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International Journal of Quality & Reliability Management, vol. 10 no. 8
Type: Research Article
ISSN: 0265-671X

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Histories of Economic Thought
Type: Book
ISBN: 978-0-76230-997-9

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Book part
Publication date: 20 July 2017

Neal M. Ashkanasy, Ashlea C. Troth, Sandra A. Lawrence and Peter J. Jordan

Scholars and practitioners in the OB literature nowadays appreciate that emotions and emotional regulation constitute an inseparable part of work life, but the HRM literature has…

Abstract

Scholars and practitioners in the OB literature nowadays appreciate that emotions and emotional regulation constitute an inseparable part of work life, but the HRM literature has lagged in addressing the emotional dimensions of life at work. In this chapter therefore, beginning with a multi-level perspective taken from the OB literature, we introduce the roles played by emotions and emotional regulation in the workplace and discuss their implications for HRM. We do so by considering five levels of analysis: (1) within-person temporal variations, (2) between persons (individual differences), (3) interpersonal processes; (4) groups and teams, and (5) the organization as a whole. We focus especially on processes of emotional regulation in both self and others, including discussion of emotional labor and emotional intelligence. In the opening sections of the chapter, we discuss the nature of emotions and emotional regulation from an OB perspective by introducing the five-level model, and explaining in particular how emotions and emotional regulation play a role at each of the levels. We then apply these ideas to four major domains of concern to HR managers: (1) recruitment, selection, and socialization; (2) performance management; (3) training and development; and (4) compensation and benefits. In concluding, we stress the interconnectedness of emotions and emotional regulation across the five levels of the model, arguing that emotions and emotional regulation at each level can influence effects at other levels, ultimately culminating in the organization’s affective climate.

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Research in Personnel and Human Resources Management
Type: Book
ISBN: 978-1-78714-709-6

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Article
Publication date: 7 June 2018

James Kolari

The purpose of this paper is to show that distinguishing between gross and net tax shields arising from interest deductions is important to firm valuation. The distinction affects…

474

Abstract

Purpose

The purpose of this paper is to show that distinguishing between gross and net tax shields arising from interest deductions is important to firm valuation. The distinction affects the interpretation but not valuation of tax shields for the famous Miller’s (1977) model with corporate and personal taxes. However, for the well-known Miles and Ezzell’s (1985) model, the authors show that the valuation of tax shields can be materially affected. Implications to the cost of equity and optimal capital structure are discussed.

Design/methodology/approach

This paper proposed a simple tax shield clarification that distinguishes between gross and net tax shields. Net tax shields equal gross tax shields minus personal taxes on debt. When an after-tax riskless rate is used to discount shareholders’ tax shields, this distinction affects the interpretation but not valuation results of the Miller’s model. However, when the after-tax unlevered equity rate is used to discount tax shields under the well-known Miles and Ezzell’s (1985) model, the difference between gross and net tax shields can materially affect valuation results. According to the traditional ME model, both gross tax shields and debt interest tax payments (i.e. net tax shields) are discounted at the after-tax unlevered equity rate. By contrast, the proposed revised ME model discounts gross tax shields at the unlevered equity rate but personal taxes on debt income at the riskless rate (like debt payments). Because personal taxes on debt are nontrivial, traditional ME valuation results can noticeably differ from the revised ME model to the extent that after-tax unlevered equity and debt rates differ from one another.

Findings

For comparative purposes, the authors provide numerical examples of the traditional and revised ME models. The following constant tax rates and market discount rates are assumed: Tc=0.30, Tpb=0.20, Tps=0.10, r=0.06, and ρ=0.10. Table I compares these two models’ valuation results. Maximum firm value for the traditional ME model is 7.89 compared to 7.00 for the revised ME model. At a 50 percent leverage ratio, equity value is reduced from 3.71 to 3.49, respectively. Importantly, the traditional ME model suggests that firm value linearly increases with leverage and implies an all-debt capital structure, whereas firm value stays relatively constant as leverage increases in the revised ME model. These capital structure differences arise due to discounting debt tax payments with the unlevered equity rate (riskless rate) in the traditional ME (revised ME) model. Figure 1 graphically summarizes these results by comparing the traditional ME model (thin lines) to the revised ME model (bold lines).

