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This paper aims to analyze the ex ante and ex post economic efficiency of the preventive agreement (concordato preventivo) or composition with creditors as defined by the Italian Bankruptcy Law. This study examines four possible outcomes of the procedure: homologation (confirmation); the degree of dissent/consent of creditors; the revocation, admissibility or inadmissibility; the declaration of the company bankruptcy in preventive agreement.

This paper uses data from 728 Italian companies which filed for preventive agreement in 2016. In reference to each of the four possible outcomes, this study applies nine logit regressions to analyze the effects of a series of efficiency variables ex ante (corporate-based drivers) and ex post (procedure-based drivers).

Results show the relevance of the debt structure, ownership structure and virtuous behavior, corporate governance and management systems, as well as effectivity of the court control on the preventive agreement outcome.

This paper draws on original data of bankruptcy in Italy and gives empirical evidence of the ex ante and ex post factors on the outcomes of the preventive agreement.

This study analyzes antecedents explaining the lack of resilience in family-owned firms. Our model suggests that family-owned firms’ strategic behaviors and heterogeneity explain a particular crisis outcome: a lack of recovery.

Our evidence is based on a sample of 842 European family-owned firms. We complement regression analysis results with fuzzy-set qualitative comparative analysis (fsQCA).

Our results show that lack of resilience is relevant. In fact, in our sample, 60% of family firms (FFs) failed to recover their sales. This evidence supports the role played by exploitation and exploration behavior as well as family heterogeneity in explaining the lack of recovery.

Our results may offer guidance to practitioners and policymakers on the pathways that explain the lack of resilience.

Although it is unlikely that an external crisis such as COVID-19 will occur again to the same extent, other threatening events may occur and impact FFs. Understanding how FFs can avoid non-recovery is crucial: it can inform managers on how to deal with stressful events and provide guidance to economic authorities on how to help FFs around the world avoid non-recovery, which affects the economy.

First, the study contributes to FF research by offering a theoretical explanation for the different effects of FF attributes on non-recovery in the context of a global crisis. Second, it contributes to the literature on organizational resilience by examining explorative and exploitative behaviors as antecedents of FF non-recovery. Third, we show the usefulness of combining fsQCA and regression analysis to understand complex phenomena.

本研究擬分析家族企業缺乏復原力的原因。我們的模型暗示了家族企業的策略性行為和異質性是可闡明一個特殊的危機後果：企業未能成功恢復。

我們的證據是建基於一個涵蓋842間歐洲家族公司的樣本。我們以模糊集質性比較分析，去補充迴歸分析的結果。

研究結果顯示，缺乏復原力是有相關性的。事實上，在我們的樣本裡，有百分之六十的家族企業未能恢復其銷售量。研究結果提供了證據，確認了若要闡明缺乏復原力的原因，我們必須瞭解開發和探索行為、以及家族異質性所扮演的角色。

我們的研究結果，或許可為從業人員和政策制訂者提供引導，幫助他們找出缺乏復原力的原因。

雖然像2019冠狀病毒病的外部危機以同樣的程度發生的機會是很微的，但其它有威脅性的事件或會發生，並會影響家族企業; 因此，瞭解家族企業如何能避免缺乏復原力的弊端是非常重要的。這可讓經理瞭解如何處理令人憂慮的事件，亦可為經濟事務當局的高層人員提供引導，幫助他們瞭解如何協助世界各地的家族企業，去避免影響經濟的復原乏力。

首先，本研究在家族企業的探討上作出了貢獻。研究人員在一個全球危機的背景下提出了理論解釋，讓人們明白家族企業的屬性，如何會對復原乏力產生各種影響。其次，本研究在探討組織彈性的文獻方面作出了貢獻，因研究人員對作為引發家族企業復原乏力因素的探索和開發行為、進行了探討和研究。最後，研究人員展示了若要瞭解複雜的事物或現象，把模糊集質性比較分析和迴歸分析結合起來運用是有效的。

Aerospace is a demanding technological and industrial sector. Several regulations and policies via innovative digital transformation have been integrated to impact production systems and supply chains, including safety measures. Studies demonstrated that the Fourth Industrial Revolution (4IR) technologies could enhance productivity growth and safety measures. The 4IR role in influencing airlines’ growth is yet to receive in-depth studies in South Africa. Thus, this study aims to investigate the role of 4IR technologies in influencing airlines’ growth in South Africa.

This research used a qualitative research method. Primary data were compiled via 56 face-to-face semi-structured interviews with major stakeholders. The study achieved saturation. A thematic method was used to analyse the collected data.

