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1 – 10 of 695Sustainability has long been known to present an epistemic challenge. In the corporate setting, this challenge translates into the difficulties experienced by managers not only in…
Abstract
Purpose
Sustainability has long been known to present an epistemic challenge. In the corporate setting, this challenge translates into the difficulties experienced by managers not only in devising solutions to corporate sustainability problems, but even in developing the awareness of the latter. The paper explores how these difficulties may be overcome by corporate stakeholder management policies.
Design/methodology/approach
The paper develops a conceptual framework that reconstructs the Hayekian theory of market process in the context of Williamson's (1996) distinction between autonomous and cooperative adaptation.
Findings
Applying the Hayekian theory of market process to the process of engagement and collaboration of corporate stakeholders, the paper shows how the latter process may address the epistemic challenge of corporate sustainability and derives implications for the design of business models for sustainability.
Originality/value
The paper informs stakeholder theory in two ways: first, stakeholder theory is given a novel justification in terms of reflecting the growing prominence of cooperative adaptation and second, corporate stakeholder management is shown to be crucial for maximizing not only economic but also sustainability performance.
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Leilei Shi, Xinshuai Guo, Andrea Fenu and Bing-Hong Wang
This paper applies a volume-price probability wave differential equation to propose a conceptual theory and has innovative behavioral interpretations of intraday dynamic market…
Abstract
Purpose
This paper applies a volume-price probability wave differential equation to propose a conceptual theory and has innovative behavioral interpretations of intraday dynamic market equilibrium price, in which traders' momentum, reversal and interactive behaviors play roles.
Design/methodology/approach
The authors select intraday cumulative trading volume distribution over price as revealed preferences. An equilibrium price is a price at which the corresponding cumulative trading volume achieves the maximum value. Based on the existence of the equilibrium in social finance, the authors propose a testable interacting traders' preference hypothesis without imposing the invariance criterion of rational choices. Interactively coherent preferences signify the choices subject to interactive invariance over price.
Findings
The authors find that interactive trading choices generate a constant frequency over price and intraday dynamic market equilibrium in a tug-of-war between momentum and reversal traders. The authors explain the market equilibrium through interactive, momentum and reversal traders. The intelligent interactive trading preferences are coherent and account for local dynamic market equilibrium, holistic dynamic market disequilibrium and the nonlinear and non-monotone V-shaped probability of selling over profit (BH curves).
Research limitations/implications
The authors will understand investors' behaviors and dynamic markets through more empirical execution in the future, suggesting a unified theory available in social finance.
Practical implications
The authors can apply the subjects' intelligent behaviors to artificial intelligence (AI), deep learning and financial technology.
Social implications
Understanding the behavior of interacting individuals or units will help social risk management beyond the frontiers of the financial market, such as governance in an organization, social violence in a country and COVID-19 pandemics worldwide.
Originality/value
It uncovers subjects' intelligent interactively trading behaviors.
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Kingstone Nyakurukwa and Yudhvir Seetharam
The authors’ goal is to provide an overview and historical context for the various alternatives to the efficient market hypothesis (EMH) that have emerged over time. The authors…
Abstract
Purpose
The authors’ goal is to provide an overview and historical context for the various alternatives to the efficient market hypothesis (EMH) that have emerged over time. The authors found eight current alternatives that have emerged to address the EMH's flaws. Each of the proposed alternatives improves some of the assumptions made by the EMH, such as investor homogeneity, the immediate incorporation of information into asset values and the inadequacy of rationality to explain asset prices.
Design/methodology/approach
To come up with the list of studies relevant to this review article, the authors used three databases, namely Scopus, Web of Science and Google Scholar. The first two were mostly used to get peer-reviewed articles while Google Scholar was used to extract articles that are still work in progress. The following words were used as the search queries; “efficient market hypothesis” and “alternatives to the efficient market hypothesis”.
Findings
The alternatives to the EMH presented in this article demonstrate that market efficiency is a dynamic concept that can be best understood with a multidisciplinary approach. To better comprehend how financial markets work, it is crucial to draw on concepts, theories and ideas from a variety of disciplines, including physics, economics, anthropology, sociology and others.
Originality/value
The authors comprehensively summarise the current state of the behavioural finance literature on alternatives to the EMH.
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Expanding and developing the theoretical implications of socialist market economy with China’s experience.
Abstract
Purpose
Expanding and developing the theoretical implications of socialist market economy with China’s experience.
Design/methodology/approach
In the course of exploring the development of a market economy, China has given full play to the advantages of the socialist system, which has distinguished itself from the Western countries and some of its developing peers. China's market economy is not directly transplanted and copied from the West. China not only insists on growing its market economy but also unswervingly sticks to the socialist orientation of its market economy.
Findings
So far, the socialist market economy has proved to be more effective than the conventional one-sided, planned economy and also outperforms the capitalist market economy.
Originality/value
The socialist market economy has surpassed the conventional planned economy and the capitalist market economy – it is a reconstructed and reshaped mechanism and system as well as a successful and new path of market economy explored by China through reform and opening up, rather than a counterpart of Western market economy or the simple combination of socialism and market economy.
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George Okechukwu Onatu, Wellington Didibhuku Thwala and Clinton Ohis Aigbavboa
George Okechukwu Onatu, Wellington Didibhuku Thwala and Clinton Ohis Aigbavboa
Yuting Wang, Guodong Sun, Haisheng Wang and Bobo Jian
The purpose of this study is to solve the issues of time-consuming and complicated computation of traditional measures, as well as the underutilization of two-dimensional (2D…
Abstract
Purpose
The purpose of this study is to solve the issues of time-consuming and complicated computation of traditional measures, as well as the underutilization of two-dimensional (2D) phase-trajectory projection matrix, so a new set of features were proposed based on the projection of attractors trajectory to characterize the friction-induced attractors and to reveal the tribological behavior during the running-in process.
Design/methodology/approach
The frictional running-in experiments were conducted by sliding a ball against a static disk, and the friction coefficient was collected to reconstruct the friction-induced attractors. The projection of the attractors in 2D subspace was then mapped and the distribution of phase points was adapted to conduct the feature extraction.
Findings
The evolution of the proposed moment measures could be described as “initial rapid decrease/increase- midterm gradual decrease/increase- finally stable,” which could effectively reveal the convergence degree of the friction-induced attractors. Moreover, the measures could also describe the relative position of the attractors in phase–space domain, which reveal the amplitude evolution of signals to some extent.
Originality/value
The proposed measures could reveal the evolution of tribological behaviors during the running-in process and meet the more precise real-time running-in status identification.
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