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Less and less financial information is publicly available today as more companies are being taken private, competitors are often subsidiaries of worldwide conglomerates, and joint ventures and alliances are being formed with a pooling of funds and assets. Thus, it is increasingly more difficult to perform competitive intelligence or analysis solely from a financial perspective.

The purpose of the theme issue was to enable cruise ship owners and destination governments to critically assess the viability, vulnerability and responsiveness of Caribbean cruise tourism in the context of the pandemic.

This concluding article uses content analysis to re-visit the contributions made to assessing the impact of the pandemic and the implications for Caribbean cruise tourism.

Governments across the Caribbean will need to re-think how they work with the cruise industry in a more cohesive and integrated way. This initiative is likely to result in the Caribbean having greater latitude in negotiations with the major cruise conglomerates that control over 80% of the industry in the region. Close attention must also be paid to improving local infrastructure and to facilitating the involvement of local people in providing tourists with an authentic Caribbean experience.

The coronavirus disease 2019 (COVID-19) pandemic has had a significant impact on the Caribbean region. In common with the rest of the world, island destinations had to close their borders to mitigate the impact of the virus and as tourism-dependent locations, this has had financial consequences. At present, there is no end in sight, and it is difficult to predict when Caribbean cruise tourism will ever return to pre-pandemic levels.

COVID-19 has shown the world that we are all dependent on each other and that greater collaboration is needed to re-open the cruise industry. The pandemic has also shown that rapid technological development is needed to drive change. Further, it can be argued that technology will enable all stakeholders to coordinate their responses, together with support from governments across the Caribbean.

This theme issue explored the impact of COVID-19 on cruise tourism in the Caribbean and it proposes factors to mitigate re-occurrence. The proposals contained in this theme issue provide a guide to help enable governments in the Caribbean region to re-position their respective countries in response to the pandemic and related socio-economic impacts.

The purpose of this paper is to identify specific drivers of value creation in secondary buyouts. While this type of private equity deal has risen in importance in recent years, it is not yet well understood. Through an in-depth analysis of the acquisition of Brenntag by BC Partners, we develop propositions on the value creation profile of secondary buyouts.

We use a single case study design to explore the information-rich context of a secondary buyout. The Brenntag case epitomizes the development of a company from forming part of a large conglomerate to being private-equity owned after the primary and secondary buyout, to its final disposition of public listing. Our analysis is based on ten semi-structured interviews with key protagonists and observers, as well as analysis of primary company data and additional secondary data sources.

We propose that even if the investment management and monitoring skills of the primary and secondary private equity group are similar, there is still potential to realize operational improvements in a secondary buyout, due to either early exit of the primary private equity group or measures that further enhance management incentives. In addition, the Brenntag case shows that low information asymmetries can lead to higher leverage and that opportunities for multiple expansions are limited in secondary buyouts.

While a secondary buyout has become a common exit route in recent years, we are the first to undertake an in-depth case analysis of a secondary buyout. Our study helps researchers and practitioners enhance their understanding of drivers behind the value creation profile of secondary buyouts.

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Tough economic conditions in recent times certainly left their mark on the business world. Major social and political events have likewise had an inevitable impact. It is hardly surprisingly that most industries have had to bear some unpleasant consequences. The luxury goods sector is a notable exception to all this. Strong growth has been the norm for the last couple of decades or so and the aforementioned problems have done little to dent this momentum.

The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations.

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

The purpose of this paper is to review the latest management developments across the globe and pinpoints practical implications from cutting‐edge research and case studies.

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

What is the best brand in the world? Notice the question is not the biggest, so it is not necessarily Coca‐Cola, Ford or IBM. And it requires true global reach, so even the sleek machines Apple charges premium process for will struggle in some developing nations. And it is a single brand, so conglomerates that own a number of brands such as General Motors or Proctor & Gamble are themselves out of the running. Also, “best” requires some other component, a sense that a number of criteria are required to be met, and that the leading candidate will do so with flying colors. So, overall, it is a tough test.

Provides strategic insights and practical thinking that have influenced some of the world's leading organizations.

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy‐to‐digest format.

corporate policy and strategy – mergers and acquisitions.

Post graduation (MBA and other management degrees). It includes courses on Strategic Management, Business Environment and International Business.

Markets are becoming highly connective, accessible and communicative and reaching maturity at a very high phase. Acquisition is a choice to enhance the emerging and diversified markets. This case paper presents insights on Vedanta – Cairn India cross-border acquisition deal in Indian oil and exploration industry. This case synchronizes the gap between strategic planning and outcome of actions. The study exclusively evidences the reaction of stocks of all attached parties against acquisition announcement and compares with market performance.

