While central bankers have widely discussed the trade-offs of negative interest rates on monetary policy, the consequences of negative rates on financial stability are less well…
Abstract
Purpose
While central bankers have widely discussed the trade-offs of negative interest rates on monetary policy, the consequences of negative rates on financial stability are less well understood. The purpose of this paper is to examine the likely and possible financial stability consequences of a negative rates policy with particular focus on banks, short-term funding markets, foreign exchange markets, asset managers, pension funds and insurers.
Design/methodology/approach
It draws from international experience with negative interest rates to identify financial stability threats posed to any economy by negative interest rates, and it also highlights where the US experience is likely to differ.
Findings
In time, financial market threats and other logistical issues of a negative interest rate policy can be managed or overcome. Even cumulatively, these threats are likely to be small as long as the rates remain only modestly negative. However, if the rates remain negative for long periods or they become more sharply negative, the rewards of avoiding negative rates increase.
Originality/value
Does the negative interest rate policy directly or through these challenges of implementation present a substantial obstacle to achieving financial stability objectives? As policy rates go negative in a greater share of the global economy, the financial stability consequences remain poorly understood and under discussed.
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Before providing an overview of the conference with the above title and this Special Issue, this paper aims to present a view of the meaning of systemic risk, factors that affect…
Abstract
Purpose
Before providing an overview of the conference with the above title and this Special Issue, this paper aims to present a view of the meaning of systemic risk, factors that affect systemic risk and measures of systemic risk. Thereafter, the conference presentations and the papers in this issue are summarized.
Design/methodology/approach
Characteristics and measures of systemic risk are reviewed. Conference papers and presentations are summarized.
Findings
While some aspects of systemic risk of a financial institution can be measured, an important aspect associated with contagion through markets is not easily captured by simple measures.
Originality/value
The conference and the papers in this issue contribute to the policy debate about sources and characteristics of systemic risk.
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The purpose of this paper is to examine the work of Rosemary Benjamin’s Theatre for Children in Sydney as a compelling narrative of the New Education in Australia in the late…
Abstract
Purpose
The purpose of this paper is to examine the work of Rosemary Benjamin’s Theatre for Children in Sydney as a compelling narrative of the New Education in Australia in the late 1930s, an historical moment when theatre for children emerged as a cultural experiment rich in educational ideas.
Design/methodology/approach
Contemporary sources and archival records are explored through several interpretive frames to develop a historical account of Benjamin’s Theatre for Children from 1937 to 1957.
Findings
Benjamin’s concept of children’s theatre was shaped by English progressive education as much as the Soviet model she extolled. She pursued her project in Sydney from 1937 because she found there a convivial European emigré community who encouraged her enterprise. They understood her Freudian ideas, which commended the use of the symbolic resources of myth and fairy tales to help children deal with difficult unconscious material. Benjamin also analysed audience reactions applying child study principles, evidence of the influence of Susan Isaacs and the New Education Fellowship. More successful as a Publicist than a Producer, Benjamin was able to mobilise support for her educational cause among performers, parents, cultural figures and educational authorities. Her contribution was to pave the way for those who would succeed with different models of theatre for children.
Originality/value
This is the first study to employ archival sources to document the history of the Theatre for Children, Sydney and address its neglect as a theatre project combining educational and theatrical values.
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Benjamin J. Thomas and Spencer Harris
The status quo for managing deviant workplace behavior is underperforming. The current research offers a new approach for scholars and managers in approaching these misbehaviors…
Abstract
Purpose
The status quo for managing deviant workplace behavior is underperforming. The current research offers a new approach for scholars and managers in approaching these misbehaviors. Namely, we outline how system justification theory, which holds that people are motivated to rationalize and justify the systems—including workplaces—to which they belong even when those systems disadvantage them or others, offers value in explaining and addressing the prevalence of such misbehaviors and contemporary failures in managing them.
