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Investing in kosovo 2011 mustang

Atm ipo 26.12.2020

investing in kosovo 2011 mustang

Vinyl sticker of a Ford Mustang GT. It is cut vinyl on transfer paper. Cut to order so will be a fresh sticker. Many colors to choose from! This clean CARtoon style graphic is printed large on the back with a small graphic on the front. Printed on Gildan brand quality shirts and hoodies. Mustang Journal of Business & Ethics MUSTANG JOURNAL OF BUSINESS AND ETHICS questionnaires and the investments were made in all kinds of economies. YOU CAN EARN FOREX THIS Create Liked by last. Reply had the. Step total built-in connected click only a to.

It is further proposed that color has the power to influence attitudes and behavior, promote creativity and concentration, and enhance healing and overall well-being Baughan-Young, That color affects perception at least to some degree is supported by experimental scrutiny in several disciplines.

Scargall reports that it appears that color directly influences individual physiology as measured by blood pressure, respiratory rate, and reaction time. Many of the articles on the role of color in marketing suggest that colors can be used to generate good feelings and increase the persuasiveness of advertising Gorn, Further experimentation in management science indicates that color plays a role in information extraction and interpretation.

Discussing graphs and tables, Hoadley concludes that color, as a subtle variable, can significantly enhance information acquisition such that interpretations can be made more quickly and accurately. Finally, in the field of education, color used in study spaces can affect learning behavior, attention span, and the ability to differentiate between objects Scargall, The results of this broad-based evidence suggest the need for a more focused exploration as to the possible effects of color on student performance.

Additional research suggests that white paper can be especially problematic Meares, In extreme cases, there are researchers who recommend eliminating white paper altogether Irlen, It is suggested that the use of colored paper e. Further, Tyrrell, et al. Based on the research cited above, one could surmise that students taking exams printed on white paper may take longer to complete the exams and may not comprehend the material as well as those using colored paper.

Research Questions Based on a review of the literature and anecdotal reports of classroom experiences, the authors became concerned that student test performance might indeed be negatively influenced by the color of the exam paper they were given. Two key performance measures were identified as likely to reveal negative influences resulting from the use of colored paper as an exam security measure.

These measures are identified in the study as Effectiveness and Efficiency. Effectiveness was used by the authors to refer to the performance score received by the student on each exam. The potential for color to impact test performance is clearly suggested by Hoadley in regard to information acquisition, interpretation, and recall. Efficiency was defined as the time in minutes required by the student to complete the exam. The suggestions throughout the literature that color affects reading speed Tyrell et al.

The preceding discussion leads to two research questions and associated hypotheses stated as null hypotheses which are addressed in this study. H 1 : The Effectiveness score of any one color group will be not be significantly different from the Effectiveness score of any other color group. H 2 : The Efficiency of any one color group will not be significantly different from the Efficiency of any other color group. Subjects and Methodology The subjects in this study are business students, in a relatively large urban university, enrolled across multiple sections of Fundamentals of Marketing and Integrated Marketing Communication.

Over the course of the semester, a total of fourteen multiple-choice exams were administered. In order to evaluate the proposed research questions, multiple versions of each exam administered in the course of the study were printed using a standardized set of colored paper. The set of colored paper used in this study consisted of white, pink, blue, yellow, and green. Exams were printed using an equal proportion of each color on each exam and were distributed randomly to students in the class.

The start time for each exam was noted by the proctor. Students recorded their responses for each exam question on a standard Scantron answer sheet. After grading, test colors, scores, and times were coordinated and compiled in a database. Independent sample t-tests were conducted between all color pairs to identify significant differences in either Effectiveness or Efficiency of student performance as a function of the color used for the exam.

P values of less than 0. Results A review of the simple overall data comparison in Table 1 does not reveal any obvious differences among colors and either performance measure. Students completing white exams produced the lowest mean score Both of these groups were very near the overall mean time Students with blue exams took the longest The statistical analysis of these data is further described in the following sections. Each color pairing was compared using an independent samples t-test.

The calculated t-statistics and associated significance are reported in Table 2. No significant differences in Effectiveness were identified between any pair of color groups. Thus, we fail to reject H 1. Failure to reject the hypothesis cannot be construed, however, as providing an answer to RQ 1. This issue will be addressed further in the conclusions drawn from the study. Again, each color pairing was compared using an independent samples t-test.

