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Article
Publication date: 1 April 1986

The Nature of Business Policy Business policy — or general management — is concerned with the following six major functions:

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Abstract

The Nature of Business Policy Business policy — or general management — is concerned with the following six major functions:

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Management Decision, vol. 24 no. 4
Type: Research Article
ISSN: 0025-1747

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Publication date: 18 November 2014

Rebekah D. Moore and Donald Bruce

We examine whether variations in the most fundamental aspects of state corporate income tax regimes affect state economic activity as measured by personal income, gross…

Abstract

We examine whether variations in the most fundamental aspects of state corporate income tax regimes affect state economic activity as measured by personal income, gross state product, and total non-farm employment. We focus on a variety of statutory components of state corporate income taxes that apply broadly in most U.S. states and for most multi-state corporate taxpayers. Our econometric strategy consists of a series of fixed effects panel regressions using state-level data from 1996 through 2010. Our results reveal important interaction effects of tax rates and policies, suggesting that policy makers should avoid making decisions about tax rates in isolation. The results demonstrate a relatively consistent negative economic response to the combination of high tax rates with throwback rules and heavy sales factor weights. Combined reporting has no discernible effect on personal income, GSP, or employment after controlling for tax rates, apportionment, and throwback rules. In an effort to gauge the relative impacts of tax policies on the location of economic activity, we also estimate alternative models in which each state’s economic activity is measured as a share of the national economic activity in each year. Statistically significant effects for tax rates, apportionment formulas, and throwback rules in the shares models suggest that at least some of their impact involves the movement of activity across state lines, thereby leaving open the possibility of a zero-sum game among the states.

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Article
Publication date: 2 May 2019

Edward Hoang and Indrit Hoxha

The purpose of this paper is to study the payout policy for public firms in different countries. The authors are interested to understand the similarities and differences…

Abstract

Purpose

The purpose of this paper is to study the payout policy for public firms in different countries. The authors are interested to understand the similarities and differences in the behavior of firms across different countries.

Design/methodology/approach

The authors use firm-level data collected from Compustat Global for public firms across the world. The sample consists of more than 23,000 firms for the period 1990–2015 in 94 countries. The authors estimate the corporate payout in an empirical model that incorporates other corporate financing decisions, such as investment and debt policies.

Findings

The findings support recent corporate governance theory, which asserts that payout policy is influenced by investment and debt policies, and cannot be determined independently. Furthermore, the authors find that geographic/cultural/institutional variation influence the response of payout policy to other corporate financing decisions. Additional tests are presented to demonstrate the robustness of the main findings.

Research limitations/implications

The interpretation of the results for certain regions could be limited due to data availability. The authors believe the authors have a good coverage especially for countries in Asia, relative to the other regions.

Originality/value

To the best of our knowledge, this study is the first one to look at payout policy and its relationship with investment and debt policy in such a large scale of firms across the world with coverage of 94 countries and 16 years. The authors document differences in public firms’ attitudes toward payout policy according to geographic/cultural/institutional reasons.

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International Journal of Managerial Finance, vol. 15 no. 3
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 31 July 2009

Henrik Simonsen

The aim of this paper is to discuss a theoretical framework for increased integration of a company's communication policy, corporate language policy and corporate

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Abstract

Purpose

The aim of this paper is to discuss a theoretical framework for increased integration of a company's communication policy, corporate language policy and corporate information portal with a view to facilitating communication management.

Design/methodology/approach

The paper draws on selected theoretical contributions on corporate language policy with special emphasis on theoretical considerations on the type of language policies developed and implemented in companies and organisations and on corporate communication with special emphasis on van Riel's common starting points. The empirical basis of the paper is a triangulation of questionnaire data, content analysis data and interview data.

Findings

The paper argues that corporate communication has not sufficiently included the operational part of a company's corporate communication. The paper makes the case for a theoretical integration framework based on van Riel's common starting points (CSPs), and argues that corporate communication also needs to include the corporate language policy and the corporate information portal, defined as a modern information directory offering communicators concrete communication data for use in concrete text production situations.

Originality/value

The paper proposes a CSP‐based theoretical integration framework and makes the case for a Holy Trinity in corporate communications based on the communication policy, the corporate language policy and the corporate information portal.