Design/methodology/approach
This conceptual research explores the situated role of onlookers to patterns of workplace misbehavior, like harassment. We explore existing scholarship on why and how onlookers respond to such actions, including cultural elements, and draw parallels between those accounts and the foundational concepts of system justification theory to demonstrate an unrealized theoretical overlap valuable for its immediate applications in research.
Findings
The current paper establishes clear links between system justification theory and efforts to manage misbehavior, establishing system justifications as freezing forces in the culture of a workplace that must be unfrozen to successfully implement strategies for managing misbehavior. Further, we describe how organizational onlookers to misbehavior are subject to system justifications, which limit prescribed means of stopping these patterns of wrongdoing.
Originality/value
Very limited organizational scholarship has utilized system justification theory, despite calls for such applications. Given the existing shortcomings in scholarship and management approaches to workplace misbehavior, the current research breaks from the status quo and offers an established theory as a new way to approach these misbehaviors.
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Narayanage Jayantha Dewasiri, H. Kent Baker, Y. K. Weerakoon Banda and M. Shanika Hansini Rathnasiri
This chapter provides an overview of the explanations and factors affecting dividend policy. This study employs a systematic literature review approach to review a large sample of…
Abstract
This chapter provides an overview of the explanations and factors affecting dividend policy. This study employs a systematic literature review approach to review a large sample of studies related to the dividend puzzle. Although the analysis reveals mixed evidence involving the theories and determinants of dividend policy, some determinants appear in numerous studies. However, no consensus exists on an optimal dividend to resolve the dividend puzzle, and the authors propose a model to deal with the same. When examining dividend policy, researchers should consider the firm, market, behavior, and other determinants. When making significant dividend or stock decisions, managers and shareholders should also contemplate the factors, interactions, inadequacies, and consequences. Future researchers should strive to take a more comprehensive view when resolving the dividend puzzle. This study provides a current and complete picture of dividend policy's available theories and empirical determinants. Its significant contribution is identifying some of the more consistently essential determinants of dividend policy while proposing a holistic model to address the prevailing dividend dilemma.
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N. Jayantha Dewasiri, Weerakoon Banda Yatiwelle Koralalage, Athambawa Abdul Azeez, P.G.S.A. Jayarathne, Duminda Kuruppuarachchi and V.A. Weerasinghe
The purpose of this paper is to identify the determinants of dividend policy in an emerging and developing market.
Abstract
Purpose
The purpose of this paper is to identify the determinants of dividend policy in an emerging and developing market.
Design/methodology/approach
The study employs a quantitative approach using 191 Sri Lankan firms and 1,337 firm-year observations as the sample. The authors apply a Binary Logistic Regression model to uncover the determinants of the propensity to pay dividends, and a Fixed Effect Panel Regression to investigate the determinants of dividend payout.
Findings
The authors identify past dividend decision, earnings, investment opportunities, profitability, free cash flow (FCF), corporate governance, state ownership, firm size and industry influence as the key determinants of propensity to pay dividends. In addition past dividends, investment opportunities, profitability and dividend premium are identified as the determinants of dividend payout. Moreover, there is a feedback between dividend yield and profitability in one lag and between dividend yield and dividend premium in two lags, as short-term relationships. Hence, past dividend decision or payout, profitability and investment opportunities are a common set of determinants with implications for both propensity to pay dividends and its payout. The findings support theories of dividends such as signaling, outcome, catering, life cycle, FCF and pecking order.
Practical implications
The findings are important for investors, managers and future research. Investors should focus on the determinants identified by our study when making investment decisions whereas managers should practice the same when formulating appropriate dividend policies for their firms. Future research should rely on propensity to pay dividends and its payout simultaneously to promote a theoretical consensus on the dividend determinant puzzle.
Originality/value
This is the first study that investigates determinants of propensity to pay dividends and dividend payout along with short-term relationships in a single study.
