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The purpose of this paper is to investigate the relationship between loan default and loss given default (LGD) in an agricultural loan portfolio. The analysis employs a simulation model approach to evaluate the role that systematic and non‐systematic risks play in determining the economic capital requirements under different agricultural economic conditions.

The authors employ the theoretical approach suggested by Miu and Ozdemir to assess the role of LGD in the banking industry. A Monte Carlo simulation model is developed using Excel and calibrated to an agricultural credit association using historical data. The simulation model is used to evaluate the mark‐up to economic capital that is implied by increasing credit risks due to cyclical changes in farm real estate values.

The paper demonstrates that historical systematic risks due to the correlation between probability of default (PD) and LGD through the business cycle can result in a significant mark‐up in the economic capital required by an agricultural lender. Using historical land price changes as the driver of systematic risk, the authors show that the correlations between changing PD and land values and between the PD and LGD provide evidence of how sensitive credit risk exposure is to these parameters.

This paper is the first application of the Miu and Ozdemir model of systematic risk to an agricultural lending institution. The model approach can be adapted by farm lenders to evaluate their changing economic capital requirements through an economic cycle in agriculture.

The purpose of this paper is to contribute a roadmap to the change management literature, and provide definitions for describing change types, change enablers and change methods. This paper also proposes aligning the change type with the change method to find the effect on the change outcomes. New researchers can use this paper to get an overview of the change management discipline along with the main concepts that help in understanding the different dimensions of and relationships between the change types and methods in the literature. Managers can use this paper to describe and classify their organizational change situation and select an implementation method for systematic change and for change management.

This framework is designed based on literature review and experts judgment.

The results of the research propose a hypothesis that describes the relationships between the change types and methods and how this relationship can affect the change outcomes.

The main contribution of this research paper is to connect three main knowledge areas of change types, change methods and change outcomes. These three areas are standalone subjects in several publications in the literature. Some researchers connected the change types and change methods, while other researchers connected the change methods and change outcomes. But connecting the change types, change methods and change outcomes remains a new research territory to explore.

The purpose of this paper is to investigate the impact of mergers and acquisitions (M&As) on acquiring company systematic risk using a global sample of 34,221 completed deals that occurred between the years 1977 and 2012, covering 163 countries and 85 industries.

Acquirers’ systematic risk (beta) is calculated using the capital asset pricing model. The change in acquirers’ beta post-merger is obtained using event study and tested for mean differences across various sub-categories of deals. Cross-sectional regressions are then performed to test several hypotheses relating to the impact of diversification, method of payment, target status and prior experience on acquirers’ risk.

For the overall sample, the evidence suggests that acquirers’ beta tends to increase post-merger, but only in cases where their pre-merger risk is relatively low in relation to the risk of the market. The authors also show that cash payment deals for publicly listed targets contribute to reducing acquirers’ risk while stock payment increase risk. Diversification, whether global or across industry, has no significant impact on risk. On the other hand, for serial acquirers, the risk is increased significantly with more M&As.

This study contributes in a unique way by providing global evidence on acquirers’ systematic risk using a very large and diverse sample of M&A deals and investigating not only the impact of diversification on risk but also of other deal characteristics (e.g. method of payment, target status, acquirers’ prior experience) which have not been previously examined.

The purpose of the current study was first to identify the motives for mergers, and second to examine the effect of mergers on the systematic risk of bidder firms in the airline industry.

To evaluate the effect of mergers in the systematic risk, two different market models are estimated for each company in the sample, one with pre‐merger data and one with post‐merger data. Then the results obtained from the two data sets are compared so as to identify possible differences.

The study has identified three diving motives behind the merges, namely cost efficiency, economies of scale, and market power. All of these motives are expected to affect the new firm's earnings stream and in turn affect its systematic risk. With the use of the market model the individual merger results are mixed and in line with the relevant literature. Nonetheless, the average results showed a decrease in the post‐merger systematic risk.

A reduced post‐merger systematic risk indicates a success in achieving management objectives. Mergers can generate synergetic gains from increasing cost efficiencies and/or scale economies and can also increase shareholders value through the reduction in the new firm's cost of capital. However, to have a more valid perspective a larger number of mergers should be included in the sample together with alternative calculation of systematic risk to test the robustness of the results.

Taking into account the current economic hardship this paper addresses the issue of shareholders wealth maximization through mergers.

The current study aims to investigate the relationship between relative performance and change manager in Iran.

For this study, the reasons for CEO change and the contributing factors to performance were defined based on the industry type. A systematic elimination approach is applied to select the study sample among listed companies on the Tehran Stock Exchange during 2012–2016. Finally, a 390 firm-year population was tested using multiple regression.