Strategic mapping of business negotiations, while in-organic choices, further the impact of economic, political, legal and regulatory factors on cross-border mergers and acquisitions (M&A), deliberate deal financing mechanism and leadership diplomacy. It proposes from the viewpoint of corporate in-organic alternatives and to strengthen the upcoming research field of strategy & policy.

Global M&A market, shareholding pattern, income statement and balance sheet of Cairn India Ltd, financial figures of Vedanta Resources, tabular data on stock and index performance, deal structure and teaching note.

This study aims to explore the influence of corporate governance (CG) on non‐board business unit (BU) managers in relation to its perceived effects on managerial/organizational outcomes.

Following the recent implementation of the CG code in a conglomerate, a number of BU managers were interviewed on the meaning and implications of CG at their level with a subsequent focus on two principles advocated in CG: accountability and transparency.

BU managers perceived the CG adoption will have a positive impact on their performance via its effect on enhancing the credibility of the unit and the organization. Managers also developed a wider notion of accountability, akin to a ‘socializing form’ accountability, which improves the level of dialogue, trust and communication within the organization, thereby leading to better organizational outcomes. However, in view of the opaque business context prevailing in the country of study, these positive consequences are dampened by the managers' ambivalence to the need for higher internal transparency.

The research adopts a case study approach in a developing economy. The scope for generalization is thus limited but the findings indicate deeper meanings and understandings of CG from non‐board actors, which could be observed in other contexts.

CG studies traditionally focus on the board members. There has been little exploration as to the effects of CG within the organization and how this is perceived or turned into action non‐board actors, e.g. BU managers.

‘The relative failure of the antitrust laws proves yet again that legislation is only as strong as the will that enforces it. Since the end of the New Deal it has made little difference to antitrust enforcement whether the Republicans or the Democrats held the White House. Republicans are considered pro‐business and cannot afford to be too soft on mergers; Democrats are considered to be hostile to business, and cannot afford to confirm this impression by being too harsh.’

The purpose of this paper is to investigate the impact of corporate diversification on firm value in a sample of nine emerging markets including Brazil, Chile, Indonesia, Malaysia, Philippines, Poland, South Africa, Thailand, and Turkey. For the purpose of this study, a company is classified as diversified when it is operating in two or more lines of business defined by the two-digit SIC codes.

Employing panel data from 1,568 companies for the period 2005-2010, this paper estimates both a fixed effects model and a dynamic generalized method of moments model. Data are collected both at company level and segment level within each firm.

Overall, analysis results suggest that, for the period from 2005 to 2010, diversified firms in emerging markets are valued more compared to single-segment firms operating in similar industries, providing support for diversification premium.

The effect of diversification on company value in emerging markets is an important managerial and public policy concern. Although the literature on developed country diversified firms is rich, only a few studies have examined diversification-value relationship in the context of developing countries. Furthermore, most previous research on the value effects of corporate diversification in emerging markets has taken the form of case studies within countries and concentrated on the 1990s. This paper tries to fill these gaps by using a larger sample and more recent data and methodology.

Given the right combination of people and pressures, change can happen, and quickly too. How a company, faced with a legal order to implement an affirmative action programme, implemented change in every unit of the company is described. With strong support from the CEO and a capable and insightful equity officer, the percentage of women at Canadian National, a transportation and communications conglomerate, rose from 6.7 per cent in 1984 to 9.7 per cent in 1986, breaking a long tradition of male intransigence at every level of the company.

A participant‐observation study of consulting in a large office supply firm of how consultants and organisational stakeholders perform stories to make sense of events and to enact change during their conversations is presented. A theory of organisation as a collective storytelling system in which precedent and future‐directed stories are shared, revised and interpreted to account for and to affect unfolding organisational changes is extended. It is illustrated how very terse stories, told in everyday conversations, require the listener silently to fill in major portions of the story line and story implications. Storytelling and story interpretation is a critical part of the consulting work done in complex organisations.

The purpose of this article is to address certain gaps and contribute to enriching the literature on mergers and acquisitions (M&A) in Africa; describe the phenomenon taking into account the particularity of the country; address recommendations to public policies and investors and make this article a ground-breaking article on research into the phenomenon of the M&A market in North Africa.

With description and an exploratory intention, the authors develop phenomenon driven research. As appropriate phenomenon driven research, the authors focus on characteristics of Moroccan M&A market. The authors use scientific investigation to provide descriptions and explanations of the phenomena in order to add a new perspective to the M&A literature in North African region. The authors work on the particularity of companies in Morocco, typology of M&A, geographic areas, socio-economic indicators, trade agreements, politics and culture.

Understand that the phenomenon of domestic M&A is a phenomenon of big cities and knows the participation of small and medium enterprises. The political variable, the trade agreements and the socio-economic weight of the countries influence the cross-border M&A in to out. Sharing a border and common culture has no impact on cross-border M&A but the history of colonization has an impact.