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This volume explores the intersection of youth agency, media representation, and conflict, urging a reevaluation of the roles of youth in contemporary socio-political contexts…
Abstract
This volume explores the intersection of youth agency, media representation, and conflict, urging a reevaluation of the roles of youth in contemporary socio-political contexts. Media serves as a tool for and a site of resistance. Chapters in this volume highlight ways in which children and youth leverage digital platforms to reshape narratives around conflict and peace. The compilation draws from a wide range of contexts, from the Balkan Wars to the current conflicts in Syria and Ukraine, offering in-depth analyses of the transformative potential of the (re)imagining of youth experiences, thus shifting from passive subjects to active narrators. This reorientation emphasizes the role of new technologies, including digital media and artificial intelligence, in supporting these endeavors, especially in enhancing mental health and psychological resilience among children affected by conflict.
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Oliver Krammer, Benjámin Gyarmati, András Szilágyi, Richárd Storcz, László Jakab, Balázs Illés, Attila Géczy and Karel Dušek
A measurement method has been developed to reveal the viscosity change of solder pastes during stencil printing. This paper aimed to investigate thixotropic behaviour, the…
Abstract
Purpose
A measurement method has been developed to reveal the viscosity change of solder pastes during stencil printing. This paper aimed to investigate thixotropic behaviour, the viscosity change of a lead-free solder paste (Type 4).
Design/methodology/approach
The viscosity change of the solder paste during stencil printing cycles was characterised in such a way that the time-gap between the printing cycles was modelled with a rest period between every rheological measurement. This period was set as 15, 30 and 60 s during the research. The Cross model was fitted to the measurement results, and the η0 parameter was used to characterise the viscosity change. The number of printing cycles necessary for reaching a stationary state in viscosity was determined for various rest periods.
Findings
It was found that the decrease in zero-shear viscosity is significant (25 per cent) in the first cycles, and it starts to become stationary at the sixth-seventh cycles. This means a printing process can provide the appropriate deposits only after the 7th cycle with the investigated Type 4 solder paste.
Originality/value
Time-dependent rheological behaviour of solder pastes was studied in the literature, but only the viscosity change over continuous time at constant shear rates was examined. The time-gap between stencil printing cycles was not considered, and thixotropic behaviour of solder pastes was also neglected. Therefore, the authors developed a measurement set which is able to model the effect of time-gap between printing cycles on the viscosity change of solder pastes.
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Benjamin J. Thomas and Patricia Meglich
The purpose of this paper is to test the explanatory effects of the system justification theory on reactions to new employee hazing.
Abstract
Purpose
The purpose of this paper is to test the explanatory effects of the system justification theory on reactions to new employee hazing.
Design/methodology/approach
Three studies (N = 107, 121 and 128), all using experimental assignment, vignettes of workplace hazing and two-level repeated measures ANCOVA designs, with dispositional variables included as covariates and justification of workplace hazing processes as dependent variables, were conducted.
Findings
Onlookers are more likely to justify long-standing (cf. recently adopted) hazing systems and hazing systems used by highly cohesive (cf. loosely cohesive) teams, supporting the application of the system justification theory to workplace hazing reactions.
Research limitations/implications
The use of vignette research and onlookers (cf. hazed employees) may limit inferences drawn about employee reactions in workplaces that use hazing.
Practical implications
Despite its negative associations, hazing at work persists, with 25 percent of current sample reported being hazed at work. The system justification theory, which the authors applied to hazing, offers an explanation for stakeholders’ willingness to sustain and perpetuate hazing, and onlookers’ seeming blind-spot regarding outrage over workplace hazing. This theory holds promise for combatting passive responses to workplace hazing.
Originality/value
This is the first paper to empirically test explanations for workplace hazing’s perpetuation, by applying the system justification theory to the social system of workplace hazing. Moreover, it is the first paper to offer empirical evidence of hazing’s prevalence across at least 25 percent of sampled industries and organizational rank.