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Article

Hilary Slack

The Stone Rehabilitation Service has already been described in this journal (Shield, 1998). This article now explains further progress in operationalising the concept of…

Abstract

The Stone Rehabilitation Service has already been described in this journal (Shield, 1998). This article now explains further progress in operationalising the concept of rehabilitation review within NHS respite care.

Details

Journal of Integrated Care, vol. 8 no. 3
Type: Research Article
ISSN: 1476-9018

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Book part

Hsin-yi (Shirley) Hsieh, Jian Cao and Mark Kohlbeck

Purpose – We investigate the impact of CEO turnover on performance and accounting-based outcomes following major business restructurings.Design/Methodology/Approach – We

Abstract

Purpose – We investigate the impact of CEO turnover on performance and accounting-based outcomes following major business restructurings.

Design/Methodology/Approach – We analyze a sample of 217 major operational restructurings during the period 1999–2007 using regressions and other statistical tests.

Findings – We document significant improvements in postrestructuring operating and investment efficiencies with little differentiation between restructurings that involve a change in CEO and those that involve continuing CEOs. However, we find evidence of lower accounting quality for the continuing CEO firms. First, restructuring charges of CEO turnover firms are associated with lower current period unexpected core earnings and higher future period unexpected core earnings (lower levels of classification shifting). Second, CEO turnover firms have a significantly lower percentage of (i) restructuring charge reversals and (ii) prereversal shortfalls (in meeting analyst forecast estimates) followed by reversals (suggesting lower levels of subsequent earnings management). Therefore, turnover CEOs are less likely to manipulate restructuring charges to mask true economic performance than continuing CEOs. Overall, our evidence suggests continuing CEOs undertake less substantial restructurings, while opportunistically reporting similar charges and performance improvements, consistent with attempts to pool with new CEO hires to keep their jobs.

Originality/Value – Overall, our results highlight the key economic role played by top corporate managers in major business restructurings, suggesting that CEO turnover leads to both real changes in managerial actions and altered reporting incentives.

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Book part

Donald K. Clancy and Denton Collins

The purpose of this study is to review the capital budgeting literature over the past decade.

Abstract

Purpose

The purpose of this study is to review the capital budgeting literature over the past decade.

Design/methodology

Specifically, over the years 2004–2013, we review works appearing in the major academic journals in accounting, finance, and management. Further, we review the specialized academic journals in management accounting. We examine the frequency of articles by journal and year published, the type of research method applied, and the topic area studied. We then review the research findings by topic area.

Findings

We find 110 articles appearing in the selected journals. While the articles increase in frequency, the research methods applied are predominantly analytical and archival in nature with relatively few experiments, case studies, or surveys. Some progress is observed for capital budgeting techniques and new methods for structuring uncertainty. The studies find that the size of capital budgets is about right for companies with high financial reporting quality, for liquid companies, during periods of normal cash flow, when the budget is financed by equity, for companies when they first go public or first go private. Tax rates and financial reporting methods for depreciation and tax expenses distort capital budgets. Organization structure and performance measurement can distort capital budgeting. Individual differences, especially optimism and honesty, can influence capital budgeting decisions.

Limitations and Implications

This review is limited to the major journals in accounting, finance, and management; and the specialized journals in management accounting. There is much research to be done on capital budgeting, especially case studies of actual practice and experiments related to individual and group decision processes.

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Article

Nigel Slack, Michael Lewis and Hilary Bates

The paper presents a brief history of the development of operations management (OM). This provides the backdrop for a content analysis of journal articles published in the…

Abstract

The paper presents a brief history of the development of operations management (OM). This provides the backdrop for a content analysis of journal articles published in the Journal of Operations Management and the International Journal of Operations & Production Management between January 1990 and June 2003. MBA student survey data are then used to explore any gaps that may exist between the focus of academic research and the perceived importance of given OM subject areas to practitioners. The practical and conceptual insights highlighted are then used as the basis for a discussion of extant research priorities. The paper concludes with a preliminary conceptual framework that distinguishes between OM research seeking to consolidate operations practice and that which seeks to apply theoretical concepts into a practical context.

Details

International Journal of Operations & Production Management, vol. 24 no. 4
Type: Research Article
ISSN: 0144-3577

Keywords

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Article

Ma Zhong and Lucia Gao

The purpose of this paper is to investigate the impact of corporate social responsibility (CSR) disclosure on firm-level investment efficiency.

