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Shared equity homeownership is a form of subsidised, resale-restricted housing through which lower-income households can sustain their affordability. This paper aims to distinguish two types of affordability within shared equity homeownership: “entry affordability” indicates how affordable subsidised housing is when a household first becomes a subsidised owner; while “exit affordability” means how affordable private housing is after a household has enjoyed subsidised homeownership for a period of time.

Using price-to-income ratios, this study compares the entry and exit affordability of shared equity homeownership programs in Australia, Mainland China, Hong Kong, Norway, the UK and the USA. Based on these international comparisons, this study generalises two distinct types of shared equity homeownership models, namely, the models of “share-to-buy” and “share forever”. A new model, “follow-as-you-go”, is further suggested to increase the elasticity of potential affordable housing supply by providing incentives for existing subsidised homeowners to move.

A key finding of this study is that while shared equity homeownership programs can improve entry affordability, homeowners’ exit affordability is weak when subsidised homeowners have to share their capital gain with the government. While many housing policy discussions around the world that support shared equity homeownership focus only on the improvement of entry affordability, these discussions usually ignore the importance of exit affordability. This study attempts to fill the void in the understanding of these two types of affordability.

Shared equity homeownership policy is not only about offering low-income households but also an affordable housing option. It is also about facilitating well-off subsidised homeowners to move up the housing ladder so that the affordable housing option can be freed up for others in need. In a word, it is not only entry affordability but also exit affordability that matters.

This paper aims to examine the influence of formal and informal institutional quality on country-level variations in foreign equity shares in transition economies (TEs).

Drawing on institutional theory and transaction cost theory, this paper examines the influence of formal and informal institutional quality on country-level variations in foreign equity shares in TEs. The authors use a two-step empirical strategy, identifying clusters of explanatory variables and running generalized least squares random effect estimations to test for the influence of explanatory and control variables on foreign equity shares.

Foreign equity share is positively affected by informal institutions and negatively by formal institutions. However, when control for stage of transition we find that the the presence of informal institutions in more rapidly or advanced transforming economies negatively influences foreign equity shares. Complex infrastructure discourages foreign equity shareholdings, and foreign companies use informal practices to overcome unfavourable host country conditions. Government size has a negative effect, and gross domestic product per capita positively affects foreign equity shares.

The study is the new groundwork for the re-enactment of a fruitful discussion on foreign equity. The study has practical implications for managers, too – managers of foreign-owned firms operating in weakly installed institutional environments should carefully analyse the entry strategies because of the high presence of informal institutions. Furthermore, managers could understand the various facilitation roles of informal institutions in any firm internationalisation effort to arrive at optimal ownership holdings for better internationalisation performance. Although the study is based on a sample of transition countries, the findings have implications for other emerging economies’ contexts sharing similar institutional settings.

This study provides a unique empirical investigation and evidence based on country-level indicators on the effect of formal and informal institutions on foreign equity shares holdings in TEs, reinforcing the importance of impacts of both the formal and informal dimensions on ownership decisions of foreign investors.

To date, there has been little research about the degree of correspondence between partner equity ownership and partner representation on boards of joint ventures (JVs). It is generally assumed that partners’ share equals board representation in percentage. This paper aims to explore various instances of deviation from the above norm.

Using a unique database of 259 JV contracts extracted from the US Securities and Exchange Commission, and by drawing from resource dependency and transaction cost theories, this manuscript explores the factors that increase or decrease the deviation between equity share and board representation.

The results show that international JVs (IJVs) tend to deviate more, while JVs with a deadlock clause, a large board and based in a stable country deviate less from the degree of correspondence between equity share and board representation.

This study contributes to the alliance and governance literatures by identifying factors that influence the degree of correspondence between partner investment (equity share) and control through board of director representation.

This study aims to investigate how the relationship factors, including equity, shared responsibility and relationship dependence leverage the value co-creation. The research studies the value co-creation process in a business-to-business (B2B) context between suppliers and customers and provides empirical evidence of the underlying effects.

Using social exchange theory, the research uses a mixed-method of in-depth interviews and questionnaire surveys. The sample of the survey has 123 business customers.

The findings suggest that equity not only positively affects but also mediates the effect of shared responsibility on value co-creation. The mediation effect is further moderated by the relationship dependence that buyers have on the seller.

