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The purpose of this paper is to describe and compare the mean response for selected financial variables in three dividend paying groups before and after the financial crisis of 2008. Dividend initiators are expected to be rewarded by investors over traditional dividend paying firms.

Quarterly CRSP data from 2000 to 2012 are used to define dividend paying groups. Highly unbalanced financial data on dividend paying firms are analyzed in two truncated sample periods defined before and after the financial crisis. Fitted models describing differences in dividend paying groups are based on the linear mixed model representation of penalized splines with random effects to account for repeated measures over time.

Results are presented on the important differences in selected financial variables before and after the financial crisis by dividend paying pattern group (traditional, initiators, residual/catering). Special emphasis is given to the analysis of market/book value ratio. Results demonstrate dividend initiators are rewarded over traditional dividend firms by investors. Firms with an intermittent paying pattern have no advantage. All dividend paying firms grow during the 2008 financial crisis. Traditional dividend payers have larger size than other dividend payers. The size effect explains results for several of the financial variables studied.

Future work can include an industry effect on the three dividend paying groups.

Investors appear to prefer certainty as to when they receive a dividend over uncertainty, especially in times of economic downturn and economic recovery.

Enhanced awareness that different payment patterns exist and are rewarded differently over time on both the corporate issuer and investor sides.

This study adds to body of knowledge of practical dividend payment patterns around a financial crisis. It also provides added support for dividend initiators.

The purpose of this paper is to compare the relative power of operating cash flow and earnings in the prediction of dividends.

A linear mixed effects model is used in terms of selected model fit criteria.

Based on the selected model fit criteria, cash flow per share is shown to produce a better fit than earnings per share, but it cannot be said how much better.

Quarterly CRSP and Compustat data from 2000 to 2006 for 1,902 dividend‐paying firms are analyzed. Future work would need a different methodology to determine how much better cash flow is as a predictor of dividends.

Both earnings per share and cash flow per share are found to be reasonable dividend predictors.

Additional insight is provided on modeling factors that contribute to a firm's decision to engage or disengage in a dividend payment policy.

The study described in this paper continues work on predicting dividends per share. Results show cash flow per share is a better predictor than earnings per share. Investors and analysts predict dividends as part of their stock valuation work. This study suggests focusing attention on using cash flow per share as the predictor of dividends.

To reconcile the mixed findings on commitment-oriented human resource management (HRM) on employee job performance, this study tests whether commitment-oriented HRM has a threshold effect on employee job performance and when this threshold effect matters. The authors further tested the role of employees' age in the relationships.

The authors conducted a survey and collected data from 601 employees in 32 firms in China, and used a multilevel approach to test the hypothesis.

The results showed that the association between commitment-oriented HRM and employee job performance was J-shaped, meaning that commitment-oriented HRM was positively related to job performance when the degree of commitment-oriented HRM exceeded a threshold. Moreover, the authors found that employee age moderated this J-shape relationship. Specifically, the curvilinear relationship between development commitment-oriented HRM and job performance was stronger in younger employees. Contrary to our prediction, the results showed that younger employees reacted more strongly to improve job performance than older employees when maintenance commitment-oriented HRM exceeded a moderate degree.

The findings on the J-shape effect and moderating role of employee age on the J-shape provided critical insights into understanding the mixed results of the effect of HRM. Additionally, this study provided new insight in the linkage between HRM practices and employee outcomes.

The purpose of this research was to investigate how Mid South Building Supply, a 100% employee-owned company, survived the Great Recession. Research has found that employee-owned companies are more likely to survive recessions than other companies. Why this happens was unclear. Thus, this research was conducted to learn why this might happen.

The case study approach was chosen to uncover the causes because this approach has played a significant role in uncovering organizational phenomena. Moreover, the industry was chosen because of the vulnerability of firms in it to recessionary forces.

Mid South uses practices that enhance both financial and psychological ownership. Prior research has suggested that both are important.

