Search results

The purpose of this study is to investigate the relationship between financial decisions and ownership structure by using the control contests on a sample of Italian listed companies.

The analysis adopts a balanced panel data set of 984 firm-year observations for the period of 2002-2013, with estimation using a generalized method of moments.

The results appear to confirm both the hypotheses of the alignment of interests and the entrenchment effect. The entrenchment and alignment effects are not found to be alternatives but rather are found to co-exist. The presence of a coalition of minority shareholders acts as a tool to control agency costs, particularly when the coalition is instrumental in the contestability of corporate control.

These findings suggest that minority shareholders may have a larger impact than previously identified by strategically aligning with other shareholders to form coalitions. This study provides several practical implications. First, dividend payout is not necessarily a good instrument to control and monitor agency costs. This is because the payout can be used to expropriate benefits from the minority shareholders. Second, high ownership concentration does not always reduce agency costs. Third, a non-collusive coalition can be more useful in the monitoring of agency costs than other tools, such as the debt level.

This study shows that there is considerable value to the firm when individual blockholders come together in a contestable environment and become instrumental in making business decisions. The results support the contention that contestability is an excellent deterrent to dampen the expropriation of benefits to minority shareholders. This study also provides evidence that cash holding can be a good substitute for dividends and debt in the effort to limit agency costs.

The purpose of this paper is to examine the impact of labor market freedom on state-level cost of living differentials in the USA using cross-sectional data for 2016 after allowing for the impacts of economic and quality of life factors.

The study uses two-stage least squares estimation controlling for factors contributing to cost of living differences across states.

The results reveal that an increase in labor market freedom reduces the overall cost of living.

The study can be extended using panel data and alternative measures of labor market freedom.

In general, the finding that less intrusive government and greater labor freedom are associated with a reduced cost of living should not be surprising. This is because less government intrusion and greater labor freedom both inherently allow markets to be more efficient in the rationalization of and interplay with forces of supply and demand.

The findings of this and future related studies could prove very useful to policy makers and entrepreneurs, as well as small business owners and public corporations of all sizes – particularly those considering either location in, relocation to, or expansion into other markets within the USA. Furthermore, the potential benefits of the National Right-to-Work Law currently under consideration in Congress could add cost of living reductions to the debate.

The authors extend the literature on cost of living differentials by investigating whether higher amounts of state-level labor market freedom act to reduce the states’ cost of living using the most recent annual data available (2016). That labor freedom has a systemic efficiency impact on the state-level cost of living is a significant finding. In our opinion, it is likely that labor market freedom is increasing the efficiency of labor market transactions in the production and distribution of goods and services, and acts to reduce the cost of living in states. In addition, unlike previous related studies, the authors investigate the impact of not only overall labor market freedom on the state-level cost of living, but also how the three sub-indices of labor market freedom, as identified and measured by Stansel et al. (2014, 2015), impact the cost of living state by state.

This study aims to analyze withdrawn shareholder proposals to gain insight into the role of shareholder proposals in the governance of public corporations.

A cursory look at the data suggests that unions are the most likely group to withdraw proposals. The authors focus on the behavior of unions and find that unions often resubmit a shareholder proposal which had garnered significant support in the previous year, only to withdraw the proposal in the second year.

The contention is that the proposals were withdrawn in Year 2 because the issue was settled in a manner agreeable to the union. Furthermore, this research suggests that unions are more likely to withdraw proposals when the prior years’ appeal is higher, when firms have a record of poor performance, lower insider ownership or relatively independent boards. This phenomenon suggests that unions submit and withdraw shareholder proposals strategically. The authors contend that unions use shareholder proposals and the withdrawal of proposals to improve conditions for union workers at the expense of shareholder value.

This study suggests that unions submit and withdraw shareholder proposals strategically. The authors contend that unions use shareholder proposals and the withdrawal of proposals to improve conditions for union workers at the expense of shareholder value.

The purpose of this reflective paper is to discuss and reflect and in the process celebrate the development of a qualitative research stream which continues to interrogate the unusual topic of illegal rural enterprise. The authors discuss how a common interest in rural entrepreneurship and rural criminology led to a very productive and continuing research collaborations.

To discuss, reflect and evaluate several qualitative methodologies arising out of a research stream into illegal rural enterprise.

The findings are tentative and subjective in nature but the authors strongly believe that writing qualitatively over a number of related topics and over several published articles legitimises the use of niche qualitative research methods and methodologies. Ultimately it will help develop robust methodologies. The authors agree that just as there is no single, universally applicable theorisation of entrepreneurial behaviours, actions and antics there is no single qualitative methodology that provides constant explanations.