The scientific contribution is first an extension of the neoclassical theory on the initiation of M&A operations. Throughout these 29 years of history, the existence of external shocks such as regulations has influenced the activity of M&A operations. Privatization, partial opening of sectors to foreign investment tax incentives have contributed to the realization of M&A operations.

This paper also has an economic and practical contribution, as it informs about the absence of M&A operation in the agriculture and agri-food sector in Sub-Saharan Africa. This region recognizes a food shortage that will increase by 70–100% between 2010 and 2050 with a strong population growth. The authors also note that regulations, royal directives, influence the activity and geographic choices of M&A. The political variable remains decisive for the cross-border M&A activity between Morocco and Algeria, but encourages acquisitions in countries in West and Central Africa.

M&A research in Africa is poor and suffers from several shortcomings; these barriers push researchers to produce fewer papers on this phenomenon. Through data collection, description and explanation, the authors tried to produce a paper focusing on the M&A phenomenon in a country in North Africa. To the authors’ knowledge, no article has dealt with this phenomenon in this country which is known for its strong M&A activity.

This study examines the influence of corporate real estate (CRE) on shareholder value using two value‐based measures: economic value added (EVA) and market value added (MVA). We find that CRE has impacted negatively on non‐real estate firms' EVA and MVA in the period 1997‐2001. This happens for the non‐real estate corporations from different industries. Further, the higher the real estate asset intensity, the greater the negative impact on the firms' EVA and MVA. Our results have important implications for the traditional notion that there is a competitive advantage in owning CRE by diversified conglomerates. Specifically, more studies are needed to explore and compare the main reasons and motivations as to why Asian non‐real estate firms are still more involved with real estate activities than their counterparts in Europe and USA even though ownership of CRE appears to destroy shareholders' wealth.

Investigates organizational knowledge strategies in Spanish industry; using survey questionnaire covering: organizational knowledge management, organizational learning and performance. Applies Bierly and Chakrabarty’s typology of generic knowledge strategies to perform cluster analysis and classify firms. Implications for strategy emerge: each firm owns a specific bundle of resources forming organizational capabilities; uniqueness nature is outcome of different organizational decisions. Knowledge strategies determine stocks and flows of organizational knowledge and competitive advantage of firms. Decisions involving trade‐offs between knowledge exploitation or exploration, internal or external knowledge, breadth of knowledge base, etc. should be made to configure the best strategy. Results show organizational performance varies across clusters. Knowledge strategy should be integrated among strategic decisions to get good organizational fit.

When John Francis Welch Jr took charge of the General Electric Company in 1981, little could he know – despite his hunger and ambition – that on his retirement 20 years later he would be leaving behind one of the most valuable companies on the planet.

This monograph identifies and evaluates the marketing planning practices of British industrial goods companies operating internationally and examines the validity of the widespread belief that formalised marketing planning facilitates success. It defines the theoretical framework for marketing planning and describes a logical sequence of activities leading to the setting of marketing objectives and the formulation of plans for achieving them. It also contains a report of the results of in‐depth interviews with 385 directors and senior managers from 199 companies covering a broad spectrum of size and diversity, the purpose of which was to establish the extent to which the theory is practised and what the consequences are of either conformity or non‐conformity.

European management must become more transformational with respect to its leadership if it is to address the challenges confronting the European community after 1992. The question arises, can transformational leadership be trained? The answer is affirmative. A number of successful training experiences in North America are described in this article. These experiences form the basis for a prototype training programme now being conducted in a large European conglomerate at the junior, middle and senior management level. A general overview of these programmes are provided, as well as evidence that they are having strong beneficial effects on the participants in the workshops, and in their performance back on their jobs.

In June of 2004, the Securities and Exchange Commission (“the SEC”) voted to publish Proposed Regulation B (“Regulation B”), which will implement provisions of the Gramm‐Leach‐Blily Act of 1999 (“GLBA”) that identify activities which banks may engage in without registering as brokers or dealers under The Securities and Exchange Act of 1934 (“The Exchange Act”); effectively governing the manner in which banks, savings associations and savings banks effect securities transactions. By enacting the GLBA, Congress repealed most of the remaining vestiges of the ownership restrictions that prevented banks, securities and insurance firms from combining, thereby allowing them to adopt the universal banking model through the creation of financial conglomerates known as “financial holding companies.” Proposed Regulation B (“Regulation B”) supercedes the SEC's final interim rules issued in May of 2001 with respect to banking and brokering activities. In general, banks and their regulators have found Regulation B to be far more acceptable than the final interim rules of 2001. On a practical level, Regulation B results in considerably more work for banks. This article will examine the existing law as it pertains to banks engaging in broker‐dealer activities and highlight the key provisions of Regulation B.

The purpose of this paper is to engage with the discourse on the assumed existence of an distinct “African management” model. It critically deconstructs the concepts and submits an alternative strategy to address the need to understand what is happening in management of business in Africa.

