Psychological ownership as a crisis management advertising appeal – antecedents,outcomes, and moderators

In a crisis communication context, this work examines the impact of Psychological Ownership (PO) appeals on Ad message recipients’ development of feelings of PO. It demonstrates that increased levels of PO influence the managerially relevant outcomes attitude toward the company and purchase intentions. In doing so, it finds new application for the construct. In order to better understand the factors that may contribute to or mitigate PO, this research also investigates environmental consciousness as an additional antecedent and gender, persuasion knowledge, and geographic distance as moderators of individuals’ response to such appeals. Managerial and theoretical implications are discussed.     

Economic slowdowns,hazard rates and foreign ownership

This paper evaluates the link between foreign ownership and firm exit during crises, using a longitudinal micro dataset over an 18-year period. We address two main questions: first, if foreign affiliates have different failure rates than domestic firms during economic downturns, and second if the foreignness effect differs between two different economic downturns. The results partially confirm the liability of foreignness argument, suggesting that when the crisis was more pronounced at home than abroad, the differences in hazard rates between foreign and domestic firms reduce. The footloose argument is also only partially confirmed. For policy makers, our results on survival dynamics during crises are not against policies stimulating inward investment. There is no need to fear that foreign firms destabilize more than usual the host economy during economic slowdowns by immediately closing down operations.     

乡土正当性与法律正当性在林权纠纷中的博弈——基于桂南两县一区的实地调查

通过背景梳析,在对林权纠纷中地方政府、国有林场、农户的调查后发现乡土正当性和法律正当性在当地林权纠纷中存在冲突,通过分析得出当前的林权纠纷问题具有普遍性和复杂性的基本特征;从制度经济学的产权角度和农户增收角度来看,农户的土地产权应得到维护。     

Understanding employee preferences for investing in employer stock: evidence from France

In this article, we broaden the focus of existing research on employee stock purchase plans by analysing employee preferences for investing in employer stock as a construct distinct from actual investment behaviour. In our analysis of original survey data in a sample of 900 employees in four French companies, we find that employee preferences are influenced by two common cognitive heuristics (representativeness and familiarity), organisational commitment, the perceived quality of corporate communications about these plans and perceived managerial commitment to employee ownership. We did not find, however, that risk aversion, turnover intentions or perceived employee involvement in decision making influenced preferences for investing in employer stock. Our findings have both theoretical and practical implications for understanding and operating these types of employee benefit plans, which are becoming more common across the globe.     

以政府职能转变推动收入分配改革

收入和财富分配的不平等一直是中国改革发展中的重要问题。针对中国经济的特点,可以从政府改革的角度来研究如何更好地进行收入分配改革。地方政府主导推动地方经济的做法对收入不平等的扩大起了重要作用,加快政府职能转换,是使收入分配改革真正落到实处的破局之处,也是实现收入分配合理化可行的第一步。要改变地方政府的经济职能,降低它直接参与基础设施的程度,改革地方土地财政,建立垂直管理机构,以分散它的一部分经济管理职能,为收入分配改革打开空间。     

The Variegated Financialization of Housing

There is a small but growing literature on the financialization of housing that demonstrates how housing is a central aspect of financialization. Despite the varied analyses of the financialization of housing and the importance of housing to financialization, the relations between housing and financialization remain under‐researched and under‐theorized. The financialization of housing is not really a specific form of financialization, transcending as it does a number of different forms of financialization. Housing systems, in particular, vary widely across the globe, which implies that housing financialization will be inherently variegated, path‐dependent and uneven. In this introduction to the symposium, I will discuss how the articles to follow contribute to the literature on the financialization of housing. Housing has entered a post‐Fordist, neoliberal and financialized regime. Increasingly, both mortgaged homeownership and subsidized rental housing are there to keep financial markets going, rather than being facilitated by those markets. There is little evidence that the global financial crisis has resulted in any de‐financialization of housing. There are common trajectories within uneven and variegated financialization, rather than radically different and completely unrelated forms of housing financialization.     

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.     

Effects of Ownership Structure on Capital Structure of Indian Listed Firms: Role of Business Groups vis-à-vis Stand-Alone Firms

The objective of this study was to explore the relationship between promoter ownership and capital structure of firms’ using a sample of Indian publicly listed firms for the period from 2006 to 2013. We find that the relationship between promoter ownership and leverage is inversely U-shaped in group-affiliated firms, whereas in stand-alone firms there is a U-shaped relationship. We argue that a substantial presence of family owners and the selection of managers from within the family play some role for such relationship in group-affiliated firms. On the other hand, the argument for observed relationship in stand-alone firms follows from alignment hypothesis, entrenchment hypothesis, managerial risk aversion hypothesis, and active monitoring hypothesis.     

HOLDINGS OF NATIONAL AND LOCAL GOVERNMENTS IN COMPANIES IN FINLAND: PERSISTENCE AND CHANGE IN THE LONGER TERM

Applying an approach of neo‐institutional research, this article examines the history of company holdings of the national government and local governments in Finland in the longer term. The article examines the genealogy of the institutional forms of these holdings, the diffusion, adoption and adaptation of these forms, and the political legitimacy of new forms and the political de‐legitimation of earlier forms. For theory, the results indicate that the individual tailoring of institutional forms offers flexibility but increases complexity. For practice, the results suggest that the company form may too easily marginalize alternative institutional forms such as co‐operatives, associations, and foundations.     

The role of family management and ownership on semi-globalization pattern of globalization: The case of family business groups

Employing a multi-level with longitudinal concern data analysis this research examines the impact from family management and ownership on semi-globalization pattern of globalization in family business groups from an integrated framework. The results reveal that the more likelihood that the controlling family utilize family management in the subsidiary, and the higher degree of pyramidal ownership in the subsidiary, the more likelihood that the family business group will choose to engage in the host regions. Additionally, family management and pyramidal ownership is positively related with the choice to engage in a higher difference region instead of a lower difference region in family business groups. The theoretical and future research implications of these findings for family enterprises and globalization research are discussed.