Economic Exchange Relationships Research Articles

Соціокультурне походження грошей і взаємодоповнення реального та віртуального простору метавсесвіту

Understanding the socio-cultural foundations of the institution of money, relying in interaction with donors on the deep, "silent", essential foundations of the functioning of the monetary system is an important prerequisite for success in ensuring the financial stability of a national economy. The purpose of the paper is to trace the evolution of the qualitative and quantitative components of the institution of monetary relations in the process of changing economic systems as an important prerequisite for financial support of Ukraine during the defense of its independence and post-war recovery. Attention is focused on the interdisciplinary nature of the study of the phenomenon of money as an institution that complementarily combines virtual and real economic components of the metauniverse. The conflicting relationship between the phenomenal and the essential, the sacred and the profane, the quantitative and the qualitative, is revealed in the institution of money. The evolution of forms of money from the archaic to the digital economy and the influence of sacred factors on it are traced. The author reveals the complementarity of monetary, religious, ideological, political, and legal institutions as a tool for ensuring the existence of society as a whole in the combination of its virtual and real components. Attention is given to the actualization of reciprocity relationships in the process of forming the digital economy. It is shown that the prerequisites for their formation are kinship, and closeness by social attitudes. Accordingly, relations of exchange (market) and redistribution (state) are complemented by system-forming institutions of gift. M. Godelier attributes to the conditions for the formation of "gift management" the following: the leading role of personal relationships in the creation of social ties, the interest of individuals and social groups in selflessness for social reproduction and their own existence, and the prevalence of traditions of mutual relations-obligations. "What creates the obligation to give is that the giving creates obligations" - this is how the scientist formulates this principle. Solidarity is based on the voluntary transfer of part of what you have. At the same time, accepting a gift puts the recipient in the position of debtor in relation to the donor. It is shown that preferential lending, provision of grant support, involvement in joint projects, in particular in the field of supporting Ukraine's defense capability and the development of the national economy, can be considered an example of a complementary combination of quantitative, real (purely economic exchange relations) and qualitative, virtual (reciprocal relations) components of the monetary system.

The Effect of Relationship Benefits on Relationship Commitment and Customer Loyalty in the Beauty Service Industry

Purpose: This study examines the impact of relationship benefits on relationship solidification and loyalty of customer who frequent stores offering beauty services. It also highlights the importance of establishing a positive relationship with customers at the site where beauty services are provided.Methods: The SPSS Ver. 22.0 program was used to conduct frequency, factor, reliability, and regression analyses. From March 6 to April 1, 2023, 240 customers who visited stores offering beauty services in Seoul and the metropolitan area were surveyed, and 232 copies were used as final analysis data, excluding eight copies that could not be used as samples,Results: First, relationship benefits have a positive effect on relationship cohesion. In particular, information benefits have the greatest influence cohesion, followed by trust benefits and special treatment benefits. Furthermore, relationship benefits have a positive effect on customer loyalty, and among them, trust benefits had the greatest influence on customer loyalty, followed by information benefits and special treatment benefits. Second, relationship solidarity positively affects customer loyalty.Conclusion: Relationship benefits, which are subjective benefits perceived by customers through experience, place a premium on the formation of positive relationships with customers. Moreover, maintaining an emotional state of affection for beauty services can lead to efficient management performance through continuous economic exchange relationships.

A Dual-Specificity Model of Leader-Associated Relational Identification

In the leader-follower role context, a follower’s leader-associated relational identification exists at two levels of specificity. One is the particularized level often represented by leader identification. The other is the generalized level reflecting one’s identification with the self-authority role-relationships in general. Past research almost exclusively focused on the particularized level, with little research facilitating an understanding of this broader concept that includes both levels. Using a dual-specificity leader-associated relational identification model, operationalized as the interplay of leader identification and the individual value of traditionality, we examine how different types of leader-associated relational identifications predict supervisory social and economic exchange relationships, which in turn affect organizational citizenship behavior benefiting the supervisor (OCBS). Data were collected at three time points from 664 working adults across the United States. Polynomial regression and response surface analyses showed that followers of four different types of relational identification enacted supervisory social and economic exchange in distinct patterns that were consistent with their respective relational identification. Supervisory social and economic exchange mediated the effects of dual-specificity relational identification on OCBS in opposing directions.

