Kurt Hess, Abeyratna Gunasekarage and Martin Hovey
This paper aims to investigate the relationship between ownership structure and performance for a comprehensive sample of Chinese listed firms for the years 2000‐2004. In…
Abstract
Purpose
This paper aims to investigate the relationship between ownership structure and performance for a comprehensive sample of Chinese listed firms for the years 2000‐2004. In particular, the paper seeks to explore the effect of the dominance of state and private blockholders and control on firm performance. It aims to use a more differentiated approach than previous research on the subject, which has mainly focused on the effects of the pervasive state ownership on firm values. Accordingly, the main theme of the paper intends to relate to the analysis of the effects of private blockholders on firm value.
Design/methodology/approach
The paper tests the ownership‐performance relationship for the state and for sub‐samples with predominantly private shareholders. The paper uses both an ordinary least squares and a two‐stage least squares analysis, which treats ownership concentration as endogenous.
Findings
The paper finds evidence that large private blockholdings are to the benefit of firm value for the full sample. Conversely, for smaller samples of companies without or with very low shareholdings by the various state players, there is some evidence that large private block shareholdings might be to the detriment of firm value.
Originality/value
The study contributes to the literature by presenting a more comprehensive treatment of the ownership‐performance relationship of listed firms in China. The main theme of the paper relates to ownership concentration and the effects of private blockholders on the performance of firms, in addition to the endogeneity of ownership. It also contributes by utilising the alternative ownership classification system developed by the National University of Singapore.
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From the 1960s onwards, students and members of the academic community on growing numbers of college and university campuses in the United States chose to confront the issue of…
Abstract
From the 1960s onwards, students and members of the academic community on growing numbers of college and university campuses in the United States chose to confront the issue of apartheid by advocating divestment from corporations or financial institutions with any sort of presence in or relationship with South Africa. Student divestment advocates faced serious opposition from university administrators as well as opponents of institutional divestiture both at home and abroad. Despite these challenges, the academic community in the United States was one of the first arenas where anti-apartheid activism coalesced. This chapter examines the campaigns of students and educators who participated in the debate over divestment – to engage with the South African government and apartheid through dialogue and communication or to disengage completely from the country through withdrawal of financial investments. The anti-apartheid efforts of the academic community at Michigan State University, one of the first large research universities in the United States to confront the issue of apartheid and divestment at the university level and beyond, serves as a window to view academic activism against apartheid. The Southern Africa Liberation Committee (SALC), a consortium of students, faculty, and community members dedicated to aiding the liberation struggle of Southern Africa, led the efforts at Michigan State and collaborated with allies across Michigan and the United States. SALC focused most of its efforts on South Africa, though the organization also confronted the issue of South Africa's controversial occupation of South West Africa and the ongoing civil war in Angola.
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Much of the research on the mental health impacts of the COVID-19 response have been focused on frontline healthcare workers (FHCW). However, other essential workers (OEW) have…
Abstract
Much of the research on the mental health impacts of the COVID-19 response have been focused on frontline healthcare workers (FHCW). However, other essential workers (OEW) have also faced many mental health challenges due to exposures associated with their employment status, which may be compounded by higher levels of social vulnerability. This chapter describes disparities among FHCW, OEW, and the general public regarding mental health outcomes associated with the pandemic. In addition, it considers the role that structural racism (e.g., historical redlining of neighborhoods and biased lending practices) plays in the higher vulnerability of OEW to the mental health impacts of the COVID-19 pandemic response. Mental health inequities overall, and among essential workers, must be addressed as part of the recovery from COVID-19 to build resilience to future public health emergencies. The model used by New York City to more equitably distribute mental health resources and support services is shared.
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Shari L. Hopkins, Katrina A. Hovey and Julia E. Snider
The principles of a fair, equitable, and quality education are embodied in both federal legislation in the United States and the United Nations 2030 Agenda for Sustainable…
Abstract
The principles of a fair, equitable, and quality education are embodied in both federal legislation in the United States and the United Nations 2030 Agenda for Sustainable Development, Goal 4 (SDG 4). However, inclusive education has remained fairly static since passage of SDG 4 in 2015. In this chapter, we posit that the primary levers influencing the inclusion of students with disabilities in general education content and classrooms is a result of the policies governing special education, in addition to the stigmatization of disability. Furthermore, how intersectional identities serve to segregate students with disabilities from their peers is explored.
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The main purpose of the present research is to study the relationship between ownership concentration and the type of ownership, i.e. state, firm (legal persons), individual…
Abstract
Purpose
The main purpose of the present research is to study the relationship between ownership concentration and the type of ownership, i.e. state, firm (legal persons), individual, family, institutional – on the value of the companies listed in Tehran Stock Exchange (TSE).
Design/methodology/approach
The study applies panel data regression analysis to a sample of companies listed in TSE during the period 2005-2009. Two-stage least-squares analysis is conducted.
Findings
The paper finds that ownership concentration is positively related to ROE, and that ownership concentration is negatively related to ROA. Moreover, state, family, and individual ownership are negatively related to performance, and firm (legal person) and institutional ownership are positively related to performance. The paper also finds that higher firm profitability requires a more diffused ownership structure.
