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Journal articles on the topic 'Shareholder logic'
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1
Jansson, Andreas. "No exit!: The logic of defensive shareholder activism." Corporate Board role duties and composition 10, no. 2 (2014): 16–31. http://dx.doi.org/10.22495/cbv10i2art2.
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This paper examines the issue of what motivates shareholder activism. The standard explanation portrays shareholder activism as a response to poor corporate performance, but the empirical literature provides inconclusive support, indicating the need for alternative or complementary explanations. This paper contributes to the literature by showing, with the help of a case study, that shareholder activism can also be a response to increasing costs for exiting the investment, making outside shareholders increasingly exposed to expropriation risks. Significant expropriation risk can antecede a defensive type of shareholder activism characterized by intensified monitoring and reactive intervention to fend off expropriation attempts, which differs from the standard explanation in both motivation and outcome.
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Chen, Victor Zitian, and Ruth V. Aguilera. "Shareholder Logic Complexity and Agency Theory." Academy of Management Proceedings 2020, no. 1 (August 2020): 12064. http://dx.doi.org/10.5465/ambpp.2020.12064abstract.
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Luo, Xiaowei Rose, Young-Chul Jeong, and Chi-Nien Chung. "In the Eye of the Beholder: Global Analysts’ Coverage of Family Firms in an Emerging Market." Journal of Management 45, no. 5 (October 6, 2017): 1830–57. http://dx.doi.org/10.1177/0149206317734899.
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How do analysts make decisions about which firms to cover? Previous research has not considered how such decisions can be influenced by cultural understandings about appropriate forms of corporate governance. Drawing upon the institutional logics perspective, we propose that analyst firms’ home-country institutional logics of corporate governance can shape analyst perception of coverage risks for family firms. Specifically, we argue that given the negative view towards family governance in shareholder-based logic, family firms are less likely to be covered by analyst firms from shareholder-based countries than by those from stakeholder-based countries. Furthermore, the coverage divergence between shareholder- and stakeholder-based analyst firms will be greater for family firms featuring higher risks of value assessment and expropriation. We test our framework in the context of global analysts’ coverage of publicly listed firms in Taiwan between 1996 and 2005 and find empirical support. Our study contributes to the institutional logics perspective by establishing the implications of corporate governance logics for analyst coverage and providing a boundary condition for agency theory. We also uncover a less-noted source of institutional variation among the analyst community.
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Emiliani, M. L. "A mathematical logic approach to the shareholder vs stakeholder debate." Management Decision 39, no. 8 (October 2001): 618–22. http://dx.doi.org/10.1108/00251740110399521.
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Schäffer, Utz, Erik Strauss, and Christina Zecher. "The role of management control systems in situations of institutional complexity." Qualitative Research in Accounting & Management 12, no. 4 (October 12, 2015): 395–424. http://dx.doi.org/10.1108/qram-01-2015-0010.
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Purpose – This study investigates in depth how decision-making of different organisational members is shaped by various management control systems (MCSs) that reflect different institutional logics, how the entire organisation deals with the arising institutional complexity and which role different management controls as a system play in such situations. Design/methodology/approach – A case study was conducted on a German Mittelstand firm whose MCSs were shaped by three different logics over time: a family logic, a stakeholder logic and a shareholder logic. Findings – This paper shows how different actors of an organisation confronted with institutional complexity used selective coupling of different MCS components and compartmentalizing MCS components to deal with clashing institutional logics. Thereby, it was possible for the actors to balance different sub-communities within the firm that were shaped by conflicting but yet complementary logics that were required for organisational survival. Research limitations/implications – This study contributes to the understanding of how an MCS can be exploited for organisational structural responses to multiple logics. Due to this research design, the present study deals with challenges of ex post rationalization. Practical implications – The results show options for organisational leaders to deal with different kind of worldviews (i.e. logics) that shape employees’ behaviour. Particularly, this paper explains how leaders can restructure their MCSs to influence human behaviour in times of radical change. Originality/value – This paper contributes to the literature on MCSs by showing what role MCSs play in structural responses to institutional complexity.
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Jones, Thomas M., and Will Felps. "Stakeholder Happiness Enhancement: A Neo-Utilitarian Objective for the Modern Corporation." Business Ethics Quarterly 23, no. 3 (July 2013): 349–79. http://dx.doi.org/10.5840/beq201323325.
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ABSTRACT:Employing utilitarian criteria, Jones and Felps, in “Shareholder Wealth Maximization and Social Welfare: A Utilitarian Critique” (Business Ethics Quarterly 23[2]: 207–38), examined the sequential logic leading from shareholder wealth maximization to maximal social welfare and uncovered several serious empirical and conceptual shortcomings. After rendering shareholder wealth maximization seriously compromised as an objective for corporate operations, they provided a set of criteria regarding what a replacement corporate objective would look like, but do not offer a specific alternative. In this article, we draw on neo-utilitarian thought to advance a refined version of normative stakeholder theory that we believe addresses a major remaining criticism of extant versions, their lack of specificity. More particularly, we provide a single-valued objective function for the corporation—stakeholder happiness enhancement—that would allow managers to make principled choices between/among policy options when stakeholder interests conflict.
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Osiyevskyy, Oleksiy. "The ultimate leadership challenge: a unique corporate theory of value-creating growth." Strategy & Leadership 44, no. 5 (September 19, 2016): 47–50. http://dx.doi.org/10.1108/sl-07-2016-0063.
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Purpose The article identifies the need for an approach beyond merely maintaining competitive advantage. In the eyes of analysts, maintaining the profitable status quo is not an option for creating shareholder value. Design/methodology/approach This masterclass develops the thesis that a strategist needs a corporate theory of value creation, something that provides ongoing guidance to the selection of positions and a vast array of strategic actions. Findings Even those who take a dim view of maximizing shareholder value would likely agree that from an enlightened stakeholder perspective management must find new, unexpected ways to grow the firm to be viable in the long term.” Practical implications A well-developed corporate theory enables fruitful thought experiments such as, “If my theory accurately describes my world, then when I select this strategic choice, the following will occur.”” Originality/value The corporate theory of value structures the logic practitioners can use, repeatedly and consistently, to assess an enormous array of possible combinations of resources and activities. The logic enables strategists to define what is special about the options that are likely to create value.
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Yoo, Taeyoun. "Coexistence of contrasting principles in corporate governance: Two tales of Japanese firms." Corporate Board role duties and composition 11, no. 2 (2015): 227–40. http://dx.doi.org/10.22495/cbv11i2c1art6.
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The underlying logic that shapes the coexistence of contrasting mechanisms in a firm’s governance system remains unclear. We examine the logic that promotes a hybrid form of corporate governance in functional terms. The empirical analysis of Japanese firms shows that a firm’s reliance on capital markets for resource acquisition facilitates its adoption of shareholder-oriented mechanisms, such as committee systems. In contrast, corporate performance is still influenced by some of Japanese society’s characteristic governance mechanisms, such as bank ownership. This finding illustrates that contrasting governance mechanisms coexist in a given system owing to their respective or interacting contributions to corporate performance.
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Bryan, Dick, Michael Rafferty, Phillip Toner, and Sally Wright. "Financialisation and labour in the Australian commercial construction industry." Economic and Labour Relations Review 28, no. 4 (November 14, 2017): 500–518. http://dx.doi.org/10.1177/1035304617739504.
