Social Entrepreneurship eJournal最新文献

{"title":"Can an Old Dog Learn New Tricks? Applying Traditional Corporate Law Principles to New Social Enterprise Legislation","authors":"Alicia E. Plerhoples","doi":"10.2139/SSRN.2010808","DOIUrl":"https://doi.org/10.2139/SSRN.2010808","url":null,"abstract":"Seven U.S. states have recently adopted the benefit corporation or the flexible purpose corporation — two novel corporate forms intended to house social enterprises, i.e., those ventures that pursue social and environmental missions along with profits. And yet, these corporate forms are not viable or sustainable if they do not attract social entrepreneurs or social investors due to the lack of understanding and inquiry into how traditional corporate law principles will be applied to them. This Article begins this necessary examination. As a first approach, this article assesses shareholder primacy and the shareholder wealth maximization norm in the context of the sale of an early-stage flexible purpose corporation. As the market for products and services produced by social enterprises grows, traditional “profit-maximizing” corporations, which may have given limited attention to their social or environmental outputs in the past, want a piece of this market share and can make a rapid market entrance by acquiring an established social enterprise. Using the lens of a corporate acquisition, this article argues that the shareholder wealth maximization norm must be rejected for flexible purpose corporations given the statute’s legislative history and a contractarian view of shareholder primacy where shareholders’ interests are both economic and non-economic. Nonetheless, rejection of the norm leaves a gap in directors’ accountability to shareholders. This article examines alternative accountability mechanisms, including employing a heightened standard of review to the sale of flexible purpose corporations.","PeriodicalId":170603,"journal":{"name":"Social Entrepreneurship eJournal","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131450528","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Constructing Scenarios of Time Heterogeneous Series for Stress Testing","authors":"H. Vinod","doi":"10.2139/ssrn.1987879","DOIUrl":"https://doi.org/10.2139/ssrn.1987879","url":null,"abstract":"Heterogeneous global trends in asset prices and savings affect the macro economy. Our challenge is to use limited data to make inference regarding underlying causes. In general, government and business decision makers, FDIC type regulators and risk professionals need quantitative tools to help generate plausible scenarios of state-dependent and time heterogeneous nonstationary time series. We suggest using maximum entropy type bootstraps, recently implemented in an R software package called \"meboot.\" A new modification of meboot divides the data series into blocks and can randomly modify the (down, at or up) direction of series within each block. Our large number of resamples are then available for construction of scenarios for probabilistic stress testing. A simulation study evaluates the performance of our proposal in the context of many types of time-heterogeneity showing that it behaves better than moving block bootstraps. We apply meboot tools to stress test inference regarding Granger-causality between asset prices and world savings rates, and also to the 'Value at Risk' used in Finance.","PeriodicalId":170603,"journal":{"name":"Social Entrepreneurship eJournal","volume":"15 3-4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131488595","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Cádiz, Commercial Activities in the Eighteenth Century and the 'González De La Sierra': A Point of Observation of Spanish Economy and Colonialism","authors":"A. Lepore","doi":"10.2139/SSRN.1979894","DOIUrl":"https://doi.org/10.2139/SSRN.1979894","url":null,"abstract":"The subject of the paper is the position of Spanish entrepreneurs who revived the \"Gonzalez de le Sierra\" firm in the gaditiana society of the XVIII century; their cultural, economic, geographic and ethnic background; the firm strategies they used to reach the aims of development of the commercial enterprise of Cadiz; the social, economic and geographic context, where the impetuous growth of the Andalusia port took place. The Andalusian city, according to Antonio Garcia-Baquero Gonzalez, lived, during the XVIII century, \"un autentico siglo de oro\". In that period Cadiz, the most ancient city of the west (founded by Phoenician people around 1100 b.c.) had a great commercial growth and became, because of its merchants' enterprise, the capital of the commercial monopoly with America: the city was able to keep these sole rights up to 1778. The suppression of the old monopolistic system and the concession of liberty of traffic to the colonies with the harbors of Spain helped, however, at the end of the XVIII century, a revival and a great increase of the Spanish commercial activities with America: Cadiz was still the center of these activities, even if for a brief period. The origins of the \"Gonzalez de le Sierra\" firm are connected to the emigration which, from the northern regions of Spain, headed towards Cadiz, in the XVIII century. During this period we can analyze the events of the society: from the birth of the firm, which grows up as a distribution activity and as an alimentary and colonial products sale; to its development, with the settlement of a local system of commercial shops; to the growth of dimensions and to the transformation of the firm, which becomes an international level enterprise