Superstitions are unproven beliefs that shape decision-making. While many studies have examined their influence on corporate financial decisions, few have addressed their impact on corporate social responsibility (CSR). In this study, we focus on the superstition associated with the Chinese zodiac year – a belief linked to bad luck – and investigate its effect on firms’ charitable donations. Drawing on literature concerning stress appraisal, resource building, and corporate philanthropy, and using data from Chinese listed firms from 2008 to 2020, we find a positive association between a CEO’s zodiac year and corporate donations. Furthermore, this effect is weakened by CEO’s overconfidence and amplified by increased negative media coverage of CEOs during zodiac years. This study contributes to the literature on the outcomes of superstitions in management, the antecedents of corporate philanthropy, the boundary conditions of stress appraisal, and the agency motivations of corporate philanthropy. Managerial implications are also discussed.

Legitimizing property rights over the resources that participants use in dictator and ultimatum games has been shown to significantly alter behavior. However, a similar impact has not been observed in public good experiments. We employ an interior public good design with thirty periods of peer punishment, which allows groups to choose between plausible contribution norms without conflicting with efficiency. Across our Unearned and Earned treatments, endowments are randomly allocated or earned through a real effort task. In Unearned, both High and Low types adhere to a norm of contributing an equal proportion of one’s endowment. In contrast, in Earned, only Low types adhere to the proportional contribution norm, while High types contribute less than an equal proportion. Notably, deviations from the proportional contribution by High types are punished significantly less in Earned, suggesting a greater tolerance to such deviations when property rights are earned.

Why does collaboration among competitors persist as industries mature? Standard models predict it will fade with formal governance and rivalry, yet in some sectors, it becomes a stable norm. Using a Veblenian Original Institutional Economics (OIE) lens, this paper develops a four-stage heuristic linking evolving uncertainty (radical, relational, coordination, durability) to distinct coordination logics. A mixed-methods study of the U.S. artisanal cheese industry (1975–2018) shows that collaboration became institutionalised through habituated practice, identity alignment, and moral commitment, later layered with formal supports. The framework clarifies how OIE best explains norm emergence and reproduction, while New Institutional Economics (NIE) helps account for codifying and scaling already-institutionalised norms. Quantitatively, peer networks shifted toward higher clustering and greater geographic localisation; qualitatively, mentorship and open exchange sedimented into professional expectations. Collaboration endures because it is morally meaningful, identity-affirming, and institutionally reproduced. Efficiency benefits may follow, but they do not explain its origin or persistence.

The UK fiscal framework, especially the fiscal rules in place, has faced widespread criticism. Since the current system was introduced, the UK’s fiscal arithmetic has worsened. The article examines practices in other countries and, going beyond rules, looks at other dimensions of their fiscal frameworks, then suggests a ‘menu’ of possible changes to improve the UK approach. Scrutiny and a variety of governance features also deserve attention. While not all practices elsewhere can be directly adopted in the UK institutional setting and some would encounter political sensitivities, many can.

We compare Alfred Marshall, Vilfredo Pareto, and Knut Wicksell on the relation of family size to poverty, considering their (1) views on Thomas Robert Malthus, (2) contributions to statistical studies of population and standards of living, and (3) theories of poverty. While they shared the conclusion that to reduce poverty required decreasing the family sizes of the poor and working classes, they diverged on how this should be accomplished. Marshall rejected the use of contraceptives and argued that family limitation should arise from delayed marriage and restraint within marriage. Pareto thought such recommendations unscientific and unrealistic. Statistically, it was clear that people practiced preventative checks to varying degrees across countries and across classes; privately, Pareto supported the use of birth control as a responsible choice. Wicksell took the most radical position, publicly advocating for legal contraceptives and sex education for everyone regardless of class or marital status. We show how their working out of the problem of poverty subsumed additional questions of positive and normative science and the role and status of moral judgment in policy. Their discussion of the public interest in private reproductive choices reflects many of the same tensions that characterize contemporary discussions, indicating the continuing relevancy of the topic.

Extreme precipitation events have become more frequent and severe in recent years, leading to devastating natural disasters around the world. This paper investigates the impacts of extreme rainfall on corporate leverage dynamics. We find that the increase of extreme precipitation brings about a significant drop in firm’s leverage. The channel tests show that extreme rainfall would generate the recession of firm’s balance sheet and thus tighten the financing constraints, inducing firm to cut down leverage. On the other hand, intense rainfall would depress the land price and heighten local government’s debt risk, which crowds out the credit resources allocated to private sector, contributing to the deleveraging of firms. Simulations from the new Keynesian DSGE model with extreme rainfall shock and local government land finance system, lend further support to our empirical findings. Furthermore, our model shows that the welfare cost of extreme rainfall risk can amount to 2.2% of the agent’s lifetime utility. Lower welfare cost can be achieved by accommodating monetary policy and active fiscal policy.

