Is economic efficiency the driving force behind mergers?

Some economists routinely argue against government regulation that limits the number of mergers and acquisitions. They believe that, as a matter of empirical fact, almost all mergers enhance economic efficiency. The possibility that some mergers do not create wealth but merely redistribute it is ignored. We study all companies delisted from the New York Stock Exchange for reason of merger since 1926. We find that economic efficiency cannot easily explain merger waves. Contrary to the disciplinary hypothesis, acquisition targets are not, in large majority, poor stock market performers. We also report evidence consistent with stock market undervaluation as a merger motive.     

Team-based organization: the fruits of employee empowerment

Tennalum, a division of Kaiser Aluminum, received the 1995 Shingo Prize for Excellence in Manufacturing. The plant also received the 1995 Tennessee Quality Achievement Award, the criteria for which are based on the Malcolm Baldridge National Quality Award. In 1994, Tennalum received the Clemson University's 21st Century Organizational Excellence Award, 33 Metal Producing Magazine's T.O.P. Award, and the Tennessee Quality Interest Award, and it was a finalist in Industry Week magazine's Top 10 Plants in America. Tennalum also earned ISO-9002 certification during that year. This article explains how Tennalum's people work together as self-directed work teams in an atmosphere of empowerment, involvement, and continuous improvement that translates into outstanding performance results.     

内部控制的受托责任观

通过受托责任理论和利益相关者理论的分析,构建了企业受托责任分析框架。通过典型内部控制概念的比较与解析,探求了内部控制中所内涵的企业受托责任相关问题。企业受托责任视角下的内部控制就是一种保证企业受托责任得到有效履行的控制机制,从而满足利益相关者对于经济绩效、社会绩效以及生态绩效的合理期望。     

新加坡:从房屋转售看地产市场

新加坡建屋发展局房地行政与产业处处长叶振铭这样表示:"公共住屋(组屋)、教育、医疗劳动福利,这是新加坡社会的4大支柱,而公共住屋(组屋)又是其中的重中之重."……     

Level-headed about empowerment

Empowerment: born as quality circles, declined, and reincarnated beneath a broader heading. Parents empower children, yet organizational efforts lack the same basic skills. Is self-direction for everyone? Seven levels of empowerment are examined plus tips for conducting a feasibility study to determine your opportunities for success.     

保龄宝巨头背后的快公司

“取得了可口可乐的供货商资格，就相当于在跨国公司中获得了免检证书。”保龄宝公司在全球500强食品企业中排名第37位，在国内驰名商标企业供货商名单中排名第48位     

政府责任审计初探

本文创新性地提出了政府责任审计的概念，并从六个重要方面界定了政府责任，建立了经济责任和非经济责任两方面的审计监督与审计评价标准，同时对确保政府责任审计的有效实施提出了四点建议。     

国产手机:繁荣背后的危机

从人们对行业关注的角度而言，将2002称之为国产手机年一点都不为过。在这一年里，国产手机厂商齐心协力，众志成城，在三巨头(诺基亚、摩托罗拉、爱立信)占据显赫位置的中国手机市场硬生生地划出了“一片属于自己的天空”，可谓战果辉煌!来自信息产业部的数据显示，国产品牌手机去年出现强劲增长，市场占有率由2001年的21．1％上升到去年     

Empowerment and Accountability: Evidence from the UK Privatized Water Industry

abstract    Empowerment initiatives have become popular in recent years in programmes of organizational change, but their impact as a practical managerial policy remains shrouded in ambiguities. We attempt to provide a fuller understanding of their impact, firstly by exploring managers' understanding of what constitutes empowerment, and secondly by locating the analysis of changes in managers' experiences of empowerment in the context of their experiences of changes in accountability practices. Drawing on data from interviews with managers and a mail questionnaire, we argue that the experience of empowerment is multi-faceted, and shaped by managers' attitudes towards it. Moreover we find that accountability plays a more significant and independent role in encouraging managers to engage in empowerment than has hitherto been acknowledged.     

