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Article
Publication date: 1 January 1991

Lisa Borstadt, Thomas Zwirlein and James Brickley

Innovations in takeover financing, less restrictive regulatory requirements, and a general desire to enhance market position have led to a substantial increase in…

Abstract

Innovations in takeover financing, less restrictive regulatory requirements, and a general desire to enhance market position have led to a substantial increase in corporate takeover and restructuring activity. In response target firm managers have become increasingly active in devising defensive strategies and tactics designed to ward off hostile bidders. It is well‐ documented, however, that large wealth gains accrue to target firm shareholders in mergers and acquisitions. Thus the emergence of such terms as “shark repellents”, “poison pills”, and “greenmail”, raises the question of whose best interests are really being served by antitakeover measures.

Details

Managerial Finance, vol. 17 no. 1
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 10 April 2019

Ifedapo Adeleye, Abayomi Fawehinmi, Toyin Adisa, Kingsley Utam and Vivian Ikechukwu-Ifudu

The literature on equality, diversity, and inclusion in organizational and societal contexts has grown in leaps and bounds over the last two decades or so. Our…

Abstract

Purpose

The literature on equality, diversity, and inclusion in organizational and societal contexts has grown in leaps and bounds over the last two decades or so. Our understanding of these phenomena in a global context is, however, limited, as attention has mostly been paid to the United States and other Western countries. This chapter aims to address this gap by exploring workplace diversity in Nigeria, an under-researched context, characterized by high diversity and low inclusion. Our goal is to understand the factors that shape diversity management operating in such a challenging context and to analyze the problems and prospects of building a highly diverse and inclusive environment.

Design/Methodology/Approach

Using a case study approach, the chapter analyzes four dimensions of equality and diversity (ethnic, religious, age, and HIV/AIDS) across four organizations.

Findings

This exploratory study highlights the challenges of building a diverse and inclusive workplace in a weak institutional environment. We identify competing logics of managing diversity in Nigeria: institutionalizing ethnic representation vs building a meritocracy (ethnic), maintaining religious neutrality vs promoting religious freedom (religion), keeping the elder tradition vs harnessing the power of youth (age), and managing safety and reputation vs providing employment security (HIV/AIDS).

Originality/Value

This study sheds light on the importance of underlying thoughts on the effectiveness of diversity policies and argues that managers and organizations need to know how to balance competing logics and manage paradox effectively. It accentuates the importance of the national institutional environment in shaping diversity practices and provides insights for practitioners and policymakers.

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Book part
Publication date: 18 October 2017

Lucy Taksa and Dimitria Groutsis

Most publications on the management of diversity in Western countries pay homage to history by referring back to the way regulatory frameworks developed to promote equal…

Abstract

Most publications on the management of diversity in Western countries pay homage to history by referring back to the way regulatory frameworks developed to promote equal treatment and to oppose discrimination. In work on English speaking countries, particular attention has been given to the struggles waged in the USA for civil rights and for gender equality in the 1960s and their impact on the emergence of equal employment opportunity and affirmative action laws and policies. Generally, these developments are depicted as the antecedents to the emergence of diversity management in the USA. This genealogical orientation is usually designed to establish historical foundations. However, as we see it, this approach to history has promoted an impression of linear evolution. Our general aim in this chapter is to show how an historical perspective can help uncover continuities in regard to equal employment opportunity, affirmative action and diversity management policies and strategies in Australia, particularly in relation to the management of cultural diversity in Australian workplaces. Rather than seeing development in linear terms, our aim is to highlight connections and the implications of such connections. Accordingly, this chapter relates each of these policies/strategies to analogous political and legal developments that emerged concurrently, in particular such initiatives as multiculturalism, anti-discrimination laws and what became known in Australia as ‘productive diversity’ policies.

