Search results
1 – 10 of over 7000The authors compare the post-issue stock and operating performance of rights issue versus public offer firms using Korean data. The authors find that the stock returns of rights…
Abstract
The authors compare the post-issue stock and operating performance of rights issue versus public offer firms using Korean data. The authors find that the stock returns of rights issue firms are less negative than those of public offering firms during the three years subsequent to the seasoned equity offering. The authors further find that the profitability of rights offering firms is superior to those of public offering firms and that the ratio of sales to assets for rights issue firms is much higher over the post-issue period. The results substantiate Heinkel and Schwartz’s (1986) and Eckbo and Masulis’ (1992) theoretical models that posit firms with better quality tend to select the rights issue rather than public offer method when issuing seasoned equity.
Details
Keywords
The purpose of this paper is to investigate the legal issues of simultaneous Internet transmission of broadcasting programs of the Open University of Japan (OUJ) and to take legal…
Abstract
Purpose
The purpose of this paper is to investigate the legal issues of simultaneous Internet transmission of broadcasting programs of the Open University of Japan (OUJ) and to take legal measures to promote the mutual utilization of open university courses in Japan, the UK, China and Korea.
Design/methodology/approach
The author examines the legal relationship regarding Internet simultaneous distribution of broadcast courses at the OUJ. The author then considers the legal relationship between the UK, China and South Korea regarding the simultaneous transmission of broadcast courses over the internet. Based on that consideration, this paper clarifies legal measures to promote its utilization.
Findings
Internet transmission of broadcasting courses will be webcasting. Arguably, it can be assumed to be streaming and on-demand, albeit controversial. Webcasting will be publicly transmitted, but there is only an on-demand provision for Internet transmission. As webcasting is streaming and on-demand, it involves reproduction of broadcasting courses. Therefore, webcasting needs to provide streaming provision for public transmission rights and associate them with reproduction right.
Originality/value
The originality of this paper lies in clarifying the legal response of the object, subject and rights of webcasting from the perspective of the OUJ, in order to dispel legal problems that may arise in the future against this unexplored phenomenon. Additionally, this paper is valuable in that it presents legal consistency from the point of view of the comparative laws of Japan, the UK, China and South Korea, based on an examination of the legal response in Japan.
Details
Keywords
Dharen Kumar Pandey, Vineeta Kumari and Brajesh Kumar Tiwari
The authors examine the impacts of corporate announcements on stock returns during the pandemic stress.
Abstract
Purpose
The authors examine the impacts of corporate announcements on stock returns during the pandemic stress.
Design/methodology/approach
The authors employ the event study methodology with the market model on a sample of 90 events (announcement and ex-date).
Findings
The authors find that all the corporate announcements do not impact the stock returns in a similar pattern. While the bonus announcement, ex-bonus and ex-split events led to positive significant abnormal returns on the event date, the rights issue and stock-split announcements failed to influence the stock returns. The findings suggest that before making such announcements, the corporates should wait until the market recovers because even the positively impacting events result in negative market responses during pandemic stress.
Practical implications
This study will guide the policymakers to stimulate share prices during such pandemics with the help of various corporate announcements. The investors will be assisted in understanding the stock market mechanism and making wise decisions before reacting to corporate actions during a pandemic or emergency period. While the policymakers are concerned with influencing the share prices, the investors are concerned with the composition of the risk-return parameters in their portfolio. This study will act as an essential investment tool for both.
Originality/value
To the best of the authors’ knowledge, the authors conduct the first-ever study to examine the impacts of corporate announcements during a pandemic stress period that significantly contributes to the literature. The authors examine the announcement effects in India and accurately anticipate that this study will be a pioneer in this field. This study also paves the way for future researches in this area.
Details
Keywords
In the aftermath of the COVID-19 pandemic, supply chains have become important policy tools to ensure the security and resilience of regional trading blocs of major economies. The…
Abstract
In the aftermath of the COVID-19 pandemic, supply chains have become important policy tools to ensure the security and resilience of regional trading blocs of major economies. The US government’s focus on supply chains for selected strategic industries and the EU Commission’s renewed efforts to strengthen its supply chains using ‘sustainability standards’ coincides with the global trend in the shift towards digital and low-carbon economies. Furthermore, the rising tensions between the US and China, with no signs of reconciliation over key issues of contention, have emphasized the need for more credibility and trust in global supply chains. However, such policies also have the potential to serve as new barriers to participation in supply chains by less-developed economies which are not yet prepared to meet the high-level sustainability criteria which aim for higher protection of the environment and labor rights. There also seems to be an apparent shift in paradigm supporting the interventionist role of government that emphasize the need for more discretion for policy objectives that pursue societal and democratic values, not to mention national security interests. The current rules of international trade, however, do not sufficiently address these new issues and need to be realigned in order to meet the new demands. The current ‘rules of the game’ need to be reinforced in order to accommodate the rising need of countries for increased consideration of issues of sustainability and competitiveness.