Research limitations/implications
The results of the present research support agency theory and efficient monitoring hypothesis. The results strongly suggest the failure of state ownership in increasing companies' value and underline the importance of accelerating privatization in Iran.
Practical implications
To improve the performance and consequently the value of companies, the process of privatization in Iran must be accelerated and public ownership must be transferred to the private sector. Further, investors must pay special attention to the type of ownership and ownership concentration of companies when deciding to buy their shares.
Originality/value
The study builds on prior research in several ways. First, the paper offers new insights into the relationship between corporate governance and economic performance by using data from Iranians listed firms, this new evidence from an emerging market enhances the understanding of corporate governance in Asian countries. Second, the study focuses on five dimensions: ownership concentration, state, firm, individual, family, and institutional ownership which allow one to get a more accurate picture of the ownership structure-firm value relationship.
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Jonathan Hagood and Clara Schriemer
The purpose of this paper is to explore three sociocultural themes common to migrant and seasonal farmworkers and to demonstrate the value of incorporating oral history into…
Abstract
Purpose
The purpose of this paper is to explore three sociocultural themes common to migrant and seasonal farmworkers and to demonstrate the value of incorporating oral history into healthcare practice and quantitative, qualitative, or mixed-methods research programs, as oral history is a culturally sensitive approach to working with vulnerable populations.
Design/methodology/approach
This paper examines 17 oral histories from farmworkers residing in Ottawa County, Michigan, in the late summer of 2014. The theoretical framework section has two aims. First, it explains the significance of “cultural sensitivity” and “deep structure” to the practice of effective healthcare. Second, it introduces oral history as a form of deep structure cultural sensitivity.
Findings
Three themes emerge from the collected oral histories: stress/anxiety of undocumented status, honor/worth of honest work, and the importance of educating migrant children. Undocumented status is found to be the hub of farmworker health inequities while worth of work and education are described as culturally sensitive points of conversation for healthcare workers engaging with this population. Finally, oral history is found to be a useful method for establishing the deep structure of cultural sensitivity.
Originality/value
This paper gives a voice to farmworkers, an inconspicuous population that disproportionately suffers from health inequities. In addition, this paper acts as a case study promoting the use of oral history as a novel, culturally sensitive research method.
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Pearlean Chadha and Jenny Berrill
This paper aims to contribute to the regionalisation–globalisation debate in international business (IB) by providing a longitudinal analysis of firm-level multinationality. The…
Abstract
Purpose
This paper aims to contribute to the regionalisation–globalisation debate in international business (IB) by providing a longitudinal analysis of firm-level multinationality. The analysis uses a unique hand-collected data set of both accounting (sales) and non-accounting (subsidiaries) data. The percentage of foreign sales is also used as an additional measure of multinationality.
Design/methodology/approach
This paper categorises constituent firms of the Financial Times Stock Exchange 350 index over an 18-year time period from 1998 to 2015. Firms are categorised using the multinationality classification system developed by Aggarwal et al. (2011). The paper also conducts an industrial analysis across ten industries.
Findings
The evidence shows increasing multinationality over time that suggests a “trans-regional” operational strategy rather than a global or regional one. The results also show that UK firms are more multinational based on subsidiaries than sales. This contradicts the traditional stages theory of internationalisation where firms first expand sales, then subsidiaries. While some support for triad regions is found, there is also evidence of firm-level operations expanding beyond the triad regions of North America, Asia and Europe to non-triad regions such as Africa, Oceania and South America. The industrial analysis shows that non-service firms are more multinational than service firms.
Originality/value
To the best of the authors’ knowledge, this is the first paper to provide an in-depth longitudinal analysis of the geographical dispersion using both sales and subsidiaries data for UK firms. This paper provides a unique perspective on the regionalisation–globalisation debate in IB and presents evidence contrary to traditional stages theories of firm-level internationalisation.
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Mark H. Harvey and Kathleen A. Pickering
Attention to the role of institutions in the construction of racial inequality suggests that the status of racial groups in society results not necessarily from the mobilization…
Abstract
Attention to the role of institutions in the construction of racial inequality suggests that the status of racial groups in society results not necessarily from the mobilization of racist ideology but from the normal workings of social and political arrangements. (Lieberman, 1998)In the Post-Civil Rights context, all politics are racial. (Omi & Winant, 1994)
This chapter aims to discuss the changes that are happening in the heart of the James Bond films especially with how women are described and treated in the newest versions of the…
Abstract
This chapter aims to discuss the changes that are happening in the heart of the James Bond films especially with how women are described and treated in the newest versions of the movie franchise. For that, this chapter focusses on Miss Moneypenny, a recurrent presence since the very first movie, Dr. No (1962), and one that also appeared in Ian Fleming’s novels. Fleming based Moneypenny on four different women he knew, and she can be described as an intelligent, brave and beautiful person. Unfortunately, the original movie Moneypenny was painted as almost a comic relief, but since she was portrayed by the actress Naomie Harris in Skyfall (2012) and Spectre (2015), Eve Moneypenny (as she was not called) had an upgrade, becoming an action-oriented woman who provided a new base for the so-called ‘Bond Girls’ of the films.
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Barrie O. Pettman and Richard Dobbins
This issue is a selected bibliography covering the subject of leadership.
Abstract
This issue is a selected bibliography covering the subject of leadership.