Theorizing the relationship between discretionary employee benefits and individual performance

The literature on compensation has devoted little attention to the relationship between discretionary employee benefits and individual performance, perhaps because benefits are allocated equally to large groups of employees, are not tied to individual performance, and are viewed as entitlements. Discretionary benefits include all the benefits an employer provides to employees voluntarily (i.e., not legally required). Employees can use internet search tools to make comparisons between focal and referent firms of their expenditures on discretionary benefits, which can symbolize employer support for employee well-being or invoke perceptions of equity. In our paper, we provide a novel insight into the relationship between discretionary benefits and employee individual performance through a theoretical lens that combines insights from organizational support theory and equity theory shaped by perceptions of social and economic exchange relationships. In our conceptual model we develop theoretical logic that explains that perceived discretionary benefits, moderated by benefits satisfaction and mediated by perceived organizational support and perceived equity, are linked to individual performance. The paper concludes with a discussion of the theoretical implications and directions for future research.

Money and barter as two forms of economic exchange relations

Money and barter as two forms of economic exchange relations

The Social and Economic Exchange Relationships in the Context of Organizational Commitment

Social Exchange Theory (SET) is one of the fundamental theories that has presented theoretical viewpoint in the several disciplines such as anthropology, social psychology, and sociology. It is known that the theory roots which early conceptualized by Thibault & Kelley (1959), Homans (1961), Blau (1964) and Emerson (1962, 1972) base on back to the 1920s (Malinowski, 1922). The main idea of exchange theory is to a series of interactions that generate obligations (Emerson, 1976). At this point, the findings from social exchange studies have many contributions and benefits in order to understand workplace behaviors (Cropanzano & Mitchell, 2005). SET has been one of the main theories that provide a wide comprehension upon exchange dynamics both at an interpersonal and organizational level. Divided into two categories, namely social (SE) and economic (EE), exchange relationships have seen to be related to many organizational outcomes, including organizational commitment (OC), which can be defined as employees’ attitude towards their organization. The present study purposes to determine the correlation between SET and sub-dimensions of OC (affective commitment and continuance commitment). Data of the study has been obtained from 186 employees who work in private sector in Turkey and analyzed through Statistical Package for the Social Sciences. Results indicated that Social Exchange is positively related with affective commitment and continuance commitment, Economic Exchange was found to be negatively related with affective commitment and positively correlated with continuance commitment.

Making Bonds of Solidarity from Economic Exchange. A Review Essay

This article surveys a field of empirical social research linking economic exchange relations to the generation of interpersonal bonds of solidarity. This issue is particularly interesting for both social sciences and current societies because of the increasing global integration of markets and spatial mobility. Experimental research in Social Exchange Theory has provided mixed evidence on how various structural properties of exchange relations generate solidarity. Findings suggest that risk is key to generate trust between exchange partners, which is linked to feelings of solidarity. This casts doubts on the positive effect of economic exchange on solidarity, as actual market-based transactions mainly rely on assurance structures to reduce risk and prevent opportunism. However, further developments suggest that solidarity can be indirectly generated by economic exchange ties framed by loose agreements. This opens up opportunities for new empirical research to study economic exchange and solidarity in actual social systems. Furthermore, negative consequences of the link between economic exchange and solidarity are discussed, such as centralization and segregation.

