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This paper highlights the need for studies that explore the experiences of entrepreneurs based in a family business setting who are considering retirement.
Abstract
Purpose
This paper highlights the need for studies that explore the experiences of entrepreneurs based in a family business setting who are considering retirement.
Design/methodology/approach
This paper is based on a concise review of the literature.
Findings
Retirement planning and subsequent succession management is a significant event in a family business and is an issue that requires research that captures and interprets the perspectives of the different stakeholders.
Originality/value
This paper synthesizes existing research on retirement in an entrepreneurial context, with an emphasis on family business and proposes three key areas of research.
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De-Graft Owusu-Manu, Frank Ato Ato Ghansah, Ewald Kuoribo and David John Edwards
Efficient decision-making must be reinvigorated to make a good decision towards retirement by construction workers. In developing countries such as Ghana, researchers conducted…
Abstract
Purpose
Efficient decision-making must be reinvigorated to make a good decision towards retirement by construction workers. In developing countries such as Ghana, researchers conducted investigations into the effects of investing in retirement decision-making and planning, but none has considered to examine and identify the factors/determinants influencing efficient decision-making by construction workers towards retirement. This study aims to examine and identify the determinants/factors that affect the retirement decision-making of construction workers in developing countries such as Ghana.
Design/methodology/approach
This study used primary data collected from workers of four construction companies in Ghana. The sampling technique adopted for the study was a purposive sample approach, with a survey questionnaire as a collection instrument. Means score was adopted to reveal the major determinant/factor prioritized by the respondents while binary logistic regression was used to examine and identify the effect of the retirement determinants on the retirement decision of construction workers.
Findings
The findings established the main significant determinants impacting retirement decision, namely, “financial condition,” “homeownership,” “age” and “family issues.” Among the determinants, “financial condition” was revealed as the major determinant of retirement decision-making in the construction industry of developing countries, which is an economic condition by which the workers can easily secure credit.
Practical implications
Practically, the outcome of this study serves as a base for policymakers and practitioners in making decisions concerning the retirement of workers, especially construction workers. This study also serves to provide lesson for other classifications of workers aside from the construction workers in Ghana and other developing countries.
Originality/value
This study contributes to knowledge by filling in the lacuna in research by examining and identifying the determinants/factors that impact the efficient decision-making by construction workers in developing countries towards retirement.
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Muhammad Wahab, Muhammad Aamir Khan, Muhammad Siddique and Fakhrul Hasan
This research designed, optimized and tested a context-specific scale to evaluate public sector employees' pension choices.
Abstract
Purpose
This research designed, optimized and tested a context-specific scale to evaluate public sector employees' pension choices.
Design/methodology/approach
The authors developed the scale using a comprehensive process of interviews and focus groups with experts across academia and finance. The authors used the refined scale to collect data from 564 faculty members in public sector universities following a multistage systematic cluster sampling technique. The findings revealed diversity in choice across different socio-economic and demographic variables.
Findings
The results revealed that items related to the defined benefit pension system explain most of the data variance and are preferred widely. This is followed by a preference for monetizing pension benefits and a defined contribution system. These findings indicated the need for flexible pension plans.
Practical implications
Therefore, the progressive movement towards monetization and the shift from defined benefit to a defined contribution pension system due to economic pressures must be accurately calculated and introduced where it is suitable.
Originality/value
Although the theory of introducing a defined contribution pension system and monetization system is appealing, its practical implementation may not be encouraging for all employees.
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Andrea Gaye Fenton, Sean Sands, Carla Ferraro, Jason Ian Pallant and Eraj Ghafoori
Although saving for retirement is critical, many people are reluctant to contribute money now in anticipation of a future event, namely their retirement. This study aims to…
Abstract
Purpose
Although saving for retirement is critical, many people are reluctant to contribute money now in anticipation of a future event, namely their retirement. This study aims to investigate the interaction effect between message frame and message appeal on individual preparedness for retirement, specifically in terms of an individual’s willingness to contribute to retirement savings.
Design/methodology/approach
Across three studies, the authors show that message frames with a gain-orientation are more persuasive when self-oriented rather than oriented towards socially distant others. In Study 1, the authors use a 2 (gain-loss message frame) × 3 (self, close-other, distant-other message appeal) experimental design with ad copy manipulating the scenarios. In Study 2, the authors replicate and extend Study 1 to validate the findings. In Study 3, the authors overlay life-stage to determine how consumers differ in terms of their willingness to contribute to retirement.