The calculated t-statistics and associated significance for Efficiency are reported in Table 3. As with Effectiveness, no significant differences in performance Efficiency were identified between any pair of color groups and H 2 is not rejected. Again, we are left with no answer to our research question RQ 2 and will address this issue in our conclusions.

This study is a rare exception to that rule. Had the normally expected result been attained, and one or both of the hypotheses rejected, serious issues would be raised that could not be ignored. This result would have suggested that students participating in the study as well as past students may have received lower grades than they deserved as a result of the exam security measures implemented by the professor.

While the findings reported herein do not provide definitive answers to the research questions posed, they do not report evidence in support of an affirmative answer to either question. Based on the findings of this study, professors can feel more confident in continuing to use one of the most common and easy to implement exam security measures with no obvious adverse effect on student performance.

There are some limitations that should be considered before attempting to generalize from this study and might suggest that it should be extended further. All subjects in this study were marketing students at one large urban university. Results may not be generalizable to students in other disciplines or at other institutions. All of the exams in this study were multiple-choice.

The issues of information acquisition and recall Hoadley, and attention span Scargall, may operate differently in the case of essay or short answer exams in which the student must produce their work directly on the colored test form. In these cases it is imperative that these students be encouraged to self-identify and that the professor accommodate their disability while implementing their normal security measures for the majority of students.

Marketing educators routinely stress the importance of proper survey design, pretesting, and administration to avoid biasing the responses from subjects. Woodside and Dubelaar note that adopting seemingly small changes in survey design can increase measurement effectiveness.

At the most basic level, an exam is simply a survey designed to discriminate among students based on their knowledge of the subject matter over which they are being tested. This study has discussed and evaluated one commonly used exam security method. Part of our job is to ensure that no individual student gains an unfair advantage over others by cheating. It is also part of our job as professors and role models to create an environment of trust and learning in which our zeal for security does not prevent any student from performing up to their highest potential.

About the Authors John P. University Dr. Contact information: phone: , fax: , email: jcamey uco. Nancy R. Congress Ave. Contact Information: phone: , email: nancym stedwards. James J. Contact information: phone: , email: jshacklett uco. Eligibility Procedures and Standards for Business Accreditation. The Color of Success. Journal of Property Management, 66, Brown, B.

International Journal of Management, 22 2 , Buckley, M. An Investigation into the Dimensions of Unethical Behavior. Journal of Education for Business, 73 5 , Chapman, K. Journal of Marketing Education, 26 3. Dunwoody, L. Thoughts on Perceptual Influences of Colored Paper. Perceptual and Motor Skills, 76, Gorn, G. Management Science, 43, Greer, T. Industrial Marketing Management, 23, Hibbert, L. Catch the Cheats. Professional Engineering, Hoadley, E. Investigating the effects of Color. Communications of the ACM, 33, Hutton, P.

College Teaching, 54 1 , Irlen, H. Reading by the Colors. Who Cheats at University? Australian Journal of Psychology, 57 1 , Mason, C. Unpublished Dissertation, Colorado State University. McCabe, D. Sociological Inquiry, 62 3 , Meares, O. Visible Language, 14, Merritt, J.

You Mean Cheating is Wrong? Business Week, 8. Nonis, S. Journal of Marketing Education, 20 3 , Reading Disabilities and the Effects of Colored Filters. Journal of Learning Disabilities, 23, O'Daniel, M. Psychology of Color. New Straits Times. Ross, K. Academic Dishonesty and the Internet. Communications of the ACM, 48, Sams, G.

Dyslexia and Exams. Scargall, H. Library Talk, 12, Schultz, L. Education, 2 , 7. Singleton, C. Journal of Research in Reading, 28 3 , Thompson, M. Hidden in Plain Sight. Chronicle of Higher Education, p. Tyrell, R. Journal of Research in Reading, 18, Weller, L.

Effect of Color of Questionnaire on Emotional Responses. Journal of General Psychology, , Woodside, A. Journal of Advertising Research, 43 1 , 8. There is a serious lack of work in the international business literature that looks at the influence of entry mode on subsidiary performance. Thus looking at this issue merits attention. The paper specifically looks at the choice between a joint venture entry, and a wholly owned subsidiary based entry and provides a number of testable propositions.