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Financialisation and financial risk have become current buzzwords, but the connections between finance and labour are not well developed. Often labour is cast simply as the distributional victim of developments like shareholder value, the privatisation of public infrastructure and labour market reform. This article engages developments in the construction industry and locates a growing financial logic inside ‘production’ and work in that sector. Through the concepts of liquidity and risk, we identify causal connections, not just parallels, between financial innovation and the reorganisation of the logic and structure of work in the Australian construction and property services industry.
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Aerts, Walter, and Beibei Yan. "Rhetorical impression management in the letter to shareholders and institutional setting." Accounting, Auditing & Accountability Journal 30, no. 2 (February 20, 2017): 404–32. http://dx.doi.org/10.1108/aaaj-01-2015-1916.
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Purpose Using composite style measures of the letter to shareholders, the purpose of this paper is to elaborate dominant rhetorical profiles and qualify them from an impression management (IM) perspective. In addition, the paper examines how institutional differences affect rhetorical profiles by comparing intensity and contingencies of rhetorical profiles of UK and US companies. Design/methodology/approach The authors use automated text analysis to capture linguistic style characteristics of a panel of UK and US companies and employ factor analysis to determine rhetorical profiles. Next, the authors investigate company-level and country-level determinants of a company’s rhetorical stance. Findings The authors document three prominent rhetorical profiles: an emphatic acclaiming stance, a cautious plausibility-based framing position, and a logic-based rationalizing orientation. The profiles represent distinct self-presentational logics and have different readability effects. Rhetorical IM is stronger in US companies, but higher expected scrutiny in the US institutional environment affects sensitivity of rhetorical postures to message credibility and litigation risk, while marginally increasing the less litigation-sensitive defensive framing style in US letters. Originality/value The authors develop replicable archival-based measures of prominent rhetorical IM traits of the shareholder letter, based on composite style features. The authors argue that they are qualitatively different from content-based IM proxies. The authors investigate their institutional and organizational relevance by examining how company features and country-level differences affect incentives and constraints for style-based rhetorical IM.
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Ailon, Galit. "Setting Sail on Stormy Waters: On the Role of Organizational Ethnographers in the Age of Financialization." Journal of Business Anthropology 2, no. 1 (June 11, 2013): 33. http://dx.doi.org/10.22439/jba.v2i1.4070.
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Current financialization marks a broad cultural shift in the economy. It also marks a cultural shift within organizations. Primarily, it seems to challenge the status of profit as an ultimate measure that no logic transcends, sanctifying in its place the concept of ‘shareholder value’. This article discusses this transformation and argues that it has two major implications for organizational ethnographers. First, it holds the potential for overcoming the traditional suspicion towards ethnography in the fields of business and management, and the accompanying wariness towards the type of social reflexivity that ethnography entails. Second, it raises new questions to be asked of the ethnographic method and how new cultural issues might be examined.
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Baptista, Renato Dias, Fernando Ferrari Putti, Giuliana Aparecida Santini Pigatto, Camila Pires Cremasco Gabriel, and Luís Roberto Almeida Gabriel Filho. "The Organizational Culture and Local Culture in the Internationalization Process: An Analysis Through Fuzzy Logic." International Journal of Social Science Studies 8, no. 2 (February 12, 2020): 41. http://dx.doi.org/10.11114/ijsss.v8i2.4562.
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The internationalization process of production has marked the world scenarios since the last decades and has influenced the complex interrelationships between the local culture and organizational culture. The culture shock was a recurring phenomenon and made the internationalization started to absorb elements of local culture as determining factors in expansion strategies. The aim of this paper is to analyze the favorable conditions of the organizational culture to manage the local culture. This is a preliminary study that aimed to integrate qualitative and quantitative factors with a fuzzy logic system. To achieve this goal, three elements were analyzed and interrelated: values, organizational structure, and management practices of human resources. A fuzzy mathematical model that considers the different weights to the elements analyzed leading to the identification of the favorability of the organizational culture in managing the local culture was developed. Petrobras, a transnational corporation with unity in Bolivia, whose major shareholder is the Brazilian government, was studied to empirically identify how the elements interact and are incorporated into internationalization strategies.
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Graham, Erin R., and Alexandria Serdaru. "Power, Control, and the Logic of Substitution in Institutional Design: The Case of International Climate Finance." International Organization 74, no. 4 (2020): 671–706. http://dx.doi.org/10.1017/s0020818320000181.
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AbstractHow do powerful states control international organizations (IOs)? In contrast to the conventional wisdom that treats weighted voting rules as the primary means that powerful states use to codify their asymmetric control in institutional design, we propose that funding rules are equally important. Our framework develops a logic of substitution whereby permissive earmark rules—that allow donors to stipulate how their contributions to an IO are used—are a design substitute for weighted voting from wealthy states’ perspective. Whether asymmetric control is incorporated in design through voting or funding rules depends on whether egalitarian norms emphasizing political and legal equality, or shareholder norms emphasizing influence commensurate with financial power, govern voting and representation rights at the IO. Focusing on the domain of climate finance, we demonstrate that weighted voting rules are used at international climate finance institutions (ICFIs) associated with multilateral development banks, but that wealthy states pursued permissive earmark rules at ICFIs within the United Nations system where egalitarian norms are strong. In this way, powerful donors can exert control over resource allocation even when developing states appear to hold equal influence on governing bodies. In addition to providing a reassessment of how power translates into control at IOs, our framework offers insight into forum-shopping behavior and sheds light on substitution dynamics that involve other dimensions of design across a range of issue areas.
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Chabrak, Nihel. "Promoting corporate social responsibility and sustainability: a model of integrity." Society and Business Review 10, no. 3 (October 12, 2015): 280–305. http://dx.doi.org/10.1108/sbr-06-2015-0018.
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Purpose – The purpose of the paper is to propose a model of integrity to help assess corporate responsiveness to this new wave of pressure in the backdrop of the prevailing Shareholder Value Maximization doctrine. In a context of ecological crisis, sustainability is considered in an intergenerational perspective on well-being. Nations are required to maintain the productive base, composed of manufactured, natural and human capitals, to continue producing future generations’ well-being. Such macroeconomic challenges require businesses to contribute to human and natural capitals’ conservation. Design/methodology/approach – This paper applies the integrity model to the historical case of the New Lanark mills from Owen’s (1991/1813-1816) new view of society. Owen’s deeds are compared to his promises in light of community expectations in that time to assess Owen’s commitment to social responsibility through “his honoring his word”. Findings – The findings show the importance of the concept of “workability” for a business to create an opportunity set for “performance”. Such workability is determined by the business being a person of integrity. Research limitations/implications – Future researches are invited to use this model to build empirical evidence of corporate irresponsibility in dealing with the new challenges. Practical implications – This paper’s contribution resides in the capacity to uncover any attempt by businesses to subsume their corporate social responsibility and sustainability commitment to the doxic shareholder value maximization (SVM) ideology. Social implications – The findings recall the importance for corporate activities to be re-embedded in their social and ecological contexts. This requires an overhaul of the business logic. Originality/value – The originality of the model of integrity resides in its simplicity and practicality.
