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Article
Publication date: 29 June 2010

Louis Yen, Alyssa B. Schultz, Cindy Schaefer, Susan Bloomberg and Dee W. Edington

The purpose of this paper is to document the total return on investment (ROI) of a comprehensive worksite health program from 1999 to 2007 through two different analytic…

963

Abstract

Purpose

The purpose of this paper is to document the total return on investment (ROI) of a comprehensive worksite health program from 1999 to 2007 through two different analytic approaches.

Design/methodology/approach

Two analytical techniques were used: time period analysis and historical trend analysis of the entire study period. The time‐period analysis of ROI was performed among employees in four time periods: 1999‐2001; 2002‐2003, 2004‐2005; and 2006‐2007. The historical trend analysis on participation‐related savings was used to compare the financial trend differences between participants and non‐participants as well as the three different participation levels of continuous, sporadic, and non‐participants since the year 2000 among 2,753 employees who worked for and were covered by the company‐sponsored health plans for the entire study period.

Findings

The ROI from health care costs and time away from work ranged from 1.29 to 2.07 for the four time periods with a cumulative ROI of 1.66 over nine years. The historical trend analysis of 2,753 long‐term employees resulted in a 1.57 ROI for 2,036 program participants (t‐test: p<0.005) with statistically significant annual saving of $180 per participant per year.

Originality/value

The returns on comprehensive worksite health program were greater than the program investment as documented by both time‐period and historical trend analyses. Organizations seeking ways to manage the increases in health care and absenteeism costs of employees will be encouraged to see that positive returns can be generated by investments in employee health and wellness and steady or consistent participation is one key to generating success.

Details

International Journal of Workplace Health Management, vol. 3 no. 2
Type: Research Article
ISSN: 1753-8351

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Article
Publication date: 22 March 2021

Ioannis Tampakoudis, Athanasios Noulas, Nikolaos Kiosses and George Drogalas

The purpose of this study is to investigate the relationship between environmental, social and governance (ESG) performance and shareholder wealth in the context of mergers and…

8175

Abstract

Purpose

The purpose of this study is to investigate the relationship between environmental, social and governance (ESG) performance and shareholder wealth in the context of mergers and acquisitions (M&As) before and during the coronavirus (COVID-19) pandemic.

Design/methodology/approach

This paper uses a sample of 889 completed M&As announced by US firms between 1 January 2018 and 31 July 2020. Announcement abnormal returns are estimated using an event study methodology and the relation of ESG performance to shareholder value creation is tested with univariate and multivariate cross-sectional regressions.

Findings

This study provides evidence for a significant negative value effect of ESG performance for the shareholders of acquiring firms during the entire sample period. The negative effect appears to be stronger, as the onset of the COVID-19 crisis. This suggests that, during the pandemic-driven economic turmoil, the costs of sustainability activities outweigh any possible gains, providing evidence in support of the overinvestment hypothesis.

Research limitations/implications

The results of the study have important implications for firms, investors and policymakers. Firms should be more cautious with regard to extensive investments in ESG activities, particularly during economic turmoil. For shareholders, the results suggest that ESG engagement is not a resilience factor in an exogenous shock such as the COVID-19 pandemic. In terms of policymaking, the sustainability disclosure framework should remain voluntary allowing firms to report material ESG-related issues. The main limitation of the study is related to data availability regarding ESG performance.

Originality/value

To the best of the knowledge, this is the first study that investigates the effect of ESG performance on shareholder value in the market for corporate control before and during the COVID-19 pandemic.

