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Article
Publication date: 3 December 2018

Donald F. Vitaliano

The purpose of this paper is to estimate the demand and supply of opiates in the USA during the period 1870–1914 when the market was virtually unregulated.

Abstract

Purpose

The purpose of this paper is to estimate the demand and supply of opiates in the USA during the period 1870–1914 when the market was virtually unregulated.

Design/methodology/approach

The price and quantity of opiates is econometrically estimated using a data set constructed primarily from pharmaceutical trade journals.

Findings

Per capita opiate consumption varies in inverse proportion to its price, a price elasticity of demand of unity. The supply of opiates to the USA is perfectly elastic, a horizontal line, implying the USA was a “price-taker” in the world market for opium. The number of medical schools, a proxy for the state of medical science, significantly effects opiate consumption, as does the import tariff on opium.

Research limitations/implications

Opiate use, both medicinal and addictive, is highly responsive to purely the economic forces of price and income. The influential role of the medical profession in shaping the pattern of consumption is confirmed. Data limitations prevent making substantive statements about usage of the various sub-categories of opium, requiring all opium to be treated as equivalent units of morphine sulfate.

Practical implications

Decriminalized access to opiates and other addictive substances is likely to result in a significant increase in usage, which could be controlled by taxation.

Originality/value

Prior studies of unregulated opiate demand and supply have covered Indonesia and Taiwan under colonial government monopoly, not a major western country user like the USA. Also, this paper uses a newly created consistent set of inflation-adjusted opiate prices covering a long period (1870–1914).

Details

Drugs and Alcohol Today, vol. 18 no. 4
Type: Research Article
ISSN: 1745-9265

Keywords

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Article
Publication date: 19 October 2010

Donald F. Vitaliano

This paper aims to estimate empirically the effect on the voluntary turnover (quit) rate of employees when a large public corporation already judged as an outstanding

Abstract

Purpose

This paper aims to estimate empirically the effect on the voluntary turnover (quit) rate of employees when a large public corporation already judged as an outstanding employer is also ranked as being socially responsible by an external review organization.

Design/methodology/approach

The paper employs a cross‐section regression of the turnover rate of 84 of Fortune magazine's “100 Best Employers” against measures of corporate social responsibility (CSR) and several other control variables such as annual wages, ethnic and gender composition of the labor force that economic theory and prior studies have identified as explaining firm labor turnover.

Findings

Adoption of business policies that cause the firm to be rated as socially responsible reduce the annual quit rate by 3 percent to 3.5 percent, which amounts to a 25‐30 percent reduction, as compared to non‐CSR public corporations or a larger comparison set including privately held and not‐for‐profit firms.

Research limitations/implications

The wider universe of public corporations may not realize comparable turnover benefits from CSR as these “best employers” because these firms might be especially vulnerable or sensitive to corporate image when hiring workers.

Practical implications

The model estimated permits calculation of the annual rise in average wages that would be required to reduce turnover by the same amount as CSR, a sum of approximately $3,700 per year or about 9 percent of the mean wage, with a lower bound estimate of about $1,000. This suggests that these firms can significantly reduce labor costs by investing in worker‐friendly employment policies, which account for half of the entire measured CSR impact.

Originality/value

This is believed to be the first effort to quantify rigorously the effect of CSR on the employment side of firm performance. Prior labor studies have looked at hypothetical employment scenarios involving students.

Details

Corporate Governance: The international journal of business in society, vol. 10 no. 5
Type: Research Article
ISSN: 1472-0701

Keywords

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Article
Publication date: 31 July 2007

Donald F. Vitaliano and Gregory P. Stella

This paper aims to estimate the cost to US savings banks and savings and loan institutions with assets under $250 million of complying with the anti‐redlining Community…

Abstract

Purpose

This paper aims to estimate the cost to US savings banks and savings and loan institutions with assets under $250 million of complying with the anti‐redlining Community Reinvestment Act (CRA).

Design/methodology/approach

Compliance cost is modeled as a type of inefficiency because the lending institution is required to favor higher cost borrowers whom it might otherwise choose to avoid. Inefficiency is estimated using a special form of regression with a two‐part error term that contains an inefficiency parameter.

