High‐involvement HRM,job satisfaction and productivity: A two wave longitudinal study of a Spanish retail company

The strategic human resource management literature lacks longitudinal studies, and the causal associations between human resource management (HRM) and organisational performance (OP) remain underexplored. We tested cross‐lagged relationships between high‐involvement work systems (HIWS), job satisfaction, and store productivity based on a large longitudinal dataset from the retail sector comprising two waves of data. The first wave (2011) included 6,016 employee responses from 104 stores, and the second wave (2015) included 5,842 employee responses from 94 stores. The quantitative study suggested counterintuitive negative associations. A subsequent qualitative study indicated that the association may have been conditioned by the recessionary action taken by the company in response to financial difficulties. The longitudinal research design, the compilation of data during difficult economic situations, and in a relatively unexplored sector such as the retail industry help to shed some light on the universalism of the HRM‐OP relationship and its boundary conditions.     

How has the Relevance of Institutional Brokerage Changed?

Institutional brokerage rates have been in decline. We investigate whether this reduction has coincided with a fall in benefits provided by brokers to institutional asset managers. We use trade packages from both active and passive equity funds from 1995 to 2001 and active equity funds from 2002 to 2010. We find that later period active funds recoup a combined 1.75 basis point benefit (from price impact cost recovery and short‐term alpha) per basis point of brokerage cost. Later period active investors saw improved trade price impact and shorter‐term alpha net benefits, relative to earlier period active investors. These results are robust after controlling for trade characteristics and cross‐sectional variation over time. Our findings suggest that brokers innovate to provide valuable services in the subsequent, lower brokerage environment.     

A model of emulation funds

Emulation funds are a potentially cost‐effective way for multimanager funds to improve their investment performance by delaying and netting trade signals from underlying managers. We develop a model to represent the expected sources of differential performance in an emulation fund relative to its underlying multimanager portfolio. The model formalises the expected interaction between potential savings and opportunity costs and allows us to observe complexities in the emulation process that are hidden without a benchmark. Finally, the functional representation of the model allows sensitivity analysis of the emulation fund to key parameters and enables us to determine theoretically optimal lag periods.     

Food supply chains and sustainability: evidence from specialist food producers in the Scottish/English borders

Despite an increasing interest in more sustainable forms of land management, few analyses have examined whether ‘local’ or ‘alternative’ food supply systems are sustainable in environmental, economic and social terms. Using SUSTAIN's ‘sustainable food’ criteria, this paper analyses the sustainability of a number of ‘speciality’ food supply chains operated by small rural enterprises in the Scottish/English borders. Results indicate that, in the main, the case study businesses are not particularly sustainable; instead, driven by a strong economic imperative, they often have to ‘dip’ into various ‘links’ associated with more conventional (commodity-based) food supply chains. The paper concludes by warning against the tendency to conflate terms such as ‘local’, ‘alternative’, ‘speciality’ and ‘sustainable’.     

Factors Associated with Students' Academic Motivation in Agricultural Economics Classes

A study of undergraduates at Texas A&M University, Purdue University, and the University of Florida reveals that students viewing grades as a contributor to career success tend to be more academically motivated. Several measures of academic motivation are examined by means of general linear and also nonlinear models. Electronic entertainment, socializing, and time spent working are all negatively associated with academic motivation. Greater academic motivation exists among females. To the extent that additional work is needed for the support of increased tuition costs, students have the potential to be less academically motivated.     

Follow the leader: fund managers trading in signal‐strength sequence*

When fund managers trade sequentially in the same direction, the information confirmation hypothesis predicts the long‐term profitability of the leader trade to be increasing in the number of subsequent trades. The information cascade hypothesis predicts a non‐positive relationship. Using active equity funds’ daily trading data, we document a transition from information confirmation to information cascades as the number of followers increase. We find that highly disguised multiple‐broker packages exhibit higher market impact, higher long‐term returns and are associated with fewer followers. Our study also documents that lead fund managers face portfolio risk constraints in trading on private information.     

Adjusting to the national minimum wage: constraints and incentives to change in six low‐paying sectors

Interest in the national minimum wage (NMW) includes not only its direct impact on employment and wages, but also its indirect impact on organisational performance resulting from a reorientation of employer behaviour with regard to employment practices and product market competition. Drawing on data from small firms in six low‐paying sectors, this article identifies three key constraints that have undermined the possible effect of the NMW in generating a virtuous cycle between employment practices and product market approach. These constraints relate to product market conditions, employer norms and labour market institutions (especially training).     

Inter-capital relations and the network organisation: redefining the work and employment nexus

The blurring of organisational boundaries associated with ‘networks’of organisations suggests the need to reconsider how work andemployment are shaped by shifting inter-capital relations. Traditionaltheories of the internalised employment relationship understateits inter-relationship with both the form of inter-capitalistcompetition and the type of inter-capitalist production relations.Also, existing theories of inter-organisational contractingdo not adequately address how these are shaped by employmentrelations, both within and between organisations. An alternativeapproach provides a new perspective for considering forms ofcountervailing power to protect workers' interests in a capitalistsystem continuously shifting from integrated to non-integratedforms.     

Gender equality still on the European agenda—but for how long?

While the momentum has certainly not yet disappeared from the gender equality agenda within Europe, the impact of that agenda remains patchy. Progress within individual member states has been significant but not always steady or cumulative. At the European level more attention has been paid to the gender pay gap but policy initiatives remain weak. The loss of the equal opportunities pillar in the new employment guidelines puts this momentum at risk but the new phase still includes commitments to an integrated strategy of gender mainstreaming and equal opportunities.     

The ups and downs of European gender equality policy

In 2003, equal opportunities policy in the European Union suffered both ups and downs. New opportunities came in the guise of the hotly contested new directive on gender equality outside the field of employment, in the invitation to present the first of an annual report on equality between women and men to the Spring Council, in the consolidation of gender mainstreaming within the second round of the National Action Plans on social inclusion and in the new commitments to ‘substantial reductions by 2010’ in gender gaps in employment, unemployment and pay that were included in the new employment guidelines in 2003. These new guidelines presented, however, a major challenge to gender equality as the new phase of the European Employment Strategy dispensed with the four pillars, and therefore the equal opportunities pillar. Instead gender equality became just one of 10 new guidelines. In December the launch of the Employment Taskforce report appeared to push employment policy back more to a ‘full employment with flexibility’ approach and away from concerns with job quality. The focus was therefore more on the integration of women into employment rather than on closing the equality gap.