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This study aims to explain why organisations remain vulnerable to financial failure despite increasing financial regulation to improve governance. Using a case study of gambling and regulation in professional football in England, it introduces the concept of “regulatory legitimacy” to show how this enables football clubs to gamble.

The study quantifies the extent to which football clubs in the Championship of the English Football League (EFL) adopt a conventionally economically irrational decision to run a loss-making budget in the hope of achieving sporting success. The study postulates criteria for evidence of this form of gambling by overspending on playing talent with data from the clubs’ published financial statements. A pay-off matrix is developed to compare the intended and actual outcomes.

The research finds that this strategy was both prevalent and the most successful to achieve promotion.

This study makes three contributions. The first is the quantification of the prevalence of this form of gambling. The second is the finding that, despite regulations to limit spending on wages, gambling is rational in the non-economic sense because it is almost a necessary strategy to achieve promotion if the club had not been relegated from the Premier League in the previous season. The third contribution is the development of the concept of “regulatory legitimacy” as a way to understand the process through which regulations are implemented yet are ineffective at curbing financial gambling.

Professional football clubs in England face serious financial and operational difficulties and challenges. Our survey reveals that less than a quarter of football clubs responding had an internal audit committee. Even where clubs had an audit committee, almost one third of those clubs report there being no regular board review of risk assessment reports. The need to undertake risk assessment is now accepted as part of good corporate governance. The collapse of the ITV Digital agreement, which led to Football League clubs losing significant revenue, forcing some into administration, simply illustrates the reasoning behind the practice (following the Turnbull Report). Football clubs (and the companies that own them) need improved corporate governance practice, financial planning and risk assessment procedures; 76 percent of clubs responded that they would benefit from a guide to good corporate governance and 80 percent that they would find advice on Company Law useful.

The mutualisation of two English third division football clubs in 2001 and the creation of a large number of supporters' trusts make it timely to consider whether there is a case for mutualisation of football clubs. This paper assesses whether mutuality would be of economic benefit for clubs, drawing heavily on the experience of mutuals in the financial sector. Our conclusions are mixed. The economic case rests on the distinctive feature of customer loyalty to a club, presuming this to be much stronger than loyalty to a financial institution. However, club members in a mutual must expect to be called upon to provide financial support.

The purpose of this article is twofold. First, it assesses in detail the extent to which corporate reporting on ethical, social and environmental issues reflects corporate performance in case study company Alpha. This “reporting‐performance” portrayal gap is a key measure of the extent to which an organisation is accountable to its stakeholders. Alpha's disclosures concerning its ethical, social and environmental performance for the years 1993 and 1999 were compared with information obtained on Alpha's performance from other sources. Two different pictures of performance emerged leading to the conclusion that, in the case of Alpha, reports do not demonstrate a high level of accountability to key stakeholder groups on ethical, social and environmental issues. Of particular concern is the lack of “completeness” of reporting. Second, the article assesses the potential of recent standards or guidelines developed by the Global Reporting Initiative (GRI) and the Institute of Social and Ethical AccountAbility (AccountAbility) as well as the industry's own “responsible care” initiative to reduce this “reporting‐performance” portrayal gap and improve corporate accountability. The conclusions point to the need for other measures to improve accountability including mandatory reporting guidelines, better developed audit guidelines, a mandatory audit requirement for MNCs and a radical overhaul of corporate governance systems.

Career resilience (CR) is an increasingly important, but under-researched aspect of modern careers. The purpose of this paper is to examine the mediating effect of CR on the relationships between personality factors, career self-evaluations and modern career orientation and the outcome of career satisfaction (CS). The authors hypothesized that CR would be positively associated with the “big-5” personality factors, career self-evaluations (self-efficacy and external locus of control) and modern career orientations (protean and boundaryless orientations) and that CR would mediate those variables’ relationships with CS.

The participants in the study were 1,988 employed managers and professionals. Structural equation modeling was used to test the proposed relationships and mediation model.

