L.R. GORMAN, R.A. WEIGAND and T.J. ZWIRLEIN
We investigate the empirical characteristics of firms resuming cash dividends to determine if dividend resumption is most like dividend initiation, a large dividend increase, or a…
Abstract
We investigate the empirical characteristics of firms resuming cash dividends to determine if dividend resumption is most like dividend initiation, a large dividend increase, or a completely unique event. Firms that resume dividends earn considerably larger returns than firms initiating or increasing dividends, both before and after the announcement. Dividend‐resuming firms exhibit changes in profits similar to firms increasing dividends, but the risk change following dividend resumption is more like that reported by studies of dividend initiation. These findings are unaffected by the length of time it takes firms to resume paying cash dividends, or whether the firm also declares a stock split and/or stock dividend during the period surrounding the resumption announcement. We conclude that dividend resumption is sufficiently unlike other dividend events to be regarded and studied as its own unique event.
The article analyses some of the reasons for the difficulties in designing and managing channels of distribution. In particular it argues that an important dilemma likely to be…
Abstract
The article analyses some of the reasons for the difficulties in designing and managing channels of distribution. In particular it argues that an important dilemma likely to be faced by channel managers is the potential conflict between maintaining stable channel relationships whilst seeking to take advantage of channel opportunities.
Ghazi M. Habib and John J. Burnett
This article tests a number of channel behaviour hypotheses in aunique structural arrangement – the joint venture. The resultsindicate that goal disparity is a significant…
Abstract
This article tests a number of channel behaviour hypotheses in a unique structural arrangement – the joint venture. The results indicate that goal disparity is a significant predictor of conflict and that perceived conflict is related to member satisfaction, manifest conflict, and desire for change. Managerial and theoretical implications are discussed.
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This paper aims to explore how fund managers (FMs) deal with major problems of ignorance and uncertainty in stock selection and in asset allocation decisions.
Abstract
Purpose
This paper aims to explore how fund managers (FMs) deal with major problems of ignorance and uncertainty in stock selection and in asset allocation decisions.
Design/methodology/approach
Interviews were conducted with 40 fund managers in the period October 1997 to January 2000. A seven stage approach was adopted to sift through and process the large volumes of case data. The interview case data formed the basis for identifying common patterns and themes across the cases.
Findings
The case data revealed the nature of this private information agenda concerning intellectual capital or intangibles and the dynamic connections between these variables in the value creation process. The case data provided insight into how the book value and market value gap arose and the special role of information on intangibles and intellectual capital in valuing the company.
Practical implications
The fund management behaviour has important implications for regulatory policy issues on insider information, on corporate disclosure, the corporate governance role of financial institutions, and for the governance of financial institutions.
Originality/value
The paper focuses on issues of importance in an increasingly concentrated and global FM industry.
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Aims to examine the currency impact on return, risk and market correlations from the perspective of both dollar and non‐dollar‐based investments.
Abstract
Purpose
Aims to examine the currency impact on return, risk and market correlations from the perspective of both dollar and non‐dollar‐based investments.
Design/methodology/approach
Monthly data on six stock index series and exchange rates from Financial Times Sources are used, covering the period 1988‐1997.
Findings
Finds that the impact of exchange rate on returns measured in the investor's currency is generally negative for all investor groups, and it raises return volatility above the level of local markets most of the time. The correlation of returns is, however, lower than that of the local returns.
Practical implications
The study reports little evidence of a forward hedge improving the return for investors, but the hedging does reduce volatility for four out of six investors.
Originality/value
Whereas past studies examining market correlations, the risk‐return outcome of international investment, and/or the impact of exchange rate movement on the risk‐return out come, have generally used dollar‐based investment, this paper uses both dollar‐ and non‐dollar‐based investments to determine whether these are any major differences in the way exchange rate affects investment outcomes and market correlations.
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The purpose of this paper is to describe and analyse the shifting perspectives on the organising and the managing of “distribution”, characterised as channels, systems or…
Abstract
Purpose
The purpose of this paper is to describe and analyse the shifting perspectives on the organising and the managing of “distribution”, characterised as channels, systems or networks.
Design/methodology/approach
The paper is based on a review of previous research, identifying three periods featuring diverse conceptualisations: the early distribution literature, the channel management perspective and today’s network approaches.
Findings
The study shows that the early literature relied on holistic framings. This perspective was replaced by the narrower channel management view, influenced by concepts from two evolving approaches: marketing management and behavioural/social schools-of-thought. Changing business conditions eroded the basis for channel management and paid the way for current arrangements, featuring network-like conditions.
Originality/value
Several reviews of distribution have been published, primarily focusing on the specific features of the perspectives applied. This paper emphasises dynamic aspects by attempting to explain how and why new perspectives emerge and the reasons for their reduced significance over time.
