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Book part
Publication date: 10 April 2020

Dominika Wruk, Tino Schöllhorn and Achim Oberg

Is the sharing economy a field? Answering this question is crucial to understanding how sharing organizations look and behave, as well as how the sharing economy might…

Abstract

Is the sharing economy a field? Answering this question is crucial to understanding how sharing organizations look and behave, as well as how the sharing economy might develop. In this chapter, the authors applied two different field conceptions – organizational field and issue field – as a starting point for an explorative empirical analysis. To capture both field concepts, the authors collected relational data and data on organizations’ self-representations to see how organizations engaged in the debate on the sharing economy relate to each other. The observed network of organizations suggests that the sharing economy is an issue field. In addition, the core of this network shows the relational structure of an organizational field. Surprisingly, it is not an organizational field of the sharing economy. Instead, it is a field of organizations heavily engaged in proselytizing new organizational forms that will change other fields. What the authors observed is a new field configuration – the authors call it a disruptive field – that is, less inward-oriented than other fields but much more engaged in changing other fields’ structures and dynamics. With these insights, the authors contribute to institutional research on field configuration and shed light on the phenomenon of the sharing economy and its potential development.

Details

Theorizing the Sharing Economy: Variety and Trajectories of New Forms of Organizing
Type: Book
ISBN: 978-1-78756-180-9

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Book part
Publication date: 31 December 2010

The following is an introductory profile of the fastest growing firms over the three-year period of the study listed by corporate reputation ranking order. The business…

Abstract

The following is an introductory profile of the fastest growing firms over the three-year period of the study listed by corporate reputation ranking order. The business activities in which the firms are engaged are outlined to provide background information for the reader.

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Reputation Building, Website Disclosure and the Case of Intellectual Capital
Type: Book
ISBN: 978-0-85724-506-9

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Article
Publication date: 6 December 2020

Adam Reekie

The purpose of this paper is to critically examine the prohibition on debt-to-equity conversions for private limited companies in Thailand, resulting from an…

Abstract

Purpose

The purpose of this paper is to critically examine the prohibition on debt-to-equity conversions for private limited companies in Thailand, resulting from an interpretation of Section 1119 of the Thai Civil and Commercial Code (TCCC) adopted by academics and the regulator.

Design/methodology/approach

This paper critically examines the interpretation of Section 1119 of the TCCC made by academics, the Thai Supreme Court and the regulator. Taking an approach, which draws on debate in the EU over the past two decades, this paper presents a new understanding of the rules relating to legal capital in Thailand. This new understanding is applied to challenge the orthodox interpretation of Section 1119.

Findings

The interpretation proposed by this paper is that debt-to-equity conversions may be permitted when viewed as shares issued in return for payment in kind. This proposed interpretation is consistent with existing Thai Supreme Court jurisprudence. In addition, a close reading of the provision, further supported by a historical investigation into the legislative drafting process, reveals that it reflects the original intention behind this provision.

Originality/value

This paper presents a view of Thai legal capital rules, which challenges the orthodox understanding of their nature, purpose and categorisation. Furthermore, the proposed interpretation of Section 1119 of the TCCC, if adopted by the regulator, would permit Thai private limited companies to engage in debt-to-equity swaps without further legislative intervention.

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International Journal of Law and Management, vol. 63 no. 1
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 1 April 1990

J. Grahame Boocock

Over recent years an increasing amount of funds has been committed to mergers and acquisitions in the UK. Expenditure rose nearly tenfold from £2.3bn in 1983 to £22.1bn in…

Abstract

Over recent years an increasing amount of funds has been committed to mergers and acquisitions in the UK. Expenditure rose nearly tenfold from £2.3bn in 1983 to £22.1bn in 1988. This surge in spending has continued despite fears over economic trends, both domestic and international, and shocks in financial markets, notably the global col lapse in share values of October 1987. This monograph is essentially concerned with the events up to, and including, the first three quarters of 1989, ie, a period of two years after the crash of October 1987. Whilst the financing of mer gers and acquisitons activity is a fast moving arena, it does seem to be an opportune time to review developments to date and, tentatively, to suggest future trends in this sphere.

Details

Managerial Finance, vol. 16 no. 4
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 January 1983

R.G.B. Fyffe

This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of…

Abstract

This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of industrial and economic democracy, which centres around the establishment of a new sector of employee‐controlled enterprises, is presented. The proposal would retain the mix‐ed economy, but transform it into a much better “mixture”, with increased employee‐power in all sectors. While there is much of enduring value in our liberal western way of life, gross inequalities of wealth and power persist in our society.

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International Journal of Sociology and Social Policy, vol. 3 no. 1/2
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 1 March 1976

Michael Firth

The purpose of this paper is to discuss briefly the types of research that have been undertaken, to reference a number of American and British studies and to summarise…

Abstract

The purpose of this paper is to discuss briefly the types of research that have been undertaken, to reference a number of American and British studies and to summarise some work in this general area that has been completed by the author whilst at Bradford University and subsequently at Stirling University.

Details

Managerial Finance, vol. 2 no. 3
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 29 November 2018

Jesse Alves da Cunha and Yudhvir Seetharam

Opinions have been divided on whether there is a rational explanation to the reason behind seasoned equity offerings (SEOs) or whether the explanation lies within the…

Abstract

Purpose

Opinions have been divided on whether there is a rational explanation to the reason behind seasoned equity offerings (SEOs) or whether the explanation lies within the behavioural intricacies attributed to stock market participants. The paper aims to discuss these issues.

