BALANCING ACTS: NPO-LEADERSHIP AND VOLUNTEERING

Volunteering is regarded as an increasingly important phenomenon and the 'employment' of volunteers as one of the typical traits of nonprofit organizations. However, the consequences of volunteering for everyday practices of NPO-leadership, i.e. the question of how non-paid employees are treated in settings where formal power is lacking, have so far not received the attention they deserve. Our paper discusses practices for leading without formal power by presenting findings from an empirical research project. Using a Grounded Theory approach, we identify five interrelated practices that question conventional notions of transformative or charismatic leadership.     

Merger negotiations and the toehold puzzle

The substantial control premium typically observed in corporate takeovers makes a compelling case for acquiring target shares (a toehold) in the market prior to launching a bid. Moreover, auction theory suggests that toehold bidding may yield a competitive advantage over rival bidders. Nevertheless, with a sample exceeding 10,000 initial control bids for US public targets, we show that toehold bidding has declined steadily since the early 1980s and is now surprisingly rare. At the same time, the average toehold is large when it occurs (20%), and toeholds are the norm in hostile bids. To explain these puzzling observations, we develop and test a two-stage takeover model where attempted merger negotiations are followed by open auction. With optimal bidding, a toehold imposes a cost on target management, causing some targets to (rationally) reject merger negotiations. Optimal toeholds are therefore either zero (to avoid rejection costs) or greater than a threshold (so that toehold benefits offset rejection costs). The toehold threshold estimate averages 9% across initial bidders, reflecting in part the bidder's opportunity loss of a merger termination agreement. In the presence of market liquidity costs, a threshold of this size may well induce a broad range of bidders to select zero toehold. As predicted, the probability of toehold bidding decreases, and the toehold size increases, with the threshold estimate. The model also predicts a relatively high frequency of toehold bidding in hostile bids, as observed. Overall, our test results are consistent with rational bidder behavior with respect to the toehold decision.     

The effectiveness and efficiency of corporate insolvency law—part two

Little empirical research has been done in the Netherlands (or internationally) into the effect of corporate insolvency proceedings. The Dutch legislature has made several attempts in the past decades to revise the current Dutch Bankruptcy Act (Faillissementswet) of 1893, while almost nothing is known about the effectiveness and efficiency of the Dutch corporate insolvency law. I have studied the effectiveness of the current Dutch insolvency law and of European Directive 2001/23/EC which is incorporated in this law, on the basis of theoretical and large‐scale empirical research. The study concerned all 4167 of the corporate insolvencies that ended in 2004. In the first part of this Article (International Insolvency Review, Volume 17, 3, Winter 2008, pp. 189–209), the research results showed that the Dutch Bankruptcy Act achieved the goals set on it only to a limited degree and that the informal restructuring procedure is of great social importance. In this second part, I concentrate on the conditions imposed by European Directive 2001/23/EC on the European national legislatures to protect employees' rights: automatic transfer of employment contracts in the event of transfers as part of insolvency proceedings, together with measures to prevent misuse of insolvency proceedings in such a way as to deprive employees of the rights provided for in this European Directive. The study shows that, in the Netherlands, not applying automatic transfer of employment contracts when an undertaking or business is transferred as part of an insolvency proceeding does not result in large‐scale misuse of insolvency law. It appears that automatic transfer of employment contracts outside insolvency proceedings can actually impede the informal restructuring of financially unsound companies. These surprising results are interesting for corporate insolvency proceedings worldwide. Copyright © 2009 John Wiley & Sons, Ltd.     

The HRM Process Approach: The Influence of Employees’ Attribution to Explain the HRM‐Performance Relationship

In an experimental study and a field study, we studied whether high‐commitment human resource management (HC‐HRM) is more effective when employees can make sense of HRM (attribute HRM to management). In the experimental study (n = 354), employees’ HC‐HRM perceptions were evoked by a management case, and their attributions were manipulated with an information pattern based on the three dimensions of the covariation principle of the attribution theory: distinctiveness, consistency, and consensus. As expected, the results showed that the effect of HC‐HRM on affective organizational commitment was stronger when employees understood HRM as was intended by management. This experimental finding was confirmed in a cross‐level field study (n = 639 employees within 42 organizations): the relationship between HC‐HRM, on one hand, and affective organizational commitment and innovative behavior, on the other hand, was stronger under the condition that employees could make sense of HRM. © 2015 Wiley Periodicals, Inc.     