Details

Corporate Governance: The International Journal of Business in Society, vol. 21 no. 6
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 1 October 2005

David Vander Linden and Jeffrey D. Gramlich

This paper examines the zero‐cost risk reversal as a tool for increasing returns to excess yen while limiting risk. With domestic interest rates near zero, firms holding Japanese…

506

Abstract

This paper examines the zero‐cost risk reversal as a tool for increasing returns to excess yen while limiting risk. With domestic interest rates near zero, firms holding Japanese yen face little opportunity to deposit cash for meaningful gain unless excess funds are invested in an other currency. The conversion strategy is profitable as long as the value of the yen appreciates less than the interest rate differential between the currencies, taking advantage of an apparent empirical regularity frequently referred to as ‘forward exchange bias.’ A problem arises, however, because dollar‐yen exchange rate fluctuation adds variability to returns stated in yen. This increased risk counters prudent cash management principles such as stability of returns and liquidity. We consider the possi bility that effective use of a zero‐cost currency options collar can substantially limit exchange‐rate risk and improve returns to yen holders. Data from July 1997 through June 2002 show that a one‐year strategy of reinvesting collared monthly Eurodollar returns produced a median annual yen return of 1.76 per cent, more than 8 times the median 0.21 per cent Euroyen return; risk also increases but approximately 98 per cent of returns resulting from this strategy fell between ‐6.05 per cent and +12.58 per cent.

Details

Managerial Finance, vol. 31 no. 10
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 23 October 2003

Beth E Jackson

Epidemiology is often described as “the basic science of public health” (Savitz, Poole & Miller, 1999; Syme & Yen, 2000). This description suggests both a close association with…

Abstract

Epidemiology is often described as “the basic science of public health” (Savitz, Poole & Miller, 1999; Syme & Yen, 2000). This description suggests both a close association with public health practice, and the separation of “pure” scientific knowledge from its application in the messy social world. Although the attainability of absolute objectivity is rarely claimed, epidemiologists are routinely encouraged to “persist in their efforts to substitute evidence for faith in scientific reasoning” (Stolley, 1985, p. 38) and reminded that “public health decision makers gain little from impassioned scholars who go beyond advancing and explaining the science to promoting a specific public health agenda” (Savitz et al., 1999, p. 1160). Epidemiology produces authoritative data that are transformed into evidence which informs public health. Those data are authoritative because epidemiology is regarded as a neutral scientific enterprise. Because its claims are grounded in science, epidemiological knowledge is deemed to have “a special technical status and hence is not contestable in the same way as are say, religion or ethics” (Lock, 1988, p. 6). Despite the veneer of universality afforded by its scientific pedigree, epidemiology is not a static or monolithic discipline. Epidemiological truth claims are embodied in several shifting paradigms that span the life of the discipline. Public health knowledges and practices, competing claims internal and external to epidemiology, and structural conditions (such as current political economies, material technologies, and institutions) provide important contexts in which certain kinds of epidemiological knowledge are more likely to emerge.

Details

Gender Perspectives on Health and Medicine
Type: Book
ISBN: 978-1-84950-239-9

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Article
Publication date: 1 July 2004

John Fernie and Nobukazu Azuma

The offshore migration of fashion manufacturing from established markets to offshore countries, and the increasingly complex nature of fashion consumption has played a crucial…

12647

Abstract

The offshore migration of fashion manufacturing from established markets to offshore countries, and the increasingly complex nature of fashion consumption has played a crucial role in transforming the way fashion is perceived in the contemporary world. Globalisation of the fashion industry has allowed consumers to gain easier access to the in‐vogue style at an increasingly inexpensive price. This paper explores the future direction of fashion in the industrialised economies through the experience of the Japanese fashion industry from a small manufacturers’ perspective. Empirical findings from a questionnaire survey reveal the fundamental gaps that exist between the theory and the practice, in light of the original premise that quick response (QR) could be the vehicle for a survival strategy of domestic apparel manufacturing in the industrial economies.