However, after operating as domestic companies for some period, firms may decide to go international. The findings from the monopolistic advantage theory Hymer, and the internationalization theory Buckley and Casson, explain why firms get motivated to go abroad. The monopolistic advantage theory suggests that a firm can generate higher rents from the utilization of firm specific assets which cannot be replicated by other firms.

These assets generally include superior knowledge and economies of scale. The internationalization theory suggests that when external markets for supplies, production, or distribution fails to provide efficiency; firms can opt for FDI to create their own supply, production, or distribution streams.

The four most common modes of foreign market entry are exporting, licensing, joint venture, and sole venture Agarwal and Ramaswami, Typically firms start exporting to a country via an agent, later establish a sales subsidiary and eventually begin production in the host country Johanson and Vahlne, The scope of foreign subsidiaries is increasingly becoming more international and often they are at the forefront of technological innovation Nobel and Birkinshaw, This comes as no surprise as it is widely believed that this century will ultimately belong to the emerging economies and countries such as Brazil, Russia, India, and China are now seen as the next economic superpowers.

The emerging economies have become lucrative destinations for MNCs because of the recent reforms and economic developments taking place in those countries Cui and Lui, Specific research into emerging markets is necessary because most of the works in international business research were conducted keeping the developed markets in mind. The unique characteristics of emerging economies may prove many of the findings in developed economy settings invalid in an emerging economy setting. However, there were reasons why studies on emerging market were not common in the past.

The inappropriateness of theories developed based on developed economies, sampling and data collection problems and lack of homogeneity in emerging economies generally makes it difficult for researchers to conduct study on emerging economies Hoskisson et al, The choice of mode of entry may have long term implications for the MNCs.

Although the work on the choice of Mode of Entry is quite abundant in the existing literature on international business, surprisingly there is a real lack of work that relates the mode of entry to the subsequent performance of the subsidiaries. This lacking is more acute if we consider entry into emerging economies specifically. I believe it would be very useful to take the studies in international business literature from a pre-entry to a post-entry level.

The findings from such study may prove very useful as it will indicate whether what we assume to be the correct choice of mode of entry does in fact result in positive outcome for the subsidiaries. The number of studies focusing specifically on emerging economies has always been few. However, we do see a change in the pattern and the number of studies focusing on emerging economies is certainly on the rise.

Through this paper I would like to add to the existing studies conducted in the emerging economies context. In this study, I aim to look at the interaction between the choice of entry modes and subsequent performance of subsidiaries in emerging economies. More specifically I will look at the impact of the choice between joint venture modes of entry versus wholly owned subsidiary modes of entry on subsequent subsidiary performance. I chose these two modes for consideration as the level of resource commitment by the firms are much higher in these two modes compared to the other two modes of entry exporting and licensing.

So the significance of the findings is likely to be lot more if the comparison is between these two modes. One of the most common theories used in the existing entry mode literature is the transaction cost approach. It comes as no surprise as the earliest and most complete acceptance of transaction cost theory was amongst the international business and economics scholars Barney and Hesterly, However, the use of economic models may not always be appropriate as it leaves out many other explanations.

One such problem is that they ignore organizations and institutions almost completely, and even when considered, they treat them as a residual category required by some form of market failure or contracting problem Pfeffer, It is improper to think of organizations as merely substitutes for structuring efficient transaction when markets fail; they possess unique advantages for governing certain kinds of economic activities through a logic that is very different from that of a market Ghoshal and Moran, In light of these arguments, it may not be a bad idea to look at the entry mode impact on performance from other perspectives.

So, in this paper I aim to use other organizational theories such as the institutional theory and the resource based view of the firm in building my arguments. Literature Review As mentioned before, although some studies Delios and Beamish, have looked at other theories such as institutional theories, most of the existing work on international entry modes has largely been dominated by a transaction cost approach Anderson and Gatignon, ; Hennart, ; Makino and Neupert, The transaction cost theory asserts that markets and hierarchies are alternative instruments for completing a set of transactions.

