The collaborative economy: a disruptive innovation or much ado about nothing?

An economy based on the exchange of capital, assets and services between individuals has grown significantly, spurred by proliferation of internet-based platforms that allow people to share underutilized resources and trade with reasonably low transaction costs. The movement toward this economy of “sharing” translates into market efficiencies that bear new products, reframe established services, have positive environmental effects, and may generate overall economic growth. This emerging paradigm, entitled the collaborative economy, is disruptive to the conventional company-driven economic paradigm as evidenced by the large number of peer-to-peer based services that have captured impressive market shares sectors ranging from transportation and hospitality to banking and risk capital. The panel explores economic, social, and technological implications of the collaborative economy, how digital technologies enable it, and how the massive sociotechnical systems embodied in these new peer platforms may evolve in response to the market and social forces that drive this emerging ecosystem.

'Wide-awake drunkenness'? Investigating the association between alcohol intoxication and stimulant use in the night-time economy

Aims: We tested whether patrons of the night-time economy who had co-consumed energy drinks or illicit stimulants with alcohol had higher blood alcohol concentration (BAC) levels than patrons who had consumed only alcohol. Design: Street intercept surveys (n=4227) were undertaken between 9 p.m. and 5 a.m. over a period of 7 months. Setting: Interviews were undertaken with patrons walking through entertainment precincts, queuing to enter venues or exiting venues in five Australian cities. Participants: The response rate was 92.1%; more than half the study sample was male (60.2%) and the median age was 23 years (range 18-72). Measurements: Data were collected on demographics, length of drinking session, venue types visited, types and quantity of alcohol consumed and other substance use. A BAC reading was recorded and a subsample of participants was tested for other drug use. Findings: Compared with the total sample (0.068%), illicit stimulant consumers (0.080%; P=0.004) and energy drink consumers (0.074%; P<0.001) had a significantly higher median BAC reading, and were more likely to engage in pre-drinking (65.6, 82.1 and 77.6%, respectively, P<0.001) and longer drinking sessions (4, 5 and 4.5 hours, respectively, P<0.001). However, stimulant use was not associated independently with higher BAC in the final multivariable model (illicit stimulants P=0.198; energy drinks P=0.112). Interaction analyses showed that stimulant users had a higher BAC in the initial stages of the drinking session, but not after 4-6 hours. Conclusions: While stimulant use does not predict BAC in and of itself, stimulants users are more likely to engage in prolonged sessions of heavy alcohol consumption and a range of risk-taking behaviours on a night out, which may explain higher levels of BAC among stimulants users, at least in the initial stages of the drinking session.

Dealing with alcohol-related problems in the night-time economy: a study protocol for mapping trends in harm and stakeholder views surrounding local community level interventions

This project will provide a comprehensive investigation into the prevalence of alcohol-related harms and community attitudes in the context of community-based interventions being implemented to reduce harm in two regional centres of Australia. While considerable experimentation and innovation to address these harms has occurred in both Geelong and Newcastle, only limited ad-hoc documentation and analysis has been conducted on changes in the prevalence of harm as a consequence, leaving a considerable gap in terms of a systematic, evidence-based analysis of changes in harm over time and the need for further intervention. Similarly, little evidence has been reported regarding the views of key stakeholder groups, industry, government agencies, patrons or community regarding the need for, and the acceptability of, interventions to reduce harms. This project will aim to provide evidence regarding the impact and acceptability of local initiatives aimed at reducing alcohol-related harms.

After Charlie: free speech and the political economy of communication

Three significant events at the start of 2015 have put freedom of speech firmly on the global agenda. The first was the carry-over from the December 2014 illegal entry to the Sony Corporation’s file servers by anonymous hackers, believed to be linked to the North Korean regime. The second was the horrible attack on journalists, editors, and cartoonists at the French satirical magazine, Charlie Hebdo on 7 January. The third was the election of leftwing anti-austerity party Syrzia in Greece on 25 January.While each event is different in scope and size, they are important to scholars of the political economy of communication because they all speak to ongoing debates about freedom of expression, freedom of speech and freedom of the press. I name each of these concepts separately because, despite popular confusion, they are not the same thing (Patching and Hirst, 2014) . Freedom of expression is the right to individual self-expression through any means; it is an inalienable human right. Freedom of speech refers to the right (and the physical ability) to utter political speech, to say what others wish to repress and to demand a voice with which to express a range of social and political thoughts. Freedom of the press is a very particular version of freedom of expression that is intimately bound with the political economy of speech and of the printing press. Freedom of the press is impossible without the press and, despite its theoretical availability to all of us, this principle is impossible to articulate without the material means (usually money) to actually deploy a printing press (or the electronic means of broadcasting and publishing).Freedom of expression is immutable; freedom of speech subject to legal, ethical and ideological restriction (for better, or worse) and freedom of the press is peculiar to bourgeois society in that it entails the freedom to own and operate a press, not the right to say or publish on a level playing field. Access to freedom of the press is determined in the marketplace and is subject to the unequal power relationships that such determination implies.It is fitting to start with the Charlie Hebdo massacre because the loss of 17 lives makes this the most chilling of the three events and demands that it be given prominence in any analysis. No lives have been lost yet because Sony’s computers were hacked and the election of Syriza has not (yet) led to mass deaths in Greece.