This reflective paper being a subjective and emotive rhetorical piece has obvious limitations in that the advice proffered may be strongly disputed by research managers and heads of department trying to build an orthodox research output. Also the understanding of qualitative research may differ from that of other scholars. This is surely cause for celebration! This will help the authors better understand the heterogeneity of entrepreneurship.

By discussing and celebrating a qualitatively driven research stream rather than discussing individual qualitative publications in isolation this reflection makes a contribution. The professional and institutional pressures to conform to productive mainstream research topics capable of publication in top tier journals poses a danger to the practice of conducting qualitative research which exist at the margins of individual disciplines. It is hoped that this discussion will act as an inspirational beacon to others to pursue research agendas for which they have a passion.

This reflective piece identifies and discusses an under researched area of entrepreneurship research namely how to craft and develop a unified qualitative research stream at the margins of entrepreneurship research.

There is a dearth of studies exploring the intersection of gender and disability within entrepreneurship research. This is despite women’s entrepreneurship research encouraging an expansion of the research questions asked and approaches taken. As a contribution to this debate, the purpose of this paper is to develop an understanding of gender and disability as social categorizations which can shape entrepreneurial opportunities and experiences for disabled women entrepreneurs.

The paper offers an intersectional conceptual lens for the study of disabled women entrepreneurs to explore a concern for a particular social group – women – at a neglected point of intersection – disability – within the social setting of entrepreneurship. Guided by the research question (how can gender and feminist disability theory contribute to the development of an intersectional theoretical lens for future entrepreneurship research?), the potential for new theoretical insights to emerge in the entrepreneurship field is identified.

Through a gender and disability intersectional lens for entrepreneurship research, four theoretical synergies between gender and disability research are identified: the economic rationale; flexibility, individualism and meritocracy; and social and human capital. In addition to the theoretical synergies, the paper highlights three theoretical variances: the anomalous body and bodily variation; sexuality, beauty and appearance; and multiple experiences of care as potentially generative areas for women’s entrepreneurship research. The paper identifies new directions for future gender, disability and entrepreneurship research by outlining research questions for each synergy and variance which draw attention to disabled women entrepreneurs’ experiences of choice and control within and across different spaces and processes of entrepreneuring.

The conceptual intersectional lens offered to study disabled women’s entrepreneurship highlights new directions for exploring experiences of entrepreneuring at the intersection of disability and gender. The paper brings disability into view as a social category that should be of concern to feminist entrepreneurship researchers by surfacing different dimensions of experience to those currently explored. Through the new directions outlined, future research can further disrupt the prevailing discourse of individualism and meritocracy that perpetuates success as an individual’s responsibility, and instead offer the potential for richer understandings of entrepreneuring which has a gender and disability consciousness.

In the absence of any theoretical guidance, a solution to the question of what is the appropriate functional form for an import demand model can only be found empirically. Examines this question in the context of UK motor vehicle imports by applying a range of tests of functional form to two, alternatively specified, import demand models: the “traditional” price‐income model incorporating the popular but restrictive partial adjustment mechanism and a cost‐expenditure model that employs a less restrictive lag structure. Finds, principally that the commonly imposed linear or log‐linear functional forms cannot be rejected in relation to the price‐income specification, but there is some evidence that neither functional form may be appropriate in relation to the theoretically sounder cost‐expenditure model of import demand.

The purpose of this paper is to explore perspectives of secondary (9–12) teachers on how to sustain growth mindset concepts within instructional practices as well as identifying barriers to sustainment.

This study employed an exploratory case study to obtain the lived experiences of participants. An inductive analysis process was utilized on the data collected through structured interviews and a semi-structured focus group.

Four major themes emerged from an in-depth analysis process: embed growth mindset practices in daily classroom instruction, communicate verbal affirmations and implement growth mindset learning tasks, allow students to experience academic successes and failures and teachers should receive continual support.

The study was limited to secondary grades (9–12). Therefore, it is recommended to expand the study to grades K-8.

Due to a gap in the literature, this study provided insights into sustaining an innovative psychological approach, growth mindset, within academic instruction. Growth mindset concepts have been supported through the work of seminal researcher Carol Dweck and other prevalent educational researchers (e.g. Robert Marzano) to provide teachers with effective classroom instructional practices that can academically progress students.

Managing the process of growth in a successful small business is a critically important task for the entrepreneur. Both the academic and practitioner press are full of advice to the entrepreneur about how to handle this process. This advice, if accepted, tends to create organisations that are more formal and bureaucratic than the entrepreneurial organisation. Too frequently, the consequence of this bureaucratisation is that the innovative spirit which contributed to much of the success of the entrepreneurial organisation is diminished. It is contended that innovation and the entrepreneurial spirit do not need to be diminished by the transformations necessitated by successful growth. By managing the growing organisation′s culture while institutionalising structural changes, the entrepreneur can maintain the entrepreneurial spirit within the business as well as successfully manage growth.

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