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This study aims to analyze the effect of cognitive load and social value orientation on managers’ preferences when they face with two types of restructuring choices in financially distressed firms: the first belonging to the family of organizational restructuring (massive layoffs) and the second to the family of financial restructuring (debt increases).

The authors investigate experimentally the impact of managers’ cognitive load and social value orientation on the decision to restructure leveraged buyout (LBO) firms in financial distress by using either massive layoffs or debt increases.

By investigating the impact of managers’ cognitive load and social value orientation on the restructuring decision of an LBO firm in financial distress, the research reveals that, on average, cognitively loaded managers prefer massive layoffs over increased debt levels. The massive layoffs seemingly provide a relatively easier way to avoid conflict with influential, residual claimants. In contrast, social value–oriented managers actively avoid massive layoffs and prefer to increase debt.

These results imply that the performance mechanisms emphasized to improve agency relations, for example, in LBOs, have their own limitations during periods of financial distress. This study shows that one of these limits is related to cognitive distortions and personality traits.

In this research, the originality lies in understanding how managers’ internal factors affect their restructuring decision-making, in the case of LBO firms in financial distress.

This chapter is focused on what we can learn from oppressive governance, in this case specifically relating to university governance in terms of vice chancellors and presidents, to the deputy vice chancellor and deputy president and down the ever-growing university hierarchy to deans and heads of schools and their deputies, from a Freirean perspective. Freire wrote at length about how leaders ‘controlled’ education and why they did so, but he also wrote at length about how governments control populations – himself being both a political prisoner and a person in exile to escape persecution. This chapter subsequently examines Freire's ideas around what techniques people employ to control populations and applies them to a higher education setting because the similarities are numerous and the tactics familiar.

The case was developed from secondary sources and interviews with a security analyst. The secondary sources include company annual reports, news reports, analyst reports, industry reports, company websites, stock exchange websites and databases such as Bloomberg and CMIE Prowess.

Increasing competition in product and capital markets has put tremendous pressure on managers to become more cost competitive. To address their firms' uncompetitive cost structures, managers may have to consider dramatic restructuring of their businesses. During 2014–2017, Tata Steel Ltd (TSL) UK considered a series of divestitures and a merger plan to nurse the company back to health. The case considers the economics of the restructuring plan. The case is designed to help students analyze a corporate downsizing program undertaken by a large Indian company in the UK and to highlight the dynamic role of the CFO and governance issues in family firms. It introduces students to issues surrounding a typical restructuring and provides students a platform to practice the estimation of value creation in a restructuring exercise. While some cases on corporate restructuring in the context of developed economies are available, there are very few cases written in an emerging market context. This case bridges that gap. TSL presents a unique opportunity to study corporate restructuring necessitated by a failed cross-border acquisition. It illustrates the potential for value loss in large, cross-border acquisitions. It shows how managerial hubris can prompt family firm owners to overbid in acquisitions and create legacy hot spots. In addition, the case can be used to discuss the causes of governance failures such as weak institutional monitoring and poor legal enforcement in emerging markets that could potentially harm minority shareholders.

The case was developed from secondary sources and interviews with a security analyst. The secondary sources include company annual reports, news reports, analyst reports, industry reports, company websites, stock exchange websites and databases such as Bloomberg and CMIE Prowess.

This chapter provides an overview of Freire's primary approach to how governments control people, why governments dictate what is being taught and why they seek out control over educators. This chapter investigates the similarities Freire found between the most oppressive governments and dictatorships that rules by violence, to how our educational institutions are controlled. The stakes might be entirely different in these scenarios, but he knew the ultimate objective in all these situations was to remove power from the people, give it to a powerful few and ensure the people would never be able to regain control once more. These ideas and suggestions are key moving forward because it provides a baseline to understand how Freire thought about manipulative behaviours, and why tactics used in extremely violent situations can essentially be watered down and used to control people in universities in much the same way.

Digital technologies create myriad innovation opportunities and have inspired the establishment of many new start-ups in recent years. Despite the growing knowledge on digital entrepreneurship, few studies explore how start-ups exploit these opportunities to achieve entrepreneurial success. The purpose of this paper is to explore start-ups’ capabilities for successful delivery of digital artefacts in a cloud computing infrastructure.

Empirical data were collected during a qualitative case study of an established start-up in the Chinese market by interviewing 41 interviewees. Informed by the notion of dynamic capabilities and using the Gioia methodology, the case firm's life cycle was analysed in detail.

