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Article
Publication date: 1 June 2002

Susan Parker, Gary F. Peters and Howard F. Turetsky

This study investigates the association of various corporate governance attributes and financial characteristics with the survival likelihood of distressed firms. To address the…

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Abstract

This study investigates the association of various corporate governance attributes and financial characteristics with the survival likelihood of distressed firms. To address the manner in which firms evolve over time, we employ survival analysis techniques by incorporating Cox Proportional Hazards regressions. We longitudinally track an ex ante sample of 176 financially distressed firms. The results suggest that firms that replaced their CEO with an outsider, were more than twice as likely to experience bankruptcy. Furthermore, larger levels of blockholder and insider ownership over the sample period are positively associated with the likelihood of firm survival.

Details

Corporate Governance: The international journal of business in society, vol. 2 no. 2
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 1 March 2005

Susan Parker, Gary F. Peters and Howard F. Turetsky

When making going concern assessments, Statement on Auditing Standards No. 59 (Auditing Standards Board 1988) directs auditors to consider the nature of management's plans and…

Abstract

When making going concern assessments, Statement on Auditing Standards No. 59 (Auditing Standards Board 1988) directs auditors to consider the nature of management's plans and ability to mitigate periods of financial distress successfully. Corporate governance factors reflect attributes of control, oversight, and/or support of management's plans and actions intended to overcome financial distress. Correspondingly, this study investigates the impact of certain corporate governance factors on the likelihood of a going concern modification. Using survival analysis techniques, we examine a sample of 161 financially distressed firms for the time period 1988–1996. We find that auditors are twice as likely to issue a going concern modification when the CEO is replaced. We also find that going concern modifications are inversely associated with blockholder ownership. We also confirm Carcello and Neal's (2000) findings with respect to the association between an independent audit committee and an increased likelihood of modification. In a repeated events setting, we find that insider ownership and board independence are inversely associated with repeated going concern modifications. Our study concludes by proposing implications for the current financial reporting environment (including the Sarbanes‐Oxley Act of 2002) and future research avenues.

Details

Review of Accounting and Finance, vol. 4 no. 3
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 1 January 1990

This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/eb006047. When citing the article, please…

Abstract

This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/eb006047. When citing the article, please cite: Gary L. Clark, Peter F. Kaminski, (1988) “HOW TO GET MORE FOR YOUR MONEY IN MAIL SURVEYS”, Journal of Business & Industrial Marketing, Vol. 3 Iss: 1, pp.17 - 23.

Details

Journal of Services Marketing, vol. 4 no. 1
Type: Research Article
ISSN: 0887-6045

Article
Publication date: 1 March 1989

This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/eb006047. When citing the article, please…

Abstract

This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/eb006047. When citing the article, please cite: Gary L. Clark, Peter F. Kaminski, (1988) “HOW TO GET MORE FOR YOUR MONEY IN MAIL SURVEYS”, Journal of Business & Industrial Marketing, Vol. 3 Iss: 1, pp.17 - 23.

Details

Journal of Consumer Marketing, vol. 6 no. 3
Type: Research Article
ISSN: 0736-3761

Article
Publication date: 1 January 1992

This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/07363769210035189. When citing the…

294

Abstract

This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/07363769210035189. When citing the article, please cite: Gary L. Clark, Peter F. Kaminski, David R. Rink, (1992), “Consumer Complaints: Advice on How Companies Should Respond Based on an Empirical Study”, Journal of Consumer Marketing, Vol. 9 Iss: 3, pp. 5 - 14.

Details

Journal of Services Marketing, vol. 6 no. 1
Type: Research Article
ISSN: 0887-6045

Article
Publication date: 1 March 1999

Allan Metz

President Bill Clinton has had many opponents and enemies, most of whom come from the political right wing. Clinton supporters contend that these opponents, throughout the Clinton…

Abstract

President Bill Clinton has had many opponents and enemies, most of whom come from the political right wing. Clinton supporters contend that these opponents, throughout the Clinton presidency, systematically have sought to undermine this president with the goal of bringing down his presidency and running him out of office; and that they have sought non‐electoral means to remove him from office, including Travelgate, the death of Deputy White House Counsel Vincent Foster, the Filegate controversy, and the Monica Lewinsky matter. This bibliography identifies these and other means by presenting citations about these individuals and organizations that have opposed Clinton. The bibliography is divided into five sections: General; “The conspiracy stream of conspiracy commerce”, a White House‐produced “report” presenting its view of a right‐wing conspiracy against the Clinton presidency; Funding; Conservative organizations; and Publishing/media. Many of the annotations note the links among these key players.

Details

Reference Services Review, vol. 27 no. 1
Type: Research Article
ISSN: 0090-7324

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Article
Publication date: 20 September 2021

Stacey Kaden, Gary Peters, Juan Manuel Sanchez and Gary M. Fleischman

The authors extend research suggesting that external funders reduce their contributions to not-for-profit (NFP) organizations in response to media-reported CEO compensation levels.

Abstract

Purpose

The authors extend research suggesting that external funders reduce their contributions to not-for-profit (NFP) organizations in response to media-reported CEO compensation levels.

Design/methodology/approach

Employing a maximum archival sample of 44,807 observations from US Form 990s, the authors comprehensively assess the extent that high relative NFP CEO compensation is associated with decreases in future contributions.

