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The purpose of this paper is to grasp the effect of familiness on capital structure decisions in family firms, as family firm identity may be an important source of…
The purpose of this paper is to grasp the effect of familiness on capital structure decisions in family firms, as family firm identity may be an important source of competitive advantage due to its potential to moderate relationships with stakeholders such as banks.
The paper uses panel data from 2010 to 2014, which combine financial and structural data on 691 large private German companies. The econometric approach is a random-effect and tobit panel regression using different dependent variables relating to debt.
The study reveals that family firms have significantly higher overall and long-term debt levels compared to their non-family counterparts. Contrary to the extant literature, tangibility is not significantly related to debt in the context of family firms and the hypothesized higher usage of trade credits by family-owned businesses could not be supported.
Future research can improve the measurement of familiness by changing from a dichotomous to a continuous variable, acknowledging that family businesses are not homogenous. This would also enable a different econometric approach.
A practical implication for family firms is to actively capitalize on their identity and thus, improving the way they present themselves towards different groups of stakeholders to mitigate information asymmetries and enhance trust.
The paper investigates large private family-owned businesses, applies multiple dependent variables, and uses a family firm specific theoretical framework, namely familiness, to explain the family’s influence on the business.
Consistent growth and profitability had been the bedrock of Wendt India Limited (WIL) over the past ten years, in spite of facing huge financial mismanagement in the…
Consistent growth and profitability had been the bedrock of Wendt India Limited (WIL) over the past ten years, in spite of facing huge financial mismanagement in the initial years and three ownership changes at group level. The strategic intent of WIL, “Wendt India sought to become a significant global player in offering customized functionally superior products/services for grinding and machining hard-to-process material,” kept the leaders of the company focused on exceptional performance. Despite a remarkable track record, WIL posted a lower growth 3.1% (CAGR) during 2007–2010, against an impressive 18% (CAGR) during 2000–2007 (See Exhibit 1). Rajesh Khanna, Chief Executive Officer of WIL, knew that the company's growth was tied to the perceptible slowdown in the economy post 2007. Industry analysts speculated that over the next few years, the abrasive industry itself was expected to grow at 7.2% per annum, mirroring the GDP growth rate. Goaded by the group chairperson's expectation that each business within the Murugappa group had to grow at three times the country's GDP growth rate, and personal belief that slowing down was not an option, Rajesh had set aggressive targets. He knew he would have to provide direction on how to reach the set expectations. He needed a coherent and strategic action plan to meet the aggressive targets.
An inquiry into the constitution of the experience of patienthood. It understands “becoming a patient” as a production of a subjectivity, in other words as a process of…
An inquiry into the constitution of the experience of patienthood. It understands “becoming a patient” as a production of a subjectivity, in other words as a process of individuation and milieu that occurs through an ontology of production. This ontology of production can, of course, also be understood as a political ontology. Therefore, this is, first of all, an inquiry into a mode of production, and, secondly, an inquiry into its relation to the issue of social justice – because of effects of digital divisions. In these terms, it also reflects on how expert discourses, such as in medical sociology and science studies (STS), can (and do) articulate their problems.
An integrative mode of discourse analysis, strongly related to discursive institutionalism, called semantic agency theory: it considers those arrangements (institutions, informal organizations, networks, collectivities, etc.) and assemblages (intellectual equipment, vernacular epistemologies, etc.) that are constitutive of how the issue of “patient experience” can be articulated form its position within an ontology of production.
The aim not being the production of a finite result, what is needed is a shift in how “the construction of patient experience” is produced by expert discourses. While the inquiry is not primarily an empirical study and is also limited to “Western societies,” it emphasizes that there is a relation between political ontologies (including the issues of social justice) and the subjectivities that shape the experiences of people in contemporary health care systems, and, finally, that this relation is troubled by the effects of the digital divide(s).
A proposal “to interrogate and trouble” some innovative extensions and revisions – even though it will not be able to speculate about matters of degree – to contemporary theories of biomedicalization, patienthood, and managed care.
Research on health care disparities is making important descriptive and analytical strides, and the issue of disparities has gained the attention of policymakers in the…
Research on health care disparities is making important descriptive and analytical strides, and the issue of disparities has gained the attention of policymakers in the United States, other nation-states, and international organizations. Still, disparities research scholarship remains US-centric and too rarely takes a cross-national comparative approach to answering its questions. The US-centricity of disparities research has fostered a fixation on race and ethnicity that, although essential to understanding health disparities in the United States, has truncated the range of questions that researchers investigate. In this chapter, we make a case for comparative research that highlights its ability to identify the institutional factors that may affect disparities.
We discuss the central methodological challenges to comparative research. After describing current solutions to such problems, we use data from the World Values Survey to show the impact of key social fault lines on self-assessed health in Europe and the United States.
The negative impact of socioeconomic status (SES) on health is more generalizable across context, than the impact of race/ethnicity or gender.
Our analysis includes a limited number of countries and relies on one measure of health.
