Search results

Examines the impact of restructuring on the career progression of women transport and logistics managers. Research to date has indicated that restructuring can have detrimental effects on women managers, as middle management levels are reduced through delayering and as the organisation takes on a more competitive and “masculine” culture. Results from this survey on women transport and logistics managers indicate that restructuring can have positive effects. While women experience longer working hours and increased workloads, they encounter fewer career barriers and a more positive attitude to women managers in the organisation. This may point to greater opportunities for training in a changing organisation and a higher probability of new posts and positions being created, as proverbial “dead‐wood” is shaken out. Perhaps more importantly, the climate of change may help to “unfreeze” and challenge entrenched attitudes and to create a new meritocracy, in which women can compete on a more equal footing with men.

This study seeks to examine the impact of downsizing and restructuring decisions and processes on perceptions of organisational knowledge and effectiveness after downsizing and restructuring events in “successful” and “unsuccessful” organisations.

The study proposes a conceptual framework hypothesising that the impact of decisions and processes on levels of organisational knowledge are key determinants of effectiveness in post‐downsizing and restructuring organisations. Data were collected using a survey instrument developed through review of literature along with focus group findings. Survey data are factor‐analysed to identify stable constructs for testing hypotheses using regression analysis.

The findings indicate that the significance of the variables tested is found in those organisations considered by employees to be unsuccessful after downsizing and restructuring, rather than in their successful counterparts

The findings indicate that organisations undertaking downsizing or restructuring need to consider the organisational culture and climate with regard to knowledge retention and the potential impact of these initiatives to ensure that employee experiences are constructive. Support strategies such as counselling and training are important, as are job redesign, time for employee handover and documentation of procedures, if knowledge retention is to be maximised.

Although knowledge retention within organisations is generally accepted as desirable, little previous research has considered the impact of downsizing decisions or processes on knowledge retention. Additionally, data collected for this research were drawn from multiple respondents within a large number of organisations, providing breadth and depth of data for analysis.

Argues that increased insolvencies in Korean firms following the 1997 Asian financial crisis were due to low profitability and refers to relevant research on insolvency and failure prediction. Explains and discusses the private and legal types of restructuring open to Korean firms in trouble, pointing out that owners may use more than one type and thus cause losses and delays. Suggests that the courts should be able to determine whether firms require a composition or a corporate reorganization, develops a mathematical model to distinguish between them and tests it on 1997‐1998 data demonstrating a 70 per cent plus level of accuracy. Analyses the share price response to firm restructure and shows that differences depend on the financial condition of the firm: not the type of restructure. Calls for changes in the bankruptcy law to either unify the two types of legal restructure or to allow the courts to assign the type.

The purpose of this paper is to study the impact of restructuring in the manufacturing system at the conceptual stage using graph theoretic model.

Some restructuring decisions are conceptualized which reflect the aim of the organization to gradually evolve the manufacturing system towards a leaner structure. This is achieved by way of defining simplified procedures so that lesser hindrance in terms of cycles of interactions is encountered. The restructuring decisions are represented by five restructured configurations of the manufacturing system, through gradual removal of appropriate interaction links. The graph theoretic models are developed for original configuration and each of the new restructured configurations and the resulting structural characterization information is used to compare the structure of restructured configurations with the original configuration. The value of the coefficient of dissimilarity of each of the new configurations with respect to the original configuration is obtained to have a quantitative estimate of the simplification that may be achieved by different contemplated restructuring decisions.

The present work shows that the restructuring decisions can be represented by different configurations in the form of schematic diagrams involving minor changes in the interaction structure among subsystems of the manufacturing system. The quantitative analysis using coefficient of dissimilarity for restructuring decisions indicated that there are varying levels of impact created by five comparable restructuring decisions considered in the study. The findings have a potential to guide the restructuring efforts by identifying a focus area that can produce greater impact of restructuring.

The findings are valid for a particular case manufacturing organization which does not involve itself in extensive design activity. The study is based on the assumption that the schematic diagram and graph theoretic model captured all the relevant influencing factors of the manufacturing system.

The study provides an easy to use methodology for the practical decision makers in manufacturing industry striving to improve the performance of their organization. It can provide the analysis of restructuring decisions at the conceptual stage itself without the necessity of disturbing the normal functioning of the organization. There is a scope for identifying focus areas where the restructuring may yield comparatively greater dividends.

The study of restructuring by representing it in the form of changes in interactions among subsystems of a manufacturing system and investigation of the impact of such restructuring efforts at the conceptual stage using graph theoretic model has been carried out for the first time.

The purpose of this paper is examine governance and enterprise restructuring in Southeast Europe (SEE) (Western Balkans) transition economies. International organizations classify the following countries in SEE (Western Balkans): Albania, Bosnia and Herzegovina, Croatia, Macedonia, Montenegro and Serbia.

The European Bank for Reconstruction and Development (EBRD) has governance and enterprise restructuring as a basic indicator of economic transition and defines it as effective corporate governance and corporate control exercised through domestic financial institutions and markets, fostering market‐driven restructuring. The corporate governance is most often defined in terms of the roles, responsibilities, and interactions of top management and the board of directors. Using data of SEE economies, the interrelationships between governance and enterprise restructuring and set of policies that influence the governance patterns will be examined.

Due to the analysis of the first assumption where a relation was made between governance and enterprise restructuring and imposed set of policies, the results have shown that there are mixed outcomes. The second hypothesis analyzed the importance and progress of corporate governance and enterprise restructuring.