Details

Journal of Communication Management, vol. 13 no. 3
Type: Research Article
ISSN: 1363-254X

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Article
Publication date: 11 December 2019

Liyan Yang, Yuan Jiang, Wei Zhang, Qian Zhang and Hao Gong

The purpose of this paper is to verify and extend the application of the policy acceptance model (PAM) in the field of green behavior. Under the PAM framework, the authors…

Abstract

Purpose

The purpose of this paper is to verify and extend the application of the policy acceptance model (PAM) in the field of green behavior. Under the PAM framework, the authors develop and empirically examine on how employee perception of corporate green policy (perceived ease of use and perceived usefulness) increases the acceptance of corporate green policy, which further leads to two types of employee green behavior. The authors also test the moderating roles of moral reflectiveness and performance orientation on these relationships.

Design/methodology/approach

The authors collected complete survey data from 223 work professionals in this study. Multiple regression method was used to test the hypotheses.

Findings

The results showed that there were significant positive impacts of two types of employee perceptions of corporate green policy (perceived ease of use and perceived usefulness) on their attitudes toward corporate green policy. Second, this study reported positive relationships between employees’ attitudes toward corporate green policy and their two types of green behavior. Finally, supplemental analyses supported moderated mediation models, that is, moral reflectiveness and performance orientation, respectively, and moderated indirect effects of employee perceptions on green behaviors through attitude toward corporate green policy.

Research limitations/implications

The data came from a narrow demographic population, which restricts the generalizability of the findings and also raises questions about the specificity of green behaviors manifest in different industries. Besides, this study used cross-sectional, self-reported data, which limits our ability to draw causal conclusions.

Practical implications

Companies can shape employee perceptions regarding the usefulness and ease of corporate green policy to induce and consolidate employees’ task-related and proactive green behaviors.

Social implications

This research will help companies to pay more attention to employees’ reflections and attitudes toward green policies, thus effectively promoting employees’ green behavior in the workplace. These actions will further promote the green development of the economy and society.

Originality/value

The authors extend the PAM framework to the area of green behavior. The PAM is applied to a more micro level of corporate green policy. Further, this paper points out that employees’ instrumental value (performance orientation) and moral trait (moral reflectiveness) moderate the impact of employees’ policy perceptions on their green behaviors.

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International Journal of Manpower, vol. 41 no. 7
Type: Research Article
ISSN: 0143-7720

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Article
Publication date: 19 June 2020

H. Kent Baker, Narayanage Jayantha Dewasiri, Sandaram P. Premaratne and Weerakoon Yatiwelle Koralalage

This paper aims to investigate the relation between corporate governance and dividend policy in Sri Lankan firms.

Abstract

Purpose

This paper aims to investigate the relation between corporate governance and dividend policy in Sri Lankan firms.

Design/methodology/approach

The data set consists of market data using 1,608 firm-year observations from 201 firms listed on the Colombo Stock Exchange and survey-based data from 151 respondents from the same 201 firms. The authors use data triangulation to examine the two approaches.

Findings

The analysis of the market data reveals that a significantly positive relation between corporate governance on both the propensity to pay dividends and dividend payout. Survey analysis confirms these findings. Triangulated evidence supports the outcome model of dividends, free cash flow and agency cost theories.

Practical implications

The findings are useful not only for management in developing suitable corporate governance practices and dividend policies for their firms but also for shareholders in evaluating both existing and new investments. Future researchers should investigate the same phenomenon in other contexts using triangulation approaches to confirm their findings.

Originality/value

This study is the first to use governance indices both in terms of survey and market-based data to examine the relation between corporate governance and dividend policy.

Details

Qualitative Research in Financial Markets, vol. 12 no. 4
Type: Research Article
ISSN: 1755-4179

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Article
Publication date: 1 January 1984

Archie B. Carroll and Frank Hoy

The 1960s saw the birth of corporate social responsibility. In the 1970s, companies focused on the management of social responsiveness. In the 1980s, corporations are…

Abstract

The 1960s saw the birth of corporate social responsibility. In the 1970s, companies focused on the management of social responsiveness. In the 1980s, corporations are grappling with the issue of making social responsibility a part of overall strategic management. The authors examine some of the ramifications of the search for a new definition of social responsibility.

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Journal of Business Strategy, vol. 4 no. 3
Type: Research Article
ISSN: 0275-6668

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Article
Publication date: 1 March 2005

Krishna S. Dhir and Denis Vinen

With growing literature on corporate reputation, different perspectives are being reported on the concept of corporate reputation. These stem from different sets of issues…

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Abstract

Purpose

With growing literature on corporate reputation, different perspectives are being reported on the concept of corporate reputation. These stem from different sets of issues to be managed, and various disciplinary competencies brought to bear on them. This paper presents a review of these efforts.

