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The purpose of this paper is to reflect on the opportunities and challenges provided by the introduction of Police and Crime Commissioner (PCC), and particularly the…
The purpose of this paper is to reflect on the opportunities and challenges provided by the introduction of Police and Crime Commissioner (PCC), and particularly the prospects for enhanced public accountability of policing as a result. It considers how the new accountability framework might work in practice and in comparison with the existing arrangements of Police Authorities and highlights the key accountability relationships on which success is likely to depend.
The paper draws on a range of published research on public accountability and applies the key ideas to the particular context of police governance and accountability.
While the plans for directly elected PCCs have proved controversial, the overall view is that the new approach to police governance deserves its chance because it seems to offer at least some potential for stronger public accountability. Much depends on the three key accountability relationships and probably it will take some time for clear, significant and lasting impacts to show themselves. But in four years time, when the next round of elections are due, the nature of the challenge of injecting more effective public accountability into policing will be better understood.
The paper offers conceptual insights on the governance and accountability framework for policing, both as currently exists and as is intended with directly elected PCCs. It also highlights the three key accountability relationships which lie at the heart of the new arrangements and upon which success, to a large extent, will depend.
The purpose of this paper is to provide an updated and critical assessment of the share reforms relevant to Chinese A‐share issuers listed in the two mainland markets of…
The purpose of this paper is to provide an updated and critical assessment of the share reforms relevant to Chinese A‐share issuers listed in the two mainland markets of Shanghai and Shenzhen. The reform programme first began in 2005 and has now spread widely across issuers in the two markets. It is therefore timely to assess how effective the reforms have been as well as gauging the ongoing effects of the transformation (of non‐tradable scrip into tradable form) on A‐share prices.
The “Split Share Structure” reform programme represents a major policy initiative in China and potentially opens‐the‐door to large‐scale state‐share disposals. The evidence to date however suggests that the Chinese authorities are primarily concerned with the reconfiguration of the array of share types that presently exist into a more comprehendible, streamlined form. The various checks and balances imposed on controlling shareholders engaged in the transformation of their shares from non‐tradable to tradable form suggest that eventual re‐designation of the holdings into an unfettered tradable type will not necessarily translate to the state's acquiescence in the disposal of such shares. On the contrary, state holdings in the most strategic of assets are likely to be retained more or less intact. Insights are developed by focusing on examples involving major A‐share issuers. In particular, a case study of the Sinopec reform proposal of August/September 2006 is set out to help illuminate the principal features of the reform package. Critical examination of the empirical literature relating to the A‐share price effects of the share reform programme also features.
There is little evidence to date of significant stock disposals amongst the largest and most strategic of China's issuers. However, for a number of A‐listed issuers, parts of the lock‐up moratoria have already expired or are set to do so in the very near future. Given the precipitous fall in A‐share prices (in Shanghai and Shenzhen) since late 2007, largely wrought by the enveloping global credit‐crunch, the Chinese authorities have an even more compelling case than hitherto to assiduously dampen fears of large‐scale state‐share disposals. Notwithstanding this, at least a small part of the drop in A‐share values during 2008 derives from the building risk‐premium on this issue.
As the trading moratoria on re‐designated shares still applies in most cases, at least in respect of the majority of domestic stock holdings, a clearer picture will not emerge until 2009‐2011 when all such moratoria would have lapsed.
The discussions in this paper help to bring into focus a highly topical issue within the context of the Chinese equity market.
Contends that micro‐business owner‐managers invariably have objectives, although they do not always make them explicit. These objectives tend to relate to personal rather than business criteria. In addition, the vast majority of micro‐business owner‐managers indicate little inclination to maximise profit or pursue growth. The supposed non‐existence and ambiguity of objectives amongst owner‐managers probably arise because they often subconsciously set objectives, rather than make them explicit as part of a written business plan. In practice, micro‐businesses generally pursue a number of economic and non‐economic objectives relating to factors such as income levels, job satisfaction, working hours, control and flexibility. These objectives were derived from the influence of the micro‐business owner‐manager’s individual, social and economic contexts. Moreover, the behaviour of owner‐managers is most appropriately characterised in terms of satisficing behaviour. The impact of this is very important, because it means that there is often no drive to improve the business in terms of growth, sales and profitability. Furthermore, the willingness of owner‐managers to alter their aspiration levels, if objectives were not being easily achieved, often means that they do not initiate changes in the way they run their business when perhaps they should.
