Measurement of social value creation with non-financial measures

This research examines the concept of social entrepreneurship which is a fairly new business model. In the field of business it has become increasingly popular in recent years. The growing awareness of the environment and concrete examples of impact created by social entrepreneurship have encouraged entrepreneurs to address social problems. Society’s failures are tried to redress as a result of business activities. The purpose of doing business is necessarily no longer generating just profits but business is run in order to make a social change with the profit gained from the operations. Successful social entrepreneurship requires a specific nature, constant creativity and strong desire to make a social change. It requires constant balancing between two major objectives: both financial and non-financial issues need to be considered, but not at the expense of another. While aiming at the social purpose, the business needs to be run in highly competitive markets. Therefore, both factors need equally be integrated into an organization as they are complementary, not exclusionary. Business does not exist without society and society cannot go forward without business. Social entrepreneurship, its value creation, measurement tools and reporting practices are under discussion in this research. An extensive theoretical basis is covered and used to support the findings coming out of the researched case enterprises. The most attention is focused on the concept of Social Return on Investment. The case enterprises are analyzed through the SROI process. Social enterprises are mostly small or medium sized. Naturally this sets some limitations in implementing measurement tools. The question of resources requires the most attention and therefore sets the biggest constraints. However, the size of the company does not determine all – the nature of business and the type of social purpose need to be considered always. The mission may be so concrete and transparent that in all cases any kind of measurement would be useless. Implementing measurement tools may be of great benefit – or a huge financial burden. Thus, the very first thing to carefully consider is the possible need of measuring value creation.

Innovation Ecosystem Perspectives on Financial Services Innovation

The context of financial services has been characterised by changes in the regulatory, technological and societal landscape. Consumers are increasingly interested in mobile payments, crowdfunding and microfinance services, either for themselves or because collaborative consumption is viewed as a more sustainable. Retail branches are re-organised to further meet the expectations of customers, start-ups focusing on technology for financial services (i.e. Fintech) are ever growing and financial services companies reinforce their own innovation practices (e.g. creation of innovation labs or venture capital investment funds). The innovation ecosystem around financial services companies represents the many actors with whom they can co-create and co-produce innovative new services for their customers (or for themselves). The innovation process is no longer a closed internal effort but needs to include external actors from the innovation ecosystem. This topic is especially interesting in a small and open economy where the financial centre takes a prominent place in the economy. The research question is therefore “How does the innovation ecosystem influence the innovation process within financial services companies?”. The influence of the innovation ecosystem on the innovation process within financial service companies mainly comes from its social capital and value creation efforts. However learning to work and exchange in an innovation ecosystem is also expected to influence the innovation process in place. Realizing the potential of the innovation ecosystem requires sufficient capabilities to manage new information coming from the innovation ecosystem. The professional associations provide the necessary coordination among actors in the innovation ecosystem to co-create and appropriate value, while fostering co-evolution within the innovation ecosystem.

Tetrazolium test for evaluating triticale seed viability

Freshly harvested triticale seeds are usually dormant, making the immediate evaluation of the physiological potential of seed lots difficult. We evaluated different triphenyl tetrazolium chloride (TTC) test methods for rapidly determining the viability of four seed lots of x.Triticosecale Wittmack cultivar IPR111. The test variables were: Preconditioning, (i) placing whole seeds between moistened paper towels or (ii) directly soaking the seeds in water, both procedures being conducted at 20 ºC for 18 hours; Post-conditioning seed preparation, (i) longitudinal bisection of the seed through the embryo with one half being stained and the other discarded or (ii) longitudinal bisection with both halves being stained; Staining for three and four hours, in the dark, with 0.1%, 0.5% or 1.0% (w/v) TTC according to the preconditioning method described above, (i) both halves of each seed were placed on filter paper moistened with TTC and maintained at 40 ºC or (ii) one half of each seed was immersed in 5 mL of TTC solution in a 100 mL glass beaker at 30 ºC. The best results were obtained by preconditioning seeds between moistened paper towels at 20 ºC for 18 hours and staining on filter paper with 1.0% (w/v) TTC for three hours at 40 ºC.

