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Article

Stefano Azzali and Tatiana Mazza

The purpose of this paper is to analyze the effects of financial restatements (FRs) on the likelihood of the top management team (TMT) dismissal. It investigates the…

Abstract

Purpose

The purpose of this paper is to analyze the effects of financial restatements (FRs) on the likelihood of the top management team (TMT) dismissal. It investigates the effects of types of FRs [corrective note and reissuance of financial statement (RFS)], of FR severity and of FR related to international financial reporting standards (IFRSs) easy or difficult-to-estimate.

Design/methodology/approach

The authors hand-collect: data about 96 FRs from the Italian public oversight board documents; chief executive officer (CEO) name, chairman name, year of the financial statement under investigation, total assets and operating income, from their financial statement. The authors use multivariate regression to test the effects of FRs on the probability of TMT dismissal.

Findings

The authors find that the RFS leads to a higher likelihood of chairman dismissal. A greater magnitude of misrepresentation on income statements, and FRs, which decrease net income, increase the likelihood of CEO dismissal. Difficult-to-estimate IFRSs increases the likelihood of CEO dismissal.

Originality/value

FRs are significant determinants of the CEO/chairman dismissal. The authors show that FRs directly involving shareholders (RFS) have negative consequences on the chairman of the board of directors, while the CEO is more affected by FRs that involve technical factors (FR severity or financial statement associated with difficult-to-estimate IFRSs).

Details

Corporate Governance: The International Journal of Business in Society, vol. 20 no. 3
Type: Research Article
ISSN: 1472-0701

Keywords

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Article

Annita Florou and Peter Pope

The purpose of this paper is to investigate how the turnover‐performance relation depends on the proportion of outside directors and institutional ownership concentration…

Abstract

Purpose

The purpose of this paper is to investigate how the turnover‐performance relation depends on the proportion of outside directors and institutional ownership concentration and to explore the relative roles of accounting‐ and stock‐based performance measures in the process of CEO dismissals.

Design/methodology/approach

Probit analysis using an unbalanced panel of the top 460 UK listed companies from 1990 to 1998 was employed.

Findings

No evidence of effective board monitoring was found. On the other hand, evidence of institutional shareholder activism was found. In particular, when institutional concentration is high, the turnover‐performance link is more negative in relation to stock returns but less negative in relation to accounting performance. This is consistent with institutional investors using a richer set of information than that contained in reported accounting earnings.

Research limitations/implications

Further research may examine the effect of board monitoring on the turnover‐performance relation after considering the endogeneity of board structure and membership. Moreover, further research may examine the complementarity of the two governance mechanisms considered, i.e. the board of directors and institutional investors.

Originality/value

In the aftermath of Enron and other corporate frauds world‐wide, the paper exploits a unique dataset of institutional ownership and provides additional evidence on the controversial role of boards and institutional investors in replacing inefficient CEOs, as well as on the role of accounting information in the effectiveness of governance processes.

Details

Managerial Auditing Journal, vol. 23 no. 9
Type: Research Article
ISSN: 0268-6902

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Article

Nada K. Kakabadse and Andrew P. Kakabadse

This paper aims to undertake a study of national configurational demographics in order to determine the spread of understanding of the chairman's role, performance and…

Abstract

Purpose

This paper aims to undertake a study of national configurational demographics in order to determine the spread of understanding of the chairman's role, performance and contribution.

Design/methodology/approach

Qualitative methodology, exploratory in nature through in‐depth interviews and workshop discussion involving 103 UK, US and Australian participants, was undertaken.

Findings

The role of chairman is considered as having a distinct effect on board dynamics, role and contribution and the monitoring and support of management. Nine demographic factors are identified as affecting the manner in which the role of chairman is exercised in the UK, USA and Australia.

Research limitations/implications

The findings of this qualitative exploratory study need to be integrated into a quantitative empirical survey in order to ascertain the validity of the results to date.

Practical implications

The two key conclusions highlight the requirement for governance due diligence, examining the financial and competitive strength of the organisation as well as uncovering contextual sensitivities.