The study identifies start-ups’ ordinary and dynamic capabilities for successful development and delivery of digital services. The findings provide insights into a portfolio of start-ups’ capabilities, namely adaptation, networking, reengineering and refinement.

The study suggests that start-ups’ capabilities and underlying entrepreneurial actions determine the degree to which adoption of digital technologies create and transfer value to customers. The study offers specific insights into how start-ups successfully develop and deliver digital artefacts in a cloud infrastructure based on entrepreneurs' prior expertise, vision and accumulated experience.

This chapter analyses the other aspect of an oppressor/oppressed relationship by looking at what happens to the oppressed, in this case, the academics and staff not in leadership roles. This chapter looks at why the tactics leaders employ work, and why people do not retaliate, and what systems have been put in place to prevent the people from having any consequential power. This chapter thus looks at how the power of the majority in the academy has been slowly eroded by managerial promises of empowerment, self-governance or having an opinion on the institution's direction when in reality, they have no opinion, and the only decisions they can make are inconsequential. This is why time and time again, we see universities restructure, remove non-profitable courses and increase targets to unrealistic levels to maintain power over the majority.

Despite being a Muslim-dominated country, Bangladesh has widely embraced traditional microfinance since its inception in the mid-1970s. However, Islamic microfinance, which has a lot to offer to the poor, is still in its infancy and has yet to gain momentum in the country. Therefore, the purpose of this study is to analyze the importance of Islamic microfinance and propose alternative Shariah-compliant microfinance models in Bangladesh.

This study is based on the desk research method, which relies on existing literature to collect secondary data on key concerns of traditional microfinance programs. In addition, institutional-level secondary data were also collected from the Microcredit Regulatory Authority (MRA) of Bangladesh. Guided by the Maqasid-al-Shariah, this study then proposes several Islamic microfinance models to overcome selected challenges faced by the microfinance industry in Bangladesh.

This study suggested three composite Shariah-compliant microfinance models, which are likely to help the underprivileged and thus ensure the achievement of the sustainable development goals in Bangladesh. The first model explained how the operational strategy of incumbent microfinance institutions (MFIs) could be restructured, while the second proposed the organizational strategies for establishing a new MFI. The third model used the notion of Sadaqah (charity) to address the multiple borrowing issues of the industry. Meanwhile, the successful transformation of the conventional microfinance industry to an Islamic one is dependent on the effective collaboration between the regulatory authorities, practitioners and MFIs.

Albeit the paucity of literature on the topic, the findings of this study will guide policymakers/practitioners in designing relevant microfinance models to help transform conventional microfinance into Islamic microfinance in Bangladesh.

COVID-19, like many previous crises, proved once more that some hospitality and tourism organizations are more crises resilient than others. Despite increasing frequency and magnitude of crises, little is known about the features of crises resilient organizations and mitigation strategies they adopt. If the characteristics of such resiliency are identified, those strengths might be targeted. Hence, the purpose of this study is to identify characteristics of crises resilient organizations by analyzing the interface between different organizational characteristics, recovery strategies they adopted and impacts of COVID-19 on individual hospitality and tourism organizations.

A global sample of 202 respondents from 20 countries and four continents, representing different sectors of the hospitality and tourism industry, participated in the survey. Descriptive analysis and cluster analysis were used to rank the items and group hospitality and tourism organizations based on their crises resiliency.

Service quality, loyal customers, branding, high paid in capital, domestic market base, hygiene and safety image, information and communication technology adoption, product and market diversification and restructuring debts emerged as major characteristics and strategies of crises resilient organizations. Using cluster analysis, four different groups of organizations were identified. Based on the impacts of COVID-19 on these organizations, Cluster-1 emerged as significantly more crises resilient, whereas Cluster-4 organizations were significantly more vulnerable to crises. Their characteristics and mitigation strategies they adopted were discussed.

The paper not only identified features of crises resilient organizations and successful mitigation strategies but also measured their impact on various performance indicators. Future studies might use characteristics, mitigation strategies and performance indicators identified in this study.

Based on the findings, tourism organizations would focus on strengthening characteristics and implementing strategies that make crises resilient organizations. Public bodies and destination management would also set their decision criteria based on these findings to create a more resilient tourism industry.

This research not only identifies how hospitality and tourism organizations are affected by COVID-19 but also how these impacts change based on different organizational characteristics and strategies. Understanding which organizational characteristics affect the crises vulnerability of hospitality and tourism organizations might inform risk and crises management literature and structural design elements in tourism businesses, hence offer both theoretical and practical implications.