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Petrişor, Ioan, and Diana Cozmiuc. "Specific Business Models for Romanian Companies – Shared Services." JOURNAL OF INTERNATIONAL BUSINESS RESEARCH AND MARKETING 5, no. 5 (2020): 7–12. http://dx.doi.org/10.18775/jibrm.1849-8558.2015.55.3001.
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Shared service centres have emerged since the 1990s and refer to a variety of functions: information technology, SAP support, accounting, payroll, management reporting, purchasing, call centres, helplines, market surveys via phone or the internet. Shared service units can be organized in several forms but are in each case, a particular value pattern distinct from the standard market price/ shareholder profit pattern. The purpose of this article is to analyze value patterns, and this article is part of broader research on value-based management. Shared service units can be organized according to the organizational design of the matrix organization, or according to the multidimensional organization. Shared service units may be charged via a transfer price system to the receiving corporate-related company. These are iterative activities, organized according to the activity-based costing logic. Alternatively, shared services can refer to more complex functions that provide service to corporate functions. They can be organized according to the multidimensional organization logic as allocations to the operating units. The value proposition of shared service units differs from market price and profit-driven financial statements. Shared service units require low personnel cost and stability, both of which indicate to Romania as a favourable location. These are the two arguments in favour of shared services as a specific model for Romanian companies, a country in which we find evidence shared services have been set up in the past ten years as parts of corporations.
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Ricordel, Pascal, and Melinda Majlath. "Is Listed Corporates Financial Performance Vulnerable? ROE Factors measurement Using DuPont Formula." European Journal of Sustainable Development 8, no. 3 (October 1, 2019): 294. http://dx.doi.org/10.14207/ejsd.2019.v8n3p294.
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It’s been 10 years since the last financial crisis, and the rising in stock market price along with record dividends raises deep concerns about the sustainability of listed corporate financial performance. Has the narrow logic of shareholder value been compromising long term financial performance leading to a financial crisis? We question here the DuPont equation to track financial performance drivers over time for discussing about its vulnerability. A disaggregated five-steps DuPont equation is used to set up following drivers: operational profitability, asset turnover, leverage multiplier, interest and fiscal burden. We draw a statistical analysis of those drivers with a panel data of 43 international non-financial corporates from France, Germany, Hungary and Italy between 2012 and 2017. The results stress the role of fiscal burden, interest burden and operational profit as the main ROE driver. Leverage multiplier driver, consensually considered as more financially vulnerable, has played an astonishing negative role. The drop in asset turnover is however the more worried signal as this factor is the most sustainable. Keywords: ROE components, DuPont equation, Financial sustainability, Listed corporate performance, Financial reporting
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Souza, Eloisio Moulin de. "Ações afirmativas e estereótipos sociais: Desconstruindo o mito da inferioridade cotista." education policy analysis archives 27 (June 24, 2019): 75. http://dx.doi.org/10.14507/epaa.27.3615.
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Affirmative action aimed at promoting access for groups considered minority to universities are important for combating structural inequalities and promoting social justice. However, in spite of their importance, affirmative actions are frequently questioned by certain social groups, especially socially privileged groups, who argue that such policies are not meritocratic, constituting stereotypes aimed at quota and non-quota students. Thus, this article analyzes the possible stereotypes directed to quota students attending the course of administration of a Brazilian federal university. For this, a qualitative research was carried out with the accomplishment of 38 semi-structured interviews with quota and non-quota management students and documentary analysis. It is observed in the students' discourse the construction of the myth of the intellectual and academic inferiority of quota students, constituting social stereotypes that base the construction of an essential identity on who the quota holders are. However, there are spaces for resistance and the documentary analysis of students' performance, as well as their discourses, deconstruct the myth of shareholder inferiority and the stereotypes attributed to them. Therefore, in order to avoid the construction of stereotypes it is argued that affirmative actions should be conceived within nonessential identity logic.
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Dagnes, Joselle, and Angelo Salento. "The Italian way to financial accumulation. Personal networks and informal practices of the Italian economic elites." Sociologija 58, no. 2 (2016): 181–202. http://dx.doi.org/10.2298/soc1602181d.
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This paper challenges the belief that Italian capitalism is a static and unchanging one. Italian capitalism has retained some unique characteristics: an elitist structure, close personal relationships, a high degree of informality. However, far from being just the characteristics of an unchanging capitalism, these peculiarities were the resources that Italian capitalism exploited to change its mode of action. First, we identify the network of interlocking actors in the Italian stock market and their set of informal practices, illustrating the paramount role of families and informal relationships. Second, we show why these characteristics did not prevent Italian capitalists to enter an era of financial accumulation. Resilience is the keyword, understood both as adaptation to changing conditions and as active reaction, a proper transformation. As an example of adaptation, we analyse how Italian capitalism has faced some institutional changes preserving its traditional power structure. As an example of transformation, we show how Italian capitalism adopted patterns of financial accumulation and maximization of shareholder value. Finally, we argue that informality and the dissemination of personal relationships are not impediment to change: in the practical logic of social and economic actors they are rather resources to be exploited when it comes to make changes without sacrificing the status quo.
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Soulé, Fernanda Veríssimo. "Old age in the Brazilian business press: new cultural sensibilities in a financialized economy." Organizações & Sociedade 26, no. 91 (December 2019): 729–49. http://dx.doi.org/10.1590/1984-9260916.
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Abstract The financialization of the economy has been extensively studied in economic and organizational sociology. This literature focuses on changes in organizations associated to the shareholder value culture and on how financialization influences several domains of life. Based on the literature from this broad scope of social impacts of financialization and on sociological approaches to old age, this paper analyzes the predominant conceptions of old age diffused by the Brazilian business press in the context of increasing longevity of the population and their relation with the emergence of the financialized economy in Brazil. To address the issue, we carried out a content analysis of the 636 issues of Exame, the main Brazilian business magazine, comprising the period from 1990 to 2014. A corpus of 230 articles was then selected and systematically assessed. The results were analyzed combining ideas from the Reflexive Sociology of Bourdieu and the Pragmatic Sociology of Boltanski. Four ideas or aspects prevailed in the material assessed: i.) planning for retirement; ii.) rationalized life and financial approach to old age; iii.) population aging and its micro and macroeconomic impacts, and; iv.) generational demarcation and disputes in organizations. Economic logic was dominant, reflecting in more or less explicit proposals of a financial model to frame life.
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Zainullin, S. B., and O. A. Zainullina. "Corporate culture as a driver of the corporate security of foreign military-industrial enterprises." National Interests: Priorities and Security 16, no. 12 (December 15, 2020): 2363–80. http://dx.doi.org/10.24891/ni.16.12.2363.
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Subject. The military-industrial complex is one of the core industries in any economy. It ensures both the economic and global security of the State. However, the economic security of MIC enterprises strongly depends on the State and other stakeholders. Objectives. We examine key factors of corporate culture in terms of theoretical and practical aspects. The article identifies the best implementation of corporate culture that has a positive effect on the corporate security in the MIC of the USA, the United Kingdom, the European Union, Japan ans China. Methods. The study employs dialectical method of research, combines the historical and logic unity, structural analysis, traditional techniques of economic analysis and synthesis. Results. We performed the comparative analysis of corporate culture models and examined how they are used by the MIC corporations with respect to international distinctions. Conclusions and Relevance. The State is the main stakeholder of the MIC corporations, since it acts as the core customer represented by the military department. It regulates and controls operations. The State is often a major shareholder of such corporations. Employees are also important stakeholders. Hence, trying to satisfy stakeholders' needs by developing the corporate culture, corporations mitigate their key risks and enhance their corporate security.