Details

European Journal of Marketing, vol. 38 no. 7
Type: Research Article
ISSN: 0309-0566

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Book part
Publication date: 9 February 2018

Derek Moore

Abstract

Details

Broken Pie Chart
Type: Book
ISBN: 978-1-78743-554-4

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Book part
Publication date: 5 January 2016

Abstract

Details

Storytelling-Case Archetype Decoding and Assignment Manual (SCADAM)
Type: Book
ISBN: 978-1-78560-216-0

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Case study
Publication date: 20 January 2017

Robert F. Bruner, Laurie Simon Hodrick and Sean Carr

At three o'clock in the morning on September 10, 2001, Thierry Hautillac, a risk arbitrageur, learns of the final agreement between Pinault-Printemps-Redoute SA (“PPR”) and LVMH…

Abstract

At three o'clock in the morning on September 10, 2001, Thierry Hautillac, a risk arbitrageur, learns of the final agreement between Pinault-Printemps-Redoute SA (“PPR”) and LVMH Moët Hennessy Louis Vuitton SA (“LVMH”). After a contest for control of Gucci lasting over two years, PPR has emerged as the winner. PPR and LVMH have agreed for PPR to buy about half of LVMH's stock in Gucci for $94 per share, for Gucci to pay an extraordinary dividend of $7 per share, and for PPR to give a two and a half year put option with a strike price of $101.50 to the public shareholders in Gucci. The primary task for the student in this case is to recommend a course of action for Hautillac: should he sell his 2% holding of Gucci shares when the market opens, continue to hold his shares, or buy more shares? The student must estimate the risky arbitrage returns from each of these choices. As a basis for this decision, the student must value the terms of payment and consider what the Gucci stock price will do upon the market's open. The student must determine the intrinsic value of Gucci using a DCF model as well as information on peer firms and transactions. The student must consider potential synergies between Gucci and PPR and between Gucci and LVMH. The student must assess the likelihood of a higher bid, using analysis of price changes at earlier events in the contest for clues.

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Article
Publication date: 1 December 2003

Kwo‐Shing Hong, Yen‐Ping Chi, Louis R. Chao and Jih‐Hsing Tang

With the popularity of electronic commerce, many organizations are facing unprecedented security challenges. Security techniques and management tools have caught a lot of…

20519

Abstract

With the popularity of electronic commerce, many organizations are facing unprecedented security challenges. Security techniques and management tools have caught a lot of attention from both academia and practitioners. However, there is lacking a theoretical framework for information security management. This paper attempts to integrate security policy theory, risk management theory, control and auditing theory, management system theory and contingency theory in order to build a comprehensive theory of information security management (ISM). This paper suggests that an integrated system theory is useful for understanding information security management, explaining information security management strategies, and predicting management outcomes. This theory may lay a solid theoretical foundation for further empirical research and application.

Details

Information Management & Computer Security, vol. 11 no. 5
Type: Research Article
ISSN: 0968-5227

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Article
Publication date: 1 March 2006

Kwo‐Shing Hong, Yen‐Ping Chi, Louis R. Chao and Jih‐Hsing Tang

With the popularity of e‐commerce, information security is vital to most organizations. For managers, building and implementing an information security policy (ISP) has long been…

2707

Abstract

Purpose

With the popularity of e‐commerce, information security is vital to most organizations. For managers, building and implementing an information security policy (ISP) has long been assumed to be an effective managerial measure to elevate an organization's security level. This paper attempts to investigate the dominant factors for an organization to build an ISP, and whether an ISP may elevate an organization's security level?

Design/methodology/approach

A survey was designed and the data were collected from 165 chief information officers in Taiwan.

Findings

The empirical results show that some organizational characteristics (business type and MIS/IS department size) might be good predictors for the ISP adoption and that the functions, contents, implementation and procedures of an ISP may significantly contribute to managers' perceived elevation of information security.

Practical implications

Building or adopting an ISP is examined empirically to be an effective managerial measure to elevate its security level in Taiwan, and that the building of an information security should focus on the comprehensiveness of its contents, procedures and implementation items, rather than on the documents only.

Originality/value

Few empirical studies have been conducted so far to examine the effectiveness of an ISP, thus the value of this paper is high.

Details

Information Management & Computer Security, vol. 14 no. 2
Type: Research Article
ISSN: 0968-5227

Keywords

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