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Article
Publication date: 31 October 2008

Wayne S. DeSarbo, Rajdeep Grewal, Heungsun Hwang and Qiong Wang

The purpose of this paper is to integrate aspects of the literature on strategic and performance groups and explicitly derive strategic/performance groups which exhibit…

Abstract

Purpose

The purpose of this paper is to integrate aspects of the literature on strategic and performance groups and explicitly derive strategic/performance groups which exhibit differences with respect to both strategy and performance, as well as display associations and potential interrelationships between the two sets of variables.

Design/methodology/approach

A two‐way clusterwise bilinear spatial model was formulated (e.g. a scalar products or vector multidimensional scaling model (MDS)) for the analysis of two‐way strategic and performance data which simultaneously performs MDS and cluster analysis. An efficient alternating least‐squares procedure was devised that estimates conditionally globally optimum estimates of the model parameters within each iterate in analytic, closed‐form expressions.

Findings

This bilinear MDS methodology was deployed in the context of strategic/performance group estimation using archival data for public banks in the NY‐NJ‐PA tri‐state area. For this illustration, four strategic/performance groups and two underlying dimensions were found.

Practical implications

Consideration of both strategy and performance data should be employed in describing the heterogeneity amongst firms competing in the same industry.

Originality/value

The paper provides a new spatial methodology to derive strategic/performance groups in any given industry to more completely summarize intra‐industry heterogeneity.

Details

Journal of Modelling in Management, vol. 3 no. 3
Type: Research Article
ISSN: 1746-5664

Keywords

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Article
Publication date: 15 August 2016

Jamil Anwar and SAF Hasnu

The purpose of this paper is to investigate the strategy-performance relationship in a multi-industry setting for joint stock firms operating in Pakistan using Miles and…

Abstract

Purpose

The purpose of this paper is to investigate the strategy-performance relationship in a multi-industry setting for joint stock firms operating in Pakistan using Miles and Snow typology. The impact of firm size and industry on performance along with strategy is also investigated. The empirical research evidence on strategy-performance relationship for Miles and Snow typology is updated as well.

Design/methodology/approach

Scoring methodology is applied for identification of strategic types, including the reactor strategy. The consistency of the firms over time is also checked. Seven year archived financial data of 320 Pakistani joint stock firms from 12 industries are used for analysis. Descriptive statistics and analysis of variance is used for analysis.

Findings

Hybrid strategies are practiced by firms rather than pure strategies. The distribution of strategic types is uneven. There are mixed results for performance difference among strategic types for different industries and firm size. Defending and analyzing strategies are better than the prospecting strategies. Reactors performed better in some industries as well.

Originality/value

Proposed scoring methodology can be applied to identify all strategic types including reactors in the longitudinal studies. This can be replicated for other typologies or strategic group classifications. The process for identification of reactor strategy through a consistency check is a unique contribution to the literature, especially when archived financial data are used.

Details

Journal of Strategy and Management, vol. 9 no. 3
Type: Research Article
ISSN: 1755-425X

Keywords

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Article
Publication date: 1 August 2016

Jamil Anwar and SAF Hasnu

Strategic typologies are applied to investigate strategy–performance relationship. The typology of Miles and Snow (1978) is one of them, but the methodology applied for…

Abstract

Purpose

Strategic typologies are applied to investigate strategy–performance relationship. The typology of Miles and Snow (1978) is one of them, but the methodology applied for identification of strategic types for archival financial data is questionable on three grounds: no standard procedure for categorization of strategic types; identification of reactor strategy is always ignored; and the behavior of firms’ strategic orientation over time is under-researched. Besides, the assumptions that viable strategies are expected to perform equally well, outperform reactors and distributed evenly are not overwhelmingly supported. The purpose of this paper is to address these issues.

Design/methodology/approach

A refined scoring methodology is developed and used for identification of all strategic types, including reactors, by investigating the consistency of the firms over time. Empirical analysis using seven years of data of 121 joint stock firms of the textile sector in Pakistan is performed to test the assumptions regarding presence, distribution and performance of strategic types.