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Ana Belén Jiménez Muñoz, Antonio Muiño Miguez, María Paz Rodriguez Pérez, María Dolores Vigil Escribano, María Esther Durán Garcia and María Sanjurjo Saez
Healthcare risk epidemiology identifies medication error as the commonest cause of adverse effects on patients. Medication error can occur at any phase of the complex medication…
Abstract
Purpose
Healthcare risk epidemiology identifies medication error as the commonest cause of adverse effects on patients. Medication error can occur at any phase of the complex medication process so prevalence rates need to be estimated at each drug treatment phase: prescription, transcription and administration along with their clinical repercussions. This paper aims to investigate this issue.
Design/methodology/approach
Medication errors were recorded on an ad hoc sheet and staff were observed handling medications. Recorded errors were later classified and their clinical repercussions determined by experts.
Findings
In total 757 inpatients and 5,466 drug prescriptions were studied. The prescription error rate was 4.79 percent (95 percent CI 4.21‐5.36). The most frequent error in this phase was failing to observe international prescribing standards. The highest error rate was found in transcription (14.61 percent, 95 percent CI 13.67‐15.54). Almost 1,900 dose administrations were observed. There was a 9.32 percent error rate (95 percent CI 7.98‐10.67). The commonest error in this phase was omission. Most were transcription errors, which were detected before harm was done.
Research limitations/implications
The dispensation phase is absent.
Practical implications
Errors can be reduced if they are understood. Education and training based on the study's findings can reduce medication errors.
Originality/value
The paper highlights ways to reduce errors in the medication process.
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Mohammed Hashim Abukari, Collins Afriyie Appiah, Alexander Kwarteng and Sherifa Iddrisu
The health of people living in prisons (PLP) frequently remains marginalised in national development discourse, particularly in resource-constrained settings like Ghana. This…
Abstract
Purpose
The health of people living in prisons (PLP) frequently remains marginalised in national development discourse, particularly in resource-constrained settings like Ghana. This study aims to determine the prevalence of cardiovascular disease (CVD) risk factors among PLP at a prison facility in the Northern Region of Ghana.
Design/methodology/approach
A cross-sectional study involving 134 male persons in prison, aged 18–79 years, was conducted to assess their dietary habits, tobacco use, alcohol consumption, sleep behaviour and physical activity practices. Serum lipid profile, fasting blood glucose (FBG), blood pressure (BP) and body mass indices of participants were also measured.
Findings
Almost half (48.1%) of the participants had abnormal lipid levels. Those with FBG in the diabetes range (= 7.0 mmol/l) constituted 3.9%, while 16.7% were in the impaired FBG range (6.1–6.9 mmol/l). Participants with BP within the pre-hypertension range were 54.5%. The majority of participants (92%) had a low daily intake of fruits and vegetables. Few participants were active smokers (5%) and alcohol users (2%). The average sleep duration at night among the participants was 5.54 ± 2.07 h. The majority (74%) of the participants were sedentary. About a quarter of the participants (24.6%) had overweight/obesity.
Originality/value
This study highlights the CVD risks among PLP. Findings suggest the need for targeted interventions, such as dietary and lifestyle modification strategies, regular physical activity and routine screening for diabetes, dyslipidaemia and hypertension. These interventions within the prison space could significantly improve the cardiovascular health of PLP in resource-limited settings.
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Jeffrey T. LaFrance and Rulon D. Pope
This chapter presents the indirect preferences for all full rank Gorman and Lewbel demand systems. Each member in this class of demand models is a generalized quadratic…
Abstract
This chapter presents the indirect preferences for all full rank Gorman and Lewbel demand systems. Each member in this class of demand models is a generalized quadratic expenditure system (GQES). This representation allows applied researchers to choose a small number of price indices and a function of income to specify any exactly aggregable demand system, without the need to revisit the questions of integrability of the demand equations or the implied form and structure of indirect preferences. This characterization also allows for the calculation of exact welfare measures for consumers, either in the aggregate or for specific classes of individuals, and other valuations of interest to applied researchers.
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The purpose of this study is to increase understanding about the causes of conflict in intercompetitor cooperation.
Abstract
Purpose
The purpose of this study is to increase understanding about the causes of conflict in intercompetitor cooperation.
Design/methodology/approach
The empirical part is based on two case studies within two different industries in Finland: the transportation industry and the natural products industry. Interviews with managing directors were carried out in 2003‐2006.
Findings
The findings of the study show that causes of conflict in intercompetitor cooperation can be related organisationally, relationally or externally. Organisational causes of conflict in intercompetitor cooperation can be either operational or normative, while relational causes can be strategic or normative. On an external level there are several actors that may influence conflicts in intercompetitor cooperation: suppliers, salesmen, customers and political actors.
Research limitations/implications
The limitations of the study derive from the scarce possibilities for generalisations and the risk of a fairly case‐specific study. Further research should focus on external network actors and their impact on conflict in business‐to‐business relationships. Another avenue for further study would be to investigate the extent to which the findings from this study can be related to vertical business relationships with minimum levels of competition.
Practical implications
Cooperating competitors usually have a history, which is mainly based on competition. This history appears to be hard to forget since there is a tendency for competitors to act individualistically by focusing on what is best for their own company instead of the industry as a whole.
Originality/value
The study focuses on two research areas, neither of which has been adequately researched in the existing literature about interorganisational relationships: conflict and intercompetitor cooperation.