The capital structure puzzle revisited

Corporate finance researchers have long been puzzled by lowcorporate debt ratios given debt's corporate tax advantage.This article recognizes that firm value typically reflects agrowing stream of earnings, while current debt reflects a nongrowingstream of interest payments. Debt to value is therefore a distortedmeasure of corporate tax shielding. Even with very small debt-relatedcosts, this may explain the observed magnitude and cross-sectionalvariation of debt ratios. Since this variation may be independentof tax shielding, debt ratios provide an inappropriate frameworkfor empirically examining the trade-off theory of capital structure.     

The Unequal Effect of India's Industrial Liberalization on Firms’ Decision to Innovate: Do Business Conditions Matter?

Product‐market competition can boost industry growth if firms invest more in innovation. Using a natural policy experiment, the removal of India's License Raj, we show that firms in liberalized industries were 9% more likely to invest in R&D than firms in non‐liberalized industries. However, the impacts were not the same across firms of different size. After the reforms, firms in the top quartile were 23% more likely to invest in R&D than those in the lowest size quartile. Both productivity differences across firms and the heterogeneous impacts of business conditions on firms explain unequal effects of India's industrial liberalization reform.     

Beyond drinking: the role of wine in the life of the UK consumer

Since the development of wine sales via supermarkets in the UK in the 1970s wine consumption has more than doubled so now the UK is the largest wine import market (by value) in the world. Wine is now consumed by approximately 61% of the UK adult population on a regular basis. For many social wine consumption has become part of their lifestyle. Given the international importance of the UK wine market, plus the increasing incorporation of wine into regular consumption behaviour, it is remarkable how few academic studies have been undertaken into the consumption behaviour of moderate, social UK wine consumers. This paper aims to start developing that knowledge, thus adding to our understanding of consumer behaviour in general. The results show that consumers use wine in very sophisticated ways via purchasing, gifting and consumption. The findings also show that social interaction with wine varies significantly, dependant upon occasion and environment. Behaviour also varies if the purchase, as gift and/or for consumption, is perceived as a private or public activity. This paper places UK wine consumer behaviour within a social context, and is able to show that all consumers display a range of behaviours in relation to wine which are situation and occasion dependant.     

Antitrust Policy: The Impact of Revenue Penalties on Price

The paper examines the impact on a firm’s price when it faces the possibility of an antitrust investigation and associated potential revenue penalty. As well as presenting a general model of antitrust intervention, an illustrative example reflecting the provisions of the 1998 UK Competition Act is offered, the example being developed to explore the implications of the probability of antitrust intervention and punishment increasing non-linearly as a firm’s profit rises.     

Toward sustainable consumption: Researching voluntary simplifiers

This article examines and extends the notion of voluntary simplifiers (VS). VS are individuals who have freely chosen a frugal, anticonsumer lifestyle that features low resource use and environmental impact. The article will begin by reviewing empirical work with VS and their mainstream counterparts, non‐voluntary simplifiers (NVS). It will go on to identify and locate within this literature an intermediate group: beginner voluntary simplifiers (BVS). BVS may support some aspects of sustainability (such as buying fair‐trade coffee or recycling domestic waste) without either embracing a complete lifestyle change like VS, or completely dismissing ethical or environ‐mental features of products and services they consume, like NVS. Insight into the complex decision‐making processes of BVS is crucial for the understanding of the concept of voluntary simplification and is therefore important for the advancement of sustainable consumption. © 2006 Wiley Periodicals, Inc.     

Determinants of UK Box Office Success: The Impact of Quality Signals

This paper analyses the roles of various quality signals in the demand for cinema attendance in the United Kingdom. Estimation of a three-stage least squares model with data for 527 films released in the United Kingdom shows that the impacts of advertising and critical reviews on box office revenues vary both in channels and magnitudes of impact. Our model treats total advertising as endogenous, alongside the number of opening screens and total box office revenues, while critical reviews are considered exogenous. Our results show that total advertising affects total box office revenue while responding endogenously to critical reviews.     

Leadership training for managers: An Adlerian approach

Adlerian theory—a social model of human behavior—provides an effective framework to improve managerial practices and enhance organizational leadership. Developed by Alfred Adler (1870–1937), founder of the influential school of individual psychology, Adlerian theory promotes principles of social interest, democracy, and encouragement. These principles may guide leaders in building collaborative, productive workforces through participative management, coaching, and employee engagement. Experiential training exercises that integrate Adlerian principles can help managers expand their interpersonal competencies and increase leadership effectiveness.     

How does strategic orientation matter in Chinese firms?

As China continues to transition toward a market economy, how strategic orientation affects firm performance has received significant attention. This article reviews the extant literature with a framework that depicts contemporary work on strategic orientation, the drivers of strategic orientation, and its boundary conditions. We identify important research gaps and propose to integrate institutional theory, dynamic capability perspective, and the knowledge-based view within the strategic orientation research stream for future investigations.

Trade Union Responses to zero hours work in Ireland

This paper examines the strategies adopted by Irish unions in responding to zero hours work in four sectors. It concludes that rather than adopting either a passive or a uniform approach, unions have pragmatically varied their strategies to curtail zero‐hours work through actively combining both bargaining and regulatory approaches.     

How algorithmic cultural recommendation influence the marketing of cultural collections

Museums make their collections available online to keep pace with developments in how people access and share information. While museums have traditionally understood the notion of public access as part of their institutional remit, in this paper I draw on policy documents and qualitative interviews with Australasian cultural professionals, to examine how the discourse of access might account for the museum’s transformation from a community space to a resource that is beneficial to marketers. I use Google Arts & Culture as a case study, to suggest the terms of public access have altered to adapt to the needs of commercial “digital enclosures.” When people engage with the museum in virtual spaces data are collected. Algorithms work as a set of instructions that make it possible to search, sort and organise the data, linking together people and their online practices in order to enact a form of algorithmic cultural recommendation.