Board structure and firm performance : evidence from an emerging economy

We investigate the relationship between corporate board structure and firm performance of Bangladeshi companies. Using a sample of 654 firm- year observations for the period 2005-2009, the results show some support for aspects of agency theory as a greater proportion of independent directors on boards is related to better firm performance. Supporting resource dependence theory our result also suggest that larger boards provide valuable business experience, expertise, skill and social and professional networks which might add substantial business resources to the firms and thus positively impact on performance. We also find that female and foreign directors in Bangladesh provide more monitoring which leads to better firm performance. Our study contributes to extant research on board structure–performance relationship by providing evidence from an emerging economy context which is characterised by ownership concentration, family dominance and poor regulatory oversight.

Entrepreneurial orientation and performance of microenterprises in an emerging economy

Guided by the literature on institutional theory and entrepreneurial orientation (EO), this study examines the impact of the institutional environment on EO and performance of microenterprises at the subnational, city level in an emerging economy in contrast to most studies conducted at the national level in developed markets. The results of the study show that four types of formal institutions and two types of informal institutions are significantly associated with EO and that the latter is positively associated with higher levels of microenterprise performance. Implications of the results and future research directions are discussed.

Economic resilience of regions under crises: a study of the Australian economy

Courvisanos J., Jain A. and Mardaneh K. Economic resilience of regions under crises: a study of the Australian economy, Regional Studies. Identifying patterns of economic resilience in regions by industry categories is the focus of this paper. Patterns emerge from adaptive capacity in four distinct functional groups of local government regions in Australia, in respect of their resilience from shocks on specific industries. A model of regional adaptive cycles around four sequential phases – reorganization, exploitation, conservation and release – is adopted as the framework for recognizing such patterns. A data-mining method utilizes a k-means algorithm to evaluate the impact of two major shocks – a 13-year drought and the Global Financial Crisis – on four functional groups of regions, using census data from 2001, 2006 and 2011.

Audit fees, auditor choice and stakeholder influence: Evidence from a family-firm dominated economy

Despite the dominance of family-owned publicly listed companies in developing economies, prior research has paid relatively little attention to this area and the socio-economic context of these countries has been mostly ignored. This study contributes to the accounting literature by providing empirical evidence of the effects of family control and ownership on audit pricing and auditor choice in a developing economy context. Using 1058 firm-year observations of publicly listed companies in Bangladesh, where family firms are the most dominant form of public companies, we find that in comparison with non-family firms, our sample family firms pay significantly lower audit fees and choose lower quality auditors. However, for export-oriented industries, family firms seem to pay significantly higher audit fees and recruit better quality auditors compared to non-family firms. Collectively, our findings have important implications for audit markets in emerging economies in which the sustainability of family firms is crucial for overall economic development.

Tourism, Dutch disease and welfare in an open dynamic economy

This chapter examines the effects of an expansion in tourism on capital accumulation, sectoral output and resident welfare in an open economy with an externality in the traded good sector. An expansion of tourism increases the relative price of the non traded good, improves the tertiary terms-of-trade and hence yields a gain in revenue. However, this increase in the relative price of non traded goods results in a lowering of the demand for capital used in the traded sector. The subsequent de-industrialization in the traded good sector may lower resident welfare. This result is supported by numerical simulations. © 2011 Nova Science Publishers, Inc.

The geopolitical economy of social policy in the Philippines: securitisation, emerging powers and multilateral policies

Recent geopolitical and economic changes have altered global social policy formation. Bretton Woods multilateral development agencies (MDAs) have selectively incorporated ideas that have emerged from developing country states and decision makers. Recent years have witnessed an increased acceptance of social transfers as part of renewed efforts at poverty alleviation policies based on social risk management. There has been an instance in the use and promotion of conditional cash transfer (CCT) policies by MDAs. One case is the Philippines. CCTs were a product of the emergence of a neostructuralist welfare regime (understood as an ideal type) in Latin America. There was an attempt to reconcile neoliberal strategies of development with aspirations for guaranteed minimum incomes. The Bretton Woods and regional development bank MDAs have facilitated the adoption of CCTs in other developing country contexts. In the Philippines, a combination of actions by national political actors and MDAs resulted in the implementation of a securitised and compliance-focused version of CCTs derived from the Colombian security state. Although poor households welcome income assistance, CCTs have acted to enforce further state monitoring without altering the national-based political and economic processes that replicate poverty.

Board structure and survival of new economy IPO firms

Research Question/Issue: This study examines the relevance of currently accepted best practice recommendations regarding board structure on the survival likelihood of new economy initial public offering companies. We argue that industry context determines governance outcomes. Research Findings/Insights: We study 125 Australian new economy firms listed between 1994 and 2002. Each firm is tracked until the end of 2007 for monitoring their survival. We find that board independence is associated with an increase in the likelihood of corporate survival. We also find that the benefits of board independence increase at a decreasing rate. Theoretical/Academic Implications: The standard best practice recommendation of board independence stems from the monitoring role of directors and is based on agency theory. The results from our study suggest that the recommendation regarding board independence does not work well for new economy firms. While the agency theory based model implies a monotonic relation between board independence and performance, our research suggests that the relationship is nonlinear. This variation occurs because of increased monitoring costs faced by outsiders due to higher information asymmetry and complexity of new economy firms. Our empirical results suggest that inside directors play a complementary role to outsiders in mitigating firm failure. Practitioner/Policy Implications: Our research offers insights to policy makers who are interested in setting best practice standards regarding board structure. Our research suggests that firm/industry characteristics play a crucial role in determining the optimal board structure. In firms/industries where outsiders face significantly higher information processing costs, insiders can play a valuable complementary role to outsiders in enhancing the effectiveness of the board. Thus future hard or soft regulations related to board structure should consider industry context.