This paper is a case history of the introduction of Just‐in‐Time (JIT) into a company in the electronic capital goods sector of the Scottish electronics industry. The case…
Abstract
This paper is a case history of the introduction of Just‐in‐Time (JIT) into a company in the electronic capital goods sector of the Scottish electronics industry. The case attempts to identify the company policies that led up to the introduction of JIT, the difficulties encountered and the benefits that the company has accrued in the short time since the introduction of JIT, with particular reference to the productivity/service trade‐offs. The company examined designs and manufactures complex, high technology, fairly high volume, short life‐cycle electronic products for international markets. Very high levels of quality and reliability are required by customers. Consideration is given to how the benefits that this company has accrued may be obtained by other companies both in the same environment and in other environments.
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Mary Weir and Jim Hughes
Introduction Consider a hi‐fi loudspeaker manufacturing company acquired on the brink of insolvency by an American multinational. The new owners discover with growing concern that…
Abstract
Introduction Consider a hi‐fi loudspeaker manufacturing company acquired on the brink of insolvency by an American multinational. The new owners discover with growing concern that the product range is obsolete, that manufacturing facilities are totally inadequate and that there is a complete absence of any real management substance or structure. They decide on the need to relocate urgently so as to provide continuity of supply at the very high — a market about to shrink at a rate unprecedented in its history.
Yasser Eliwa, Jim Haslam, Santhosh Abraham and Ahmed Saleh
While there is some evidence of a relationship between earnings quality and information asymmetry, there is limited evidence on the moderating role of institutional investors in…
Abstract
Purpose
While there is some evidence of a relationship between earnings quality and information asymmetry, there is limited evidence on the moderating role of institutional investors in this relationship. To fill this gap, this study aims to examine how institutional ownership affects the relationship between earnings quality and information asymmetry, with a focus on the impact of different investment horizons.
Design/methodology/approach
This study uses a sample of listed European firms from 2000 to 2022. Earnings quality is measured using the McNichols (2002) modification of the Dechow and Dichev (2002) model. The analysis examines the moderating effect of institutional ownership on the relationship between earnings quality and information asymmetry.
Findings
This study finds that the relationship between earnings quality and information asymmetry is more pronounced in firms with a higher percentage of institutional ownership. This study finds that the monitoring role of long-term institutional investors is more effective than that of short-term institutional investors. This study also finds that the influence of institutional investors is more significant in firms with incentives to engage in earnings management.
Practical implications
The findings provide evidence suggesting that institutional investors are an important class of investors in terms of exercising an effective monitoring role to mitigate information asymmetry and demand higher earnings quality from their investee firms. These findings are informative for many financial reporting participants, including investors, analysts, regulators and managers.
Originality/value
This study extends the existing research examining the relationship between earnings quality and information asymmetry (e.g. Affleck-Graves et al., 2002; Ascioglu et al., 2012; Bhattacharya et al., 2013; Jayaraman, 2008; Liu and Elayan, 2015) by examining the moderating effect of institutional ownership on this relationship. It further contributes to the literature by distinguishing between long- and short-term institutional investors and their respective monitoring roles. In addition, this study broadens the geographical scope of the research by using cross-country data from European firms, providing evidence that country-specific factors do not uniformly affect the relationship between earnings quality and information asymmetry.
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Andrew Cardow, David Tripe and William Wilson
This paper aims to argue that in the short history of New Zealand banking, political experimentation, based at first upon socialist ideology of the 1940s led to the…
Abstract
Purpose
This paper aims to argue that in the short history of New Zealand banking, political experimentation, based at first upon socialist ideology of the 1940s led to the nationalisation of The Bank of New Zealand (BNZ), followed by a period of neo‐liberalism in the 1980s and early 1990s in which the bank was privatised. It further argues that the establishment of Kiwibank Ltd in New Zealand at the dawn of the twenty‐first century was a return to the political ideology of the 1940s.
Design/methodology/approach
The paper discusses the nationalisation and subsequent privatisation of the BNZ and draws a parallel between the perceived banking environment as it existed in New Zealand in the twentieth century and as it existed at the establishment of Kiwibank. By way of context setting it also discusses the political environment as it relates to the nationalisation of the Bank of England.
Findings
The paper finds that in New Zealand, political experimentation, not commercial pragmatism, was the underlying motivating factor for the state's involvement in banking.
Originality/value
The paper contributes to the pool of knowledge regarding the political motivations behind nationalisation and state ownership of banking assets. The article is of interest to economic and political historians as well as those who study New Zealand political party history. Future policy makers could do well to reflect upon the motivations for state ownership of banking assets by asking if their decisions are driven by ideology or economics.
