Wealth Effects of Private Equity Placements: Evidence from Singapore

We examine institutional characteristics and the wealth effects of private equity placements in Singapore. Our findings show that private placements in Singapore generally result in a negative wealth effect and a reduction in ownership concentration. We find that at high levels of ownership concentration, the relation between abnormal returns and changes in ownership concentration is significantly negative. We also show that the market reacts less favorably to placements in which management ownership falls below 50%, but more favorably to issues to single investors. We do not find evidence suggesting that our results are due to an information effect.     

European holiday-taking surveys—problems of method,measurement and interpretation

“So reisten die Europäer 1982”, ITB Berlin 83. Report on the conference, held in Berlin in March 1983, by Gillian Gardner-Smith of the British Tourist Authority.     

Increasing the Number of Women on Boards: The Role of Actors and Processes

In this article, we offer an approach of how participative stakeholder innovation can be evaluated in complex multistakeholder settings that address wicked issues. Based on the principle of mutual value creation, we present an evaluation framework that accounts for the social interaction process during which stakeholders integrate their resources and capabilities to develop innovative products and services. To assess this evaluation framework, we collected multiple data from the case study of the Swiss Cardiovascular Network, which represents a multistakeholder setting related to the prevention of cardiovascular disease. Our findings indicate that the evaluation dimensions of the stakeholders’ mindsets, the process and context of the stakeholder interactions, as well as the outcomes are useful concepts to account for a cooperative process of innovation in a multistakeholder setting. We discuss both the theoretical and practical insights of our analysis for participative stakeholder innovation.     

eWOM credibility on social networking sites: A framework

Social networking sites (SNS) offer brands the ability to spread positive electronic Word of Mouth (eWOM) for the purposes of building awareness and acquiring new customers. However, the credibility of eWOM is threatened of late as marketers increasingly try to manipulate eWOM practices on SNS. A greater understanding of eWOM credibility is necessary to better enable marketers to leverage true consumer engagement by generating credible peer-to-peer communications. Yet, to date, there is no one framework synthesising which factors constitute eWOM credibility in the online environment. This paper revisits the word of mouth credibility literature and proposes a new credibility framework – the 4Cs of eWOM Credibility: Community, Competence, Content, and Consensus.     

Linking customer resources to firm success: The role of marketing program implementation

Drawing from both resource-based view and dynamic capabilities theory, this research investigates how customer resources (i.e., knowledge and network size) influence firm performance through marketing program implementation. The current research shows that customer resources are critical to the development and execution of marketing programs, which can then lead to firm success. Through surveying 269 retailers, this study finds that while customer knowledge directly affects marketing program implementation, it does not directly influence firm performance. In contrast, customer network size not only directly contributes to marketing program implementation and firm performance, but also serves as a significant moderator.     

What Ethical Leadership Means to Me: Asian,American, and European Perspectives

Despite the increasingly multinational nature of the workplace, there have been few studies of the convergence and divergence in beliefs about ethics-based leadership across cultures. This study examines the meaning of ethical and unethical leadership held by managers in six societies with the goal of identifying areas of convergence and divergence across cultures. More specifically, qualitative research methods were used to identify the attributes and behaviors that managers from the People’s Republic of China (the PRC), Hong Kong, the Republic of China (Taiwan), the United States (the U.S.), Ireland, and Germany attribute to ethical and unethical leaders. Across societies, six ethical leadership themes and six unethical leadership themes emerged from a thematic analysis of the open-ended responses. Dominant themes for ethical and unethical leadership for each society are identified and examined within the context of the core cultural values and practices of that society. Implications for theory, research, and management practice are discussed.     

Small Business–Bank Relationships and the Role of Internet Banking

In the aftermath of the Cruickshank Report (2000) Cruickshank, D. 2000. “Competition in UK banking (A Report to the Chancellor of the Exchequer)”. London: The Stationery Office.  [Google Scholar] and the Competition Commission's investigation (2002) Competition Commission Report. 2002. “The supply of banking services to SMEs”. HM Treasury, available at http://www.hm-treasury.gov.uk (accessed 2 December 2002) [Google Scholar] into SME–bank relationships, this paper examines the current state of the small business–bank relationship and ascertains whether the Internet could be used to improve the quality of the relationship. It utilises a qualitative research method, which consisted of 24 interviews with small business owners and relationship managers in banks. The interviews, inter alia, address the following main research questions: what are the needs and expectations of small business owners from their relationships with banks? What do small businesses think about the overall quality of service provided by banks in the relationship context? What was the delivery preference of small businesses and banks in the relationship? What did small business owners and banks think had been the main effects of e-banking on relationship management. The paper incorporates a discussion of the main findings and makes pragmatic policy and practice recommendations based on the results.     

Performance Related Pay In Operation: A Case Study From the Electronics Industry

Stephen Procter, Louise McArdle, Michael Rowlinson, Paul Forrester and John Hassard draw on the evidence of a longitudinal case study of a large electronics company to discuss the problems arising from the introduction and operation of a performance related pay system. These included resource constraints, difficulties in criteria selection, and subjectivity. Underlying these problems was the workforce's lack of confidence in the principle as well as the appication of the system. the authors conclude that companies face great difficulty in using such systems to effect cultural change: the necessary culture may already have to exist for such pay systems to work. Stephen Procter, Paul Forrester and John Hassard, respectively, are lecturers and Professor in the School of Management and Economics at the University of Keele, Louise McArdle is in the Department of Organisation Studies at the University of Central Lancashire, and Michael Rowlinson is in the Department of Sociology and Social Policy at the University of Southampton.