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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.

The extant literature provides evidence that single CEOs are less risk-averse. Building on the theory of risk aversion, the authors argue that the risk aversion trait arising from CEO’s marital status partially explains capital allocation efficiency. The paper aims to examine the association between CEO marital status and capital allocation efficiency.

The primary sample includes 9,671 observations from 1,264 US firms. The authors apply multivariate regression and a series of endogeneity tests to examine the association between CEO marital status and capital allocation efficiency.

Single-CEO firms have higher capital allocation inefficiency than those with married CEOs. The findings continue to hold after a series of endogeneity tests such as propensity score matching, change analysis and instrumental variable regression analysis and are robust to alternative proxies for capital allocation inefficiency. The capital allocation inefficiency in single-CEO firms arises from overinvestment but not underinvestment, and corporate risk-taking channels the effect.

The study is limited to the effect of CEO marital status, not CEO marital quality.

The findings imply that besides information asymmetry and agency conflicts, CEO marital status should receive special attention for capital allocation efficiency. Also, marital status influences the CEOs’ commitment to the general good of society, affecting the potential conflict of interest with different stakeholders from inefficient capital allocation.

This study extends corporate finance literature on CEO marital status by providing novel evidence on the effect of single CEOs on capital allocation efficiency. The authors conclude that CEOs’ personality traits, such as marital status, matter in corporate policy choices.

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.

The purpose of this paper is to investigate whether Financial Reporting Quality (FRQ), Corporate Governance and IFRS affect investment efficiency of French listed companies.

Based on a sample of 125 French firms listed on the CAC All Tradable index between 2008 and 2017, the study uses Feasible Generalized Least Squares (FGLS) regressions to examine the relationship between FRQ and firms' investment efficiency.

The findings show that FRQ plays a role in reducing overinvestment and does not affect underinvestment, suggesting that in a code-law country, informal and personal relationships tend to replace the role of financial reports in mitigating information asymmetry. The results also reveal that the relationship between FRQ and investment efficiency increases with better corporate governance and with the implementation of IFRS. However, the results provide no evidence between incentives to minimize profits for tax purposes and firms' underinvestment and continues to be negative for overinvesting companies that have more incentives to manage their earnings for tax purposes.

Our study has some limitations. First, we only examine listed firms, so the results cannot be generalized to unlisted companies that represent the vast majority of French economic activity. Second, this research does not distinguish between government companies and private companies. The two types of companies have different governance mechanisms, financial reporting, disclosure environment and concentration of ownership.

This study suggests that in a code-law country with weak investor protection, FRQ acts as a governance mechanism by mitigating asymmetric information and improving firms' investment decisions.

The relationship between FRQ and investment efficiency has been widely examined for companies in “common law” countries. This study extends the scarce evidence of this relation to companies in a code-law country. It also builds on previous research by introducing new factors never discussed before that could change this relationship, namely corporate governance, IFRS implementation and tax purposes.

A firm will respond to performance feedback, i.e. a comparison of its current performance with the goals to which it aspires, by means of changes in its search activity. There is an emerging body of literature that studies how such behavioral responses are shaped by important decision-makers inside firms. The study focuses on the corporate board – one of the most influential decision-making groups in terms of strategy. More specifically, the study aims to study the moderation effect of the size, turnover and age diversity of the board.

The sample is based on the largest listed German automobile and manufacturing firms followed between the years 2001 and 2015. The sample is analyzed using fixed-effects panel data models.

The findings indicate that the age diversity of the corporate board and, partially, also the turnover of its members moderate firms' responsiveness to performance feedback. On the other hand, the size of the board does not seem to play a role. The study, therefore, supports the notion of taking into account the characteristics of the corporate board when analyzing strategic decision-making and points to areas for further research.

The study contributes to the literature by empirically testing the moderating effect of three characteristics of corporate boards that have not been largely tested in the literature to date.

Blockchain is a distributed ledger technology that uses cryptography to ensure transmission and access security, which provides solutions to numerous challenges to complex supply networks. The purpose of this paper is to empirically test the impact of blockchain implementation on shareholder value varying from internal and external complexity from the complex adaptive systems (CASs) perspective. It further explores how business diversification, supply chain (SC) concentration and environmental complexity affect the relationship between blockchain implementation and shareholder value.

Based on 138 blockchain implementation announcements of listed companies on the Chinese A-share stock market, the authors use event study methodology to evaluate the impact of blockchain implementation on shareholder value.

The results show that blockchain implementation has a positive impact on shareholder value, and this impact will be moderated by business diversification, SC concentration and environmental complexity. In addition, environmental complexity exerts a moderating effect on SC concentration. In the post hoc analysis, the authors further explore the impact of blockchain implementation on long-term operational performance.

This is the first research empirically examining the effect of blockchain implementation on shareholder value varying from internal and external complexity from the CASs perspective. This paper provides evidence of the different effects of blockchain implementation on short- and long-term performance. It adds to the interdisciplinary research of information systems (IS) and operations management (OM).

The purpose of this study is to investigate the relationships among financial reporting quality (FRQ), ownership concentration and investment efficiency (IE) of listed firms in Vietnam, an emerging market in Southeast Asia.

Multivariate regression models are estimated to test the impacts of FRQ, ownership concentration and the interaction effect of FRQ and ownership concentration on IE. Two-step system generalized method of moments (GMM) estimators are used to control for endogeneity.

The results show that ownership concentration is positively associated with the IE of Vietnamese listed firms. The results also reveal that overinvestment decreases when there is an increase in ownership concentration. In addition, the authors find that FRQ is positively associated with IE and negatively associated with overinvestment and underinvestment. Moreover, the impact of FRQ on overinvestment is weaker in firms with concentrated ownership.

To the best of the authors’ knowledge, this is the first study that attempts to investigate the influence of ownership concentration and the interaction effect of ownership concentration and FRQ on the IE of Vietnamese listed firms. The results provide some managerial implications for Vietnamese listed firms and policymakers on how to mitigate firm-level investment inefficiency.

This study aims to analyse the effect of corporate governance on investment efficiency and the moderating impact of industry competition on the relationship between corporate governance and investment efficiency.

The research sample includes a total of 36 publicly listed companies assessed by the Indonesian Institute for Corporate Directorship from 2012 to 2018. Testing is performed on full sample and overinvestment and underinvestment subsamples. Additional testing is further carried out using the generalized method of moments to address endogeneity problems and a robustness test is performed to assess the estimated investment efficiency.

Corporate governance can increase investment efficiency and the effectiveness of corporate governance is found to drop when the level of industry competition is higher.

The results of the present study corroborate the suggestion that companies need to implement corporate governance mechanisms. Furthermore, designing a corporate governance mechanism requires the scrutiny of the external environment, including industry competition.

The present study adds the profitability factor in the calculation of investment efficiency levels. This study also considers external factors that can influence the effectiveness of corporate governance in determining investment efficiency.

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

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.

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.

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.

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.