Originality/value

Insufficient attention has been given to the role of chairman. The study offers additional insight on how demographic factors influence the shaping and determination of the role of chairman. This paper should be of interest to practitioners, consultants, line managers, board members, chairmen, management academics and business studies students.

Details

Journal of Management Development, vol. 26 no. 2
Type: Research Article
ISSN: 0262-1711

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Article

Peter Skærbæk and Preben Melander

This paper presents an in‐depth study of the processes of constructing a new strategy in a large Danish government‐owned ferry company undergoing privatisation. To explain…

Abstract

This paper presents an in‐depth study of the processes of constructing a new strategy in a large Danish government‐owned ferry company undergoing privatisation. To explain the emerging characteristics of accounting, the sociology of translation is used. The paper provides a story of a translation of strategy and related management initiatives using Callon's four moments of translation. The story illustrates how, during the translation process, accounting changed its characteristics and uses from principles of control to principles of financialisation. Such emergent forms of accounting also reflect the political manoeuvring in the organisation as the result of network relationships. However, networks are open to erosion and undermining by active agents, changing the purposes of accounting. Whereas other authors within accounting, applying the sociology of translation, usually conceptualise accounting as inscriptions, this study explicates accounting as an interessement device. Finally, the study suggests that the sociology of translation may be a promising explication of accounting change.

Details

Accounting, Auditing & Accountability Journal, vol. 17 no. 1
Type: Research Article
ISSN: 0951-3574

Keywords

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Article

Ormonde R. Cragun, Anthony J. Nyberg and Pat M. Wright

The purpose of this paper is to conduct a comprehensive analysis and synthesis of the splintered chief executive officer (CEO) succession literature and provide a unifying…

Abstract

Purpose

The purpose of this paper is to conduct a comprehensive analysis and synthesis of the splintered chief executive officer (CEO) succession literature and provide a unifying future research agenda.

Design/methodology/approach

This review content analyzes 227 relevant articles published after 1994. These articles examine the causes, process, replacement, and consequences of CEO succession.

Findings

The review develops a comprehensive typology, identifies gaps in the literature, and proposes opportunities for future research. For instance, the CEO succession literature can be classified along four primary dimensions: when, how, who, and consequences. These four primary dimensions are further explained by ten secondary factors and 30 tertiary components. Research opportunities include: enlarging the data pool to expand the repertoire of firms studied, incorporating the CEO’s perspective, and integrating CEO succession research with literatures in selection, turnover, and human capital theory.

Practical implications

Through integrating research across research domains, future research will be able to better predict when CEO succession will occur, how to avoid unwanted CEO succession, how to better implement CEO succession, and how to minimize negative aspects and maximize positive aspects of CEO succession for the firm and the CEO, as well as understand the consequences of CEO selection, and help move toward and understanding of how to prevent poor performance, and retain high performing CEOs.

Originality/value

This is the first comprehensive review since 1994. It creates a typology to guide and categorize future research, and shows ways to incorporate relevant, but often ignored literatures (e.g. human resources, psychology, decision making, and human capital).

Details

Journal of Organizational Effectiveness: People and Performance, vol. 3 no. 3
Type: Research Article
ISSN: 2051-6614

Keywords

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Article

Lionel S. Lewis

American society has undergone many changes since World War II. Perhaps the most notable of these has been its transformation from an industrial to a post‐industrial…

Abstract

American society has undergone many changes since World War II. Perhaps the most notable of these has been its transformation from an industrial to a post‐industrial society, a society that is no longer primarily goods‐producing but one that has increasingly been providing a greater variety of services.

Details

International Journal of Sociology and Social Policy, vol. 9 no. 2/3
Type: Research Article
ISSN: 0144-333X

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Article

“All things are in a constant state of change”, said Heraclitus of Ephesus. The waters if a river are for ever changing yet the river endures. Every particle of matter is…

Abstract

“All things are in a constant state of change”, said Heraclitus of Ephesus. The waters if a river are for ever changing yet the river endures. Every particle of matter is in continual movement. All death is birth in a new form, all birth the death of the previous form. The seasons come and go. The myth of our own John Barleycorn, buried in the ground, yet resurrected in the Spring, has close parallels with the fertility rites of Greece and the Near East such as those of Hyacinthas, Hylas, Adonis and Dionysus, of Osiris the Egyptian deity, and Mondamin the Red Indian maize‐god. Indeed, the ritual and myth of Attis, born of a virgin, killed and resurrected on the third day, undoubtedly had a strong influence on Christianity.

