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Article
Publication date: 27 May 2014

Fan Yang, Craig Wilson and Zhenyu Wu

– The purpose of this paper is to investigate how foreign and domestic investors differ in their beliefs about the relative merits of a firm's political connections.

Abstract

Purpose

The purpose of this paper is to investigate how foreign and domestic investors differ in their beliefs about the relative merits of a firm's political connections.

Design/methodology/approach

These differences are employed to explain cross-sectional variation in the previously documented premium in A-share prices relative to otherwise equivalent foreign currency denominated B-shares for Chinese firms.

Findings

Chinese domestic individual investors were excluded from owning B-shares of Chinese firms prior to February 20, 2001. The authors find that firms with more political connections have higher premiums and a smaller reduction in premiums associated with this event.

Research limitations/implications

This is consistent with domestic block holders deriving additional benefits from politically connected firms.

Practical implications

The findings also have important policy implications by showing that government can have a strong effect on the economy even without applying macro-policy tools.

Social implications

Government ownership in listed companies can result in discrepancies among classes of investors with respect to their valuations. Furthermore, the prohibition of short sales prevents arbitrage from correcting this bias, and eventually the role of the market in allocating resources efficiently is undermined.

Originality/value

The authors investigate the role of political connections as implied by the proportion of state ownership in explaining the A-share premium. Unlike previous studies that associate state ownership with political risk, the paper relates state ownership to political connections that are particularly beneficial to domestic large block shareholders. This interpretation is consistent with the findings and with previous literature on state ownership and political connections of Chinese firms.

Details

International Journal of Managerial Finance, vol. 10 no. 3
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 29 March 2021

Husam AlWaer, Susan Rintoul and Ian Cooper

This paper is concerned with what should happen after design-led events have been held to promote co-decision-making, between professionals and local stakeholders, in…

Abstract

Purpose

This paper is concerned with what should happen after design-led events have been held to promote co-decision-making, between professionals and local stakeholders, in collaborative planning of the built environment. Rather than being standalone, such events form one single step in a multi-stage collaborative planning process. What comes before and after them has to be acknowledged as important to their effective contribution to collaborative planning. This paper aims to make a case for giving more attention to the post-event stages of collaborative planning, to ensure that the involvement of the public produces real and tangible benefits.

Design/methodology/approach

Content analysis of both academic and grey literatures was undertaken to examine emerging advice on how to conduct decision-making, the implementation of outputs and the delivery of desired outcomes, after design-led events. A critical review of the post-event decision-making and delivery activities is offered, which aims to add to the current academic literature on the deployment of design-led events. An attempt is made to sketch out the characteristics of post-event stages, drawn from the literature and collated specific examples of collaborative planning investigated in Scotland.

Findings

Three key factors are identified as affecting the successful implementation of decisions reached at design-led events: (1) a shared follow-on plan, (2) an agreed action programme for delivering this and (3) a properly constituted and resourced delivery vehicle that can monitor and evaluate progress. A research agenda to address questions raised but left unanswered is suggested dealing with how the decision-making and delivery activities following design-led events in collaborative planning might be improved.

Originality/value

A research agenda to address questions raised but left unanswered is suggested dealing with how the decision-making and delivery activities following design-led events in collaborative planning might be improved.

Details

Archnet-IJAR: International Journal of Architectural Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2631-6862

Keywords

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Article
Publication date: 2 September 2021

Husam AlWaer, Susan Rintoul and Ian Cooper

Design-led events are known under a range of different titles such charrettes, participatory placemaking, co-design and enquiry by design. Rather than being standalone…

Abstract

Purpose

Design-led events are known under a range of different titles such charrettes, participatory placemaking, co-design and enquiry by design. Rather than being standalone, such events form one single step in a multi-stage collaborative planning process. What comes after them has to be acknowledged as important to their effective contribution to collaborative planning. To date, no coherent body of empirical evidence on the aftermath of events has been published demonstrating critical factors that contribute to their success.

Design/methodology/approach

The paper’s significance resides in identifying an extended framework for the stages in the collaborative planning process and in highlighting critical issues for ensuring that the aspirations and concerns expressed by stakeholders throughout the process are acted on and delivered, namely, subsequent decision-making and delivery; follow-on support, resourcing and funding; the legal status of events and related governance issues; and appropriate monitoring and evaluation practices.

Findings

The paper provides guidance for professional and local stakeholders who are expected to carry the burden of acting on the outputs arising from such events. To be successful, collaborative planning has to be based on longitudinal stakeholder engagement – both long before but also after such events. It is here that the significance of the results reported here lie.

Originality/value

The originality of this paper lies in its attempt to broaden understanding of what happens in collaborative planning following design-led events, drawing on interviews with professional and lay participants in events held across Scotland over the past decade.