Viability of barley seeds by the tetrazolium test

The tetrazolium test is used to control seed quality of various plant species since it allows a rapid evaluation of viability. Freshly harvested barley seeds show dormancy that can make the germination test ineffective for an immediate evaluation. Therefore, the development of more efficient methods, such as the tetrazolium test, is necessary. The objective of this research work was to study various procedures for performing the tetrazolium test on barley seeds. Five lots of cv. BRS 195 barley seeds were used and subjected to the following treatments: two different methods of seed preconditioning (direct immersion in H2O and between sheets of moistened paper towels); two types of preparation for staining (longitudinal cross-section of the seed through the embryo with immersion of one half in a 2,3,5 triphenyl tetrazolium chloride solution or placing both halves on top of filter paper moistened with the tetrazolium salt solution); two methods of staining (on top of filter paper and direct immersion in the tetrazolium salt solution). Three concentrations of the tetrazolium salt solution (0.1%, 0.5%, and 1.0%) were used. It was concluded that the tetrazolium test on barley seeds may be accomplished with preconditioning by direct immersion in H2O and staining by immersing in a 0.1% or 0.5% concentration of tetrazolium salt solution or staining on top of filter paper moistened with such solution at a 1.0% concentration.

Adhesion of uredospores of Phakopsora pachyrhizi on soybean seeds and their viability during storage

To study adhesion and viability of uredospores of the fungus Phakopsora pachyrhizi on soybean seeds during storage, suspension tests of those uredospores were carried out by washing seeds at each 30 days interval. Furthermore, germination and inoculation tests of uredospores on soybean plants were performed with uredospores collected from seeds of two soybean production areas, located in the municipalities "Chapada dos Guimarães" and "Tangará da Serra", State of Mato Grosso, Brazil. High levels of uredospores infestation were detected before storage [249.31 and 85.18 uredospores/100 seeds (U/100)] on seeds collected in both localities, respectively. After 30 days storage, these figures were 46.12 and 122.5 U/100; at 60 days were 14.62 and 26.62 U/100; and at 90 days were only 2.87 and 3,68 U/100, respectively; dropping to zero after 120 days storage. The percentage of germinated uredospores decreased with increasing storage periods and at 120 days germination percentage was nil. When uredospores were inoculated on soybean plants, rust symptoms were only observed for uredospores collected from freshly harvested seeds. Uredospores associated to soybean seed germinate until 90 days after storage, but are not viable after this time span. Infection of plants only occurs with inoculation of uredospores obtained from freshly harvested seeds.

Viability of recently harvested and stored Xylopia aromatica (Lam.) Mart. (Annonaceae) seeds

Xylopia aromatica is a native species from Brazil's "Cerrado", recommended for restoration ecology and also as a medicine. Its seeds have embryos with morphophysiological dormancy, making nursery propagation difficult. The objective of this study was to verify the efficiency of X-ray and tetrazolium tests for evaluating the viability of three seed lots, stored for different periods. All seeds were X-rayed (13 kV, 350 seconds) and samples used for tetrazolium and germination tests. In the tetrazolium test, seeds were submitted to six treatments at two temperatures (25 and 30 °C) with imbibition in distilled water and immersion in three concentrations of tetrazolium solution (0.5, 0.75 and 1%) at the two imbibition temperatures. Seeds for the germination test were placed for imbibition in distilled water and a 500 ppm Promalin® (6-Benzyladenine + GA4 + GA7) solution and later sown in sterilized sand. The embryo could not be observed with the X-ray test. However, those seeds observed with an undamaged endosperm did not differ in the percentages of seeds with firm and stained endosperms observed in the tetrazolium test for all the lots. The tetrazolium test is efficient for evaluating seed viability, principally if imbibed at 30 °C and immersed in a 0.5% solution at 30 °C.

Innovation, competition and financial vulnerability in economic development

The financial sector has been viewed traditionally as either providing the "oil" for the "wheels of commerce" or as a parasite on the real sector of the economy where real productivity gains provide for increasing real wages and per capita incomes. The present paper takes a different route and attempts to an analysis of financial institutions on a par with the production sector of the economy. It also develops a link which amalgamates "the knowledge-based" perspective on firms' operations with Schumpeterian financial leverage to exploit productivity enhancing innovations, and Minsky's tendency towards financial fragility. The analysis also leads to some policy recommendations concerning financial regulation, risk management and financial institution's building.

