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1 – 10 of over 6000Janaina Muniz, Fernando Galdi and Felipe Storch Damasceno
This study aims to investigate whether there is any influence of the option plan to purchase shares protected from dividends to determine the distribution of dividends in…
Abstract
Purpose
This study aims to investigate whether there is any influence of the option plan to purchase shares protected from dividends to determine the distribution of dividends in Brazilian companies.
Design/methodology/approach
The authors used a Tobit dynamic and regressive regression model because their sample has an index higher than 30% of companies that do not pay dividends. The sample includes companies that pay dividends or not and pay their executives with executive stock option plans and is composed of 1,990 observations from 356 companies from 2010 to 2016.
Findings
The results indicated that the presence of a dividend protection clause has a positive association with the distribution of dividends. The authors sought to clarify that companies with a stock option plan protected by the distribution of dividends face fewer restrictions on the distribution of dividends. The authors found that most companies still use only stock options to benefit middle-ranking positions and fit the plan in their remuneration policy. The monitoring of these plans lasts an average of seven years, and specific acquisition conditions are not established with their beneficiaries, who must remain in the company and observe performance metrics.
Originality/value
This study is relevant because the relationship between dividends and stock options has not yet been analyzed in Brazil, especially concerning a dividend-protected option plan, which is a relatively recent modality, even unknown to some companies.
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Keith Whitfield, Andrew Pendleton, Sukanya Sengupta and Katy Huxley
A range of studies have shown that performance is typically higher in organisations with employee share ownership (ESO) schemes in place. Many possible causal mechanisms…
Abstract
Purpose
A range of studies have shown that performance is typically higher in organisations with employee share ownership (ESO) schemes in place. Many possible causal mechanisms explaining this relationship have been suggested. These include a reduction in labour turnover, synergies with other forms of productivity-enhancing communication and participation schemes, and synergies with employer-provided training. The paper aims to discuss these issues.
Design/methodology/approach
This paper empirically assesses these potential linkages using data from the 2004 and 2011 British Workplace Employment Relations Surveys, and provides comparisons with earlier analyses conducted on the 1990 and 1998 versions of the survey.
Findings
Substantial differences are found between the 2004 and 2011 results: a positive relationship between ESO and workplace productivity and financial performance, observed in 2004, is no longer present in 2011. In both years, ESO is found to have no clear relationship with labour turnover, and there is no significant association between turnover and performance. There is, however, a positive moderating relationship with downward communication schemes in 2004 and in 2011 in the case of labour productivity. There is no corresponding relationship for upward involvement schemes.
Research limitations/implications
The results are only partially supportive of extant theory and its various predictions, and the relationship between ESO and performance seems to have weakened over time.
Originality/value
The study further questions the rhetoric offered in support of wider ESO.
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Andrew Pendleton, Andrew Robinson and Graeme Nuttall
The paper traces the development of employee ownership in the UK since the 1980s. It proposes that employee ownership is a function of macro-level contexts and micro-level…
Abstract
Purpose
The paper traces the development of employee ownership in the UK since the 1980s. It proposes that employee ownership is a function of macro-level contexts and micro-level decisions, with the latter framed and guided by the former. The macro context comprises the regulatory framework and the provision of incentives to adopt employee ownership. The paper shows how the evolution of these has led to a steep increase in employee ownership in the last eight years.
Design/methodology/approach
The paper draws on several sources of empirical data to chart the development of employee ownership in the UK since the 1980s and to identify the current features of employee ownership. Two firm-level surveys conducted in 2015 and 2020/21 are supplemented by qualitative case study data collected in the early 1990s. An annual census of all employee-owned firms facilitates a comprehensive overview of the current state of UK employee ownership.
Findings
It is found that there has been a steep increase in the number of UK employee-owned firms since 2014 after several decades of uneven growth. This is attributed to the introduction of new incentives and to refinements of the regulatory framework. Over the period, there has been a shift from hybrid employee ownership, combining direct and indirect forms, to indirect ownership associated with the employee ownership trust model.
Originality/value
The paper provides an original history of employee ownership in the UK using rich and unique data, along with the most comprehensive picture of current employee ownership to date.
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This paper aims to focus on the development of a vision for the Lake Constance region, Germany, as an e-destination, i.e. a destination where tourism mobility would be…
Abstract
Purpose
This paper aims to focus on the development of a vision for the Lake Constance region, Germany, as an e-destination, i.e. a destination where tourism mobility would be predominantly electric in the future.
Design/methodology/approach
This paper uses a scenario analysis based on factor analysis in addition to empirical data collected in 2016 and 2017 based on surveys and interviews with tourists and stakeholders.
Findings
The scenarios contain the optimistic, pessimistic and realistic models, including one scenario called e-destination, i.e. a projection of the future where tourism mobility consists predominantly of electro-mobility (e-mobility). This specific scenario is supported by the results of the empirical data.
Research limitations/implications
As the study focusses on e-mobility only, it leaves out other forms of mobility e.g. pedestrian or cycling mobility that also contribute to CO2 reduction. The sampling methods are not strictly randomised, but the tendencies they show are clear and supporting each other.
Practical implications
According to the tourists and stakeholders interviewed, it is quite likely that the region will become an e-destination in the future, but only with government support.
Social implications
The attitude-behaviour-gap was discussed as a possible explanation of tourists’ behaviour in the study.
Originality/value
Studies on e-mobility in tourism are rare. (As far as the author knows) this paper presents the first analysis of the future of e-mobility in tourism using a German lake as a destination. Thus, it adds to the existing body of knowledge different possible projections of the future regarding e-mobility in a tourism destination.
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Abstract
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Eva Hofmann, Barbara Hartl and Elfriede Penz
Collaborative consumption, such as car sharing, specifically implicates customer-to-customer interaction, which must be regulated by service providers (companies, peers and…
Abstract
Purpose
Collaborative consumption, such as car sharing, specifically implicates customer-to-customer interaction, which must be regulated by service providers (companies, peers and self-regulating communities), comprising different challenges for business organizations. While in conventional business relations, consumers are protected from undesirable customer behavior by laws, regulations (power) in the context of collaborative consumption are rare, so that trust becomes more relevant. It is the purpose of the study to investigate possible mechanisms to prevent undesirable customers in collaborative consumption.
Design/methodology/approach
In between subject designs, samples of 186 and 328 consumers filled in experimental online questionnaires with vignettes. Analyses were made of differences among car sharing companies, private persons and car sharing communities in terms of the power of providers, trust in providers and trust in other users of the shared goods, undesirable customer behavior and consumer–provider relations.
Findings
Companies, private persons and self-regulating communities differ in terms of perceived power and trust. Participants specifically perceive mainly coercive power with the car sharing company, but with the private person and the community, reason-based trust in other users is perceived as prevalent. Nevertheless, undesirable customer behavior varies only marginally over the models.
Originality/value
The present study is the first to investigate measures to prevent undesirable customer behavior over different collaborative consumption models. This enables appropriate identification of market segments and tailoring of services. The study identifies opportunities for companies in contrast to private persons and self-regulating communities and, in doing so, provides important stimulation for marketing strategy and theory development.
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