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Firms can use dividends and/or share repurchases to distribute cash to shareholders. Jagannathan, Stephens, and Weisbach (2000) argue that managers tend to use dividends to pay out permanent cash flows and repurchases to pay out temporary cash flows. This paper examines Korean firms’ decisions on their choices between paying out cash flows in the form of dividends or share repurchases. We focus on the permanence of cash flows. To complete this analysis, we decompose cash flows into a transitory component and a permanent one of each firm, employing the approach of Beveridge and Nelson (1981). We find that higher permanent cash flows increase the probability of a dividend increase, while higher temporary cash flows increase the probability of repurchases. And Korean firms tend to choose both dividend change and repurchases when temporary cash flows increase, rather than to choose only repurchases without dividend change. These empirical results show that Korean firms take into consideration of permanence of cash flows in the choice of their payout methods.

In this paper, an emerging state-of-the-art machine intelligence technique called the Hierarchical Temporal Memory (HTM) is applied to the task of short-term load forecasting (STLF). A HTM Spatial Pooler (HTM-SP) stage is used to continually form sparse distributed representations (SDRs) from a univariate load time series data, a temporal aggregator is used to transform the SDRs into a sequential bivariate representation space and an overlap classifier makes temporal classifications from the bivariate SDRs through time. The comparative performance of HTM on several daily electrical load time series data including the Eunite competition dataset and the Polish power system dataset from 2002 to 2004 are presented. The robustness performance of HTM is also further validated using hourly load data from three more recent electricity markets. The results obtained from experimenting with the Eunite and Polish dataset indicated that HTM will perform better than the existing techniques reported in the literature. In general, the robustness test also shows that the error distribution performance of the proposed HTM technique is positively skewed for most of the years considered and with kurtosis values mostly lower than a base value of 3 indicating a reasonable level of outlier rejections.

The gap that this research attempts to fill is to analyse the explanatory factor “industry” when assessing the reputation of a corporate group. In other words, this research attempts to demonstrate the impact of the “industrial halo” on the assessment of corporate reputation, given that, to date, the academic literature has not considered industry as an explanatory variable in the assessment of the reputation of private companies.

A sample of 43 Spanish companies was used to analyse the relationship between the reputation of firms as measured by the Merco Empresas index, and the industries to which they belong, after controlling for company performance, size, turnover, public recognition of their leadership, and corporate responsibility. This involved conducting a cross-sectional analysis of the relationship between the variables for each year in the time period from 2005 to 2016. The available data were taken from the firms' annual financial reports and websites, as well as from the Merco.

The paper shows the existence of industrial halos that account for the corporate reputation of businesses in Spain. It is also shown that industrial halos are not permanent over time, and that they tend to occur in years of crisis.

It would have been desirable for this study to have had sufficient data to include other industries, but this was not possible. As for possible extensions, in addition to expanding the period considered, other analytical techniques, such as panel data models, could be applied to allow comparison with the results obtained here.

The results of this study have some practical implications. Firstly, firms that publish corporate reputation rankings should be aware of the distortion that the industrial halo can produce, especially in times of uncertainty, and seek to correct for it in their measurements. And secondly, corporate groups themselves should assume that the reputation of the industry affects their individual reputation, and consequently, they should see the other companies in the industry not only as competitors but also as “reputational allies”. They should therefore make collective efforts to improve in this respect, especially in the face of reputational crises.

This paper provides a better understanding of the relationship between the reputation of a company and the industry to which it belongs, and of its permanence over time. This relationship has been little studied in the Spanish market to date.

本研究擬分析當企業集團的信譽被評估時的解釋性因素-行業,以填補現時的研究缺口。具體來說,研究人員鑒於學術文獻至今仍未於評估私營企業的信譽時、把行業當作是一個解釋變量來看待,故擬進行研究、以顯示行業光環在評估企業信譽時所產生的影響。

研究使用的樣本為43間西班牙公司。研究人員分析以Merco Empresas 指數來測量的公司信譽與公司所屬行業之間的關係。有關的分析調控了公司的業績、規模、營業額、企業責任、以及企業領導能力的公眾認可程度所帶來的影響。研究人員對有關變量間的關係進行橫向分析 分析於2005年至2016年期間年度性地進行。現有數據取自有關公司的年度財務報表和其網站,也有取自Merco的。

研究結果表明了可解釋西班牙企業信譽的行業光環是存在的。研究結果亦顯示、行業光環不是永恆的,而且,行業光環往往會在營運極其困難的年度內出現。

本文讓我們更深入瞭解公司信譽與公司所屬行業之間的關係,以及其在時間上的永恆性。就這相關的關係而言,探討西班牙市場的研究至今為數不多。

This paper aims to explore controls within an inter-organisational relationship involving outsourced management accounting services from the contractor’s perspective.

