Do stock markets discipline US Bank Holding Companies: Just monitoring,or also influencing?

This paper presents evidence that bank managers adjust key strategic variables following a risk and/or valuation signal from the stock market. Banks receive a risk signal when they exhibit substantially higher (semi-)volatility compared to the best performing bank(s) with similar characteristics, and a valuation signal when they are undervalued relative to the average bank with similar characteristics. We document, using a partial adjustment model, that bank managers adjust the long-term target value of key strategic variables and the speed of adjustment towards those targets following a risk and/or negative valuation signal. We interpret this as evidence of stock market influencing. We show that our results are unlikely to be driven by indirect influencing by regulators, subordinated debtholders, retail or wholesale depositors. Finally, we show that the likelihood that banks receive a risk and/or valuation signal increases with opaqueness, managerial discretion and specialization.     

Just made in China or designed in China?

Does China just produce the world’s cars,or can it bring forward a top-global brand? With China projected to overtake even Europe in the number of cars produced this year,another question arises:Does China just produce the world’s cars,or can it bring forward a top-global brand? I argued before that Designed in China often does not convey an image of top-quality in the eyes of the customer.Even on the home market     

Communicating Corporate Social Responsibility to Internal Stakeholders: Walking the Walk or Just Talking the Talk?

As organizations recognize the need to engage in CSR and sustainability initiatives, it is integral to success to communicate that they are doing so. However, the research focus is more often on communicating with external stakeholders to draw attention to corporate responsibility initiatives. Internal stakeholders as employees are not researched as often, despite their integral role in communicating the organization's CSR vision and sustainability as they interact with external stakeholders. In order to explore employee perceptions of CSR communication, a two‐phase mixed‐method study was undertaken, including semi‐structured interviews with 20 CSR managers in NZ organizations to provide content to inform an online questionnaire survey to seek feedback from employees in these same organizations. This paper contributes to research on internal stakeholders in revealing the influence of the perceived value congruence between managers and employees in influencing internal stakeholder perceptions of CSR and sustainability initiatives. The findings have implications for public policy, enhancing organizational communication, the need for authenticity and managerial recognition of their role in facilitating employee commitment to CSR initiatives. Copyright © 2015 John Wiley & Sons, Ltd and ERP Environment     

黎瑞刚:All in or NOT?

黎瑞刚这次的职务变动再次成为大家关注的焦点。近日,上海市人民政府发布了关于上海文化广播影视集团有限公司人事任免通知,免去黎瑞刚总裁职务,任命王建军为上海文化广播影视集团有限公司总裁。消息一出,众人哗然。黎瑞刚对此表示,他的职务调整是实至名归。黎瑞刚曾任上海文广新闻传媒集团总裁、上海第一财经传媒有限公司董事长。2002年10月,出任上海文广新闻传媒集团(SMG)总裁后,他一手主导了SMG的体制内改革,被媒体认为是体制内最像企业家的台长,在熟悉他的     

Workfare: Servitude or success formula?

Neither welfare nor workfare is much of a choice. But workfare leads to real choices, freedom, and autonomy. Welfare represents the state's acceptance of its duties to honor the welfare claim rights of those citizens in real need of temporary public assistance. In contrast, workfare recognizes additional claim-rights, namely, those that enable full agency and autonomy through education for employment, with a view toward ensuring that the dependency period is indeed temporary. Critics of workfare cannot be unaware of the educational resources—especially those of open-access community colleges, open days, evenings and weekends—that taxpayers have put at the disposal of everyone who is at all serious about self-improvement.     

Institutional convergence: exit or voice?

There is a small but growing literature on the determinants of economic freedom. This paper contributes to this literature in two ways. First, it is empirically shown that β-convergence in economic freedom occurred from 1980 to 2010. Countries with low levels of economic freedom in 1980 “catch up” at a rate of 0.7 percent a year on average, ceteris paribus. Second, the structural characteristics that contribute to this institutional convergence are documented. Conditional convergence estimates suggest democratic institutions do not con- tribute to conditional convergence. Exitability, a variable that captures how easy it is for citizens to “vote with their feet” is related to the change in economic freedom from 1980 to 2010 in a statistically significant manner across all specifications. This provides some preliminary evidence as to the importance of “exit” versus “voice” with respect to the question of institutional change.     

Treasury auctions: Uniform or discriminatory?

