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Our fifth annual survey of the business leaders to keep an eye on the next year.

The aim of this paper is to bridge the gap between the organizational effectiveness (OE) models developed in the field of organizational theory and the performance measurement models presented within the management accounting literature. The specific evolution of these two complementary streams of research stemming from two different fields of research are reconciled and integrated by analyzing their convergences and divergences. As a response to theoretical and practical pressures, the evolution of OE models reflects a construct perspective, while the evolution of performance measurement models mirrors a process perspective. Performance measurement models have moved from a cybernetic view whereby performance measurement was based mainly on financial measures and considered as a component of the planning and control cycle to a holistic view based on multiple nonfinancial measures where performance measurement acts as an independent process included in a broader set of activities. This paper contributes to the performance measurement literature by establishing the origins of the performance measurement models and by shedding light on unexplored fertile areas of future research.

This paper aims to introduce subjective dimensions of appraising visual servicescape aesthetics and to empirically test their influence on the consumer’s affective responses and preference, thus providing a holistic model to evaluate visual servicescape aesthetics from consumer’s viewpoint. It also tests the moderating role of service contexts in the modelled relationships.

Data was collected from 350 respondents using a laboratory-like experimental design, with one-shot treatment using photographic surrogates of services capes in four different service contexts.

Results indicate the visual servicescape aesthetics dimensions significantly and positively influence consumers’ affective states of arousal and pleasure. Also, service context moderates the relationship between servicescape aesthetics and affective responses.

As the subjective dimensions of visual servicescape aesthetics are borrowed from environmental psychology and introduced in marketing literature, it is likely to trigger a stream of research in service marketing domain.

Findings provide marketing practitioners insights into servicescape design, evaluation and selection decisions to improve return on such investments.

The study contributes to theory by introducing more appropriate holistic servicescape aesthetics variables borrowed from environment psychology and empirically establishing relationships between them, consumers’ affective responses and preference to the servicescape.

The purpose of this paper is to link theories on the meaning of work with the meanings participants in a public work scheme attribute to work, in a context of high national and local unemployment and precarious employment.

This study followed a qualitative strategy to allow participants to express their own meanings of work through a work-life history approach. Findings from eight interviews are substantiated by two focus groups and thematically analysed.

Analysis of the findings revealed a high correlation with Kaplan and Tausky’s typology of the meanings of work (1974). The implication of this grounded approach is that this study expands the typology from six to eight factors. In this manner, work in a public work scheme not only has meaning as an economic activity, a structured routine, intrinsic satisfaction, interpersonal experiences, social status and a morally correct activity, but is also gendered and an opportunity for training.

Apart from expanding Kaplan and Tausky’s typology on the meanings of work (1974), this study highlights the added-value of public work schemes, in that, by providing the unemployed with the opportunity to work, they also improve their quality of life in a number of aspects.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

This study aims to examine how students with different goals differ in their subjective well-being, including academic self-efficacy (ASE) and affect at school (AAS). There are four goal orientations that motivate students to achieve academic performance. Therefore, this study examined the relationship between the four dimensions of achievement goals (AGs), ASE and AAS. It also examined five relationship models between these variables.

This study was conducted using a survey method with a questionnaire on 516 students at several private universities in Yogyakarta who have been studying for at least two years. After testing the validity and reliability of the measurements, correlation testing was conducted to determine the relationship between the two variables. Furthermore, testing of the five relationship models was conducted using structural equation modeling (SEM) with a two-step approach.

The findings showed that each goal was directly related to students' well-being with a diverse relationship nature. Furthermore, mastery-approach goals (MApGs) were the types that most consistently have a positive effect on students' well-being. Also, performance-avoidance goals (PAvGs) consistently and negatively affected students' well-being, while performance-approach goals (PApGs) produced various influences and relationships. In addition, mastery-avoidance goals (MAvGs) are among the four AGs that still need to be studied, especially in educational settings. This is because they had no effect on ASE either directly or indirectly.

The limitation of this study was using cross-sectional data and self-report in data collection. Furthermore, the respondents were limited to private university students, and they were few in number.

MApGs had a positive effect on ASE and AAS, while PAvGs can reduce ASE and cause negative effects. Therefore, higher institutions in Indonesia need to provide a curriculum that can increase students' curiosity, creativity and involvement in the learning process. This will make them confident in their abilities and have a positive attitude in school and the society. Also, this study showed that a PApG is not a negative goal because it can increase students' confidence in their abilities. This competency feeling needs to be fostered because it encourages them to increase knowledge and learning content, as well as increase their positive effects.

This paper addressed the need to understand how to generate and increase students’ motivation.

