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1 – 10 of 94This paper aims to explore how heads in South Korean workplace perceive the retirement preparation of older Korean workers and their roles in accordance with life design…
Abstract
Purpose
This paper aims to explore how heads in South Korean workplace perceive the retirement preparation of older Korean workers and their roles in accordance with life design perspective.
Design/methodology/approach
Qualitative in-person interviews were conducted with top leaders of 15 corporations in small- and medium-sized enterprises (SMEs) and analyzed by using a conventional content analysis.
Findings
Top leaders in corporations consider that older Korean workers whose retirement preparation is their own responsibility have not been actively preparing for their postretirement life. Nevertheless, some of these heads are attempting to assist with career development or career transition. Some believe that older workers should work as long as they are capable and should be retained after the official retirement age.
Research limitations/implications
These exploratory findings are preliminary, and the top-down mechanism might work differently in a specific sector. Future research merits a large-scale investigation of each specific business.
Practical implications
It is implied that policy initiatives should support SMEs with subsidy programs for older workers’ employment, empowering longer working as healthy pathways to postretirement.
Originality/value
This pilot study indicates some degree of possible roles of top corporate leaders for workers’ retirement preparation in terms of career development and career transition and retainment of older workers.
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Richard Fox and Warren A. French
Senior citizens adjust to retirement living in distinctly different manners. These adjustment mannerisms could be used as a basis for market segmentation. Although some of the…
Abstract
Senior citizens adjust to retirement living in distinctly different manners. These adjustment mannerisms could be used as a basis for market segmentation. Although some of the potential segments might be alienated by appeals aimed solely to the elderly, others might be successfully approached by appeals positioned specifically toward their needs.
Waheed Akhter, Vasileios Pappas and Saad Ullah Khan
In this paper, we aim to assess insurance demand across selected Asian and OECD countries during the period of the global financial crisis.
Abstract
Purpose
In this paper, we aim to assess insurance demand across selected Asian and OECD countries during the period of the global financial crisis.
Design/methodology/approach
We collected data from 55 emerging Asian and OECD countries during the period of the global financial crisis. Our methodology relies on panel regressions. Separate models are run for the Asia/OECD economies and a follow-up distinction between high/low-income regions is also made.
Findings
We find that global financial crisis affects negatively the general insurance demand particularly in high-income region. Higher dependency ratio in Asia tends to decrease insurance demand, whereas education in case of Asia positively influences insurance demand indicating that higher literacy rate can be helpful to capture the potential customers. Our results further reveal that life insurance is an important driver for insurance demand in OECD countries, whereas general insurance demand is higher in the Asian economies.
Research limitations/implications
A limitation of this study is that data sets employed do not differentiate between different life and general insurance products.
Practical implications
This study is helpful for regulators, policymakers and insurance providers to evaluate, assess and monitor insurance demand in relevant countries.
Originality/value
This is one of the pioneering studies that have assessed insurance demand among emerging Asian and OECD countries during the period of the global financial crisis.
Peer review
The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-08-2019-0523
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Naser Shirbagi and Parisa Gholami
In this research, which has involved collecting Iranian faculty members' accounts of their experiences of sabbaticals, the authors are seeking to understand how faculty members…
Abstract
Purpose
In this research, which has involved collecting Iranian faculty members' accounts of their experiences of sabbaticals, the authors are seeking to understand how faculty members make sense of events throughout the process of sabbatical, construction these events into episodes and thereby maintaining unity within their lives.
Design/methodology/approach
Using narrative qualitative method and episodic interviews the researchers collected and analyzed the data by applying MAXQDA 2020 software. In this study, the impact of sabbatical leave on faculty members' academic achievement was measured in three ways: individually, professionally and organizationally.
Findings
Sabbatical leave changed their academic and personal values. In addition, the results of the narrative analysis showed that sabbatical leave experience could enable faculty members to change themselves in terms of their lifestyle and attitudes. A considerable influence on their families was also found. Moreover, from individual dimension, it was found that participants' engagement with their colleagues and their sense of social responsibility especially in environmental protection zone area had increased. Furthermore, in professional and academic area, the participants reported tendency toward more team work, more creative approach and they developed a sense of innovation and willingness to take risks.
Practical implications
The findings of the study showed that faculty members sabbatical leave experience could stimulate their global thinking toward foreign overseas universities, their students and colleagues and they could have more publications in foreign languages. Based on the findings of the study some reconsiderations in administrative regulations should be taken into account in order to enable volunteer faculty members to take part in sabbatical leave programs.