and which looks to the trades with the overseas colonies as its main activity; till to the gradual renouncing of the initial aims, the supplying and the sale of ultramarine products, the colonial trade. Looking to the commercial firm of Cadiz we can observe the particular inclination of the gaditiano merchant about the use of various activities (trade on one's own account, trade on order, other kind of intermediary forms, retail or wholesale trade, use of marine transports, etc.); as well as you begin to make a remark on the gaditiana mercantile middle-class, which has represented one of the most uncommon examples of the existence of a Spanish entrepreneurs class. The interest on the considered period is founded on the necessity of establishing a connection between the development of the \"Gonzalez de le Sierra\" society and the changes of the economy and trade of Cadiz. Particularly, though some general trends of economy can be confirmed by an examination of the events of the gaditiana commercial enterprise, we must pay attention to the firm activity, that reaches the top while the city starts to decay. To this historical paradox another one is added to confer other incentives to the analysis: the gaditiano trade, except in the last period of the XVIII c","PeriodicalId":170603,"journal":{"name":"Social Entrepreneurship eJournal","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114992940","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Microfinance Market of Cameroon - Analyzing Trends and Current Development","authors":"L. Fotabong","doi":"10.2139/ssrn.2007912","DOIUrl":"https://doi.org/10.2139/ssrn.2007912","url":null,"abstract":"The microfinance market recorded double digit growth in 2011. The microfinance market of Cameroon registered an impressive double digit growth in 2011. Thanks to ongoing expansionary and aggressive market penetration measures adopted by major players, CAMCCUL, CCA and MC2, growing customers and members confidence in the 1st Trust and CCA brand and swift response made by major stakeholders following the collapse of COFINEST to regain customers and members confidence. Major players such as MC2, launched more than eight new units that fully went operational, while CAMCCUL registered more than 10 new units.The collapsed of COFINEST weakened customers confidence. The exponential growth that greeted the microfinance market of Cameroon in 2010 slow down in 2011 following the collapse of a major player CONFINEST that affected customers and members confidence negatively. In early 2011, the government announced the official closure of COFINEST with major shareholders arrested for mal-practices and mismanagement in the market. This sparked fear within depositors and non depositors who rushed in other microfinance institutions to withdraw their deposits. However, with quick action taken by major stakeholders such as the government to ensure creditors start receiving their funds, and assurance from other players such as CAMCCUL, MC2, and CCA customers gradually regain confidence.Regulators tightened up control to watch against crooks and quacks. Following the collapsed of CONFINEST a major player in the microfinance sector in 2011 regulatory authorities became actively involved in the control and supervision of MFIs activities. For example, control mission from the regulatory and supervisory authority COBAC became increasingly present in major MFIs to scrutinize their activities with respect to basic prudential norms. Again, attempt by the government to win the interest of different stakeholders particularly in the phase of the crises in North Africa and the Presidential election billed for October 2011 led to a corporate citizenship image. COBAC recently started a nationwide evangelism to sensitize promoters of microfinance institutions in Cameroon on the need of professionalism so the sector does not become an all-comers affair.Class one institutions dominate with CAMCCUL controlling an outright 53% share. The Cameroon microfinance landscape is out rightly dominated by class one institution that controls close to 86% of the market in terms of number of institutions and outlets with CAMCCUL the market leader controlling an outright 55% of the overall market. In 2010, and 2011 category one MFIs constituted about 510 of the 589 institutions existing in Cameroon at the time. The growing number of category one institution is their easy formation, lower capital requirements and the fact that they can easily opt to belong to a network and benefit the many advantages from the umbrella institution. The case of CAMCCUL, MC2 and CVECA are good examples. However, in va","PeriodicalId":170603,"journal":{"name":"Social Entrepreneurship eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131129231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Women Participation in MSMEs","authors":"M. Raj","doi":"10.2139/SSRN.1967757","DOIUrl":"https://doi.org/10.2139/SSRN.1967757","url":null,"abstract":"With limited data and information, this paper aims to examine the recent developments in women participation/entrepreneurs in India.. This paper focuses on women entrepreneurs in micro, small and medium enterprises. The objective of the paper is: a) to estimate the ratio of women labor force in micro, small and medium enterprises, b) women share in registered and unregistered MSMEs, c) to identify the socioeconomic problems faced by women, d) credit availability, e) development of women entrepreneurship under planning. The findings of the paper shows that women form a category of “forced” entrepreneurs seeking to supplement their