Design/methodology/approach

This study investigates the long-run performance of firms conducting SEOs on the Johannesburg Stock Exchange (JSE) over the period of 1998–2015, by examining the return performance and operating performance of firms, along with the impact of investor sentiment on these variables.

Findings

The results of this study are inconsistent with the existing literature, which argues that the long-run performance of issuing firms signalled an initial underreaction to SEOs buoyed by over-optimistic investors.

Research limitations/implications

Instead, the long-run performance of issuing firms is adequately explained by the rational models centred on the risk-return framework, implying that investors are reacting swiftly to SEOs in an unbiased fashion.

Originality/value

Investor sentiment does not materially influence the long-run share performance or operating performance of issuing firms, casting doubt on the ability of the market timing theory to explain the long-run performance of SEOs. The authors thus find that SEO performance cannot be explained by behavioural-based reasoning, in contrast to some asset pricing studies on the JSE which indicate the role of sentiment in explaining returns.

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International Journal of Emerging Markets, vol. 13 no. 5
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 4 February 2021

Anthony Nwafor

A company that is registered with share capital may issue different classes of shares and may confer rights on members, which place them in different classes in the…

Abstract

Purpose

A company that is registered with share capital may issue different classes of shares and may confer rights on members, which place them in different classes in the company’s organisational structure. This paper is concerned with the propensity for encroachment on such vested class rights as companies strive to wriggle out of business challenges spawn by the COVID-19 pandemic. The purpose of this study is to ascertain the extent of protection that the law accords to the different classes of shareholders and members in a company especially when the company seeks to vary the vested class rights.

Design/methodology/approach

A doctrinal methodology, which relies on existing literature, case law and statutory instruments, is adopted to explore the nature of class rights and the adequacies of the remedial measures availed by statute to the aggrieved bearers of class rights in the context of the South African Companies Act 71 of 2008 with inferences drawn from the UK companies statute and case law.

Findings

The findings indicate that accessing the remedies available to aggrieved shareholders under the relevant statutory provisions are fraught with conditionality, which could make them elusive to those who may seek to rely on such provisions to vindicate any encroachment on their class rights.

Practical implications

The paper embodies cogent information on the interpretation and application of the relevant statutory provisions geared at the protection of shareholders class rights, which should serve as guides to companies and the courts in dealing with matters that affect the vested class rights of shareholders and members of a company.

Originality/value

The paper shows that protections offered to classes of shareholders under the law can also be extended to classes of members who are not necessarily shareholders, and that shareholders who seek to vindicate their class rights may conveniently rely on Section 163 that provides for unfair prejudice remedy to avoid the onerous conditions under Section 164 of the South African Companies Act 71 of 2008, which directly deals with class rights.

Details

International Journal of Law and Management, vol. 63 no. 5
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 4 December 2017

Shamsiah Mohamad, Mezbah Uddin Ahmed and Mohd Bahroddin Badri

The purpose of this paper is to analyze the different features of preference shares from accounting and Sharīʿah perspectives. It also aims to study Sharīʿah issues

Abstract

Purpose

The purpose of this paper is to analyze the different features of preference shares from accounting and Sharīʿah perspectives. It also aims to study Sharīʿah issues arising from preference shares and to subsequently propose solutions for identified issues that will help in structuring Islamic preference shares.

Design/methodology/approach

The paper uses a qualitative method by analyzing relevant documents and literature to understand the subject matter and Sharīʿah-related issues.

Findings

The paper finds that several features of conventional preference shares, such as capital guarantee, loss sharing disproportionate to capital contribution, fixed profit, profit guarantee and waiver of rights before realization of profit, make them a Sharīʿah non-compliant instrument.

Research limitations/implications

The paper is conceptual in nature; however, it provides directions for future empirical research.

Originality/value

The paper provides a practicable solution to structure Sharīʿah-compliant preference shares.

Details

ISRA International Journal of Islamic Finance, vol. 9 no. 2
Type: Research Article
ISSN: 0128-1976

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Article
Publication date: 1 January 2004

Shailesh Jaitly

This study investigates the pricing of new issues in the Indian equity market during the period shortly following the deregulation of the market for new issues. We…

Abstract

This study investigates the pricing of new issues in the Indian equity market during the period shortly following the deregulation of the market for new issues. We evaluate the importance of book value and market value estimates in determining issue prices as well as prices on the first day of trading. We also use variables that may reduce uncertainty (age to proxy for awareness of the company) and information asymmetry (the extent of the promoter’s contribution to the new issue) in order to test whether uncertainty and information asymmetry have an impact on pricing of new issues. Results indicate that pricing of new issues appears to be consistent with rational decision‐making. We also examine the extent of underpricing of IPOs in India by calculating the rate of return earned by the subscribers on the first day the shares trade publicly. The first day return is, on average, 72 per cent. We then simulate what this return would have been if the government regulations had still been in place. With government restrictions, the first day’s return would have been 160 per cent. These results are consistent with the expectations that removal of restrictions results in lower returns to subscribers and lower cost of capital for the issuing firm. Finally, we examine whether there are differences in first day returns or other variables for companies that issue shares at a price above the government benchmark and the companies that issues shares at prices below the benchmark. Results indicate that there are no significant differences in first day returns between the two groups of companies. There are, however, significant differences between the two groups with respect to relative size of the issue and the difference between the forecasted and current book value. This indicates that the CCI price might be used as a benchmark, which is, then adjusted upwards or downwards to place greater emphasis on expected performance.

Details

Managerial Finance, vol. 30 no. 1
Type: Research Article
ISSN: 0307-4358

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