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Article

John Parnell and Malcolm Brady

The purpose of this paper is to investigate the influence of internal capabilities and environmental turbulence on market (e.g. cost leadership and differentiation) and…

Abstract

Purpose

The purpose of this paper is to investigate the influence of internal capabilities and environmental turbulence on market (e.g. cost leadership and differentiation) and nonmarket (e.g. political and social) strategies (NMS), and considers how these strategies impact financial and non-financial performance in firms in the United Kingdom.

Design/methodology/approach

A survey was administered online to 215 practicing managers in the UK. Measures for competitive strategy (i.e. cost leadership and differentiation), NMS, strategic capabilities, market turbulence and firm performance were adopted from or based on previous work. Hypotheses were tested via SmartPLS.

Findings

Findings underscore the impact of market turbulence across all market and nonmarket strategy dimensions. Multiple links between capabilities and strategies were identified. Both cost leadership and differentiation were significantly linked to non-financial performance, but only differentiation was significantly linked to financial performance. An increased emphasis on social NMS was linked to higher financial performance, but not non-financial performance. Political NMS was linked to neither financial nor non-financial performance.

Research limitations/implications

The sample included managers in multiple industries. Self-typing scales were utilized to measure market turbulence, emphasis on capabilities, strategic emphasis and firm performance.

Practical implications

Emphasis on social NMS can promote financial performance, but political NMS does not appear to drive either financial or non-financial performance.

Originality/value

This paper provides empirical support for a UK-based model linking market turbulence, strategic capabilities, market and nonmarket strategies, and both social and firm performance. It supports NMS as a key performance driver, but with caveats.

Details

Journal of Strategy and Management, vol. 12 no. 1
Type: Research Article
ISSN: 1755-425X

Keywords

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Article

John A. Parnell

Amidst rapid development in emerging economies, greater emphasis on public–private partnerships and a more complex regulatory environment, nonmarket strategy (NMS) is now…

Abstract

Purpose

Amidst rapid development in emerging economies, greater emphasis on public–private partnerships and a more complex regulatory environment, nonmarket strategy (NMS) is now widely viewed as a key component of a firm’s overall strategy. This paper aims to investigate how nonmarket and market strategies are influenced by strategic uncertainties and capabilities and ultimately drive firm performance.

Design/methodology/approach

A survey addressing strategic uncertainties, capabilities, NMS and market strategy and firm performance was administered online to 193 practicing managers in the USA. Measures for competitive strategy (i.e. cost leadership and differentiation), NMS, management and marketing capabilities, competitive and technology uncertainties and firm performance were adopted from or based on previous work. Hypotheses were tested via SmartPLS.

Findings

Emphasis on NMS was linked to high marketing capability, high competitive uncertainty and high technology uncertainty. Cost leaders were more likely than differentiators to emphasize on NMS, although all three strategies were positive drivers of performance. NMS appears to be viewed as a part of an integrated strategic approach by managers in many organizations.

Research limitations/implications

The sample included mangers in multiple industries. Self-typing scales were used to assess strategic emphasis and firm performance.

Practical implications

Emphasis on NMS can promote firm performance, but the relationship is complex. Strategic managers should align the NMS with organizational capabilities and a market-oriented strategy appropriate for the firm.

Originality/value

This paper provides empirical support for a model linking select strategic uncertainties, capabilities, market strategy and NMS and firm performance. It supports NMS as a key performance driver, but with links to uncertainties and capabilities that differ from those of market strategies.

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Article

James Brigagliano, Kevin Campion, David Katz and Andrew Blake

The purpose of this paper is to explain the requirements of SEC Rule 613 under the Securities Exchange Act of 1934, which requires national securities exchanges and FINRA…

Abstract

Purpose

The purpose of this paper is to explain the requirements of SEC Rule 613 under the Securities Exchange Act of 1934, which requires national securities exchanges and FINRA jointly to develop a national market system plan (NMS Plan) that provides for the creation, implementation and maintenance of a consolidated order tracking system (“consolidated order trail” or “CAT”) as well as the creation of a central repository responsible for the receipt, consolidation, and retention of all order and quote information for NMS securities.

Design/methodology/approach

The paper discusses weaknesses of current, multiple order tracking systems; core features of the framework adopted by the SEC to create a CAT, including the creation of a central repository; key considerations for market participants, including data reporting methods and funding the creation, implementation and maintenance of the CAT; timing and phased implementation of the NMS Plan; security and order types covered by the CAT; persons required to report information to the central repository; reportable events and CAT data elements; timing and reporting to the central repository; ownership, governance and operation of the central repository; access to CAT data; parties required to comply with Rule 613e and the NMS Plan; and governance and operation of the NMS Plan.

