Long-term economic consequences of hedge fund activist interventions

Review of Accounting Studies - We examine the long-term effects of interventions by activist hedge funds. Research documents positive equal-weighted long-term returns and operating performance...     

Human Resource Management In Building Societies: Making the Transformation?

Ed Snape, Tom Redman and Adrian Wilkinson examine the implications of the changing competitive environment for the management of staff in building societies. In particular, they draw on the results of a detailed case study to discuss attempts to introduce policies and practices associated with ‘HRM’. the conclusion is that the competitive pressures which led to the demand for these policies and practices may also make their successful implementation especially dificult. Ed Snape is a Lecturer in the Department of Human Resource Management at the University of Strathclyde, Tom Redman a Lecturer at Teesside Business School, and Adrian Wilkinson a Lecturer at the Manchester School of Management (UMIST).     

Declining sectors and strategies within the area of human resources: a case study from Spain

Based upon the existing theoretical framework, empirical research on successful generic strategies has resulted in various recommendations for strategic management in declining sectors. However, these studies do not consider (aspects of) strategy implementation, and thus ignore the importance of aspects of the implementation for the ultimate success of the proposed strategy. Consequently, it is difficult to uncover some important factors that contribute to the success or failure of the proposed strategies. One such factor is the congruence between the generic 'decline strategy' and its concurrent social strategy. Although some theoretical proposals on this congruency exist, empirical studies on this topic are lacking.

Given the exploratory, 'real-life' and process nature of the study, the case-study method is used. This allows us to establish a dialectic relationship between the theoretical proposals available and the empirical observations. The company that is studied is a Spanish state-owned shipyard. Following a brief analysis of the sector and its specific characteristics of decline, the evolving congruence between the generic and social strategies within the company is analysed. Basically, the study focuses on the process of continuously adjusting and balancing the two types of strategies. Also, the resulting implementation issues and difficulties are assessed. Conclusions are based on the permanent comparison and confrontation of field data and theoretical insights.     

Performance appraisal and culture: practice and attitudes in Hong Kong and Great Britain

This article compares the practice of and attitudes towards performance appraisal for managerial and professional staff in Hong Kong and Britain, and considers the extent to which actual practice and employee preferences are in alignment. Findings suggest that appraisal may be more widespread in Hong Kong than in Britain. However, British appraisal tends to be more participative and to place greater emphasis on discussing objectives, development and career plans. Hong Kong appraisals appear to be more directive and Hong Kong respondents perceive a higher level of 'negative' appraiser behaviour. In spite of this, Hong Kong respondents show if anything slightly more confidence in the utility of appraisal than do British respondents. They show stronger support for appraisal's use for reward and punishment and less support for the objectives-setting and training and development uses than do the British sample. Hong Kong respondents are more likely than their British counterparts to favour involving a more senior manager in appraisal, and they are less likely to prefer more frequent appraisals. There was little evidence that Hong Kong respondents had a stronger preference for group-based appraisal criteria, although they did show more support than the British sample for the use of personality as a basis for appraisal. Overall, the suggestion is that appraisal has been adopted in Hong Kong organizations but that the practice of appraisal has been adapted to suit the cultural characteristics of the society.     

Union commitment and participation among Hong Kong firefighters: a development of an integrative model

This paper examines the factors influencing members' intent to participate in their union, drawing on a study of Hong Kong firefighters. As in Western studies, the main direct predictor of intent to participate is affective union commitment, but instrumentality is a relatively more important antecedent of affective union commitment and participation than in the Western studies. We found some evidence of frustration-aggression effects on intent to participate in ‘militant’ and ‘general’ union activities, although the latter was significant only among individuals who perceive management–employee relations as co-operative and trusting.     

Explaining variations in absence rates: temporary and agency workers in the food manufacturing sector

This article responds to a recent call in a provocation article in the Human Resource Management Journal by Thompson to use workplace studies to investigate employees' experiences of HR practices. Examining the particular case of absence management, the article investigates the experiences of short‐term workers in the food manufacturing industry in the UK. Variations in absence rates between directly employed temporary workers and agency workers are shown to be the result of differing levels of managerial control over absence, which affects workers' ability to use absence as a form of industrial conflict to escape a low‐skilled and monotonous work process.     

A Feminist Comparative Economic Systems

Abstract

This study proposes that feminist research be integrated into the field of comparative economic systems (CES) and that CES return to its traditional institutionalist methodologies to facilitate more complete analyses of economic systems and feminist alternatives to these systems and institutions. The study describes the evolution of CES, drawing attention to an increasing reliance on econometric modeling that reflects a shift in focus away from systems. An inventory of research on women and gender that has appeared in CES journals and textbooks finds little on topics other than formal labor markets in transition economies. The study contrasts this literature on women and gender in transition economies to research on this topic by women from transition economies, a literature that CES journal authors do not reference. It concludes by proposing a feminist economics approach that focuses on gender-differentiated impacts of economic systems, analyses of households, and equity as a measure of progress.     

Banking and the Real Economy

Ed Clark discusses the importance of banking in the real economy, the weakening of trust of banks on the part of the public, and what banks must do to reclaim that trust. In particular, he cites the need for adequate capitalization and the need for cultural change within banking. There must be a shift back to a focus on the needs of customers rather than the potential gains from casino-like activity. He also discusses changes that have taken place in technology and operating practices in basic banking to provide better service to customers. He expresses a need for more informed bank regulation to avoid asset bubbles.