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Article
Publication date: 25 November 2020

Alan R. Friedman, Dani R. James, Gary P. Naftalis, Paul H. Schoeman and Chase Henry Mechanick

To analyze the U.S, Supreme Court’s decision in Liu v. S.E.C., 140 S. Ct. 1936 (2020) and its potential implications for insider trading cases.

Abstract

Purpose

To analyze the U.S, Supreme Court’s decision in Liu v. S.E.C., 140 S. Ct. 1936 (2020) and its potential implications for insider trading cases.

Design/Methodology/Approach

Provides context on the history of disgorgement in SEC enforcement proceedings; discusses factual and procedural background underlying the Liu decision; summarizes the Court’s opinion and rationale, with a particular focus on the Court’s pronouncements regarding the permissible scope of SEC disgorgement as an equitable remedy; identifies and explores three possible issues in insider trading cases that may be affected by the Court’s narrowing of SEC disgorgement.

Findings

In Liu, the Supreme Court narrowed SEC disgorgement by stating that, as a general matter, SEC disgorgement is not permitted where: (1) the proceeds are not remitted to investors; (2) one defendant is made to disgorge profits that were received by someone else; or (3) the amount of disgorgement fails to deduct legitimate business expenses, in each case subject to possible exemptions as outlined by the Court.

Practical implications

This rule may call into question whether courts may: (a) order disgorgement against insider traders, given the difficulty of identifying investors who have been harmed; (b) order insider traders to disgorge profits earned by others on account of their violations; or (c) order insider traders to pay civil penalties under Section 21 A of the Exchange Act based on profits earned by others.

Originality/Value

Expert analysis and guidance from experienced securities enforcement lawyers with expertise in insider trading.

Details

Journal of Investment Compliance, vol. 21 no. 1
Type: Research Article
ISSN: 1528-5812

Keywords

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Book part
Publication date: 12 November 2018

Marjorie van Strien

Nepal’s rich cultural and natural heritage – the basis of a flourishing tourism industry that contributes 8% to the country’s GDP – suffered heavily during the Gorkha…

Abstract

Nepal’s rich cultural and natural heritage – the basis of a flourishing tourism industry that contributes 8% to the country’s GDP – suffered heavily during the Gorkha earthquake that shook the country in April 2015. Recovery was challenged by a political-economic crisis that hampered mobility and delayed access to resources. Given the economic importance of tourism to Nepal, a revival of this industry was considered vital by public authorities and private sector representatives. This chapter discusses the response mechanisms of the tourism industry in Kathmandu to two sequential, overlapping stressors that brought challenges to the business sector beyond the usual. Interviews with hotel managers and owners, tour operators and trekking company owners have revealed that coping strategies varied from business-as-usual to completely new paths. To what extent do multiple disruptive events challenge a tourism industry to diverge from established paths of economic development? How did Nepal revive its tourism industry? In-depth interviews with tourism industry stakeholders brought forth evidence of unusual collaborative action towards a quick restoration of tourist arrivals and a positive image of the destination. Furthermore, a handful of companies have shifted their entire business strategy.

Details

The Tourism–Disaster–Conflict Nexus
Type: Book
ISBN: 978-1-78743-100-3

Keywords

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Article
Publication date: 29 February 2004

Mehdi Farashahi and Rick Molz

There is an ongoing debate over the transference of managerial and organizational skills, techniques, values and culture from developed countries to developing countries…

Abstract

There is an ongoing debate over the transference of managerial and organizational skills, techniques, values and culture from developed countries to developing countries. We argue there is a false underlying assumption among academics in developed countries that the theoretical template of managerial and organizational attributes in developing countries is similar to what one finds in developed countries. Two key analytical insights are offered. First, we explicitly differentiate organizational, environmental and cultural characteristics of developed and developing countries. Second, we apply Scott’s (1992) natural/ecological level of analysis to create a framework to better carry out organizational analysis in developing countries.