Findings

The authors find that donors and grantors react negatively to high relative CEO compensation but do not react adversely to high absolute executive compensation. Contributors seem to take issue with CEO compensation when they perceive it absorbs a relatively large portion of the organizations’ total expenses, which may hinder the NFP’s mission. Additional findings suggest that excess cash held by the NFP significantly exacerbates the negative baseline relationship between future contributions and high relative CEO compensation. Finally, both individual donors and professional grantors are sensitive to cash NFP CEO compensation levels, but grantors are more sensitive to CEO noncash compensation.

Research limitations/implications

The authors’ data are focused on larger NFP organizations, so this limits the generalizability of the study. Furthermore, survivorship bias potentially influences their time-series investigations because a current year large-scale decrease in funding due to high relative CEO compensation may cause some NFP firms to drop out of the sample the following year due to significant funding reductions.

Originality/value

The study makes three noteworthy contributions to the literature. First, the study documents that the negative association between high relative CEO compensation levels and future donor and grantor contributions is much more widespread than previous literature suggested. Second, the authors document that high relative CEO compensation levels that trigger reductions in future contributions are significantly exacerbated by excess cash held by the NFP. Finally, the authors find that more sophisticated grantors are more sensitive to noncash CEO compensation levels as compared with donors.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 34 no. 2
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 1 January 1988

Gary L. Clark and Peter F. Kaminski

The question of whether personalization increases or decreases mail survey response rates has not been completely resolved in the marketing literature. Also, few studies address…

Abstract

The question of whether personalization increases or decreases mail survey response rates has not been completely resolved in the marketing literature. Also, few studies address the issue of whether the results of the personalization are worth the added cost. This study shows that different postage treatments in combination with different levels of cover letter personalization result in a significant difference in response rates to mail questionnaires. A cost/benefit analysis of the effectiveness of increased personalization is also presented.

Details

Journal of Business & Industrial Marketing, vol. 3 no. 1
Type: Research Article
ISSN: 0885-8624

Article
Publication date: 1 April 2001

CHEE H. WONG, GARY D. HOLT and PHIL HARRIS

The ‘lowest‐price wins’ philosophy has been a consistent theme of contractor selection over the years. To comprehensively elucidate this selection preference and compare it with…

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Abstract

The ‘lowest‐price wins’ philosophy has been a consistent theme of contractor selection over the years. To comprehensively elucidate this selection preference and compare it with the use of a multi‐criteria selection (MCS) approach in the tenderer evaluation process, this paper investigates MCS tender price selection preferences. That is, project‐specific criteria (PSC) and lowest‐price wins selection practices of UK construction clients, in both building and civil engineering works at in detail via results of the empirical survey. The investigation provides further insight into the evaluation of contractors' attributes (i.e. PSC). Levels of importance assigned (LIA) for each criterion were analysed (i.e. quantitative analysis of the differences in opinions and, variance amongst the respondents) in a multivariate statistical method. Importance attached by construction clients to the ‘lowest‐price wins’ philosophy is also presented. Contrast was made between the MCS approach and the ‘lowest‐price wins’ option amongst the surveyed construction clients. It was found that increased awareness of the use of PSC prevailed amongst the survey construction clients. This indicated that cost has to be tempered with the evaluation of PSC and the attempt of construction clients searching for a new evaluation paradigm (i.e. adoption of MCS approach rather than basing on the lowest‐price wins alone).

Details

Engineering, Construction and Architectural Management, vol. 8 no. 4
Type: Research Article
ISSN: 0969-9988

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Article
Publication date: 8 March 2011

Dave Crick

The purpose of this paper is to provide longitudinal case history data from an investigation into the practices of an enterprising individual associated with two firms in the UK…

2763

Abstract

Purpose

The purpose of this paper is to provide longitudinal case history data from an investigation into the practices of an enterprising individual associated with two firms in the UK tourism industry. The first business had to be closed down despite the partners employing turnaround strategies to recover from a lack of planning, since an effective work/life balance was not achieved; the second has proved to be more successful due to entrepreneurial learning in overcoming earlier errors.

Design/methodology/approach

The methodology involved multiple in‐depth interviews with the key business owner and his partners in the two respective businesses together with supplementary interviews with staff and viewing documentation for triangulation purposes.

Findings

The findings based on a longitudinal case history suggest that some enterprising individuals may learn from certain past mistakes but could still need others to support particular business practices for them to succeed. The results also suggest that, even if a badly performing business can be turned around, owner/managers must be aware of the potential social costs that can be incurred in implementing strategies. As such, it demonstrates the need to learn from experiences and plan for social as well as work‐related issues to maintain a work/life balance, particularly in a “lifestyle” business.

Practical implications

The implications of the findings suggest that advisors (including university teaching) involved with assisting entrepreneurs make them aware of the need for effective planning. In particular, that the widely reported hard work and long hours involved in running a business can take a toll on personal lives and the work/life balance of enterprising individuals must be managed.

Originality/value

The main aspect of originality of the paper comes from the study of social costs of running an entrepreneurial venture, but the longitudinal nature of the study provides a further aspect of originality in this field of research.

Details

International Journal of Entrepreneurial Behavior & Research, vol. 17 no. 2
Type: Research Article
ISSN: 1355-2554

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