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TSAI, CHUNG-MIN. "The Political Economy of Restructuring the Electricity Sector in South Korea." Issues & Studies 52, no. 01 (March 2016): 1650004. http://dx.doi.org/10.1142/s1013251116500041.
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South Korea launched electricity reform in the 1990s but had continued to struggle with instituting an effective free market. In order to bolster economic growth, the development of the electricity industry has long been a fundamental issue for the state. The case in Korea is distinctive because it is part of a large-scale privatization project as the political regime had just shifted to democracy. The state spun off and corporatized the state-owned power enterprise with very limited privatization. The Korean government has chosen to control the power companies as the largest shareholder. Nonetheless, the reform process was suspended in 2004 without encountering major problems. This has created a major puzzle for analysts: why did the reform result in this outcome? I argue that as a politically driven reform project, power reform in Korea was destined to fail. The economic and social responses elicited by reform implementation all contributed to the failure of the power reform. This paper describes the dynamics of Korea’s electricity reform and details the industrial restructuring during the reform. It examines the political logic of the reform and how it shaped the power industry and in turn led to a stalled agenda. The paper concludes with a discussion of the broader implications for the roles of the state, industrial policy, and state-business relations.
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Si, Zhenzhong, Theresa Schumilas, Weiping Chen, Tony Fuller, and Steffanie Scott. "What Makes a CSA a CSA?" Canadian Food Studies / La Revue canadienne des études sur l'alimentation 7, no. 1 (July 12, 2020): 64–87. http://dx.doi.org/10.15353/cfs-rcea.v7i1.390.
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In different parts of the world, community supported agriculture (CSA) has taken a variety of organizational forms, drawn on different ideologies, used a variety of land tenure arrangements, and taken on varied types of market relations in terms of how they arrange sales and memberships. Despite this, comparative studies of CSAs are sparse. Based on interviews and survey results, this paper develops a framework to compare CSAs in Canada—where this system has evolved for the last 30 years as an alternative to industrialized agriculture—with those in China, where CSAs have emerged since the late 2000s, mainly in response to food safety and health concerns. The comparison is based on their initiators’ motivations, economic characteristics, ecological practices, shareholder relations, and community building. We find that in both Canada and China CSAs are struggling to maintain the movement’s original values and be economically viable. They are moving away from the traditional ‘risk sharing’ approach underpinning the model and adopting more flexible payment mechanisms. However, other original tenets of the CSA model, such as member engagement, are strengthening. This poses a definitional challenge—what makes a CSA a CSA? We conclude that CSAs mix capitalist and other-than-capitalist economic logic, blend traditional, organic, and productivist ecological relations, and demonstrate both individualist and civic collectivist politics simultaneously. These characterizations are what make a CSA a CSA in contemporary Canada and China.
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Beal, Brent D., and Cristina Neesham. "Systemic corporate social responsibility: micro-to-macro transitions, collective outcomes and self-regulation." Social Responsibility Journal 12, no. 2 (June 6, 2016): 209–27. http://dx.doi.org/10.1108/srj-01-2015-0011.
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Purpose The purpose of this paper is to call attention to the need to revitalize the systemic nature of corporate social responsibility (CSR) and offer some suggestions about how this might be accomplished. The authors introduce the concept of systemic CSR and associate it with micro-to-macro transitions, the need to make systemic objectives explicit and the responsibility of system participants to regulate their behavior to contribute to these outcomes. Design/methodology/approach The authors comment, from a systemic perspective, on four different management approaches to CSR – shareholder value, corporate social performance, stakeholder theory and corporate citizenship. Three general systemic principles that participants can use as decision-making guides are a focus on value creation, ongoing assessment of collective outcomes and reflective engagement in the aggregation process. Findings The authors observe that businesses routinely demonstrate their ability to think in systemic terms in strategic contexts that require it. If businesses can address systemic issues in these contexts, then they can also apply systemic logic in furtherance of collective (or system-level) objectives. Originality/value The authors propose an approach to CSR that emphasizes micro-to-macro transitions, the need to make systemic objectives explicit and the responsibility of system participants to regulate their behavior to contribute to these desired objectives. Systemic CSR is unique in its explicit focus on the micro-to-macro transition (i.e. the process of aggregation), systemic objectives and the need to actively insource responsibility for contribution to the realization of those objectives.
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Zhang, Dengjun, and Yuquan Cang. "Ownership concentration, foreign ownership and auditing: evidence from SMEs in Latin America." Pacific Accounting Review 33, no. 3 (March 19, 2021): 301–21. http://dx.doi.org/10.1108/par-06-2020-0081.
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Purpose This paper aims to investigate the impact of ownership concentration of the largest shareholder and foreign ownership on the demand for an external audit for small and medium-sized enterprises (SMEs) in six Latin American countries. In particular, the authors test whether foreign-owned firms (compared with domestic private-owned firms) and domestic firms with minority foreign shareholders are more likely engaged in audit assurance. Design/methodology/approach The authors applied the logit model to estimate the impact of ownership concentration and owner/shareholder type on audit demand, using a sample of 4,609 SMEs. The probabilities of being audited for firms in these countries are then calculated from the estimation results. Findings The empirical results suggest an inverse relationship between ownership concentration and audit demand only for Uruguay and Peru. However, foreign-owned firms and domestic private-owned firms with minority foreign ownership have a high probability of being audited for all sample countries. Research limitations/implications Policymakers in developing countries may promote foreign investments in domestic private-owned firms to improve their corporate transparency and governance. Originality/value This study contributes to the growing literature on the impact of ownership on audit demand by particularly focusing on foreign owners and foreign minority shareholders. The findings indicate that foreign ownership (either majority or minority) contributes to corporate transparency and business environments in emerging countries.
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Lane, Christel. "Changes in Corporate Governance of German Corporations: Convergence to the Anglo-American Model?" Competition & Change 7, no. 2-3 (June 2003): 79–100. http://dx.doi.org/10.1080/1024529032000146678.
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This paper examines the many changes which have transformed the German system of corporate governance during the last seven odd years. It concludes that it is in the process of converging towards the Anglo-American model and that this has fundamentally affected the way strategic decisions are made in firms. Convergence is not seen as a functional necessity, nor is it viewed as inevitable. The paper offers both a theoretical exploration of institutional and system transformation and an empirical study which substantiates the theoretical position taken with evidence about recent trends in capital markets, banks, government and firms. Empirical evidence from the pharmaceutical/chemical industry is supplemented by data on firms in other sectors, including the financial sector. The theoretical examination of institutional change focuses on the notions of system logic, institutional complementarity, functional conversion and hybridisation. It examines both external sources of change and internal powerful actors who promote the process of transformation. The notions of hybridisation of the German business system, as well as claims about functional conversion and the evolution of a new complementarity between institutions, are rejected in favour of a trend towards convergence. The transformation in capital markets and the rise to dominance of the notion of shareholder value is particularly affecting large international and quoted firms, but is gradually spreading also to other parts of the economy. This transformation is affecting labour and industrial relations in negative ways, as well as posing a threat to the German production model of diversified quality production.