An integrative model of the empowerment process

Employee empowerment theory and research lacks a single, unifying model capable of integrating the multiple levels of activity and complex relationships that characterize the empowerment process. The model proposed in this paper describes the empowerment process from intervention design to subsequent employee behavior. The dynamics of the empowerment process are presented as reflecting the interaction between the localized work environment and the individual employee, within the broader organization context. We argue that the definitions presented in this paper can serve to integrate and unify the literature and research on empowerment. Links between the organization context, the local work environment, intervening perceptions and attitudes, and specific components of psychological empowerment are suggested. The role of individual differences within these relationships is also described. Finally, we discuss implications for researchers and managers.     

Organizational tenure and mastery-avoidance goals: the moderating role of psychological empowerment

Mastery-avoidance (MAv) goals are recognized to be detrimental as they arouse counterproductive work-related behaviors. In the current literature, MAv goals are assumed to be more predominant among newcomers and longer-tenured employees. The alleged relationship provides important implications but yet has received scant empirical attention. In response, this study examines the proposed U-shaped curvilinear relationship between organizational tenure and MAv goal orientation. In addition, the potential moderating role of psychological empowerment on this curvilinear relationship is investigated. Based on data from 655 certified accountants, the results support the existence of the hypothesized curvilinear relationship. Also, it revealed that for employees who experience higher levels of psychological empowerment, the U-shaped relationship between organizational tenure and MAv goal orientation becomes flattened. Implications and future research are discussed.     

Transformational leadership and followers' attitudes: the mediating role of psychological empowerment

There is now strong evidence that transformational leadership substantially influences the work attitudes and behaviours of followers. However, the mechanisms by which transformational leaders influence their followers have not been studied in a systematic fashion. The purpose of the present study is, therefore, to analyse how transformational leadership promotes: i) job satisfaction among employees; and ii) affective commitment to the organization. In particular, the possible mediating role of psychological empowerment in these two relationships is conceptually hypothesised and empirically tested. The results demonstrate that psychological empowerment mediates the relationship between transformational leadership and employee attitudes.     

Supplier empowerment: Mediating situational factors and perceived performance

The understanding of the behavioral and cognitive factors that affect organizations' performance has attracted increasing attention of scholars and practitioners. Based on the literature of psychological empowerment at the individual and the team levels, this study develops the concept of supplier empowerment in the context of purchasing and supply management. Further, this study proposes a research model that explores the role of supplier empowerment as a cognitive concept in mediating the relationship between situational factors (a supplier's process modularity and the mutual trust with its customers/buyers) and the supplier's perceived performance in its operations and customer service. This model is tested with 208 responses from automotive industry suppliers. The findings highlight the importance of empowered suppliers in decreasing inventory levels and increasing order fulfillment performance.     

Accountability and Extra-Role Behavior

Accountability is a foundational element of every organization, and it exists at multiple of levels. Every organization, regardless of size, has accountability mechanisms. However, the formal accountability mechanisms adopted by an organization are subject to the interpretations of individual organizational actors. As such, individuals facing ostensibly similar formal organizational accountability systems may feel or experience different levels of accountability. This distinction is critical because it is the perception of reality (i.e., as opposed to reality itself) that drives individual behavior. In this paper, we examined the relationship between accountability and a key organizational outcome—extra-role behaviors. Our results partially support the notion that some level of accountability is essential, but that the relationship between accountability and extra-role behaviors is non linear in nature, assuming a U-shaped form. Implications of these results are discussed.     

Institutional effects of empowerment: a comparison between the Anglo-Saxon and Scandinavian contexts

Many empowerment studies focus on issues at organisational and individual levels. However, few empirical investigations have been placed at a more macro level looking at the social environmental forces of empowerment. To contribute to this gap, this study investigates the existence of institutional effects on empowerment practices. The study is based on a secondary analysis of data from the 2005 European Working Conditions Survey. It compares an Anglo-Saxon and a Scandinavian context due to their distinct historical empowerment movements. The findings indicate that Scandinavian countries possess a higher institutional context for empowerment practices. Theoretical and practical implications are also discussed in the present study.