Information and Investor Behavior Surrounding Earnings Announcements

The goal of this paper is to analyze the impact of annual earnings announcements on the market through the order flow data in addition to the usual transaction data. In this respect, examining order flow data can potentially reveal valuable information that is not available from transaction data. In fact, the data allow us to test hypotheses about asymmetric information and investor behavior and to test if the behavior varies with investor sophistication. In addition, the paper tries to identify the determinants of the impact on a firm's value using assumptions about investor behavior.     

The relevance of commuting zones for regional spending efficiency

We use data envelopment analysis (DEA) efficiency scores to show that clustering municipalities into encompassing regional clusters improves spending efficiency of single stand-alone municipalities. We propose a new geographic aggregation based on municipalities-to-municipalities commuting flows, defined using hierarchical cluster analysis. Our example for Portugal shows that from an output-oriented perspective between 83% and 98% of municipalities would increase their efficiency scores, while from an input-oriented perspective between 86% and 98% of municipalities would also be better off in terms of efficiency. Then using a linear regression model, we find that population increases positively affects the efficient scores (via scale economies). Also, increases in the share of high-educated and poorer residents leads to higher efficiency scores.     

Organising migrant workers: the living wage campaign at the University of East London

This critical case study looks at the campaign led by Citizens UK and Unison to get the University of East London (UEL) to sign up to the London living wage (LLW). UEL agreed to pay the LLW after a brief campaign in November 2010 and it was subsequently implemented in August 2011. The study charts the course of the campaign and draws on mobilisation theory and new primary research to account for its success. What our findings suggest is that community organisers and union activists were able to organise and mobilise a largely apolitical group of migrant workers. This, we suggest, can be explained by the successful mobilisation of the community and augurs well for future broad‐based campaigns.     

Surplus distribution and characteristics of social enterprises: Evidence from microfinance

The issue of surplus distribution has hardly been analyzed in the context of the social economy. This paper highlights the main drivers of distribution between various stakeholders of microfinance institutions (MFIs), which are an example of social enterprises. We focus on three major variables: size, governance structure and subsidies. Our results show that the size of the institution is the main indicator of the surplus that the organization keeps as a self-financial margin. Moreover, MFIs with a cooperative ownership structure allocate a larger part of their surplus to their employees, whereas non-profit organizations and shareholder-firm MFIs do not allocate their surplus in a significantly different way among their main stakeholders. Finally, we do not find any clear-cut effect of subsidies on the surplus allocation process.     

Bank market power and the intensity of borrower discouragement: analysis of SMEs across developed and developing European countries

Small Business Economics - This paper analyzes the effect of bank market power on the financial constraints of small and medium-sized enterprises (SMEs) through the study of borrower...     

Subsidiary-specific advantages for inter-regional expansion: The role of intermediate units

This paper explores the distinctive deployment of resources and capabilities by subsidiaries in order to develop an intermediate role within the MNC. Based on the regional management perspective, we focus on a specific intermediate role—the springboard subsidiary—that helps overcome the liability of inter-regional foreignness. Our results, which are based on a dataset covering 188 subsidiaries, show that the probability of taking on this role is contingent upon experiential knowledge about the target region, as well as a rich knowledge base derived from a wide range of activities and a broad geographical scope. Our findings also show that possession of slack resources does not necessarily mean that a subsidiary will take on this role, as such slack must be combined with experiential knowledge. This paper serves as a first step in helping MNCs plan resource allocation to handle inter-regional expansion.     

Intermediate units in multinational corporations: A resource dependency view on coordinative versus entrepreneurial roles

Due to the dispersion of headquarters’ activities across organizational and geographical boundaries, intermediate units (IUs) are emerging as a key actor of international business. IUs are intermediate structural layers between headquarters (HQ) and local subsidiaries with specific HQ responsibilities. Our study relies on original data of 67 IUs and, taking on a Resource Dependence approach, explores empirically the two HQ roles attributed to IUs: coordinative versus entrepreneurial. According to our results, the main differences between both roles relate to external network embeddedness, internal network position and autonomy. We argue that these differences arise from the dominant sources of power in each role. These findings have signi?cant relevance for theory development and managerial practice as we provide a starting point for understanding the dispersion of complex HQ systems as well as how those systems are discharged and add value.     

Teaching HRM in contemporary hospitality management: a case study drawing on HR analytics and big data analysis

In this article, we discuss how hospitality students can leverage new technology and new HRM metrics from a combination of a traditional format case study and innovative data spreadsheets. We offer a teaching case study that combines the strategic dimensions of HRM with practice-driven data analysis anchored in HR analytics and HR big data mining. We argue that this combination helps identify, develop, and promote appropriate managerial skills among students.     

Are the BRIC countries overtaking intermediate countries in the race for international R&D? The case of Spain

The emergence of Brazil, Russia, India and China (BRIC) as international locations for foreign direct investment in R&D is a sign that multinationals are relocating their technological activities to new territories. This trend may weaken the supremacy of the developed countries until now considered leaders in innovation, and may mean the loss of the competitive advantages enjoyed by the countries considered intermediate innovators. This paper examines the situation of Spain as a typical intermediate economy and compares it to its main competitors among the BRICs. Based on eight case studies of subsidiaries with R&D centres in Spain, we conclude that the policies adopted by certain emerging economies to develop their national innovation systems are proving effective and that these countries now pose a threat to intermediate economies. However, the BRICs still lag behind in terms of the security of their institutional framework; this situation leaves intermediate countries in an advantageous position.     

Destination competitiveness: what we know,what we know but shouldn't and what we don't know but should

Two decades after the seminal work of Crouch and Ritchie [(1999). Tourism, competitiveness, and societal prosperity. Journal of Business Research, 44(3), 137–152], which triggered an avalanche of research on the topic, there is an extensive and still-growing body of literature on destination competiveness. Research on competitiveness, in the context of tourism destinations and even in its parent field of economics, has been characterized by controversy and strong criticism. Given the complexity of the phenomenon, the multiplicity of perspectives taken on it and the current stage of knowledge, there is a clear need for a reflective audit that enables a careful consideration on the knowledge acquired with past research as well as a well-thought-out identification of the needs for future research. Only such meticulous process will ensure the progress of this field of enquiry. The wide-spread acknowledgement of the importance of competitiveness for a destination's long-term success in addition to the constant comments that it is still a topic not well understood, suggests that research on it still has a long future ahead. This article embraces this challenging task by documenting, examining and critically assessing the existing literature on three dimensions: definitions, theoretical models and measurement. In addition, existing gaps are identified and research propositions are presented to guide future research.