Qualitative data from within the relationship are analysed in a legitimacy-theory framework, illustrating how controls within the relationship are intended to build the contractor’s legitimacy and what kinds of implications the controls have in relation to conflicts between interests inherent in the relationship.

The legitimacy perspective clarifies that while controls are aimed at ensuring efficiency for the client, they may also provide symbolic displays of the appropriateness of the contractor’s actions both at an inter-organisational level for the client and at an individual level for the contractor’s employees. While the contractor intends to build legitimacy with the client by demonstrating utility in the form of efficiency, the process also gives the client influence and allows the disposition in terms of shared values to be demonstrated. However, this process has some negative consequences for the contractor’s employees as it is insufficient for serving the boundary-spanning employees’ interests connected with the nature of their work. Hence, the same controls need to yield benefits and fair outcomes for employees. The controls simultaneously foster interconnections that contribute to permanence and formalise the outsourcing of complex services, thereby rendering such processes comprehensible and transferable to other settings, which can be seen to serve the contractor’s continuity interests.

The paper contributes to academic research by illustrating how controls within inter-organisational relationships not only steer boundary-spanners’ work to conform to a client’s needs but may also help to build legitimacy via symbolic properties in the presence of conflicting interests at both an inter-organisational and individual level. It specifically highlights the important role of boundary-spanners lower in the organisational structure, who both affect and are influenced by the intentions to build legitimacy with the client.

Although slack resources and their relationship to performance have been widely studied in the literature, the temporal symmetry of this relationship, and the duration of its effects, are still unknown aspects and are the objective of this paper.

To evaluate this effect, an exploratory study has been designed on a sample of 449 Spanish industrial companies over a period of 12 years, assessing the impact of idle resources on economic and financial profitability. By means of hierarchical regressions, the short- term, medium- term and long-term effects of slack resources have been evaluated.

The results show that the impact on performance depends on the type of resource considered. Available slack has a consistent and positive effect on economic profitability in the short term. Other types of slack show persistent effects on performance, but, in the case of the recoverable slack, with a negative sign that contradicts the benefits provided by these resources. Finally, potential slack only has a permanent effect on financial profitability, but the sign changes depending on the economic context under consideration. There are also differences in the duration of the effects according to the type of resources.

This paper advances the knowledge about the slack-performance relationship over time that has been scarcely studied.

閒置資源與表現的關係從文獻中可見得到廣泛的研究。唯這關係的時間對稱性及其影響的持續期則是未知之數，這正是本研究的目的。

此為一探索性研究，以評估這影響。研究樣本為449 間西班牙工業公司，研究為期12年，目的為評估閒置資源對經濟和財務盈利能力的影響。研究使用層次回歸，評估了閒置資源的短期、中期及長期的影響。

研究結果顯示、閒置資源對表現的影響是視乎被考慮之資源所屬種類的。可用冗餘就短期而言，對經濟盈利能力產生一貫積極的影響。其它種類的閒置資源對表現有持續的影響。但可恢復的冗餘，則與這些資源會帶來好處的現象相矛盾，帶來負面跡象。最後、潛在的冗餘對財務盈利能力只產生持久的影響，唯有關的跡象則會視乎被考慮的經濟環境而改變。致於影響的持續期則會根據資源的種類而有所不同。

本研究使我們更了解冗餘與表現在時間推移上的關係，而探討這關係的研究是罕見的。﹞

This study conceptualizes a form of luxury consumption in which luxury brands collaborate with unconventional non-luxury partners. These unconventional luxury brand collaborations are growing in popularity among Chinese luxury consumers of the post-1990s generation. Luxury brands are exploring new branding strategies due to the growing commercial importance of Chinese luxury consumers.

An in-depth qualitative study informs this paper. Interviews with young adult luxury consumers self-identifying as Chinese reveal a growing interest for luxury brands that collaborate with odd partners in social media and online culture.