Political economy of fair trade and development theory: implications in the Costa Rican coffee market (1990-2017)

Con respecto de sus fundamentos, las iniciativas del comercio justo experimentaron una metamorfosis entre la década de 1940 y finales de la década de 1980. A través de las escuelas de pensamiento icónicas de la dependencia y del "desarrollo del subdesarrollo", la evolución de la teoría del desarrollo ha formado los principios y supuestos del comercio justo. A pesar de que estas escuelas de pensamiento cuestionan los supuestos de los mercados neoliberales, su intención de cambiar el sistema de comercio mundial y su intercambio desigual fue el resultado de una aplicación limitada de las relaciones sociales de producción en lugar de las relaciones económicas de intercambio. Estos factores, además del papel declinante del Estado en el desarrollo a finales de la década de 1980, el colapso de la Unión Soviética, y la contrarrevolución neoliberal a inicios de la década de 1990, llevaron al movimiento del comercio justo a redireccionar su enfoque.
 El resurgimiento de las fuerzas neoliberales a inicios de la década de 1990, llevó a la red del comercio justo (lo que quedó del movimiento originado en la década de 1940) a implementar estrategias amigables con la filosofía de mercado para posicionarse mejor dentro del mercado dominante internacionalmente. A pesar de que la revolución neoliberal llevó al renacimiento de la red de comercio justo, esto no significa que la red haya perdido su sentido original de precios justos e intercambio justo, o su lealtad a los países del Sur Global. Su nueva realidad es prometedora, pero su nueva “dependencia” en enfoques amigables con el mercado puede también moldear su raison d’être.

How the exchange relationship affects employee commitment

PurposeThe purpose of this paper is to analyze the impact of social and economic exchange relationships on organizational commitment in line with the mediation effect of organizational trust.Design/methodology/approachIn order to test the hypotheses of the study, a survey was conducted on a sample of 213 employees who were working at manufacturing companies in Turkey.FindingsThe findings of the study reveal that both dimensions of the exchange relationship positively affect organizational commitment and these links are mediated by organizational trust.Research limitations/implicationsThe study provides reliable scales to measure the social and economic exchange relationship between employees and employing organizations. Although the sample of the study was relatively small and drawn from a single country, the Cronbach’sαvalues of scales were obtained above the recommended threshold value.Practical implicationsOrganizational leaders might adopt an exchange perspective to build a trustworthy relationship with their employees. Developing such a mindset is very important at an employment structure, which has become highly flexible and contingent during the last decades.Originality/valueThe study attempts to distinguish the twofold nature of the exchange relationship in organizations based on a theoretical model to reveal the impact of each dimension on organizational level outcomes in conjunction with the mediating role of trust. In doing so, the study contributes to the literature by incorporating social and economic exchange in a holistic view as well as defining each dimension in a broader sense by including some employee-related challenges of business organizations such as diversity, social responsibility, leadership, ethical culture and so on.

Micro-money, finance and real economy interrelationship in the framework of Islamic ontology of unity of knowledge and the world-system of social economy