Qualitative critical text analysis is used to understand the discourse on the nature of “African management” from the extant literature. The identity theory informs the understanding of the references to “African” as fundamental to identify a distinct management model. This analysis is supplemented by empirical case study research into successful African business.

Scholars failed to conceptualise what is “African”, and subsequently also what constitutes “African management”. This conceptual void undermines the critical reconstruction of a single African management model. Empirical research into actual management practices emerge as fundamental to systematic progress in this discourse. This research points to diverse management traditions converging into pragmatic practices.

Only a limited number of case studies were conducted into management history in Africa. This paper argues for an extended research programme, but this is future work.

It suggests a research strategy for scholars in African business studies, business history and management history to collaborate towards making a solid contribution to the economic development of our continent.

This research has the potential of forging collaboration in business among all of the people in Africa.

A critical text analysis is used to expose the conceptual lacunae that undermines progress in the discourse. This paper contributes to the literature on “African management” by systematically deconstructing the concept of “African identity” as a prerequisite to the management discourse. By signalling ethnic nostalgia, the critical reconceptualisation of Africanness offers an intellectually creative strategy out of the stalled discourse.

This study analyses the effect of the use of cross‐functional teams and effective leaders on the success of the new product development (NPD) process. With this aim, a sample of 125 firms representing the most innovative industries in Spain has been used. Results show that firms using cross‐functional teams obtain a more effective NPD process (that is, better development times and costs, and superior products) and a higher percentage of new products that are successful in the market. Likewise, the firms that use effective leaders achieve better development times, superior products and a higher level of customer satisfaction.

Industrial tourism not only strives to preserve industrial heritage, but can also be a strategy for being familiar with the history of industry and attracting tourists to new destinations. This paper examines the issue of promoting petroleum industrial tourism in the case of Khuzestan, Iran. The research aims at determining appropriate strategies for promoting petroleum industrial tourism.

The data were analysed through a strengths, weaknesses, opportunities, and threats (SWOT) model.

The results revealed the competitive strategy as the best. Lastly, strategies such as: concentric diversification, joint venture strategy, conglomerate diversification and horizontal diversification were proposed as key solutions. The results support the view that establishing an exploratory ecomuseum in the territory of Khuzestan Province can be a suitable concentric diversification strategy towards petroleum industrial sustainable tourism in the future.

The main originality of this paper includes linking tourism with the petroleum (oil and natural gas) industry and its natural landscapes for the first time in a case study. Therefore, the results of this research can extend the literature in this regards. Moreover, this paper attracts tourists to visit natural landscapes of petroleum heritage.

The implementation of the Financial Services Act 1986 has forced retailers of investment products to become tied to a single insurance company or to act as an independent by selecting the best product for the customer from the entire market. As a result of this many retailers of investment products have become tied to single insurance companies leading to a significant change in the relationship between the manufacturers and retailers of financial products. In addition there has been a sharp reduction in the levels of business transacted through the independent channel and the availability of independent financial advice. This has affected manufacturers in different ways depending upon their existing sources and mix of business. In the longer term this is likely to lead to a reduction in the number of life offices and the more rapid creation of financial conglomerates based upon the top ten banks and building societies.

This paper reports preliminary evidence on pre to post‐event shifts in the estimated values of the parameters, alpha and beta, of the simple regression market model. Samples, of US and British firms engaged in cross‐country acquisition, during the period 1970–1980 are examined. Using pre, pooled, and post‐event estimation periods, both alpha and beta show pronounced shifts in estimated value from the pre to the post‐event period. It is shown that these parameter shifts result in companion shifts in estimated pre to post‐even excess residual estimates. It is further shown, in the context of the market model, that shifts in alpha value account for approximately 80% of the shifts in excess residual estimates. Shifts in estimated beta account for only approximately 20% of the changes in estimated excess residuals. This result is interesting in regard to the results reported in most of the event study literature, which primarily consider only beta estimates.

Corporate strategy, growth strategy, diversification, integration, and external environment.

First year undergraduate Business and Management.

The Premium Industries Group, started in Dubai, in 1997 by entrepreneur extraordinaire George Martin, had grown exponentially in a decade into a conglomerate comprising 17 companies. The group had succeeded in capitalising the meteoric growth of Dubai. However, the change in the economic scenario prompted George to evaluate the company's past growth strategy and consider if it was appropriate for the future.

This case can be used to teach growth strategy, related and unrelated diversification, vertical and horizontal integration and impact of the external environment on corporate strategies.

A teaching note is available on request.

Prudential Equity Group had downgraded Danaher to underweight status, citing concerns over its inadequate organic growth. By March 2009, its CEO wondered how to keep growing a company that faced changing worldwide economic circumstances, pressure from low-cost competitors, new competitors, flat or declining demand for company products, price increases for certain raw materials, and criticism from market analysts.