Williamson, In this approach, the emphasis is on opportunism, or self-interest pursued with guile and deceit. Ghoshal and Moran, The existing studies on subsidiary performance ranged from entry into developed markets to entry into transitional economies such as Russia and the East European nations. However, hardly any study looked specifically at entry into emerging economies, and even when looked at was looked at an individual country level. Often the studies were only concerned with one particular mode of entry and did not compare between entry modes.

One such study was conducted by Isobe et al In this study of Japanese International Joint Ventures in China, they found a positive relationship between early entry and market performance. They further found that there was a negative relationship between the degree of a foreign firm's control over a joint venture and early entry.

Japanese firms featured in other studies as well. A number of studies were conducted on European Union nations as well. In his study of foreign market entry mode and firm performance for European Union firms, Brouthers found that firms whose mode of choice could be predicted by the extended transaction cost model performed significantly better compared to those whose mode of choice could not be predicted. This study was based on survey data collected through questionnaires and the investments were made in all kinds of economies.

Boruthers et al conducted a study on the largest firms based in European community nations and found that firms which make perceived environment uncertainty PEU risk-adjusted entry mode choices are significantly more satisfied with their firm's performance than firms whose entry mode choices cannot be predicted using these measures. The data was also collected using questionnaire based survey. In addition to looking at the performance of subsidiaries directly, some of the works considered the survival of subsidiaries as an indication of high performance and exit as an indication of low performance.

In his study of foreign firms in the U. In his study on the offshore drilling industry, Mascarenhas found that first entrants and later entrants out survive early followers. Other works on subsidiary performance were quite different from exactly looking at entry modes as one of the determinants of success and failure. These studies looked at different aspects such as human resource management practice, headquarter-subsidiary relations, the concentration level of firms in a certain industry, and market experience.

In a study of foreign-owned subsidiaries in Russia, Fey and Bjorkman found that different human resource management practices for managerial and non-managerial employees are significantly related to firm performance. Hewett et al found that the more closely headquarters and subsidiary roles in marketing activities are aligned with relational, industry, and market conditions; the greater market share tends to be.

Miller and Eden examining the performance of U. As the findings from these studies suggest, the performance aspect of the firm were looked at from variety of ways. However, the relationship between entry mode and firm performance was not given much importance in most of the studies. When the specific study setting moved out of the developed nations, it only went as far as the transitional economies in most cases. Overall there is a need to conduct a study on the effect of entry modes in an emerging economy setting to fill in the gaps in the existing international business literature.

Since the transaction cost theory has been used very extensively in the earlier works, including the few works that were performed on entry mode and subsidiary performance, I decided to use a different perspective. Although some of the previous works e. Lu, looked at institutional influences; these works were specifically geared towards finding out the determinants of entry modes rather than the effect of entry modes.

Also the resource based view was hardly used in any of the previous literature that looked at the relationship between MNC entry mode and subsidiary performance. Thus, I believe that the use of the institutional theory approach and the resource based view of the firms will add something new to the existing works in the international business literature.

The Institutional Theory Although this theory is in prominence since the late 70s, surprisingly international business scholars were often indifferent to the possible use of this theory in explaining different aspects of the international business phenomenon. It is only recently that we see a growing interest from the scholars to incorporate this theory in international business research. As the institutional theory Meyers , DiMaggio and Powell, suggests, there is always a pressure on the incumbent firms to bow down to institutional isomorphism in the host country where they are operating.

This is not unusual since organizations that incorporate the practices and procedures institutionalized in the society increase their legitimacy and their survival prospects Meyer and Rowan, The supporters of this argument point to the fact that drawing the attention from the audience is of utmost importance for any firm Zuckerman, before it can think of utilizing a differentiation strategy to distinguish itself from the rest of the competitors.

If a firm remains as an entity that is out of radar of the desired audience, it will not be able to derive much value through differentiation as the unique attributes that might be on display through differentiation would remain largely unnoticed. One note of caution here is that solely following an approach of conformity may prove too risky as this may result in too much deviation from the culture and norms of the parent organization.

Hence, there is a need to maintain a balance between conforming to the environment where it operates as well as remaining consistent with the Headquarter Rosenzweig and Singh, Maintaining this balance requires good knowledge of both home country and host country environment. For a new entrant, understanding the nature of the host country business environment is likely to prove difficult. In such a scenario, joint ventures may be more helpful compared to a wholly owned subsidiary option.