PurposeThe purpose of this paper is to explain the structure of Islamic monetary transformation into 100 percent reserve requirement monetary system in terms of the foundational epistemology of the unity of divine knowledge (tawhid). This approach is a scholarly originality in the field of epistemological formalism concerning Islamic theory and perspectives in economic reasoning in comparative perspectives.Design/methodology/approachThe role of micro-money pursuing projects and real economic exchange relations is shown to arise by a natural causality in the ethical social economy (SE). This results in a microeconomic perspective of the quantity theory of money with ethical and social implications. A comparative study of endogenous money in the quantity theory of money points out significant differences between the theory of endogenous money in Islam and mainstream methodologies. A formal model of micro-money and its organismic endogenous relationship with the real economy is formulated with the goal of realizing social well-being, economic stabilization, and sustainability of development regimes.FindingsThis is a conceptual paper, though with the potential for continued work in applying the theory of micro-money in the Islamic methodological perspective of unity of knowledge. This is an original contribution of this paper. Islamic economists have not been able to produce a rigorous theory of micro-money. They have also not been able to situate the study of Islamic economics with its specific contribution to the field of the nature of money in project-specific financing of Islamic projects by the money-finance-real economy inter-causal relations. Thus, the findings of this paper, though of the conceptual nature, open doors to a vast field of methodological development and its application to the problem of micro-money modeling. Such a conceptual finding arising from the methodological theory of unity of knowledge and applied to the topic of micro-money along with some examples of potentiality of these approaches constitutes a vastly original field of findings as contribution. Thereby, an analytical model is established in the Islamic social economy (ISE) perspective. The model is used to explain monetary transmission and functioning of monetary policy with instruments that avoid interest rate and comply with Islamic financing requirements. The resulting model of money, finance, and real economy (MFE) systemic interrelationship in reference to the epistemology of unity of knowledge leads into the construction of a 100 percent reserve requirement monetary system with the gold-backed micro-money as currency complementing real economic transactions.Research limitations/implicationsThe present paper is of a conceptual type based on the essential ontological and epistemological foundation of Islamic social and economic thought and bearing a deeply scientific implication. The conceptual part of this paper becomes a study in the foundations. The second part follows into the study of application in the real world of micro-money in terms of financing projects. Micro-money pursues projects in the Islamic economy due to its very nature of ethical and social choices. The paper shows that such a micro-money transmission is realized by the money-finance-real economy integrated model. Thereby, some real-world examples of such transformations are given. All these together substantiate the conceptual-analytical-empirical nature of the study conducted.Practical implicationsThe development of the micro-money transmission system of generalized circular causation interrelations between MFE activities as a return to 100 percent reserve requirement monetary system with the gold standard is the profound theory that has been propounded. Its applied perspectives are implied through the MFE-model wherein micro-money pursues social projects. Furthermore, the possibility and practicality of such a conceptual model of micro-money and its transmission mechanism in the real economy are established by real-world examples of kinds of micro-money that are found to circulate or are recommended by some studies in the literature.Social implicationsThe conceptual part of the paper presents a model of generalized epistemological model of unity of knowledge characterizing the MFE circular causal interrelations as the organismic meaning of social ethics and evolutionary learning. The social implications are the epistemic foundations of the derived model in the midst of choices of life-fulfillment projects that micro-money finances and the economy sustain.Originality/valueThis is an original paper premised on the general and the specific Islamic epistemological criterion of unity of knowledge as a generalized system theory. It is now particularized to the case of money and real economy by using the Islamic perspective of creating conditions to regenerate resources continuously in SE with ethical implications. The paper is equally informative to all who like to understand the social and ethical nature of endogenous relations between money and the real economy as two great institutions of the national economy. These together bestow well-being to the society at large in the construction of SE. Specific attention in this regard is given to ISE.

The Role of Other Orientation in Reactions to Social and Economic LMX Relationships

This study explored, through two study samples, whether follower reactions to social leader-member exchange (SLMX) and economic leader-member exchange (ELMX) relationships differ depending on their...

Social and economic exchange relationships and performance contingency: differential effects of variable pay and base pay

In this study, we tested hypotheses derived from social exchange theory by investigating the relationships between employees’ base and variable pay and their social and economic exchange relationships with their employer. In a cross-lagged study of approximately 30 months duration including 488 respondents, the amount of accumulated base pay was positively related to a social exchange relationship, whereas the accumulated amount of variable pay was positively related to an economic exchange relationship. We discuss the theoretical and practical implications of these findings and propose future research on the relationship between pay and social and economic exchange relationships.

The Practical Application of the Investment Management Methodology in U. S. Patent 7251627 B1: A Method of Identifying a Universe of Stocks for Inclusion into an Investment Portfolio

July 2017, marks the 10th year anniversary of the issuance of the patent entitled “Method of identifying a universe of stocks for inclusion into an investment portfolio.” (Vass, 2007). The abstract of the patent states that it is: A method of identifying a universe of stocks for inclusion into an investment portfolio that includes scanning a computerized stock database and selecting stocks into the universe according to a predetermined set of factors and criteria. Primarily, the scanning of the stock database aims at first identifying only stocks from certain industry sectors. Once these industry sector stocks have been identified, they are further examined to determine if they meet certain established criteria. The ten years prior to 2007, marked the time for testing and refining the method. Beginning in 1999, it took eight years for the U. S. Patent Office to award the patent. The logic of the patent’s method is based upon economic exchange relationships among members of certain technological clusters of industries, within a distinct geographical metro region. The theory of technology evolution is called SERET, short for Structural Evolutionary Regional Economic Theory. (Predicting Technology, Vass, GABBYPress, 2007, revised 2017).

