Organizational Behavior and Theory Commons^™

Enriqueciendo Con Saber Económico La Vida Diaria. Entrevista A Peter J. Boettke, Mario Šilar

Mario Šilar

No abstract provided.

Gift Giving And The Creation Of Trust, Martin Mathews

Martin Mathews

We examine the role that gift giving plays in industrial districts and in particular the role of gift giving in the creation of inter-organisational trust. Inter-organisational exchanges in a mature industrial district are analyzed using Mauss’ theoretical framework of gift-giving, receiving and counter-giving. Actors in embedded network relationships frequently exchange gifts and favours. This gift giving is a fundamental part of the relationship. Gift giving is found to be instrumental in creating and maintaining relationships, defining group and individual identity and resolving conflicts. The originality of our findings lies in the fact that despite the ideology of the purely altruistic …

There Should Be Little Or No Liquidity Discounts For Controlling Interests In Closely Held Businesses, Michael Sack Elmaleh

Michael Sack Elmaleh

The application of liquidity discounts to the appraised values of controlling interests in closely held businesses reflects a failure of the valuation community to fully appreciate the fact that these equity interests belong to a fundamentally different investment class than publicly traded securities. Investors in publicly traded securities have dramatically different expectations about the benefits and sacrifices of such investments, compared to the expectations of benefits and sacrifices of investors in closely held companies. Investors in publicly traded securities expect their minority interest investments to be highly liquid, yield free cash flow, and require no participation in the management of …

Enabling Environments For Social Enterprise Development. Analytical Framework And International Exploratory Study Of Good Practices, Raf Peels, Caroline Gijselinckx, Wim Van Opstal, Li Zhao

Wim Van Opstal

The ILO Social Enterprise Development Targeting Unemployed Youth in South Africa (SETYSA) project seeks to promote social enterprise development in South Africa by supporting progress towards a conducive enabling environment and the development of appropriate business development service (BDS) products for potential social entrepreneurs, with a particular focus on young entrepreneurs. The ultimate objective of the project is to encourage the creation of employment opportunities within social enterprises, as well as the social value delivered by the goods and services they produce.

This report presents a selection of policy measures that governments worldwide are taking to create a supportive environment …

Een Monitor Voor De Sociale Inschakelingseconomie In Vlaanderen. Methodologierapport., Eva Deraedt, Wim Van Opstal

Wim Van Opstal

Dit rapport beschrijft de gehanteerde methodologie bij het opstellen van een monitoringinstrument dat ontwikkeld werd om de sociale inschakelingseconomie in Vlaanderen in kaart te brengen (Deraedt & Van Opstal, 2009). De ontwikkeling van dit instrument vond plaats aan het HIVA (K.U.Leuven), kadert in de onderzoekswerkzaamheden van het Steunpunt Werk en Sociale Economie en werd uitgevoerd in opdracht van de Vlaamse administratie. De opdracht bestond erin bestaande databanken maximaal te valoriseren om zo het veelkleurige pallet van de sociale inschakelingseconomie in kaart te brengen. Het uiteindelijke resultaat levert ons de nodige indicatoren op om een profielschets te kunnen maken van de …

Een Monitor Voor De Sociale Inschakelingseconomie In Vlaanderen. Resultatenrapport., Eva Deraedt, Wim Van Opstal

Wim Van Opstal

Dit rapport toont de resultaten van een monitoring- instrument dat ontwikkeld werd om de sociale inschakelingseconomie in Vlaanderen in kaart te brengen. De ontwikkeling van dit instrument vond plaats aan het HIVA (K.U.Leuven), kadert in de onderzoekswerkzaamheden van het Steunpunt Werk en Sociale Economie en werd uitgevoerd in opdracht van de Vlaamse administratie. De opdracht bestond erin bestaande databanken maximaal te valoriseren om zo het veelkleurige pallet van de sociale inschakelingseconomie in kaart te brengen.

Het uiteindelijke resultaat levert ons de nodige indicatoren op om een profielschets te kunnen maken van de ondernemingen die actief zijn in de sociale inschakelingseconomie, …

La Economía Que Devuelve España A Los Españoles, Mario Šilar

Mario Šilar

No abstract provided.

The Irreduceable Moral Nature Of Human Action, Mario Šilar, José María Torralba

Mario Šilar

No abstract provided.

Investing In A Better Job, Michael Sack Elmaleh

Michael Sack Elmaleh

Investing time and money to attain "something" that allows a person to earn more in future wages is economically rational, if the present value of the additional future wages exceeds the present value of the investment cost in time and money to attain that "something". In our market economy, these attained "somethings" include college degrees, vocational and professional certifications, and equity ownership in small closely held businesses. Most small closely held businesses require the full time active management of the owner. Little or no free cash flow would be available to the investor if they chose to hire a non …

De Evoluerende Marktpositie Van Beschutte Werkplaatsen In Vlaanderen: Uitdagingen En Knelpunten, Wim Van Opstal, Jozef Pacolet

Wim Van Opstal

Beschutte werkplaatsen hebben als grootste speler in de sociale inschakelingseconomie goed weten door te dringen in onze economie. Dit brengt echter ook de confrontatie met alle uitdagingen van een competitieve economische omgeving met zich mee. Het HIVA voerde een onderzoek uit naar de uitdagingen waarmee de beschutte werkplaatsen in Vlaanderen geconfronteerd worden vanuit hun evoluerende marktpositie. Daarnaast belicht deze studie de knelpunten vanuit de interne organisatie van beschutte werkplaatsen om het hoofd te kunnen bieden aan deze uitdagingen. De vitaliteit van de beschutte werkplaatsen aan de ene kant en de kwetsbaarheid ervan aan de andere kant, is het genuanceerde beeld …