Findings

Under the requirements of Rule 613, and through the NMS Plan that must be developed by the exchanges and FINRA, the CAT is intended to provide a comprehensive and uniform tracking mechanism for secondary market activity in all NMS securities.

Originality/value

The paper provides guidance by experienced financial services lawyers.

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Book part

Ilko Naaborg and Bert Scholtens

The banking sector in the new European Union Member States (NMS)1 has changed dramatically since the transition from centrally planned to market-based economies.2 In 1993…

Abstract

The banking sector in the new European Union Member States (NMS)1 has changed dramatically since the transition from centrally planned to market-based economies.2 In 1993, the ratio of average banking assets to gross domestic product (GDP) was 53 per cent, and this had increased to 72 per cent by 2000. However the banking sector in NMS is, however, still relatively small compared to the former European Union 15 (EU-15), for which the same ratio was 140 per cent in 2000. In NMS the level of bank intermediation is also low. In 2000, the ratio of private sector credit to GDP was less than 40 per cent, whereas in the euro area it was 100 per cent. A third distinguishing feature of NMS banks is that foreign investors now dominate ownership. In 1995, 8 per cent of banking assets were in foreign hands, and by 2002 this had increased to 88 per cent.3 In contrast, banks in the former EU-15 are mainly domestically owned or are traded on national stock markets.

Details

Emerging European Financial Markets: Independence and Integration Post-Enlargement
Type: Book
ISBN: 978-0-76231-264-1

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Article

Giovanni Petrella

The purpose of this paper is to evaluate how markets in financial instruments directive (MiFID) and regulation national market system (Reg NMS) affect the competition for…

Abstract

Purpose

The purpose of this paper is to evaluate how markets in financial instruments directive (MiFID) and regulation national market system (Reg NMS) affect the competition for order flow among trading venues in, respectively, Europe and the USA.

Design/methodology/approach

The paper examines the differences between MiFID and Reg NMS and provides, based on market microstructure principles, insights as to their likely impact on European and the US securities markets.

Findings

Although MiFID and Reg NMS share the common objective of enhancing competition in securities markets, they adopt different provisions with respect to three issues that strongly influence the competition for order flow among trading venues. Specifically, some of the provisions set forth by the US regulation with respect to the best execution duty, the consolidation of market data and the disclosure of execution quality information appear to be more effective, compared to the European Union ones, in strengthening competition for order flow among trading venues.

Research limitations/implications

Regulatory factors can only partly explain the current structure of the European and US securities markets. Technology and heterogeneity in traders' demand are other important factors that concur in shaping the European and US markets.

Practical implications

The degree of competition for order flow among trading venues depends on how regulations define the best execution duty, the availability of updated and consolidated pre‐trade (i.e. quotations) and post‐trade (i.e. transactions) information and the efficiency of post‐trading infrastructures.

Originality/value

The paper addresses issues not yet investigated and provides valuable insights for financial intermediaries, incumbent and prospective exchanges as to the competition in the securities industry, and to regulators as to the likely impact of the new regulations.

Details

Journal of Financial Regulation and Compliance, vol. 18 no. 3
Type: Research Article
ISSN: 1358-1988

Keywords

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Article

Peihong Xie, Xin Li and Xuemei Xie

This paper aims to systematically examine the key notion of integration of non-market and market strategies in the increasingly popular study of corporate non-market…

Abstract

Purpose

This paper aims to systematically examine the key notion of integration of non-market and market strategies in the increasingly popular study of corporate non-market strategies.

Design/methodology/approach

This paper is based on a brief literature review of the non-market strategy (NMS) research that shows the existing literature does not offer a clear and systematic account of the key notion of integration. It suggests any systematic account of integration should address at least three interrelated questions, i.e. why, what and how to integrate non-market and market strategies?

Findings

For the why question, the authors use a formal model to demonstrate that the essence of the most important type of integration synergy lies in the positive spillover or externality from non-market to market strategies. For the what question, the authors identify the contents of integration at three levels, i.e. the level of non-market environment analysis, the level of NMS choice, and the level of non-market dynamic interactions. For the how question, the authors argue that the combination of non-market and market strategies should be seamless in terms of horizontal, vertical and intentional coordination. Overall, the authors argue, only when the right contents are combined and seamlessly coordinated will there be high synergies from integration of non-market and market strategies.

Practical implications

Managers are advised to give non-market strategies full attention. Managers charged with non-market tasks should explore how to seamlessly coordinate non-market and market strategies in order to gain maximal synergies.

Originality/value

This paper is the first to examine the key notion of integration in a systematic manner. It is the first to propose a three-question solution to systematic understanding of the notion and the first to propose the seamless coordination concept and its associated three aspects of seamless coordination.