The cross-sectional survey used cannot establish causality relationships. Although the goal was not to establish causality, it could limit the rigor of the study. The longitudinal design could be used in the future to better address this deficiency. While the paper is the initial step to analyze the factors influencing value co-creation empirically, more studies could examine other commonly discussed constructs.

This empirical study enriches the value co-creation literature by examining the antecedents’ detailed mechanism that facilitates value co-creation in a B2B context.

This monograph reports the growth in ownership of ordinary shares in UK registered and managed companies by institutional shareholders and assesses the implications for corporate management. Combined holdings of insurance companies, pension funds, investment trust companies, and unit trusts amounted to 45 per cent of quoted UK equities in 1974 and will approach 50 per cent by 1977. Despite exhortations from the Bank of England, the Press, academics and private shareholders, institutions have been reluctant to use their voting strength. French and German companies are familiar with managerial participation by financial institutions. In the United Kingdom the persistent increase in institutional shareholdings presents management with opportunities to mobilise institutional support for the board, particularly in takeover situations; to involve financial institutions in corporate planning and the development of industrial democracy; to use institutions as a source of funds; and to use the financial resources of institutions to maximise the market capitalisation of the firm.

The paper aims to study the impact of cultural differences on the ownership structure of international joint ventures in China. It is reasoned that foreign investors, when faced with larger culture‐related investment uncertainties, may have the incentive to acquire more control rights to contain the risks by acquiring more equity shares in the joint ventures.

Data on international joint ventures in China were used to test the theory. The data contain 941 observations from Beijing, Shanghai, Shenzhen and Tianjing, covering a 13‐year time span. Pooled ordinary least square is used in the model estimation.

Cultural distance between China and foreign countries was found to increase the foreign equity share in the joint ventures, a finding contrary to traditional view. In addition, it was found that cultural distance in different dimensions does not play an equal role in affecting foreign equity shares. Last, there is significant evidence that the allocation of ownership between foreign and domestic investors in the joint ventures is influenced by the investor's relative importance in supplying different types of resources.

The paper introduces a new perspective into the study of culture and international joint venture. Foreign investors may be able to reduce investment risk by increasing equity shares, which gives them more internal control, in international joint ventures. In contrast, the traditional view is that larger cultural distance tends to discourage foreign equity ownership.

The purpose of this paper is to explore the role of affordable home ownership in the light of the recent global financial crisis.

The paper draws on recent research conducted by the authors and others which included analysis of secondary data and policy documents and interviews with key stakeholders including housing associations and developers. The theoretical scope of the paper is outlined in the first section which looks at the principles behind the two main approaches to providing affordable home ownership: shared equity and shared ownership. Given continuing aspirations on the part of most households in England to become home owners, the key comparison is with the attributes of full ownership.

The paper finds that the main products share many of the attributes of full home ownership while remaining more affordable. The economic situation post‐2007 made both shared ownership and shared equity more difficult. The crisis and its aftermath also suggest that there is a need to develop a more robust and longer term market in equity sharing. This could be of real significance into the longer term, especially if the availability of mortgage finance remains constrained for many years to come. The paper concludes that in the longer term, developing a range of partial tenures which provide most of the benefits of owner‐occupation but which reduce risks to individual households and improve affordability in the early years is a desirable strategy.

There are clear implications for policy makers in other countries, notably the benefits from developing an intermediate tenure market which includes institutional equity and risk taking rather than continued large‐scale reliance on debt finance.

Given stated governmental ambitions to meet housing aspirations, this paper clarifies how it is possible to meet an identified need for affordable home ownership products to fill the growing “gap” between first‐time buyers who can purchase with parental help and those who have no means of achieving home ownership, even though they have the income to support such a choice.

The purpose of this paper is to examine how domestic airlines benefit when they have code sharing arrangements with international carriers.

The data for this research study have been collected primarily from three sources. The first database, the digest of statistics no. 400 is from International Civil Aviation Organization (ICAO) based in Montreal, Canada. The second source of data comes from the Airline Business database. The third source of data for this research study is from Official Airline Guide (OAG). Ten years of data from 1994 to 2004 are collected from the databases of ICAO, Airline Business and also from individual airlines. Data such as the revenue passenger miles (RPMs) and load factor are obtained from the ICAO database and data such as alliance pattern are culled from the Airline Business database.

