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This study investigates whether broad-based employee ownership (BBEO), in isolation and in conjunction with cash profit sharing (CPS), can enhance labor productivity in family firms over nonfamily firms.

Hypothesis testing was conducted using cross-sectional time-series regression with a matched sample of 393 family and nonfamily firms listed on the US S&P 500 over a five-year timeframe.

Overall, the findings indicate that BBEO does not increase labor productivity more in family firms compared to nonfamily firms in the short term; however, BBEO does enable family firms to experience greater labor productivity relative to nonfamily firms beyond the short term. Moreover, when BBEO is combined with CPS, labor productivity improves more for family firms than nonfamily firms both in the short term and beyond.

While prior studies have relied largely on agency theory, this study contributes to the literature on family firms and employee incentives by being amongst the first to draw upon temporal motivation theory to distinguish between family and nonfamily firms regarding the incentive effect of BBEO on labor productivity.

We issue a double Souvenir number of The Library World in connection with the Library Association Conference at Birmingham, in which we have pleasure in including a special article, “Libraries in Birmingham,” by Mr. Walter Powell, Chief Librarian of Birmingham Public Libraries. He has endeavoured to combine in it the subject of Special Library collections, and libraries other than the Municipal Libraries in the City. Another article entitled “Some Memories of Birmingham” is by Mr. Richard W. Mould, Chief Librarian and Curator of Southwark Public Libraries and Cuming Museum. We understand that a very full programme has been arranged for the Conference, and we have already published such details as are now available in our July number.

This article analyzes the content of 584 articles published in the Journal of Public Budgeting, Accounting, and Financial Management and Public Budgeting and Finance with principal focus on how the public financial management knowledge base is generated. We find remarkable diversity of authorship and academic domicile. However, we note an absence of simulations and experiments and that much of the survey research does not comport with "best" practice. Practitioners were five times more likely to contribute than graduate students, and content continues a disciplinary tendency to neglect linkages between the macro-economy and public financial management. Our findings may reflect a public administration research ethos detailed by Frank Thompson and colleagues (1998) that is negatively impacted by lack of extramural funding.

This study focused on analysing the effect of acquisition characteristics on post‐acquisition operating performance for 83 bids consisting of 83 public listed bidders acquiring 80 private, 2 public listed and 1 non‐public listed targets in Malaysia during the period 1988–1992. The specific bid characteristics analysed are business relatedness, management turnover, the relative size of targets to bidders, the method of payment offered and board of directors' ownership structure. Since the specific feature of the current sample is that it consists mainly of privately owned targets, the characteristics of disciplinary bids found in acquisitions of public listed targets were not expected in agreed bids between the bidders and targets in this study. The results indicate that the target directors' turnover and the directors' share ownership do not have a significant effect on the post‐acquisition performance. Rather it appears that, if anything, retention of existing management is more likely to lead to performance improvement. Further analysis shows that replacement of target management has no impact on post‐acquisition performance regardless of the relatedness line of business. The latter findings reinforce the unique characteristics of the data set used in the current analysis of acquisitions of privately owned Malaysian companies in which unique skills of previous directors may often be retained post‐acquisition regardless of the business relatedness. The study also provides evidence that acquisitions of highly related business between target and acquiring firm, large relative size of target to bidders and payment for the acquisition by shares have a significant positive impact on post‐acquisition control‐adjusted performance. However, highly related business between target and bidder and payment by shares are the only significant acquisition characteristics that have a significant positive impact on the post‐acquisition control‐adjusted performance when multiple regression is used.

This paper looks at how two sports teams, hockey club the Toronto Maple Leafs and Football Club Barcelona, have each built and leveraged their brand equity. The main differences between the two clubs lie in how they position their brands. For TML, the affective and experiential sides of the product are emphasised to make the brand grow; for Barcelona, the cognitive and affective dimensions of the product are prioritised to nurture the brand. Differences between hockey and soccer also contribute to branding discrepancies in terms of exposure and global influences.

Approaches taken by states in their revenue forecasting are extremely diverse. This research identifies six institutional structures that states utilize in their revenue forecasting processes. The results show that the “typical” state utilizes a non-consensual approach to forecast formulation with the forecast being done by a single executive agency or cabinet office and with the executive having the final say in the forecast. The “typical” state will not have an economic advisory council, but will utilize faculty from local universities. The “typical” state updates its forecast about every six months and the forecasters perceive their forecast as binding the state budget.

Published reviews of the extensive body of research into mergers and acquisitions have generally concluded that shareholders as a body are not adversely affected by acquisition activity. For example Jensen and Ruback (1983) conclude that ‘corporate takeovers generate positive gains, that target firm shareholders benefit, and that bidding firm shareholders do not lose’. In a review of more recent research, however, Jarrell, Brickley and Netter (1988) conclude that acquirers ‘receive at best modest increases in their stock price, and the winners of bidding contests suffer stock‐price declines as often as they do gains’.

The result of our enquiries (see April issue Library World) as to the present storage of local documents in Public Libraries or Museums, and the existing arrangements therein for their preservation is somewhat disappointing. Some librarians have not replied, and some give scanty information.

Academically constructed segments may often fail to be implemented by practitioners. There may be a number of reasons for this, but at the heart of the matter for practitioners must be an economic reward that outweighs the incremental costs of segmenting. Central to this issue is the ease with which different types of data can be collected and used. Experience from direct marketing practice suggests that segments based on customer value and customer benefits sought often lead to successful strategies. Accordingly, looks to utilise these variables to complement the traditional use of geo‐demographic and psychographic approaches. Examines the business of football. Using a mixed qualitative and survey based approach, an exploration of football supporters was undertaken with the objective of identifying segmentation opportunities. A number of new segments were identified, among them “professional wanderers”; “carefree casuals” and “repertoire fans”. Suggests directions for broader studies. Hopes that this work will better inform the marketing efforts of professional sports franchises and indeed all leisure sectors that rely on regular live audiences for their livelihood.

A FEW weeks ago Frank Pacy, on receiving an arm‐chair as a farewell gift, said he would take it home, sit in it, and write a book, “Fifty Years as a Librarian.” So I am told; but after that he was not granted fifty days; and as he cared nothing for leisure, and hated the prospect of it, on that score we can congratulate him. Most of us in using phrases to describe an ordinary man do so merely to cover our inability to comprehend such a complexity; but Pacy was not an ordinary man; he was a personality distinct, but multiple, of extraordinary charm, unusual ability, remarkable elusiveness. In writing a note to his memory I am conscious of short‐comings; I was never his intimate; he very frequently disapproved of me, and said so; but I had, like many other men, constant touch with him for over twenty years.