Details

Archnet-IJAR: International Journal of Architectural Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2631-6862

Keywords

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Article
Publication date: 4 March 2014

Frederic Lassalle

The purpose of this paper is to present a tool with which to understand the power existing in relations between sports organisations. This research proposes a tool will…

Abstract

Purpose

The purpose of this paper is to present a tool with which to understand the power existing in relations between sports organisations. This research proposes a tool will draw from the work of Machiavel (1513/2000), Galbraith (1985) and Baechler (1978). This tool is composed by three dimensions which guarantee the possessor an absolute power, so avoiding the threat of overthrow by discontented individuals.

Design/methodology/approach

A case study of the America's Cup 2007, held in Valencia, Spain, will seek to shed light on the theoretical conceptions of various authors. The America's Cup is one of the world's oldest competitive sporting events. A semantic analysis of the resulting data via Alceste and Wordmapper software, will highlight the particular power present in relations.

Findings

The importance of this research, in addition to finding a type of power in a precise case, is essentially to verify the functioning of the model of three dimensions, given its triangular form.

Practical implications

Organisations could acquire a better understanding of power present in their relations that they maintain and hence adapt their behaviour according to the strategy they seek to employ. International sporting events constitute a field where stakes are high, and each entity must work hard to put in place a set of strategies to ensure profit.

Originality/value

Sport as an area of research, sport is justified by recent developments in the world of sporting special events management, where weighty power struggles have considerably increased.

Details

Sport, Business and Management: An International Journal, vol. 4 no. 1
Type: Research Article
ISSN: 2042-678X

Keywords

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Article
Publication date: 10 October 2016

Anna Kwek and Mitchell Ross

The purpose of this paper is to describe experiences of high school graduates attending a significant annual celebratory event (Schoolies) on the Gold Coast, Australia.

Abstract

Purpose

The purpose of this paper is to describe experiences of high school graduates attending a significant annual celebratory event (Schoolies) on the Gold Coast, Australia.

Design/methodology/approach

An interpretive, qualitative paradigm informed by social construction ideologies was adopted. Data were collected via in-depth semi-structured interviews.

Findings

Key findings relate to attendees’ notion of excitement and perception of social identity, which was found to encompass both a rite of passage and event exclusivity. Attendees’ sense of identity developed from the unique nature of the event as well as the anticipation of excitement and the actual experience.

Originality/value

This study makes a novel contribution in that it takes an interdisciplinary approach, bringing together the sociological, social psychological, and marketing disciplines in an event management context.

Details

International Journal of Event and Festival Management, vol. 7 no. 3
Type: Research Article
ISSN: 1758-2954

Keywords

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Article
Publication date: 18 May 2021

Fidella Tiew, Kirsten Holmes and Nigel de Bussy

The purpose of this paper is to examine external event stakeholders’ strategic actions to advance their interests in tourism events, based on their resource relationships…

Abstract

Purpose

The purpose of this paper is to examine external event stakeholders’ strategic actions to advance their interests in tourism events, based on their resource relationships with the event. It takes the novel approach of examining stakeholder influence strategies from the external stakeholder perspective.

Design/methodology/approach

The study used a qualitative case study research design, with five government-owned tourism events in Sarawak, involving primary data from 37 interviews with external stakeholders.

Findings

The stakeholders perceived that they were not overly dependent on the events studied due to their short duration. Two types of resource relationships were found: event-dependent stakeholders and event non-dependent stakeholders. Stakeholders were found to be deploying various influence strategies, which were largely subtle, positive and collaborative in nature, regardless of whether they were event-dependent or event non-dependent stakeholders.

Research limitations/implications

The findings are limited to the context examined in this study. Going forward, stronger public–private partnerships and formalised resource relationships are needed to ensure continuity of resource supplies and greater event innovation.

Originality/value

The study adds to the knowledge of how event external stakeholders exert their influence in accordance with their interests and resource dependency relationship with government-owned tourism events in the context of Sarawak, Borneo.

Details

International Journal of Contemporary Hospitality Management, vol. 33 no. 7
Type: Research Article
ISSN: 0959-6119

Keywords

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Article
Publication date: 26 September 2011

Dror Parnes

This study seeks to explore developments in corporate creditworthiness before and after ownership events.

Abstract

Purpose

This study seeks to explore developments in corporate creditworthiness before and after ownership events.

Design/methodology/approach

The paper uses the Blockholders database of Dlugosz, Fahlenbrach, Gompers, and Metrick, and three credit quantities, and deploys a standard event study methodology to examine the relation to corporate creditworthiness.

Findings

The paper discovers that ownership‐construction is generally associated with prior‐ and post‐improvement in creditworthiness, while a block‐destruction is typically surrounded by deterioration in corporate creditworthiness. The paper also finds proper evidence for a relation between the construction or destruction of managerial block and future developments in corporate creditworthiness. The paper further realizes that outside shareholders exhibit higher impact than inside block‐holders on later variations in credit risk.

Research limitations/implications

The paper is unable to conduct further robustness checks with structural credit methodologies due to the reduced number of valid observations.

Originality/value

Market participants can utilize the conclusions to better predict future trends in corporate creditworthiness.