Working with a local partner is likely to help the entrant in making the necessary adjustments and ultimately operate with a balanced approach. The MNC might overcome this problem if it has extensive experience of operating in the host country via other projects and endeavors. However, the situation for those MNCs who have little or no experience of operating in that particular host country will not be as favorable when compared to the experienced MNC.

This leads to my first proposition — Proposition 1: In an emerging economy setting, an MNC with less experience in the host country will perform better if it engages in a joint venture instead of opting for a wholly owned subsidiary. It is quite common for the new incumbents to follow in the footsteps of organizations that they perceive as successful in a particular industry. Following successful organizations can sometimes result in success for the follower firms.

In an environment of uncertainty, this path may seem very lucrative. This may be even more useful in an emerging economy as the MNCs often lack the necessary knowledge of operating in such economies and the environment in general is more uncertain compared to those of the developed nations. As mentioned by DiMaggio and Powell , organizations are rewarded for being similar to other organizations in their fields.

The similarity can make it easier for organizations to transact with other organizations, to attract career minded staff, to be acknowledged as legitimate and reputable, and to fit into administrative categories that define eligibility for public and private grants and contracts. These rewards, and the subsequent high level of performance, are more likely to come if the incumbent subsidiary follows in the footsteps of the other foreign subsidiaries that have tested success in their approach.

Although the risk of not being able to adjust to the host country environment properly remains in such a scenario, the idiosyncratic nature of the particular host country environment may help reduce this risk. In addition, following a tested path would provide the firm with some prior knowledge of the potential bottlenecks as well as areas of opportunity which might prove very useful for the new entrant. Thus I propose — Proposition 2: In an emerging economy setting , an MNC will perform better under a joint venture mode if the earlier successful entrants in the industry followed this mode and will perform better under a wholly owned subsidiary approach if the earlier successful entrants in the industry entered via a wholly owned subsidiary approach.

The Resource Based View The resource-based view of the firm adopts the resources and capabilities controlled by a firm as its primary units of analysis Barney, This view suggests that it is the valuable, rare, and inimitable resources that a firm controls that gives it the competitive advantage to outperform other players in the market. These resources may include technology, marketing expertise, management expertise etc.

While entering a market, firms may not always have the necessary resources. A firm that lacks the necessary resources may overcome this problem by relying on its partner for complementary assets. In fact, sometimes it is the abundance of the necessary resources that prompts organizations to engage in an international venture.

However, all these might change if the firm entering the foreign market is trying out a new industry, an industry where they have little or no previous experience. There is lot more uncertainty on the capability of the firm to actually perform at the desired level, and some additional support from already experienced partners are more than welcome. If there is a partner firm available with more experience, required technological know-how and the necessary marketing skills; the likelihood is stronger that the entrant would choose to collaborate with that firm.

In an emerging economy, the confidence level of the entrant firm in such case would be even lower as the lack of experience is combined with lack of understanding of the economy as a whole. So I propose the following - Proposition 3: In an emerging economy setting, an MNC will perform better under a joint venture compared to opting for a wholly owned subsidiary mode of entry when the MNC has no previous experience in the industry it is entering.

Although there has been substantial research on the topic of entry modes before, emerging market as a context was not generally considered. As we are moving more and more into a new era of global economic order, the importance of emerging market economies is on the rise. The future os many global companies now lie in their performance in these not yet fully developed but rapidly growing economies.

Under this scenario, researches geared toward understanding idiosyncratic nature of these economies is definitely going to allow scholars to get a better grasp of the overall understanding of the business environment of these economies. In my study, I came out with three propositions grounded on theory. I earnestly hope that my small effort will be helpful in providing some headway for future researchers who are interested to work on the relationship between entry mode and firm performance in the emerging economies.

Anderson, E. Barney, J. Barney, Jay B. Clegg, Cynthia Hardy, and Walter R. London; Thousand Oaks: Sage Publications. Brouthers, Keith D. Brouthers, L. Buckley, P. Cui, G. Delios, A. DiMaggio, Paul J. Fey, Carl F. Ghoshal, Sumantra, and Peter Moran. Hennart, J. Hewett, K.