family incomes. A larger share of the women workforce belongs to the poor families or lower middle income group. Our findings also comes up with the fact that even after six decades of independence, women participation is just 10-13% of the in micro, small and medium enterprises. The recent trends show that when women are better educated and have better paid employment opportunities, then participation of women might decline in SMEs and they may move towards large scale industries.","PeriodicalId":170603,"journal":{"name":"Social Entrepreneurship eJournal","volume":"201 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123015687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Cooperative and Social Enterprises in the New Paradigm: Why in Europe Facts Run Counter to Ideology","authors":"Gianluca Salvatori","doi":"10.2139/SSRN.1950054","DOIUrl":"https://doi.org/10.2139/SSRN.1950054","url":null,"abstract":"The Spanish version of this paper can be found at: http://ssrn.com/abstract=1950559The paper discusses the renewed interest in the social economy within the European political and institutional discourse. After over two decades during which the economic thought and development strategies in our continent have been monopolized by the model of large capitalistic enterprises within a state-market dichotomy, there is now a greater acknowledgment of the diversity of enterprise forms. The crises that started in 2008 has accelerated this process, which had already started with the decline of the traditional welfare state and the rise of social enterprises, coupled with a more active role played by cooperatives. In this context, the new debate on social innovation arose, which saw the active involvement of the European Commission itself. Despite the limitations imposed by a conceptual and terminological frame of reference that still does not translate into an adequate theory of the pluralism of enterprise forms, this debate reflects the acknowledgement that the European experience is populated by myriad examples, particularly at the local level, of how this pluralism has always been alive and well, and how it can now be an important element in a strategy that can lead us out of the financial and confidence crisis that plagues European societies.","PeriodicalId":170603,"journal":{"name":"Social Entrepreneurship eJournal","volume":"442 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114107360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"La Cooperación En Trentino: Un Modelo Construido a Través De 120 Años De Transformaciones (Cooperation in Trentino Over 120 Years of Transformation)","authors":"Gianluca Salvatori","doi":"10.2139/ssrn.1950560","DOIUrl":"https://doi.org/10.2139/ssrn.1950560","url":null,"abstract":"The Italian version of this paper can be found at: http://ssrn.com/abstract=1950198 Este documento de trabajo presenta un estudio de caso del Trentino, una de los territorios europeos con la mayor densidad de empresas cooperativas. El sistema de cooperación desarrollados en esta zona fronteriza a lo largo de su ciento veinte años de historia ha respondido a una serie de acontecimientos que han cambiado sustancialmente y en repetidas ocasiones el marco institucional y económico, que muestra una gran versatilidad. Esta característica es analizada a seguir por un lado desde el punto de vista de su capacidad de responder a los cambios de contexto, configurandose como un elemento fundamental de las dinámicas del desarrollo local y, por el otro, como aporte en terminos de una reflexion sobre una teoría de la pluralidad de formas de empresa, es decir como núcleo de una estrategia para responder a la crisis del modelo industrial tradicional, enfocado sobre la gran empresa de capital. This working paper presents the case of the Italian region of Trentino, one of the areas in Europe with the highest concentration of cooperative businesses. The cooperative system that developed in this border region has reacted to a series of events over the course of its 120 years of history that have radically and repeatedly modified the institutional and economic context, demonstrating notable versatility. This characteristic is analysed here in reference, on the one hand, to the capacity to respond to changes in the context as a fundamental element of local development, and on the other hand as an element of reflection for a theory of entrepreneurial pluralism as the nucleus of a strategy to respond to the crisis in the classic industrial model based on large capitalistic firms.","PeriodicalId":170603,"journal":{"name":"Social Entrepreneurship eJournal","volume":"110 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133874208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Las Empresas Sociales Y Cooperativas Dentro Del Nuevo Paradigma: Porque En Europa La Realidad Los Negan La Ideologia (Cooperative and Social Enterprises in the New Paradigm: Why in Europe Facts Run Counter to Ideology)","authors":"Gianluca Salvatori","doi":"10.2139/ssrn.1950559","DOIUrl":"https://doi.org/10.2139/ssrn.1950559","url":null,"abstract":"The Italian version of this paper can be found at: http://ssrn.com/abstract=1950054 El texto trata del renovado interés europeo, dentro del debate político-institucional, para la economía social. En particular se aborda el reconocimiento de la diversidad de formas de empresas después de más de dos décadas en las que, tanto el paradigma económico continentale asì como las comunes estrategias de desarrollo de la Unión Europea fueron monopolizadas prácticamente por el predominio del modelo de las grandes empresas capitalistas