The impact of management and board ownership on profitability in banks with different strategies

In this study I combine the ownership and diversification literature and show that the agency problem varies across traditional, diversified and non-traditional banks. In a sample of European banks, I find that management ownership has a positive impact on profitability in non-traditional banks, whereas board ownership has a positive impact on profitability in traditional banks. These findings indicate that management ownership is important in opaque banks, which are difficult to monitor, whereas board ownership is important in banks where the government guaranteed safety-net reduces the monitoring incentive of depositors, but which are not too complex or opaque for the board to monitor.     

Comparison of the washing efficiencies of a laboratory washing device (Launder‐Ometer) and of automatic household washing machines with horizontal drums

The objective of this study was to compare the cleaning result of a laboratory washing machine – Launder‐Ometer (LOM) – with that of drum‐type household washing machines, using detergent without bleaching agent, standard soiled fabrics and a colorimeter for assessing the washing result. The mechanical effect applied to the laundry in the household washers was not obtained in the LOM by increasing mechanical impact or the number of metal balls. Extended washing time did not improve removal of blood soil in the LOM, although it did increase removal of mayonnaise soil containing chlorophyll. However, in practice a washing time of 60–85 min is relatively long for a laboratory device considering the claimed time‐saving nature of these devices. None of the examined parameters affected removal of a red wine soil containing tannins, which was poor in all test combinations both in the household machines and in the laboratory washing machine. Bleaching agent is recommended for removal of this type of soil. In conclusion, conformity between washing results of the laboratory washing machine and the drum‐type household washing machines depends on the type of soiled test fabrics and other parameters in the washing process. Removal of blood soil differed most between the household machines and the LOM.     

Public-private partnership project success circumstances

The public-private partnership has been in use in the world for over 40 years, and has been growing at a varying rate and with mixed success in different countries. Based on the experience gained in selected countries, this article shows key success factors of the public-private partnership.     

Contradictions in food consumption

This study asked consumers to identify the possible contradictions in their food consumption. The article takes the so‐called ‘antinomies of taste’– health vs. indulgence, convenience vs. care, extravagance vs. economy, novelty vs. tradition and together vs. alone – by Warde and Mäkelä as a starting point. The empirical part of the research analyses between which opposing poles the contradictions emerge when the consumers themselves are asked. Findings from a survey (745 respondents) indicate that consumers prefer to engage in food‐related activities that would be more aesthetic, healthful, tasty, convenient, caring and economic, but state significant barriers for not being able to fulfil these desires. Finally, the article draws theoretical conclusions about the connections between the prevailing food consumption‐related contradictions and contemporary consumer society.     

The new frontier of American fisheries governance

Throughout its history, America has viewed its oceans as vast fishery frontiers. These frontiers are suffering depletion as large amounts of fishing power combined with significant oceanographic changes are straining the limits of sustainability. The new ocean frontier is not the promise of undeveloped resources, but rather the challenge of undeveloped sustainable governance systems. This paper discusses the institutional transformation necessary to achieve sustainable governance. The first part provides an historical overview of the American use of resources as frontiers. The second part characterizes the frontier as an extreme form of resource use, contrasting it to its opposite ideal, the commons. The third part outlines behavioral differences between the users of frontiers and commons, the pioneers and shareholders. Building on the attributes of resource management under the two ideals, the fourth part of the discussion focuses on the necessary conditions and major challenges to developing the institutional capital required for sustainable US fishery management. The institutional capital needed for sustainable fisheries governance is comprised of several pieces: (1) A perception of the fishery as an integrated ecosystem; (2) an identification of shareholders; (3) an allocation of decision making power and responsibility which vests all interests and internalizes the source of control; (4) incentive structures to promote long-term management; (5) management skills among fishery interests; (6) management processes that promote adaptability to change. The final section provides conclusions and an assessment of the progress US fishery management has made in institutional capital development. Pressures of scarcity are forcing US fisheries management to evolve away from the frontier ideal, but the development of the institutional capital necessary for sustainable fishery governance is incomplete.     

Tax treatment of dividends and capital gains and the dividend decision under dual income tax

The paper analyses efficiency aspects of a dual income tax system with a higher tax on capital gains than dividends. It argues that apart from the distortions to investments claimed in earlier literature, the system puts even more emphasis in creating incentives for entrepreneurs to participate in tax planning. The paper suggests that the owner of a closely held company can avoid all personal taxes on entrepreneurial income by two tax-planning strategies. The first is the avoidance of distributions, which would be taxed at the tax rate on labour income. These funds would instead be invested in the financial markets. The second strategy is a distribute and call-back policy, converting retained profits into new equity capital. Interestingly, the outcome is that investment in real capital is not distorted in the long-run equilibrium. Empirical evidence using microdata is also provided.      

Everyday climate discourses and sustainable tourism

Debates surrounding the human impact on climate change have, in recent years, proliferated in political, academic, and public rhetoric. Such debates have also played out in the context of tourism research (e.g. extent to which anthropogenic climate change exists; public understanding in relation to climate change and tourism). Taking these debates as its point of departure, whilst also adopting a post-structuralist position, this paper offers a Foucauldian Discourse Analysis of comments to an online BBC news article concerning climate change. Our analysis finds three key ways responsibility is mitigated through climate change talk: scepticism towards the scientific evidence surrounding climate change; placing responsibility on the “distant other” through a nationalistic discourse; and presenting CO₂ as “plant food”. The implications of these ways of thinking about climate change are discussed with a focus on how this translates into action related to the sustainability of tourism behaviours. In doing so, it concludes that a deeper understanding of everyday climate talk is essential if the tourism sector is to move towards more sustainable forms of consumption.     

Does timing matter? A real options experiment to farmers' investment and disinvestment behaviours

In this article, we analyse the (dis)investment behaviour of farmers in a within‐subject designed experiment. We ascertain whether, and to what extent, the real options approach (ROA) and the classical investment theory can predict farmers' (dis)investment behaviour. We consider a problem of optimal stopping, stylising an option to (dis)invest in agricultural technology. Our results show that both theories do not explain exactly the observed (dis)investment behaviour. However, some evidence was found that the ROA predicted the decision behaviour of farmers better than the classical investment theory. Moreover, we found that farmers learn from repeated investment decisions and consider the value of waiting over time. Socio‐demographic and farm‐specific variables also affect the (dis)investment behaviour of farmers.     

Reciprocal Effects of the Corporate Reputation and Store Equity of Retailers

Retailers aim to strengthen their ability to influence consumer behavior by building corporate reputation and store equity: for instance, by making promotional investments. However, little is known about the directionality of consumers’ corporate and store associations, that is, how reciprocal relationships between consumers’ perceptions of corporate reputation and store equity affect store loyalty. To illuminate this issue, we draw upon a study with a cross-sectional design and two studies with longitudinal designs. We find that retail store equity interacts with corporate reputation and is a more important driver of increased loyalty than corporate reputation. We conclude that retailers should pay attention to reciprocal effects, especially in determining the relative allocation of investments across corporate and store levels.