The selection of migrants and returnees in Romania

This paper uses census and survey data to identify the wage earning ability and the selection of recent Romanian migrants and returnees on observable characteristics. We construct measures of selection across skill groups and estimate the average and the skill‐specific premium for migration and return for three typical destinations of Romanian migrants after 1990. Once we account for migration costs, we find evidence that the selection and sorting of migrants are driven by different returns to skills in countries of destination. Our identification strategy for the effects of work experience abroad permits a cautious causal interpretation of the premium to return migration. This premium increases with migrants' skills and drives the positive selection of returnees relative to non‐migrants. Based on the compatibility of the results with rationality in the migration decisions, we simulate a rational‐agent model of education, migration and return. Our results suggest that for a source country like Romania relatively high rates of temporary migration might have positive long‐run effects on average skills and wages.     

Rationalising Inappropriate Behaviour at Contested Sites

This paper examines how tourists justify inappropriate behaviour at contested cultural heritage sites through an analysis of weblogs of people who climbed Uluru, Australia. The climb is increasingly seen as being inappropriate, culturally insensitive and socially unacceptable. Yet it remains open and up to 150,000 people participate each year. Park managers and traditional owners are trying to demarket it with the hope that falling consumer demand will ultimately result in its closure. The study revealed three types of climbers: those who reject the Aboriginality of the place; those with different value sets who see nothing inherently wrong with their actions; and a large group who is aware that its actions may be inappropriate and who, therefore, need to invoke some sort of neutralisation technique to rationalise their decision. This latter group is more likely to respond to behaviour modification messages and should be the main target of future demarketing activities.     

Immigrants' Adaptation and Interracial/Interethnic Interactions in Natural Environments

ABSTRACT

This study examined the role of leisure in natural environments in immigrants' adaptation, with a particular emphasis on facilitating interracial/interethnic interactions. Berry's adaptation framework was used as a theoretical framework. The project used in-depth individual interviews with 70 immigrants from China, Latin America, Morocco, Turkey, Ukraine, and Vietnam residing in the United States, the Netherlands, Germany, and Poland. The findings showed that recreation in natural environments promoted immigrants' psychological adaptation by helping to improve psychological and emotional well-being, develop feelings of attachment, strengthen social ties, and build memories and family traditions. The sociocultural adaptation was increased when immigrants learned about the culture of the host countries. The natural environments were not particularly conducive to establishing interactions with strangers but were convenient settings for interacting with families and members of the ethnic community.     

Doing femininity and respectability: social networks and social capital among female members of Dutch student organisations

This research explores the complexities that underlie the formation of women’s social networks at traditional social student organisations in the Netherlands, advancing theory on the intersectionality of gender and class in leisure space. Building on Pierre Bourdieu’s theory of social capital it investigates if these social networks are segregated, and to what extent their divisions depend on previously acquired economic, cultural and symbolic capital. It analyses the hierarchical structures and ‘ranking’ of women’s year clubs within student organisations, and examines how the enactment and achievement of femininity determines women’s ability to move through social space. Finally, it investigates the use of social capital for women’s career progression. Semi-structured interviews were held with 20 women who were current or former members of one of the most traditional Dutch student organisations, the corps. Their accounts were used to gather information about the meaning women gave to their membership, and shed light on the role of previously acquired capital in the formation of clubs. Our findings show that women’s previously acquired social capital allowed them easier access to corps’ space and advanced their ability to navigate it. The establishment and ranking of year clubs and their members demonstrate the power dynamics that operate within the corps and the way class underlines network formation. Femininity was deemed one of the important markers of respectability and the enactment and achievement of ‘proper’ femininity determined women’s recognition and position in corps space. Despite the hierarchies of placement in the corps, most women profit from the social capital they acquired during membership, and can use it in selective ways for career progression and acquisitions.     

External influences in Nordic business cycles, 1870–1988

This paper considers the relationship of the Nordic business cycle to the world business cycle using annual output data spanning 1870–1988. The paper studies the Nordic and a set of non-Nordic countries separately and finds evidence for both a Nordic and a world business cycle. Output movements in the individual Nordic countries are connected through the Nordic business cycle and are less affected by the world business cycle. There is no significant change in the behavior of the business cycle in the Nordic countries between 1873–1913 and 1948–1988.