Huong Dieu Dang and Michael Jolly
The strong performance of New Zealand’s equity market and the Government’s efforts to encourage small investors to invest in initial public offering (IPO) firms raises two…
Abstract
Purpose
The strong performance of New Zealand’s equity market and the Government’s efforts to encourage small investors to invest in initial public offering (IPO) firms raises two questions: should retail investors invest in IPO offers and what types of IPOs are worth buying in the long term? The paper aims to discuss these issues.
Design/methodology/approach
The authors construct buy and hold equally weighted portfolios of IPOs and peers based on sales forecast, market capitalisation, and price-to-book ratio. The authors employ four benchmark-adjusted performance measures: cumulative average abnormal return (CAR), holding period return difference, wealth relative, and excess return (α).
Findings
IPOs underperform their peers over the medium and long term, with a five-year CAR ranging between −6.4 and −19.7 per cent. IPOs listed post-GFC show inferior benchmark-adjusted performance with a statistically significant average monthly CAPM α of −1.07 per cent (vs −0.13 per cent for pre-2009 IPOs). Over a five-year horizon, mature IPOs, IPOs with high market cap, high sales forecast, high leverage, low price-to-book ratio, and positive earnings forecast outperform other IPOs. Small IPOs or those with a small degree of leverage exhibit the worst five-year CAR ranging between −30.2 and −49.1 per cent. Of all IPOs examined, large firms, well-established firms, and value firms achieved positive five-year CARs of between 6.6 and 17.5 per cent.
Practical implications
The results are useful for retail investors and financial advisors in making sensible investment decisions.
Originality/value
This study is the first to utilise book-to-market and sales forecast to construct peer samples and to identify the red flags for IPO downfalls in New Zealand. It covers the longest sample period (1991-2015) in New Zealand’s context.
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Patsy Segall, Michael Cebalo, Cath Jolly and Bruce Wilson
The difficulties in designing and implementing successful technologicalsystems which support business objectives, good work practices and highquality outcomes are well known…
Abstract
The difficulties in designing and implementing successful technological systems which support business objectives, good work practices and high quality outcomes are well known. Discusses the “modernisation” of the Australian Taxation Office – an ambitious ten‐year programme of organizational and tech‐nological change – which has its origins in the need for re‐equipment and the recognition that the new systems must support the way in which the Taxation Office would work in the future. Review of the programme mid‐term shows considerable success, but also areas where it has been difficult to achieve some of the aims. In spite of the participatory framework, participants tend to feel that technology has driven the process, rather than business or workplace requirements. In particular, some initiatives have impacted negatively on workers, and it has been difficult to integrate the implementation of new systems with the design of better work practices. Recognition of these problems has encouraged the development of new approaches to work and systems design, and considerable further organizational and structural change.
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Sydney Pons, Donna Quadri-Felitti, Phillip M. Jolly and Michael J. Tews
Hiring employees with criminal records has become a heightened topic of conversation for hospitality practitioners. The labor shortage in the hospitality industry has increased…
Abstract
Purpose
Hiring employees with criminal records has become a heightened topic of conversation for hospitality practitioners. The labor shortage in the hospitality industry has increased consideration for individuals impacted by the justice system, bolstered by programming such as second-chance vocational training programs. However, hospitality practitioners with second-chance employment practices have had challenges managing the multiple stakeholder relationships to employ and retain justice-impacted employees. The purpose of this paper is to aid practitioners in the hospitality industry with an innovative and inclusive hiring practice with timely implications in the United States.
Design/methodology/approach
This paper will emphasize the correctional system actors, community-based partners, and justice-impacted employees as salient stakeholders in such hiring contexts. Employing a stakeholder theoretical perspective, we outline a stakeholder map for hospitality practitioners with fair chance hiring practices to better understand second-chance employees.
Findings
Organizations do not sit on the periphery of a community; they are interconnected with the community in many direct and indirect ways. Past research has yet to identify a relationship between stakeholder theory and second-chance employment when the stakeholders involved in this employee population are arguably extended. By providing a stakeholder mapping process second-chance employment context, the interwoven actors’ needs can be more holistically assessed.
