While certain contested goods do manage to make their way to market, others have moved less far in this direction and others seem permanently unable to do so. Moral…
While certain contested goods do manage to make their way to market, others have moved less far in this direction and others seem permanently unable to do so. Moral contestation promotes, holds back or blocks the emergence of contested markets. This chapter examines the conditions that make the operation of these markets possible, and those that block their appearance. From a comparison between two cases (organs for transplantation and gambling), the authors focus attention on the one hand on those devices that make transactions possible, and on the other, on the “vulnerable populations” that these devices are intended to protect, either from or by the market.
Moral struggles in and around markets abound in contemporary societies where markets have become the dominant form of economic coordination. Reviewing research on morality and markets across disciplinary boundaries, this introductory essay suggests that a moral turn can currently be observed in scholarship, and draws a direct connection to recent developments in the sociology of morality. The authors introduce the chapters in the present volume “The Contested Moralities of Markets.” In doing so, the authors distinguish three types of moral struggles in and around markets: struggles around morally contested markets where the exchange of certain goods on markets is contested; struggles within organizations that are related to an organization’s embeddedness in complex institutional environments with competing logics and orders of worth; and moral struggles in markets where moral justifications are mobilized by a variety of field members who act as moral entrepreneurs in their striving for moralizing the economy. Finally, the authors highlight three properties of moral struggles in contemporary markets: They (1) arise over different objects, (2) constitute political struggles, and (3) are related to two broader social processes: market moralization and market expansion. The introduction concludes by discussing some of the theoretical approaches that allow particular insights into struggles over morality in markets. Collectively, the contributions in this volume advance our current understanding of the contested moralities of markets by highlighting the sources, processes, and outcomes of moral struggles in and around markets, both through tracing the creation, reproduction, and change of underlying moral orders and through reflecting the status and power differentials, alliances, and political strategies as well as the general cultural, social, and political contexts in which the struggles unfold.
The chapter studies the functioning of the so-called “voluntary” carbon offset market, a market in which moral controversies take place. The analysis dwells on the…
The chapter studies the functioning of the so-called “voluntary” carbon offset market, a market in which moral controversies take place. The analysis dwells on the theoretical framework that enables us to study the functioning of a contested market through particular devices. The chapter seeks to contribute to the literature on moral struggles within markets by focusing the attention on one specific device: relational work, including several dimensions like meeting between seller and buyer, establishing contracts and maintaining the relationship with clients in the long run. By studying relational work, the authors highlight how this basic market activity is a crucial device that makes it possible for a contested market to continue to exist.
This short text argues that a single moral – the notion’s etymology refers to the mores of a group or a society – must not be contested, but as soon as more than one morality is in play, there is a great chance that at least one or both are contested. It is also argued that man is moral by definition. Markets come, by definition, with struggles, but not all struggles in markets are moral. Most struggles in markets are economic, and most markets are not contested. Future research in the field of moral struggles could benefit from clearer distinctions of types of struggle.
This paper reviews the theoretical and empirical contributions to the proxy contest literature. The theoretical work, to date, suggests that (1) the use of the proxy…
This paper reviews the theoretical and empirical contributions to the proxy contest literature. The theoretical work, to date, suggests that (1) the use of the proxy contest as a method of taking over a corporation depends on its cost relative to the tender offer; (2) the security voting structure and the debt/equity ratio influence the outcome of the proxy contest; and, (3) the value of a proxy contest can be estimated using the principles of option pricing theory. A review of empirical research indicates that (1) firms which are inefficiently managed are more likely to become the target of a proxy fight; (2) wealth gains accrue to shareholders of contested firms during the contest period; and, (3) incumbent management is more likely to succeed in a proxy fight but not necessarily ‘win’.
Research over the last decade has resulted in a clearer conceptualisation of marketing orientation which has subsequently enabled its measurement within firms. Looks at the extent to which legal firms have adopted a marketing orientation as they compete in an increasingly demanding market. Research findings highlight a limited adoption of the marketing concept by legal firms. It appears that the components of a marketing orientation related to customer focus and long term profitability tend to be stronger than those of employee and competitor awareness. The implementation of marketing is limited by attitudinal factors related to values and perceptions of marketing, as well as more overt resourcing issues. It is thus recommended that firms focus on supplementing their external marketing with internal marketing activities to gain support for marketing across the firm.
Provides both a descriptive and an analytical understanding of the supply chain for IT systems integration. It explains which firms in the chain have power and how this…
Provides both a descriptive and an analytical understanding of the supply chain for IT systems integration. It explains which firms in the chain have power and how this impacts upon value appropriation. The article is structured around three parts. The first is a descriptive mapping of the supply chain based on the key functional stages. The second is a descriptive mapping of the corresponding value chain based on the revenues and gross profit margins typically being earned at each functional stage. The final section contains a discussion of the structures of power and the competitive dynamics, and by extension the appropriation of value, in the chain. Buyer ignorance and information asymmetries are identified as the key factors in this case that determines the appropriation of value.
Briefly reviews previous research on the value of investment advisors’ recommendations and presents a study comparing portfolio returns from analysts’ recommendations in…
Briefly reviews previous research on the value of investment advisors’ recommendations and presents a study comparing portfolio returns from analysts’ recommendations in the Wall Street Journal’s “Dartboard” contest 1990‐1996, four randomly selected shares and the Dow Jones Industrial Average. Finds the analysts’ portfolio has the highest average returns and standard deviation; and that although some individual analysts have excellent scores in the contest, this is inversely related to the number of times they participate. Suggests that they do not significantly outperform other portfolios, but that contest winners’ tips have significant effects on the market, especially for non‐listed shares. Assesses the implications of the results for the efficient market hypothesis and the share prices of firms with higher asymmetric information.
The purpose of this paper is to examine the different heuristics adopted by a crowd and a management committee to evaluate new product proposals, and whether, in assessing…
The purpose of this paper is to examine the different heuristics adopted by a crowd and a management committee to evaluate new product proposals, and whether, in assessing the value of proposals, they emphasize different features.
The study takes a quantitative analysis approach to study an internal innovation contest held by the biotechnology company Novozymes. The contest generated 201 proposals that were evaluated by 109 research and development professionals by means of a virtual preference market, and by a management committee.
The crowd and the committees’ assessments of the value of the proposals were based on different features. The committee emphasized experience and inventors’ seniority; the crowd set more store on informative idea descriptions but penalized overly complex and lengthy proposals.
The design of the innovation contest does not allow full comparison of the preference functions of crowd and committee. The findings from this case study cannot be generalized. The early stage of new product development seems fruitful for investigating crowdsourcing and knowledge management.
Firms should consider adopting preference markets for idea screening and evaluation since they appraise ideas from different angles compared to managers. However, they complement, rather than substitute managerial evaluation, especially in the case of more detailed proposals.
This is one of the first attempts to identify differences in the decision-making processes of crowds and committees. The paper identifies their strengths as evaluators of new product ideas and finds that the “wisdom of crowds” has some limitations in relation to the ability to process complex information.