Abstract

Purpose

The purpose of this paper is to investigate the impact of corporate social responsibility (CSR) disclosure on firm-level investment efficiency.

Design/methodology/approach

An econometric model is used to estimate the impact of CSR reporting on investment efficiency on a sample of listed Chinese firms during the period from 2010 to 2013. Financial reporting quality is included in the model as a control variable. Investment efficiency is estimated based on existing models. Two scenarios are identified: under-investment and over-investment.

Findings

The results provide evidence of a higher level of investment efficiency for CSR reporting firms than for non-reporting firms. This relationship is, however, more pronounced in the over-investment scenario than in the under-investment scenario. In addition, the association between CSR disclosure and investment efficiency is stronger for firms with lower financial reporting quality (FRQ). These findings support the hypothesis that CSR disclosure provides effective incremental information that contributes to reduce information asymmetry and promote investment efficiency.

Originality/value

This is the first paper that directly tests the association between CSR disclosure and firm-level investment efficiency. The results suggest that firms and investors should consider the effect of CSR disclosure on information asymmetry and its impact on the availability and cost of capital. This work also contributes to the understanding of the economic impacts of CSR disclosure and provides arguments for regulatory entities to enforce CSR disclosure.

Details

Review of Accounting and Finance, vol. 16 no. 3
Type: Research Article
ISSN: 1475-7702

Keywords

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Article

Hilary Ingham

Since the seminal contributions of Chandler and Williamson, asubstantial body of research in industrial organization has examined theperformance benefits of the…

Abstract

Since the seminal contributions of Chandler and Williamson, a substantial body of research in industrial organization has examined the performance benefits of the organizational innovation of divisionalization. While existing empirical work has, for the most part, utilized a static framework to analyse the performance effects of divisionalization, adopts a dynamic approach, thereby allowing the intertemporal nature of any such performance benefits to be examined. Presents results from the UK manufacturing industry; the model estimated uses a spline function to incorporate differing organizational regimes over time. The results obtained are less supportive of the benefits of divisionalization than certain of the earlier empirical studies; thus the evidence presented lends no support to the view that organizational change provides unambiguous performance benefits for the firm.

Details

Journal of Economic Studies, vol. 19 no. 5
Type: Research Article
ISSN: 0144-3585

Keywords

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Article

Hilary Davies and Megan Walters

Risk and uncertainty are part of the everyday operating environment for all organisations. Occasionally the risks may be sufficient to generate a crisis which, if left…

Abstract

Risk and uncertainty are part of the everyday operating environment for all organisations. Occasionally the risks may be sufficient to generate a crisis which, if left unattended, can become a disaster. The key person in an organisation who is often charged with the responsibility of recovering the supporting services that will enable the business to start functioning again is the facility manager, in charge of all property management functions. What should facility managers be aware of in terms of the characteristics of risk and crises and organisational culture that will affect their ability to plan for disaster recovery? Describes some features and characteristics of crises that could become disasters and discusses the features of organisations (such as tight‐coupling and interdependency) that can affect their exposure to risk ‐ crisis‐prone or crisis‐prepared ‐ and suggests some crisis‐mitigating strategies that could be adopted by property managers. Concludes that organisations can become crisis‐prepared, if they adopt a range of strategies, such as providing good feedback on previous incidents, setting up a formal safety organisation, inculcating safety culture norms and beliefs about the importance of safety, devolving decision making but retaining monitoring by experienced staff, training and educating to create an environment of constant awareness and hence reliability. The end product should be that those unpredictable everyday minor crises do not escalate to become disasters.

Details

Property Management, vol. 16 no. 1
Type: Research Article
ISSN: 0263-7472

Keywords

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Article

Paul A. Griffin and Estelle Y. Sun

This study examines the relation between voluntary corporate social responsibility (CSR) disclosure and the local religious norms of firms’ stakeholders. Little is known…

Abstract

Purpose

This study examines the relation between voluntary corporate social responsibility (CSR) disclosure and the local religious norms of firms’ stakeholders. Little is known about how these local norms (measured at the county level) affect firms’ disclosure practices and firm value, especially voluntary disclosure on climate change and environmental and social responsibility.

Design/methodology/approach

Poisson regression models test for a significant relation between firms’ voluntary CSR disclosure intensity and the local religious norms of firms’ stakeholders. Also, an event study tests whether the local religious norms affect investment returns. The data analyzed are extracted from the archive of CSRwire, a prominent news organization that distributes CSR news to investors and the public worldwide.