Findings

The 1995 statutory changes designed to lessen the cost of CRA compliance are apparently more than offset by the increased enforcement efforts of the Clinton Administration, which was hostile to deregulation enacted by Congress. For the vast majority of small thrifts, annual compliance costs grew by $251,000 following “deregulation,” and for a small number of “Outstanding” (in meeting the goals of the Act) institutions, CRA‐related costs grew by $539,000. These increases represent a rise of about 3.5 and 6 percent of operating expenses, respectively.

Practical implications

Given the wide latitude afforded financial regulators in the USA legislative changes regarded as “deregulation” also require a sympathetic and supportive administration to be realized.

Originality/value

The paper offers insights into how increased enforcement can offset statutory deregulation, focusing on the case of the Community Reinvestment Act.

Details

Journal of Financial Regulation and Compliance, vol. 15 no. 3
Type: Research Article
ISSN: 1358-1988

Keywords

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Article
Publication date: 25 May 2010

Maria Katharaki and Marios Tsakas

The aim of this paper is to study the technical and scale efficiency of a set of tax offices (Inland Revenue) in Greece during the period 2001‐2006.

Abstract

Purpose

The aim of this paper is to study the technical and scale efficiency of a set of tax offices (Inland Revenue) in Greece during the period 2001‐2006.

Design/methodology/approach

The methodology used to estimate efficiency scores and Greek tax office ranking was the data envelopment analysis. In addition window analysis was used to detect efficiency trends and stability over time. Tobit analysis was applied to explain whether non‐discretionary factors play a role in tax office's performance.

Findings

The results underline that “scale size” and the structure of regional economy where tax offices operate are important factors affecting their efficiency.

Research limitations/implications

Despite the limitations related to the data set, the empirical work suggests that future research may need to concentrate on the dynamic factors i.e. characteristics of the regional where the tax office is situated which could play a significant role in a tax office performance.

Practical implications

The analysis provides information on tailor‐made political and administrative measures that can lead to improvements in the general infrastructure behind the tax office system in Greece.

Originality/value

Considering that the emerging results needed to be evaluated and considered with a sceptical eye, the present study simply highlights the importance of the information (without sensationalizing it) from the policymakers' perspective and in so doing perhaps provide an additional information resource on which they can base their decisions and policies.

Details

Journal of Advances in Management Research, vol. 7 no. 1
Type: Research Article
ISSN: 0972-7981

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Article
Publication date: 8 February 2021

Xianyi Long and Ting Zhang

The purpose of this paper is to investigate the influence of peers’ corporate social responsibility (CSR) on focal firms’ CSR from an integrated perspective. The current…

Abstract

Purpose

The purpose of this paper is to investigate the influence of peers’ corporate social responsibility (CSR) on focal firms’ CSR from an integrated perspective. The current study aims to explore whether as peers’ CSR increases focal firms’ CSR would first decrease and then increase.

Design/methodology/approach

This study is based on a sample consisting of Chinese listed manufacturing firms from 2010 to 2016. Hypotheses are tested by generalized least squares method to minimum heterogeneity and autocorrelation concern.

Findings

The results show that focal firms’ CSR would first decrease and then increase with the increase in peers’ CSR. Furthermore, this paper found that corporate visibility would stress more value on CSR differentiation strategy and environmental uncertainty would stress more value on CSR conformity strategy, such that the U-shaped relationship would be more pronounced in high corporate visibility or low environmental uncertainty situation.

Practical implications

The findings may be of interest to the academic researchers and managers. For researchers, it is important to understand how focal firms would practice CSR in response to peers’ CSR, especially through an integrated perspective. For managers, the results show that the best way to invest in CSR activities in response to peers’ CSR follows a U-shaped curve, and corporate visibility and environmental uncertainty are important factors to be considered to make CSR decisions.

Originality/value

This study contributes to the literature by proposing and examining a U-shaped relationship between peers’ CSR and focal firms’ CSR, which stresses the conformity and differentiation value of CSR simultaneously. Besides, to fully map the effects of peers’ CSR and focal firms’ CSR, this paper considers the moderating roles of internal and external contingencies on this non-linear relationship between the peers’ CSR and focal firms’ CSR.

Details

Chinese Management Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1750-614X

Keywords

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