Findings

There is significant difference in the distribution of the strategic types. Pure defenders and pure prospectors are non-existing, whereas a reasonable number of reactors are present. Overall difference in performance among strategies is generally insignificant and viable strategies outperformed reactors. The effect of size on performance is also insignificant. However, there is variation in performance of strategies with variation in size. Strategy is the better predictor of performance than size.

Originality/value

The transition of strategic stance of the firms over time and the identification of reactor strategy from archived financial data are the important outcomes of the proposed methodology. The proposed methodology can be used for any longitudinal study for identification of all possible strategic types and can also be used for any other typological research.

Details

Journal of Asia Business Studies, vol. 10 no. 3
Type: Research Article
ISSN: 1558-7894

Keywords

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Article
Publication date: 16 March 2010

Ning Gao and Jason Everett Brooks

The purpose of this paper is to investigate the influence of capital structure changes by target firms on the outcome and ex post performance of firms targeted by proxy contests.

Abstract

Purpose

The purpose of this paper is to investigate the influence of capital structure changes by target firms on the outcome and ex post performance of firms targeted by proxy contests.

Design/methodology/approach

The influence is examined by using predictions of control‐driven model developed by Harris and Raviv and signaling theory of debt in capital structure.

Findings

The results are consistent with the predictions of both control‐driven model and signaling theory. Significant differences are found between two groups of target firms – management victory targets and dissident victory targets. Specifically: management victory targets feature proxy contests that are accompanied by leverage increasing changes in target firms' capital structure; the same group also realizes better long‐run stock performance compared to dissident victory targets; and the long‐run abnormal stock performance of management victory targets is significantly positively related to the increases in leverage in the capital structure during proxy contest period.

Originality/value

This paper is the first to directly address the relationship between leverage change and the outcome and long‐run performance of proxy contest targets, thus confirming both the defensive and the signaling role of debt on firm's capital structure decision.

Details

Managerial Finance, vol. 36 no. 4
Type: Research Article
ISSN: 0307-4358

Keywords

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Article
Publication date: 29 July 2019

Anthony Thomas Garcia, Anthony Loviscek and Kangzhen Xie

Does Fortune magazine’s list of the 100 Fastest-Growing Companies have information content; that is, is the list a source for market-beating performance? The paper aims to…

Abstract

Purpose

Does Fortune magazine’s list of the 100 Fastest-Growing Companies have information content; that is, is the list a source for market-beating performance? The paper aims to discuss this issue.

Design/methodology/approach

Using data for 26 annual periods, 1991–2016, the paper examines the top 5, 10, 25, 50 and all 100 stocks on a return-risk basis, including an application of Modern Portfolio Theory. To generate portfolio performance metrics, the study uses conventional mean-variance analysis, which includes the estimation of returns and risks, where risk will be measured by standard deviation and β. To arrive at the performance metrics and to determine whether information content is embedded in the list, the study reviews a series of tests. Because Fortune ranks the companies from 1 to 100, the data can be used to test if information content is displayed in sub-groups, such as in the first five to ten companies, even if it does not exist in the 100-stock portfolios.

Findings

The study finds that the returns are not high enough nor are the risks low enough statistically to conclude the existence of significant information content.

Research limitations/implications

As part of the authors’ efforts to move to the population of 2,600 firms as closely as possible, the authors use “delisting” returns from CRSP on 120 firms to account for missing observations, with a final sample size of 2,594 firms.

Practical implications

The evidence indicates that investors drawn to Fortune’s “100 Fastest-Growing Companies” should view them skeptically as a source for an effective stock selection strategy.

Originality/value

On the basis of the results of this study, readers will conclude that subscribers drawn to Fortune’s “100 Fastest-Growing Companies” should view them skeptically for investment recommendations. From a portfolio perspective, the study is unable to uncover information content that could lead to a market-beating performance, suggesting that the published criteria Fortune uses to select the Fastest-Growing Companies is embedded in the prices of the stocks even before Fortune publishes its list. The study notes that the selection criteria used by Fortune do involve some judgments on the part of the editorial staff (e.g. whether an announced restatement of previously reported financial data appears to have a significant impact), which means that someone who wished to anticipate the publication of the next list of the “Fastest-Growing Companies” would not only have to gather information but would also have to correctly anticipate these judgment calls.

