The Causes and Consequences of Accelerated Stock Repurchases

We examine the choice between accelerated share repurchase (ASR) and open market repurchase (OMR) as repurchase mechanisms between 2004 and 2007. For a sample of ASRs and OMRs that actually buy shares in the announcement quarter, we find that ASR firms have lower market‐to‐book ratios, less cash, but greater managerial entrenchment. Prior to repurchase, ASR firms are subject to significantly more takeover rumors than OMR firms are, and this, along with entrenchment and undervaluation, affects the choice to use ASRs. ASR firms experience positive average abnormal returns both before and after the announcement. Moreover, the latent takeover probability is significantly lower for both ASR and OMR firms (when compared with pre‐announcement levels), but the reduction for ASR firms is more pronounced. Our results suggest that repurchases, and especially ASRs, indeed make a firm a less attractive prospect for takeover.     

A fuzzy goal programming approach to analyse sustainable development goals of India

Energy policy, environmental planning and economic development play a key role in sustainable development. Sustainable development requires suitable and strategic policies satisfying multiple and conflicting objectives. Fuzzy goal programming (FGP) is a well-known approach in multi-criteria decision-making for its practical application. In this article, a FGP approach is proposed to analyse environmental, energy and sustainability goals of India by the year 2030 with reference to the key economic sectors of India. The presented model analyses the improvement opportunities, requirement of efforts and implementation of the sustainable development plans. Numerical illustration is also provided for validation and application of the proposed model.     

The relationship between laissez-faire leadership and burnout: Mediation through work alienation and the moderating role of political skill

We tested the relationship between laissez-faire leadership and job burnout and the mediating role of work alienation in this relationship. We also examined the moderating role of political skill in the relationship between laissez-faire leadership and burnout. Based on time-lagged (three waves, two months apart) survey data collected from 272 employees in 92 firms operating in China, our results showed that laissez-faire leadership was positively related to burnout both directly and via work alienation. Moreover, the positive relationship between laissez-faire leadership and burnout was contingent on political skill, such that the relationship was weak when political skill was high. The study provides useful suggestions to help managers curb employees' feelings of burnout and work alienation.     

Participatory music-making and well-being within immigrant cultural practice: exploratory case studies in South East Queensland,Australia

ABSTRACT

Music participation is a way of life for many cultures and is an activity that is often passed on generationally. It can become especially important as a leisure activity for maintenance of self- and national identity for people who have migrated to countries of contrasting cultures, such as Australia. This article describes exploratory, qualitative research into the ways in which participatory music-making within communities from immigrant backgrounds in Brisbane, Australia may influence aspects of participants’ wellbeing. The sample for this research included three broadly-defined cultural groups living in the region: people of Baltic origin; people from Latin American and Caribbean backgrounds; and ‘newly arrived’ immigrants and refugees. Interviews with individuals have been analysed to explore the ways in which this involvement might affect mental, social, and emotional wellbeing. Our qualitative analyses demonstrated that beyond these aspects, factors of subjective wellbeing, both hedonic and eudaimonic, were apparent. This article aims to provoke discussions on the divergent ways in which immigrant communities utilise music-making practices to foster different types of wellbeing and the importance of maintaining diversity through cultural practices.     

Financing Renewable Energy Projects in Major Emerging Market Economies: Evidence in the Perspective of Sustainable Economic Development

This research paper aims to explore the role of FDI inflows and stock market development on the promotion of renewable energy consumption. Furthermore, study investigates the effect of renewable energy consumption on CO₂ emissions and economic output across a panel of Brazil, China, India, and South Africa. Study utilizes annual data from 1990 to 2012 and employs various robust panel econometric techniques. The findings confirm that both FDI inflows and stock market development play an important role in promoting renewable energy consumption. The results also reveal that renewable energy consumption helps to mitigate the growth of CO₂ emissions and promotes economic development.     

Retaining a diverse workforce: the impact of gender‐focused human resource management

Demography theory suggests that high gender diversity leads to high turnover. As turnover is costly, we tested the following: a main effect prediction derived from demography theory, and a moderating effect prediction derived from the relational framework. Data on 198 publicly listed organisations were collected through a human resources decision‐maker survey and archival databases. The results indicate that higher gender diversity leads to lower turnover in organisations with many gender‐focused policies and practices. Findings suggest that organisations can lower their turnover rates by increasing their gender diversity and by implementing gender‐focused policies and practices.     

