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There is still an ongoing debate on the value relevance of capital structure and its determinants. Recently the issue has been explored in family firms after being explored in mature firms. This paper investigates the role of institutional investors and the firm's innovation activity in influencing the firm's decision and ability to acquire debt capital.

A large sample of 700 privately-held family firms in Italy from 2010 to 2019. Two analysis techniques are used: panel analysis and path analysis. The value of debt and the debt ratio are used as leverage measures. The value of patent (as a proxy for innovation) and institutional investor are the explanatory variables.

The results show that institutional investors have no relationship with financial leverage measures except when controlling for an interaction variable (Institutional investors × Lombardy region). The patent value is positively correlated with debt; however, the ratio patent-to-asset is negatively related to financial leverage indicating higher risk exposure. The nonlinearity test demonstrates a turning point when the relationship between patent value and debt inverts.

Firms should monitor their innovation activity since excessive innovation increases risk exposure and affects financing opportunities and value. The involvement of institutional investors does not always enhance value.

Existing literature focuses separately on family firm innovations and financial leverage as outcome variables, emphasizing the role of institutional investors in both fields by adopting agency theory and socioemotional wealth framework. In this study, the authors go further by merging both relationships, investigating the dynamics of the institutional-family firm innovation relationship in influencing the firm's capital structure. The authors contribute to the ongoing debate by providing original findings on capital structure, governance and innovation, supported by rigorous methods to enhance family firms' decision-making.

Prior studies on Islamic finance provide a limited linkage between organizational theory and the complex Shariah governance framework embraced by Islamic banks worldwide. This paper aims to show the relevance of the application of “institutional theory” in the Shariah governance framework of Islamic banks.

This study applied library research to investigate the application of institutional theory in the Shariah governance framework of Islamic banks. The authors also critically reviewed prior empirical and review papers for accomplishing the research objectives.

Based on the critical review, the authors found that institutional theory is the most influential in progressing Shariah governance as it contributes toward the organizational image, helps to achieve religious legitimacy, and inspires a more robust regulatory environment. In addition, a well-designed Shariah governance framework is driven by institutional theory and that could assist in providing guidelines, strategies and procedures for Islamic banks to better conduct; monitor and control their social, religious and accountability obligations. The authors also highlighted the societal, economic and legal environment of Islamic banks in relation to the propositions of institutional theory. They emphasize that a well-designed Shariah governance framework driven by institutional theory could assist in providing guidelines, strategies and procedures for Islamic banks to better conduct, monitor and control their social, religious and accountability obligations.

This study highlights institutional theory to serve best the development of operational strategies and structures of Islamic banks including the roles, functions and powers of the various stakeholders including regulators and those involved in the Shariah governance process of Islamic banks. The authors recognize the institutional theory to perform a key role in enriching the structural framework of Islamic Financial Institutions. This study is heavily dependent on prior research rather than empirical investigations. The authors did not cover other Islamic finance areas (such as Islamic insurance, Islamic microfinance and Halal industries). Thus, future researchers can apply institutional theory in Shariah governance practices and implementations of setting up rules by the regulators and respective institutions.

To the best of the authors’ knowledge, this is the first study that attempts to show the importance of the application of institutional theory in Shariah governance of Islamic Banks. Thus, this study, therefore, adding a novel dimension to the literature by arguing why institutional theory, is more pronounced (as compared to the other theoretical frameworks) in the formation and discharge of the roles, powers and functions by the different governance organs (such as regulators, the board of directors, management and Shariah supervisory board) operating in this unique corporate governance landscape.

This paper brings together the literature on theories of complexity adaptive systems (CAS), develops an analytical framework, applies this framework to the development of tourism destinations and critically reflects on the use of this perspective.

This paper elaborates on a CAS perspective on destination development, to further develop complexity thinking in tourism studies. This approach enables to identify policy avenues geared towards improving destination governance and contributing to sustainable tourism development.

Theories of CAS offer an analytical lens to better understand destination development, drawing explicit attention to (1) the levels of the individual, (emergent) structures, the structure-agency interface and the system level, (2) the steps related to the process of adaptation that is critical for systems to survive and thrive in times of change and (3) the undervalued importance of considering the factor of time.

Applying CAS theories help to address a range of (policy) avenues to improve destination governance, contributing to a shift in focus from reactively fixing problems to proactively addressing the structural issue of adaptive capacity building. It shows that managing tourism destination as complex systems involves a set of conditions that are critical as well as difficult to meet in tourism practice.

Over the past four decades, China has strived to make the market mechanism play a decisive role in resource allocation under the conditions of adhering to the basic socialist economic system. The paper aims to discuss this issue.

