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Suzanne Mawson and Christopher Ball

This chapter explores why environmental ventures engage in crowdfunding and the benefits of engagement with this form of financing. Insight from a single revelatory case study suggests that intangible benefits such as community support, awareness building and marketing may be of greater importance to environmental ventures than simply raising finance. The findings contribute to the nascent crowdfunding literature and raise a number of issues that would benefit from further research. The literature, and our understanding of crowdfunding, would also benefit from further quantitative and qualitative research examining environmental ventures in order to identify issues relating to tangible and intangible benefits across a wider range of organisations.

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Sreevas Sahasranamam and Christopher Ball

In recent years, social entrepreneurship has attracted increasing attention thanks to existing successful initiatives, such as the Ashoka Foundation, a global network of social entrepreneurs, and the work of social entrepreneur and Nobel laureate Muhammad Yunus. This has led to a flourishing academic research stream seeking to understand the phenomenon of social enterprise. Recent research in social entrepreneurship has also stressed the need to understand the effects of the institutional context on social enterprise. As an attempt to respond to this need, we examine the cases of two social enterprises, one operating in a developed country context, namely Scotland, and the other in a developing country context, namely India. We draw on the literature on institutional theory to compare the influence of institutions on social entrepreneurship across the two countries. We employ Whitley’s (1999) National Business System (NBS) perspective, which argues that the institutional context has an important role in guiding economic behaviour and identifies the principal environmental dimensions that would be expected to impact on the behaviour of entrepreneurs. It is proposed that comparing a developed and developing country context will provide valuable insights into the wider triggers of social entrepreneurship that may differ between the two settings. The potential value of social entrepreneurship to policy makers as a response to intractable social and environmental problems that plague both the developed and developing world cannot be overstated. In comparing the two institutional contexts, mutual lessons emerge as to how to design policies to unleash the power of social entrepreneurship to tackle these issues.

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Christopher Ball, John Creedy and Grant Scobie

The provision of long-term policy advice requires projections of government debt. Models have been widely produced to generate expenditures and tax revenues on the assumption that various age-specific rates and fiscal policy variables remain unchanged. As a result of population ageing, current policy settings in many countries lead to unsustainable levels of public debt. The present book is motivated by two limitations of the standard models. First, they seldom contain feedback effects arising from endogenous responses on the part of individuals and policy-makers. Second, the models seldom make an allowance for uncertainty, which creates the problem of whether, in the face of anticipated debt increases, tax rates should be increased earlier rather than delaying, and if so by how much? This book presents new modelling approaches to allow for feedbacks and uncertainty, and to analyse optimal policy. The modelling innovations can be applied to any country, but for illustrative purposes they are calibrated to examine the case of New Zealand.

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Christopher Ball, John Creedy and Grant Scobie

This chapter presents a framework for projecting personal income tax revenue, along with revenue from a broad-based goods and services tax, and capital income tax. The model allows for changing age-income profiles over time. The tax system is applied and total revenue at each date is obtained by aggregating over the cross-section of all cohorts existing at that date. With additional information about the changing propensity to consume over the life cycle, the model is also used to project revenue from indirect taxation. The model deals with population ageing, and involves the use of age-income profiles for males and females, and income arising from government benefits. Variations in average effective tax rates over time are produced.

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Christopher Ball, John Creedy and Grant Scobie

This chapter produces a long-term debt model containing feedback effect, which may enhance or modify the intended or initial consequences of those responses. For example, tax and expenditure policy changes might be implemented to deal with a fiscal deficit, while the interest rate may vary endogenously as a result of risk-premium adjustments to debt levels. The feedback effects are modelled using reduced-form specifications rather than a structural approach with explicit optimising behaviour. The model nevertheless contains a sufficient amount of detail to enable a range of policy responses to be examined. The present chapter considers policy variations needed to achieve a specified fiscal balance at the end of the projection period. To make the model as transparent as possible, a high level of aggregation is used. Demographic variations in both population size and its age composition influence government expenditure and revenue. While detailed demographic projections are used, distinctions are drawn only between those of working age, retirement age and those below working age.

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Christopher Ball, John Creedy and Grant Scobie

Faced with uncertain future costs, should governments take immediate action or wait to see precisely what is needed? Intuitively, decision makers are more likely to take immediate and larger action, the higher the perceived probability of the contingency arising, the larger the potential cost, and the higher their degree of risk aversion. This chapter clarifies the nature of the various relationships, and the orders of magnitude involved, in the context of simple multi-period models. A single judge is considered to select an optimal tax policy by maximising a social welfare, or evaluation, function expressed in terms of net incomes in each period. The chapter explores the nature of the trade-offs involved. Important components of the model concern the excess burden of taxation, and specifications of the judge's evaluation function and its implied risk aversion characteristics.

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Christopher Ball, John Creedy and Grant Scobie

This chapter introduces uncertainty into the deterministic debt projection model outlined in Chapter 3. Stochastic projections are obtained using a non-parametric approach which involves sampling from past joint distributions of those variables subject to uncertainty. The question considered is: what are the implications for the projected path of the probability distribution of the public debt ratio if the future joint variability of a number of component variables is assumed to be similar to that observed in the past? Uncertainly is limited to two major expenditure components, the world interest rate and the rate of productivity growth. It is possible to form probability statements about ranges of the debt ratio in each year, in particular the probability that any given debt ratio is exceeded. The model is used to examine the implications of adopting several income tax policy changes designed to achieve a specified debt ratio by the end of the projection period. Comparisons are made with results using the deterministic version of the model.

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Christopher Ball, John Creedy and Grant Scobie

This chapter examines the optimal time path of the tax rate in a simple proportional tax structure, where an increasing ratio of government debt to GDP is projected in the absence of any policy changes. The projection model of Chapter 3, extended to allow for uncertainty in Chapter 5, is used. A constraint on policy choices is imposed by the need to ensure fiscal sustainability over the longer term, and the disincentive effects of high tax rates. The chapter analyses the optimal time path of the proportional income tax rate, although other adjustments are briefly considered. Decision making is complicated by the existence of considerable uncertainty, and the fact that costs imposed in one period, including excess burdens, cannot be reversed by subsequent tax rate adjustments. In this chapter, an independent judge maximises an evaluation function defined over a range of characteristics of the economy over a finite projection period. The implications of adopting various value judgements are considered.

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Tax Policy and Uncertainty

Modelling Debt Projections and Fiscal Sustainability

Christopher Ball, John Creedy and Grant Scobie

Presenting innovative modelling approaches to the analysis of fiscal policy and government debt, this book moves beyond previous models that have relied upon the assumption that various age-specific rates and policy variables remain unchanged when it comes to generating government expenditures and tax revenues. As a result of population ageing, current policy settings in many countries are projected to lead to unsustainable levels of public debt; Tax Policy and Uncertainty explores models that allow for feedbacks and uncertainty to combat this.
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Rosalind Jones, Mari Suoranta and Christopher Ball

This chapter discusses Entrepreneurial Marketing (EM) studies from a strategic orientation and networks approach, firstly by providing an overview of small and medium-sized enterprise (SME) marketing research and relevant orientation studies, and then explaining their contribution to EM research. Secondly, the authors explain the value of networking for entrepreneurs from an EM perspective. The context of the firm’s environment, that is, the age of the firm, the character and inherent characteristics of the entrepreneur, and the industry and marketplace in which the firm operates create unique attitudes and behaviours within the firm. The role of strategic orientation in SMEs and more specifically, the EMO model is described, along with a presentation of the EMICO framework, a framework for qualitative study of the smaller firm. The value and role of networks is examined and explained in the context of small technology businesses.