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Aligning interests of principals and agents is the most efficient way to reduce the agency conflict. Yet, the literature on executive compensation reveals inefficiencies in providing executives with legal ownership. Thus, the authors go beyond legal ownership and posit that executives' psychological ownership further aligns the interests of executives as agents and shareholders as principals.

The authors employ sophisticated methodology, including dynamic panel data regressions, static panel data regressions and propensity score matching. External validity is achieved through the large-scale sample of 22,179 firm-quarters spanning 24 quarters from 2013 to 2018 of the S&P 1500.

Psychological ownership aligns the interests of executives and shareholders since this mindset makes executives perceive the company as “theirs”. Executives' psychological ownership decreases firms' fraud and financial performance. The decrease in financial performance is related to an observed increase in executives' risk-aversion. Investors recognize this ownership mindset in executives and reward it with a positive market reaction.

The study is the first to consider psychological ownership of executives in relation to firm outcomes such as financial performance or fraud. The findings are of interest to scholars and practitioners, as this study establishes both theoretically and empirically a way to align the interests of principals and agents beyond executive compensation.

Share repurchase programs are the most important form of payout, yet the implications of incomplete share repurchase programs have not been examined in previous literature. This study tests whether incomplete share repurchase programs are seen as a positive or as a negative signal by investors.

The perception of incomplete share repurchase programs by algorithmic traders, institutional investors and analysts is analyzed with structural equation models, seemingly unrelated regressions, propensity score matching and buy-and-hold abnormal returns on data from share repurchase programs in the United States. In contrast to previous literature, algorithmic trading is appropriately estimated as a latent variable, leading to more reliable results. Furthermore, decisions about share repurchases and dividends are appropriately modeled simultaneously and iteratively, based on findings from previous literature.

The results show that sophisticated investors such as algorithmic traders, institutional investors and financial analysts avoid incomplete share repurchase programs over a long-term investment horizon. Thus, incomplete share repurchase programs are interpreted as negative signals. Additional analyses reveal that share repurchase programs are not completed due to insufficient cash flow, as a result of financial difficulties. Overall, this implies that financial managers should be careful to announce share repurchase programs they know cannot be completed, similar to dividends that cannot be maintained over a long-term horizon.

This study is the first to consider incomplete share repurchase programs. The findings are of interest to scholars and practitioners, as this study goes beyond narrow repurchase program announcement windows, and instead focuses on the longer-term investment horizon over the life of the share repurchase program, which is often ignored in prior research.

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.

Under this heading are published regularly abstracts of all Reports and Memoranda of the Aeronautical Research Council, Reports and Technical Notes of the United States National Advisory Committee for Aeronautics and publications of other similar Research Bodies as issued

This article employs a system analytic framework to categorize the available research literature on the politics of education in order to explain the inter‐relationship of private and public interests and of different levels in primary and secondary American schools. The objectives are several: to explain and develop the analytical framework of David Easton; to illustrate its heuristic utility by categorizing empirically‐based research within the components of that framework, and to suggest and encourage future research directions in the subject. Education has escaped application of traditional policy analysis in America because educators have convinced scholars and laymen that they are “non‐political,” a label which even most political scientists have accepted without challenge. However, during the 1960s, a few scholars in education and political science began to apply political analytical methods to public school conflict. This research has begun to change perceptions of education and to provide a beginning set of research projects whose data support tentative generalization about the policy‐making process and the total system of public schools. This orientation is bound to increase because of increasing national government intervention in local schools, both through integration and financial policies. These have provoked growing conflict locally over the proper direction of school policies. In this article, we see how such stress is transmitted in the form of “demands” and “supports” into the “political system”, that persistent social mechanism known in all societies in different forms provides an “authoritative allocation of values and resources”. The political system, in this case public school bodies, “converts” such “inputs” into “outputs” of public policy, which in their administration create outcomes which later cause a “feedback” into the political system as the material for new policy demands. For each component of this Eastonian system, this article examines relevant research, providing an extensive annotated bibliography. From this review, it is possible to suggest lines of needed research.