On this matter, this paper proposes a three-phase transition hypothesis for the Chinese institutional change models, namely, a de facto path, which gives potential to a successful incremental transition of a centralized country from planned economy to a market economy, lies in the incremental transitions of the institutional change models from a supply-oriented model at initial reform to a middle-proliferation model and to a demand-induced model along with the gradual establishment of exclusive property rights, thereby completing the transition to a socialist-market-economic system.

The Chinese economic model’s unique connotation is the reason why the solution to this model often baffles both the traditional political-economic logic and western mainstream institutional change theory.

This hypothesis corroborates that China’s unswerving practice of economic reform has provided unprecedented opportunities and challenges for the development of economic theory. The Chinese model constitutes the source of innovation for the subject of Economics with Chinese Studies.

The study aims to analyse annual reports of the non-financial European firms listed at the EURO STOXX 50 index over the period of 2007 and 2011.

This study intends to address two main issues: to what extent the country-level institutional forces compel (directly) firm's risk reporting (RR) behaviour and in which way these country-level institutional forces moderate the relationship between RR and firm-level characteristics.

Main findings indicate that, during this period, the European listed companies disclosed more risk information on a voluntary basis (such as operational and strategic risks) and with better informative content (more forward-looking and focused on positive news). Consistent with institutional theory, findings confirm that the country-level institutional forces explain variations on RR. Additionally, it also indicates that the relationship between RR and leveraged firms is weaker among countries with stronger institutional forces. These findings have several implications for investors and regulators in Europe basically in helping achieve efficiency in investment decisions and to stimulate further efforts to improve RR regulations.

This study makes two major contributions. First, it extends Elshandidy's et al. (2015) work by using other country-level institutional forces that capture the efficacy of corporate boards, the protection of minority shareholders' interests, country's level of democracy, law enforcement mechanisms and press freedom. Second, it uses firms that are considered as a blue-chip representation of super-sector leaders in the Eurozone (but from different institutional contexts). This research setting can be more insightful in shedding some light towards our understanding on how these leading firms can promote innovative and high quality level of RR and how country-level driving forces influence these variables.

This paper aims to assess the comparative position of the national innovation system of Chinese state entrepreneurship versus liberal market entrepreneurship. Based on the comparative institutional framework, it asks whether Chinese state entrepreneurship has a comparative disadvantage because of its incoherent institutions in liberal or coordinated economies. Hence, does the Chinese institutional system of innovation lag behind that of US or liberal countries of Organisation for Economic Co-operation and Development (OECD) economies in the transformation of national science into economic products measured as high-technology exports?

This study uses panel data analysis based on 29 OECD economies and the Chinese economy over 23 years. Regarding national science productivity (explorative capabilities), it includes published and patented science streams; regarding technological transformation (exploitative capabilities), it measures the percentage of high-technology exports in gross domestic product (GDP). The interactions between the types of entrepreneurship and national science institutions serve as predictors in the design.

The results show that Chinese state entrepreneurship has a comparative advantage over liberal economies in published science. However, Chinese state entrepreneurship has a comparative disadvantage compared to liberal entrepreneurship in patent science. Regarding the dyadic level of comparability between the national economies, there are mixed results in the transformation of national science.

This study supports the three following theoretical points: national institutions differ regardless of the pressure of convergence through globalization; national science contingencies influence different paths of the transformation of national science to technology; and mixed economies, such as state entrepreneurship, can achieve high performance without fully conforming to liberal markets.

This study emphasizes institutional mechanisms for future research to support the innovation of incoherent institutions and suggests the benefit of cross-pollination of senior managers between state and private organizations for a defined duration.

Theoretically, this research combines an interdisciplinary and interinstitutional level of analysis, and in so doing, it deals with the transformation of national science in scientific publications and patents in the vertical value chain. Empirically, this study links the national published and patented science with the national economic artifacts in high-technology sectors. This novel approach to assess the national and discipline-level interaction sets a context for the future research in other settings. It also informs policy decisions regarding the growth of science, innovation and development.

This paper aims to fill a gap in the existing literature by shedding the light on four main issues. First, the relationship between child-at-risk protection and sustainable development and the key factors contributing to the failure or success of child-at-risk protection systems. Second, the main characteristics and limitations of the current institutional arrangements of the child-at-risk protection system in Egypt. Third, the budget allocations to child protection-relevant entities in Egypt. Fourth, the way forward to enhance the effectiveness of the child-at-risk protection system in Egypt.

The methodology used in this paper is of a qualitative nature. The authors relied on desk review of the international and national reports (including the un-published ones) and the relevant literature on the topic. Additionally, the authors reviewed the relevant laws and regulations and analyzed the fiscal data extracted from Egypt’s State budget. Also, semi-structured interviews were conducted with some officials from the different governmental entities covered by the study.

