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Article
Publication date: 13 July 2022

Jonathan Myers

The 2008 Crash (the Crash) has been attributed to the dominance of financialized corporate governance, particularly an increased shareholder value rhetoric. Following the Crash…

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Abstract

Purpose

The 2008 Crash (the Crash) has been attributed to the dominance of financialized corporate governance, particularly an increased shareholder value rhetoric. Following the Crash, this extreme narrative is understood to have become less financialized through increasingly favouring stakeholders. The purpose of this research is to investigate this often-accepted view using field theory, wherein managers' biases in the value-creating process result from an interconnected, dynamic, multi-actor discourse.

Design/methodology/approach

Various domains across the UK’s corporate governance environment, from the perspective of field theory, generate the complex discourse: corporate and regulatory domains, stakeholder organizations such as the press and think tanks. Domain-specific corpora, representative of this multi-actor field, were constructed, with financialization analysed by assessing managers’ altering biases concerning the relative importance of shareholders and stakeholders (amongst other factors like time horizon) to value creation.

Findings

Highlights of the multiple findings include the following: corporate narrative about value creation became less financialized following the Crash, yet favouring shareholders, while the multi-actor discourse for the UK economy as a whole became slightly more financialized.

Originality/value

Analysing a multi-actor discourse is complex. And this, to the best of the author’s knowledge, is the first study of its kind, and only made possible with the original methodology of narrative staining. The approach, while having particular relevance to field theory, is applicable to many other narrative-based research scenarios.

Details

Qualitative Research in Financial Markets, vol. 14 no. 5
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 23 August 2019

Navajyoti Samanta

For the past two and half decades, there has been a marked shift in the corporate governance regulations around the world. The change is more remarkable in developing countries…

Abstract

Purpose

For the past two and half decades, there has been a marked shift in the corporate governance regulations around the world. The change is more remarkable in developing countries where countries with little or no corporate governance regime have adopted “world class” standards. While there can be a debate on whether law in books actually translates into law in action, in the meantime it might be interesting to analyse the law in books to understand how the corporate governance regime has evolved in the past 20 years. This paper quantitatively tracks 21 countries, most of them being developing and emerging economies, over a period of 20 years. The period covers 1995 to 2014; thus, it traverses the pre and post crisis period in 1999 and 2008. Thus, the paper also provides a snapshot of the macrolegal changes that the countries engage in hoping to stave off the next crisis. The paper uses over 50 parameters modelled on the OECD Principles of Corporate Governance. The paper confirms the suspicion that corporate governance norms around the developing economies are converging on shareholder primacy end of the continuum. The rate of convergence was highest just before the financial crisis of 2008 and has since then slowed down.

Design/methodology/approach

The paper uses data collected from experts. They filled up detailed questionnaire which quizzed them on the rules relating to corporate governance norms in their country and asked them to retrospectively check their data every five years for the past 20 years. This provided an excellent overview as to how the law has evolved in the past two decades on corporate governance. The data were then tabulated using a scoring sheet and then was put together using item response theory (IRT) which is a Bayesian method similar to factor analysis. The paper then follows a comparative approach using heatmaps to analyse the evolution of corporate governance in developing countries.

Findings

Corporate governance norms around the developing economies are converging on shareholder primacy end of the continuum. The rate of convergence was highest just before the financial crisis of 2008 and has since then slowed down.

Originality/value

This is the first time that corporate governance panel data analysis has been carried out on top developing countries across so many parameters for such a long period. This paper also uses Bayesian IRT modelling to analyse the evolution which is novel in its approach especially in the corporate governance literature. The paper thus provides a clear view on the evolution of corporate governance norms and how they are converging on a particular ideology.

Details

Corporate Governance: The International Journal of Business in Society, vol. 19 no. 5
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 1 August 2002

Shoichi Taniguchi

This paper proposes a conceptual model for cataloging which gives primacy to expression‐level bibliographic entity, with the aim of approaching critical issues in cataloging, such…

1009

Abstract

This paper proposes a conceptual model for cataloging which gives primacy to expression‐level bibliographic entity, with the aim of approaching critical issues in cataloging, such as the so‐called “format variations” and “content versus carrier” issues. The term “expression” is defined as “the intellectual or artistic realization of a work in the form of alpha‐numeric, musical, or choreographic notation, etc.” In this paper, the model by the IFLA Study Group on Functional Requirements for Bibliographic Records (FRBR) is first re‐examined and at the same time the outline of a new model giving primacy to expression‐level entity is illustrated by indicating differences from the FRBR model. Second, by applying the concept “user tasks,” found in the FRBR model, to the new model outlined in this paper, a scenario on how entities are used by users is created. Third, some examples of bibliographic record equivalents in line with the new model are shown.

Details

Journal of Documentation, vol. 58 no. 4
Type: Research Article
ISSN: 0022-0418

Keywords

Article
Publication date: 11 August 2021

Natalia Porto and Carolina Inés Garcia

This paper aims to study the role of tourism specialisation on tourism labour precarity in Argentinian cities, considering urban primacy.

