Ateneo de Manila University: Journals Online
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Increasing Opportunity and Value in the Cultural Industries: A Comparative Analysis of the Successful Clusters and Implications for Hallyu
Get PDFDespite the growing digitalization and globalization, the industrial map of the world remains to display high-level concentration of resources and productivity in certain geographical locations called clusters. These locations such as Silicon Valley and Hollywood continue to attract entrepreneurs and large firms, enjoying strong sustainability and competitiveness. As the agglomerate of diverse entities and institutions, clusters play a significant role for improving the overall growth of the industry. This is more evident in the cultural industries where the relatively high unpredictability, expanding scale of investments, and the importance of physical location for consuming cultural contents require firms and participants to cooperate in proximity. In order to examine the importance of clusters in the cultural industries, this study first conducts a theoretical review on the role of clusters in this industry. Then, the paper analyzes the historically meaningful cultural clusters, Italy during the Renaissance and the US Hollywood of modern times, by evaluating the role of four interactive factors: firm, people, education, and government. The analysis of these two cases reveals that the interactions among the four factors significantly influence the scale and competitiveness of cultural clusters. Ultimately, the paper provides some important options for further development of the Korean wave or Hallyu by utilizing the cluster strategy
Capital Planning, Selection, and Investment (Integrating Sustainability in Decision-making)
Get PDFInspired by Pope Francis’s call for a new journey that instills the importance of conservation and care for the environment, we propose a practical model that mathematically incorporates sustainability issues into capital planning, selection, and investment.Evidence suggests that managers apply net present value (NPV) methodologies in a way that disadvantages environmentally sustainable investments. If an NPV model does not consider the costs and risks of non-sustainable projects, then the potential benefits of alternative sustainable investments will appear much less valuable than present costs. Sustainable investments also often require larger initial investments with long-term benefits and distant cash flow time horizons that are discounted at exponentially higher rates. Moreover, identified environmental costs and benefits are generally limited to savings associated with energy costs, while hidden reductions in externalities are ignored. Thus, as commonly used, NPV models bias against sustainable alternatives in investment selection.This article integrates accounting, finance, and engineering literatures to develop a model that incorporates sustainability and environmental impacts into capital selection through a life-cycle impact assessment (LCIA) appraisal. We operationalize LCIA so that hidden environmental costs and benefits can be identified, analyzed, and priced, thus resulting in a better prediction of cash flows. The model also integrates environmental risks into the cost of capital by developing a sustainability risk-adjusted discount rate and sustainability-cost NPV that effectively captures the sustainability exposures of capital projects, thus resulting in a risk-adjusted sustainable framework for decision-making
The Papal Encyclical Laudato Si’
Get PDFThis article seeks to reflect upon Laudato Si’, the papal encyclical on ecology and sustainable development, and uncover its apparent philosophical and practical approach to the environment. It begins with a discussion of paradigms of thought that outline the new ecological paradigm (NEP) suggested in the ecological literature, thereby helping to situate the ecosophy of Laudato Si’ within current thought. As we will show, Laudato Si’ differs from the NEP by linking the poor to our approach to sustainability and in its consideration of integral ecology. Specific principles for sustainability in business are then identified and strategic approaches are recommended, as are guidelines for an eco-justice approach to business and business education
Differential Effects of Internal and External Constraints on Sustainability Intentions: A Hierarchical Regression Analysis of Running Event Participants by Market Segment
Get PDFThere are immediate calls to action across all business sectors to address the adverse effects of climate change. The sport industry is not immune to these calls—practitioners have engaged participants to further the environmental initiatives of their events through creative messaging campaigns with mixed success. We examine the differential effects of internal and external constraints on sustainability intentions by market segment of a running event’s participants. This furthers our understanding of how to engage sport participants in sustainable behaviors at a sport event and improves the sustainable behavior outcomes of messaging campaigns. Our results support the principles of constraint theory and that internal constraints need to be addressed before external constraints are relevant. Internal constraints, such as lack of knowledge and lack of worth, predict variance in intentions to act sustainably (i.e., to dispose of waste correctly). After controlling for internal constraints, the external constraints of lack of interest by others to act sustainably, and lack of access and time, explain additional variance in sustainability intentions. We also found that each market segment varies on the impact of constraints that inhibit sustainability intentions, with the amount of variance in sustainability intention explained by such constraints varying from as low as 11.4% in one segment to as high as 33.1% in another. We then provide specific recommendations for future research and discuss how practitioners can use these results to ameliorate these constraints and increase sustainability intentions
Nerissa Balce Body Parts of Empire: Visual Abjection, Filipino Images, and the American Archive
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The Next Growth Strategy for Hallyu: A Comparative Analysis of Global Entertainment Firms
Get PDFPrevious policy approaches on Hallyu have been focused on the role of government engagement, particularly in fostering diversity and equal business opportunities for small-and-medium enterprises (SMEs). However, a more strategic approach to the cultural industries should be implemented by carefully examining the role of the private sector, particularly the role of large enterprises (LEs). This is important because LEs have an overarching and fundamentally differentiated role in increasing the size of industry through their expansive value-creating activities and diversified business areas. This study focuses on the complementary roles of SMEs and LEs in facilitating the growth of Hallyu by bringing in the perspective of value chain diversification and the modified value chain framework for the film industry. By conducting a comparative analysis of the global entertainment firms in the US, China, and Japan, this study reveals how LEs in the global market enter and explore new industries within culture and continue to enhance their competitiveness. By forming a business ecosystem through linking their value-creating activities as the platform of network, this study looks into the synergistic role among enterprises of different size and scale and suggests that Korea’s policy for Hallyu should reorient toward a new growth strategy that encourages the integrative network of firms where the value activities of LEs serve as the platform for convergence
Innovation in Educational and Societal Transformation: The MacArthur Foundation, Jesuit Business Schools, and the World
Get PDFOn June 2, 2016, the MacArthur Foundation announced a competition awarding $100 million to a single project that would contribute toward solving a significant societal problem. Six weeks later, in Nairobi, Kenya, the members of the annual meeting of the International Association of Jesuit Business Schools’ World Forum unanimously passed a resolution requesting the submission of an application that utilized the resources of the global network of Jesuit business schools in addressing the inter-connected problem of global unsustainability, social injustice, and poverty. This article reports on the resulting 2016 application as well as on a possible 2019 version that builds upon it. The article emphasizes four aspects of innovation at the core of both these applications and the 2016 MacArthur Foundation competition. The four areas are: 1) the MacArthur Foundation’s innovative approach to inspiring societal change; 2) innovation in teaching and research content—transforming teaching materials and research topics in business schools, both Jesuit and other; 3) innovation in the processes of organizational transformation—participating business schools transforming their teaching and research in an “impossibly” short time period of only three years; and 4) innovation in the processes of societal transformation—achieving collaborative transformation among business schools, the business community, governmental agencies, spiritual and religious organizations, social enterprises, and not-for-profits
Toward a Theory of the Arts and Sustainability
Get PDFTo make real progress on what can only be classified as environmental emergencies, we need a wide base of public consensus for action given that public motivation and involvement is a prerequisite for policymakers to implement what our scientists urge us to do. In this light, crucial thresholds of public motivation and involvement can be created by reaching into the hearts of individuals, an area of competitive advantage for the arts. Efforts to enhance understanding in this arena, however, must incorporate sufficient complexity given highly complex and inter-related challenges in sustainability. This article thus presents a theoretical framework for the arts and sustainability based on the variables of artistic complexity and public engagement. The arts, when allowed sufficient scope and freedom, can assist society in marshalling and galvanizing people across the globe to take essential steps toward a sustainable planet