Purpose – In this chapter, I present a systematic discussion of the relationship between social work (SW) and library and information science (LIS) and explore how SW can contribute to the education of LIS practitioners so that they become more than information facilitators and grow professionally to be true agents of change.

Design/Methodology/Approach – Using engagement with immigrant communities as a case in point and building on the empirical comparative study of public librarians in the Greater Toronto Area and New York City, I outline the current gaps and deficiencies of LIS curricula that can be rectified through blended education. I also integrate the potential contributions of SW into LIS through the case study of an immigrant member of a library community.

Findings – Building on the case study, I introduce a four-tiered model that can be applied to a wide array of courses in LIS programs and conclude with suggestions for taking steps toward blending SW perspectives into the LIS curriculum.

Originality/Value – I position the potential fusion of SW and LIS as “professional blendedness,” which serves as a catalyst for change, and also examine the concept of the blended professional as a change agent. I introduce the rationale for adopting theoretical, practical, and pedagogical approaches from SW in the field of LIS and focus on four specific contributions that can most benefit LIS:

• the person-in-environment approach;

• the strengths perspective and empowerment;

• the interrelated notions of cultural competence, diversity, and intersectionality; and

• the theory-mindedness approach (including theory and practice models).

the person-in-environment approach;

the strengths perspective and empowerment;

the interrelated notions of cultural competence, diversity, and intersectionality; and

the theory-mindedness approach (including theory and practice models).

With its preference for small government and fiscal responsibility, the Tea Party movement claims to be conservative. Yet, their tactics and rhetoric belie this claim. The shrill attacks against Blacks, illegal immigrants, and gay rights are all consistent with conservatism, but suggesting that the president is a socialist bent on ruining the country, is beyond politics. This chapter shows that Richard Hofstadter's thesis about the “paranoid style” of American politics helps characterize the Tea Party's pseudo-conservatism. Through a comprehensive analysis of qualitative interviews, content analysis and public opinion data, we find that Tea Party sympathizers are not mainstream conservatives, but rather, they hold a strong sense of out-group anxiety and a concern over the social and demographic changes in America.

The relatively new and rapidly growing field of biotechnology encompasses several disciplines, including microbiology, biochemistry, and chemical engineering. The critical elements in biotechnology, which is not itself a discipline, are a biological organism or system, human intervention in the natural process, and the application of the results to an industrial process. One of the most dramatic and most basic examples of biotechnology is recombinant DNA technology, or genetic engineering, which involves the manipulation of genetic material. The production of genetically engineered organisms on a large scale for use in industrial processes combines the efforts of biologists and engineers. Microorganisms and other biological agents such as enzymes, whole cells, and cell components are used in industrial processes in the pharmaceutical, chemical, and food industries; and in energy production, agriculture, aquaculture, mining, waste disposal, and pollution control.

This paper aims to investigate associations between firm resources and reliance on entrepreneurial marketing (EM) channels among agrofood ventures. It accounts for agropreneur gender and racial/ethnic status in the context of marketing channel portfolio composition. The authors examine the established assumption that resource limitations drive EM and whether socially disadvantaged status of agropreneurs is associated with marketing strategy beyond standard resourcing measures.

Using 2015 Local Foods Marketing Practices Survey data, the authors apply linear regression to investigate differences in the use of EM channels, accounting for resources, social status and other factors.

Limited-resource ventures rely more on consumer-oriented channels that require EM practices. Socially disadvantaged entrepreneurs favor these channels, even when accounting for resources. Notably, ventures headed by men of color rely more on the most customer-centric local foods marketing channel.

Future research should investigate how social and human capital influences the use of EM.

Entrepreneurial support policy and practice for agropreneurs should be cautious about the “double-burden” folk theorem of intersectional disadvantage and review how to best direct resources on EM to groups most likely to benefit.

This paper uses a unique, restricted, nation-wide, federal data set to examine relationships between resource endowments, social status and the composition of agrofood enterprises’ marketing channel portfolios. To the best of the authors’ knowledge, it is the first to include racial- and ethnic-minority status of agropreneurs and to account for intersectionality with gender.