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Carole Collins-Ayanlaja, Warletta Brookins and Alison Taysum
Superintendents’ agency in the US is shaped by governance systems within education systems. These Education Governance Systems have been in a state of flux and experienced…
Abstract
Superintendents’ agency in the US is shaped by governance systems within education systems. These Education Governance Systems have been in a state of flux and experienced turbulence for twenty years. The professional challenge this research addresses is how do 14 credentialed educational professional African American women superintendents with doctorates and track records of school improvement, navigate the turbulence to empower families, and Empower Young Societal Innovators for Equity, Renewal (EYSIER), Social Mobility, and Peace.
This chapter identifies three aspects of a theory of knowledge to action to emerge from the empirical evidence presented. First, African American women superintendents need to know how to access policy and legislation, how to stay up to date with policy and need to be empowered to challenge policy. Policy has the back of African American women fighting institutionalised racism. Second, African American women superintendents need role models, and mentors with wisdom who can create proactive and mobilising networks across the state and the nation to advocate for and to support the teachers’ and leaders’ professional learning to be the best teachers, leaders and superintendents they can be. Finally, the African American women superintendents who have been self-selecting, or identified as potential future superintendents by current superintendents and schoolboards, need to be part of succession planning that transcends the short elected lives of district school boards. Newly incumbent African American women superintendents need to be empowered by Education Governance Systems to enable them to deliver on their manifestos and track records of outstanding school improvement with the impact strategies they were employed to implement. The impact strategies include promoting high-quality home–school engagement and ensuring all students learn how to learn, are culturally sensitive, ask good questions and solve problems as Young Societal Innovators for Equity and Renewal. The chapter recommends a network of African American women superintendents implements this theory of knowledge to action and that their work is documented, and if successful in optimising students’ learning, and outcomes, disseminated to build capacity for EYSIER.
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Adam J. Roszkowski and Nivine Richie
The purpose of this paper is to examine semi-strong market efficiency by observing the behavioral finance implications of Jim Cramer’s recommendations in bull vs bear markets. The…
Abstract
Purpose
The purpose of this paper is to examine semi-strong market efficiency by observing the behavioral finance implications of Jim Cramer’s recommendations in bull vs bear markets. The authors extend the literature by analyzing investor reaction through the lenses of prospect theory, overreaction, and herding.
Design/methodology/approach
The authors test for abnormal returns in response to Mad Money buy and sell recommendations. The authors use a sample of buy and sell recommendations from MadMoneyRecap.com from July 28, 2005 through February 9, 2009. The 3.5-year time period is the most recent and comprehensive set of Mad Money recommendations that has been tested to date.
Findings
The results indicate market inefficiency at the semi-strong level. Furthermore, the findings highlight the loss aversion tendencies of investors in regards to prospect theory of Kahneman and Tversky (1979) as well as the disposition effect of Shefrin and Statman (1985). Evidence also exists consistent with the herding and overreaction hypotheses.
Practical implications
The evidence suggests contrarian behavior in which investors respond positively to good news in bad times – perhaps, in effort to stay the course and at least break even. This behavior may suggest that losers tend to hold on to losses in hopes of recouping them. Thus, positive information in bad times could further persuade market participants to hang on to or buy more of losers, while also persuading non-shareholders to buy in as well.
Originality/value
Though other studies including Kenny and Johnson (2010) have estimated abnormal returns in response to analyst recommendations, to the knowledge, none has examined behavioral implications of investor reaction to buy and sell recommendations in both bull and bear markets. Furthermore, the study captures a longer bull and bear market and covers two definitions of such markets.
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Grant Beebe, Milorad Novicevic, Ifeoluwa Tobi Popoola and Joseph (Jody) Holland
The purpose of this paper is to develop a 5As framework for entrepreneurial nudge public leadership for health and wellness promotion based on two exemplary cases in Mississippi.
Abstract
Purpose
The purpose of this paper is to develop a 5As framework for entrepreneurial nudge public leadership for health and wellness promotion based on two exemplary cases in Mississippi.
Design/methodology/approach
The authors use a “case within a case” study design to develop the 5As public influence framework for entrepreneurial public leadership.
Findings
Based on the investigated cases of healthcare and wellness promotion in Hernando and Charleston, Mississippi, the authors developed the 5As framework for wellness promotion dimensions of awareness, assistance, alignment, association, and assessment. This framework is applicable to the lived experiences of community members, leaders, healthcare providers, and government.
Research limitations/implications
The study results provide a compelling insight into early-stage formation of entrepreneurial public leadership. However, the study results lack generalizability due to the case study approach used.
Practical implications
This study can assist entrepreneurial public leaders and policy-makers align their strategic wellness goals, initiatives, and policies that motivate community members to seek and receive supporting services.
Originality/value
Developing an original framework for wellness promotion useful to both healthcare practitioners and public leaders, this study contributes to the extant literature on public health leadership and proposes mechanisms for addressing community wellness needs. The framework is designed to address public health concerns by integrating public leadership strategies aimed at linking with existing community wellness and healthcare services.