Research limitations/implications

Textbook treatments of leverage gains to firms or projects with corporate and personal taxes should be amended to take into account this previously unrecognized tradeoff. Also, empirical analyses of capital structure are recommended on the sensitivity of leverage ratios to the gross-tax-gain/debt-personal taxes tradeoff.

Practical implications

Financial managers need to understand how to value interest tax shields on debt in making capital structure decisions, computing the cost of capital, and valuing the firm.

Social implications

The valuation of interest tax shields in finance is a long-standing controversy. Nobel prize winners Modigliani and Miller (MM) wrote numerous papers on this subject and gained fame from their ideas in this area. However, application of their ideas has changed over time due to the Miles and Ezzell’s (ME) model of firm valuation. The present paper adapts the pathbreaking ideas of MM to the valuation framework of ME. Students and practitioners in finance can benefit by the valuation results in the paper.

Originality/value

No previous studies have recognized the valuation issues resolved in the paper on the application of the popular and contemporary ME model of firm valuation to the MM valuation concepts. The new arguments in the paper are easy to understand and readily applied to firm valuation.

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Managerial Finance, vol. 44 no. 7
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 January 1977

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that…

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Abstract

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that contract. When such a repudiation has been accepted by the innocent party then a termination of employment takes place. Such termination does not constitute dismissal (see London v. James Laidlaw & Sons Ltd (1974) IRLR 136 and Gannon v. J. C. Firth (1976) IRLR 415 EAT).

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Managerial Law, vol. 20 no. 1
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 3 November 2022

Chin-Chong Lee, Shaw Warn Too and Kuan San Ooi

Both issuing firms and underwriters shall benefit from the associations in underwriting contracts for seasoned equity offerings (SEOs). Issuing firms that are offered underwriting…

83

Abstract

Purpose

Both issuing firms and underwriters shall benefit from the associations in underwriting contracts for seasoned equity offerings (SEOs). Issuing firms that are offered underwriting contracts with clustered gross spreads do not have strong incentives to switch away from the firms' prior SEO underwriters, and thus these existing underwriters are able to maintain or gain greater market share. This study investigates how the clustering of percentage gross spreads affects the likelihood of underwriter switching.

Design/methodology/approach

Using the investment bank-underwritten SEOs in Hong Kong, the authors find that the percentage gross spreads of 40% of these SEOs are clustered at 2.5%. The seemingly unrelated bivariate probit model, Weibull survival mixed model and trivariate probit model are applied to analyse this phenomenon.

Findings

The authors' study provides first direct evidence that the clustering of percentage gross spreads lowers the likelihood of underwriter switching. Investment banks as underwriters can explicitly price underwriting contracts at a clustered level, more likely in periods of greater market volatility, and intentionally retain the banks' client firms using pricing arrangements. The authors' finding and approach offer more direct and distinct support that the issuer–underwriter association can be relationship-based.

Originality/value

Whilst the clustering of fees is interpreted as a type of anticompetitive price sitting, the authors contribute to literature by providing new empirical evidence on why percentage gross spreads as a price dimension are clustered. On top of contract efficiency and collusion, this study's new evidence provides a third view for the clustering of gross spreads.