This research study reveals that code sharing agreements between a domestic and international airline will benefit the former by way of increased RPMs, passenger load factor (PLF), and market share. However, the coefficients of the hypothesized variables suggest that the initial gains achieved by the domestic airlines by way of increased RPMs start to erode in the long run. Thus, a domestic airline must form a code sharing agreement with an international airline at the earliest, so as to get the initial increase in RPMs. The effect of code sharing on the market share of domestic airlines is explicit and consistent throughout this research study. The second dimension in the code sharing is the multiple alliances between domestic and international airlines. Multiple alliances refer to an airline having more than one code sharing agreement with international carriers. The third factor in this sequence of hypotheses is equity investment by international carriers in domestic airlines. The relationship between equity investment and its influence on the performance of the targeted firm is always an interesting topic explored by both the academic researchers and practitioners. However, in this study, the regression results do not support the hypothesis. That means that mere equity investment by international carriers in domestic airlines may not result in increased RPMs, load factor and the market share for domestic airlines. The interesting finding in this particular section is the influence of the large size of the alliance partners on all the three dependent variables; RPMs, PLF, and the market share. Therefore, we can conclude that if both the airlines are large enough and they form code sharing agreements, then this may result in increased RPMs, PLFs, and market share for the domestic airlines. Similarly, the study supports the premise that if the partners are unequal, then the domestic airlines may not be able to increase the RPMs, load factor, and the market share.

This paper reveals that code sharing arrangements reached earlier in the competition is better as the benefits tend to reduce after a certain period of time.

This chapter describes a new leadership model called shared equity leadership (SEL). The goal of SEL is to create culture change that embeds shared values of diversity, equity, and inclusion (DEI) into the core of an organization. SEL emerged from a qualitative multiple-case study of leaders who were committed to establishing an equitable organization at eight colleges and universities that had seen success in their equity efforts. We reviewed over 1,000 pages of documents and interviewed 126 leaders, including cabinet-level executives, mid-level leaders, and group-level leaders. While we identified this model on college campuses, it has relevance for any organizational context. SEL entails three elements: (1) a personal journey toward critical consciousness in which leaders solidify their commitment to equity, (2) a set of values that center equity and guide the work, and (3) a set of practices that leaders enact collectively to change inequitable structures. Distinct from traditional leadership models, SEL encompasses both personal and organizational processes of leadership and emphasizes collaborative, relational, personal, and emotional aspects of leadership. This change starts with transforming awareness and behaviors of individuals, who engage in personal journeys toward critical consciousness and develop an urgent sense of responsibility for creating change. Organizations can facilitate their personal journeys and begin structuring SEL by forming a diverse team and socializing them into SEL expectations. With a concerted effort of leaders committed to SEL values and practices, an organization can be transformed so that equity is everyone’s work.

This study aims to investigate the relationship between trust and performance in international joint ventures (IJVs) with the moderating effects of the structural mechanisms from transaction cost approach.

Using web-survey, data are collected from 89 IJVs of Northern European firms in Asia, Europe and America. Empirical data are analyzed with structural equation modeling and estimates moderating effects of symmetric dependence, symmetric equity share and resource complementarity.

The findings offer some interesting insights for transaction cost and the social exchange theory. This study demonstrates that a symmetric equity share between IJV partners does not moderate the trust–performance relationship, while a symmetric dependence and resource complementarity between partners effect positively. Therefore, trust takes on greater importance in enhancing IJV performance under symmetric dependence and resource complementarity and symmetric equity share between IJV partners deprecates the importance of equity distribution.

A symmetric dependence prevents the deceit from either partner in trusting relationships. Further, a trustful relationship enhances IJV performance regardless of the equity share in IJVs. IJVs with asymmetric equity share can also be successful, provided that IJV partners develop inter-partner trust.

The extant research has not examined how the trust–performance relationship is contingent on structural mechanisms of IJVs that transaction cost economics deem necessary to prevent opportunistic behavior. Three structural mechanisms of symmetric dependence, symmetric equity share and resource complementarity moderate the trust–performance relationship in IJVs.