The results of hypothesis testing indicate that the possibility of managerial change is less likely after a positive return of the market performance. Moreover, hypothesis testing results reveal that peer firms and specific-firm performance do not contribute to managerial change. The findings also demonstrate that systematic risk has a negative impact on managerial change, whereas unsystematic risks do not significantly play a part in managerial change.

As the present study is the pioneer study on the impact of managerial change factors on Iranian firms' relative performance, the findings of this study can contribute to the realm of this study and the related literature.

In this chapter, we identify three distinct transformational performance improvement (TPI) approaches commonly used to redesign work processes in health care organizations. We describe the unique components or tools that each approach uses to improve the delivery of health services. We also summarize what is empirically known about the effectiveness of each TPI approach according to systematic reviews and recent studies published in the peer-reviewed literature. Based on examination of this research, we discuss what knowledge is still needed to strengthen the evidence for whole system transformation. This involves the use of conceptual frameworks to assess and guide implementation efforts, and facilitators and barriers to change as revealed in a recent evaluation of one major initiative, the Lean Enterprise Transformation (LET) at the Veterans Health Administration. The analysis suggests ways in which TPI facilitators can be developed and barriers reduced to improve the effectiveness and sustainability of quality initiatives. Finally, we discuss appropriate study designs to evaluate TPI interventions that may strengthen the evidence for their effectiveness in real world practice settings.

The purpose of this paper is to systematically review existing research on organizational change capabilities (OCC), which remains fragmented. This study aims to fill gaps in the literature by scientifically discussing contributions and highlighting the main issues with previous research findings regarding the dimensions that comprise them, as well as the antecedents and consequences of OCC.

This paper searched all research that studied OCC and published from 2005 to 2020. In total, 48 studies out of 249, found on Scopus and EBSCO-host, were included in the review.

This research found that OCC is a complex concept and that it has many definitions and dimensions. The findings also suggest that existing research has found that a number of organizational and individual factors are antecedents of OCC and have consequences for organizational outcomes.

This review was only conducted on scientific publications from two article databases. Future research should search other databases on OCC as the broad concept may provide additional insights.

Literature on OCC is limited, and there is still no generally accepted definition of OCC, the different perspectives and measurement dimensions. On the other hand, for academics and practitioners, this study provides a comprehensive, critical systematization of the limited OCC academic literature. This study also offers opportunities for further research to address the limitations of empirical testing of OCC constructs, antecedents and consequences of the various theories and methodologies.

A vector autoregression model estimated on US data before and after 1980 documents systematic differences in the response of short- and long-term interest rates, corporate bond spreads and durable spending to news total factor productivity shocks. Interest rates across the maturity spectrum broadly increase in the pre-1980s and broadly decline in the post-1980s. Corporate bond spreads decline significantly, and durable spending rises significantly in the post-1980 period while the opposite short-run response is observed in the pre-1980 period. Measuring expectations of future monetary policy rates conditional on a news shock suggests that the Federal Reserve has adopted a restrictive stance before the 1980s with the goal of retaining control over inflation while adopting a neutral/accommodative stance in the post-1980 period.

The purpose of this paper is to understand failure to change by examining patterns of coherent structure and agency characteristics in changing organizations in specific sectors and to provide specific recommendations for intervention in these patterns.

A large survey in 367 organizations engaged in different change processes and from different sectors, among employees in different positions.

The paper finds that there are five patterns among changing organizations, each with their own specific problems, characteristics, and change approaches that require different interventions.

Parsimony in research models and the study of overall relations between variables does not help to understand failure to change. More integrative approaches are needed that take variety among changing organizations into account.

Change agents should not opt for a “one best strategy” for change but choose a contingent change approach that takes into consideration the specific characteristics of their organizations, change processes, and contexts in order to make change more successful.

This paper establishes that successful change cannot be explained by one or a few variables but is contingent on an interplay of agency, structure, and contextual characteristics. Together, these characteristics form constellations that characterize different sectors. The paper provides suggestions for more successful change.

In his article “Diversifying Mergers and Risk: Some Empirical Tests”, Thompson (1983) modelled the change in the systematic risk of the acquiring firm before and after merger. We propose a modification to this method which considers the difference between the systematic risk of the merged firm and that predicted by capital market theory on the basis of the constituent firms' betas. Furthermore merger will probably lead to a change in the structure of the acquiring firm, both intrinsically and financially. Thus in order to remove any complications caused by debt restructuring of the combined firm after merger, we suggest that the analysis is carried out using ungeared or intrinsic betas. An empirical study which follows that of Thompson but implements the above modifications is performed, and conclusions are drawn which have implications for studies that have considered the benefits of merger to the acquiring and target firms.