Findings reveal the nine major factors influencing South African airlines’ growth in the 4IR era. This includes investment in ergonomics applications and research, governance is driven by 4IR, collaboration and incorporation of 4IR concepts, partnership with drone technology and high precision and efficiency with 4IR. Others are reskilling and upskilling, investment in 4IR software, policies to promote 4IR usage in the industry and policies to reduce human interface.

Understanding the relative significance of 4IR technologies’ role in airlines’ growth can assist critical stakeholders in promoting innovative policies and regulations tailored towards digitalised aerospace. Thus, the study contributes to strategies to improve digital innovation, airline growth and safety as components of the air travel demands in South Africa.

Using the lens of crisis innovation and strategic alignment, this study explores how a segment of the restaurant sector that may be less agile than others—Michelin-starred restaurants—perceives and aligns with the challenges brought about by the COVID-19-pandemic.

The study collected data from 19 Michelin-starred restaurants in Spain using a qualitative interview method. The data were analyzed qualitatively and organized thematically.

Four key categories of strategic challenges were identified: human resources, uncertainty, control and economic challenges. In response, chefs displayed both behavioral and organizational strategies. Those organizational strategies were new human resource management, reorganization, product and service innovation and marketing. While the new human resource management actions adopted to align with the human resource challenges identified, a misalignment remains between some of the other strategic actions, such as product and service innovation, marketing and economic and uncertainty challenges.

The findings offer new insight into Michelin-starred restaurant chefs' challenges and (mis)alignment strategies, an area that has been understudied in the current literature on innovative responses in the hospitality sector post-pandemic.

Covid-19 has caused many businesses to rethink their short- and potentially long-term workforce operations. The use of lateral flow serology can provide a clinically convenient approach for the assessment of prior infection with Covid-19. However, its widespread adoption in organisations seeking to use it to test for workforce immunity is controversial and confusing. This paper aims to explore the paradoxical dilemmas and dialectics immunity workforce testing creates.

This study involved capturing the ethnographical participation of a chief executive officer (CEO) dealing with the experience of managing the outcomes of Covid-19 workforce immunity testing. The aim was to take a snapshot in time of the CEO's empirical world, capturing their lived experiences to explore how management actions resulting from Covid-19 immunity testing can played out.

Providing staff with immunity tests at first glance appears sensible, decent and a caring action to take. Nevertheless, once such knowledge is personalised by employees, they can, through dialectic dialogue, feel disadvantaged and harbour feelings of unfairness. Subsequently, this paper suggests that immunity testing may only serve to raise awareness and deepen the original management dilemma of whether testing is a worthwhile activity.

This paper aims to be amongst the first works to empirically explore the workforce management challenges that arise within small businesses within the service sector following the completion of Covid-19 immunity testing of their staff. It seeks to achieve this via utilising the robust theoretical framework of the paradox theory to examine Covid-19's impact upon small business workforce management thinking and practice.

This study examines the relationship between business strategy, management control system (MCS) type and performance. Does the alignment of organisation business strategy and MCS fresult in better performance?

This study draws on the business strategy and MCS type literature to identify business strategies and MCS types. A scoring method was used to identify business strategy types and cluster analysis to identify MCS types from a sample of 80 firms and 621 firm-years of data. Analysis of variance was used analyse the differences.

Four types of MCS were identified and were labelled clan, adhocracy, market and hierarchy. The sample was split into defender, analyser, prospector and reactor strategies. The results showed defender strategies performed better with hierarchy or market type MCSs while prospector strategies performed better with clan or adhocracy MCS types. Analysers performed acceptably with all MCS types.

The results of this study suggest that organisations should align their business strategy with a certain MCS type to achieve good performance. Also, alignment of top management and business strategy is supported as the top management properties differ between the MCS types.

This research contributes to the management control and strategy literature by demonstrating how the alignment between organisation business strategy and organisation-level MCS type determines organisational performance. The results suggest that differing business strategies yield better performance when aligned with the appropriate management controls represented by an MCS type.

This study aims to adopt the Altman model in order to predict the performance of industrial companies listed on the Palestinian Stock Exchange during the period of time between 2013 and 2017.

The study sample consisted of 12 industrial companies listed on the Palestine Stock Exchange, and their financial disclosure period extended for 5 years. Multiple linear regression model was used in the analysis to determine the relationship between the independent variables and the dependent variable where the independent variables were (X₁, X₂, X₃). This study is based on one basic assumption, which is that the Altman's model cannot predict the performance of the Palestinian industrial sector.