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International Journal of Managerial Finance, vol. 19 no. 5
Type: Research Article
ISSN: 1743-9132

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Book part
Publication date: 13 August 2018

Robert L. Dipboye

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The Emerald Review of Industrial and Organizational Psychology
Type: Book
ISBN: 978-1-78743-786-9

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Article
Publication date: 10 August 2015

Gerhard Fink and Maurice Yolles

While emotions and feelings arise in the singular personality, they may also develop a normative dimensionality in a plural agency. The authors identify the cybernetic systemic…

1881

Abstract

Purpose

While emotions and feelings arise in the singular personality, they may also develop a normative dimensionality in a plural agency. The authors identify the cybernetic systemic principles of how emotions might be normatively regulated and affect plural agency performance. The purpose of this paper is to develop a generic cultural socio-cognitive trait theory of plural affective agency (the emotional organization), involving interactive cognitive and affective traits, and these play a role within the contexts of Mergers and Acquisitions (M & A).

Design/methodology/approach

The authors integrate James Gross’ model of emotion regulation with the earlier work on normative personality in the context of Mindset Agency Theory. The agency is a socio-cognitive entity with attitude, and operates through traits that control thinking and decision making. These traits are epistemically independent and operate on a bipolar scale; with the alternate poles having an auxiliary function to each other – where the traits may take intermediary “balanced” states between the poles.

Findings

Processes of affect regulation are supposed to go through three stages: first, identification (affective situation awareness); second, elaboration of affect is constituted through schemas of emotional feeling, which include emotion ideologies generating emotional responses to distinct contextual situations; third, execution: in the operative system primary emotions are assessed through operative intelligence for any adaptive information and the capacity to organize action; and turned into action, i.e. responses, through cultural feeling rules and socio-cultural display rules, conforming to emotion ideologies.

Research limitations/implications

This new theory provides guidance for framing multilevel interaction where smaller collectives (as social systems) are embedded into larger social systems with a culture, an emotional climate and institutions. Thus, it is providing a generic theoretical frame for M & A analyses, where a smaller social unit (the acquired) is to be integrated into a larger social unit (the acquirer).

Practical implications

Understanding interdependencies between cognition and emotion regulation is a prerequisite of managerial intelligence, which is at demand during M & A processes. While managerial intelligence may be grossly defined as the capacity of management to find an appropriate and fruitful balance between action and learning orientation of an organization, its affective equivalent is the capacity of management to find a fruitful balance between established emotion expression and learning alternate forms of emotion expression.

Social implications

Understanding interdependencies between cognition and emotion is a prerequisite of social, cultural and emotional intelligence. The provided theory can be easily linked with empirical work on the emergence of a cultural climate of fear within societies. Thus, “Affective Agency Theory” also has a bearing for political systems’ analysis, what, however, is beyond the scope of this paper.

Originality/value

The paper builds on the recently developed Mindset Agency Theory, elaborating it through the introduction of the dimension of affect, where cognitive and affective traits interact and become responsible for patterns of behaviour. The model is providing a framework which links emotion expression and emotion regulation with cognitive analysis.

Details

Journal of Organizational Change Management, vol. 28 no. 5
Type: Research Article
ISSN: 0953-4814

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Book part
Publication date: 14 August 2014

Esther Gracia and Neal M. Ashkanasy

In this chapter, we develop and present the Multi-Perspective Multilevel Model of emotional labor in organizations. This model is based on three perspectives: (1) a service…

Abstract

In this chapter, we develop and present the Multi-Perspective Multilevel Model of emotional labor in organizations. This model is based on three perspectives: (1) a service requirement, (2) an intra-psychic process, and (3) an emotional display, each involving five levels of analysis: within-person, between persons, in interpersonal exchanges, in groups, and across the organization as a whole. Our model is differentiated from earlier characterizations of emotional labor in that we propose that the phenomenon begins with energy generation instead of energy depletion; and is neither a one-way nor a one-by-one service episode. We further proffer that the intra-psychic processes embedded in emotional labor represent a form of social self-regulation that impacts across multiple levels within service organizations. We conclude by discussing the implications and limitations of our model for emotional labor research.

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Emotions and the Organizational Fabric
Type: Book
ISBN: 978-1-78350-939-3

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Article
Publication date: 1 May 1983

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of…

16778

Abstract

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.

Details

Management Decision, vol. 21 no. 5
Type: Research Article
ISSN: 0025-1747

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