Abstract

Purpose

This paper aims to study the role of tourism specialisation on tourism labour precarity in Argentinian cities, considering urban primacy.

Design/methodology/approach

The authors propose an econometric model that iterates between alternative labour precarity measures explained by the economic sector (tourism, rest of services and rest of economy) and tourism specialisation at the city level. They build three geographical groups based on Argentinian urban agglomerates: the Autonomous City of Buenos Aires, tourism specialised cities and non-tourism specialised cities. The authors further distinguish between big and small cities according to their urban primacy. The main sources of data are the Permanent Household Survey and the Hotel Occupancy Survey from the Argentinian National Statistics and Census Institute for the period 2007–2017.

Findings

The authors find that as tourism specialisation grows, the incidence of precarious labour conditions in tourism goes down. Working in this sector increases the chances of having a precarious job, particularly for non-legal outcome variables. However, tourism specialisation and urban primacy generate a mitigating effect on these negative results.

Originality/value

The authors focus on tourism labour conditions in Argentinian cities, using different measures of labour precarity from a legal perspective, (namely, legal informality) and a non-legal one (including productive informality, part-time work and non-permanent occupation). The authors follow an innovative approach to this matter in the tourism sector, as they consider both tourism specialisation at the city level and urban primacy. This is the first article addressing these issues not only for Argentina but also for Latin America.

Details

International Journal of Tourism Cities, vol. 8 no. 2
Type: Research Article
ISSN: 2056-5607

Keywords

Book part
Publication date: 2 February 2015

Xiangmin Liu and Liang Zhang

This study investigates the relationship among preference for full-time employment, primacy of part-time employment, and work-related outcomes in a nationally representative…

Abstract

This study investigates the relationship among preference for full-time employment, primacy of part-time employment, and work-related outcomes in a nationally representative sample of part-time college instructors. Results based on multilevel cross-classified random effects models indicate that part-time faculty who prefer full-time positions report working on average more hours per week and express greater work-related dissatisfaction than those who choose reduced work hours. Individuals whose part-time jobs are their primary jobs have less job satisfaction but work longer hours than those who treat part-time work as secondary. Finally, those who prefer full-time employment report more negative job satisfaction when the primacy of their part-time jobs is high.

Details

Advances in Industrial and Labor Relations
Type: Book
ISBN: 978-1-78441-380-4

Keywords

Article
Publication date: 26 September 2023

Melissa Carlisle, Melanie I. Millar and Jacqueline Jarosz Wukich

This study examines shareholder and board motivations regarding corporate social responsibility (CSR) to understand boards' stewardship approaches to environmental issues.

Abstract

Purpose

This study examines shareholder and board motivations regarding corporate social responsibility (CSR) to understand boards' stewardship approaches to environmental issues.

Design/methodology/approach

Using content analysis, the authors classify CSR motivations in all environmental shareholder proposals and board responses of Fortune 250 companies from 2013 to 2017 from do little (a shareholder primacy perspective) to do much (a stakeholder pluralism perspective). The authors calculate the motivational dissonance for each proposal-response pair (the Talk Gap) and use cluster analysis to observe evidence of board stewardship and subsequent environmental disclosure and performance (ED&P) changes.

Findings

Board interpretations of stewardship are not uniform, and they regularly extend to stakeholders beyond shareholders, most frequently including profit-oriented stakeholders (e.g. employees and customers). ED&P changes are highest when shareholders narrowly lead boards in CSR motivation and either request both action and information or information only. The authors observe weaker ED&P changes when shareholders request action and the dissonance between shareholders and boards is larger. When shareholders are motivated to do little for CSR, ED&P changes are weak, even when boards express more pluralistic motivations.

Research limitations/implications

The results show the important role that boards play in CSR and may aid activist shareholders in determining how best to generate change in corporate CSR actions.

Originality/value

This study provides the first evidence of board stewardship at the proposal-response level. It measures shareholder and board CSR motivations, introduces the Talk Gap, and examines relationships among proposal characteristics, the Talk Gap, and subsequent ED&P change to better understand board stewardship of environmental issues.

Details

Accounting, Auditing & Accountability Journal, vol. 37 no. 3
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 27 April 2023

Gerard Callanan, Sandra M. Tomkowicz, Megan V. Teague and David F. Perri

This study aims to present a pedagogical approach that allows students to discuss and debate the differences between two competing models of corporate governance – the shareholder…

Abstract

Purpose

This study aims to present a pedagogical approach that allows students to discuss and debate the differences between two competing models of corporate governance – the shareholder primacy philosophy and the stakeholder value viewpoint.

Design/methodology/approach

This study first presents the conceptual bases for each framework, noting that while shareholder primacy is the historically dominant approach to corporate governance that guide strategic business actions in the USA, pressures from investor and societal groups and government agencies have forced publicly traded companies to recognize the need to take stakeholder interests into account in strategic decision-making, as is the dominant model in Europe and other parts of the world. This study then provides a pedagogical structure on how these opposing perspectives can be used to foster discussion, debate and reflection within the classroom.