In this paper, we investigate a competitive market involving two agents who consider both their own wealth and the wealth gap with their opponent. Both agents can invest in a financial market consisting of a risk-free asset and a risky asset, under conditions where model parameters are partially or completely unknown. This setup gives rise to a nonzero-sum differential game within the framework of reinforcement learning (RL). Each agent aims to maximize his own Choquet-regularized, time-inconsistent mean-variance objective. Adopting the dynamic programming approach, we derive a time-consistent Nash equilibrium strategy in a general incomplete market setting. Under the additional assumption of a Gaussian mean return model, we obtain an explicit analytical solution, which facilitates the development of a practical RL algorithm. Notably, the proposed algorithm achieves uniform convergence, even though the conventional policy improvement theorem does not apply to the equilibrium policy. Numerical experiments demonstrate the robustness and effectiveness of the algorithm, underscoring its potential for practical implementation.

El comercio transpacífico entre América Latina y Asia Oriental durante el período previo a la Segunda Guerra Mundial ha sido escasamente estudiado. En este artículo, analizamos la construcción desde Argentina del vínculo mercantil con Japón entre 1934 y 1940. Al hacerlo, ponderamos las oportunidades y las limitaciones que surgieron en un contexto de des-globalización económica, y arrojamos luz sobre las posibilidades de diversificación geográfica del comercio exterior argentino. Abordando diversas fuentes de los sectores público y privado, el estudio revela que las iniciativas gubernamentales por profundizar los lazos con el socio oriental, apoyadas por los agroexportadores, enfrentó críticas de los empresarios textiles, quienes acusaron a Japón de ejercer dumping financiero y social.

This essay coins and develops the concept of Longevity Capitalism, a biopolitical and financial regime in which both the condition of living longer and the pursuit of longevity are transformed into frontiers of accumulation. As financialisation extends into the domain of ageing, longevity – once a social and fiscal challenge – has been reframed as an investment opportunity. The essay traces a shift from collective welfare management to individualized risk-bearing, showing how uncertainty about life expectancy is converted into a new asset class. Drawing on examples such as financial instruments that profit from longevity risk, the rise of ‘age-tech’, and Silicon Valley’s ventures in life extension, it shows how biological time is increasingly treated as an economic resource. It also examines the speculative pursuit of ‘longevity escape velocity’, where technological innovation is imagined to outpace ageing and death itself becomes a technical problem. Together, these developments reveal a system in which longer life functions as a perpetually deferred investment cycle – an economy sustained by its own postponement. The essay argues that economic and biological time, wealth and health, are now fused within a single regime of managed futurity, reflecting new forms of power over who – and how – gets to live longer.

In 2019 and 2022, Indigenous leaders mobilized rural comunas in general strikes that forced the national government of Ecuador to negotiate the terms of newly introduced fiscal and policy measures. These mobilizations came despite long-term demographic decline in these same rural comunas. Further, the ministries charged with granting this authority to comunas today exercise little oversight. Why, then, has the comuna persisted as the preferred form of local organization amid widespread shifts to postagrarian ways of life? We have approached this problem through field research in over a dozen rural comunas, a review of comuna registrations, interviews with comuna leadership, and intergenerational dialogues among comuna members. In practical terms, we find comuna leadership consolidating an agenda focused on infrastructure development in the place of activism for land or the pursuit of agricultural investments. At the same time, it is through rituals of registration and management that local authorities not only find legitimacy but also secure a measure of “cultural autonomy” insofar as comuna members associate the disciplined fulfillment of procedures with the historical expansion of social rights. As the younger generation pursues nonagrarian careers, older comuna members underscore the mutuality of comuna life and lay out a moral purpose and a pathway that in effect centers state procedure as essential for indigenous autonomy.

This study provides the large-scale bibliometric assessment of the Journal of Management & Organization (JMO), offering insights into its intellectual trajectory and positioning within the management field. Covering 1,083 documents published between 1995 and 2024, indexed in Web of Science and Scopus, the analysis applies performance metrics, citation structures, and science mapping using VOSviewer and Bibliometrix. The study is further grounded in institutional and field-theoretic perspectives, interpreting JMO’s evolution as a process of legitimacy-building and scientific capital accumulation within a global knowledge field. The results show that JMO’s growth has been marked by cyclical expansion, with a sharp increase in productivity since the mid-2000s but uneven citation impact, heavily reliant on a small set of landmark articles. Co-citation and bibliographic coupling analyses reveal intellectual roots in organizational behavior, psychology, and strategy, while keyword and thematic mapping highlight enduring strengths in leadership, human resource management, and job satisfaction. At the same time, new research frontiers have emerged in governance, innovation, sustainability, and work-life balance, reflecting JMO’s responsiveness to global challenges such as COVID-19 and digital transformation. Collaboration networks confirm the journal’s Australasian anchoring, yet also demonstrate growing integration into international research systems, particularly through linkages with the United States, China, and Europe. This study contributes to understanding JMO’s evolving role within management and organizational scholarship, identifying both its achievements and challenges. The findings offer insights for scholars, institutions, and editors on how JMO can consolidate high-impact niches, diversify its author base, and strengthen its influence in shaping global management debates.

