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Article
Publication date: 1 June 1990

Sue Jarrell

Proposes that executive development specialists should become partof the company′s infrastructure to help facilitate changes on an ongoingbasis. Considers that companies are in…

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Abstract

Proposes that executive development specialists should become part of the company′s infrastructure to help facilitate changes on an ongoing basis. Considers that companies are in “continuous evolution” and discusses the responsibility of human resource professionals in facilitating these changes. Describes systems necessary and an executive development programme to help a changing organisation. Concludes that the human resource professional is a critical factor in helping an organisation to manage change.

Details

Executive Development, vol. 3 no. 2
Type: Research Article
ISSN: 0953-3230

Keywords

Article
Publication date: 1 April 1989

Ike Mathur, Indudeep Chhachhi and Sridhar Sundaram

The number of mergers in the U.S.A. increased from 2,339 in 1983 to 3,701 in 1987—an increase of 58.23 per cent. Over the same time period the value of mergers increased from…

Abstract

The number of mergers in the U.S.A. increased from 2,339 in 1983 to 3,701 in 1987—an increase of 58.23 per cent. Over the same time period the value of mergers increased from $51.89 billion to $167.48 billion—an increase of 323 per cent. Merger activities of this magnitude can be expected to attract a great deal of attention, and they have.

Details

Managerial Finance, vol. 15 no. 4
Type: Research Article
ISSN: 0307-4358

Article
Publication date: 9 January 2017

Matteo Arena and Stephen Ferris

The purpose of this paper is to review research on litigation in corporate finance.

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Abstract

Purpose

The purpose of this paper is to review research on litigation in corporate finance.

Design/methodology/approach

This paper surveys studies on the estimation of litigation risk, litigation costs, stock reaction to lawsuit announcement, and the effect of litigation on corporate financial policies and outcomes.

Findings

The first section presents a survey of studies that estimate litigation risk. The authors then discuss a set of studies that focus on the various costs associated with litigation. The third area of review is about studies which estimate the market reaction to a lawsuit announcement. The next section surveys studies that examine the relation between litigation and a variety of corporate policies, behaviors, and outcomes. The authors then discuss the emerging literature on how corporate political connections can influence the outcome of litigation. The survey concludes with a brief summary and a discussion of suggestions for future research involving corporate litigation.

Originality/value

By providing an extensive review of the literature on litigation in corporate finance, this survey can help researchers to identify recent trends in litigation research and select promising new avenues of investigation in the field.

Details

Managerial Finance, vol. 43 no. 1
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 30 June 2020

James Malm and Srinidhi Kanuri

The purpose of the paper is to examine the relationship between litigation risk and payout policy.

Abstract

Purpose

The purpose of the paper is to examine the relationship between litigation risk and payout policy.

Design/methodology/approach

The authors employ various regression techniques including probit, logit and tobit regression methodologies to study the relationship between litigation risk (contemporaneous measures, litigation dummy) and payout policy (dividend payout likelihood and dividend yield). The authors also conduct several robustness tests.

Findings

The authors find that firms involved in a lawsuit have a lower propensity to distribute dividends to shareholders. In particular, the authors document a negative relationship between litigation risk and payout policy as measured by dividend payout likelihood and dividend yield. The results are robust to a series of robustness tests including using alternate regression specifications, alternate measures of litigation and payout policy, a propensity-score matched sample and using an instrumental variable.

Originality/value

The paper identifies another determinant of payout policy and documents another avenue whereby legal institutions affect corporate payout policy. The link between litigation risk and payout policy is of interest to the business community, financial economists, management and the investing public.

Details

Managerial Finance, vol. 46 no. 11
Type: Research Article
ISSN: 0307-4358

Keywords

Book part
Publication date: 9 August 2023

Joanne Belknap and Alejandra Portillos

This chapter defines and provides examples of activist criminology methods (ACM). Although many examples of ACM studies are provided, to date, no publications use this…

Abstract

This chapter defines and provides examples of activist criminology methods (ACM). Although many examples of ACM studies are provided, to date, no publications use this identification. The authors begin by questioning not only the feasibility but also the desirability of the ‘neutral scientist’. The authors then summarise the predecessors and contributors to ACM: ‘activist research’, participatory action research, and public criminology. The components of ACM are (1) including the public; (2) using reflexivity; and (3) ensuring the findings are relayed to the public and ideally, used to create change. Including the public has two subsections, the victims/survivors and the activists resisting the injustice studied. The authors discuss some of the challenges in conducting ACM, including academic marginalisation of this scholarship (and thus the difficulty of pursuing it, particularly if untenured), securing collaboration with activists and/or survivors, reflexivity on the power differences when collaborating with marginalised communities, and the near impossibility of achieving all the goals of ACM in one study. Although unnamed until now, ACM, as we describe them, has been conducted for hundreds of years around the world. The growing number of scholars historically kept out of academia due to race, gender, sexuality, class, and criminal history is no doubt related to the vastly increasing frequency of studies employing ACMs, as well as discussions and advancement of these methods.