There has been a trickle of recent evidence that the current recession is coming to an end. From a number of perspectives it may be argued that it is fortunate that the…
There has been a trickle of recent evidence that the current recession is coming to an end. From a number of perspectives it may be argued that it is fortunate that the pace of recovery from the longest post‐war recession is faltering and slow. How can slow recovery from the longest recession since the war be welcome when almost 44% of the small businesses responding to the National Westminster Bank / Small Business Research Trust surveys report low turnover or lack of business as the major constraint, with the smallest businesses being affected most? The reason is that the economic and social policy cocktail which offers the prospect of sustained growth has yet to be discovered in the UK, if indeed such policies exist. Over the past thirty years (excluding the oil shock of the early 1970s) two periods of decline in real GDP have occurred, both since 1980 (Budget Statement 1990/1). It thus appears that the downside swings in the economy are becoming more pronounced. Recent reductions in interest rates are helpful in encouraging recovery but policies which smooth rather than accentuate fluctuations in the levels of economic activity are what is really required. These policies need to be established within the context of a strategy for managing the UK economy. Such a strategy must incorporate the role of small firms which, as recent evidence shows, continue to be a very important segment of industry and commerce despite the ravages of recession.
The discussion about public sector performance is still present today, despite the profound research that has already tried to address this subject. Furthermore, theory…
The discussion about public sector performance is still present today, despite the profound research that has already tried to address this subject. Furthermore, theory links negative effects on organizational performance with increased levels of organizational complexity. However, literature thus far did not succeed to put forward a successful theory that explains why and how public organizations became increasingly complex. To answer this question, we argue that increased organizational complexity can be explained by viewing public organizations as the hybrid result of different institutional logics, which are shaped by various management views. However, former research mainly concentrated on the separate study of management views such as traditional public management (TPM), NPM, and post-NPM. Although appealing, research that approaches hybridity from this perspective is fairly limited.
We conducted a literature review in which we studied 80 articles about traditional public management, NPM, and post-NPM.
We found that these management views essentially differ on the base of three fault lines, depending on the level of the organizational culture. These fault lines, according to the management view, together result in nine dimensions. By combing dimensions of the different management views, we argue that a public organization becomes hybrid. Furthermore, in line with findings of contingency theory, we explain the level of hybridity might depend on the level of tight coupling for a given organization. Finally, we developed propositions that explain hybridity as the result of isomorphic forces, organizational change, and organizational resistance to change and that link hybridization with processes of selective coupling.
The value of this chapter lies in its real-life applicability.
Concern has been expressed, over the years, about the financial management strategies adopted by small firms, but very little is known about these practices. Business…
Concern has been expressed, over the years, about the financial management strategies adopted by small firms, but very little is known about these practices. Business performance measures are an important element of these financial management strategies. The paper discusses the findings from research carried out in the UK examining the quantitative and qualitative criteria in the measurement of performance in small firms. Semi‐structured interviews were carried out with 20 owner‐managers from both manufacturing and service sectors. Orthodox theory assumes that the objective of the firm is to maximise profits, and it follows that the performance measures advocated are largely based upon this theory. However, research has shown that small firms pursue a range of goals. It was, therefore, not surprising to find that owner‐managers of small firms used a variety of measures and indicators to assess business performance. Profit measures were found to be less important than conventional views suggest. In particular, cash flow indicators were considered to be critical. Other performance measures adopted by owner‐managers include the quality of inputs and outputs and intangible indicators.