This chapter assembles the key literature on value creation for consideration in relationship to stakeholder theory. The literature review identifies and explains the core topics…
Abstract
This chapter assembles the key literature on value creation for consideration in relationship to stakeholder theory. The literature review identifies and explains the core topics concerning value creation and related ideas. The purpose is to stimulate research into the theory, practice, and social consequences of value creation in a stakeholder management framework. The construct of “value” lacks theoretical precision and empirical verification. The most fundamental and disputed question addressed is which value approach for the firm best contributes to overall (aggregate) social welfare. The vital issue is whether the managerial stakeholder theory is superior, at long-run value creation for multiple stakeholders including society at large, to the conventional agency theory. Business executives and directors are the ones who choose between agency and stakeholder approaches to management. Their actions influence organizational and social outcomes. Research is limited to a literature review, followed by a discussion of the likely role of value creation theory in future stakeholder research. The chapter first defines value. The basic approach is then to focus on key topics in the relevant literature. The last section addresses the role of value creation theory in future stakeholder research.
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Phil B. Beaumont and R.J.D. Harris
The ‘conflictual’ explanation of union decline (centring around the extent and nature of management opposition to unions) has been well documented in the US literature in recent…
Abstract
The ‘conflictual’ explanation of union decline (centring around the extent and nature of management opposition to unions) has been well documented in the US literature in recent years. This perspective has been taken a stage further in a recent study (involving some cross‐country analysis of changes in the level of union density in the years 1973–85) which concluded that those countries where union density levels had fallen were characterised by management with an above incentive and/or ability to resist unions.
Constructing and evaluating behavioral science models is a complex process. Decisions must be made about which variables to include, which variables are related to each other, the…
Abstract
Constructing and evaluating behavioral science models is a complex process. Decisions must be made about which variables to include, which variables are related to each other, the functional forms of the relationships, and so on. The last 10 years have seen a substantial extension of the range of statistical tools available for use in the construction process. The progress in tool development has been accompanied by the publication of handbooks that introduce the methods in general terms (Arminger et al., 1995; Tinsley & Brown, 2000a). Each chapter in these handbooks cites a wide range of books and articles on specific analysis topics.
Rexford Abaidoo and Elvis Kwame Agyapong
The study examines the impact of macroeconomic risk and volatility associated with key macroeconomic indicators on financial market uncertainty; and the extent to which governance…
Abstract
Purpose
The study examines the impact of macroeconomic risk and volatility associated with key macroeconomic indicators on financial market uncertainty; and the extent to which governance and institutional structures moderate such relationships.
Design/methodology/approach
The study employs data from 33 countries in Sub-Saharan Africa (SSA) for the period between 1996 and 2019. Variable derivation techniques such as the generalized autoregressive conditional heteroskedasticity (GARCH) for deriving volatility data, and the principal component analysis (PCA) for index construction were employed. The data is examined using the two-step system generalized method of moments (TS-SGMM) technique.
Findings
Empirical results suggest that macroeconomic risk and exchange rate volatility heighten financial market uncertainty among economies in the sub-region. Further empirical estimates show that institutional quality and government effectiveness have a negative moderating effect on the nexus between macroeconomic risk, inflation uncertainty, GDP growth, exchange rate, and financial market uncertainty.
Practical implications
The key macroeconomic conditions with the propensity to foment financial market uncertainty are worth monitoring with adequate buffers to mitigate their impacts on the financial market.
Originality/value
Compared to related studies, this study focuses on uncertainty associated with financial markets among emerging economies in sub-Saharan Africa (SSA) instead of the performance of the financial markets or specific financial market indicators such as the stock market; and the extent to which a host of macroeconomic conditions influence such uncertainty. For instance, Abaidoo and Agyapong (2023) focused on the impact of macroeconomic indicators or conditions on the performance of the financial market and the efficiency of financial institutions respectively instead of the uncertainty or risk associated with the financial market as pursued in the current study. This differing approach is pursued with the goal of proffering appropriate strategies for policy makers towards assuaging the financial market risk (uncertainty) due to macroeconomic dynamics. We further examine how the various fundamental relationships may be moderated by effective governance and institutional quality.
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Michael D. Mumford, Samuel T. Hunter, Tamara L. Friedrich and Jay J. Caughron
Theories of outstanding, historically notable, leadership have traditionally emphasized charisma. Recent research, however, suggests that charisma may represent only one pathway…
Abstract
Theories of outstanding, historically notable, leadership have traditionally emphasized charisma. Recent research, however, suggests that charisma may represent only one pathway to outstanding leadership. Outstanding leadership may also emerge from ideological and pragmatic leadership. In this article, we examine the conditions influencing the emergence and performance of charismatic, ideological, and pragmatic leaders. It is argued that different conditions operating at the environmental, organizational, group, and individual levels influence the emergence and performance of each of these three types of leaders. Implications for understanding the origins and impact of charismatic, ideological, and pragmatic leaders are discussed.