Details

The Emerald International Handbook of Activist Criminology
Type: Book
ISBN: 978-1-80262-199-0

Keywords

Article
Publication date: 1 December 2001

Messod D. Beneish

Compares three definitions of earnings management used by accounting researchers and three methods of estimating it: aggregate accruals, specific accruals and discontinuities in…

16382

Abstract

Compares three definitions of earnings management used by accounting researchers and three methods of estimating it: aggregate accruals, specific accruals and discontinuities in earnings distribution. Discusses evidence relating to the reasons for income‐increasing earnings management, income‐decreasing earnings management and specific contexts, e.g. financial institutions with regulatory constraints. Concludes that, although the evidence is limited, managers are more likely to manipulate income up rather than down; and identifies some opportunities for further research.

Details

Managerial Finance, vol. 27 no. 12
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 1 January 2001

Pankaj Saksena

Management fraud is an important issue, as determined by significant governing bodies and major accounting firms. There are significant implications for the profession and the…

Abstract

Management fraud is an important issue, as determined by significant governing bodies and major accounting firms. There are significant implications for the profession and the capital markets from instances of management fraud. This study determined instances of management fraud using SEC AAER's and advances our understanding of the internal and external environmental factors that might lead to instances of management fraud. There is further analysis of industries where instances of management fraud were prevalent.

Details

International Journal of Commerce and Management, vol. 11 no. 1
Type: Research Article
ISSN: 1056-9219

Article
Publication date: 10 August 2021

Jeffrey M. Coy, Kien D. Cao and Thuy T. Nguyen

Consistent with an “absolute bonding hypothesis,” the benefits of listing on US exchanges experienced by cross-listed firms are accompanied by an increased risk of experiencing a…

Abstract

Purpose

Consistent with an “absolute bonding hypothesis,” the benefits of listing on US exchanges experienced by cross-listed firms are accompanied by an increased risk of experiencing a spillover effect due to negative news within their industry. The purpose of this study is to test this form of the bonding hypothesis by analyzing the spillover effect to cross-listed firms when class action lawsuits are filed against their industry peers.

Design/methodology/approach

The bonding hypothesis is tested by analyzing the spillover effect to non-sued cross-listed firms of class action lawsuits brought against US domestic firms in the same industry. The spillover effect is identified using cumulative abnormal returns around lawsuit filing dates from 1996 to 2020. A sample of matched non-sued cross-listed and domestic peer firms is evaluated in a cross-sectional analysis to identify country and firm-level characteristics that mitigate the negative spillover effect to cross-listed firms.

Findings

While US firms realize significantly negative abnormal returns when class action suits are filed against their industry peers, the impact to cross-listed peers is statistically insignificant. In multivariate analyses, we show that the ability of cross-listed firms to avoid this negative spillover effect is stronger for firms with greater profitability that are headquartered in countries with better shareholder protections and governance characteristics.

Originality/value

Results suggest that cross-listed firms may have a level of immunization from the negative industry spillover effect of class action lawsuits and, thus, exhibit only “partial bonding” to the US market.

Details

Managerial Finance, vol. 47 no. 12
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 1 April 2003

Dorothy A. Feldmann and David L Schwarzkopf

We investigate the relationship between institutional shareholdings and the firm's corporate governance by looking at changes in the composition of the board of directors and…

Abstract

We investigate the relationship between institutional shareholdings and the firm's corporate governance by looking at changes in the composition of the board of directors and audit committee while institutional ownership increases over time. Our comparison of 74 firms showing increased institutional ownership with a matched control group of 62 firms finds that increased institutional ownership is positively associated with a higher proportion of outsiders on the board and with audit committee and board members who are less entrenched. These factors are widely regarded as signs of a strengthened system of corporate governance and control, underscoring the important role that institutional ownership may play in the firm's corporate governance structure.

Details

Review of Accounting and Finance, vol. 2 no. 4
Type: Research Article
ISSN: 1475-7702

Article
Publication date: 28 October 2019

Ching-Chiu Hsu, Jeong-Yang Park and Yong Kyu Lew

In cross-border mergers and acquisitions (M&As), acquirers often fail to achieve the expectations they held when they made the M&A deals. This paper aims to propose that the risks…

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Abstract

Purpose

In cross-border mergers and acquisitions (M&As), acquirers often fail to achieve the expectations they held when they made the M&A deals. This paper aims to propose that the risks of cross-border M&As can be mitigated by building and cultivating organizational resilience as a prime means of risk management.

Design/methodology/approach

The research examines risks associated with cross-border M&A and how such risks can be mitigated by developing resilience. It presents dual cases of acquisitions of the biggest branded mobile phone manufacturer in Taiwan.

Findings

The authors find that the acquirer faces multiple risks in cross-border M&A transactions, including financial, strategic and organizational, and process risks that arise from misalignment between the goal of the M&As and the post-acquisition performance of the target firms.

Originality/value

The research provides theoretical insights on organizational resilience and how it can mitigate the specific risks involved in cross-border M&As, thereby developing coherent organizational resilience processes.

Details

Multinational Business Review, vol. 27 no. 4
Type: Research Article
ISSN: 1525-383X

Keywords

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