Jeanne Greenberg and Michael Liebman
When the vice president of operations for Casual Corner, the $600 million retail women's clothing chain, left his position, it was for reasons unrelated to compensation. He felt…
Abstract
When the vice president of operations for Casual Corner, the $600 million retail women's clothing chain, left his position, it was for reasons unrelated to compensation. He felt that the parent company, U.S. Shoe Corporation, should have continued his division's historical autonomy—a move that perhaps would have enhanced its financial position. Had that been the case, perhaps this vice president, Joe Corso, and other top managers would still be working for the company today. But with declines in corporate profitability, U.S. Shoe imposed strong corporate controls that crimped Corso's management style and curtailed his growth.
Melissa A. Williams, Timothy B. Michael and Edward R. Waller
The purpose of this paper is to review and summarize research into managerial incentives, merger activity, performance, and the use and structure of compensation to mitigate…
Abstract
Purpose
The purpose of this paper is to review and summarize research into managerial incentives, merger activity, performance, and the use and structure of compensation to mitigate agency problems in the firm.
Design/methodology/approach
The authors discuss studies of size elasticity and compensation, pay for performance, changes in managerial compensation due to merger activities, incentives and risk taking, and the relationship between managerial risk aversion and acquisitions.
Findings
The paper identifies several prominent themes in the literature. First, size and performance both appear to be positively related to managerial compensation. There appears to be a strong relation between pay and performance, but results depend upon whether the pay measure includes all forms of compensation. With mergers, any merger gains seem to accrue to the acquired firm. It appears that acquiring managers can increase their pay by merging with other firms, and this is likely to happen in cases where shareholder returns are negative. Regarding managerial risk taking and compensation, it is likely that the sensitivity of a manager's equity‐based compensation (options, in particular) to changes in the total risk of the firm is an indicator of how willing managers will be to seek out more risk on behalf of shareholders.
Originality/value
This paper synthesizes a large body of research into an organized discussion of the issues relating to merger activity, managerial incentives, compensation, and pay for performance issues.
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Agency theorists diagnosed the economic malaise of the 1970s as the result of executive obsession with corporate stability over profitability. Management swallowed many of the…
Abstract
Agency theorists diagnosed the economic malaise of the 1970s as the result of executive obsession with corporate stability over profitability. Management swallowed many of the pills agency theorists prescribed to increase entrepreneurialism and risk-taking; stock options, dediversification, debt financing, and outsider board members. Management did not swallow the pills prescribed to moderate risk: executive equity holding and independent boards. Thus, in practice, the remedy heightened corporate risk-taking without imposing constraints. Both recessions of the new millennium can be traced directly to these changes in strategy. To date, regulators have proposed nothing to undo the perverse incentives of the new “shareholder value” system.
Depending on the research approach one uses, the development of particular bodies of knowledge over time is the result of a combination of agency, chance, opportunity, patronage…
Abstract
Depending on the research approach one uses, the development of particular bodies of knowledge over time is the result of a combination of agency, chance, opportunity, patronage, power, or structure. This particular account of the development of geographies of tourism stresses its place as understood within the context of different approaches, different research behaviors and foci, and its location within the wider research community and society. The chapter charts the development of different epistemological, methodological, and theoretical traditions over time, their rise and fall, and, in some cases, rediscovery. The chapter concludes that the marketization of academic production will have an increasingly important influence on the nature and direction of tourism geographies.
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Intractable conflicts are characterized as protracted, irreconcilable, violent, of zero‐sum nature, total, and central. They are demanding, stressful, exhausting, and costly both…
Abstract
Intractable conflicts are characterized as protracted, irreconcilable, violent, of zero‐sum nature, total, and central. They are demanding, stressful, exhausting, and costly both in human and material terms. Societies involved in this type of conflict develop appropriate psychological conditions which enable them to cope successfully with the conflictual situation. The present paper proposes the following societal beliefs which are conducive to the development of these psychological conditions: beliefs about the justness of one's own goals, beliefs about security, beliefs of delegitimizing the opponent, beliefs of positive self‐image, beliefs about patriotism, beliefs about unity and beliefs about peace. These beliefs constitute a kind of ideology which supports the continuation of the conflict. The paper analyzes as an example one such intractable conflict, namely the one between Israel and Arabs, concentrating on the Israeli society. Specifically, it demonstrates the reflection of the discussed societal beliefs in the Israeli school textbooks. Finally, implications of the presented framework for peaceful conflict resolution are discussed.
Adam Hege, Quirina M. Vallejos, Yorghos Apostolopoulos and Michael Kenneth Lemke
The purpose of this paper is to provide an overview of the literature pertaining to occupational health disparities experienced by Latino immigrant workers in the USA and to…
Abstract
Purpose
The purpose of this paper is to provide an overview of the literature pertaining to occupational health disparities experienced by Latino immigrant workers in the USA and to advance a general framework based on systems science to inform epidemiological and intervention research.
Design/methodology/approach
Using papers and other sources from 2000 to the present, the authors examined the employment conditions and health outcomes of Latino immigrant workers and critically analyzed the pervasive evidence of health disparities, including causal mechanisms and associated intervention programs.
Findings
The occupations, including the work environment and resultant living conditions, frequently performed by Latino immigrants in the USA represent a distinct trigger of increased injury risk and poor health outcomes. Extant intervention programs have had modest results at best and are in need of more comprehensive approaches to address the complex nature of health disparities.
Practical implications
An integrated, systems-based framework concerning occupational health disparities among Latino immigrant workers allows for a holistic approach encompassing innovative methods and can inform high-leverage interventions including public policy.
Originality/value
Reductionist approaches to health disparities have had significant limitations and miss the complete picture of the many influences. The framework the authors have provided elucidates a valuable method for reducing occupational health disparities among Latino immigrant workers as well as other populations.
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I. Introduction The political events of the late 1980's and the early 1990's taken place in Eastern Europe, the Soviet Union, and Nicaragua certainly represent the predicament, if…
Abstract
I. Introduction The political events of the late 1980's and the early 1990's taken place in Eastern Europe, the Soviet Union, and Nicaragua certainly represent the predicament, if not the collapse, of the communist economic system. Indeed, the centrally planned solution of attacking the basic economic problems of what, how, and for what seems to be never before as doubtful as it is now. Although the free market solution of the capitalist economy seems to progress smoothly in economic matters as far as the aggregate production is concerned, on the political and social front and with respect to the distribution of income, these economies are not as trouble‐free as they appear on the surface. The bloody poll tax revolt and the IRA attacks in England, the racial unrest in South Africa, and the drug and oil wars fought by the US are but a few examples of the troubles in the basically capitalist systems. Less obvious but surely problematic are the subtle trade wars among them, especially between the US and Japan, the hungry and homeless, and the mounting budget deficit of the US economy.