The purpose of this paper is to analyze how firms can enhance their innovative capabilities and become more resilient. The current business environment requires a specific type of management for companies to remain competitive and innovation plays a key role in this respect. However, this means that a particular kind of corporate culture must promote innovation in the firm. This innovation culture is likely to be present in innovative companies that have survived in the long term (at least 50 years) and be the source of an adaptive advantage.

Using innovative Spanish firms, which were established at least 50 years ago, an exploratory factorial analysis was conducted to verify the existence of an innovation culture. Thereafter, a cluster analysis was undertaken to study differences in performance to be able to detect and identify their adaptive advantage.

The findings offer a detailed profile of old and innovative firms created in Spain. Results show that most of the studied firms (88 per cent) have an innovation culture. Furthermore, two separate groups were identified, in which one showed higher profitability and a lower adjustment to an innovation culture, while the other showed the reverse results. This suggests that innovation culture helps companies be more resilient but does not necessarily lead to higher returns.

Corporate culture is identified as a useful management tool in the search for more resilient enterprises. Specific cultural traits are recommended and a benchmarking tool is applied and made available upon request.

Although there are a number of studies which consider the concept of adaptive advantage and resilience on the one side, and on corporate innovation culture on the other, this paper seems to be the first to empirically explore the relationship of both these concepts.

Despite increasing interest in offshoring of knowledge-intensive services, it is still undetermined as to whether the sourcing of services truly creates the anticipated value for clients. Moreover, even less is known about whether value is created for service providers in the process beyond the general service trade. This lack of knowledge is due to the challenges of capturing value creation, the unique production process of the services, and the impact of offshoring on both value creation and the production process. The purpose of this paper is to study offshored service production processes of knowledge-intensive services in order to identify direct and indirect value creation for clients as well as service providers in the process.

The paper applies a multiple case study method and studies one conglomerate with three offshored service production processes. The chosen method allows for the investigation of the service production process and indirect/direct value creation within the process.

The study finds that there is direct value creation for the client and the service provider towards the end of the production processes as expected. However, more importantly, it finds additional indirect value creation in various production stages. The indirect value is reflected in enhanced understanding of problems and own operations for the client and increased knowledge about clients and problem-solving approaches for the service provider.

This study contributes to offshoring literature by providing a comprehensive understanding of value creation in service offshoring for clients as well as service providers. It also contributes to the service management literature as a study of direct and indirect value creation in services, particularly within the production process of the services.

The study allows practitioners to gain insights on the value creation logic of offshored services and the value created beyond that logic. More specifically, it allows client firms to gain details of various values and benefits of service offshoring and service provider firms to gain a focused perspective on value creation in their own service production that can lead to competitive advantages.

The paper is novel and original through its approach to study offshoring from a value creation logic perspective, including not only the client but also the service provider perspective. It also applies a service production process perspective that is novel in offshoring literature.

In recent years, many of South Korea's most prominent organizations have been involved in large‐scale frauds. These frauds have had a devastating impact on South Korean society and resulted in unnecessary suffering and high levels of unemployment for the middle class. With the aim of understanding the causes of these scandals, this paper takes an in‐depth look at the chaebol organization.

The paper takes a conceptual approach by first examining chaebols in greater detail. The paper then examines classical fraud theory, including the fraud triangle. The paper then examines chaebol organizations through the lens of the fraud triangle. By doing so, it is possible to understand why chaebols, in particular, are susceptible to fraud and corruption.

The paper provides evidence to suggest that chaebol organizations have inherent fraud risks. In order to minimize these fraud risks, chaebol organizations must address these issues.

This paper fulfills an important area of research by providing basic information about the relationship between chaebol organizations and fraud.

The methodology of mainstream neoclassical economics deals with knowledge deficiency problems in a deterministic manner and as “refinements to the theory of economic action rather than rudiments of it” (Coddington, 1975, p. 151). For Shackle (1972), such an approach to the subject is unacceptable, since its deterministic nature is fundamentally at odds with his argument that, to be meaningful, choice must make a difference to the unfolding skein of events. Central to his view of the nature of choice is clearly a rejection of the concept of equilibrium and of the assumptive fiction that co‐ordination is achieved, on a once‐and‐for‐all basis, via the costless efforts of an omniscient auctioneer. If choices are meaningful in Shackle's sense, the skein of events contains many surprises, many incentives for agents to rethink their views of things and change their behaviour. For example, the workings of a multiplier process falsify expectations and these surprises may then spark off euphoric or depressing super‐multiplier effects. In markets for financial assets, “bulls” and “bears” cannot both be right in their predictions, while in product markets the creative exercise of marketing and research and development personnel's imaginations may continuously send out waves and backwashes in keeping with Schumpeterian notions of creative destruction. If one accepts Shackle's alternative starting point, one must sacrifice notions pertaining to “given” preferences and technologies and, with them, the stable functions upon which IS‐LM macro models (see Shackle, 1982(a)) and orthodox value theory are built.