Can future systemic financial risks be quantified?: ergodic vs nonergodic stochastic processes

Different axioms underlie efficient market theory and Keynes's liquidity preference theory. Efficient market theory assumes the ergodic axiom. Consequently, today's decision makers can calculate with actuarial precision the future value of all possible outcomes resulting from today's decisions. Since in an efficient market world decision makers "know" their intertemporal budget constraints, decision makers never default on a loan, i.e., systemic defaults, insolvencies, and bankruptcies are impossible. Keynes liquidity preference theory rejects the ergodic axiom. The future is ontologically uncertain. Accordingly systemic defaults and insolvencies can occur but can never be predicted in advance.

The 2008 financial crisis and neoclassical economics

The 2008 global financial crisis was the consequence of the process of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s, and of the hegemony of a reactionary ideology, namely, neoliberalism, based on self-regulated and efficient markets. Although capitalism is intrinsically unstable, the lessons from the stock-market crash of 1929 and the Great Depression of the 1930s were transformed into theories and institutions or regulations that led to the "30 glorious years of capitalism" (1948-1977) and that could have avoided a financial crisis as profound as the present one. It did not because a coalition of rentiers and "financists" achieved hegemony and, while deregulating the existing financial operations, refused to regulate the financial innovations that made these markets even more risky. Neoclassical economics played the role of a meta-ideology as it legitimized, mathematically and "scientifically", neoliberal ideology and deregulation. From this crisis a new capitalism will emerge, though its character is difficult to predict. It will not be financialized but the tendencies present in the 30 glorious years toward global and knowledge-based capitalism, where professionals will have more say than rentier capitalists, as well as the tendency to improve democracy by making it more social and participative, will b e resumed.

Uncertainties, monetary policy and financial stability: challenges on inflation targeting

This work aims at presenting the challenges that inflation targeting central banks may face since uncertainties represent a harmful element for the effectiveness of monetary policy, and since financial instabilities may disturb the transmission mechanisms - in particular, the expectation channel - and thus the economic stability. Financial stability must not be considered as a simple goal of monetary policy, but a precondition for central banks operate their policies and reach the goals of inflation and output stability. The work identifies different sources of uncertainties that surround central banks' decisions; and approaches the role that inflation targeting central banks should play according to some basic principles that can serve as useful guides for central banks to help them achieve successful outcomes in their conduct of monetary policy.

Macroeconomic trouble and policy challenges in the wake of the financial bust

Contrasting with the 1929 great crisis, authorities intervened forcefully in 2008 to stop the disintegration of the financial system. Governments and central banks then sought to revise the prudential regulation in depth. It would be optimistic, however, to believe that prudential measures, alone, could deliver full economic recovery, at least in the countries that had been involved in the financial turmoil. Indeed, the collapse of the "state of confidence" and the negative effects of private debts on consumption and investment decisions have fed depressive forces and policy challenges which could hold for a while, even once the financial sector is made safe. On the one hand, the economic slowdown and the direct and indirect assistance provided by the governments to the private sectors are having a heavy impact on public finances, meanwhile, on the other hand, the massive amounts of money which artificially inflated the prices of housing and financial products could produce inflationary pressures in the post-crisis period, unless a new assets bubble is allowed for. Authorities could therefore be facing high unemployment in a damaged context of public deficits and inflationary pressures. The paper aims at discussing these new challenges. The inadequacy of inflation targets and fiscal orthodoxy in a depressed economy is emphasized, and the outlines of a Post Keynesian alternative policy are examined.

The new international financial crisis: causes, consequences and perspectives

The paper investigates the recent financial crisis within a historical and comparative perspective having in mind that it is ultimately a confidence crisis, initially associated to a chain of high risk loans and financial innovations that spread thorough the international system culminating with impressive wealth losses. The financial market will eventually recover from the crisis but the outcome should be followed by a different and more disciplined set of international institutions. There will be a change on how we perceive the widespread liberal argument that the market is always efficient, or at least, more efficient than any State intervention, overcoming the false perception that the State is in opposition to the market. A deep financial crisis brings out a period of wealth losses and an adjustment process characterized by price corrections (commodities and equity price deflation) and real effects (recession and lower employment), and a period of turbulences and end of illusions is in place.