Unconventional collaborations between luxury brands and non-luxury partners catalyze shifting meanings of luxury through the following juxtapositions: ephemeral instead of timeless, trendy rather than inaccessible, and playful in contrast with traditional. First, young Chinese consumers construct luxury meanings through ephemerality, like digital possessions, social media fame and fleeting experiences. Second, luxury meanings emerge in trendiness among social media influencers and online culture rather than in the seemingly inaccessible taste regimes of the upper class. Third, younger consumers appreciate fun, rebellious and over-the-top aesthetics in luxury brands.

The study contributes to the nascent field of unconventional luxury by conceptualizing how unusual, odd and unexpected collaborations constitute new forms of luxury consumption. The shifting meanings of luxury consumption that this study conceptualizes raise new opportunities and challenges for luxury brands. One of such is the release of limited collections with non-luxury partners seemingly at the opposite spectrum of design, image and values. Moreover, the study adds nuance to the understanding of luxury consumption among young Chinese consumers.

The purpose of this paper is to investigate the extent to which the organizational commitment and job satisfaction influence intent to turnover.

Following a quantitative approach regarding methodological aspects of this research, a case study was carried out in a company of information technology and communication located in Porto Digital, in the Northeast of Brazil. A data collection technique with 172 forms, a self-administered form with 18 closed questions with a Likert-type scale and an open questionnaire were used. In this analysis, Statistical Package for the Social Sciences (SPSS) software was used as the technique; besides the descriptive statistics, a correlation was made between dependent variables (intention of rotation) and independent variables (affective, normative, instrumental and work satisfaction). The level of organizational commitment in its three dimensions (affective, normative and instrumental), the job satisfaction in its five dimensions (satisfaction with nature of the task, with leadership, with colleagues, with salary and promotions) and the level of intent to turnover from the respondents were investigated.

The results suggest that affective and normative commitments and satisfaction with pay, satisfaction with promotions and satisfaction with the nature of the work are correlated with the intention of negative turnover significantly. Among the demographic factors, only the age showed a negative correlation with intent to turnover. By performing multiple regression analysis, we identified that the variables that most impacted the turnover intention are affective commitment, satisfaction with salary and normative commitment. The qualitative portion of this study was accomplished through a content analysis of the open question of the form. Finally, one of the main considerations is the findings that revealed variables other than those adopted in the study, which influence the permanence of the respondents.

Among the limitations of the research a single case study is highlighted that replicates the experience in other ICT companies to verify if the results found are similar in other organizations and in other segments. The findings direct the construction and validation of new scales, the creation of qualitative protocols to identify the variables that influence the retention of a specific group of individuals to serve as a guide for the elaboration of a questionnaire, as well as creation of surveys of longitudinal nature to correlate the data of intention of rotation with the effective turnover.

Based on the results, organizations can reduce voluntary evasion by adjusting actions, policies and practices, directing those responsible for People Management to attract and retain good employees. It should be emphasized that voluntary turnover should be treated as one of the management indicators of greater relevance by organizations, representing a thermometer of all human capital management.

The monitoring of employment and unemployment levels is part of the public policy agenda for generating employment and income in Brazil. For organizations, employee turnover can and should be managed and monitored so that appropriate levels are found and their consequences are minimized through effective solutions. The results are important both for technology-based organizations and for all stakeholders interested in the subject as the public power.

Although in the international literature turnover is a topic of study for many years, in the Brazilian context, there is a shortage of research on the subject, specifically in the sector of advanced technology where there is a great lack of skilled labor, a fierce competition and where to keep employees standard high becomes a survival factor. This study may contribute to the exploration in the local literature, as it will help locate the academy on the Brazilian reality and open the doors to new research works on turnover and its possible correlations with other variables besides organizational commitment and job satisfaction.

Is it possible to consider organizational entrenchment (OE) and continued commitment (CC) as the same phenomenon? Are there enough differences between CC and affective commitment (AC) to defend that they cannot be part of the same construct? The objective of this study was to examine the convergence of validated measures between OE and CC and their discrimination to AC. The authors’ aim was to compare two models of antecedents and their consequences: the model that includes OE and AC, and the one that includes CC and AC.

