Performance effects of appointing other firms’ executive directors to corporate boards: an analysis of UK firms

This paper studies the effect on company performance of appointing non-executive directors that are also executive directors in other firms. The analysis is based on a new panel dataset of UK companies over 2002–2008. Our findings suggest a positive relation between the presence of these non-executive directors and the accounting performance of the appointing companies. The effect is stronger if these directors are executive directors in firms that are performing well. We also find a positive effect when these non-executive directors are members of the audit committee. Overall, our results are broadly consistent with the view that non-executive directors that are executives in other firms contribute to both the monitoring and advisory functions of corporate boards.     

Agency costs,corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis

This paper examines the impact of governance and ownership variables on agency costs for a panel of large UK quoted companies. We use three measures of agency costs: the ratio of sales-to-total assets, the interaction of free cash flows and growth prospects and the number of acquisitions. We employ a range of techniques to analyse the data: fixed-effects, instrumental variables, and Tobit regressions. We find that the changes in board structures that have occurred in the post-Cadbury period have not, generally, affected agency costs. This suggests a range of mechanisms is consistent with firm value maximisation. We also find that having a nomination committee increases agency costs, which indicates that there are costs associated with certain governance mechanisms. Increasing board ownership also helps to reduce agency costs. We also find that debt reduces agency costs. Our results raise questions about the usefulness of the information sent to shareholders when firms adopt a recommended governance framework.     

Regulation and the Development of Competition in the U.K. Gas Supply Industry

When the U.K. gas supply industry was privatised, it retained its monopoly vertically integrated structure. We discuss the forces which led to the deregulation of the U.K. gas supply industry. Important factors in the process include a number of critical reports by the regulatory authorities, the growth of alternative gas supplies including the development of the spot-market, and the success of independents in gaining market share in markets opened up to competition. We also present surveys of gas users and independent gas suppliers and find that price advantage has been the critical factor in the increase in market share gained by the independent gas suppliers.     

A Fragile Alliance

A bstract . Between 1885 and 1888, workers and reformers so thoroughly challenged the Gilded Age status quo that scholars have dubbed the period "The Great Upheaval." Resurgent unionism coincided with expanded political consciousness, phenomena encapsulated in the growth of the Knights of Labor and in Henry George's bid to become mayor of New York City. Academics would do well to exercise caution, however. Gilded Age political alliances could be fragile. Disputes over land policy, tariff protection, partisan politics, anarchism, and religion drove as many Knights of Labor away from Henry George as to his cause. The "Great Upheaval" was more the ideal than reality.     

Attitudes to work and trade unionism among white-collar workers

In spite of the fact that the nature of their jobs is becoming closer to that of the manual worker, white collar workers still appear to see themselves in an essentially intermediate status in an organization, and this is reflected in their attitudes towards their work and towards trade unionism.     

Ownership structure,board composition and the market for corporate control in the UK: an empirical analysis

This paper analyses the board composition and ownership structures of a sample of companies that have been acquired and those of a matching control sample that have not. We find significant governance differences between acquired firms and the control sample. Firms with the following characteristics were more likely to be acquired: they had the same person acting as CEO and chair, a higher proportion of non-executive directors, larger institutional shareholdings and higher director shareholdings. An analysis of small firms also found evidence of higher CEO shareholdings. We also find that treating all take-overs as a single group leads to a model mis-specification which does not identify the incentive effects of board and CEO shareholdings present in non-hostile acquisitions. These results are consistent with two agency-derived hypotheses, financial incentives and effective monitoring. We also find that targets exhibit lower growth potential but do not have worse accounting performance.     

Networked Assemblages and Geopolitical Media: Governance,Infrastructure and Sites in BBC Radio

ABSTRACT

The development of radio as a communication and broadcasting technology has been vital to popular, formal and practical geopolitics. This paper contributes to the nascent literature on assemblage thought in geopolitics by considering radio as a historical iteration of “the media”. Through this dialogue, it is suggested that British Broadcasting Corporation (BBC) radio is both a material and discursive assemblage, operating at multiple scales, sites and intensities of governance. The paper argues that radio cannot be seen simply as a vehicle for producing popular geopolitical imaginaries, nor as a neutral military or cultural diplomatic tool. Contributing to the use of assemblage and actor–network thought in historical-popular geopolitics, the paper begins by articulating the benefits of certain elements of these theoretical registers to the sub-field in general, before moving onto a series of empirical fragments from the archive to illustrate these abstractions in a more concrete manner. First, it does so by considering the early governance and regulation of radio in the 1920s, then the forces producing the BBC’s Middle Eastern Relay network during the late 1960s. The paper concludes with a further call to take materiality seriously, particularly in future popular geopolitical research dealing with media networks.     

Building Donor Relationships: An Investigation into the Use of Relationship and Database Marketing by Charity Fundraisers

The Paper reports empirical research into the use of fund - raising databases by UK Charities. The findings suggest that using a fund - raising database is not enough, by and of itself, to improve effectiveness in building donor loyalty. Rather, relationship and effectiveness in building donor loyalty. Rather, relationship and databasse marketing principles need to be applied in the use of the database to achieve greater loyalty from the charity's donors.