Findings
Across the studies the authors find that message frame and message appeal influence consumer preparedness for retirement. The authors investigate these effects in terms of willingness to contribute to retirement savings (Studies 1–3) as well as satisfaction with retirement savings, anticipated retirement enjoyment, positive emotions and negative emotions (Studies 1 and 2).
Originality/value
While a substantive amount of research has been devoted to retirement planning, gaps remain as to the efficacy of communication message strategies on influencing retirement preparedness. This research seeks to contribute towards this literature stream by uncovering the ways in which individuals can be encouraged to contribute towards retirement planning.
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Cléverson Vasconcelos da Nóbrega and Diogo Henrique Helal
The article aims at analyzing the social representations of retirement in two different groups of professors – pre-retired and retired – from a public higher education…
Abstract
Purpose
The article aims at analyzing the social representations of retirement in two different groups of professors – pre-retired and retired – from a public higher education institution. The goal is to explore the experiences, reflections, beliefs, and attitudes originated from the transition to retirement.
Design/methodology/approach
The research, of exploratory and descriptive nature, was guided by the Social Representation Theory (SRT) and took a qualitative approach. 16 professors were interviewed, 8 in each group (pre-retired and retired professors), using semi-structured interviews that followed a script designed to discover the main aspects of the transition to retirement.
Findings
Three figurative cores were raised – the financial aspect, the centrality of work, and the will to continue contributing, and the unpreparedness for retirement – and testimonies have shown heterogeneous representations. The study observed that although relevant, the bonus for continued services is not the main determinant for professors to continue working in the university.
Originality/value
The results of this study indicate the need to treat retirement as a complex and multidimensional process, offering a fresh perspective on the social representations of retirement in the academic context. The use of the Social Representation Theory to explore these perspectives adds to the originality of the approach, highlighting the multifaceted nature of the retirement process in this specific professional group.
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Drawing on the theory of planned behaviour, this research aims to investigate systemically if and how incumbents and successors share attitudes, social norms and perception of the…
Abstract
Purpose
Drawing on the theory of planned behaviour, this research aims to investigate systemically if and how incumbents and successors share attitudes, social norms and perception of the feasibility of their business succession.
Design/methodology/approach
Qualitative research carried out on a group of small Italian family firms (N = 10).
Findings
This study provides evidence of background mechanisms (attitudes, social norms and perception of feasibility) affecting the implementation of business succession planning in family SMEs. Moreover, this study provides further evidence supporting the role of social norms in strategic decision-making processes within family firms.
Research limitations/implications
Findings from this study contribute to current literature in multiple ways and have several research implications.
Practical implications
This study highlights that it is more appropriate to adopt a systemic rather than an individualistic approach in investigating/managing business succession.
Social implications
Family firms are the most widespread type of firms in the world; thus, a systematic failure in business transmission represents a prominent socioeconomical problem for policy-makers and institutions.
Originality/value
This study leads to further developments in exploring business succession from a psychological point of view. Findings also highlight the limits of how a theory applied in order to predict individual behaviour can provide insight into collective behaviour involving a family.
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Dominique Anxo and Thomas Ericson
It is important to understand why some workers prolong their working life even though they are entitled to statutory pension benefits. This paper aims to investigate whether…
Abstract
Purpose
It is important to understand why some workers prolong their working life even though they are entitled to statutory pension benefits. This paper aims to investigate whether senior workers are motivated by external factors such as pay and social expectations (extrinsic motivation) or are primarily motivated by internal factors such as job satisfaction (intrinsic motivation). This is a central question for policymakers and social partners when it comes to the design of public pension systems and work organisation.
Design/methodology/approach
This study uses a combined longitudinal administrative data and an own-designed postal survey to ask individuals aged 65–76 years to describe their work motivation. Based on the answers, this study constructs an index of autonomous motivation (AM) where a value of zero implies only extrinsic motivation and a value of one implies only intrinsic motivation. The values between zero and one thus imply various grades of AM, where higher values signal motivation that is more autonomous and hence a higher degree of intrinsic work motivation.
