Kevin Campbell and Magdalena Jerzemowska
The purpose of this paper is to provide an understanding of the importance of socioemotional wealth (SEW) to family firms in Poland viewed through the lens of the events…
Abstract
Purpose
The purpose of this paper is to provide an understanding of the importance of socioemotional wealth (SEW) to family firms in Poland viewed through the lens of the events surrounding the first hostile takeover bid of the post-communist era on the Warsaw Stock Exchange when the clothing company Vistula & Wólczanka (V&W) made an unsolicited, leveraged bid for the family-controlled jewelry company W. Kruk.
Design/methodology/approach
The 2008 takeover and its aftermath are described in the context of the corporate governance and legal environment in Poland. The case study events demonstrate the connection between firm behavior and SEW theory.
Findings
After the acquisition of W. Kruk by V&W, the Kruk family purchased stock in the newly named Vistula Group and gained influence over the supervisory board in concert with a business ally, eventually wresting back control of the company in the style of a Pac-Man “defense.” The case study illustrates the importance of SEW in family firm takeovers.
Research limitations/implications
The case study design has limitations for generalizability. Nevertheless the research highlights the important role of SEW preservation in understanding the market for corporate control of listed family firms in Poland.
Practical implications
Understanding the reaction by family firms to takeover bids requires recognition that there is a tradeoff between financial and SEW considerations, not just financial gains and losses.
Originality/value
The case study demonstrates the importance of SEW to family firms and suggests that the balance of power in takeovers on the Polish stock market rests with incumbent management.
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Kevin Campbell and Chijioke Ohuocha
The purpose of this paper is to examine whether stock dividend announcements create value for companies traded on the Nigerian stock market and to ascertain the nature of the…
Abstract
Purpose
The purpose of this paper is to examine whether stock dividend announcements create value for companies traded on the Nigerian stock market and to ascertain the nature of the information such announcements convey.
Design/methodology/approach
A standard event study methodology, employing the market model, is applied to determine the abnormal returns both on and surrounding the stock dividend announcement date. A sample is broken down based on the timing of announcements and on the frequency with which the announcing companies' shares are traded. The authors also examine the information content of stock dividends by applying the χ2 technique to test the level of association between earnings, cash dividends and stock dividends.
Findings
The findings suggest that companies that choose their own announcement date outside the Nigerian stock exchange announcement window experience positive abnormal returns if their stock is more frequently traded and negative abnormal returns if their stock is less frequently traded. In addition, support is found for both the cash substitution hypothesis and the signalling hypothesis as explanations for the information stock dividends convey to shareholders.
Research limitations/implications
The small number of companies in the “early announcement” group may not permit a definitive view to be established about the stock market reaction to early stock dividend announcements for this group of companies.
Practical implications
The findings are of practical relevance to researchers, practitioners and investors interested in companies listed on the Nigerian stock market as they reveal the extent to which the shares reflect fundamental information from corporate announcements.
Originality/value
This paper adds to the very limited academic research on the stock market reaction to stock dividend announcements in Nigeria.
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Kevin Campbell, Magdalena Jerzemowska and Krzysztof Najman
The purpose of this paper is to analyse the reasons for non‐compliance by Polish listed companies with elements of the Polish code of corporate governance Best Practices in Public…
Abstract
Purpose
The purpose of this paper is to analyse the reasons for non‐compliance by Polish listed companies with elements of the Polish code of corporate governance Best Practices in Public Companies 2005.
Design/methodology/approach
Based on 250 publicly available compliance statements filed in 2005 by companies listed on the Warsaw Stock Exchange (WSE) content analysis is used to classify the explanations provided for non‐compliance with those corporate governance principles that attract high levels of non‐compliance.
Findings
The data analysis reveals that, despite a high level of overall compliance, three out of 50 code principles attract high levels of non‐compliance. These principles concern the independence of supervisory board members, the composition of supervisory board committees and the appointment of auditors. The most contentious principle concerns the independence of supervisory board members, due to the presence of many majority‐owned companies on the Warsaw Stock Exchange.
Practical implications
The paper sheds light on the operation of the “comply or explain” approach to corporate governance in Poland and provides suggestions for improving the level and quality of compliance with the revised corporate governance code Best Practices for WSE Listed Companies, applicable from 2008 onwards.
Originality/value
The paper provides an empirical investigation of the reasons given by Polish companies for non‐compliance with the most controversial corporate governance principles. It highlights a tendency for some companies to report compliance that is conditional, suggesting that reported compliance under‐represents the true level of compliance. We suggest that establishing a monitoring committee tasked with evaluating the quality of explanations for non‐compliance and reducing ambiguities in the wording of code principles will improve the quality of Polish corporate governance in the long term.
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Jinnatul Raihan Mumu, Paolo Saona, Md. Shariful Haque and Md. Abul Kalam Azad
This paper aims to examine literature on corporate governance from the gender perspective adopting the two novel approaches: bibliometric analysis and content analysis.