Internal green integration and environmental performance: The predictive power of proactive environmental strategy,greening the supplier,and environmental collaboration with the supplier

The effect of proactive environmental strategies (PES) on corporate performance has been debated extensively among academics; however, the significance of the pathway of those strategies—internal green integration (IGI) through greening the supplier (GTS) and environmental collaboration with suppliers (ECS)—remains undecided. This study examines environmental performance (EP) through GTS, IGI, and ECS. It also examines the direct link between PES and IGI. A conceptual framework was designed following a rigorous review of the literature. A survey questionnaire was used to collect cross-sectional data from a random sample of manufacturing firms, obtaining 196 usable samples. Using AMOS, the structural equal modeling found a positive and significant impact of PES on IGI. Significant predictors of EP were GTS, IGI, and ECS. The findings of the study can provide managers with guidelines for dealing with business and environmental concerns. They can also contribute to creating strategies for environmental protection and management and reducing adverse effects on the environment. Finally, by examining the direct links between GTS, ECS, and EP, particularly in a developing context, the study may contribute to the literature of environmental policy.     

Assessment of blockchain applications in travel and tourism industry

Quality & Quantity - Blockchain technology (BCT) is a network-based system, which is developed to create secure, smart and transparent distributed ledgers. Recently, BCT has been gaining more...     

Economic modeling for the US of the cost-efficiency and associated expanded treatment access of conversion to biosimilar pegfilgrastim-bmez from reference pegfilgrastim

Abstract

Aims: For this economic analysis, we aimed to model: (1) the cost-efficiency of prophylaxis with biosimilar pegfilgrastim-bmez for chemotherapy-induced (febrile) neutropenia (CIN/FN) compared to reference pegfilgrastim, and (2) the expanded access to CIN/FN prophylaxis and anti-neoplastic treatment that could be achieved with biosimilar cost-savings on a budget-neutral basis.

Methods: In a hypothetical panel of 20,000 cancer patients receiving CIN/FN prophylaxis and using the average sales price (ASP) for the second quarter of 2019 for reference pegfilgrastim, we: conducted an ex ante simulation from the payer perspective of the cost-savings of 10–100% conversion from reference to biosimilar pegfilgrastim-bmez using drug price discounting ranging from 10–35%; estimated the budget-neutral expanded access to biosimilar pegfilgrastim-bmez enabled by these cost-savings; and estimated the budget-neutral expanded access to anti-neoplastic treatment with pembrolizumab. The simulations were replicated using fourth quarter 2019 wholesale acquisition cost (WAC) for reference pegfilgrastim and biosimilar pegfilgrastim-bmez in a post facto analysis.

Results: In ASP simulations, cost-savings of using pegfilgrastim-bmez over reference pegfilgrastim in a 20,000 patient panel range from $1.3?M (at 15% price discount) to $3?M (35%) at 10% conversion rate and from $6.4?M to $14.9?M, respectively, at 50% conversion. These savings could provide prophylaxis with pegfilgrastim-bmez to an additional 352 (15% discount) to 1,076 patients (35%) at 10% conversion or 1,764–5,384, respectively, at 50% conversion. Alternatively, savings could be reallocated for anti-neoplastic treatment with pembrolizumab to 3 (15% discount) to 9 (35%) patients at 10% conversion or 19–45, respectively, at 50% conversion. When utilizing WAC, cost-savings range from $4.6?M (10% conversion) to $23.1?M (50%) which could provide pegfilgrastim-bmez to an additional 1,174 (10% conversion) to 5,873 patients (50%).

Conclusions: Prophylaxis with biosimilar pegfilgrastim-bmez increases the value of cancer care by generating significant cost-savings that could be reallocated to provide expanded access to CIN/FN prevention and anti-neoplastic therapy on a budget-neutral basis.     

Transformation of Islamic Work Ethic and Social Networks: The Role of Religious Social Embeddedness in Organizational Networks

The aim of this study is to explore the influence of religious beliefs on social or work-related ties of managers who are member of organizational networks representing two different ideologies (religious and secular) in Turkey. In this research, the emergence of secular and devout entrepreneurs is considered as a phenomenon, and special attention is paid to religious transformation and secularism in Turkey. Social network analysis method is used to define the nature of communication links among 80 chairmen who are the members of two conflicting and dominant groups in Turkish business system. The findings show that Protestant work ethic suggested by Weber with regard to Christianity have attained a similar place over the past decade in Islamic organizational networks. The concern of political power in religion leads to organizational networks being nourished by religious norms and creeds in many developing countries. Especially in societies like Turkey where the state is dominant in the business life, organizations and managers prefer to be included in religious networks to make close contacts with the state. Another significant finding is that efforts of the members of religious networks—in spite of their relatively closed characteristics—in terms of being at the center of a network and taking the brokerage role, are highly developed on the contrary to the literature.