This research aims to offers a new method for assessing geoeconomic risks in bilateral relations and evaluate the level of such risks from Vietnam’s economic dependency on China.
Abstract
Purpose
This research aims to offers a new method for assessing geoeconomic risks in bilateral relations and evaluate the level of such risks from Vietnam’s economic dependency on China.
Design/methodology/approach
I apply descriptive analysis to identify asymmetrical dependency in Vietnam–China economic relations and propose a geoeconomic risk assessment framework to evaluate risk levels in bilateral economic linkages.
Findings
The proposed geoeconomic risk framework assesses risk levels, which are positively influenced by the degree of asymmetrical relations (vulnerabilities), the net impacts on the receiving economy (impacts) and the sending state’s ability to control economic tools (threats). In contrast, risk levels are negatively affected by the effectiveness of existing mitigation efforts. The framework employs ordinal likelihood scales to rank various risk levels. In the context of Vietnam–China relations, market access for agricultural products and control of the Mekong water emerge as the most risky areas for economic coercion, followed by Chinese official development finance in infrastructure and critical input imports. On the other hand, debt dependency and foreign direct investment in the energy sector are considered more secure areas—less likely targets for economic coercion. Hence, risk mitigation strategies should prioritize reducing asymmetry in vulnerable dependence areas while maintaining current practices in more secure areas.
Originality/value
Methodologically, it introduces a new approach for assessing bilateral geoeconomic risk. Empirically, it provides Vietnam’s policymakers with a comprehensive evaluation of the implications of economic interdependence with China.
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This study applies a new taxonomy of racial/ethnic misclassification that considers shifts in racial/ethnic status to investigate physical and emotional responses to racial…
Abstract
This study applies a new taxonomy of racial/ethnic misclassification that considers shifts in racial/ethnic status to investigate physical and emotional responses to racial treatment among different misclassification types. It finds that the odds of reporting physical and emotional symptoms increase 3.3 and 2.9 times, respectively, among individuals who experience racial/ethnic status loss (i.e., are misclassified into a racial/ethnic category with lower status compared to their self-reported category) compared to their correctly classified counterparts. In contrast, individuals who experience racial/ethnic status gain (i.e., are misclassified into a racial/ethnic category with higher status compared to their self-reported category) are no more likely to suffer from symptoms compared to correctly classified individuals. The results suggest that being misclassified per se does not necessarily harm well-being, but the loss of social status inherent in some types of misclassification does.
The article aims to investigate the effects of ownership and capital structure on postacquisition operating performance.
Abstract
Purpose
The article aims to investigate the effects of ownership and capital structure on postacquisition operating performance.
Design/methodology/approach
The article extends the ongoing literature from an operating loss perspective and provides empirical evidence on the probability of acquirers’ operating loss in relation to ownership and capital structure. The operating performance of publicly listed manufacturing firms in China was tracked up to five years since the completion of the mergers and acquisitions (M&A) during 2003–2014.
Findings
The empirical results show that, in a five-year postacquisition period, state-owned enterprises (SOEs) are more likely to experience operating loss than non-SOEs. The likelihood of the operating loss is negatively associated with ownership concentration, implying that concentrated ownership may serve as an effective corporate governance mechanism in the emerging economy and improve postacquisition performance. The rise in leverage increases the likelihood of postacquisition operating loss, indicating that the costs of debt may outweigh the benefits.
Originality/value
The findings contribute to the literature on ownership, debt governance and post-M&A performance from an emerging economy perspective.
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For nearly two decades, researchers across the disciplines of social science and medicine have grappled with how to conceptualize and measure race to better explain racial…
Abstract
For nearly two decades, researchers across the disciplines of social science and medicine have grappled with how to conceptualize and measure race to better explain racial inequality. Improvements have been made, but most scholars continue to assume that a “correct” measure of race exists or that different estimates between measures are essentially quantitative errors. However, obtaining different estimates from different measures of race might instead suggest that there are substantively different explanations for the disparities. I explore this possibility by revisiting conventional findings about racial differences in reported health screenings using data from the 1988 National Survey of Family Growth, which includes both the respondent's self-identification and how she was classified by the survey interviewer. Regression results indicate that differences in interviewer-classified race are more closely related to disparities in health screenings than self-identification; these findings complement recent research on the role of racial discrimination and implicit prejudice in clinical encounters and highlight the importance of using multiple measures of race in health care research.