Originality/value of chapter
The chapter represents a first step in a research agenda to understand health inequalities within and across societies.
The burgeoning sociological literature on African American/White men’s downward mobility has failed to examine dynamics at the working-class level and has not conducted…
The burgeoning sociological literature on African American/White men’s downward mobility has failed to examine dynamics at the working-class level and has not conducted analyses at the refined job level. Within the context of the minority vulnerability thesis, we address these shortcomings, and specifically utilizing data from the 2011–2015 waves of the Panel Study of Income Dynamics, we examine racial difference in the incidence, determinants, and timing of downward mobility from two working-class job types, elite blue collar and rank-and-file jobs. Findings our expectation of ongoing, contemporary vulnerability: from both working-class origins, African Americans relative to Whites experience higher rates of downward mobility, experience it on a broad basis that is not explained by traditional stratification-based causal factors (e.g., human capital and job/labor market characteristics) and experience downward mobility more quickly. Further, these racial inequalities are pronounced at the elite blue-collar level, probably because of heightened practices of social closure when supervisory responsibility is at stake. We conclude by discussing the implications of these findings for understanding both the ongoing and future socioeconomic well-being of African Americans in the US.
Deficiency of nutrition is generally referred to as malnutrition; however, malnutrition can refer to both overnutrition and undernutrition. Nutrient availability and…
Deficiency of nutrition is generally referred to as malnutrition; however, malnutrition can refer to both overnutrition and undernutrition. Nutrient availability and intake are current challenges for society, and these challenges will only intensify as population continues to grow and resources become more stressed. This chapter examines the need for dietary guidelines to increase nutrition security, describes the history of dietary guidelines in the United States, examines compliance and challenges with compliance of dietary guidelines, and finishes with future implications of dietary guidelines. This study concluded that although the purpose of the United States Department of Agriculture (USDA) Dietary Guidelines is to assist Americans in choosing healthy eating patterns and to alleviate the negative health and economic outcomes associated with malnutrition, consumers typically do not follow the USDA Dietary Guidelines due to their inherent complexities and other factors, such as income and access to food which may affect compliance.
Research on racial inequality in organizations typically (1) assumes constraining effects of bureaucratic structure on the capacity of powerful actors to discriminate or…
Research on racial inequality in organizations typically (1) assumes constraining effects of bureaucratic structure on the capacity of powerful actors to discriminate or (2) reverts to individualistic interpretations emphasizing implicit biases or self-expressed motivations of gatekeepers. Such orientations are theoretically problematic because they ignore how bureaucratic structures and practices are immersed within and permeated by culturally normative racial meanings and hierarchies. This decoupling ultimately provides a protective, legitimating umbrella for organizational practices and gatekeeping actors – an umbrella under which differential treatment is enabled and discursively portrayed as meritocratic or even organizationally good. In this chapter, we develop a race-centered conception of organizational practices by drawing from a sample of over 100 content-coded workplace discrimination cases and analyzing both discriminatory encounters and employer justifications for inequality-generating conduct. Results show three non-mutually exclusive patterns that highlight the fundamentally racial character of organizations: (1) the racialization of bureaucracies themselves via the organizational valuation and pursuit of “ideal workers,” (2) the ostensibly bureaucratic and neutral, yet inequitable, policing of minority worker performance, and; (3) the everyday enforcement of racial status boundaries through harassment on the job, protection afforded to perpetrators, and bureaucratically enforced retaliation aimed at victims. The permeation of race-laden presumptions into organizations, their activation relative to oversight and bureaucratic policing, and the invoking of colorblind bureaucratic discourses and policies to legitimate discriminatory conduct are crucial to understanding the organizational dimensions of racial inequality production. We end by discussing the implications of our argument and results for future theory and research.
– The purpose of this paper is to study the use of titanium as a protecting element for aluminum in alkaline conditions.
The purpose of this paper is to study the use of titanium as a protecting element for aluminum in alkaline conditions.
Aluminum coatings containing up to 20 weight per cent Ti6Al4V were produced using laser cladding and were investigated using light optical microscope, scanning electron microscope – energy-dispersive X-ray spectroscopy and X-Ray Diffraction, together with alkaline exposure tests and potentiodynamic measurements at pH 13.5.
Cladding resulted in a heterogeneous solidification microstructure containing an aluminum matrix with supersaturated titanium (<1 weight per cent), Al3Ti intermetallics and large partially undissolved Ti6Al4V particles. Heat treatment lowered the titanium concentration in the aluminum matrix, changed the shape of the Al3Ti precipitates and increased the degree of dissolution of the Ti6Al4V particles. Corrosion testing showed significant localized dissolution of the aluminum matrix.
Increased titanium concentration and heat treatment gave improved alkaline corrosion properties. At pH 13.5, the Al3Ti phases were protected, while the aluminum matrix corroded.
For alkaline corrosion-protection of aluminum in the automobile industry, titanium might be useful at pH values below 13.5 or by using other coating techniques.
This is the first study testing the use of titanium as a protective element of aluminum in stringent alkaline conditions.