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Ashraf, Badar Nadeem, and Changjun Zheng. "Shareholder protection, creditor rights and bank dividend policies." China Finance Review International 5, no. 2 (May 18, 2015): 161–86. http://dx.doi.org/10.1108/cfri-08-2014-0057.
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Purpose – The purpose of this paper is to examine the impact of legal protection of bank minority shareholders (noncontrolling shareholders) and bank creditors (e.g. depositors or debt-holders) on bank dividend payout policies using a panel data set of 5,918 banks from 52 countries over the period 1998-2007, after controlling for country-level deposit insurance coverage and bank- and country-level regulatory pressures. Design/methodology/approach – Tobit panel regression models are used to examine the impact of legal protection of shareholders and creditors on bank dividend payout amounts. And, logit panel regression models are used to examine the impact of legal protection of shareholders and creditors on banks’ likelihood to pay dividends. Findings – The authors support the outcome hypothesis by finding that banks pay higher amount of dividends and, are more likely to pay dividends in strong minority shareholder protection countries. However, the authors reject the substitute hypothesis by finding that banks pay higher dividends and are more likely to pay dividends in weak creditor rights countries, and banks do not substitute weak creditor rights with lower dividend payout amounts. Contrary, the authors support the literature which argues the importance of creditor rights for capital market development because one possible reason for low dividend payouts in strong creditor rights countries could be that the banks retain more profits for extending more loans. Practical implications – By finding that creditor rights index has a negative relation with bank dividend policies in contrast to its positive relation with nonfinancial firms’ dividend policies, the authors support the literature which argues that managers of banks give less importance to factors such as current degree of financial leverage, the contractual constraints such as dividend restrictions in debt contracts, and the financing considerations such as the cost of raising external funds, while deciding about the dividend payments. The authors also suggest to keep financial and nonfinancial firms separate, to better understand the dividend puzzle. Originality/value – Extant literature recognizes that legal institutions such as shareholder protection and creditor rights affect corporate firms’ dividend policies significantly but largely excludes banking sector. This paper, by examining the relations between legal protection of shareholders and creditors and bank dividend policies, fills this research gap.
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Rodman, Kenneth A. "“Think Globally, Punish Locally”: Nonstate Actors, Multinational Corporations, and Human Rights Sanctions." Ethics & International Affairs 12 (March 1998): 19–41. http://dx.doi.org/10.1111/j.1747-7093.1998.tb00036.x.
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The traditional realist paradigm holds that the sovereign nation-state is the principal political and legal unit in the world community. Reflecting this tradition, most studies of economic sanctions are state-centered. They assume that states exercise control over their national corporations to deny economic resources to other states. Within this framework, nongovernmental human rights organizations become involved only as interest groups, lobbying governments to regulate or ban private economic activity with designated malefactor. These groups, however, are generally unable to persuade states to mandate disinvestment from or socially responsible behavior within repressive regimes. As a result, they redirect their energies away from the central authorities and toward corporations-directly pressuring them through boycotts and shareholder activism-and local governments-persuading them to condition municipal contracts on human rights criteria.This essay examines the degree to which these nonstate actors can provide an alternative center of authority to that of the state in imposing human rights accountability on corporate conduct abroad. The first section explains the logic of nonstate sanctions and establishes criteria against which one can judge their challenge to realism. The second section assesses the successes and limitations of the anti-apartheid movement, which is viewed as the role model for such efforts. The third and final section contrasts the South African case with recent campaigns against corporate investment in Burma and Nigeria. These cases have been chosen because most grassroots organizations have pressed for corporate withdrawal rather than for more socially responsible business practices. Each represents an attempt by citizens' groups to impose sanctions against repressive regimes beyond those enacted by governments.
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Dunn, Paul. "Responsiveness to Shareholder Activism: The Importance of Institutional Logics." Academy of Management Proceedings 2013, no. 1 (January 2013): 16029. http://dx.doi.org/10.5465/ambpp.2013.16029abstract.
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Gadhoum, Yoser, Michel Y. Bergeron, and Jean-Pierre Gueyié. "Corporate control, family firms and dividend decisions in Canada." Corporate Ownership and Control 4, no. 4 (2007): 145–53. http://dx.doi.org/10.22495/cocv4i4p12.
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The purpose of this paper is to examine the relationship between dividend payments, firms’ decisions control and the nature of family firms, in order to assess whether large shareholders expropriate wealth from minority shareholders in Canada. Using data collected from various sources, we formulated and tested three hypotheses related to this issue using OLS and logit regression models. Our results indicate that in Canadian firms, dividends are used as a protective mechanism for minority shareholders against the possibility of expropriation by large shareholders. The protective power of dividend, however, seems less effective in Canadian family firms. The hidden reason is the control that families exert on the dividend payout policy. Overall, our results show no clear evidence of expropriation of wealth inflicted on small shareholders by large shareholders. This research has shown that the financial policies of Canadian firms in which a family represents the majority of the shareholders are insufficiently studied and deserve the attention of finance academia and professionals, due to their significant impact on corporate dividend policy
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Gaver, Jennifer J. "Incentive Effects and Managerial Compensation Contracts: A Study of Performance Plan Adoptions." Journal of Accounting, Auditing & Finance 7, no. 2 (April 1992): 137–56. http://dx.doi.org/10.1177/0148558x9200700203.
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This study examines the relation between manager-shareholder agency costs and the decision to adopt a long-term performance plan. It is argued that firms with mature investment opportunity sets adopt performance plans to equate manager-shareholder planning horizons. It is also argued that firms undergoing strategic change adopt plans to reduce managerial exposure to risk. Logit analysis on a sample of 81 performance plan adoptions and a random sample of 78 nonadoptions indicates that firms with stagnant investment opportunity sets and firms undergoing strategic change tend to be performance plan adopters. There is also evidence that performance plan adopters have a higher incidence of lapsed stock option plans than nonadopters. Overall, the results indicate that there are systematic differences between performance plan adopters and non-adopters which appear to be related to the manager-shareholder agency problems faced by the firm.
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Črnigoj, Matjaž. "Risk averse insiders with specific objective function and capital structure choice in European emerging economies." Corporate Ownership and Control 11, no. 1 (2013): 7–17. http://dx.doi.org/10.22495/cocv11i1conf1p1.
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I provide new insights in capital structure choice in European emerging economies by extending the logic beyond the scope of modern capital structure theory, which is based on the assumption that firms are governed by shareholders and follow the goal of maximizing their wealth. I empirically investigate capital structure choice in these countries assuming an alternative corporate governance paradigm that puts risk averse insiders with specific objective function in the firm’s governance structures. I found that firms that are owned by insiders operate with significantly lower leverage, as well as that the probability that a firm uses debt at all drops if insiders are the largest shareholders.
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Antonella Ferri, Maria, and Maria Palazzo. "An Italian Business Model for Engaging Organisations to Social Wellness: A Focus on the for Benefit Companies." International Journal of Business and Management 13, no. 11 (October 12, 2018): 142. http://dx.doi.org/10.5539/ijbm.v13n11p142.