Details

International Journal of Commerce and Management, vol. 14 no. 1
Type: Research Article
ISSN: 1056-9219

Keywords

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Article
Publication date: 1 April 2003

Georgios I. Zekos

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…

Abstract

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.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

Content available
Article
Publication date: 5 September 2016

Lu Chen, Wei Zheng, Baiyin Yang and Shuaijiao Bai

The purpose of this paper is to investigate the forces driving organizational innovation, particularly CEO transformational leadership as it affects external and internal…

Abstract

Purpose

The purpose of this paper is to investigate the forces driving organizational innovation, particularly CEO transformational leadership as it affects external and internal social capital in top management teams.

Design/methodology/approach

Survey questionnaires were administered to 90 Chinese top management teams. Structural equation modeling was used to test the hypothesized relationships.

Findings

Both internal and external social capital mediated the relationship between transformational leadership and organizational innovation.

Practical implications

Organizations should strengthen internal and external capital of top management teams to reap maximal innovation outcomes from transformational leadership.

Originality/value

The findings contribute to the transformational leadership, social capital, and innovation literature first by showing how leadership influences innovation through largely neglected mechanisms – internal and external social capital. Second, a social capital focus challenges the tacit assumption that transformational leadership has only internal influences by showing that it potentially spills over to the external domain.

Details

Leadership & Organization Development Journal, vol. 37 no. 7
Type: Research Article
ISSN: 0143-7739

Keywords

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Book part
Publication date: 12 June 2017

Corey Pech

The literature on precarious and insecure work rarely examines how workers with jobs in large bureaucratic firms experience insecurity. Current theories suggest two…

Abstract

The literature on precarious and insecure work rarely examines how workers with jobs in large bureaucratic firms experience insecurity. Current theories suggest two approaches. First, workers might focus on their individual occupation and detach their commitment from firms that no longer reciprocate long-term commitments. Second, employees might respond with increased organizational commitment because leaving an employer creates risks of uncertainty. Based on in-depth interviews with 22 financial services professionals, this paper refines our understanding of when workers focus on intra-organizational career development. This happens when large firms offer opportunities for advancement and foster loyalty. I develop the terms spiral staircase and serial monogamy career. A spiral staircase career results when workers take entrepreneurial approaches to advancement that include lateral job changes and vertical promotions within a firm. When the local labor market has multiple firms in their sector, career advancement may take an intermediate form, in which workers spend medium-to-long-term stints with multiple organizations. I call this the serial monogamy career. My research shows how sector characteristics and geography can impact worker commitment and mobility in insecure environments.

Details

Emerging Conceptions of Work, Management and the Labor Market
Type: Book
ISBN: 978-1-78714-459-0

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Article
Publication date: 7 August 2017

Abhijeet Ghadge, Xie Fang, Samir Dani and Jiju Antony

The purpose of this paper is to proactively analyse and mitigate the root causes of the product and security risks. The case study approach examines the effectiveness of…

Abstract

Purpose

The purpose of this paper is to proactively analyse and mitigate the root causes of the product and security risks. The case study approach examines the effectiveness of the fuzzy logic approach for assessing the product and process-related failure modes within global supply chain context.

Design/methodology/approach

The case study of a Printed Circuit Board Company in China is used as a platform for conducting the research. Using data triangulation, the data are collected and analyzed through interviews, questionnaires, expert opinions and quantitative modelling for some interesting insights.

Findings

Fuzzy logic approach for failure mode and effect analysis (FMEA) provides a structured approach for understanding complex behaviour of failure modes and their associated risks for products and processes. Today’s managers should conduct robust risk assessment during the design stage to avoid product safety and security risks such as recalls.

Research limitations/implications

The research is based on the single case study and multiple cases from different industry sectors may provide some additional insights.

Originality/value

The study attempts to mitigate the root causes of product and processes using fuzzy approach to FMEA in supply chain network.