Details

Nankai Business Review International, vol. 5 no. 1
Type: Research Article
ISSN: 2040-8749

Keywords

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Article

Donald R. Fraser, John C. Groth and Steven S. Byers

This paper examines and updates an earlier study of the liquidity of an extensive array of common stocks traded on NYSE/ASE/NML‐NASDAQ. It reports apparent variances in…

Abstract

This paper examines and updates an earlier study of the liquidity of an extensive array of common stocks traded on NYSE/ASE/NML‐NASDAQ. It reports apparent variances in liquidity due to trading location and other variables. The paper suggests causes for these differences.

Details

Studies in Economics and Finance, vol. 17 no. 1
Type: Research Article
ISSN: 1086-7376

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Article

Sonia Udod, Greta G. Cummings, W. Dean Care and Megan Jenkins

The purpose of this paper is to share preliminary evidence about nurse managers’ (NMs) role stressors and coping strategies in acute health-care facilities in Western Canada.

Abstract

Purpose

The purpose of this paper is to share preliminary evidence about nurse managers’ (NMs) role stressors and coping strategies in acute health-care facilities in Western Canada.

Design/methodology/approach

A qualitative exploratory inquiry provides deeper insight into NMs’ perceptions of their role stressors, coping strategies and factors and practices in the organizational context that facilitate and hinder their work. A purposeful sample of 17 NMs participated in this study. Data were collected through individual interviews and a focus group interview. Braun and Clarke’s (2006) six phase approach to thematic analysis guided data analysis.

Findings

Evidence demonstrates that individual factors, organizational practices and structures affect NMs stress creating an evolving role with unrealistic expectations, responding to continuous organizational change, a fragmented ability to effectively process decisions because of work overload, shifting organizational priorities and being at risk for stress-related ill health.

Practical implications

These findings have implications for organizational support, intervention programs that enhance leadership approaches, address individual factors and work processes and redesigning the role in consideration of the role stress and work complexity affecting NMs health.

Originality/value

It is anticipated that health-care leaders would find these results concerning and inspire them to take action to support NMs to do meaningful work as a way to retain existing managers and attract front line nurses to positions of leadership.

Details

Leadership in Health Services, vol. 30 no. 1
Type: Research Article
ISSN: 1751-1879

Keywords

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Book part

Torben Krings

This article compares the mobility experience of Austria, Germany, Ireland and the United Kingdom post-enlargement. In all four countries, migrant inflows from the new EU…

Abstract

This article compares the mobility experience of Austria, Germany, Ireland and the United Kingdom post-enlargement. In all four countries, migrant inflows from the new EU member states account for the bulk of contemporary labour mobility. At the same time, issues of wage dumping have arisen everywhere, raising questions about compliance and the ‘re-embedding’ of mobility flows. Hence the article examines the labour market impact of recent East-West migration as well as policy responses by the social partners and public authorities that are geared towards the re-regulation of employment standards. Some commonalities are identified, especially in relation to the broadening of national wage floors and the growing role of the state in enforcing labour standards. However, some differences remain, especially whether re-regulation happens on the basis of collective agreements or statutory minimum rights. In this regard, different bargaining traditions, the power resources of labour market actors and the capacity of unions to build political coalitions with the state and employers are identified as crucial factors in shaping national and sectoral response strategies.

Details

Labour Mobility in the Enlarged Single European Market
Type: Book
ISBN: 978-1-78635-442-6

Keywords

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Article

Laura Pruitt and Howard Kramer

The SEC has proposed several rules and rule amendments that, if adopted, would impact market structure of the equities markets for years to come. This article summarizes…

Abstract

The SEC has proposed several rules and rule amendments that, if adopted, would impact market structure of the equities markets for years to come. This article summarizes those proposed changes and describes some of the early reaction to them by both industry and regulators. Regulation NMS, as the rule proposals are collectively called, is intended to accomplish three primary objectives: (1) to promote equal regulation of market centers, (2) to update antiquated rules, and (3) to promote greater order interaction and displayed depth. Regulation NMS, which is intended to “advance the dialogue” on market structure issues, consists of rule proposals in four substantive areas. First, the SEC has proposed a uniform trade‐through rule for all national market system (“NMS”) market centers that would affirm the principle of price priority while addressing the differences between automated and manual markets. Second, the SEC has proposed a uniform market access rule with a de minimis fee standard intended to assure non‐discriminatory access to the best prices displayed by NMS market centers without mandating hard linkages such as the Intermarket Trading System (“ITS”).

Details

Journal of Investment Compliance, vol. 5 no. 1
Type: Research Article
ISSN: 1528-5812

Keywords

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