Organization-Based Self-Esteem Affects Employees' Exchange Relationship Perceptions and Extrarole Behavior

The 2 types of exchange relationship perceptions—social exchange relationship perceptions (SERPs) and economic exchange relationship perceptions (EERPs)—constitute the primary concept for understanding individual behavior in the workplace. Using a sample of 581 employees from Mainland China, I explored the effects of SERPs and EERPs on employee extrarole behavior (ERB), as well as the moderating effect of organization-based self-esteem (OBSE) on the relationships between SERPs and ERB, and between EERPs and ERB. The results revealed a significant positive relationship between SERPs and ERB, a significant negative relationship between EERPs and ERB, and a significant moderating effect for OBSE. Theoretical and practical implications of these findings are discussed.

The effects of high-performance work systems on hospital employees' work-related well-being: Evidence from Greece

Following an employee-centric approach and based on the social and economic exchange theories, this study examines the effects of High Performance Work Systems (HPWS) on employees' work-related well-being, such as emotional exhaustion, work engagement and consequently their job satisfaction. Partial Least Squares (PLS) Structural Equation Modeling (SEM) was used on a sample of 297 clinicians (doctors, and nurses) across seven Greek regional hospitals. The findings demonstrated that the HPWS effects on employee outcomes can be influenced by their perceived nature of the exchange relationship with their employers. Specifically, it was indicated that if employees perceive their relationship with the hospitals as a social exchange, emotional exhaustion tends to decrease. On the other hand, an economic exchange relationship decreases the possibility that HPWS leads to work engagement. Last but not least, employees' job satisfaction was negatively associated with emotional exhaustion, and positively with work engagement. Finally, implications are drawn for the management of employees in the healthcare sector.

Business concept as a relational message: supermarket vs independent grocery as competitors for sustainability

The paper deals with competition for sustainability between two business concepts, the supermarket and the independent grocery, both selling local and organic food. The paper is based on Finnish case evidence with very oligopolistic retail structure and its empirical and the theoretical interest focuses on the nature of economic exchange relations of these business concepts. The study shows how the supermarket is driven by market and hierarchic as well as power relations, regarding both suppliers and consumers. The business concept includes weak choice editing and indicates ‘consumer versus producer via retailer’ set-up. The independent grocery is at its core a social and partnership based endeavour, entailing strong choice editing for sustainability through the ‘consumer cum producer via retailer’ set-up. However, the supermarket may include more local and organic food in its product range on market conditions, in need of customer management, while the grocery can expand by decentralized multiplication of its business concept. The grocery also adds a new market channel for family farmers enabling better use of local resources, thereby renewing the market. This study shows the importance of the business concept as a condition and limitation for further growth, and explains the business concept as a relational message for sustainability.

Employees' perceptions of HR investment and their efforts to remain internally employable: testing the exchange-based mechanisms of the ‘new psychological contract’

This study investigates the relationship between perceived investment in employee development (PIED) and the internal employability efforts that such perceptions are assumed to influence under the terms of the ‘new psychological contract’. A cross-sectional survey among 238 employees in a Norwegian IT and management consulting firm provides support that PIED relates positively to employees' openness to develop themselves and adapt to changing work requirements (‘internal employability orientation’) and their active pursuit of new competencies and career trajectories within the organization (‘internal employability activities’). However, our findings challenge widely held claims that investment in employee development elicits these responses by way of the reciprocal mechanisms of a social exchange relationship. While PIED is found to relate positively to employees' perceptions of a social exchange relationship with their organization, these positive exchange experiences are not supported to influence internal employability outcomes. Our findings do support, however, that PIED relates negatively to perceived economic exchange relationships that in turn undermine internal employability orientations. Suggestions for future research and implications for practice are discussed.