Details
Keywords
The article addresses the tension between Corporate Social Responsibility (CSR) and the right to work in times of the COVID-19 pandemic. Accordingly, it explores the operation of…
Abstract
Purpose
The article addresses the tension between Corporate Social Responsibility (CSR) and the right to work in times of the COVID-19 pandemic. Accordingly, it explores the operation of corporations in adopting policies of mandatory vaccination and the role of the courts regarding these CSR patterns.
Design/methodology/approach
The article examines court case studies of CSR practices regarding unvaccinated employees during the COVID-19 pandemic in Israel and the United States.
Findings
The findings show that the Israeli system adopted the regulating for individual discretionary CSR approach, whereas the American system adopted the regulating for ethical-public CSR approach. Adopting the latter infringes upon the right to work of unvaccinated employees. While in Israel, the possibility of compelling employees to vaccinate is denied, in the American model, mandatory vaccination is possible. As opposed to the American model, in the Israeli model, there is an obligation to consider proportionate measures to isolate the employees while allowing them to continue working.
Originality/value
The article introduces two possible notions of regulating CSR in times of the pandemic – regulating for individual discretionary CSR which is labor-oriented and regulating for ethical-public CSR which is focused on public aspects. While the former posits that corporations should advance individual interests of employees and their right to work, the latter claims that corporations should advance the public interest in health. Following the problems resulting from the Israeli and American cases, the article draws on the lines for a suggested approach that courts should embrace.
Details
Keywords
Ana Paula Castelo Branco, Maria Teresa Bianchi and Manuel Castelo Branco
This paper aims to examine the relationship between board demographic diversity and human rights reporting for a sample of large Western European companies.
Abstract
Purpose
This paper aims to examine the relationship between board demographic diversity and human rights reporting for a sample of large Western European companies.
Design/methodology/approach
Grounded on resource dependence theory, the authors hypothesize that greater gender, age and nationality diversities will translate into enhanced levels of human rights reporting. The authors use ordinal logistic regression analysis to analyze the association between these types of board diversity and such reporting.
Findings
The findings suggest that the companies in the sample attribute little importance to the reporting of information pertaining to the issue of human rights. They also suggest that only the diversity of nations represented in the board of directors is significant in explaining this type of reporting.
Research limitations/implications
The sample includes only large companies from Western Europe and the analysis covers only one year.
Originality/value
To the best of the authors’ knowledge, this study provides the first empirical analysis of factors influencing human rights reporting conducted on a multiple-country setting. It is also the first investigating the association between boards of directors’ demographic diversity and such reporting.
Details
Keywords
Afrodite Malliari, Ilias Nitsos, Sofia Zapounidou and Stavros Doropoulos
This paper aims to attempt to provide an overview of the copyright legal framework for audiovisual resources in Europe and Greece, how Audiovisual (AV) content is currently…
Abstract
Purpose
This paper aims to attempt to provide an overview of the copyright legal framework for audiovisual resources in Europe and Greece, how Audiovisual (AV) content is currently licensed by Greek providers and how licenses or copyright exceptions enable its reuse. The motivation for this work was the development of an aggregation service for audiovisual resources in Greece, the Open AudioVisual Archives (OAVA) platform.
Design/methodology/approach
Copyright licenses and exceptions in the European Union and in Greek Legislation have been thoroughly reviewed along with the reuse of content, based on the terms of Fair Use, Rights Statements and Creative Commons. Licensing issues for the most well-known aggregation services, such as Europeana, Digital Public Library of America, Trove, Digital New Zealand and the National Digital Library of India, have also been studied and considered. Audiovisual content providers in Greece have been recorded, and their licensing preferences have been analyzed. Pearson’s chi-square test was applied to test the relationship between the provider’s type, resources’ genre and licenses used.