Our study investigates the impact of successful violent and non-violent revolutions on post-revolutionary institutions concerning women. Leveraging the Nonviolent and Violent Campaigns and Outcomes data on successful revolutions and the Varieties of Democracy dataset for gender-specific metrics, we employ fixed-effect difference-in-differences and Callaway Sant’Anna. Our results show positive effects from both treatments. Non-violent revolutions with regime change intentions have a more consistent positive impact on women’s empowerment indices than violent revolutions, while revolutions without regime change intentions show mixed or limited effects across both violent and non-violent cases.

As emerging markets rise, some incumbent firms that once occupied follower positions are now striving for industry leadership, surpassing competitors to become new frontrunners. These firms must overcome both competitive barriers and organizational identity (OI) challenges, constructing a leading organizational identity (LOI) that aligns with their new roles. This study delves into these transformations through the temporality lens of OI, using a comparative analysis of two Chinese firms, and identifies two distinct modes: progressive evolution and radical change. The progressive evolution mode adopts a more gradual, layer-by-layer iterative transition, whereas the radical change mode follows a ‘break and (re)build’ logic to identity structure. Both modes demonstrate a ripple effect of OI’s three structural layers, radiating outward from the core. Temporal dynamics play a pivotal role: the progressive evolution mode aligns with a more stable environment and a future-oriented, long-term temporal perspective, while the radical change mode is linked to a dynamic, unstable environment and a past-oriented, short- and long- term interactive temporal pattern. This study highlights how temporal orientation and temporal horizon shape the construction of an LOI, advancing research on OI construction and its temporal dynamics while providing insights into high-position leaps in emerging markets.

Fungus-resistant grape varieties (FRGVs) offer considerable ecological and economic benefits through reduced fungicide use, yet their cultivation remains limited. Due to the unfamiliarity of these varieties, marketing them is challenging. This study investigates the pricing and presence of FRGVs in the German high-priced wine segment. The aim is to uncover differences in the value-giving attributes of wines from FRGVs and conventional varieties. A hedonic price model was applied to multiyear (2016–2024) data from the renowned German wine guide “Der Eichelmann” using both OLS and quantile regression (n ≈ 73,800). Our results show that FRGVs are currently only marginally represented in the wine guide. Of the 36 FRGVs authorized in Germany, wines made from only 5 of those varieties appear in noteworthy quantities. FRGVs achieve, ceteris paribus, implicit price premiums compared to conventional varieties. However, as FRGVs are predominantly marketed by wineries with lower reputations and tend to receive lower expert ratings, their average price is below that of conventional varieties. The findings underscore the need for targeted marketing strategies that effectively communicate the sustainability benefits of FRGVs, strengthen credibility through reputable producers, and concentrate on “flagship varieties” to facilitate market penetration.

Many countries have implemented a variety of pension reforms in response to the challenges posed by an aging population. These reforms typically involve a trade-off between ‘refinancing’ (i.e., increasing contributions) and ‘retrenchment’ (i.e., reducing benefits). The primary question addressed in this study is whether policymakers in the European Union (EU) possess the necessary capacity to sustain legislated pension reforms, particularly given the growing political influence of the elderly. To examine this issue, we develop a bargaining model designed to optimally allocate the economic burden of aging between successive cohorts of workers and retirees, incorporating retirement incentives. In a scenario where bargaining power remains constant, the optimal allocation rule dictates a fixed-contribution system, effectively shifting the full burden of aging onto the elderly. However, when bargaining power is allowed to fluctuate in response to changes in the relative size of the retiree population (i.e., the dependency rate), the optimal allocation rule involves a compromise between increasing contributions and reducing benefits. In the empirical analysis, we compare these theoretical optimal allocation rules with projections of pension benefit rates and dependency ratios from the 2021 Economic Policy Committee. By calculating the implicit bargaining power required to align projected pension benefits with the optimal sharing rule for each year, we demonstrate a growing divergence between projected pension benefits and the optimal levels in many EU countries, as demographic shifts progress. Furthermore, our findings indicate that for most countries, projected pension benefits are increasingly falling below optimal levels when bargaining power adjusts in accordance with population aging.

This study explores the heterogeneous and asymmetric macro-financial effects of weather-related shocks in Central, Eastern and Southeastern European countries, depending on the level of underlying macro-financial vulnerabilities. Focusing solely on acute physical risks – those arising from extreme weather events – it employs panel quantile regression analysis to examine data from 2000Q1–2022Q4 for 17 countries in the region. Notably, we find that weather shocks – particularly droughts, floods, heatwaves and wildfires – exacerbate macroeconomic and financial imbalances, increasing the susceptibility of already vulnerable economies to additional risks. Specifically, countries with higher economic imbalances suffer more severe output disruptions and heightened inflationary pressures following a weather shock. While the immediate impact of climate shocks on external imbalances is limited, countries with existing vulnerabilities may still encounter longer-term pressures on trade and investment patterns. Additionally, extreme weather events can intensify financial vulnerabilities for countries that are already grappling with lower levels of financial resilience.