Case study research is limited because only a single frim is investigated. Thus, additional studies need to be performed to confirm the results.

Although this is a single case study, the practical implication is that enterprises that want to improve their probability of surviving should apply the findings of this study.

Firms that provide employment stability to employees are more likely to survive. In turn, research would suggest that this is associated with greater family and community stability.

Whereas prior studies have used across-industry data to find that employee-owned firms are more likely to survive recessions than others, what such firms do differently was unclear. A literature review failed to reveal a prior study that looked at the internal practices that may cause this to happen.

Much like “Yeti,” the Abominable Snowman whose footprints are everywhere but itself nowhere to be seen, unfounded assertions of human capital as valuable contributors to strategic success continue to proliferate. Many of these treatments are nonbinding, nonmeasureable, idiosyncratic, tautological, and therefore nearly impossible to use for any comparative market valuation. In this chapter, we selectively review the interdisciplinary literature on exemplars of human-derived capital. We systematically examine specific epistemological strengths, weaknesses, and gaps in recognized theories, measures, and practices. In particular, a multidisciplinary, multilevel, connectionist point of view is suggested. We present the case for an evidence-based classification system of human-derived capital at the micro-, meso-, and macro-levels. Our framework goes beyond static stock models by emphasizing dynamic human-derived capital flows, as well as their within-level and cross-level linkages, all within the context of a modern society that increasingly is networked, fluent with technology, and prodigious with social media.

The goal of this study was to test the human capital (HC) theory within the Russian context and explore current HC organizational practices (including training and development, recruitment and selection, compensation, empowerment, diversity, and work/family balance) of Russian enterprises. The data were collected at 270 large, medium, and small enterprises in Moscow and four representative regional centers. The study results suggest that Russian firms tended to emphasize current HC needs, not long-term HC development strategies. The firm size had an effect on differences in training, selection, and compensation practices, with large firms being more long-term oriented. Correlation between elements of the HC management model provided some preliminary evidence that Russian firms tried to coordinate selection, compensation, and training procedures. In addition, firms that empowered their employees were also putting more emphasis on long-term-oriented training, selection, and compensation practices. Finally, there were signs that diversity was gradually becoming an important issue for Russian enterprises of all sizes. However, compared to diversity, companies’ emphasis on helping their employees to deal with the work/family balance issue was much stronger.

The purpose of this paper is to review the roles of human resource management (HRM) specialists in the contemplation and implementation of innovation in employing organisations and workplaces.

The authors review some of the literature and practice in this field as well as 11 other articles that are included in this special issue.

The authors propose six research questions. First, are HRM specialists analysing relevant trends and their implications for the future of work and the workforce? Second, are HRM specialists enabling employing organisations to identify and enable innovative ideas? Third, to what extent are HRM specialists leading partnership arrangements with organised labour? Fourth, what is the role of HRM specialists in creating inclusive work environments? Fifth, how should HRM specialists change to foster enterprise performance, intrapreneurship, agility, creativity and innovation? Sixth, to what extent is there an HRM function for line managers in coordination with HRM specialists in engendering innovation around “change agent” roles?

The authors argue that HRM specialists should embrace and enable innovation. The authors challenge HRM specialists to consider how they can contribute to facilitating innovation. The paper proposes further research on HRM and range of associated stakeholders who, together, have responsibility for innovating in the design and delivery of HRM to enrich our knowledge of HRM and workplace innovations.

Competitiveness is an often ill-defined concept that is key to economic success. This chapter focuses on the links between competitiveness and the employment relationship (ER). It ranks European countries by their specialization in high-technology, skilled labor sectors to yield a competitiveness ranking and examines workers’ values and attitudes to identify common ER features of the “competitive” countries. Results show that workers in competitive countries enjoy greater flexibility and autonomy. Some conclusions are raised regarding what companies can do from the HRM perspective to optimize employee capabilities, leading to more productive and competitive working environments.