Hoskisson, Robert E. Eden, C. Lau, and M. Strategy in Emerging Economies. Academy of Management Journal 43, 3: Hymer, S. Johanson, J. Li, Jiatao. London, T. Journal of International Business Studies 35, 5: Lu, Jane W. Makino, S. Mascarenhas, Briance. Meyer, John W. Miller, Stewart R. Pfeffer, Jeffrey. Podolny, Joel M. Root, Franklin R.

Thompson, James D. Organizations in Action, McGraw-hill. Williamson, O. Woodcock, C. Zuckerman, Ezra. Ever since, economists and finance academics have convincingly argued, generally to other economists, finance academics and captive students, that maximizing shareholder wealth is good not only for the shareholders but also for the society. The firm creates wealth when it maximizes shareholder value and the society benefits from the increased wealth. Others have argued that corporations have a social responsibility and should look beyond simply maximizing shareholder wealth.

Corporate social responsibility has now been accepted by managers and corporations regularly proclaim their achievements in this regard. While what constitutes social responsibility depends on who defines it, more and more managers are willing to consider it as part of their management responsibility. Some of the formal views on social responsibility have come together under the rubric of what is loosely known as stakeholder theory.

This paper provides an economic rationale as to why social responsibility may be good not only for the society but also for the corporation and its shareholders. Economic justification for social responsibility may lie in situations where the market imperfections make the corporation the best provider of certain services.

This has been the accepted wisdom for many economists as well finance academics, who have argued that shareholder wealth maximization should be seen as the normative and ideal goal on which all business decisions should be based. Shareholder wealth maximization is seen as the desirable goal not only from the shareholders' perspective, but also as for the society.

Support for this view comes from, among others, Sternberg and Jensen A very different view comes from the proponents of corporate social responsibility CSR. There is growing support for CSR among at least a section of business school academics that see CSR as part of stakeholder interests and management responsibility. Much of the views heard under the broad rubric of what is loosely termed stakeholder theory can be applied to the debate on CSR. While the proponents of CSR, as well as the broader stakeholder theory, differ widely in terms of the details, there is a general consensus among them in the rejection of the primacy of owners or shareholders.

This flies directly in the face of the classic profit maximization and shareholder wealth maximization SWM paradigm and challenges the perceived wisdom of in financial economics. This paper attempts to identify the source of the differences between the proponents of CSR and the supporters of SWM and then present an economic rationale for supporting CSR in some situations.

The paper is organized as follows. The first section presents an overview of the prevailing view of the supporters of CSR and stakeholder theory. This is followed by a summary of the SWM paradigm. The next section presents our attempts at finding a meeting ground between the two views.

We then extend the arguments of Amalric and Hauser and suggest that it is possible to find situations where CSR not only makes economic sense but can seen as adding value for the firm and its shareholders. The last section offers concluding comments. CSR view has now branched off on its own and has a number of proponents and a host of consultants, practitioners and non-governmental organizations NGO espousing its benefits as well as making it a corporate imperative Fombrun and Davis The role of NGOs in the popularization of CSR and making it more acceptable in the corporate world cannot be overstated.

Fombrun reviews the evolution of CSR in different countries and reports that various standard setting initiatives have developed, particularly in Europe where regulatory actions on the part of pan-European authorities have played a key role. Much of the initiatives in the US have come voluntarily from corporations. Davis suggests that corporations have responded partly under pressure from NGOs and could actually benefit from pro-active strategies which anticipate the issues that shape the social context of business.

Freeman argued that corporate management should look beyond shareholders and proposed a stakeholder perspective in managing the firm. Since then, a number of books and articles have been written on what is purported to be the stakeholder theory. There is little consensus on all the essential features of the theory including who the stakeholder is.

Phillips, Freeman, and Wicks PFW give a critical account of what the stakeholder theory is and is not. Jones and Wicks attempt to develop a convergent stakeholder theory using the taxonomy suggested by Donaldson and Preston as the starting point.

The three classes proposed by Donaldson and Preston are: instrumental, descriptive and normative. The instrumental version of the theory implies that certain actions by managers would result in certain outcomes. The normative version suggests that managers should behave in certain ways. Jones and Wicks further classify the normative version as ethics based and the instrumental and descriptive as social science based theories.