The paper shows that the overall outcome of SEE countries is mixed, as there are significant improvements in some countries and noteworthy lags in others. Indeed, needed considerable improvement is needed in corporate governance, institution‐building controlling agency problems and in imposing already adopted regulation; as well as adopting new ways of enterprise restructuring policies within existing policies of overall transition economy restructuring.

Restructuring strategies are complicated processes and choices are influenced by and interact with the agreements and conflicts of interest among stakeholders. Firms in the emerging economies are characterized by high growth, high leverage, less effective corporate governance and different legal and institution context as compared to the firms in the developed economies. The purpose of this paper is to explain the agency monitoring variables that influence decisions to select and/or avoid restructuring strategies of the firms that have experienced a performance decline in an emerging economy. The authors have chosen Thailand as an example of an emerging economy as it was believed as the center of the major Asian economic crisis in mid-1997.

The sample of the study comprises 120 Thai non-financial firms listed on the Stock Exchange of Thailand, all of which experienced a performance decline for two consecutive years during 1997-2008; the years 1997 and 1998 coinciding with financial crisis. The study uses panel logistic regressions to examine the likelihood of the choices of restructuring strategies given the agency variables after controlling for other possible influences.

The results show that restructuring strategy choices are significantly influenced by both agency factors and control variables. The results show both similarities to and differences from earlier studies of the developed economies. The similarities are found in leverage agency behaviors. The differences in the results are found in the types and the details of the agency factors, in particular the management ownership and governance factors. The authors also explore the effects of the agency variables interactions on the choices of restructuring strategies of the performance-declining firms.

Emerging economies have many similarities, but they also demonstrate some country specific differences. This study is confined to one single country, and thus, may not be comparable with other emerging economies due to differences in factors such as regulatory, institutional, tax environments etc. However, it does show a way to conduct such studies in the context of other countries.

To the knowledge, this is the first comprehensive study of corporate restructuring in an emerging economy, particularly of the South-East Asian economy. The authors also show, for the first time, the agency variables interactions effects on the restructuring strategies of the firms. Thus, the study contributes to the growing literature of the corporate restructuring in terms of the contextual knowledge of the emerging economies.

We present a model of the international joint venture (IJV) restructuring process and discuss, from a single partner firm's perspective, the steps involved in recognizing a need for restructuring and deciding to restructure. In addition, we examine the organizational processes involved in recognizing a need for restructuring and deciding to restructure, and develop propositions about factors that increase the likelihood that a partner firm will decide to restructure its IJV in response to a genuine need for restructuring. We also note the research implications of our work and its contributions to management practice.

This paper illustrates that natural disasters can significantly threaten financial institutions serving the poor. The authors test the case of a microfinance institution (MFI) in Northern Peru, where severe El Niño events create catastrophic flooding.

Portfolio‐level, monthly data from January 1994 to October 2008 were examined using an intervention analysis. The paper tested whether the 1997‐1998 El Niño increased problem loans and estimated the magnitude of the effect.

The results indicate El Niño significantly increased problem loans, specifically the level of restructured loans. While restructured loans averaged 0.5 percent of the total loan portfolio before the El Niño, the estimated cumulative effect of El Niño indicates that an additional 3.6 percent of the portfolio value was restructured due to this event.

Future research could build on these results by modeling insurance‐type mechanisms for the MFI. Additional research that replicates these analyses in another context would be highly valuable for comparison across natural disasters and financial institutions.

The findings demonstrate that the correlated risk exposure of many small borrowers can significantly affect the lender and the importance of considering bank management in assessing disaster risk of a financial institution.

Lender strategies to minimize losses may require long‐term restructuring that perpetuates the effects of the disaster in the community.

This paper may be of particular value to researchers and practitioners hoping to improve the effectiveness and efficiency of MFIs concentrated in regions exposed to natural disaster risk.

Arvind Mills incurred a loss of Rs.316 crores in the year 1999-2000 after a period of declining profits in spite of increasing sales. In January 2001 lenders to Arvind Mills received the Information Memorandum on Debt Restructuring which offered several alternative schemes. They had to decide whether they should accept the proposal and if they accept which specific scheme they should choose.

The purpose of this paper is to identify the characteristics of borrowers likely to benefit from loan modifications (restructuring) which includes concessions provided to the borrower from the lender.

Data were drawn from the US Department of Agriculture Farm Service Agency (FSA) for borrowers who had received an operating loan modification during 2005-2010. A logistic regression model is estimated to identify the characteristics associated with the likelihood of a borrower paying the modified loan as agreed or receiving a subsequent loan modification within seven years. Explanatory variables included financial condition, type and year of loan modification, farm type, organizational type, borrower demographics, and region.

Loans requiring more complex loan modifications and borrowers with previous loan restructuring, larger farms, little equity in loan collateral, little or no capital, and/or little to no liquidity are less likely to perform following loan restructuring, which could suggest a possible futility in providing concessions to these types of borrowers. Many of these borrowers ended up having a subsequent restructure within a short period of time. Most of the regional variability in loan performance appears to have been a result of land values and commodity prices and not jurisdictional laws.

FSA has followed a policy of providing loan modifications to the borrowers experiencing repayment problems for more than 25 years. Though farm financial conditions have remained relatively strong through 2016, a continuation of the low farm incomes and declining farm real estate values could increase farm loan repayment problems in upcoming years and increase interest in farm loan modifications from both lenders and policymakers. FSA’s experience provides a rich data source to examine and provide a better understanding of the costs and benefits associated with loan modifications.