Findings

This paper presents a pedagogical structure that allows students to recognize the competing pressures that businesses face of maximizing profits versus concerns over social causes. There are a number of positive pedagogical outcomes that can be realized from a classroom discourse on the differing perspectives on strategic management, corporate governance and social responsibility.

Practical implications

This pedagogical structure should help future business leaders throughout the world understand the differences between the two models of corporate governance. This study offers suggestions on how this pedagogical structure can be used in the student assessment process.

Originality/value

This study fills a gap in the literature by providing a pedagogical structure to guide discussion and debate on the competing theories of corporate governance and how organizational decision-makers can devise strategies to manage the potential competing demands that can arise from the shareholder versus stakeholder models. It is highly relevant and well-suited for courses such as Business Law, Business Policy, Business and Society and Ethics.

Details

Journal of International Education in Business, vol. 16 no. 3
Type: Research Article
ISSN: 2046-469X

Keywords

Article
Publication date: 8 August 2022

Stephen Denning

Investors balked when JP Morgan Chase bank planned to spend heavily on technology. They understood that to succeed in digital, JPM needs to base its strategy on what unique…

Abstract

Purpose

Investors balked when JP Morgan Chase bank planned to spend heavily on technology. They understood that to succeed in digital, JPM needs to base its strategy on what unique benefits customers will get now and in the future from its digital banking services.

Design/methodology/approach

JPM must rethink how banking can be re-invented to improve customers’ lives, using the new capabilities of digital.

Findings

Because of its lack of a customer focus, JPM’s market capitalization is not only growing more slowly than the tech giants, it is growing even more slowly even than the average S%P 500 company.

Practical/implications

The lesson is that companies with a customer primacy mission statement and a supporting, well designed investment strategy, out perform their peers.

Originality/value

The article links customer primacy mission statements, future oriented tech investment strategies and successful corporate growth.

Details

Strategy & Leadership, vol. 50 no. 6
Type: Research Article
ISSN: 1087-8572

Article
Publication date: 8 March 2013

Ina Garnefeld and Lena Steinhoff

Customer satisfaction formation represents a dynamic phenomenon, especially in extended service encounters. A single service encounter may have an extended duration and feature…

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Abstract

Purpose

Customer satisfaction formation represents a dynamic phenomenon, especially in extended service encounters. A single service encounter may have an extended duration and feature several service interactions, which the customer can evaluate independently. This paper aims to offer a dynamic perspective on satisfaction formation, which indicates that what matters is not only the interactions a customer confronts but also when these interactions occur.

Design/methodology/approach

Research from social psychology provides a foundation for hypothesizing different effects of positive and negative critical incidents. Negative critical incidents likely are more important for overall satisfaction if they occur at the end of a service encounter. Positive critical incidents should have stronger effects at the beginning. In a 2×2 experimental design, participants considered a five‐day holiday hotel experience.

Findings

The data support the predicted dominance of a recency effect for negative critical incidents, such that a negative critical incident has a greater negative impact on customers' overall satisfaction when it occurs at the end of a service encounter instead of at the beginning. For positive critical incidents, no significant differences arose between primacy and recency effects.

Practical implications

The results highlight the importance of process designs of service experiences. Managers should pay particular attention to avoiding service failures at the end of a service encounter.

Originality/value

Unlike research that only assesses satisfaction formation for service encounters from a non‐dynamic perspective, this study posits the importance of the order of interactions within a service encounter.

Details

Journal of Service Management, vol. 24 no. 1
Type: Research Article
ISSN: 1757-5818

Keywords

Open Access
Article
Publication date: 12 November 2018

Heba Zahra

The USA has been suffering from international/transnational terrorism for decades. There is no consensus on whether this situation is a result of the international status of the…

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Abstract

Purpose

The USA has been suffering from international/transnational terrorism for decades. There is no consensus on whether this situation is a result of the international status of the USA and the principles it upholds or the policies it embraces in its interaction with the outside world.

Design/methodology/approach

This study adopts both the “American Primacy” theory and the “anti-Americanism” theory in its effort to reach a conclusion concerning this issue. This study aims to examine previous research that linked international terrorism to the US hegemony and the principles it abides by and showed the relevance of this perception to the “American Primacy” theory. It also examines the research that considered international/transnational terrorism as a result of the American foreign policy in its various aspects (economic, military, assistance or a whole combination of policies).

Findings

This literature on the American foreign policy and international/transnational terrorism was extensive and manifested the explanatory power of the “anti-Americanism” theory, especially in its three variants: issue-oriented, ideological and instrumental. While examining the foreign policy terrorism studies, the relevance of the “American Primacy” theory appeared at very few instances.

Originality/value

The study was able to prove that explaining the international/transnational terrorism is related to the foreign policy decisions taken by the American policymakers and cause harm to the outside world. The envy of “American Primacy” is of secondary importance.

Details

Review of Economics and Political Science, vol. 3 no. 3/4
Type: Research Article
ISSN: 2631-3561

Keywords

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