The results of the analysis proved the negation of the zero main hypothesis. This means that Altman's model can predict the performance of the Palestinian industrial sector at the level of statistical significance (a = 0.05), as well as the existence of a statistically significant relationship between each of the independent variables (X₂, X₄, X₅) and the dependent variable (Log (Z-score)). Hence, the relationship of X₁ and X₃ with the dependent variable was not statistically significant.

This paper highlights different challenges that face the adaption of Atman's model and performance prediction in the Palestinian industrial sector. The findings of the analysis have the potential to help future researchers in examining and dealing with new challenges.

This paper presents a vital review of adopting Altman's model in the Palestinian industrial sector. A number of recommendations have been made, the most important of which is that most of the companies are located in the red zone. The Altman's model must be adapted in order to fit the Palestinian environment according to the results of statistical analysis and according to a proposed model, which is Log (Z) = −0.653 + 0.72X₂ + 0.18X₄ + 0.585X₅.

Rights and duties are involved in every area of business and markets, and society and governments. Most often, rights and duties involve serious ethical and moral issues of conflict. A good theory of the ethics of rights and duties, obligations, and responsibilities will empower us to understand the impact of our actions on various stakeholders. Additionally, a deep understanding of rights and duties could help us to analyze better the impact of our executive actions on various stakeholders and, in particular, to fathom the damaging effects of rights and duties violated by the man-made current financial crisis when seen from an ethical and moral point of view. Our coverage on the ethics of corporate rights and duties will comprise of two parts: Part 1: The Nature of Corporate Business Rights and Duties, and Part 2: Respecting Corporate Rights and Duties. The chapter will feature Newcomb Wellesley Hohfeld’s framework of legal interests such as claims, privileges, power, and immunity and its various applications to contemporary market and corporate executive situations. We illustrate the theory of rights and duties using several cases from the current turbulent markets.

Ethics is fundamentally a science of social and collective responsibility. Ethics concerns human behavior as responsible or accountable. Because of the nature of social interaction, certain members of the society will bear greater authority, and hence, greater individual and social responsibility than others. In our world, personal responsibility and social responsibility are hardly separable. Personal responsibility becomes responsibility for the world because the person and the world are inseparable. In this chapter, we use the term responsibility from a legal, ethical, moral, and spiritual (LEMS) standpoint as some promise, commitment, obligation, sanctioned by self, morals, law, or society, to do good, and if harm results, to repair harm done on another. Hence, responsibility from a moral perspective is trustworthiness and dependability of the agent in some enterprise. Its inverse is exoneration – the extent to which one is excused from commitment and repairing the harm done to others by one’s actions. We apply the theories and constructs of executive responsibility to two contemporary cases: (1) India’s Super Rich in 2014 and (2) the Fall and Rise of Starbucks. After exploring the basic notion of responsibility, we present a discussion on the nature and obligation of corporate responsibility into three parts: Part I: Classical Understanding and Discussion on Corporate Responsibility; Part II: Contemporary Understanding and Discussion on Corporate Responsibility, and Part III: A synthesis of classical and contemporary views of responsibility and their applications to corporate executive responsibility.

Business rescue, as a mechanism to aid financially distressed companies in South Africa, has received considerable academic and practical recognition. However, the business rescue plan is an overlooked and, perhaps, underdeveloped aspect of the regime. For stakeholders, this is the ultimate decision-making document. Creditors are the most influential stakeholders in business rescue proceedings owing to their voting rights. For creditors to make informed decisions and exercise their votes meaningfully, the business rescue plan should be transparent and adequately disclose relevant and reliable information. This study aims to identify creditors’ primary information needs to enhance the sufficiency and decision-usefulness of business rescue plans, not only to entice the vote of creditors but to enforce accountability from practitioners.

Using a qualitative research design, semi-structured interviews were conducted with 14 executives from 10 South African financial institutions.

The findings reveal that comprehensive disclosure of financial, commercial and legal information in business rescue plans was a critical antecedent for stakeholder decision-making. Additionally, leadership and social impact information were influential determinants. This study advances academic knowledge and, for practitioners, adds value to the development of business rescue plans. This can enhance creditors' confidence in supporting the rescue effort and approving the plan.

This study advances academic knowledge and, for practitioners, adds value to the development of business rescue plans. This can enhance creditors' confidence in supporting the rescue effort and approving the plan.

The originality of this article lies in its investigation of how creditors assess the information in BR plans as a precursor to supporting the company’s reorganisation in a creditor-friendly business rescue system such as South Africa. This study provides novel insights into the decision-making process, particularly how creditors assess BR plans, address information asymmetry and vote on the plan.