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The purpose of this study tests whether political instability influence financial decision-making behavior of Tunisian-listed firms, in particular dividend payout policy.

This paper uses dividend payout decisions announced over the period 2008–2015 by nonfinancial firms listed on the Tunisian Stock Exchange. A logistic regression is applied to analyze the relationship between political instability and dividend payout decision “changes. These latter are: past non-payers” dividend initiation, past payers' dividend termination, dividend payout “increasing and dividend payout” decreasing. Political instability variables used are as follows: number of changes in government head and dummy variables indicating the changes of ruling party and election year.

This study shows that government head changes are positively related to dividend initiation decisions while changes in ruling party are negatively related to termination dividend decisions except for family controlled ones. These firms are more likely to stop dividend on period of ruling party changes. Moreover, firms become unwilling to increase dividend payment on the period of political instability (changes in ruling party and government head and elections) and become willing to decrease dividend payment only when the government head changes.

The empirical findings contribute to the current debate on the signaling power of dividend policy in emerging market where raising equity capital is difficult and controlling shareholders prefer reinvest benefit to pay dividends. In addition, this study has important implications for regulators and governments struggling to design policies to improve investors' confidence and boost market activity. Indeed, investors may use corporate payout as a signal for better governance.

To the author' best knowledge, this paper is the first to investigate and to compare the effect of three political instability sources; government head changes, changes in ruling party and elections, on dividend payout decision changes. This paper provides evidence that firms facing political unstable environment seek to achieve two goals when they make dividend policy: reducing financial distress probability and attracting minority owners.

The authors provide a comparative analysis between emerging and developed financial markets in terms of the effects of political risks on stock market returns and volatility. The authors also examine whether this impact depends on the nature of political risks. Therefore, this study aims to detect which financial markets are the most profitable and the riskiest in terms of political risks.

The authors investigate the impact of political risks on the excess stock market return and its conditional volatility using the generalized ARCH model for a sample of 46 developed and emerging markets over a period ranging from 1995 to 2019. In order to test how the nature of political risks affects equity excess returns and volatility differently in different markets, the authors employ (1) a composite political risk score, (2) the four subgroups of political risks as defined by Bekaert et al. (2005, 2014) and (3) the individual dimensions of political risks.

The findings indicate that the composite political risk is priced into both stock markets. The effect of political risks is positive for excess returns and negative for volatility. The authors show that the political risk leads to more volatility in developed markets. Nevertheless, the effect of individual components varies according to the market category.

The authors provide a framework for predicting market returns and volatility using changes in the political risk of the country. The findings help investors make investment decisions based on the political decisions of governments. In other words, investors should consider political uncertainty when determining their expected earnings.

The authors engage monthly panel data methodology in terms of the political risk stock market relationship. In addition, the authors consider recent and very long data covering the period 1995–2019. Furthermore, this study combines three various political risk measures, and both equity returns and volatility.

To explore the reflections of primary headteachers on a series of major policy initiatives introduced by successive Conservative and Labour governments from 1988 to 2003.

The methodology is an interview‐based survey of six headteachers. The interviews were structured around the headteachers’ recollections of their headship during the period of Conservative government from 1988 to 1997 and, following the election of the Labour Government, from 1997 to 2003.

The headteachers’ reflections have changed from recalling a sense of excitement and anticipation immediately following the introduction of the 1988 Education Reform Act to ones of increasing disillusionment as the period of the Conservative Government drew to a close. However their expectations following the election of the Labour Government in 1977 were quickly dashed and followed by feelings of disappointment and, for some, of frustration.

The small size of the sample is the major limitation but this opens up an agenda for future research.

The implications for government are to limit the number and scope of any new initiatives that schools are expected to implement and to ensure that these are properly funded.

The article presents an alternative view of headship that balances the overly optimistic impression that may be obtained from government and its agencies, leading to a deeper understanding of the realities of headship today.

The subject of part‐time work is one which has become increasingly important in industrialised economies where it accounts for a substantial and growing proportion of total employment. It is estimated that in 1970, average annual hours worked per employee amounted to only 60% of those for 1870. Two major factors are attributed to explaining the underlying trend towards a reduction in working time: (a) the increase in the number of voluntary part‐time employees and (b) the decrease in average annual number of days worked per employee (Kok and de Neubourg, 1986). The authors noted that the growth rate of part‐time employment in many countries was greater than the corresponding rate of growth in full‐time employment.

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that contract. When such a repudiation has been accepted by the innocent party then a termination of employment takes place. Such termination does not constitute dismissal (see London v. James Laidlaw & Sons Ltd (1974) IRLR 136 and Gannon v. J. C. Firth (1976) IRLR 415 EAT).

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.

To cope with the challenges of the twenty‐first century, the Hong Kong SAR government initiated the Curriculum Reform in 2001. In 2006, a research team from a tertiary institution was commissioned to review the progress of change for smooth implementation of the reform in its next phase. This paper aims to examine this issue.

The nature of the review is basically a survey, applying questionnaires and follow‐up focus‐group interviews to collect data from different groups of subjects. The sample was around 20 per cent of the population, i.e. a total of 252 primary (n=138) and secondary (n=114) schools.

The paper reports findings on the support for the Reform by primary and secondary schools. Five areas of agreement among school heads are examined, which include challenges to be met, guiding principles of the reform, learning goals, reform framework and the overall agreement with the rationale of the reform. It is found that, while the curriculum reform was supported among school heads, senior teachers and teachers, there was a gap between the views of senior management team and frontier teachers.

This is a very comprehensive research project with a limited timeframe. The paper can only report and discuss findings mainly on the support for curriculum reform by school heads. Other aspects of the study will be discussed and reported separately in subsequent papers.

The gap between the views of senior management team and frontier teachers is worth probing as this is the most obstructive factor to the implementation of the reform. Identifying the cause would be the first step in formulating strategies to address and, hopefully, to facilitate the smooth transition from the phase of implementation to the continuation phase of the change process.

The study has suggested the development of a two‐dimensional framework of agreement areas and stakeholders which will contribute to a better understanding of the change process in general, and achievements of a curriculum reform in particular. Other issues are also discussed.

The Nature of Business Policy Business policy — or general management — is concerned with the following six major functions:

New Zealand is a small country with a rich history of pioneering administrative reforms. This chapter describes administrative reform processes emanating from the ‘core agencies’ of the State Services Commission (SSC), Treasury and the Department of the Prime Minister and Cabinet. It describes the famous New Public Management reforms of the late 1980s–2000s, led by the Treasury that restructured ministries (creating more agencies that are single-purpose agencies), rewrote policy rules (e.g., the same laws for public and private sector employees) and created accountability from agency heads to ministers as well as SSCs who evaluate and re-appoint agency heads. It should be noted that in this Westminster system, ministers provide policy leadership but not executive leadership of ministries. The chapter describes in detail two reform processes led/administered by the SSC since the mid-2000s to increase accountability for ministry mid-term policy and organizational capability targets (performance improvement framework) as well as cross-ministry goals (better public services). These efforts have been evaluated over time as being quite effective and are noted for their sustainability and improvement.