Abstract
Purpose
This paper aims to examine literature on corporate governance from the gender perspective adopting the two novel approaches: bibliometric analysis and content analysis.
Design/methodology/approach
For citation mapping and comprehensive content analysis, total 393 Web of Science indexed journal articles were selected. Initially, this study identifies the most productive authors, journal sources, countries and affiliation within the study topic.
Findings
Findings from the intellectual structure explore four underlying research stems in the corporate governance and gender literature: participation of women on corporate boards and their characteristics, women directors and their roles in board across different countries, gender diversity in the board and corporate social responsibility and firm financial performances, risks and stock prices.
Originality/value
From the content analysis, it is revealed that corporate governance and gender studies have predominantly investigated the gender diversity issues as a catalyst of corporate governance, with a focus on women on corporate boards and firm financial performance, risks and stock price, while the area of board gender diversity and corporate social responsibility remains relatively under-researched.
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Erik M. Hines, Paul C. Harris and Dwayne Ham
In this chapter, the authors discuss how school counselors may create a college-going environment for African American males in middle school. The authors use Bronfenbrenner’s…
Abstract
In this chapter, the authors discuss how school counselors may create a college-going environment for African American males in middle school. The authors use Bronfenbrenner’s (1979) Ecological Systems Theory to explain how environmental influences impact African American males’ college trajectory, both positively and negatively. Moreover, they use Ecological Systems Theory to discuss how multiple stakeholders (e.g., school counselors and parents) and various structured activities that align with the Eight Components of College and Career Readiness (NOSCA, 2010) may promote college preparation among Black male middle school students. The authors also present two case vignettes as examples of how school counselors may assist African American males for postsecondary options. In closing, the chapter concludes with implications for educational policy, research, and practice.
The singular success of Louis V. Gerstner, Jr. in rescuing IBM from dismemberment and destruction in terms of his shifting the institutional memory of 300,000 employees from…
Abstract
Purpose
The singular success of Louis V. Gerstner, Jr. in rescuing IBM from dismemberment and destruction in terms of his shifting the institutional memory of 300,000 employees from corporate politics to customer service focus, has been expalined memory management explain failures as well?
Design/methodology/approach
Chacko (memory management in survival decisions of corportions 1956‐2003, Barmarick Publications, UK, 2006) published a sequence of ordered procedures (protocol) of memory management: memory management disequilibria dimensions (MD)2 protocol. This paper applies the protocol to the birth and death of the GO computer.
Findings
The memory management disequilibria dimensions (MD)2 protocol analyzes accurately the Jerry Kaplan narrative of founding on August 14, 1987, the GO corporation to AT&T firing the last remaining employees of EO, the spin‐off of GO on July 29, 1994. (MD)2 Step 1: Chief Ntrapreneur officer will to win became a casualty, founder CTO/CNO Kaplan reflecting that money wasn’t the problem, but loss of faith of the chief financial officer on the viability, of the Software VP on the development schedules, of the CEO on market momentum, and of the CTO/ECO on the “stick‐to‐itveness” of the new management team.
Orginality/value
The habit patterns of thought and action that make a corporation/country unique are instructed/inscribed in individual/institional memory. This paper demonstrates that the (MD)2 protocol explains both success and failure, providing a basis to make memory management effective.
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James Markey, Thomas Scott, Crystal Daye and Kevin J. Strom
Sexual assault investigations present uniquely challenging circumstances to detectives, and a small proportion result in arrest. Improving sexual assault investigations requires…
Abstract
Purpose
Sexual assault investigations present uniquely challenging circumstances to detectives, and a small proportion result in arrest. Improving sexual assault investigations requires expanding the evidence base to improve our understanding of how these investigations unfold and the factors associated with positive case outcomes, including the likelihood that an offender is arrested.
Design/methodology/approach
The authors abstracted data on 491 adult sexual assaults investigated by five large and midsized law enforcement agencies to describe the characteristics of sexual assault investigations and to explain the relationships between these characteristics and the likelihood that a suspect is arrested.
Findings
Overall, detectives move swiftly to investigate sexual assaults but tend to miss investigative opportunities that increase the likelihood of an arrest, like locating and processing the crime scene or pursuing interviews with key witnesses and leads. Sexual assaults typically lack physical evidence that can be used to identify and lead to an arrest of a suspected offender; when this evidence is present, the case is more likely to result in an arrest. Delayed reporting of the crime to law enforcement decreases the likelihood of a suspect being arrested, but the mechanisms are unclear.
Originality/value
Few studies have used a detailed data abstraction process for a large sample of cases from multiple law enforcement agencies to understand sexual assault investigations and their case outcomes. The results can improve practitioners' and researchers' understanding of sexual assault investigations, including those factors that increase the likelihood of a suspect's arrest.