Findings
The results of the statistical analysis show that the extent of intrinsic motivation is higher among senior workers who retired aged 65 years or older compared to those who retired at 65 years or younger. In addition, this study found that the degree of intrinsic work motivation among senior workers decreases when they face economic and financial constraints. It also found that intrinsic motivation is more prevalent among high-skilled workers.
Research limitations/implications
This study shows that individuals who continue to work after 65 are mostly motivated by the satisfaction they derive from their job. Job satisfaction is strongly related to skill level, job quality, job content and job autonomy. Results indicate that job quality and commitment to work are essential elements for motivating seniors to postpone retirement.
Originality/value
This study contributes to this literature by applying a multidisciplinary approach from organisational psychology and labour economics that considers the potential importance of intrinsic motivation to work after standard retirement age. The authors think that this approach enhances the understanding of the mechanisms behind the lengthening of working life. Finally, this study suggests a simple, but efficient way of empirically measuring the extent of intrinsic motivation among workers.
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This paper examines the human resource (HR) strategies and practices that are considered to be particularly beneficial for aging employees in organizations in Thailand, which is…
Abstract
Purpose
This paper examines the human resource (HR) strategies and practices that are considered to be particularly beneficial for aging employees in organizations in Thailand, which is an underresearched developing economy, from an employee perspective and the implications of national institutions and cultures for the adoption and implementation of those HR strategies and practices across organizations.
Design/methodology/approach
The results of the study, based on a cross-case analysis of seven organizations across industries, are primarily drawn from structured interviews and focus groups with aging employees, field visits and a review of archival documents and web-based resources, including newspaper reports and magazines.
Findings
This paper proposes that HR strategies that are appropriate for managing aging employees in organizations in Thailand’s developing economy can be classified into four bundles: growth, maintenance, recovery and regulation. Each bundle of HR strategies consists of several HR practices that are appropriate for managing aging employees in organizations. In particular, from the perspective of aging employees, these HR practices help aging employees upgrade their skills, prepare them to have a sufficient amount of financial savings after retirement, ensure that they are safe, secure and healthy, help them feel that their tacit knowledge and experience are still valuable, and help them perform jobs that are appropriate for their physical health conditions. Additionally, the adoption and implementation of the proposed HR strategies and practices tend to be influenced by national institutions in terms of deficiencies in the national skill formation system, healthcare institutions, regulatory institutions and welfare state regime and by the national culture in terms of reciprocity and respect for elderly people (i.e. aging employees). However, there are five important HR practices that are specifically appropriate for managing aging employees in Thailand and other developing economies where the level of household debt and/or personal debt is high, where the increasing number of aging employees leads to high demand for medical services when the medical services offered by private hospitals are expensive, and where tacit knowledge and experience are important for creating and maintaining firms’ competitive advantage: (1) the facilitation of financial planning, (2) safety and health training, (3) annual health check-ups, (4) the appointment of aging employees as advisors/mentors and (5) knowledge transfer/job enrichment.
Research limitations/implications
One of the limitations of this research is its methodology. Because this research is based on case studies of seven firms located in Thailand, the findings may not be generalizable to all other firms across countries. Rather, the aim of this paper is to further the discussion regarding HR strategies and practices for managing aging employees in organizations. Another limitation of this research is that it does not include firms located in several other industries, including the agricultural and fishery industry and the financial services industry. Future research may explore HR strategies and practices for managing aging employees in organizations located in these industries. Moreover, quantitative studies using large samples of aging employees who work in firms across industries might also be useful in deepening the understanding of HR strategies and practices for managing aging/retired employees in organizations.
Practical implications
This paper provides practical implications for top managers and/or HR managers of firms in Thailand and other developing economies where the level of household debt and/or personal debt is high, where the increasing number of aging employees leads to high demand for medical services when the medical services offered by private hospitals are expensive, and where tacit knowledge and experience are important for creating and maintaining firms’ competitive advantage. In particular, the aging employees in this study identified the HR practices that they perceive as being appropriate for aging employees and that were already available in firms or that they expect their firms to have but are currently missing. In this regard, HR managers should take note of these good and appropriate HR practices to ensure that they become part of official, structured HR strategies and practices. This would ultimately help line managers and aging employees think more positively about the future of aging employees within the company and help retain invaluable aging employees over time.