Coöperaties In De Social Profit? Een Verkenning., Wim Van Opstal

Wim Van Opstal

Het is ondertussen meer dan 150 jaar geleden dat de eerste coöperaties werden opgericht om de levensstandaard van arbeiders en boeren te verbeteren. De jongste jaren begint men de coöperatie echter opnieuw te ontdekken als instrument om economische activiteiten te combineren met sociale doelstellingen. In deze bijdrage belichten we de rol die coöperaties spelen binnen het activiteitenspectrum van de social profit in een internationaal kader en staan we stil bij de vraag of dit ook voor Vlaanderen een interessant alternatief kan bieden.

De Paradojas Y Neocons, Mario Šilar

Mario Šilar

No abstract provided.

Political Liberalism And Public Reason, Mario Šilar

Mario Šilar

The paper explores John Rawls´s idea of public reason, as reflected in Political Liberalism and The Idea of Public Reason Revisited. In Rawls’s later works, public reason acquires fundamental significance as a criterion by which the principles to be assumed from the outset in a theory of political justice may be determined. The starting-point for Rawls´s theory -the idea of citizens as free and equal reveals- that this abstraction falls short of an authentic conception of human beings as social by nature. A brief study of key issues concerning marriage and the family shows the difficulties that underlie this question. …

The Practical Value Of Natural Law Theory In The Work Of St Thomas Aquinas, Mario Šilar

Mario Šilar

No abstract provided.

What Do The Ibbottson Historical Studies Really Prove About Firm Size, Risk And Return?, Michael Sack Elmaleh

Michael Sack Elmaleh

I deny that the Ibbottson historical studies prove that small and medium caps outperform large caps because they are more risky. First, I question whether covariance measures are necessarily a good proxy for risk. The higher levels of volatility associated with small and medium cap versus large cap may be a statistical artifact: the greater number of transactions associated with large caps as compared to small caps may account for this difference. Secondly, higher returns on small and medium caps may be a function of less efficient information distribution for these securities as compared to large caps. Finally, can we …

The Relativity Of Risk Assessments In Investment Decisions, Michael Sack Elmaleh

Michael Sack Elmaleh

The level of risk in investing in a closely held firm is related to the qualifications of the control managing investor. While there is generally a minimum threshold of expertise and capital that a control investor must possess, beyond this threshold the potential levels of expertise and capital can vary significantly. The level of enterprise risk is inversely related to the level of expertise and capital possessed by the control investor. The more resources and expertise the investor possesses, the less the operational risk. Thus enterprise risk is a relative and not an inherent fixed property of an enterprise. Furthermore, …

The Income Method Of Valuation: A False Analogy Between Bonds And Stocks, Michael Sack Elmaleh

Michael Sack Elmaleh

The discounting of future income streams by a risk adjusted rate of return by proponents of the income method reflects a misplaced faith in the ability to project accurately future income streams and pick out the “right” rate of return. Future income streams are fairly reliably predictable when analyzing a debt instrument. However, equity investment future income streams are notoriously unpredictable. Similarly assessing the risk associated with realizing returns from a fixed security is comparatively easy in comparison with assessing the risks associated with equity returns. The widely used Beta has not proved to be a very stable measure of …

Do Investors Demand Higher Rates Of Return On Risky Investments In Closely Held Small Businesses?, Michael Sack Elmaleh

Michael Sack Elmaleh

Investors in small closely held firms often are oblivious to risk if the rewards are perceived to be sufficiently high. Risk may also be ignored because such investors seek more than just increased cash flow. These investors often seek higher order psychological returns such as job challenge and status.

The Role Of Valuation Specialists: Telling It Like It Is Or Telling It Like It Ought To Be, Michael Sack Elmaleh

Michael Sack Elmaleh

While the buying and selling of businesses based on formulas may not be the soundest method of pricing a business the more rigorous methods do not always provide the best guidance either. Ideally prospective buyers should have knowledge of both formula methods and the more rigorous approaches.

In Defence Of Exploitation, Justin Schwartz

Justin Schwartz

The concept of exploitation is thought to be central to Marx's Critique of capitalism. John Roemer, an analytical (then-) Marxist economist now at Yale, attacked this idea in a series of papers and books in the 1970s-1990s, arguing that Marxists should be concerned with inequality rather than exploitation -- with distribution rather than production, precisely the opposite of what Marx urged in The Critique of the Gotha Progam.

This paper expounds and criticizes Roemer's objections and his alternative inequality based theory of exploitation, while accepting some of his criticisms. It may be viewed as a companion paper to my What's …

Functional Explanation And Metaphysical Individualism, Justin Schwartz

Justin Schwartz

A number of (present or former) analytical Marxists, such as Jon Elster, have argued that functional explanation has almost no place in the social sciences. (Although the discussion is framed in terms of a debate among analytical Marxists, the point is quite general, and Marxism is used for illustrative purposes.) Functional explanation accounts for what is to be explained by reference to its function; thus, sighted organism have eyes because eyes enable them to see. Elster and other critics of functional explanation argue that this pattern of explanation is inconsistent with "methodological individualism," the idea, as they understand it, that …