An extensive cross-sectional study was conducted with a sample of 1,648 respondents (the majority lived in the Northeast region of Brazil, worked in private services companies, were female, single, under 35 years old, had, at least, begun college studies and received up to five times the minimum wage). A six-point Likert scale was used in this study. To measure OE, CC and AC, the authors used reduced versions of validated measures. To test the hypotheses, first, the authors used Pearson's correlation analysis and then, structural equation modeling, comparing two models of antecedents and consequences (one including OE and AC, and the other, including CC and AC).

As expected, affective commitment had a positive impact on the desired behavior (intention for commitment, defense, staying), whereas entrenchment and continuance commitment had a negative or non-significant impact on these behaviors. Results show the existence of a conceptual and empirical overlap between organizational entrenchment and continuance commitment and indicate that the continuance dimension is not part of commitment but rather part of organizational entrenchment.

The fact that this is a cross-sectional study sets a limitation on the results, for not allowing greater understanding of the dynamics and the causal direction of relationships. Additionally, it follows the trend of studies in the organizational behavior field of utilizing self-reported data, which results in problems related to perceptual bias (Morrow, 2011).

The practical implications of this study regard a greater clarification on which behaviors are expected from either committed and entrenched workers, and which drivers may lead to each of these bonds. Therefore, a better understanding of the phenomenon contributes to the training of managers and to the design of organizational policies and practices.

The clarity of bonds also allows its application to different contexts beyond business organizations, as a step to reach better understanding of commitment and entrenchment in different settings, economical and national realities.

It is expected that these findings add a higher precision to the research on commitment, thus contributing to the validity of the measures. Given these results and confirmation that OE and CC represent the same bond, it is considered appropriate to designate this type of bond simply as OE. Additionally, the results of this study represent a further argument in favor of prioritizing the AC than CC in research and in management of organizational commitment.

Achieving integrated care is a key focus for health systems and has resulted in various structures between and within organisations. The reorganisation of the Irish health system into hospital networks/groups aims to encourage work across hospitals to integrate care. This study evaluated if collective leadership emerged over time through increased interaction and collaboration following the organisation of hospitals into a network. A secondary aim was to elucidate the potential for collective leadership, through understanding the barriers and enablers perceived by participants.

This study employed social network analysis and qualitative interviews. Leaders across the hospital group were invited to participate in an online network survey and interviews (analysed using thematic analysis) at three time points over an 18-month period.

Although there was evidence that some parts of network were beginning to operate collectively, the structures observed were more typical of a hierarchical network. Disruption in the network and uncertainty regarding permanence of the organisational structure had a negative impact on the potential for collective leadership. Yet, progress was evident in terms of establishing building blocks for collective leadership and integration, including developing trust, mutual understanding and creating space for change.

This study contributes to the literature by reflecting on the mechanisms and initiatives perceived as enabling/inhibiting collective leadership. Based on this research, it is important to communicate a clear and consistent message about the plans for the organisations involved and be clear regarding the roles and expectations for those involved in introducing new approaches to leadership and integration. Honest collaboration, openness and certainty in communication will likely be important in order to help create the contextual conditions to enable collective and system approaches to introduce “stepping stones” to change. These conditions include developing interpersonal relationships between leaders, creating time and space for deep and shared reflection, and enhancing trust among colleagues.

A key strength of this study is the linking of leadership-as-networks theory with social network methods to investigate collective leadership in practice. This study contributes to the literature by reflecting on the mechanisms and initiatives perceived as enabling/inhibiting collective leadership.

The purpose of this paper is to discuss relationships between transformational leadership and job crafting. Using the job demands-resource (JD-R) theory, this study investigates the mediating role of work engagement in the relationship between transformational leadership and job crafting. The author has also tested the moderating roles of personal values.

This study is based on data from 450 knowledge workers representing companies of various sizes from the knowledge-intensive business services (KIBS) sector in Poland. The questionnaires were completed using the computer-assisted telephone interview method. The statistical verification of the mediation and moderation analyses was conducted using macro PROCESS (ver. 3.3).

The findings show that transformational leadership was positively related to job crafting. Statistical analysis also confirmed the research hypothesis that as a personal resource, self-enhancement values moderate relationships between transformational leadership and work engagement, thus strengthening them. The study integrated research on leadership and personal and organisational resources to examine the collective impact of these variables on employee job crafting.

The study is the first to explore the mediating mechanism (through work engagement) between transformational leadership and job crafting in the context of KIBS companies in Poland.