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Liquidity is an important aspect of market efficiency. The purpose of this paper is threefold: first, this paper aims to discuss indicators that provide information about liquidity in agricultural land markets. Second, this paper aims to reflect on determinants of market liquidity and analyze the relationship with land prices. Third, this paper aims to conduct an empirical analysis for Germany that illustrates these concepts and allows hypothesis testing.

This study reviews liquidity dimensions and measurement in financial markets and derives indicators applicable to farmland markets. In an empirical analysis, this study exhibits the spatial and temporal variability of land market liquidity in Lower Saxony, a German federal state with the highest agricultural production value. This study uses a rich dataset that includes 72,547 sale transactions of arable land between 1990 and 2018. The research focuses on volume-based (number of transactions, volume and turnover) and time-based (trading frequency and durations) measures. A panel vector autoregression and Granger causality tests are applied to investigate the relation between land turnover and land prices.

The paper confirms the thinness of farmland markets but also reveals regional and temporal heterogeneity of land market liquidity. This study finds that the relation between market liquidity and prices is ambiguous. This study concludes that a high demand from expanding farms absorbs supply shocks regardless of the current price level in agricultural land markets.

Even though the relevance of agricultural land markets’ thinness is widely acknowledged in the literature, this paper is one of the first attempts to measure liquidity in agricultural land markets and to explain its relationship with land prices.

In the spring of 2004, Google was one of the most-talked-about IPO ideas since Netscape had gone public in 1995. Bullish investors believed Google could set off a string of successful IPOs following a lull in tech-offering activity since 2000. Executives at Google faced several questions in the following months: Should Google go public? What options did Google have for taking its shares to market? Was the traditional form of book-building necessarily the best course of action? Could a sealed-bid auction (e.g., W.R. Hambrecht's OpenIPO) yield superior results?

Shareholders and managers can work in a hierarchy in which principals attempt to control the actions of agents to achieve the wealth objective. Alternatively, shareholders and managers can work together as a cooperative team in which shareholders provide financial capital and managers provide human capital. The authors aim to examine the different implications for value creation provided by the two approaches.

By comparing the literature on the value implications of the incomplete contracting framework and control arrangements in principal-agent hierarchies, the authors identify deviations from optimal outcomes and suggest solutions.

The review indicates that a cooperative framework has some advantages over the hierarchical model. The stability of human capital and the relationship between managers and shareholders can be enhanced when shareholders provide capital in increments which vest over time and latitude for renegotiation of agreements is built into contracts.

By surrendering control using stock options programmes, managers are free to invest in relationship-specific assets. Shareholders can control the provision of capital by withdrawing investment if insufficient returns are realized, i.e. if stock options do not meet vesting requirements. The market can then be left to do its work.

This paper provides an original review of literature on cooperation and hierarchies in the shareholder–manager relationship and proposes solutions to identified deviations from optimal outcomes.

The purpose of this paper is to examine the value‐relevance of corporate reputation during times of crisis. The paper seeks to extend the view beyond the traditional focus on the cognitive component of reputation, shed light on its affective component, and integrate the perceptions of different stakeholder groups.

The paper uses two large‐scale surveys, one from before and one from after the financial crisis year of 2008, to ascertain the reputation evaluations of the largest publicly listed corporations in Germany. The paper employs a model augmented with standard accounting variables (i.e. sales, return on assets, etc.) to analyse the link between corporate reputation as noted by different stakeholder groups and future firm value.

Even though corporations are not able to elude the overall negative impact of an economic crisis, the magnitude of influence depends on the individual firm dynamics as related to the firm's reputation. In particular, firm value dynamics are significantly associated with a reputation's affective component as perceived by the general public and its cognitive component as perceived by opinion leaders.

The paper analyses only very large corporations in Germany over a limited period of time.

Managers cannot influence the course of a trans‐national crisis, but they can immunise their company against its impacts by managing financial and non‐financial drivers of firm reputation within the various stakeholder groups.

The paper extends previous research on the value‐relevance of corporate reputation by exploring the roles of different stakeholder groups' perceptions of the affective and cognitive component of reputation.

Schmoller tried to combine reasoning and economic analysis to give a new foundation to German economic theory in the nineteenth century. Opposing the economic philosophy of Fichte, Schmoller preferred an institutional approach to the extremes of pure market and pure state economy. His ideas on economic welfare as a collective rather than as an individualistic idea are discussed.

Following a recent government initiated change to a consumer-directed care model across the Australian community aged care sector, the purpose of this paper is to explore frontline home support workers’ perceptions of relational changes with clients in power and subordination within the triadic relationship between employer, employee and client.

Contextual interviews were held with managers (n=4), coordinators (n=10) and semi-structured face-to-face interviews with support workers (n=17) in three organizations. Interview transcripts were analyzed.

Some workers did not perceive a power change in their relationships with clients. Others perceived minimal change but were concerned about the incoming client generation (baby boomers) that were more aware of their rights. Others felt subordinated to the client, perceived a loss of control or that felt treated like an employee of the client. Consistent with the philosophy of consumer-directed care, senior staff encouraged clients to treat workers in this way.

Further research is recommended on worker and client perceptions of relationships within the context of a consumer or client focused model.

A clear and realistic understanding of the locus of power within a triadic relationship by all actors is important for positive workplace outcomes.

The increasing ageing population makes it essential that workers’ relationships with clients and with their organization are unambiguous.

This study makes a contribution to theories about change and power transfer in the implementation of consumer-directed care through the perceptions of support workers. Examination of power and subordination transfer through the perceptions of the actors of rather than through the prism of organizational policy deepens the understanding of frontline service work and relationships.