Design/methodology/approach

Additionally, a new methodological basis for understanding perceptions of corporate reputation is presented. This paper introduces social judgement theory as a potentially useful theoretical and methodological basis for understanding perceptions of corporate respectability.

Findings

Though it is generally recognized that subjectivity plays an important role in the assessment of reputation, that people rely on naïve theories of judgement to make such assessments, and that subjective or clinical judgements are generally not accurate, investigations of the process by which corporate respectability is assessed are not generally reported. However, a computerized procedure facilitates identification, measurement and reporting of judgemental sources of assessment of corporate respectability.

Research limitations/implications

This paper provides an account of an empirical study as an example of how the procedure described here can be used for both research and practical application in formulating corporate reputation policy.

Practical implications

The procedure described here can be used for both research and practical application in formulating corporate reputation policy. The approach presents an alternative approach to the assessment of corporate respectability.

Originality/value

The description of policies in terms of parameters of the judgement process provides an operational definition of the decision makers’ cognitive sets about the domain of corporate respectability. This information would prove invaluable in developing and implementing a judgement‐based decision support system for the benefit of managers of public relations, corporate communications, and corporate reputation.

Details

Corporate Communications: An International Journal, vol. 10 no. 1
Type: Research Article
ISSN: 1356-3289

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Article
Publication date: 7 July 2020

Caroline Heqing Zhu

The purpose of this paper is to examine the effectiveness of hedge fund activism (HFA) in preventing corporate policy deviations.

Abstract

Purpose

The purpose of this paper is to examine the effectiveness of hedge fund activism (HFA) in preventing corporate policy deviations.

Design/methodology/approach

This paper identifies HFA interventions through a hand-collected sample of Schedule 13D filings between 1994 and 2016, and uses mechanical mutual fund fire sales as the instrument variable (IV) for the likelihood of such interventions. Armed with the instrument, this paper estimates firm's distribution, managerial compensation and investment policies in response to a change in the perceived likelihood of HFA interventions.

Findings

An increase in the HFA intervention likelihood leads to increases in shareholder distribution, decreases in CEO pay and investments and increases in operating performance. Compared to the sample average, a one standard deviation increase in the intervention likelihood leads to a 9.29% increase in the firm's payout ratio, a 7.42% decrease in CEO compensation, a 2.67% decrease in capital expenditures and a 4.96% decrease in R&D expenses. These changes are consistent with the threat of intervention curbing managerial empire-building behaviors and improving firm operation. The relationships are causal, significant and robust to a variety of alternative specifications and sample divisions.

Originality/value

Results of this paper suggest that as a mechanism for corporate governance, the threat of HFA is effective in preventing corporate policy deviations. They also demonstrate a stronger and broader impact of HFA on corporate policy than previously documented. By showing that HFA is an effective and viable mechanism for corporate governance, this study allows policymakers to make more informed decisions to whether increase hedge fund regulations or not.

Details

International Journal of Managerial Finance, vol. 17 no. 3
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 2 October 2017

Mohamed H. Elmagrhi, Collins G. Ntim, Richard M. Crossley, John K. Malagila, Samuel Fosu and Tien V. Vu

The purpose of this paper is to examine the extent to which corporate board characteristics influence the level of dividend pay-out ratio using a sample of UK small- and…

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Abstract

Purpose

The purpose of this paper is to examine the extent to which corporate board characteristics influence the level of dividend pay-out ratio using a sample of UK small- and medium-sized enterprises from 2010 to 2013 listed on the Alternative Investment Market.

Design/methodology/approach

The data are analysed by employing multivariate regression techniques, including estimating fixed effects, lagged effects and two-stage least squares regressions.

Findings

The results show that board size, the frequency of board meetings, board gender diversity and audit committee size have a significant relationship with the level of dividend pay-out. Audit committee size and board size have a positive association with the level of dividend pay-out, whilst the frequency of board meetings and board gender diversity have a significant negative relationship with the level of dividend pay-out. By contrast, the findings suggest that board independence and CEO role duality do not have any significant effect on the level of dividend pay-out.

Originality/value

This is one of the first attempts at examining the relationship between corporate governance and dividend policy in the UK’s Alternative Investment Market, with the analysis distinctively informed by agency theoretical insights drawn from the outcome and substitution hypotheses.

Details

International Journal of Accounting & Information Management, vol. 25 no. 4
Type: Research Article
ISSN: 1834-7649

Keywords

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