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In 2015, a new kind of company was introduced by law in Italy: the forBenefit Company (fBComp). Such kind of firms is characterized by a relevant novelty: they are for-profit companies whose statute explicitly recognizes the impact of managerial decisions on the wellness of society as well as on shareholders. This study focuses on fBComps as organizations which bases their survival on social legitimacy. Such public recognition can be achieved through creating relationships with social and economic actors (Golinelli, 2010). The objective of the current paper is to open up to a scientific and methodological discussion about the contribution that the social behavior of a company can give to its sustainable survival in light of the logic of diffused value co-creation. The study analyzes the fBComp as a new “social” business model (SBM), which evolves and goes far beyond the Corporate Social Responsibility (CSR) phenomenon. This topic posits some main research questions: is that a new form and method for value-production and distribution? How does it affect existent corporate governance logics? Results illustrate how this business model operates in practice, or, in other words, the practical applications for the concept of business for-benefit (Rawhouser, Cummings, & Crane, 2015). By conducting a desk analysis, based on a content analysis, using the results of the first Italian Report on fBComp, the contribution draws a portrait of this business model’s main features and explains how or if it impacts management practices, shareholders and other kind of stakeholders.
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Gallo, Miguel Ángel, Josep Tàpies, and Kristin Cappuyns. "Comparison of Family and Nonfamily Business: Financial Logic and Personal Preferences." Family Business Review 17, no. 4 (December 2004): 303–18. http://dx.doi.org/10.1111/j.1741-6248.2004.00020.x.
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Research has identified important differences between family businesses (FBs) and nonfamily businesses (NFBs). The difficulty, however, lies in explaining the reasons for those differences. In this article, Professors Miguel A. Gallo and Josep Tàpies, and Research Associate Kristin Cappuyns, all of IESE, International Business School, Barcelona, report the results of an investigation into the “peculiar financial logic”of FBs, based on a sample of 305 Spanish firms. After looking at some of the more general differences between the FBs and NFBs in the sample, in terms of company age, sales, employees, capital, and internationalization, the authors compare the financial ratios of the two types of companies. Generally speaking, the FBs are found to be older and to have lower sales, fewer employees, fewer full-time employees on permanent contracts, a smaller share capital, fewer shareholders, and a higher proportion of board members among the shareholders. However, when digging into the financial policies implemented in both types of companies, the differences found indicate that personal preferences concerning growth, risk, and ownership-control may be the driving forces behind the “peculiar financial logic” of FBs. The authors conclude that while many FBs outshine their NFB rivals in many respects, some of them lack a genuine long-term business policy or a commitment to growth and evolution. If the aversion to risk and loss of control is due to the managerowner's personal apprehensions or ambitions, then that manager-owner is, wittingly or unwittingly, spoiling the company's chances of being able to compete in the future.
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Mitra, Arjun, Corinne A. Post, and Steve Sauerwald. "Institutional Logics about the Place of Women on Boards: Uncertainty and Shareholder Dissent." Academy of Management Proceedings 2018, no. 1 (August 2018): 15827. http://dx.doi.org/10.5465/ambpp.2018.15827abstract.
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Apkarian, Jacob. "Opposition to shareholder value: bond rating agencies and conflicting logics in corporate finance." Socio-Economic Review 16, no. 1 (November 6, 2017): 85–112. http://dx.doi.org/10.1093/ser/mwx041.
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Wang, Hongyi. "Research on influencing factors of financial performance of listed companies based on multiple linear regression and fuzzy logic system." Journal of Intelligent & Fuzzy Systems 40, no. 4 (April 12, 2021): 8549–61. http://dx.doi.org/10.3233/jifs-189675.
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The ultimate goal of listed companies is to maximize shareholders’ wealth. With the increasingly fierce market competition, enterprise managers are constantly exploring the key indicators that have an important impact on the financial performance (FP) of enterprises, and achieve the expected FP of shareholders by improving these key indicators. On the basis of the existing enterprise performance measurement system and index research, through expert scoring to determine the secondary indicators, this paper selects 87 small and medium-sized board listed companies which officially announced the implementation of equity incentive from 2009 to 2012 as the sample, takes the financial information disclosed in 2013 as the empirical data, and analyzes the traditional multiple linear regression analysis (MLR) When dealing with big data, especially the data with hierarchical structure, this paper proposes a partial regression coefficient calculation model based on hierarchical data, constructs a multiple nonlinear regression model, and concludes through empirical analysis that there is a nonlinear correlation between equity incentive ratio and corporate performance, and that there is an interval effect between equity incentive ratio and corporate performance. We also present Fuzzy based financial performance prediction of listed companies. Finally, we demonstrate Comparative analysis for financial prediction in term of accuracy between multiple regression model and fuzzy logic system and result deduce that fuzzy logic gives better accuracy than regression model.
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Donadone, Julio Cesar, and Marina Fantti. "The influence of financial logic on the evolution of six sigma." Corporate Ownership and Control 13, no. 2 (2016): 262–71. http://dx.doi.org/10.22495/cocv13i2c1p7.
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The ascension of financialization brought implications on the organizations, because they need to deal with the demands of the financial markets and its shareholders. Parallel to this movement, quality management has been gaining ground in organizations, from different approaches and the latest called Six Sigma. The objective of this article is to investigate the influence of the financial logic in the Six Sigma, using a detailed investigation of how Six Sigma has been addressed in the events promoted by the International Quality & Productivity Center (IQPC), by the analysis of events in Brazil and the United States in the period 2003-2010. The main results of this study proved and demonstrated the different ways of the influence of financial logic in the evolution of Six Sigma in organizations.
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Varmaz, Armin, and Jonas Laibner. "Announced versus canceled bank mergers and acquisitions." Journal of Risk Finance 17, no. 5 (November 21, 2016): 510–44. http://dx.doi.org/10.1108/jrf-05-2016-0069.
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Purpose This paper aims to empirically analyze the success of European bank mergers and acquisitions (M&As) by an analysis of the shareholder value implications of stock market reactions to announced and canceled M&As in the period from 1999 to 2015. Design/methodology/approach The analysis of a sample of 467 announced and 54 canceled European bank M&As is conducted using event study methodology. The determinants of the shareholder value creations in M&A are observed in cross-sectional regressions. The likelihood of M&As being canceled is estimated in logit regressions. Findings The paper finds that European bank M&As have not been successful in terms of shareholder value creation for acquiring banks, whereas targets experienced significant value gains. Abnormal returns for bidders and targets exhibit the same characteristics upon the announcement of M&As that are canceled at a later date, whereas the results for transaction cancelations deviate. Targets experience negative abnormal returns at a larger size than upon the transaction announcement. The findings for bidders are striking, as they destroy shareholder value upon the transaction cancelation, also, consequently they suffer twice. In particular, banks with higher profitability, higher efficiency and lower liquidity experience negative abnormal returns around the announcement dates. Negative abnormal returns prior to the transaction announcement and provision for loan losses increase significantly the likelihood of M&A cancelation. Originality/value This paper contributes to the literature expanding existing analyses to the shareholder value implications of canceled European bank M&As in a 17-year long time period. The findings reveal the destructive characteristics of canceled bank M&As and provide innovative insights into European capital market reaction to canceled M&As.
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Mejia, Santiago. "The Peculiar Nature of the Duty to Help During a Pandemic." Business Ethics Journal Review 9, no. 2 (April 26, 2021): 8–13. http://dx.doi.org/10.12747/j1i02.
