Shareholder rights and share capital: the effect of the 1901 Russian Corporation Reform, 1890–1905

During the nineteenth and early twentieth centuries, western European countries introduced general incorporation and additional flexible enterprise forms, but the Russian Empire left its concession system of incorporation in place. The Empire's only major corporation reform, the 1901 law, strengthened minority shareholder rights and removed bankers from boards of directors for certain corporations. The reform offers a rare opportunity to examine the financial effects of improving corporations’ principal–agent relationships through regulation, because the reform did not affect all corporations equally. Corporations affected by the reform had smaller total share capital, fewer shares, and higher par values for shares as observed in 1905. The new regulations may have increased the cost of having shareholders and hence disciplined corporations’ founders to be more conservative in raising capital by issuing stock. Removing bankers from boards of directors may have removed an important source of firms’ founding capital, though corporations could easily evade this provision. The results also show that, although the commercial code treated all corporations equally, there were two major groups of Russian corporations that behaved differently, and, despite the fact that corporate charters could grant individual exceptions to the commercial code, a revision in the commercial code changed corporations’ behaviour.     

‘Running Fever’: understanding runner identities in Shanghai through turning point narratives

Distance running has long been a popular leisure activity in many affluent countries, and it has recently become a fashionable sport in China. However, research into leisure running has mostly been confined to participants in the Global North. The present study explores runners’ stories from Shanghai with a focus on psychological turning points – that is, subjectively important events that may change life trajectories and sense of self – within running careers. Thirty runners (14 women) participated in an interview using a life story approach. Turning point events were coded into six categories: relationship, transition in education/work, commitment, achievement, vulnerability and discovery. Stories were analysed for narrative themes and contexts, specifically in relation to running subculture and discourses surrounding gender and class. The findings highlight the relational achievement of a runner identity within the running subculture, emphasising ‘right’ attitude, persistence, and achievement. Simultaneously, the runner identity emerges as a signifier of a ‘modern’, middle class individual, who pursues self-development and credits oneself for accomplishments. Enthusiasm could, however, lead to injuries that challenged running identities. Runners in Shanghai share much of the narrative landscapes of running culture in the Global North, but also draw upon local narrative resources in runner identity construction.     

Trying to Serve Two Masters is Easy,Compared to Three: Identity Multiplicity Work by Christian Impact Investors

Journal of Business Ethics - While research has focused on financial and social goals in impact investing, we add to the limited research that focuses on how individuals manage identity...     

Grand strategies and strategic actions in the pharmaceutical industry 2001–2002

This paper explores the strategic actions realised by firms in the pharmaceutical industry during 2001 and 2002. The purpose was to develop an empirically derived categorisation of strategic actions and grand strategies from the behaviour of firms that could be used as the basis of a methodological framework for developing understanding of strategic change. Qualitative analysis was used to identify and categorise strategic actions implemented by pharmaceutical firms. Twenty-three grand strategies were identified and are described. Implications for further research in strategy development are discussed.     

Expectancy theory and nascent entrepreneurship

Motivation is an important factor that distinguishes those nascent entrepreneurs who make progress towards an operating venture from those who do not. Based on Vroom??s (Work and motivation, 1964) expectancy theory, we predict that startup-specific instrumentality, valence and expectancy are key components of entrepreneurial motivation and closely related to those intentions, efforts, and behaviors that will eventually lead to operating a firm. Hypotheses are tested using data from the first Panel Study of Entrepreneurial Dynamics I. Our results show that valence is a multidimensional construct, and that various types of valence are related to different intent and behavioral outcomes. All types of valence, instrumentality, and expectancy are related to a nascent entrepreneur??s intended effort level in a cross-section of data, and over time, intended effort is positively related to operative firm status. Overall, our results suggest that expectancy theory holds promise for research on nascent entrepreneurs?? motivation.     

Transfer of training: Written self‐guidance to increase self‐efficacy and interviewing performance of job seekers

Subsequent to training IT professionals ( n = 35) in skills for performing effectively in a selection interview, 16 were randomly assigned to a transfer of training intervention, written self‐guidance (WSG). This methodology is based on social cognitive and self‐persuasion theories. The results showed that WSG resulted in significantly higher ratings from an interviewer than did those in the control group. Self‐efficacy for interviewing skill mediated the relationship between WSG and performance. A content analysis of the WSG letters showed that the use of self‐affirming and self‐relevant statements was positively related to performance in the selection interview. © 2012 Wiley Periodicals, Inc.     

Golden eggs versus plastic eggs: hyperbolic preferences and the persistence of debit

The popularity of debit cards is good news from a social perspective since they carry a lower transaction cost than other non-cash payment methods. Unfortunately, the reason for this consumer driven growth remains a mystery. Consumers do not benefit from any of the gains created by the low transaction costs. Rather, the incentives being offered to consumers encourage them to use credit cards despite higher transaction costs. We demonstrate that consumers may be using debit cards as a means of budgetary precommitment when preferences are hyperbolic. Using data from the 2004 Survey of Consumer Finances, we find that consumers substitute debit use for investment in illiquid assets as a method of self constraint as incomes fall.     

The contours of employee voice in SMEs: the importance of context

This article develops a context‐sensitive approach to analyse how and why voice operates in small‐ to medium‐sized enterprises (SMEs), an area that remains under‐theorised and under‐researched. By building on a priori frameworks with proven ability to unpack complexity and take account of the wider context of SMEs, this article explores how resources (human and social capital) and constraints (product market, labour market and strategic orientation) interact to shape voice practices. The article finds significant differences between ‘reported’ compared with ‘actual’ practices in situ, and identifies different types of firms (‘strategic market regulation’, ‘strategic market‐led’ and ‘non‐strategic market‐led’) along with the factors that influence the form and practice of voice. Overall, the article argues that researchers should further pursue research that appreciates the layered nature of ontology and the role played by firm context to explain complex organisational phenomena, if we are to advance our understanding of voice practices in SMEs and beyond.     

Rationalizing Ideologies, Social Identities and Corruption Among Civil Servants in Indonesia During the Suharto Era

This study investigated how the social identities assumed by individuals as part of their professional roles influence the nature and use of a range of rationalizations for their corruption or the corrupt acts of others. Thirty senior Indonesian public servants were interviewed about the causes and factors that perpetuated corruption during the Suharto era, and how they rationalized corrupt behavior within the role of being a civil servant. Findings revealed that corruption was routine and embedded in the daily activities and administrative structures of Indonesian public servants. Rationalizing ideologies that supported corruption included a denial of responsibility, social weighting and an appeal to higher loyalties. Central to these rationalizations were explanations around the low levels of civil service salaries, poor accountability, and corrupt leadership at senior levels of the government. However, the expression of these rationalizations varied across three social or role identities of the Indonesian civil servant: the professional civil servant, the collegial civil servant, and the corrupt civil servant. The implications of these findings for interventions in organizations in developing countries are discussed.