Disentangling compensation and employment risks using the behavioral agency model

Employing survey and archival data from a sample of IPO firms, and extending the ideas of the Behavioral Agency Model, this study examines the influence of various forms of risk bearing created within the compensation contract on perceived risk taking. The results show that employment risk and variability in compensation each corresponds to greater risk taking, while downside risk and the intrinsic value of stock options correspond to lower risk taking. Among the implications from these results are the importance CEOs attach to relatively stable forms of pay, and to drawing distinctions between the potential for loss of pay and uncertainty about the amount of future pay. Copyright © 2007 John Wiley & Sons, Ltd.     

Review essay

Clayne R. Jensen, Outdoor Recreation in America, 4th ed. (Minneapolis: Burgess Publishing, 1985), ISBN 0–8087–1082–6, 412 pp., $24.95.     

Beyond budgeting or budgeting reconsidered? A survey of North-American budgeting practice

Budgets have historically played a key role in management control; however, recently they have become the subject of considerable criticism and debate. Some argue that the problems with budgeting stem from the way budgets are used (Horngren et al., 2004) while others argue that budgeting processes are fundamentally flawed (Hope and Fraser, 2003a). Hansen et al. (2003), among others, have called for a systematic examination of these issues against empirical evidence. In this paper, we present the results of two surveys of mid- to large-sized North-American organizations to 1) update the literature on North-American budgeting practices, 2) collect empirical evidence to assess the criticisms, and 3) begin to identify strong tendencies or patterns in budgeting practice to inform future academic research. Overall, we find for the majority of firms that budgets continue to be used for control purposes and are perceived to be value-added. While problems exist with budgets, organizations are adapting their use to account for these problems rather than abandoning budgets altogether.     

The role of managerial learning and interpretation in strategic persistence and reorientation: An empirical exploration

This study uses a managerial learning framework to build and test a model of the decisionmaking process that drives decisions to strategically reorient an organization. The model examines the effects of past performance, managerial interpretations, and top management team characteristics on the likelihood of strategic reorientation in two distinct environmental contexts. The results indicate that poor past performance, environmental awareness, top management team heterogeneity, and CEO turnover increased the likelihood of reorientation. There are some differences in the ways in which these variables affect reorientation across the two environmental contexts. Poor past performance was more strongly associated with reorientation in the stable environment than in the turbulent environment. The tendency to make external attributions for poor performance outcomes decreased the likelihood of reorientation in the turbulent environment, but not in the stable environment.     

Battling against the odds: the emergence of senior women trade unionists

In Britain, in July 1990, there were five women general secretaries, all of these had come into post since 1985. This article explores the negotiating context and styles of these leaders from a gender management perspective, paying particular attention to the danger of convergence contained in situations where male trade union leaders greatly outnumber their female counterparts.     

Perceived crowding in recreation settings: An urban case study

Abstract

Research on crowding in recreation areas has focused primarily on back‐country settings. This study tests some of the axioms developed from this research and from studies conducted in non‐recreation settings using data from a case study in an urban park. The actual number of visitors present was found to be the most important individual predictor of perceived crowding in this setting. Results suggest that more developed parks, in more urban contexts, may elicit different images and expectations about visitor density. The implications of these findings, as they relate both to studies of perceived crowding and the social definition of parks in general, are discussed.     

Employment Discrimination and the International Workplace: A Review of Recent US Court Rulings

The extraterritoriality clause in the Civil Rights Act of 1991 amended Title VII and the ADA to include employment discrimination protection for US citizens working abroad for US employers. A review of recent court rulings demonstrates an absence of lawsuits involving alleged violations of the extraterritorial provision. Instead, recent cases show that Americans working outside of the US are filing charges against foreign employers rather than US employers and applying state level employment statutes rather than federal legislation. In addition, non US citizens are exhibiting a trend toward invoking US federal and state statutes against US employers. These cases are reviewed and implications discussed for managing employment relations in an increasingly international workplace.

Tour Guides and the mediation of difficult memories: the case of Dublin Castle,Ireland

This research seeks to furthering understandings of how Tour Guides interpret memories at heritage sites when the memories at issue are difficult yet subtle and not always apparent to tourists. Specifically, it explores how Dublin Castle, formerly the seat of British rule in Ireland, is captured in narratives presented to tourists that often include Britons. Representing the site is made challenging because some visitors have little knowledge of the site's history, while others are well informed and hold strong political views. The findings show that Guides select largely depoliticized narratives, strongly influenced by their personal interests and experiences. Some hint at underlying tensions that only tourists alert to the complexities of the site might capture. Dominant narratives can be challenged by tourists with an interest in, or allegiance to, particular historical or political beliefs, leading to emotional engagements. Some tourists, unaware of the complexities of the site, can encounter a more multi-layered and complex experience than perhaps envisaged. The study affirms the co-production evident in Tour Guiding narratives and points to the need for further research into how the variously empowered agencies of both the Guide and the tourist produce a constant shifting and re-working of memory.