CR mediated the relationships between CS and emotional stability, conscientiousness, emotional stability, openness to experience, internal work locus of control, career self-efficacy and protean career attitudes. Contrary to expectations, being values-driven was negatively associated with CR, producing a negative net indirect effect on CS.

The study extends previous work concerning CR by examining the role of CR as a mediator between various psychological career factors and CS (i.e. subjective career success). An important issue is whether CR is a unique construct relative to psychological resilience. The results suggest that this may be the case, but direct comparison between the two constructs is required to answer the question definitively.

Strengthening CR through career development interventions can have important impacts on CS, particularly for those individuals who are values-driven or have boundaryless mindsets and preferences for organizational mobility.

This is the first study to examine the relationship between CR and “new career” attitudes (i.e. boundaryless and protean career orientations), which have been the topic of much research. The authors contribute to the career success research by linking CR and modern career orientation to CS and demonstrating that CR mediates the relationships between career-related psychological factors (personality, self-evaluation and modern career orientation) and CS.

The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains features to help the reader to retrieve relevant literature from MCB University Press' considerable output. Each entry within has been indexed according to author(s) and the Fifth Edition of the SCIMP/SCAMP Thesaurus. The latter thus provides a full subject index to facilitate rapid retrieval. Each article or book is assigned its own unique number and this is used in both the subject and author index. This Volume indexes 29 journals indicating the depth, coverage and expansion of MCB's portfolio.

In recent years, the relationship between Manchester United fans and their club has been put under the spotlight due to the contentious relationship between the fanbase and the club’s American owners, the Glazer family. However, the commercialisation of Manchester United and their ramping up of their associated brand accelerated massively during the 1990s, as a result of the coincident timing of the country’s glamour club returning to dominance during a period of ever-greater financial returns for top-flight success. As the undoubted commercial trailblazers in English football (and the first English club to be listed on the Stock Exchange), analysing their development during the 1990s is, arguably, the best way of understanding how and why top-flight football clubs operate the way they do and, in a knock-on effect on the league’s competitiveness, why the clubs below them can so easily fall away.

There now appears to be a real prospect that the present chaos will give place to a well‐ordered set of enactments. In the House of Lords there has been introduced by the Lord Chancellor a Food and Drugs Bill, which is a purely consolidating measure of 137 clauses and twelve schedules, designed to replace virtually all existing Food and Drugs statutes dealing with England, Wales and Northern Ireland (without amending their substance), and in particular to repeal wholly the Food and Drugs Act, 1954. In the House of Commons the Food and Drugs (Scotland) Bill, which is both an amending and consolidating measure—has for the third time been launched on its Parliamentary career. Meanwhile, much progress as been made with the preparation of the promised Regulations, which, before this note appears in print, will have received some consideration from the Food Hygiene Advisory Council. And, simultaneously, the contemplated revision and enlargement of Codes of Practice appear to be near completion. We know of no reason why all these operations should not be completed before the end of the present year. One of the important matters to be settled is the way in which the Minister of Health will exercise his discretionary powers in relation to the local governing bodies which will be Food and Drugs Authorities.

The purpose of this paper is to analyze the distribution strategies implemented by foreign firms in emerging markets, and to investigate whether they represent an opportunity for firms to innovate their practice. China is selected as the setting of the investigation as distribution is a critical determinant of business success for international firms operating there.

A multiple-case study approach is adopted by investigating the distribution strategies of four Italian firms in China. The collected data consist of interviews with firm managers and their distributors. To ensure triangulation and cross-verify the findings from the primary data, secondary data consisting of sector reports and newspaper articles were analyzed.

Results discuss how foreign firms develop their distribution system in China and suggest that emerging markets can enable reverse innovation in their distribution strategies.

The research suffers from the limitations of the generalizability of the findings as the study was carried out on a restricted number of firms, and it considered their strategies in one single market.

Managerial implications are discussed on the extent to which the Chinese distribution system still represents a key issue for foreign firms, but it also provides with opportunity for innovation.

While previous research on innovation in emerging markets has mainly focused on product innovation, this study suggests some areas for distribution innovation.