enmarcas dentro del duopolio Estado - mercado. La crisis que se estalló en 2008 ha acelerado un proceso (ya iniciado por el declive de las formas tradicionales del Estado del bienestar), que entreve la aparición de formas de empresas sociales y también el papel más activo de las cooperativas. Este marco forma parte del debate reciente sobre la Innovación Social, que ve entre sus participantes la propia Comisión Europea. Inclusdo evitando de tratar sobre las referencias conceptuales y terminologícas que aún no han formado una teoría adecuada sobre la pluralidad de formas de empresa, este debate es un reconocimiento de cómo la experiencia europea está caracterizada por muchos ejemplos, especialmente a nivel local, mostrando que demuestran como este pluralismo se ha mantenido siempre vivo y productivo, y hoy puede representar un componente importante de una estrategia de salida de la crisis financieras y de la falta de confianza que afecta las sociedades europeas. The paper discusses the renewed interest in the social economy within the European political and institutional discourse. After over two decades during which the economic thought and development strategies in our continent have been monopolized by the model of large capitalistic enterprises within a state-market dichotomy, there is now a greater acknowledgment of the diversity of enterprise forms. The crises that started in 2008 has accelerated this process, which had already started with the decline of the traditional welfare state and the rise of social enterprises, coupled with a more active role played by cooperatives. In this context, the new debate on social innovation arose, which saw the active involvement of the European Commission itself. Despite the limitations imposed by a conceptual and terminological frame of reference that still does not translate into an adequate theory of the pluralism of enterprise forms, this debate reflects the acknowledgement that the European experience is populated by myriad examples, particularly at the local level, of how this pluralism has always been alive and well, and how it can now be an important element in a strategy that can lead us out of the financial and confidence crisis that plagues European societies.","PeriodicalId":170603,"journal":{"name":"Social Entrepreneurship eJournal","volume":"129 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127091705","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Disjointed Innovation: The Political Economy of Digitally Mediated Institutional Reform","authors":"J. Fountain","doi":"10.2139/ssrn.1916392","DOIUrl":"https://doi.org/10.2139/ssrn.1916392","url":null,"abstract":"Current attention to social media and governance has focused on the enactment of networked communication and information use by and for governance with particular attention to the role of civil society. This paper argues that such a focus, while illuminating a possibly utopian perspective on political participation, often obscures even recent government reforms, existing institutional arrangements, and the myriad processes by which knowledge is translated to action in political settings. Drawing from and extending core perspectives within historical institutionalism, the paper examines three streams of theory and research: temporal models, coordination models, and the political effects of public policies where policies themselves may be conceptualized as institutions. Illustrations are drawn from American and European politics and used to ground as well as to probe models. The objective of the paper is a conceptualization that rebalances attention between agency and structure and that simultaneously considers the political past as well as the future.","PeriodicalId":170603,"journal":{"name":"Social Entrepreneurship eJournal","volume":"86 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122949760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"From Social Rating to Seal of Excellence: Utility or Futility?","authors":"A. Ashta, Vitalie Bumacov","doi":"10.2139/ssrn.1890682","DOIUrl":"https://doi.org/10.2139/ssrn.1890682","url":null,"abstract":"The microfinance sector stated with a promise of being good for poverty reduction. Thus, there was a social bottom line. Instead of giving charity, we were giving loans which help make the poor responsible and entrepreneurial. Thus microfinance developed with a strong social bottom line brand image. Donors rushed in. It was soon clear that if the MFI is not durable over time, then the social impact is minimal. Since donors are subject to fads, we need to wean away the sector from free funds and grants. Thus, we brought in the double bottom line: profits and social impact. The brand image of microfinance got modified: diluted as well as reinforced: diluted, because in addition to making poor people responsible and entrepreneurial, we were insisting that the MFIs themselves be responsible and economically sustainable; reinforced, because it now indicated that both the poor and the IMF associated with the movement would eventually not require donor finance. It seems that the double bottom line mission has generally become reduced to a focus on profits as MFIs realized that there is money to be made and that the amount of profits depends on scale. The rush to scale and taylorism made one forget the social impact. Can social rating or social labeling reinforce the social mission?","PeriodicalId":170603,"journal":{"name":"Social Entrepreneurship eJournal","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134065990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}