Findings

The study finds that firms in high adherence (high churchgoer) locations disclose CSR activities less frequently, and firms in high affiliation (a high proportion of non-evangelical Christian churchgoers) locations disclose CSR activities more frequently. The study also finds that managers make firm-value-increasing CSR disclosure decisions that cater to the religious and social norms of the local community.

Practical implications

The results imply that managers self-identify with the local religious norms of stakeholders and appropriately disclose less about CSR activities when religious adherence is high and when religious affiliation (the ratio of non-evangelicals to evangelical Christians) is low. The authors find this noteworthy because religious bodies often call for greater CSR involvement and disclosure. Yet, at the firm level, it would appear that local community religious norms also prevail, as it is shown that they significantly explain firms’ CSR disclosure behavior, implying that managers cater to local religious norms in their disclosure decisions.

Social implications

The findings suggest that managers vary the timing and intensity of voluntary CSR disclosure consistent with stakeholders’ local religious and social norms and that it would be costly and inefficient if the firms were to expand CSR disclosure without considering the religious norms of their local community.

Originality value

This is the first large-sample study to show that local religious norms affect CSR disclosure behavior. The study makes use of a unique and novel data set obtained exclusively from CSRwire.

Details

Sustainability Accounting, Management and Policy Journal, vol. 9 no. 1
Type: Research Article
ISSN: 2040-8021

Keywords

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Article

Ahmed Alhadi, Ahsan Habib, Grantley Taylor, Mostafa Hasan and Khamis Al-Yahyaee

The purpose of this paper is to examine the relation between financial statement comparability and corporate investment efficiency of a large sample of US firms.

Abstract

Purpose

The purpose of this paper is to examine the relation between financial statement comparability and corporate investment efficiency of a large sample of US firms.

Design/methodology/approach

The authors use a large sample of US-listed firms from 1981 to 2013. The authors use several econometric methods including ordinary least square, firms fixed effects and mediation effects regression. Sensitivity tests that include the use of alternative measures of both the dependent and independent variables provide results that are consistent with the authors’ baseline model results.

Findings

The authors find that financial statement comparability mitigates risks associated with both under-investment and over-investment. They also find that product market competition mediates the relation between financial statement comparability and investment efficiency. The authors consider this to be a function of a competitive environment, whereby firms normally disclose less private information. This in turn reduces the effect of financial statement comparability on investment efficiency. Conversely, where there are higher levels of product market competition, it is less likely that firms will under-invest. Their results are consistent with these predictions.

Originality/value

The authors contribute to this growing field of research by providing evidence that financial statement comparability does in fact improve firms’ investment efficiency. Findings enhance our understanding of the relation between investment efficiency and financial statement comparability which is likely to have flow-on effects in terms of financial reporting quality and firm value. This study also contributes to research that links agency theory to financial statement comparability through an analysis of moral hazard and adverse selection tenets, and how it leads to reduced levels of investment inefficiency in a firm.

Details

Meditari Accountancy Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2049-372X

Keywords

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Article

Michaël Dewally, Susan M.V. Flaherty and Stella Tomasi

The purpose of this paper is to document that religious adherence in the county of the corporate headquarter and educational attainment of the female director pool near…

Abstract

Purpose

The purpose of this paper is to document that religious adherence in the county of the corporate headquarter and educational attainment of the female director pool near the firm headquarters are influential to the likely addition of female corporate board directors.

Design/methodology/approach

The sample covers 1,630 unique firms and 30,369 unique directors covering a ten-year period to investigate the effects of religiosity and educational attainment.

Findings

The analysis reveals that while the number of women has increased in general terms, this change is mostly limited to boards that are increasing in size. Women do not tend to replace exiting male board members but are appointed when the board size grows. Therefore, while the number of women is increasing in absolute terms, they are not increasing in relative terms. In areas where religiosity is high, as measured by church affiliation and attendance, female participation in the boardroom is lower and a more educated and qualified female population leads to higher board participation. These effects supersede any regional effects.

Originality/value

The study adds insights into corporate board dynamic, providing new evidence concerning the impact of local conditions on board composition as well as additional information concerning the interplay of board dynamics and female board representation.

Details

Managerial Finance, vol. 43 no. 10
Type: Research Article
ISSN: 0307-4358

Keywords

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