Details

International Journal of Quality & Reliability Management, vol. 34 no. 7
Type: Research Article
ISSN: 0265-671X

Keywords

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Book part
Publication date: 20 August 1996

Abstract

Details

The Peace Dividend
Type: Book
ISBN: 978-0-44482-482-0

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Book part
Publication date: 26 April 2021

Pauline M. Ross

We are the midst of accelerated change in the academic workforce. Academic roles, being a resilient mixture of research and education, are differentiating. An…

Abstract

We are the midst of accelerated change in the academic workforce. Academic roles, being a resilient mixture of research and education, are differentiating. An education-focused academic role, rather than one solely focused on disciplinary research, is gaining credibility and value. With the rise of the education-focused academic roles, questions are being raised about whether this new form of education-focused academic will continue to be overly represented by women in a new form of “women's work.” In the next decade, as academic roles continue to differentiate, care needs to be taken not to repeat the practice of the last 100 years which has seen gender bias continue. We will present four profiles of education-focused women academics, the snakes and ladders in their careers, and the strategies needed to ensure that women progress with equal recognition in these complex but exciting times.

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Article
Publication date: 31 May 2021

Renhuai Liu, Chao Li and Mengjun Huo

The purpose of this paper is to empirically analyze the impact of chief executive officer (CEO) turnover on strategic change and explore the mediating role of…

Abstract

Purpose

The purpose of this paper is to empirically analyze the impact of chief executive officer (CEO) turnover on strategic change and explore the mediating role of organizational slack between them, as well as the moderating role and joint moderating role of top management team (TMT) external social network, ownership nature and industry type.

Design/methodology/approach

Based on the upper echelons theory, resource allocation theory and structuration theory, this paper takes the unbalanced panel data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges of China from 2001 to 2018 as the research sample, uses ordinary least squares (OLS) regression method and fixed effect model to study the relationship between CEO turnover and strategic change, and focuses on the mediating mechanism and moderating mechanism between them.

Findings

The authors find that CEO turnover is positively related to strategic change. When a CEO turns over, a new CEO will initiate strategic change. Precipitation organizational slack plays a mediating role between CEO turnover and strategic change. Non-precipitation organizational slack has no mediating effect between CEO turnover and strategic change, which is embodied as “suppressing effects.” When the non-precipitation organizational slack variable is controlled, the impact of CEO turnover on strategic change will be enhanced. TMT external social network, ownership nature and industry type all negatively moderate the relationship between CEO turnover and strategic change. TMT external social network and ownership nature have a joint moderating effect between CEO turnover and strategic change. When TMT external social network is small, CEO turnover has a positive effect on strategic change in both state-owned enterprises and non-state-owned enterprises, but the promotion effect is stronger in non-state-owned enterprises. When TMT external social network is large, the positive effect of CEO turnover on strategic change in state-owned enterprises is from strong to weak, but in the non-state-owned enterprises is from weak to strong. TMT external social network and industry type have a joint moderating effect between CEO turnover and strategic change. When TMT external social network is small, CEO turnover has a positive impact on strategic change in high-tech enterprises and non-high-tech enterprises, but the promotion effect is stronger in non-high-tech enterprises. When TMT external social network is large, the positive impact of CEO turnover on strategic change in high-tech enterprises is from strong to weak, but in the non-high-tech enterprises is from weak to strong.

Originality/value

On the basis of previous studies, this paper further expands the research scope of the mechanism of CEO turnover on strategic change, echoing the research arguments of relevant scholars. At the same time, the research results reveal the mechanism of organizational slack, TMT external social network, ownership nature and industry type in the relationship between CEO turnover and strategic change, and further deepen the application of upper echelons theory, resources allocation theory and structuration theory in China. In addition, the research conclusions of this paper also provide reference value for Chinese enterprises in carrying out strategic change, promoting enterprise transformation and improving the level of corporate governance, and help to enhance the understanding and attention of Chinese enterprises to CEO turnover, organizational slack, TMT external social network, strategic change and corporate governance under the background of high-quality economic development.

Details

China Finance Review International, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1398

Keywords

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