There has been much discussion of the relative merits of selling government bonds using a uniform-price auction rather than the traditional discriminatory-price auction. Arguments in favor of the former have won the day in respect of the newly instituted auctions of index-linked bonds in the USA and UK. This short paper assesses the evidence and concludes that the advantages of uniform-price auctions have been oversold. Received: 28 May 1999 / Accepted: 27 September 1999     

The state: Agent or proprietor?

This paper addresses the following question: Does characterizing the state to be an agent of its citizens provide a useful "as if" framework for positive analysis of economic policy? Or, can we understand economic policy only by explicitly characterizing the state as proprietary, the instrument of the ruling elite?     

Hirschman's loyalty: Attitude or behavior?

Over the past two decades there has been much controversy over what Hirschman intended by the term loyalty in his bookExit, Voice, and Loyalty. Some have interpreted Hirschman's loyalty as an attitude that deters exit and promotes voice. Others have interpreted Hirschman's loyalty as a distinct behavior, like exit and voice, that results from dissatisfaction. This article examines both views of loyalty simultaneously. First, comprehensive and reliable scales to measure the behavioral responses to dissatisfaction are developed. Second, the relationship between loyalty and the behavioral responses to dissatisfaction are examined. Results of this research indicate that both interpretations are important and together help us better understand how employees behave when they are dissatisfied.     

Corporate Governance and the Environment: What Type of Governance Creates Greener Companies?

We build on a stakeholder–agency theoretical perspective to explore the impact of particular corporate governance mechanisms on firm environmental performance. Our empirical evidence shows that several important corporate governance mechanisms such as the board of directors, managerial incentives, the market for corporate control, and the legal and regulatory system determine firms' environmental performance levels. These results suggest that these different governance mechanisms resolve, to some extent, the existing divergence of interests between stakeholders and managers with respect to environmental activities.     

‘Just don't eat chicken’: the challenge of engaging Australian adults in appropriate preventive behaviours for bird flu

• Leading medical experts have cautioned about the risk of inappropriate behavioural responses as a result of fear of avian influenza (bird flu) even before a pandemic emerges, and have emphasised the need for appropriate risk communication strategies. There is a paucity of in-depth qualitative research into the general public's understanding of, and reactions to, such potential health crises. Four focus groups were conducted in April 2006 and a further eight focus groups in July 2006, to examine people's knowledge, beliefs and behaviours in relation to avian influenza, with the primary aim being to inform the development of future communication strategies. It was clear from the focus groups that avian influenza is not a disease the participants perceive they are likely to acquire; it was not simply that Australia was far from mind when thinking of avian influenza, but that they also saw Australia as a haven protected from avian influenza. We found that, in general, participants see avian influenza as yet another example of media sensationalism—not as a disease that poses any real risk to Australia—and are clearly unprepared for a potential outbreak. Governments and health authorities should conduct further research to understand consumer perceptions of avian (or other pandemic) influenza, and attitudes towards the recommended protective behaviours, in order to pro-actively develop communication strategies to rapidly inform the public and encourage appropriate behavioural responses in the event that the potential risk is realised.

Copyright © 2009 John Wiley & Sons, Ltd.     

Performance management effectiveness: practices or context?

Although much research has focused on the technical or measurement issues involved in employee performance management, this study investigates the mutual influence of practices and context on performance management effectiveness. From a sample of 312 private and public sector organizations with 200 or more employees, the results indicate positive associations between practices – training and employee recognition – and performance management effectiveness. They further underscore the relevance of three contextual variables – culture, climate and the strategic integration of human resource management – as they are also related to more positive performance management outcomes. Implications for research and practice are discussed.     

The foreclosure discount: Myth or reality?

Foreclosed properties sell at lower prices than do nearby non-distressed properties. Of particular concern, is whether there is a “stigma” foreclosure discount whereby REO properties sell at lower prices simply because they have been involved in foreclosure proceedings. To the extent that such a discount exists, arbitrage opportunities exist and the associated market failure has significant policy implications. We examine the foreclosure discount from a different perspective than prior researchers by comparing holding period returns earned by purchasers of REOs with those earned by purchasers of similar non-distressed properties. Our results show that the majority of REO purchasers do not earn economically significant excess returns. On average, the implied market discount is less than typical transaction costs. We also find evidence that REO properties and buyers vary systematically from their counterparts in the non-distressed market segment and that REO attribute prices differ from those of non-distressed properties. Overall, our evidence suggests that the market for REOs operates efficiently: lenders are not irrationally dumping REO properties and REO investors are not reaping extraordinary profits.