Strategic and Business Planning Practices of Fast Growth Family Firms

Fast-growth family firms were surveyed about their business and strategic planning practices. Of the 65 fast-growth family firms surveyed, the majority prepare written formal plans. The business plans are in sufficient detail to enable the business to tie planning to actual performance and to adjust management compensation accordingly. The majority of the firms regularly share information with employees regarding comparisons between actual company performance results and goals or planned performance. Further, the majority of the firms describe their business strategy as a high quality producer strategy rather than as a low-cost or time-based strategy. Further, when bringing new products to market, these fast-growth family firms adopt a first mover or early follower strategy. Implications of these findings for growth-oriented family firms are presented.     

Valuation and incentive effects of hurdle rate executive stock options

Traditional executive stock options are often criticized for inherently weak links between pay and performance. Hurdle rate executive stock options represent a viable improvement. However, valuing these options presents extraordinary analytic difficulties. With a constant dividend yield the strike price becomes a path-dependent function of the stock price and exact analytic valuation is intractable. To solve this problem, we apply the Monte Carlo valuation approach developed by Longstaff and Schwartz (Rev Financ Stud 4:113–147, 2001) to estimate the value of path-dependent American options. We also extend the methodology to incorporate the theoretical framework by Ingersoll (J Bus 79:453–487, 2006) to permit subjective valuation influenced by an executive’s risk aversion.

Firm Market Performance and Volatility in a National Real Estate Sector

We present empirical evidence using daily data for stock prices for 17 real estate companies traded in the Sao Paulo, Brazil stock exchange, from August 26, 2006 to March 31, 2010. We use the U.S. house price bubble, financial crisis and risk measures to instrument for momentums and reversals in the domestic real estate sector. We find evidence of conditional premium persistence and conditional volatility persistence in the market. We find that the conditional risk-return relationship in the sector is consistent with the prospect theory of risk attitudes in this period. Certain companies seem to be operating on a perceived potential industry return above the target, while most others are below the target, and the whole sector is below target on average.     

Tensions Arising from Imposing NPM in Australian Public Universities: A Management Perspective

This study seeks to identify the characteristics causing tensions in the move towards a corporate culture in Australian public universities. The findings reveal ongoing structural, competency and behavioral issues contributing to the tensions. Two theoretical propositions have emerged regarding the status of the change process. First, the change to a corporate culture is slow but continuing. Second, universities have accepted that public sector, collegial and corporate cultures have to co‐exist, thus adopting an adapted version of new public management (NPM). These findings provide avenues for further research to confirm both the characteristics and theoretical propositions.     

Antecedents of attitude towards online mediation

While the majority of studies so far have examined the effectiveness and benefits of electronic settlement applications, this study explores factors that affect the adoption and use of online mediation services. To this end, structural equation modeling analysis was applied to data obtained from users and mediators involved in an online mediated dispute. Subject perceptions regarding an overall mediation system including information technology and a human mediator were assessed. The findings suggest that while perceived usefulness of the information system explains the variance in attitude towards online mediation, the perceived usefulness of the mediator does not shape this attitude. Thus, mediators are being conceptualized as external to the service and their characteristics do not affect attitudes towards online mediation services, nor the intention to adopt it. This phenomenon is explained using biases in attribution.     

Street Children and Street Life in Urban Tanzania: The Culture of Surviving and its Implications for Children’s Health

This paper presents data from an in-depth study conducted among street children in an urban setting in Tanzania. It examines the reasons ‘children of the street’ leave their homes, how they survive and meet their daily needs, what problems they encounter whilst on the streets and how they surmount them. The paper also examines the implications of street life for children’s health. The findings show that general poverty lies at the center of the increasing number of street children in Tanzania. Street life makes the children vulnerable to a variety of problems including ill health. Policies in Tanzania have so far failed to solve this problem, particularly because social policies have been dealing with symptoms rather than essential causes. The paper ends by outlining short- and long-term policy solutions and also suggests directions for future research and early intervention. — Cet article présente les données d’une étude en profondeur conduite parmi les enfants des rues dans un cadre urbain en Tanzanie. Il explore les raisons pour lesquelles ‘les enfants des rues’ partent de chez eux, comment ils survivent et surviennent à leurs besoins quotidiens, les problèmes qu’ils rencontrent dans les rues et comment ils les surmontent. Cet article examine aussi les implications de la vie dans la rue pour la santé des enfants. Les résultats montrent que la pauvreté générale est la raison centrale du nombre croissant d’enfants dans les rues en Tanzanie. La vie dans les rues rend les enfants susceptibles à de nombreux problèmes, y compris la mauvaise santé. La politique de la Tanzanie n’a pas encore réussi à résoudre ce problème, en particulier parce que la politique sociale a adressé les symptômes plutôt que les causes essentielles. Cet article propose des solutions politiques à court et à long terme et suggère également des options pour les recherches futures et pour des interventions précoces.