We empirically investigate the hypothesis that the less transparent (more difficult to value) the target’s assets are the more likely it is that the acquiring firm can obtain higher short- and long-term returns. We analyze a sample of 1,538 friendly acquisitions partitioned in two separate dimensions: acquisitions of public versus private firms, and acquisitions of a firm’s assets versus acquisitions of a firm’s assets and its management. Using a sample of (nondiversifying) real estate transactions with a public REIT as the acquirer, we find that acquisitions of public firms have insignificant short-term abnormal returns. Acquisitions of private targets have positive and significant short-term abnormal returns. The acquirer’s abnormal returns are higher in both cases when the transactions involve acquisition of the target firm’s management. We find parallel results when analyzing the acquirer’s Q over the merger year and the three following years. Our conclusions are robust to the type of financing (cash, stock, or a combination) used in the acquisition.

Advanced education is often thought to respond to the demands of the economy, market forces create new occupations, and then universities respond with new degrees and curricula aimed at training future workers with specific new skills. Presented here is comparative research on an underappreciated, yet growing, concurrent alternative process: universities, with their global growth in numbers and enrollments, in concert with expanding research capacity, create and privilege knowledge and skills, legitimate new degrees that then become monetized and even required in private and public sectors of economies. A process referred to as academization of occupations has far-reaching implications for understanding the transformation of capitalism, new dimensions of social inequality, and resulting stratification among occupations. Academization is also eclipsing the more limited professionalization processes in occupations. Additionally, it fuels further expansion of advanced education and contributes to a new culture of work in the 21st century. Commissioned detailed German and US case studies of the university origins and influence on workplace consequences of seven selected occupations and associated knowledge, skills, and degrees investigate the academization process. And to demonstrate how universal this could become, the cases contrast the more open and less-restrictive education and occupation system in the US with the centralized and state-controlled education system in Germany. With expected variation, both economies and their occupational systems show evidence of robust academization. Importantly too is evidence of academic transformations of understandings about approaches to job tasks and use of authoritative knowledge in occupational activities.

The goal of this chapter is to analyse the decisions of the Croatian Competition Agency in the field of grocery retail mergers in the 2004–2009 period. In particular, various criteria used by the Competition Agency to evaluate grocery retail mergers are identified and discussed.

Using the comparative approach the author attempts to detect the relevant sources for certain solutions embraced by the Competition Agency by examining especially the relevant practice of the European Commission as well as relevant decisions adopted by some competition authorities in EU member states.

The grocery retail market in Croatia has seen a flurry of mergers since 2004 with the largest competitor spreading to various local markets. For the Croatian competition authority this merger wave has perhaps been the biggest challenge since its inception. In the face of growing market concentration, the authority saw fit to shift from initially providing green light to duly notified transactions to subsequently addressing serious competition concerns by ordering a number of remedies. The Croatian competition authority relied extensively on EU acquis when deciding on specific merger cases, especially as regards the relevant market definition.

The value of the chapter is reflected in the fact that this kind of comparative analysis of Croatian merger cases in the field of grocery retail mergers was not available before. It is especially in the light of the accession of Croatia to the EU, as foreseen on 1 July 2013, that this kind of study becomes useful both for domestic but also EU audience.

This article studies how the Regenerative Government (1880–1903) in Colombia positioned monetary policy as one of the central subjects in the political arena by the end of the nineteenth century, and how the struggles of this attempt transformed the political economy of the period. In the background of the monetary, debates were some relevant characteristics: the country was facing serious difficulties as a consequence of an uneven integration of sectors to international trade, the de facto bimetallic regime, the formation of conglomerates of regions, and the difficulty of implementing paper money. Facing this situation, the Regenerating Governments found themselves in the need of imposing monetary and credit rules. They attempted to implement the scientific rules prevailing at the time and the possibilities that the national reality allowed them. As a consequence, the interests of the merchant elites and bankers had eroded the existing free banking system. Some bankers took advantage of the situation of the dubious management that the State gave to the monetary issue and succeeded on speculative finance increasing their wealth. Others, on the other hand, tried to strengthen their relations with the State. In this perspective, this article will synthesize the main aspects by agents of the debate between free banking and forced course.

