Corporate ethical policies: evidence from large firms in Chile

This study explores the current status of corporate ethical policies in the large-size firms currently operating in Chile and focus on the edition of formal documents on corporate ethics by means of a survey sent to the companies whose manning table exceeds 350 employees (460 firms), using for this selection the 2005 Directorio ITV de Empresas en Chile (ITV Directory of Corporations in Chile). The results obtained from the 116 responses received reveal that almost 60% of the firms possess ethics corporate documents; that in general there is consensus about the need to bear in mind the ethical conduct in the personnel selection, promotion and bonuses; and that generally a greater proportion of foreign firms have documents on ethics, as compared with the domestic firms. Likewise, a statistical verification was performed –whose results are only extrapolated to the large-size firms– on the correlation between possession of formal ethics documents and performance (measured as the value of 2005 sales), which had positive results and was statistically significant; at the same time, evidence was found, although somewhat weaker, to support the hypothesis of statistically positive correlation between such documents possession and the number of employees.Corporate ethical documents; Business ethics policy; Codes of conduct; Chile

THE EFFECT OF SOIL CONSERVATION ON TECHNICAL EFFICIENCY: EVIDENCE FROM CENTRAL AMERICA

This study evaluates technical efficiency (TE) levels for rural households under high and low levels of investments in soil conservation in El Salvador and Honduras. To correct for potential self-selectivity bias a household-level switching regression framework is implemented to estimate separate stochastic production frontiers for the two groups of households under analysis. The main results indicate that a systematic difference exists between the two studied groups. Specifically, households with higher levels of investments in soil conservation show higher average TE than those with a lower level of investments. Constrains in the rural land and credit markets appear to be the reason behind these differences. Our estimations indicate that for farms with lower levels of investments in soil conservation access to credit is a significant factor explaining the sources of inefficiency. Conversely, households with higher levels of investments in soil conservation present the highest partial output elasticity for land, the highest levels of TE and the smallest farms. This result could suggest the presence of a market failure in the land market which is denying access to land to the more efficient producers.Land Economics/Use,

FARM BENEFITS AND NATURAL RESOURCE PROJECTS IN HONDURAS AND EL SALVADOR

A model of conservation adoption, diversification and household income, including farm and off-farm sources was formalized, wherein households simultaneously allocate assets to different activities. The mapping of assets to household income through both off and on farm activities can conceptually be considered as a production process, with assets corresponding to factors of production and income as the output. Either adoption of conservation technologies and farm output diversification are influenced by participation in natural resource management programs. Therefore, these technological improvements should foster farm production and productivity and, consequently, should be reflected in a greater household income,. Finally, household income improvement is considered a necessary condition for sustainability of the changes introduced by the projects. Overall, the results indicate that the variables more directly reflecting land allocation, such as area with staples and cash crops, output diversification and conservation practices are associated with the greatest gains in household income. Output diversification significantly decreases income from staple crops and greatly increases cash crop income. These results reaffirm the strategic role of diversification in fighting rural poverty. However, gains stemming from a more diversified income portfolio do not occur without cost, since an extra item added to the farm plan implies a reduction in the production of corn and beans (staples). This trade-off between diversification and subsistence food production suggests that switching to a more market-oriented production pattern may increase household food insecurity.Consumer/Household Economics,

A peculiar galaxy near M104

Messier 104, NGC 4594, also known as the Sombrero Galaxy, has been extensively studied, especially its structure and stellar halo. Its abundance of globular clusters has given rise to many theories and much speculation (Ford H. C. et al 1996). But other objects in the vicinity of such a spectacular galaxy are sometimes ignored. While studying HST images available on the HST Legacy website of the halo of M104 (HST proposal 9714, PI: Keith Noll), the author observed at 12:40:07.829 -11:36:47.38 (in j2000) an object about 4 arcseconds in diameter. A study with VO tools suggests that the object is a SBc galaxy with AGN (Seyfert).Comment: 5 pages, 1 figur

Soil conservation and technical efficiency among hillside farmers in Central America: a switching regression model

The main objective of this paper is to evaluate and analyse technical efficiency (TE) levels for hillside farmers under different levels of adoption of soil conservation in El Salvador and Honduras. A switching regression model is implemented to examine potential selectivity bias for high and low level adopters, and separate stochastic production frontiers, corrected for selectivity bias, are estimated for each group. The main results indicate that households with above-average adoption show statistically higher average TE than those with lower adoption. Households with higher adoption have smaller farms and display the highest partial output elasticity for land. Constraints in the land and credit markets are likely explanations for these differences. In addition, all estimated models show that TE has a positive and significant association with education and extension.Central America, soil conservation, stochastic frontiers, switching regression, technical efficiency, Resource /Energy Economics and Policy,

Technical Efficiency and Adoption of Soil Conservation in El Salvador and Honduras

A household-level switching regression model is implemented to examine potential selectivity bias for rural households under high and low levels of investments in soil conservation in El Salvador and Honduras. In the presence of selectivity bias, separate stochastic production frontiers are estimated for low and high adopters. The main results indicate that households with higher levels of investments in soil conservation show higher average TE than those with a lower level of investments. Constrains in the rural land and credit markets are likely explanations for these differences. The results also indicate that for farms with lower levels of investments in soil conservation access to credit is a significant factor explaining the sources of inefficiency. Conversely, households with higher levels of investments have the highest partial output elasticity for land, the highest levels of TE and the smallest farms. These results are consistent with the presence of a failure in the land market which would limit access to land to the more efficient producers.Stochastic Frontiers, Technical Efficiency, Switching Regression, Central America, Soil Conservation, Land Economics/Use, d24, q12, o13, c21,

The spectroscopic orbits and the geometrical configuration of the symbiotic binary AR Pavonis

We analyze optical and near infrared spectra of intermediate and high resolution of the eclipsing symbiotic system AR Pavonis. We have obtained the radial velocity curves for the red and the hot component from the M-giant absorption lines and from the wings of Halpha, H and He II4686 emission profiles, respectively. From the orbital elements we have derived the masses, Mgiant=2.5 and Mhot =1.0 solar masses, for the red giant and the hot component, respectively. We also present and discuss radial velocity patterns in the blue cF absorption spectrum as well as various emission lines. In particular, we confirm that the blue absorption lines are associated with the hot component. The radial velocity curve of the blue absorption system, however, does not track the hot companion's orbital motion in a straightforward way, and its departures from an expected circular orbit are particularly strong when the hot component is active. We suggest that the cF-type absorption system is formed in material streaming from the giant presumably in a region where the stream encounters an accretion disk or an extended envelope around the hot component. The broad emission wings originate from the inner accretion disk or the envelope around the hot star.We also suggest that the central absorption in H profiles is formed in a neutral portion of the cool giant's wind which is strongly concentrated towards the orbital plane. The nebula in AR Pav seems to be bounded by significant amount of neutral material in the orbital plane. The forbidden emission lines are probably formed in low density ionized regions extended in polar directions and/or the wind-wind interaction zone.Comment: 12 pages, 5 figures, accepted by A&