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Duties of beneficence are said to allow for leeway to discharge them. By distinguishing between two different types of leeway, Mejia (2020) identified three structurally different duties of beneficence. In this Commentary I deploy those distinctions to clarify the nature of a fourth type of duty of beneficence, one prompted by a global pandemic, a duty with a peculiar, and seldom recognized, conceptual logic. I provide some guidelines that should orient managers when they take themselves to be fulfilling such a duty on behalf of shareholders.
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Wei, Yifan. "Organizational Imprinting and Response to Institutional Complexity: Evidence from Publicly-Traded Chinese State-Owned Firms in Hong Kong." Management and Organization Review 13, no. 2 (June 2017): 345–73. http://dx.doi.org/10.1017/mor.2016.54.
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ABSTRACTThis study seeks to answer the following question: What are the organizational attributes that influence organizational responses to institutional complexity? Building on core ideas of organizational imprinting, I argue that organizational response is influenced by the imprint from the dominant logic of organizing during the founding period and from the institutional position an organization possessed at founding. Empirically, I examine the variation in board composition of Chinese state-owned firms listed in the Hong Kong Stock Exchange market. It is found that state-owned firms founded in the market logic dominant period tend to have more non-state directors on the board in that they were organized around the prescription of the market logic and more responsive to shareholders’ demands for legitimacy reasons. Besides, state-owned firms founded by central government agencies tend to have fewer non-state directors because they were born at the center of the socialist system to accomplish strategic goals of the central government and non-state directors may challenge the vested interests. This study contributes to the organizational imprinting and institutional literature and resonates with the contemporary call for a more systematic examination of organizational attributes that influence organizational responses to institutional complexity.
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Xu, Peng, Heng Zhang, and Guiyu Bai. "Research on the Differentiated Impact Mechanism of Parent Company Shareholding and Managerial Ownership on Subsidiary Responsive Innovation: Empirical Analysis Based on ‘Principal–Agent’ Framework." Sustainability 11, no. 19 (September 25, 2019): 5252. http://dx.doi.org/10.3390/su11195252.
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Under the dynamic competition situation, the innovation competition interaction between enterprises will take the form of mutual responding, while the formulation and implementation of responsive innovation strategy will be influenced by both shareholders and managers in the principal–agent relationship. In our research, we try to understand how the difference of governance logic between shareholders and managers affects innovation interaction strategy of enterprises. In order to achieve this research goal, this study takes all eligible listed companies (from 2007 to 2016) in China’s stock market as samples. The results show that the parent company shareholding has a negative impact on the subsidiary responsive innovation, while companies whose managers hold more shares select the relatively positive strategy responsive innovation. Moreover, the degree of separation between ownership and control rights and the external institutional environment can moderate the above relationship. Relevant conclusions can provide some reference value for the formulation of responsive innovation decision of listed companies and provide new insights for the design of parent–subsidiary corporate governance structure and the design of managerial equity incentive mechanism in the context of corporate group governance.
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Bae Choi, Bo, Jangkoo Kang, and Doowon Lee. "Determinants and market implications of differentiated dividends in Korea." International Journal of Managerial Finance 10, no. 4 (August 26, 2014): 453–69. http://dx.doi.org/10.1108/ijmf-11-2012-0116.
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Purpose – The purpose of this paper is to explore unequal dividend payment policies called differentiated dividends (DDs) in Korea. The characteristics of firms are examined which allocate higher dividends to small shareholders than large shareholders within the same share class. Design/methodology/approach – Logit analysis is used to compare firms that initiate DDs with those that pay conventional equal dividends. The abnormal market reaction to news of initiation of DDs is also examined. Findings – Managers of firms facing cash insufficiency are more likely to initiate DDs. The DD scheme is used as a method to cater to high dividend demands in the market. The stock price reaction to the initiation of DDs is positive when the total dividend payments are increased, signifying that the market interprets it as good news. Practical implications – Firms facing cash insufficiency can avoid an increase in the cost of capital by retaining extra cash from DDs rather than borrowing external funds. Additionally, managers can foster favorable market reactions by using DDs which helps firms in attracting new capital investments. Finally, regulatory bodies can consider encouraging managers to adopt unequal dividend schemes to allow higher dividend payments to small shareholders, especially in countries with weak legal protection for minority shareholders. Originality/value – Similar unequal dividend policies exist in European countries but there is a lack of research conducted on those policies. The paper provides implications for the strategic use of unequal dividends to maximize firm value.
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Lavin, Jaime F., and Alejandro A. Montecinos-Pearce. "ESG Reporting: Empirical Analysis of the Influence of Board Heterogeneity from an Emerging Market." Sustainability 13, no. 6 (March 11, 2021): 3090. http://dx.doi.org/10.3390/su13063090.
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Firms are facing pressure to convincingly communicate to stakeholders their environment, society, and corporate governance (ESG) disclosure. In developing countries, where frictions among controlling and non-controlling shareholders are pervasive, the possible dissensus inside boards regarding ESG disclosure remains understudied. We investigate the ways in which boards’ heterogeneity between the interests of controlling groups and the interests of institutional investors influences ESG disclosure of firms in the Latin American context. Using social networks and logit panel data models, we analyze for 2015-17 the probability of ESG disclosure by 124 Chilean listed firms. Our evidence suggests that the influence of controlling shareholders through directorate interlocking has a negative relation with ESG disclosure. Additionally, we observe that the influence of institutional investors on ESG disclosure is not yet critical. Moreover, we find partial evidence of the presence of tension within the boards regarding ESG reporting between the directors that represent controlling shareholders and institutional investors. Considering the importance of institutional investors and the ubiquity directorate interlocking among Latin American’ firms, our results are relevant for regulators involved in advancing the rules of ESG disclosure practices, institutional investors focused on enhancing their ESG investment strategies, and firms engaged in improving the ESG decision-making within their boards.
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Zulfiqar, Ghazal M. "From Kashf Foundation to Kashf Microfinance Bank—Changing Organizational Identities." Asian Journal of Management Cases 14, no. 2 (September 2017): 94–114. http://dx.doi.org/10.1177/0972820117713595.
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This case documents the challenges faced by the Kashf Microfinance Bank (KMFB) in 2012, when it was a relatively new entrant in a financial industry established by the 2001 Microfinance Institutions Ordinance. The case documents the difficulties KMFB faced in establishing itself as a microfinance bank, moved away from the unregulated NGO sector where its parent company, Kashf Foundation, was situated. As a microfinance bank KMFB faced the simultaneous challenge of surviving the start-up stage and adapting to the stringent banking regulations placed on it by the State Bank of Pakistan (SBP). The latter required learning to strike a balance between the sometimes conflicting banking and development institutional logics, a typical problem for hybrid institutions with a social mission. As KFMB grappled with trying to meet the SBP’s requirements on capital adequacy, it faced a repayment crisis originating from its parent company, wiping out a significant portion of its equity. The case focus is on a decision KMFB’s board must take, regarding whether or not to invite a new majority shareholder to bring the Bank out of the red. This includes the decision criteria for choosing a shareholder that will uphold KMFB’s mission of financial inclusion.