From the institutional perspective, the authors find that the current child-at-risk protection system in Egypt needs effective institutional arrangements, as it is attributed with the limited activation of the child protection committees, lack of coordination mechanisms and overlapping mandates with regards to case management. Hence, the authors propose two institutional approaches that could help in enhancing the performance of the current system. While the first approach has decentralized nature, the other is centralized. From the fiscal perspective, the authors analyze the trend and composition of the budget allocations to the child protection-relevant entities in Egypt. They show that such allocations are relatively small especially when items not related to child protection are excluded.

The paper analyzes the main characteristics and limitations of the current institutional arrangements of the child-at-risk protection system in Egypt. Moreover, it proposes two alternative institutional approaches to deal with such limitations and enhance the effectiveness of the current system. The paper also provides an analysis of the budget allocations to the child protection-relevant entities in Egypt. These issues have not been addressed sufficiently in the Egyptian context.

This paper aims to examine how academics enact trust in e-learning through an inductive identification of perceived risks and enablers involved in e-learning adoption, in the context of higher education institutions (HEIs).

Grounded Theory was the methodology used to systematically analyse data collected in semi-structured interviews with 62 academics. Data analysis followed the constant comparative method and its three-staged coding approach: open, axial and selective coding.

The resulting trajectory of trust factors is presented in a Grounded Theory narrative where individual change and integration through shared collective understanding and institutionalisation are discussed as stages leading to the overcoming of e-learning adoption barriers.

The paper proposes that the interplay between institutionalism and individualism has implications in the success or failure of strategies for the adoption of e-learning in HEIs, as perceived by academics. In practical terms, this points to the need for close attention to contextually sensitive trust-building mechanisms that promote the balance between academics’ commitments, values and sense of self-worth and centrally planned policy, rules, resources and exhortations that enable action.

The purpose of this paper is to provide a historical analysis of the disaster management structure, policies and institutions in Pakistan between 1947 and 2005, and highlights the contemporary challenges in view of the learning from the past.

The paper uses a historic-integrative case study approach to disaster management and risk reduction policy, planning and practice. Qualitative data were collected through purposive sampling and a case study design was adopted. A broad range of actors was recruited as research participants. In total, 22 semi-structured in-depth interviews were conducted in relation to this study in six different districts of Pakistan to achieve insight into the role of different institutions and stakeholders.

Overall, the post-colonial flood-centric policy framework and fragmented responsibilities of different disaster management institutions show the lack of an effective institutional structure for disaster management and mitigation in Pakistan, particularly at the local level. Until the event of the 2005 earthquake, policies heavily relied on attaining immediate and short-term goals of response and relief while ignoring the long-term objectives of strategic planning for prevention and preparedness as well as capacity building and empowerment of local institutions and communities.

The analysis explains, in part, why disaster planning and management needs to be given due attention in the developing countries at different policy scales (from local to national) especially in the face of limited resources, and what measures should be taken to improve effectiveness at different phases of the disaster management cycle.

The paper advances the importance of a historical case study approach to disaster management and mitigation. The empirical work provides original research evidence about the approaches to dealing with disasters in Pakistan and thus enriches existing knowledge of disaster management policy and planning about the country.

This paper contributes to the theory of the relationship between human resource management (HRM) and innovation at small- to medium-sized enterprises (SMEs) by conducting a conceptual analysis of the question why Germany boasts by far the highest number of “Hidden Champion” SMEs. This is done by case studies from the army and public financial management of aid disbursal in developing countries. Implications for HRM at SMEs are discussed.

Conceptual analysis using case studies.

Contributing towards filling the gap concerning theoretical underpinnings of the link between HRM and innovation, we suggest that interdisciplinary work from relevant organisational case studies indicates that the concept of institutional design to provide motivational incentives may be relevant, especially concerning high performance systems with bundles of HRM practices. Specifically, the fundamental principle of subsidiarity is found to be important.

The research is broadly applicable to organisations of all kinds, as the diverse case studies indicate. We point towards tentative implications for the firms that account for the majority of the work force, namely SMEs, and among them the most successful ones, the so-called “Hidden Champions”.

HR managers can improve motivation, performance and innovation by decentralising decision-making as far as possible, while ensuring the overall organisational goals are well understood and shared, and resources are dedicated to train and educate staff. Additionally, the conception of rank-order competitions complements the institutional design.

Greater productivity and material performance as well as greater job satisfaction via larger autonomy and decision-making power on the local level can be achieved by the application of subsidiarity as key HRM configuration. This can be employed at SMEs, as discussed, but also other organisations. Further, the principle of subsidiarity and the greater emphasis on staff training and education may help reduce inequality.

Our paper contributes towards filling the gap in the literature on the link between HRM and innovation, by identifying the role of subsidiarity. We introduce an interdisciplinary perspective, with contributions from economics and psychology, among others. We also contribute to the history of HRM.