Social implications
The authors demonstrate that how Iranian higher education regulations and dominated patriarchy, deprive female faculty members from sabbaticals. In addition, the results indicate that using sabbatical leaves by males, and mostly in STEM fields in Iran are fundamental in producing and reproducing inequalities regarding gender and academic field.
Originality/value
The paper addresses an important topic and by using a relevant qualitative method for examining participants' views in the study has added complementary information to the literature of faculty members' professional development. The study has been conducted in a particular context with a different understanding of the topic, since studying such a topic in Iran is missing almost in the literature.
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This paper demonstrates that Hong Kong currently provides four pillars of old-age protection: a publicly managed and noncontributory social security system (zero pillar), a funded…
Abstract
Purpose
This paper demonstrates that Hong Kong currently provides four pillars of old-age protection: a publicly managed and noncontributory social security system (zero pillar), a funded contribution scheme (the second pillar), voluntary personal savings (the third pillar) and informal support, formal social programs and other individual financial assets (the fourth pillar). This paper aims at evaluating current four pillars of old-age protection and unraveling the deep-seated causes underlying the current old-age protection model by tracing a short history from 1965 onward. This paper aims at making recommendations about the current old-age protection model.
Design/methodology/approach
The paper analyzes the current four pillars of old age protection. A comprehensive literature review was conducted covering relevant government reports, academics' journal papers and nongovernmental organizations' reports concerning the development of old age protection system from 1965 to the present.
Findings
The poverty rate of elderly residents was approximately 44.5% between 2009 and 2018, indicating that the four pillars of old-age protection had been unable to alleviate poverty in the aging population. The development of the current four pillars is attributed to a residual welfare system, the effectiveness of which is further dependent on familial dependence or welfare financialization. However, the reliability of familial dependence is affected by the declining coresidence rate and low fertility rate, whereas welfare financialization not only predominately favors financial institutions but also exacerbates income polarization. Therefore, the University of Hong Kong (2014) introduced an additional pillar of noncontributory social pension and assistance, which generated a contentious debate. The Hong Kong Special Administrative Region (HKSAR) government initiated a public engagement exercise on retirement protection in 2015 to assess public opinion on old-age protection. These consultation exercises were met with broad public disappointment because of the explicit reservations imposed by the government on the proposals.
Practical implications
Although the government's resistant attitude can be attributed to the residual welfare system, pension reform needs to be urgently implemented at three levels, namely strengthening of each pillar, emphasis on the pillar's interrelatedness and introduction of the first pillar.
Originality/value
The poverty of the elderly population is serious in Hong Kong. It is important to solve the deep-seated problems faced by the current old-age protection model. Hence, it comes a critical time to design a sustainable old-age protection model despite the heated discussion on the establishment of a central provident fund and pension system among officials since 1960s.
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Cléverson Vasconcelos da Nóbrega and Diogo Henrique Helal
The article aims at analyzing the social representations of retirement in two different groups of professors – pre-retired and retired – from a public higher education…
Abstract
Purpose
The article aims at analyzing the social representations of retirement in two different groups of professors – pre-retired and retired – from a public higher education institution. The goal is to explore the experiences, reflections, beliefs, and attitudes originated from the transition to retirement.
Design/methodology/approach
The research, of exploratory and descriptive nature, was guided by the Social Representation Theory (SRT) and took a qualitative approach. 16 professors were interviewed, 8 in each group (pre-retired and retired professors), using semi-structured interviews that followed a script designed to discover the main aspects of the transition to retirement.
Findings
Three figurative cores were raised – the financial aspect, the centrality of work, and the will to continue contributing, and the unpreparedness for retirement – and testimonies have shown heterogeneous representations. The study observed that although relevant, the bonus for continued services is not the main determinant for professors to continue working in the university.
Originality/value
The results of this study indicate the need to treat retirement as a complex and multidimensional process, offering a fresh perspective on the social representations of retirement in the academic context. The use of the Social Representation Theory to explore these perspectives adds to the originality of the approach, highlighting the multifaceted nature of the retirement process in this specific professional group.