Current empirical studies of actual managerial behavior, at least in the US, do not lend much support to the descriptive version Jones and Wicks , Margolis and Walsh Jones and Wicks find the instrumental stakeholder theory more promising; managers accept CSR in the belief that it is good for profits. PFW note that a general version of this would be found acceptable even by Jensen and Sternberg , who hold shareholder wealth maximization to be the primary goal.

This view would clearly reject the shareholder wealth maximization as the primary goal for the firm. This implies some sort of absolute responsibility to society above and beyond what is called for legal business behavior. It appears that an overriding concern for most of the stakeholder theorists is that the management of the firm may exclude the stakeholders other than shareholders from legitimate rewards as well as participation in key decisions concerning the future of the firm and their own future.

It is assumed that all participants who have transactions with a firm - employees, suppliers, customers, lenders, etc. They can add to their wealth only after satisfying all the prior claims of every other participant. They bear all the risk of failure and therefore it is only fair that they get the rewards.

The model also assumes that there are no externalities or any harm or damage done to any non-participant in the transactions. The shareholder wealth maximization paradigm is seen as moral and ethical Friedman , Jensen , Sternberg , Coelho, McClure and Spry by its proponents. Any legal market transaction where all participants are free and willing participants is considered moral. This is seen as the foundation of the free market system. Jensen , Sternberg and Coelho, McClure and Spry all argue that Stakeholder theory is incompatible with substantive objectives, which are needed to run businesses effectively.

The SWM paradigm assumes that the different stakeholders are not only free and voluntary players but are also able to get their fair reward or compensation because they interact with the firm through free and competitive markets. There is no externality, no one is a weak or incompetent player and the governments are fully capable of addressing externalities and protecting weak or incompetent players. Any market imperfection or failure is the exception rather than the rule.

The stakeholder theorists, on the other hand, seem to go the other way and assume that firms cannot take free and competitive markets for granted and firms have to take specific actions to ensure fair rewards and compensation for all the stakeholders and also provide benefits to society beyond their goods and services.

A dialogue between the two camps is possible only after we acknowledge these fundamental differences between them. Signs of compromise may be emerging as evidenced by changing attitudes of at least some of the supporters of SWM. Jensen while rejecting most of the claims of the stakeholder theory concedes that a firm cannot maximize value if it ignores interests of its stakeholders.

This objective can, of course, be satisfied only with the cooperation and support of all relevant stakeholders. Enlightened value maximization, in short, says that a firm cannot maximize value if it ignores or mistreats any important stakeholder group. By the same token, the enlightened stakeholder theory implies that firm value is the goal, but the processes and the audits suggested by the stakeholder theorists should form the basis of action towards motivating all the key stakeholders.

It should be noted that while the SWM paradigm assumes competitive markets and no market imperfections, finance theory has evolved over time to include effects of some market imperfections. Two areas of extensive research and model development include agency relationships and information asymmetry. It is interesting to note that PFW quote a legal opinion to argue that managers should be considered as agents of not just shareholders but for the entire firm and therefore all stakeholders.

PFW while pleased that both Jensen and Sternberg accept the instrumental version of the theory, also feel that most of the characterization by the critics of the stakeholder theory are either unjust or are the result of misinterpretation of what the theory stands for. PFW attempt to answer the criticisms made by Jensen and Sternberg.

However, careful reading of all the papers involved would give the distinct impression that the two groups are talking over the heads of each other. Clearly, given the assumptions of free exchange by voluntary players in a competitive market environment, most if not all of the arguments made by Jensen and Sternberg would be vindicated.

Stakeholder theory supporters appear to have something else in mind. While competitive markets are taken for granted in the finance paradigm, stakeholder theorists seem to shy away from the concept. In other words, stakeholder theory implicitly assumes market imperfections and firms have power over the different stakeholders.

The key question is to what extent the assumption of fair and competitive markets is valid for the different stakeholders. One wishes the stakeholder theorists would explicitly spell this out. In any case, the fear seems to be real and the important question that is not raised by either side is how valid are the assumptions of free and competitive markets.

For examples do some firms have power over employees or suppliers as is commonly believed by many in the media in the case of companies like Wal-Mart? Do some firms have monopoly powers over customers? Of course, in order to justify the stakeholder view, one should not only see market failures or imperfections, but also lack of governmental regulations or legal restrictions on the firm.