Details

International Journal of Managerial Finance, vol. 7 no. 4
Type: Research Article
ISSN: 1743-9132

Keywords

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Article
Publication date: 17 April 2009

G. Andrew Karolyi, Lianfa Li and Rose Liao

The purpose of this paper is to examine the changes in B‐share discounts across 76 Chinese stocks around an important regulatory event to understand the importance of…

Abstract

Purpose

The purpose of this paper is to examine the changes in B‐share discounts across 76 Chinese stocks around an important regulatory event to understand the importance of political risk in pricing stocks in emerging markets.

Design/methodology/approach

On February 19, 2001, the Chinese Securities Regulatory Commission announced that Chinese residents would be allowed to own B‐share classes of stocks traded on both the Shanghai and Shenzhen stock markets. These share classes were previously restricted to foreign investors while domestic residents were only permitted to hold A‐share classes of stock and were typically priced at a significant discount. This regulatory change triggered a dramatic decline of prevailing B‐share discounts from 80 percent down to 40 percent.

Findings

The paper finds that the largest declines in the B‐share discounts around this regulatory event are concentrated in the firms with low government ownership stakes and are unrelated to the firms' risks, relative supplies of shares outstanding and liquidity attributes.

Research limitations/implications

This surprising finding challenges the current wisdom about what influences the B‐share discount and particularly the role of political risk in explaining the discount puzzle.

Originality/value

The paper offers an alternative interpretation for the B‐share discount puzzle. The findings have important implications for China's future financial liberalization policies.

Details

Journal of Financial Economic Policy, vol. 1 no. 1
Type: Research Article
ISSN: 1757-6385

Keywords

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Article
Publication date: 24 September 2020

Kerry Liu

On May 24, 2019, the People’s Bank of China (China’s central bank) announced that the Baoshang Bank had been taken over because of credit risk. The Baoshang Bank failure…

Abstract

Purpose

On May 24, 2019, the People’s Bank of China (China’s central bank) announced that the Baoshang Bank had been taken over because of credit risk. The Baoshang Bank failure has caused concerns over the stability of the Chinese financial system and the Chinese economy. This study aims to examine the case of Baoshang Bank’s failure and its theoretical implications including the relation between ownership structure and bank performance, the monetary transmission during a banking crisis and the market response to Baoshang Bank failure. Then this study discusses policy implications.

Design/methodology/approach

This study adopts a two-stage least squared model to examine the relation between ownership structure and bank performance, a series of rolling regressions to examine the monetary transmission and event studies to examine the market response to Baoshang Bank failure.

Findings

This study finds that there is a nonlinear relation between ownership structure and bank performance, the interest pass-through has broken down after the Baoshang Bank failure and the Baoshang Bank failure and the gradual exit of implicit guarantee from the Chinese government are considered to be positive to the Chinese banking sector.

Originality/value

First, although previous studies on ownership structure and bank performance classified different types of larger shareholders and found that this nonlinear relation is insignificant, this study finds a significant relation by innovatively using a combined ownership. Second, further contributing to the studies on monetary transmission in banking crisis based on international data, this study based on Chinese data sets finds that the interest rate pass-through has broken down after the Baoshang Bank failure.

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Article
Publication date: 6 May 2021

Trudie Walters, Raphaela Stadler and Allan Stewart Jepson

The importance of events for marginalised groups has largely been overlooked within tourism, hospitality and event studies. The purpose of this study is to address this…

Abstract

Purpose

The importance of events for marginalised groups has largely been overlooked within tourism, hospitality and event studies. The purpose of this study is to address this gap, emphasising the positive outcomes of power relationships rather than the negative, which have traditionally been the focus in event studies.

Design/methodology/approach

The study investigated eight events for indigenous and ethnic minority groups, rural women, disabled people and seniors in Australia and New Zealand. Qualitative data was collected via participant observation, reflexive ethnography, semi-structured interviews and in-the-moment conversations. An inductive thematic approach was taken to data analysis.

Findings

Eight themes around notions of power and empowerment were identified during the analysis: providing a platform, giving/taking ownership, gaining confidence, empowering with/through knowledge, respect, pride and affirmation, freedom to “be” and resistance. These were then viewed through the lenses of social-structural and psychological empowerment, enabling a deeper understanding of power at/through events.

Research limitations/implications

The paper presents a framework for empowerment that enables event organisers to both understand and deliberately plan for the productive use of power, which can reaffirm important event aims, objectives and values. It can also be used by researchers as a framework through which to identify and assess the contributing elements of empowerment at events and by local government to guide policymaking around events.

Originality/value

This study is the first to highlight best practices for the positive use of power at events that “empowers” marginalised groups. Grounded in empowerment theory, the study offers a new lens to reframe notions of power and provides a theoretical framework that will be of value for both critical event studies researchers, event organisers and policymakers alike.

Details

International Journal of Contemporary Hospitality Management, vol. 33 no. 7
Type: Research Article
ISSN: 0959-6119

Keywords

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