Corporate governance and the probability of default

We employ Merton's probability of default as a continuous ex‐ante measure of the likelihood of firm failure and dynamic panel generalised method of moments to better characterise the relationship between corporate governance and the chance of default. In doing so, we overcome limitations of discrete proxies widely used in previous studies and more completely account for endogeneity issues permeating this area of research. While initial testing designed to facilitate comparison with previous studies suggests a significant relationship between the probability of default and executive pay, board structure and ownership structure, once endogeneity concerns are accounted for, no such relationship remains.     

Economic impact of onabotulinumtoxinA for overactive bladder with urinary incontinence in Europe

Background: Overactive bladder (OAB) is a common condition that has a significant impact on patients’ health-related quality-of-life and is associated with a substantial economic burden to healthcare systems. OnabotulinumtoxinA has a well-established efficacy and safety profile as a treatment for OAB; however, the economic impact of using onabotulinumtoxinA has not been well described.

Methods: An economic model was developed to assess the budget impact associated with OAB treatment in France, Germany, Italy, Spain and the UK, using onabotulinumtoxinA alongside best supportive care (BSC)—comprising incontinence pads and/or anticholinergic use and/or clean intermittent catheterisation (CIC)—vs BSC alone. The model time horizon spanned 5 years, and included direct costs associated with treatment, BSC, and adverse events.

Results: Per 100,000 patients in each country, the use of onabotulinumtoxinA resulted in estimated cost savings of €97,200 (Italy), €71,580 (Spain), and €19,710 (UK), and cost increases of €23,840 in France and €284,760 in Germany, largely due to day-case and inpatient administration, respectively. Projecting these results to the population of individuals aged 18 years and above gave national budget saving estimates of €9,924,790, €27,458,290, and €48,270,760, for the UK, Spain, and Italy, respectively, compared to cost increases of €12,160,020 and €196,086,530 for France and Germany, respectively. Anticholinergic treatment and incontinence pads were the largest contributors to overall spending on OAB management when onabotulinumtoxinA use was not increased, and remained so in four of five scenarios where onabotulinumtoxinA use was increased. This decreased resource use was equivalent to cost offsets ranging from €106,110 to €176,600 per 100,000 population.

Conclusions: In three of five countries investigated, the use of onabotulinumtoxinA, in addition to BSC, was shown to result in healthcare budget cost savings over 5 years. Scenario analyses showed increased costs in Germany and France were largely attributable to the treatment setting rather than onabotulinumtoxinA acquisition costs.     

Human resource management,strategic involvement and e-HRM technology

Associated with the emergence of internet-based human resource management technology is rhetoric predicting that such technological advances (electronic human resource management technology or e-HRM) will make HRM in organizations more strategic. Yet such a prediction is contested in the literature on the role of technology in organizations. Using a large survey data-set consisting of 5665 companies that are located in 32 different countries, we use non-recursive simultaneous equation models with instrumental variables to empirically evaluate competing theoretical perspectives in this literature. We find and show that strategic HR involvement and greater e-HRM capability are both directly and reciprocally related supporting both theoretical perspectives but also showing each is not mutually exclusive. We discuss the implication of these results for human resource management theory, practice and future research.     

Cooperation or resistance? Representing workers' health and safety in a hazardous industry

This study considers the actions of worker health and safety representatives in coalmines in Queensland, where there is little evidence of the facilitating role of management previous studies have associated with the successful operation of worker representation in occupational health and safety. It examines how worker representatives deliver their pluralist representational role in a context characterised by essentially unitary thinking amongst their employers and the effectiveness of the strategies they use.     

Marketplace orchestration of taste: insights from the Bridgewater Hall

ABSTRACT

The aim of this paper is to explore how a concert hall can orchestrate and shape individuals’ classical music tastes. The paper is based on an 8-month ethnography at the Bridgewater Hall concert venue in Manchester. Our emergent findings illustrate how classical music tastes are influenced via the spatial meanings of the concert hall. These meanings include various physical, historical and sociocultural aspects that are revealed in the context of the Bridgewater Hall. Our study contributes to various streams of consumer culture theory research and opens up avenues for future research on the interrelationships of space and place with taste.     

The effect of the 2007 ethanol mandate on downside risk in agriculture: evidence from Kansas farmers

The Energy Independence and Security Act of 2007 increased the amount of corn ethanol that must be blended into motor vehicle and other fuels as part of the renewable fuel standard. The purpose of this article is to look at how the increase in demand for corn influenced the profitability and downside risk of farms. We conducted this investigation using annual data for more than 300 farms in Kansas from 1997 through 2014. We find that the probability of a farmer’s experiencing a negative return on equity (i.e. the ‘downside risk’ of farming) decreased by 25 percentage points after 2007.     

Commercializing Nascent Technology: The Case of Laser Diodes at Sony

To develop really new products, a company often needs to get a handle on really new technologies. Although some breakthrough products simply combine existing technologies in novel ways, other innovations require the successful commercialization of nascent technologies. In other words, such innovations depend on entirely new structures and methods that have been demonstrated in a research environment but have not yet been refined to the point where they are ready for production. The path from nascent technology to full-scale production presents numerous managerial challenges that must be overcome if a company is to develop really new products that involve really new technologies. Samuel Wood and Gary Brown discuss these challenges, and they describe methods for managing the successful commercialization of nascent technologies. They illustrate these methods by examining Sony's commercialization of laser diodes—semiconductor devices that play an important role in the operation of CD players and other optical disk readers. They divide the process of commercializing nascent technology into three stages: appropriation, implementation, and manufacture. The first stage—appropriation—involves monitoring, assessing, and capturing new technologies. Sony handles this stage with a small, loosely structured research organization, separate from the development organization. In this stage, management must ensure that the objectives pursued by the research organization support the development organization's long-term goals. To foster coordination between research and development, Sony employs such network-building techniques as internal research symposia and technology expositions, orientation periods for researchers, transferring managers between research and development, and transferring researchers to development and other functions. The implementation stage involves transferring knowledge to development, as well as refining the technology to the point where it is reproducible, testable, and documented. Sony facilitates technology commercialization by transferring project team members from research to development and making those people responsible for implementation. To reach the final stage, manufacture, the firm must find the means for developing and refining mass production tools and procedures. Meeting this challenge requires close interaction and integration between process and production engineers.     

Design principles for long‐lived Internet agents

Prior research on intelligent Internet agents has failed to address the needs of long‐lived data‐collecting agents, focusing instead on short‐lived transaction agents. Transaction agents typically run for a few seconds and retrieve information for a single transaction. With the staggering growth of electronic commerce, researchers and practitioners will want to design long‐lived data‐collecting agents that intelligently search for, retrieve, interpret, categorize, and store vast amounts of related information each time that they run. Such agents can run over the course of days rather than seconds and can be used by practitioners for decision support applications or by researchers as part of an empirical research methodology. This paper proposes a framework for agent sophistication, and emphasizes a number of design concepts for long‐lived Internet agents, including intelligence, validation, concurrency, recovery, monitoring, and interactivity. These concepts are used in the development of an illustrative tool called Electronic Data Retrieval LexicaL Agent (eDRILL), an object‐oriented data‐collecting agent. eDRILL is designed using the Unified Modeling Language (UML) and is written in Java. It gathers research data from an online auction. © 2000 John Wiley & Sons, Ltd.