Variable Selection in Cross‐Section Regressions: Comparisons and Extensions

Cross‐section regressions often examine many candidate regressors. We use multiple testing procedures (MTPs) controlling the false discovery rate (FDR) — the expected ratio of false to all rejections — so as not to erroneously select variables because many tests were performed, yielding a simple model selection procedure. Simulations comparing the MTPs with other common model selection criteria demonstrate that, for conventional tuning parameters of the selection procedures, only MTPs consistently control the FDR, but have slightly lower power. In an empirical application to growth, MTPs and PcGets/Autometrics identify similar growth determinants, which differ somewhat from those obtained by Bayesian Model Averaging.     

Management in production: from unobserved to observed

Are productivity estimates good proxies for unobserved management? And, does management affect production in a neutral and monotonic fashion as assumed by these proxies? We use Bloom and Van Reenen’s management data to show that two popular proxies, fixed effects and inefficiency scores, correlate with observed management practices. We find that the correlations are positive but weak. Also, management explains only a fraction of the proxies’ variances. The data rejects the assumptions of neutrality and monotonicity. Last, our results suggest that management has characteristics both of a technology and an input.     

Strategic interventions of management accountants: everyday practice of British and German brewers

A popular stereotype has it that German firms are somehow ‘long-term strategically oriented’ and British firms focus on short-term financial gain. Analysing ethnographic material from British and German brewers, this paper explores how management accountants in the two countries conceive of their relationship with processes of strategic formulation and how they seek to mobilize strategic arguments in their day-to-day contacts with operational management. The focus of this study is not on the strategy debates which one might expect among senior management, but on routine interaction between management accountants and managers in which the mundane events of organizational life are made to happen in the name of loftier ‘strategic’ priorities. From observations of such interaction and management accountants' reflections on them, contrasting ways of integrating management accounting expertise with operational knowledge of the firm are suggested for the British and German brewers studied. Those contrasts are developed by drawing on the relationship between time and the possibility for strategic intervention more generally.     

Gendering and Gender in Public Service Organizations: Changing Professional Identities Under New Public Management

This article examines the enactment of new public management (NPM) in public service professional organizations, the nature of professional/managerial subjectivities promoted within the NPM discourse, and the implications for male and female professionals/managers. The article has two aims. First, taking a gender ing organization perspective, it explores the gendered meanings of NPM and the promotion of new professional/managerial subjectivities. Second, focusing on gender in organizations, the article then considers the implications of the enactment of NPM for male and female professionals/managers. The article illustrates the complex, manifold and fluid nature of both the meanings ascribed to NPM and individual responses. It is argued that a gender lens offers a more nuanced and sophisticated understanding of NPM enactment and the implications of this for public service professionals/managers are considered.     

Social Marketing as Transformational Marketing in Public Services

Abstract

This article presents a case study of a social marketing intervention, developed as an innovative action research project for a Fire Service, to tackle the public service challenge of reducing the incidence of deliberate countryside fire-setting in certain communities. The case demonstrates the effectiveness of a social marketing approach to tackling an anti-social behaviour that had become a local social norm which conventional education-based campaigns had failed to change. The case also explores unexpected impacts that applying a social marketing approach had on the sponsoring Fire Service, acting to transform certain aspects of its operations and culture.     

An examination of ex-ante factors and their influence on equity carve-out long-term performance

This study examines the influence of several ex-ante factors on three-year market-adjusted returns of two-stage carve-out combinations from 1988 to 2006. We observe that several factors maintain their significance over a three-year period after equity carve-out ex-dates. Also, we report that, contrary to Vijh (J Bus 75(1):153–190, 1999), negative three-year carve-out returns are statistically significant. In addition, we note that negative combination carve-out/spin-off three-year returns are higher than those of carve-outs acquired by third parties or reacquired by their parents. Moreover, we observe that our independent variables explain 14.56% of the multiple regression three-year returns for carve-outs. Also, our negative correlation of three-year returns with initial period returns supports the “leaning against the wind” hypothesis of Loughran and Ritter (Rev Financ Stud 15(2):413–443, 2002). In addition, our results for the post-bubble period (2001–2006) provide an extension of the changing issuer objective function noted by Loughran and Ritter (Financ Manage 35(3):23–51, 2004) for IPOs and Hogan and Olson (J Financ Res 27(4):521–537, 2004) for equity carve-outs.     

The Role of Debt Purchases in Takeovers: A Tale of Two Retailers

In this paper, we examine acquisitions of two financially distressed retailers—Federated's takeover of Macy's, and Zell Chilmark's takeover of Carter Hawley Hale. In both cases the raider purchased some of the target's outstanding debt to launch its takeover attempt. These debt purchases appear to have been facilitated by two salient factors—the raider's expertise in dealing with distressed firm restructuring and the ability of the raider to acquire a large blockholding of debt. Our analysis indicates that, when these factors are present, it is optimal for a raider to initiate a takeover of a distressed firm through purchasing a block of the firm's debt. Target bondholder reaction will be favorable whereas shareholder reaction may be either favorable or unfavorable.     

Union recognition and partnership at work: a new legitimacy for Irish trade unions?

In the Irish context of national partnership and the promotion of workplace partnership at firm level, unions might be expected to have achieved, at least, a pragmatic acceptance by employers. Using a survey of full‐time union officials in eight trade unions organising in the private sector, this paper reports their experiences of recent recognition campaigns. Employer opposition appears to have intensified, and in a substantial percentage of cases has involved the victimisation of activists. In facilitating employees to make a free choice regarding union representation, the Codes of Practice and the Industrial Relations Amendment Act 2001 are regarded by the majority of officials as inadequate. A majority of officials favoured the introduction of a statutory right to recognition. Non‐union firms appear as ‘free riders’ that have enjoyed the benefits of national partnership but evaded the compromises and concessions that necessarily characterise such agreements. If left unchecked, the free‐rider phenomenon could undermine the institutional framework on which partnership is based.