Details

Management Decision, vol. 17 no. 1
Type: Research Article
ISSN: 0025-1747

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Article

For generations, Britain has had a household delivery of fresh milk; from the days before the Great War when it was delivered by a horse‐drawn milk float, with the…

Abstract

For generations, Britain has had a household delivery of fresh milk; from the days before the Great War when it was delivered by a horse‐drawn milk float, with the roundsman often bringing the housewife to the door with his cries of “Milk‐O!”. The float had a churn and milk was delivered in a small can, served out by a dipper. This was the start of the distributive trade, organised between the Wars, from which the present industry has emerged. The trade gave universal acceptance to the glass bottle, returnable for household delivery, only the method of sealing has changed. There have been many demands for its abandonment in favour of the carton, of which recent years has seen a rise in its use in the increasing sales of milk by supermarkets and stores. Despite the problems with returnable vessels, the glass bottle has a number of advantages. The milk, including the cream line, is clearly visible, and short measure is most unlikely, which is a growing problem with carton‐filled milk. The number of prosecutions for short measure with cartons must be causing concern to trading standards departments. There is nothing to indicate the offence until the carton is opened.

Details

British Food Journal, vol. 86 no. 1
Type: Research Article
ISSN: 0007-070X

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Article

In a communication to the Evening Standard, SIR JAMES CANTLIE observes that the new wave of influenza coincides with the break in the weather, and is of considerable…

Abstract

In a communication to the Evening Standard, SIR JAMES CANTLIE observes that the new wave of influenza coincides with the break in the weather, and is of considerable virulence. The utmost personal precautions are necessary. The disease attacks the low‐toned and the worried people most quickly.

Details

British Food Journal, vol. 21 no. 1
Type: Research Article
ISSN: 0007-070X

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Article

Phoebus Zafiridis

The Therapeutic Communities (TCs) movement tends to become from a revolutionary answer to the problem of addiction to another mainstream therapeutic proposal. The author…

Abstract

Purpose

The Therapeutic Communities (TCs) movement tends to become from a revolutionary answer to the problem of addiction to another mainstream therapeutic proposal. The author considers that the crisis in 1968 in the seminal TC of Daytop was a pivotal event of this transition. This study aims to evaluate the impact of this historical crisis on the course of the TCs movement, assuming that, to enter into a constructive dialogue that can lead to the overcoming of today’s deadlocks of the movement, an awareness of the history is needed.

Design/methodology/approach

The present paper is a perspective/opinion paper and starts with a brief review of the origins of the first TCs for addicts. Emphasis is placed on their inevitable, according to the author, confrontation with the political and scientific status quo of that time. Then, it focuses on the period of the crisis in Daytop TC. The author interprets the events under a whole new scope, based on conversations he personally had with pioneers of that time, on his longstanding experience on the field, and the available literature.

Findings

The author attempts a historical and sociological analysis of the course of TCs and the Daytop TC. He concludes with a dispute of the prevailing idea that the Daytop crisis was a product of the confrontation between personal ambitions. He maintains that the collision that took place in Daytop TC was a confrontation between two antipodal perspectives over the notion of therapy. In any case, the subsequent estrangement of the movement from the groundbreaking attributes of the first TCs did not prove to be in the best interests of addicts; it was rather dictated by the need of the leaders of TCs to rescue their professional career.

Originality/value

The present paper attempts to offer a different view from the conventional reading of TCs’ history and their present situation for today’s predicaments of this proposal to be understood and possibly overcome.

Details

Therapeutic Communities: The International Journal of Therapeutic Communities, vol. 41 no. 1
Type: Research Article
ISSN: 0964-1866

Keywords

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