Factors Mediating between Employee Strategy Awareness and Commitmentto Organizational Success

This study tested a theoretical model that includes seven factors hypothesized to mediate between employee organizational strategy awareness and commitment.The mediating factors include diffusion and innovation, social exchange, economic exchange relationship, job satisfaction, knowledge sharing and satisfaction, trust, and person-organization fit. Employees ( n =130) drawn from all organizational levels in 12 business sectors (financial, manufacturing, aviation, distribution, healthcare, mining, agriculture, consumer goods, technology, telecommunications, oil and gas, education) were surveyed to measure organizational strategy awareness, organizational commitment, and values on the seven mediating factors. Structural Equation Modelling (SEM) supported a positive fit of data to model. Linear regression analysis revealed that excluding diffusion of innovation, all other mediating variables established a positive correlation with employee commitment supporting the overall model. However, we believe that the model is over-fitting the data given the large number of variables and small number of data points. These results show promise, but require further investigation which we propose for a second phase of the investigation. Understanding the factors that mediate between employee strategy awareness and organizational awareness should be of interest and value to managers who can, in turn, focus on developing those mediating factors that could ultimately improve organizational success.

Once bitten, twice shy? Past breach and present exchange relationships

Purpose – The purpose of this paper is to examine the relationship between previous employer's psychological contract breach and exchange perceptions with the current employer, and seeks to uncover moderating influences of perceived organizational support (POS). Design/methodology/approach – Data were obtained from a cross-lagged sample of 314 employees in Norway. Hierarchical moderated regression analysis was used to test the hypotheses. Findings – The authors found a positive relationship between previous employer's psychological contract breach and economic exchange with the current employer, and a negative relationship between previous employer's psychological breach and social exchange with the current employer. The authors also found that POS from the current employer attenuates the positive association between previous employer's breach and economic exchange with the current employer. Research limitations/implications – The data were cross-lagged, so causal inferences should be made with caution. Practical implications – Managers should be aware that past employment experiences may relate to present employment exchange relationships. In addition, POS from current employer may serve to counterbalance the “carry over” effects of past employment experiences. Social implications – In light of the present global economic climate, increasing POS among employees could decrease the likelihood that they assume that the employment relationship constitutes an economic exchange relationship. Originality/value – This study contributes to a more complete understanding of factors that shape employees’ relationships with their organization. Furthermore, this study suggests a way by which organizations can repair damages incurred by previous employer's psychological contract breach.

If and when social and economic leader-member exchange relationships predict follower work effort

Purpose – The purpose of this paper is to conceptualize social leader-member exchange (SLMX) and economic leader-member exchange (ELMX) as two separate dimensions of leader-member exchange, and examines how intrinsic work motivation moderates their relationship with follower work effort. Design/methodology/approach – Data were obtained from 352 employee-leader dyads from the public health sector in Norway (response rate=61.9 percent). Hierarchical linear modeling was used to test the relationship between subordinate rated SLMX and ELMX relationships and leader ratings of work effort. Findings – This study replicates prior research showing that SLMX is positively related and ELMX negatively related to followers’ work effort. A significant interaction between SLMX and intrinsic motivation is also revealed, suggesting that SLMX relationships are important with respect to work effort for followers who exhibit lower levels of intrinsic work motivation. Research limitations/implications – The data were cross-sectional, thus prohibiting causal inferences. Practical implications – SLMX relationships may be particularly important for the work effort of followers low in intrinsic motivation. Leaders may draw on this finding and seek to aid the development of the relationship by means of relationship-oriented behaviors. Originality/value – Given the importance of maximizing the performance of all the followers, a better understanding of the conditions under which SLMX and ELMX relationships relate to work effort is particularly important. The present study advances knowledge on SLMX and ELMX relationships by demonstrating how intrinsic motivation moderates how SLMX and ELMX relationships relate to follower work effort.