Originality/value
In America, individuals with a criminal record are often a forgotten and stigmatized labor pool. With this paper, we aim to break down barriers of bias while encouraging the narrative toward true Diversity, Equity, Inclusion, and Belonging (DEIB) hiring practices. Multiple stakeholder management is often an organizational challenge, and by providing this framework, we provide guidelines to practitioners while highlighting the opportunity for community leadership. To that end, we provide guidelines for hospitality practitioners intending to increase justice-involved employee retention through stakeholder relationship management.
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Michael J. Tews, Phillip M. Jolly and Kathryn Stafford
Despite previous research indicating that fun in the workplace has favorable outcomes, the effect of fun on turnover has not been definitively determined. The present study…
Abstract
Purpose
Despite previous research indicating that fun in the workplace has favorable outcomes, the effect of fun on turnover has not been definitively determined. The present study analyzed the direct effects on turnover of three dimensions of fun: fun activities, coworker socializing and manager support for fun, and the moderating influence of managed fun (e.g. whether fun is perceived as contrived).
Design/methodology/approach
Logistic regression was used to analyze the fun in the workplace-turnover relationship with a sample of 491 hourly associates from 141 stores of a US national retailer. Data on the fun were obtained through surveys that were paired with turnover data collected six months afterward from corporate records.
Findings
Fun activities were only found to be associated with a lower turnover when employees perceived fun as less managed. When employees perceived fun as more managed, fun activities had no effect on turnover. Coworker socializing was associated with a lower turnover when fun was perceived as less managed and higher turnover when fun was perceived as more managed.
Research limitations/implications
As the data were obtained from employees from one organization, further research would be valuable with additional samples to substantiate the generalizability of the results.
Practical implications
Given the challenge of turnover and the increasing prevalence of efforts to promote fun in the workplace, organizations should allow fun activities to be less managed (and thus more organic) to help reduce turnover.
Originality/value
While previous research has addressed managed/less managed fun in qualitative research, the present study represents the first investigation to examine this aspect of fun in the workplace from a quantitative perspective and to examine its relationship with employee turnover.
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Michael J. Tews, Kathryn Stafford and Phillip M. Jolly
The purpose of this paper is to examine whether fun in the workplace inadvertently leads to greater incidences of unwanted sexual attention. Specifically, this research examined…
Abstract
Purpose
The purpose of this paper is to examine whether fun in the workplace inadvertently leads to greater incidences of unwanted sexual attention. Specifically, this research examined the relationship between three dimensions of fun and unwanted sexual attention – fun activities, coworker socializing and manager support for fun.
Design/methodology/approach
Multiple regression was used to analyze survey data from three Qualtrics business panels.
Findings
Fun activities were related to greater incidences of unwanted sexual attention, while manager support for fun was related to fewer instances. With respect to fun activities, mandatory attendance and holding the activities on nights and weekends were associated with further increased unwanted sexual attention. The presence of non-employees during activities was associated with fewer incidences.
Research limitations/implications
The data on fun in the workplace and unwanted sexual attention were obtained at one point in time. Future research would be valuable that obtains data collected at multiple points in time to more fully substantiate cause-and-effect relationships.
Practical implications
Employers may seek to foster a climate in which managers encourage employees to have fun on the job as well as one that explicitly focuses on preventing sexual harassment. Curbing unwanted sexual attention during fun activities may be facilitated by involving non-employees, refraining from holding activities at night and on weekends and keeping employee participation voluntary.
Originality/value
From the perspective of fun in the workplace, this research has demonstrated fun activities may have unintended, adverse consequences. From the perspective of sexual harassment, this research has identified antecedents not typically be considered to be contributing factors of unwanted sexual attention.
