AN EMPIRICAL INVESTIGATION INTO THE IMPACT OF PROFIT SHARING SCHEMES OF EXECUTIVIES ON THE CONTENT OF CORPORATE SUBMISSIONS ON PROPOSED ACCOUNTING STANDARDS

This paper examines the comments submitted by UK companies on 20 proposed accounting standards to test the hypotheses that executives favor standards that increase, or dampen the variance of, accounting profit numbers on which their incentive remuneration is based. Test results were generally as hypothesised but only the profit variance outcomes were statistically significant. Allowing for political environment changes affected only the profit variance results. There was no evidence that the relative monetary size of bonus payments was a significant lobbying factor. No significant differences were found between the lobbying preferences of companies with or without executive incentive schemes.     

Purchase‐role structure in Korean families: Revisited

This opportunistic research has been made possible by the financial crisis that struck much of Asia in 1998, and was followed by a rapid recovery in 1999. Previous research has been conducted to study the structure of family decisions in Korea during the 1997–98 period. By adding one more set of data points, for 1999, it is possible to conduct a 3‐year, longitudinal study to revisit the structure of family decision making under the impact of the economic crisis experienced during this period. The major finding is that more joint decision making occurs under economic stress, although the effect is mitigated by the economic circumstances of the respondent and involvement level of the product category. © 2003 Wiley Periodicals, Inc.     

An estimate of black gross job losses due to reduced defense expenditures

The reduction in defense expenditures, due to the end of the cold war, is estimated to have a disproportionately heavy impact on black gross job losses. Several solutions are discussed with the hope that if they are successful, the negative social behavior that is often associated with increased joblessness can be ameliorated.     

Career plateauing reactions: the moderating role of job scope,role ambiguity and participation among Canadian managers

The purpose of this study is to investigate the moderating effect and the interactive effect of job scope, role ambiguity and participation in decision-making on relationships between career plateauing and outcomes. A cross-sectional survey of 3,065 Canadian managers shows that these job characteristics can contribute to limiting the negative consequences associated with career plateauing. Moreover, in accordance with the theory of work–situation fit, some double moderating effects are found. The attitudes and behaviours of plateaued managers are significantly more positive when their job is richer and offers an opportunity to participate in decision-making. However, contrary to evidence in the literature, results show that reactions to career plateauing are more positive for managers who perceive that their job is richer and their role more ambiguous. Implications and directions for future research are discussed.     

Taxation and the stock market valuation of capital gains and dividends: Theory and emphirical results

Dividends seem to be more heavily taxed than capital gains. Why then do corporations pay dividends rather than repurchasing shares or retaining earnings? Either corporations are not acting in the interests of shareholders, or else shareholders desire dividends sufficiently for nontax reasons to offset the tax effect.In this paper, we measure the relative valuation of dividends and capital gains in the stock market, using a variant of the capital asset pricing model. We find that dividends are not valued differently systematically from capital gains. This finding is consistent with share price maximization by firms but inconsistent with the fact that most shareholderspay a heavier tax on dividends.We also show that the relative value of dividends provides an indirect measure of a marginal Tobin's q. The measured value of dividends relative to capital gains tends to be higher during prosperous periods, as is consistent with this interpretation. We hope that this time series on a marginal Tobin's q will prove to be useful in forecasting the rate of investment.