Findings
Despite the abundance of copyright legislation in the European Union and in Greece, audiovisual content providers in Greece seem to ignore it or find it difficult to choose the right license. More than half of them choose to publish their resources on popular audiovisual platforms using the default licensing option provided. Creative Commons licenses are preferred for audiovisual content that falls into the following categories: open courses (almost exclusively) and interviews and digital collection/research projects (about half of the content).
Originality/value
This paper examines audiovisual content aggregation, in the EU and Greece, from a legal point of view. To the best of the authors’ knowledge, it is the first attempt to record and analyze the licensing preferences of Greek AV content providers.
Details
Keywords
Lisa Engström, Hanna Carlsson and Fredrik Hanell
The purpose of the paper is to produce new knowledge about the positions that public libraries both take and are given in the conflicts over politics and identity that play out in…
Abstract
Purpose
The purpose of the paper is to produce new knowledge about the positions that public libraries both take and are given in the conflicts over politics and identity that play out in contemporary cultural and library policy debates. Using conflicts over drag story hour at public libraries as case, the study seeks to contribute to an emerging body of research that delves into the challenges that public libraries as promoters of democracy are confronting in the conflictual political landscape of today.
Design/methodology/approach
The paper presents an analysis of debates reported in news articles concerning Drag story hour events held at Swedish public libraries. Utilizing the analytical lenses of discourse theory and plural agonistics, the analysis serves to make visible the lines of conflicts drawn in these debates – particularly focusing on the intersection of different meanings ascribed to the notion of the reading child, and how fear is constructed and used as an othering devise in these conflicts.
Findings
Different imaginings of the reading child and the construction and imagination of fear and safety shapes the Drag story hour debates. The controversies can be understood as a challenge to the previous hegemony regarding the direction and goals of Swedish cultural and library policy and the pluralistic democratic society these policies are meant to promote.
Originality/value
The paper offers new insights into the consequences of the revival of radical right politics, populism and societal polarization, and the different responses from public libraries.
Details
Keywords
Hala Abdelgawad and Mazen Hassan
Theoretically, the quality of representation is likely to be enhanced when more societal segments are included in formal political structures. An interesting question, however, is…
Abstract
Purpose
Theoretically, the quality of representation is likely to be enhanced when more societal segments are included in formal political structures. An interesting question, however, is whether a similar correlation holds empirically outside established Western democracies. In the 2015 Egyptian parliament, women representation achieved an all-time high of 14.9% of total seats – nearly four times the historical Egyptian average. It is asked whether female legislators riding this unprecedent tide were different from their male colleagues in terms of their socio-economic backgrounds. But more importantly, the authors examine whether this increased representation led to any change in inclusion of more women’s issues in the legislative agenda, and how traditional topics are debated.
Design/methodology/approach
The authors conducted a content analysis of selected parliamentary scripts – generating on an original data set – to trace the topics and interventions raised by female MPs. The authors draw on the extensive literature on women’s representation, giving special attention to the structure versus agency dichotomy in this quest.
Findings
The authors conclude that female MPs were as active in parliamentary debates as to their male colleagues. Moreover, women did stress women issues more than men. The results indicate that the inclusion of traditionally under-represented groups does affect parliamentary agendas.
Originality/value
The authors conducted a content analysis of selected parliamentary scripts – generating on an original data set – to trace the topics and interventions raised by female MPs based on a case study of the 2015 Egyptian parliament.
Details
Keywords
Janet Haddock-Fraser and David Gorman
Anyone seeking to influence another is a potential leader. Within higher education, determining what an institution should undertake on sustainability can be daunting…
Abstract
Anyone seeking to influence another is a potential leader. Within higher education, determining what an institution should undertake on sustainability can be daunting. Sustainability leaders face labyrinthine, multifaceted sub-cultures, influencers and viewpoints across staff, students, government, business and alumni all with an opinion on whether, how and in what order of priority sustainability should be taken forward. In this paper we take on this challenge by synthesising and critically evaluating core principles and working models for influencing and leading for sustainability in higher education. We identify a series of eight challenges affecting delivery of sustainability and seek to understand how conceptual models and principles in sustainability decision-making and leadership could address these. We draw on the experience of both authors, in tandem with comments from workshop and leadership training programme participants who attended the Environmental Association for Universities and Colleges (EAUC) Leadership Lab training in the UK, as well as reflections arising in a detailed case study from the University of Edinburgh. We bring key insights from theory and practice for the benefits of individuals or teams seeking to influence and persuade key decision-makers to embrace the sustainability agenda.
Details