Social implications
This paper provides social/policy implications for the government and/or relevant public agencies of Thailand and several other developing economies where the majority of aging people do not have sufficient savings to support themselves after retirement, especially when these countries are becoming aging societies, where the increasing demand for medical services cannot be adequately addressed by existing public hospitals while private hospitals’ medical prices are quite expensive, and where intellectual property right (IPR) protection laws are weak. That said, such governments should encourage firms located in their countries to implement these HR strategies and practices for developing, maintaining, deploying and supporting aging employees.
Originality/value
This paper aims to contribute to the literature on human resource management (HRM), specifically on HR practices for aging employees, in the following ways. First, this study is different from the previous studies in that it examines HR practices for managing aging employees from an employee perspective, while most of the previous studies in this area have focused on the management of such employees from an employer perspective. In this case, it is possible that formal company policies may be different from actual HR practices as perceived by aging employees (Khilji and Wang, 2006). Second, this paper explores the implications of national institutions and cultures of Thailand’s developing economy for the adoption and implementation of HR strategies and practices that are appropriate for managing aging employees in organizations. Finally, this paper examines HR practices that are specifically appropriate for managing aging employees in Thailand and other developing economies. The literature on HR practices for aging employees has overlooked developing economies, including the underresearched country of Thailand, as most of the studies in this area have focused on developed economies. In fact, developed economies and developing economies are very different in several respects, which may influence the HR strategies and practices that are appropriate for managing aging employees in organizations.
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Ali Amin, Ramiz ur Rehman and Rizwan Ali
This study examines the effect of lone founder and family ownership on borrowing cost. In addition, the study examines the moderating influence of gender diversity on this…
Abstract
Purpose
This study examines the effect of lone founder and family ownership on borrowing cost. In addition, the study examines the moderating influence of gender diversity on this relationship.
Design/methodology/approach
The study used a sample of non-financial firms listed on Pakistan Stock Exchange over the period 2012–2021. The authors used ordinary least squares regression analysis method to test the hypotheses along with generalized method of moments estimation technique to control for unobserved heterogeneity, simultaneity and dynamic endogeneity.
Findings
The authors report that borrowing cost is higher in lone founder ownership, whereas borrowing cost is lower in family firms due to lesser risks attached to such firms by lenders. Further, the presence of female directors on the board weakens this relation in the case of lone founder ownership, whereas their presence further reduces borrowing cost in family-owned firms. Additionally, using the framework of critical mass theory, the authors found that higher number of female directors on boards reduces borrowing cost. Overall, this study’s results provide empirical support for social identity and critical mass theories in the sample firms.
Originality/value
The study provides novel evidence of the influence of lone founder and family ownership on borrowing cost in an emerging economy, as well as the moderating effects of gender diversity on this relationship.
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Kirti Goyal, Satish Kumar and Arvid Hoffmann
Prior work expresses concern about young people's rising debt and lack of financial preparedness. This study focuses on how financial socialization and psychological…
Abstract
Purpose
Prior work expresses concern about young people's rising debt and lack of financial preparedness. This study focuses on how financial socialization and psychological characteristics affect the personal financial management behavior (PFMB) of young professionals in India. The authors examine both the direct effect of these factors and the indirect effects through financial literacy and aforementioned psychological characteristics as mediators.
Design/methodology/approach
The authors develop a conceptual framework based on the extant literature and empirically test its hypotheses employing partial least squares structural equation modelling (PLS-SEM).
Findings
Attitude towards money, financial self-efficacy, financial risk tolerance, financial socialization through parental direct teaching and peers, and media are all positively associated with young professionals' PFMB, whereas external locus of control and procrastination are negatively associated with their PFMB. Almost all psychological characteristics partially mediate the association between financial socialization and PFMB. Finally, financial literacy plays a partially mediating role in the association between procrastination and PFMB as well as between financial socialization and PFMB.
Practical implications
This study helps regulators and policymakers understand PFMB among young professionals. Interventions should build on the positive role of financial socialization, cultivating a good attitude towards money and financial self-efficacy, and reducing reliance on an external locus of control and procrastination. This study also helps policymakers and financial educators develop societally beneficial personal finance programs.
Originality/value
This research investigates social, psychological and cognitive characteristics in a comprehensive framework to further the authors’ understanding of the topic of PFMB.
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