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Michael J. Tews, Ankie Hoefnagels, Phillip M. Jolly and Kathryn Stafford
As a step toward more firmly establishing factors to promote retention among younger employees in the hospitality industry, this study aims to focuses on fun in the workplace (fun…
Abstract
Purpose
As a step toward more firmly establishing factors to promote retention among younger employees in the hospitality industry, this study aims to focuses on fun in the workplace (fun activities, manager support for fun and coworker socializing) and training climate (organizational support, manager support and job support) as potential antecedents of turnover in a European context.
Design/methodology/approach
Logistic regression was used to analyze the impact of fun and training climate on turnover with a sample of 902 employees from Belgium, Germany and The Netherlands. Data on fun and training climate were obtained through surveys, which were paired with turnover data from organizational records.
Findings
With respect to fun in the workplace, group-level manager support for fun and coworker socializing were significantly related to turnover, but not fun activities. With respect to training climate, individual-level job support was significantly related to turnover, but not organizational support and manager support.
Research limitations/implications
As the data were obtained from employees from one organization, further research would be valuable with additional samples to substantiate the generalizability of the results.
Practical implications
Given the challenge of turnover, organizations should foster informal aspects of fun in the workplace and learning opportunities to promote retention.
Originality/value
The study examined the fun–turnover relationship in a context outside of the USA where previous fun–turnover research has been conducted, and it examined fun relative to training climate, which has not been studied heretofore. This study also investigated group- and individual-level effects of both fun and training climate on turnover.
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Jaime A. Castellano and Michael S. Matthews
Gifted education suffers from the lack of a legal definition of giftedness and federal mandate for the provision of services in schools, and also from a lack of any federal…
Abstract
Gifted education suffers from the lack of a legal definition of giftedness and federal mandate for the provision of services in schools, and also from a lack of any federal funding to provide services. These lead to a situation characterized by extreme inconsistency in provision of educational services across locations, sometimes even within the same school district. We offer a historical perspective on these issues and a view of the current status of gifted education services, followed by discussion of relevant legal issues in this context.
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The purpose of this paper is to celebrate the manifold contributions made by Michael Thomas, marketing professor extraordinary.
Abstract
Purpose
The purpose of this paper is to celebrate the manifold contributions made by Michael Thomas, marketing professor extraordinary.
Design/methodology/approach
This paper is an exercise in autobiographical memory, coupled with the subjective personal introspective procedures advocated by many leading marketing scholars, most notably, Steven Gould and Morris Holbrook.
Findings
The paper shows that ornithology is an apt metaphor – analogy, rather – for Professor Thomas's many and varied contributions to marketing thought.
Originality/value
The paper comes closer than most to defining the quintessential Michael Thomas.
Patricia Ahmed, Rebecca Jean Emigh and Dylan Riley
A “state-driven” approach suggests that colonists use census categories to rule. However, a “society-driven” approach suggests that this state-driven perspective confers too much…
Abstract
A “state-driven” approach suggests that colonists use census categories to rule. However, a “society-driven” approach suggests that this state-driven perspective confers too much power upon states. A third approach views census-taking and official categorization as a product of state–society interaction that depends upon: (a) the population's lay categories, (b) information intellectuals' ability to take up and transform these lay categories, and (c) the balance of power between social and state actors. We evaluate the above positions by analyzing official records, key texts, travelogues, and statistical memoirs from three key periods in India: Indus Valley civilization through classical Gupta rule (ca. 3300 BCE–700 CE), the “medieval” period (ca. 700–1700 CE), and East India Company (EIC) rule (1757–1857 CE), using historical narrative. We show that information gathering early in the first period was society driven; however, over time, a strong interactive pattern emerged. Scribes (information intellectuals) increased their social status and power (thus, shifting the balance of power) by drawing on caste categories (lay categories) and incorporating them into official information gathering. This intensification of interactive information gathering allowed the Mughals, the EIC, and finally British direct rule officials to collect large quantities of information. Our evidence thus suggests that the intensification of state–society interactions over time laid the groundwork for the success of the direct rule British censuses. It also suggests that any transformative effect of these censuses lay in this interactive pattern, not in the strength of the British colonial state.