement with integrated reporting (IR) of the Development Bank of Singapore (DBS), as one of the banks that pioneered IR. Banking industry members face critical sector-specific issues regarding the use of capitals, especially the disclosure of relational and natural capital-related information, and reporting of the outcomes of capitals. This study examines an innovative approach to accounting for multiple capitals adopted by DBS during its journey toward IR.
This empirical research follows the case study method, using semi-structured interviews with DBS’s managers, and analyzing reports and other documentation.
The authors find that DBS re-conceptualizes, re-categorizes and measures multiple capitals as a form of non-financial value using the balance sheet approach to make visible the interactions and potential tensions (trade-offs) among capitals.
Case studies are best used to understand a specific context, so the findings of this study cannot be generalized statistically. However, the study does provide insights into the banking industry that may be applicable to other organizations.
The categorization and reporting of multiple capitals using the balance sheet approach and the integration of the balanced scorecard are innovative operationalizations of the International <IR> Framework.
This study provides an innovative approach to the categorization and measurement of multiple capitals. It represents a step toward reducing the gap between research and practice on IR.
The purpose of this paper is to elaborate the feasibility of market based estimations of the value of human capital in firms.
The concept of intangible assets and market‐based valuation of human capital is presented. Cases of extreme estimates of human capital values are presented. The possibility of extremely low or even negative human capital values is examined.
It is demonstrated that odd human capital values can be explained by referring to principles of valuating fixed assets and intangible liability.
The paper demonstrates that market‐based methods for estimating the value of human capital of the firm can be feasible despite the existence of very odd human capital values.
The findings of the paper adds to the discussion of how to valuate human capital in intellectual capital accounts in general and human capital accounts in particular.
This research investigates (1) the impacts of working capital investment policy and working capital financing policy on firms’ performances (profitability and market value…
This research investigates (1) the impacts of working capital investment policy and working capital financing policy on firms’ performances (profitability and market value) and (2) the impact of profitability on market value. Data are gathered from 68 companies listed in the Stock Exchange of Thailand covering production sector. Data collected from 2012 to 2016 are analyzed using path analysis to measure the impacts of working capital policy on performances and examine the consistency of the model and the empirical data.
The model is found to be consistent with the empirical data; the probability level is 0.085, χ 2/df is 2.96, CFI is 0.951, GFI is 0.979, IFI is 0.957, and RMR is 0.004. The result reveals a statistically significant positive relationship between working capital investment policy and profitability. In addition, working capital investment policy affects market value through profitability as a mediator variable. However, there are significant negative impacts of working capital financing policy on profitability and market value. Overall, it can be implied that companies which adopt conservative working capital investment policy and conservative working capital financing policy can increase their profitability and market value.
This chapter challenges the denial of “underconsumption” – the role of consumption demand in capitalist reproduction and its paucity in crises – in contemporary Marxism…
This chapter challenges the denial of “underconsumption” – the role of consumption demand in capitalist reproduction and its paucity in crises – in contemporary Marxism. At stake are better understandings not only of crisis theory but also, inter alia, of imperialism, “reformism,” and Marx's intellectual legacy. The chapter shows how the centrality of consumption demand is underlined in the three volumes of Capital and the Grundrisse, and goes on to discuss the origins, weaknesses, and persistence of this denial. The chapter also shows that Marx did not regard underconsumption as a moralistic argument about unfulfilled need. The denial originates not in Marx but in productionism, the idea that capitalism is a system of “production for production's sake.”
Originating in the overkill of Tugan Baranowski's refutation of the Russian populists’ view that capitalist development was impossible in Russia due to lack of a home market, productionism is based on his attempt to force Marxism into the marginalist and the general equilibrium framework. Despite its antipathy with Marxism, most contemporary Marxist economics are based on it. Inevitably its adherence to Say's Law – the denial of the possibility of gluts in the market – infects the tendency to assume that capitalism's contradictions do not lie in circulation. Productionism's denial of the importance of consumption demand also rests on nonsequiturs, nondialectical thinking, and an underestimation of the contradictions in capitalism Marx identified, other than the tendency of the rate of profit to fall. The chapter ends by showing the centrality of demand in the recent historical evolution of capitalism as reconstructed by Robert Brenner, followed by a discussion of whether underconsumption is “reformist.”
Briefly describes the nature and importance of capital investments and why managers of all functional areas should understand the basics of analysis. Reviews conceptual…
Briefly describes the nature and importance of capital investments and why managers of all functional areas should understand the basics of analysis. Reviews conceptual issues. Develops important perspectives for corporate leaders, managers and analysts. Provides practical guidelines for analysis. Furnishes a useful format for analysis easily adaptable to spreadsheet analysis. Illustrates techniques of analysis using a sample capital project. Interprets the results in a common‐sense manner and in terms of the contribution of the project to shareholder value. Addresses issues at a level appropriate for each professional manager regardless of their area of expertise and functional assignment.
Progress in human resources accounting must continue to find a clear constructive definition of terms pertaining to human capital and human assets. The present paper is…
Progress in human resources accounting must continue to find a clear constructive definition of terms pertaining to human capital and human assets. The present paper is comprised of considerations leading to the proposal of more general definitions of capital that involve human capital. As a complement to Fisher's concept of capital measurement, the present definition explains capital based on the capitalization process. Capitalization should be viewed as an essential attribute of capital. Human resources accounting (HRA) can benefit from improvements in the definition of certain terms related to human capital. Of particular importance is a proposal of a more general definition of capital. The definition leads to an alternative measure,which is more useful in the HRA field than the Lev‐Schwartz model. The proposed measure compliments Fisher's concept of capital measurement and utilizes a compound interest approach. Capital is perceived as a value of economic means capitalized in physical and human resources. The rate of capitalization is determined through natural and social conditions of the environment. The mode of capital measurement results from the above definitions. Moreover, the measure of human capital appears as a generalization of the historical cost concept. The valuation model of human capital involves capitalized costs of living, costs of professional education and value of experience measured by a slightly modified learning curve. Having human capital redefined and measured in these terms, we can introduce human resources into the balance sheet using a set of relevant journal entries.