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Malik, Ashish. "Transcribe and Tally: jugaad in action." Emerald Emerging Markets Case Studies 3, no. 3 (June 28, 2013): 1–8. http://dx.doi.org/10.1108/eemcs-06-2013-0074.
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Title – Transcribe and Tally: jugaad in action. Subject area – Human resource development/management and change management, leadership, entrepreneurial development and indigenous innovation. Study level/applicability – The case is suitable for final year undergraduate human resource development/management, change management, indigenous innovation, or specialist HRM Master's program (strategic HRM/HRD) students. Case overview – The case study highlights the challenges of managing change and growth in India's dynamic business process outsourcing sector. The choice of a small organisation brings to the fore the impact of the strategic decisions owners of capital place on managers as they address issues of sustained growth to support short-term expectations of shareholders. The case highlights India's indigenous approach to frugal innovation or jugaad (finding a creative and improvised work around); how a group of managers consistently reinvented the business model and human resource management practices to stay afloat and meet shareholder expectations. Expected learning outcomes – Depending on the teaching programme and the emphasis of this case in the class, one or more of the following learning outcomes (LO) can be achieved from this case study. These LO have been developed using Bloom's taxonomy and they progressively move from simple to complex LO. Following the case analysis, students should be able to: discuss the key challenges faced by Transcribe and Tally (T&T); identify and analyse the various influences of internal and external factors on training provision; understand the importance of an external network of service provision and identify the key training and organisational capabilities; analyse the dynamic interactions between the various factors and training provision; analyse the relationship between T&T's competitive strategy and its strategic choices (make versus buy) towards investing in training; evaluate the role of training in developing organisational capabilities; and strategize a way forward for Roy Thakur. Supplementary materials – Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.
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Arianti, Ni Kadek Sofia, I. Nyoman Putu Budiartha, and Desak Gde Dwi Arini. "Tanda Tangan Elektronik dalam Akta Pernyataan Keputusan Rapat Umum Pemegang Saham Perseroan Terbatas." Jurnal Interpretasi Hukum 1, no. 1 (August 20, 2020): 148–53. http://dx.doi.org/10.22225/juinhum.1.1.2202.148-153.
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This research is motivated by the development of technology playing an important role in the establishment of companies in various regions in the territory of the archipelago, namely the Republic of Indonesia, one of which is a Limited Liability Company. This study aims to determine the arrangement of electronic signatures in the General Meeting of Shareholders of Limited Liability Companies and to find out the legal consequences of the signatures conducted electronically in the deed of decree of the General Meeting of Shareholders of Limited Liability Companies. The method used in this research is the normative research approach is legislation. Then, the data that has been analyzed are presented in an informal form, through the words described in paragraphs. The results of this study address that the regulation of electronic signatures in the deed of the decision of the decision of the general meeting of shareholders of the Limited Liability Company through tracing and transformation according to structured translation by reasoning based on logic that electronic information or electronic documents and / or printouts can be used as evidence legal law, which is also an expansion of legal legal evidence based on the provisions of article 11 jo. Article 5 of the Law. Therefore, the evidence according to the procedural law above made in the form of electronic information or electronic documents, is valid evidence under the Electronic Information and Transaction Law, so that all electronic transactions that utilize electronic media produce electronic signatures that are loaded on the deed of determination of the results of the GMS decision, the Limited Liability Company can be considered as a deed. Then, due to the legal signature that was carried out through electronic media the outcome of the determination of the GMS had a legal impact on the legalization status of the deed which according to the relevant Act was declared valid insofar as the deed was seen as a deed under the hand.
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Bruslerie, Hubert De La. "The setting of a coalition contract between controlling shareholder, managers and employees: how to mix incentive and political logics?" International Journal of Corporate Governance 2, no. 3/4 (2011): 237. http://dx.doi.org/10.1504/ijcg.2011.044377.
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Deslandes, Manon, Suzanne Landry, and Anne Fortin. "The effects of a tax dividend cut on payout policies: Canadian evidence." International Journal of Managerial Finance 11, no. 1 (February 2, 2015): 2–22. http://dx.doi.org/10.1108/ijmf-05-2014-0081.
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Purpose – The purpose of this paper is to examine whether the significant dividend tax rate reduction for individual investors in Canada in 2006 affected firms’ payout policies. Design/methodology/approach – Using regression models, the authors examine the impact of the 2006 dividend tax cut on dividends and share repurchases in Canadian listed firms from 2003 to 2008. The authors also ran a multinomial logit regression to examine choices between payout policies. Findings – Following the tax cut, firms increased their dividend payouts, with larger increases for firms in which shareholders benefited from the reduced tax rate. However, the 2006 tax cut appears to have had no negative effect on distributions through share repurchases. After the 2006 dividend tax cut, firms owned by shareholders subject to dividend taxes were more likely to use a combination of distribution mechanisms than share repurchases only, dividends only, or no payouts. Practical implications – Shareholders’ tax preferences are an important factor for firms to consider when designing payout distribution policies. Following the 2006 dividend tax cut, firms increased their dividend payouts. Social implications – The findings provide tax regulators with insight into how firms react to tax reform. They suggest that firms adapt their payout policy in the face of: a noteworthy dividend tax cut (6.2 per cent); a dividend tax cut that does not encourage tax arbitrage; and a dividend tax cut that does not economically favour dividend payment over share repurchases. Originality/value – The paper considers the 2006 dividend tax rate cut in Canada, which presents a number of significant features that allow capturing the effect of a tax cut on payout policies.
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Zyguła, Andrzej. "Impact of foreign ownership on dividend policy in Poland." e-Finanse 13, no. 4 (December 1, 2017): 76–88. http://dx.doi.org/10.1515/fiqf-2016-0037.
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AbstractThe article analyses the impact of foreign investors, who were the majority shareholders of companies on the Warsaw Stock Exchange, on dividend policy of these companies in the years 2004-2014. An evaluation of the direction and strength of the influence of the analysed group of investors, using 2 models, was conducted applying logistic regression. The first – dividend payout policy based on the binary logit model - showed that along with a growing share of a foreign investor in a given company the probability of dividend payment by the company increased significantly. The second – dividend level change model based on the multinominal logit method - showed, however, that with an increasing share of foreign investors the probability that a given company will reduce the paid dividend level was enhanced significantly. Additionally, it should be stated that these results, irrespective of the model used, were to a very large extent in line with conclusions of the pecking order theory. However, in the case of signaling, free cash flow and maturity theories, these results only to a small extent provided evidence supporting these theories.
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Sullivan, Michael J. "The Merger Tax Status Decision." Journal of Accounting, Auditing & Finance 8, no. 1 (January 1993): 77–90. http://dx.doi.org/10.1177/0148558x9300800105.
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In this study, the influence of the federal tax code on reorganization tax status chosen for a merger is examined with a logit model. Findings indicate that the potential to step up the depreciable basis of acquired assets less depreciation recapture significantly influences the tax status chosen for a merger. Carryover attributes of the acquired firm do not affect the choice of tax status for a merger; thus, legislative concern over the transfer of tax losses and other carryover items may be unjustified. Immediate recognition of taxable gain by the acquired firm's shareholders does not appear to influence the choice of merger tax status, casting doubt on the theory that the medium of exchange used for a merger is determined after considering the amount of immediately recognized taxable gain if a taxable status is chosen.