Amalric and Hauser attempt to provide economic justification for CSR by pointing out that under various conditions of market imperfections, firms can use CSR to increase demand, boost reputation, and reduce regulatory risk. Similar views are also seen in Davis While these arguments are not new see Post , Amalric and Hauser seem to clearly imply that CSR makes sense only under market imperfections.

They also, perhaps, imply that in the real world, market imperfections are all too common. Our view is that one does not have to be a hard-core CSR fanatic to agree that there are instances of market imperfections when the assumptions built into the SWM paradigm do not hold. This justifies a clear role for CSR. Examples of these imperfections are rather easy to find in lesser developed countries in Africa or Latin America or Asia where market failures are occasionally compounded and made worse by government failures are incompetence.

Such situations, be it in Africa or Latin America or the occasional Katrina in the US or the immigrant conditions in France, provide opportunities for CSR, in the best sense of the term, for corporations. An extension to the general case is when a company finds itself with a competitive advantage in providing a good or service beyond its normal products and services. One may be walking a fine line here, but the long-term economic value could easily be identified perhaps in contrast to the short-term discounted cash flow net-present- value, both in societal terms and from the narrower corporate perspective.

It is not surprising that some corporations actually take this approach. An example closer to home is the extension of services by Wal-Mart and Home Depot during the near break down of government services. SUMMARY This is paper attempts to the bridge the gap between two competing views on the role of corporations and their social responsibility.

This is mainly because each side starts from very different assumptions about the state of the markets and competition. We suggest that it is possible to find situations where markets are less than perfect and corporations may be best positioned to provide goods and services beyond their normal products and services. This could be seen as CSR with economic value to the society and the firm.

Journal of Corporate Citizenship, Winter Coelho, Philip R. McClure, and John A. Mid-American Journal of Business 18 1 : Davis, Ian. What is the Business of Business? McKinsey Quarterly 3: I am not kidding on this one: the so-called Kosovo government and criminals will be the main people traveling. This undermines Adria's reputation and business perspective as it is already struggling on its home market. On a political note, shame on Adria. Adria Airways is a Slovene national carrier so I can't see where is a national interest in this I know biusiness is business Kosovo market will not save Adria.

Kosovo have huge Diaspora. So many Kosovars work in Switzerland, Germany, France PRN airport have some 1. Because of that Adria decision is absolutely clever. I sometimes don t believe but you can t imagine how many times LX operates with A on this route. Today they served it with A, tomorrow they have an A This company had to focus on its core business: the Balkans. By offering direct flights to Brussels and Paris they act with a lot of intelligence.

They just fill a vacuum and answer to REAL demands from the passengers. Do not forget that, in addition to the diaspora, many internationals do live and work in Kosovo. However, it is difficult to justify that Adria's move is clever when Croatia and Serbia have just re-established air links with their respective airlines, making them even more competitive and those flights WILL SURELY have immense positive effects on their flights.

Adria can barely survive in its own market, that is a FACT. It has been proven even on Discovery, BBC, and the Travel Network that a lot of travel in Serbia's southern province is usually around criminals in some form or another. If anywhere, Skopje should be a primary target for Adria. JAT tried to do something there and still failed. Skopje and Ohrid are pretty much relying on Belgrade for transfer flights, and would definitely be a better option than Pristina.

However, if it is going to help another Serbian airport succeed, then by all means go ahead. Also, shame on Slovenia for putting business which is not even profitable, ahead of something more valuable than money Interesting views from all. For the record, when I say "Kosovo" I am referring to the Serbian province.

The local population cannot help unless criminals use the planes as transport, which only high-end criminals use in Kosovo.

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Please Paste this Code in your Website. Kosovo Exports. Kosovo mainly exports metals 47 percent of total exports and mineral products 30 percent of total exports. Other exports include prepared food, plastics and rubber, machinery, appliances and electric materials and textiles. Compare Exports by Country. United Nations Comtrade Database. Kosovo - Credit Rating at Kosovo Central Bank Balance Sheet at Kosovo Balance of Trade at Kosovo CPI Transportation at Kosovo Inflation Rate MoM at 0.

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