We contribute to the literature on institutional and organizational change by integrating two related areas of study: the theory and methods of analysis informed by the research on institutional logics and historical-event sequencing. Institutional logics provide the theory to understand how the content of culture influences organizational change; historical-event sequencing reveals the underlying patterns of cultural transformation. We apply this dual perspective to the cases of institutional stability and change in organizational governance in three industries: accounting, architecture, and higher-education publishing. Research on governance has focused on changes in organizational design between markets, hierarchies, and networks. Missing from this research is an understanding of how institutions at the wider societal level motivate organizations to adopt one of these governance forms over another. We examine how the governance of firms in these industries has been influenced by the institutional logics of the professions, the market, the state, and the corporation by focusing on three mechanisms – institutional entrepreneurs, structural overlap, and historical-event sequencing. Overall, our findings reveal how accounting was influenced by state regulation producing a punctuated equilibrium model, architecture by professional duality producing a cyclical model, and publishing by market rationalization producing an evolutionary model of institutional change in organizational governance.

In June 2017, The Human Data Commons Foundation released its first annual Quantified Self Report Card. This project consisted of a qualitative review of the privacy policy documentation of 55 private sector companies in the self-tracking and biometric data industry. Two researchers recorded their ratings on concrete criteria for each company’s website, as well as providing a blend of objective and subjective ratings on the overall ease of readability and navigability within each site’s documentation. This chapter explains the unique context of user privacy rights within the Quantified Self tracking industry, and summarises the overall results from the 2017 Quantified Self Report Card. The tension between user privacy and data sharing in commercial data-collection practices is explored and the authors provide insight into possibilities for resolving these tensions. The self-as-instrument in research is touched on in autoethnographic narrative confronting and interrogating the difficult process of immersive qualitative analytics in relation to such intensely complex and personal issues as privacy and ubiquitous dataveillance. Drawing upon excerpted reflections from the Report Card’s co-author, a few concluding thoughts are shared on freedom and choice. Finally, goals for next year’s Quantified Self Report Card are revealed, and a call extended for public participation.

This chapter analyses the how, who, where and why of rapid rise in intra-regional investment by companies from ASEAN since 2009.

The chapter analyses the push and pull factors of intra-regional investment in ASEAN, the resulting patterns of foreign direct investment (FDI) and the accompanying rise of strong regional players.

The region’s FDI landscape is changing in terms of investment sources, players, FDI trends and dynamics of the region. This trend is strongly affected by stepped up efforts by ASEAN governments to encourage their national companies to invest in the region and the influence of the ASEAN Economic Community.

Regional integration and emerging business opportunities are providing an impetus not seen before in driving intra-regional investment. As more ASEAN companies position and prepare for AEC 2015, this intra-regional investment wave is likely to gather force.

The chapter lists the regional and global ‘footprint’ of the top 50 largest ASEAN companies by revenues. The thus identified companies include companies operating in oil and gas, mining, agri-business, telecommunications, food and beverages, manufacturing, banking, power generation, infrastructure, real estate and healthcare services

A corporate takeover (with major stake in equity) gives the acquirer the right to appoint majority of directors in the target’s board to control its management and policy decisions. When such acquisition is unsolicited and unwelcome, it becomes a “hostile takeover.” In such cases, the acquirer is said to be a “raider” and the raider’s management team may act under the influence of “hubris” implying that they seek to acquire the target for their own personal motives ignoring pure economic gains for the owners of both the companies. The hostile bidder makes all possible efforts to justify the takeover by paying handsome premium over the target’s fairly valued share price. In a hostile takeover, the target management or target promoters resist and fight tooth and nail against the raider to convey to the world that the bidder’s acts are not in the best interest of all their stakeholders. Any unsolicited and hostile takeover offer is generally viewed as oppression, domination or coercion by the bidding company against the target and its management. In a hostile bid, the existing target management always believes that whatever they do is in best interest of everyone. They feel complacent and assume that their standards of corporate governance are of highest order. Therefore, they are unwilling to succumb to the aggression and hostility of another corporate entity for takeover. The “so-called” victimized target resorts to all means to gain sympathy from peers, press, common shareholders, employees and general public. In today’s regulated market for corporate control, an intelligent hostile bidder would probably not acquire a business unless it has good strategic or financial reasons to do so. Hence, “stewardship” on the part of bidder’s management is very important in case of any hostile takeover. This chapter derives motivation from a three-and-half-decade-old abortive hostile takeover bid in India by Caparo Group of the UK and also the recently completed hostile takeover in India of a famous mid-sized information technology company, Mindtree by Larsen & Toubro, a major conglomerate. This research aims at developing a distinctive model to demonstrate that unsolicited hostile takeover may not be a good mechanism for a successful business combination.