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Sharad Asthana and Birendra Mishra
This study investigates the incremental value‐relevance of non‐pension postretirement benefit obligations and expenses (disclosed by firms pursuant to SFAS 106). Our study is…
Abstract
This study investigates the incremental value‐relevance of non‐pension postretirement benefit obligations and expenses (disclosed by firms pursuant to SFAS 106). Our study is motivated by previously published evidences that investors value the SFAS 106 measure of postretirement benefit obligations. However, prior research does not address incremental value‐relevance of the SFAS 106. We address two related questions. First, “do the SFAS 106 measures of non‐pension postretirement benefit obligations and expenses provide incremental value relevance (after controlling for information available from non‐SFAS 106 sources).” Second, “under what circumstances are the SFAS‐106 measures more likely to provide incremental value relevance.” The key findings of this paper are: (i) on average, SFAS 106 measures of postretirement benefit obligations and expenses have no significant incremental value‐relevance after controlling for non‐SFAS 106 information; and (ii) labor intensity and the magnitude of postretirement benefit obligation increases the incremental value‐relevance of SFAS 106 measures.
William R. Cron and Philip L. Kintzele
Because of the dramatic increase in health care costs and the fact that more people are retiring earlier and living longer, the issue of post retirement benefit costs other than…
Abstract
Because of the dramatic increase in health care costs and the fact that more people are retiring earlier and living longer, the issue of post retirement benefit costs other than pensions has become a topic of great interest to issuers and users of financial statements.The Financial Accounting Standards Board is in the process of requiring corporations to report these expected future post retirement costs as liabilities. This paper examines the proposed treatment of post retirement benefits costs and discusses alternative strategies a company may adopt to prepare for implementation of the standard.
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This paper posits that the precision of accounting estimates should be an increasing function of experience due to learning effects. Using a sample of 747 observations for 305…
Abstract
This paper posits that the precision of accounting estimates should be an increasing function of experience due to learning effects. Using a sample of 747 observations for 305 firms for the period 1993–96 with complete data available on the COMPUSTAT, CRSP, and COMPACT DISCLOSURE databases, the paper conducts regression analyses to examine the precision of two estimates (discount rates and health care cost inflation rates) required under SFAS 106. Tests show that the estimation errors for the health care cost inflation estimates decrease with experience, but those for discounts rates do not. The results persist after controlling for the profile of participants of the health care plan, predisclosure uncertainty, and propensity to manipulate by managers. The results are consistent with “learning effect” for health care cost inflation rates that were being estimated for the first time, while no such effect is visible for discount rates that had been estimated in the past for pension plans. The paper also hypothesizes that the market rewards perceived precision of accounting estimates attributable to learning effect. Cross‐sectional tests confirm that the valuation coefficient of postretirement benefit obligations increases in absolute value as the estimation errors decline, suggesting that the market relies more on reported accounting estimates as their perceived precision improves. Thus, the extant research findings of weak or non‐existent value relevance of SEAS 106 liabilities may have been confined to the initial period after the adoption of SEAS 106 when the measurement errors were high. The documented evidence of improvement in precision provides support for FASB's claim that the reliability of accounting estimates, especially those required by complex standards such as SEAS 106, should improve with experience. The evidence of improvement in value‐relevance should also be reassuring for FASB, since one of the intended benefits of SEAS 106 was to provide value relevant information to the investors.
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The purpose of this paper is to examine the determinants of US firms' postretirement benefits choices.
Abstract
Purpose
The purpose of this paper is to examine the determinants of US firms' postretirement benefits choices.
Design/methodology/approach
The paper uses empirical methodology (univariate and multivariate) to test the research hypotheses.
Findings
Industry norm, average employee age, financial structure, and firm size are significant factors in the determination of the proportion of compensation that is deferred. Industry norm, financial structure, and firm size are significant factors that determine the percentage of deferred compensation that is negotiated as defined benefits. Finally, industry norm, corporate tax rates, and cash flow help explain the percentage of defined benefits that are paid in the form of retiree health benefit plans.
Research limitations/implications
Data requirements might bias the sample towards larger sized firms. Data availability limits the number of observations in 2000 and 2001.
Practical implications
The trends in post‐retirement benefits reported in this paper are important for policy makers.
Originality/value
These findings have implications for the baby boomers. The trend to offer smaller proportion of compensation as deferred benefits reflects the increasing costs of deferral to the employers. This increases the employees' responsibilities to save on their own. This also would shift the retirees' dependence on the public pension system for their retirement income. The trend to favor defined‐contribution plans instead of defined‐benefit plans reflects the employers' attempts to diversify their risks of paying promised post‐retirement benefits by transferring the risk to the employee. On the other hand, the popularity of defined‐contribution pension plans also reflects the increased Government's incentives to encourage savings via 401‐k plans and employee's willingness to manage their own pension portfolios.
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