Details

Managerial Finance, vol. 45 no. 7
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 18 June 2018

Pradeepa Dahanayake, Diana Rajendran, Christopher Selvarajah and Glenda Ballantyne

The purpose of this paper is to argue that diversity management (DM) interventions, underpinned by principles of justice and fairness, create a powerful force that drives…

Abstract

Purpose

The purpose of this paper is to argue that diversity management (DM) interventions, underpinned by principles of justice and fairness, create a powerful force that drives sustainable outcomes. Further, the authors argue that justice and fairness should be embedded at the core of DM.

Design/methodology/approach

A qualitative case study methodology was used to ascertain how four organizations approached critical issues regarding diversity. Justice and fairness principles were used as a framework to evaluate each organization’s DM interventions. Different approaches adopted by the case study organizations were compared using a cross-case analysis.

Findings

Justice and fairness principles provide a useful framework to evaluate DM interventions. The findings show that justice and fairness principles have an effect across the continuum of DM, including identifying dimensions of diversity, executing DM programs and realizing outcomes of DM.

Research limitations/implications

The current study is limited to four case studies using qualitative methods.

Practical implications

The findings demonstrate the importance of integrating justice and fairness benchmarks when implementing DM programs.

Originality/value

The findings shed light on the link between DM and justice and fairness, an area lacking empirical studies. It also presents a new area for empirical enquiry—the application of social justice principles in evaluating organizational interventions in DM.

Details

Equality, Diversity and Inclusion: An International Journal, vol. 37 no. 5
Type: Research Article
ISSN: 2040-7149

Keywords

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Article
Publication date: 14 October 2013

George Gotsis and Zoe Kortezi

The purpose of this paper is to contribute to the elaboration of a comprehensive moral framework for designing and implementing diversity practices. In so doing, it…

Abstract

Purpose

The purpose of this paper is to contribute to the elaboration of a comprehensive moral framework for designing and implementing diversity practices. In so doing, it employs distinct ethical theories that not only elevate respect for differences to an end, but also provide a set of principles, virtues or values conducive to the formation of an inclusive work environment.

Design/methodology/approach

A literature review, in particular contributions critical to current implementations of diversity management, may provide the basis of a non-instrumental approach to diversity issues, allowing for an inclusive and participative workplace. The paper suggests that such an endeavor can be founded on the concepts of organizational virtue, care or human dignity alternatively. In this respect, a theoretical context demonstrating the very way these concepts influence and inform diversity issues, is elaborated, analyzed and properly discussed.

Findings

Three distinct theoretical frameworks capturing the importance of major ethical traditions based on dignity, organizational virtue and care, for reconceptualizing diversity issues, are introduced. It is proposed that non-utilitarian philosophical ethics (and more specifically, Kantian deontology, Aristotelian virtue ethics or ethics of care) is in a position to provide a rationale for diversity policies that affirm the diverse other as a valued end.

Practical implications

The authors argue that a corporation is in a position to develop ethically-informed diversity initiatives that may effectively combine performance with an affirmation of the value of the diverse other.

Social implications

The authors argue that a corporation is in a position to develop ethically-informed diversity initiatives that may effectively combine performance with an affirmation of the value of the diverse other.

Originality value

The paper offers certain insights into the particular conditions that may help organizations design and implement a diversity strategy facilitating thriving and fulfillment of diverse others, grounded on the priority of dignity, virtue or care respectively. Such a perspective, permeating vision, culture and leadership, is invested with a potential that overcomes the managerial instrumentality, so strongly denounced by the majority of critical diversity scholars.

Details

Journal of Organizational Change Management, vol. 26 no. 6
Type: Research Article
ISSN: 0953-4814

Keywords

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