Institutional investors have increasingly gained importance since the early 1990s. The assets under management in these funds have increased threefold since 1990 to reach more than US$45 trillion in 2005, including over US$20 trillion in equity (Ferreira & Matos, 2008). Further, the value of institutional investors' assets represents roughly 162.6% of the OECD gross domestic product in 2005 (Gonnard, Kim, & Ynesta, 2008). Given the magnitude of institutional investors' holdings relative to the world market capitalization, challenging questions on the economic role of these investors have been raised. One such question concerns their impact on the stability of stock markets. On the one hand, active strategies of buying and selling shares by these investors may contribute to moving stock prices away from their fundamental values. On the other hand, if all institutional investors react to the same information in a timely manner, they are in fact helping to increase market efficiency by speeding up the adjustment of prices to new fundamentals (for competing theories on the role of institutional investors, see, e.g., Lakonishok, Shleifer, & Vishny, 1992). This view of institutional investors as “efficiency drivers” generated considerable debate for many years (see, e.g., Ferreira & Laux, 2007; French & Roll, 1986).

Brewing has experienced a considerable revival in recent years with the number of brewers in the UK being at its highest level since the 1930s (Cask Report, 2018). After decades of mergers and takeovers saw the emergence of a small number of global brewing conglomerates, many of the recently established breweries have spearheaded what has been referred to as a ‘craft beer revolution’. Typically, producing small batches of artisan brews and with small workforces, the output of craft brewers accounts for approximately 2.5% of all beer sales in the UK, but is the fastest growing sector of the drinks market. The growth of the industry mirrors that seen by artisan food producers and has led some to suggest an emerging preference for rejecting mass produced food and drink products.

Despite recognition of the craft beer industry’s emergence, growth and cultural significance, almost nothing is known about the individuals who started these new breweries, nor what their motivations for doing so were. Drawing upon 30 in-depth, semi-structured interviews with owner-brewers of craft breweries from across Scotland, this chapter presents findings examining owners’ backgrounds and motivations for starting their brewery. The findings show a range of motivations and expectations amongst the group of owners and provide a useful basis for making practical recommendations of how other aspiring craft beer ‘entrepreneurs’ can be best supported by the industry.

While the strategic management literature suggests that related diversification is superior to unrelated diversification, there is little evidence that acquirers benefit from pursuing related targets. We argue that the empirical literature is plagued by poor measures of relatedness. Moreover, many empirical studies do not control adequately for the characteristics of the market for corporate control. We argue that not only value creation, but also value appropriation, depend on the relatedness of acquirer and target. Using an improved measure of relatedness, we provide empirical evidence that acquirer returns are positively and significantly correlated with relatedness.

This study based on qualitative data aims to highlight emerging journalistic practices. It analyzes entrepreneurship in Brazilian journalism in order to determine to what extent this development can be regarded as a form of organizational innovation. Over 30 case studies of Brazilian journalistic startups are examined.

The method adopted in this analysis consists of four complementary stages. In the first stage we identify Brazilian media’s political and economic standing and the impacts of digitization on journalism. Then we assess journalistic startup experiences in Brazil through innovation and entrepreneurialism and map the cases. Finally, the fourth and final stage involves interviews of journalists responsible for such startups.

In the past, startups were associated with oppositional forms of journalism aimed at producing alternative views. We find that these startups represent a hybrid of innovation and conservation in news production. On the one hand, they create the potential for journalism’s independence, a crucial asset for the democratic societies utilizing various forms of news production. On the other hand, they remain tied to political and economic interests springing from the neoliberalism that characterize the global media industry.

This chapter focuses on journalistic startups in Brazil and identifies five relevant characteristics of these entrepreneurial organizations. These innovative forms of news production open up spaces for a plurality of social actors and productive sectors. They also offer alternative approaches to covering many relevant issues in Brazilian society, such as legal and judicial topics.

We explore the acceptance of new contingent work relationships in the United States to reveal an emergent entrepreneurial ideology. Our argument is that these new work relationships represent a new social order not situated in the conglomerates and labor unions of the past, but on a confluence of neo-liberalism and individual action situated in the discourse of entrepreneurialism, employability, and free agency. This new employment relationship, which arose during the economic and social disruptions in the 1970s, defines who belongs inside an organization (and can take part in its benefits) and who must properly remain outside to fend for themselves. More generally, the fusing of entrepreneurship with neo-liberalism has altered not only how we work and where we work but also what we believe is appropriate work and what rewards should accompany it.

“Business as usual” has come under heavy scrutiny. The financial crisis has caused many to question the basic premises of the current business system. In the following chapter, I will examine how organizations can cope with the current crisis by creating sustainable value. I propose that businesses learn from a newly emerging field called social entrepreneurship. The concept of social entrepreneurship is discussed and examined for its potential to support for sustainable value creation. A detailed case study of bracNet provides an example of shared-value creation. bracNet is a for-profit enterprise in Bangladesh aiming to close the digital divide globally and regionally. New business models and cross-sectoral partnerships allow bracNet to implement a social and financial value creation strategy. Key for success seems to be the shared ownership of bracNet, by BRAC, a nonprofit organization, and various for-profit entities (including VCs, industrial conglomerates, and hedge funds).