The purpose of this paper is to investigate the association between the purpose of a loan and the type of debt covenants, separated into balance sheet-based and income statement-based covenants.

Using private loan deal observations obtained from the DealScan database over the period between 1996 and 2013, the authors classify the sample loan deals into three categories based on the purpose of borrowing, namely, borrowings for corporate daily operating purposes, financing purposes and acquisition and investing purposes. The authors conduct multinomial logistic regression analysis to test the relationship between the choice of financial ratios in a debt covenant and the purpose of a loan, controlling for financing constraints and other factors that have been identified as important to debt covenant analysis in prior studies.

The results provide evidence that the purpose of the loan is significantly associated with the type of debt covenants, suggesting that the lender and the borrower have considered the loan purpose when structuring their debt agreements. More specifically, the results indicate that the loans borrowed to fund acquisitions or long-term investment projects are more likely to have income statement-based covenants and less likely to have balance sheet-based covenants. In contrast, the loans borrowed for corporate daily operating purposes or financing purposes are more likely to contain balance sheet-based covenants relative to income statement-based covenants.

The authors show that loan purpose is significantly associated with the choice between income statement-based and balance sheet-based covenants. This result further illustrates ways in which accounting information improves contracting efficiency. The results are limited to the US market with its institutional structure. In future studies, it would be interesting to perform similar investigations on firms in other countries.

The findings contain important and economically significant implications indicating that loan lenders and borrowers agree to include different types of accounting information (that is, income statement- versus balance sheet-based financial ratios) in their loan covenants for different purpose loans.

Overall, the results provide important evidence regarding the connection between debt covenant structure and loan purpose. In doing so, it contributes to the literature on debt contract design (Dichev and Skinner 2002; Chava and Roberts 2008; Demerjian 2011; Christensen and Nikolaev 2012). Despite much interest in debt contract design, Skinner (2011) argues that there still exists incomplete knowledge of the economic factors that structure debt contracts. Income statement-based covenants depend on measures of profitability and efficiency and act as trip wires that transfer control rights to lenders when borrowing firms’ performance deteriorates. On the other hand, balance sheet-based covenants rely on information about sources and uses of capital and align interests between borrowing firms and lenders by restricting the borrower’s capital structure. The authors show that loan purpose is significantly associated with the choice between income statement-based and balance sheet-based covenants. This result further illustrates ways in which accounting information improves contracting efficiency.

This study is the first to identify differences in trends over time for the use of income statement- and balance sheet-based covenants as it relates to different loan purposes. The authors build on prior research to examine the degree to which loan purpose is associated with the choice between income statement-based and balance sheet-based covenants.

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

This paper reviews academic literature related to the consequences that outside directors and boards may face in the wake of earnings restatements and suggests directions for future research. We examine loss of board seats; recruitment of new directors; proxy recommendations and shareholder support; pre-emptive director departures; director wealth effects; director reputation, litigation, and sanction risks; international evidence; and legal proposals for reform. The overall picture that emerges from the literature is that directors’ primary risk in the wake of earnings restatements is loss of board seats, in part through adverse proxy advisor recommendations and reduced shareholder support. Directors typically face little risk of legal liability or SEC sanctions, and some directors pre-emptively leave a problem company’s board and reduce their loss of interlocked board seats. Some legal scholars have called for director liability to be increased so as to promote more vigilant board oversight. Companies often focus on increasing the independence of the board in the wake of a restatement in an effort to repair organizational reputation. While researchers have revealed a host of important findings to date, much more can be learned about the effects of restatements on outside directors and boards.

This paper aims to develop and empirically test a theoretical framework of consumer engagement with brands on Twitter.

Depth interviews were conducted to gain initial insights into consumer engagement on Twitter. Using a blend of the extant literature and interview findings, a theoretical framework, including antecedents, outcomes and moderators, was developed and empirically tested using cross-sectional survey data.

Brand customer service and brand intimacy positively influence consumer engagement on Twitter, and consumer engagement mediates the relationship between these antecedents and consumer co-promotion intentions. Consumer perceptions of a brand account’s popularity on Twitter and their likelihood of adding value to a brand are found to be moderators within the conceptual framework.

Caution needs to be exercised in generalising these findings beyond the Twitter context, and the use of a cross-sectional survey means causality cannot be inferred.

Brands need to be perceived as providing excellent customer service and intimate brand knowledge on Twitter to drive consumer engagement and co-promotion. Brands are recommended to develop strategies to increase their Twitter following, including rewarding consumers for their contributions on the brand’s Twitter account to signal that they are valued.

The authors add to the emerging literature on consumer engagement on social media in two key ways, by developing and testing a theoretical framework of consumer engagement in the Twitter context and by identifying moderators in the consumer engagement process on Twitter.