Jan Stentoft, Ram Narasimhan and Thomas Poulsen
To support ongoing industry efforts to reduce the cost of energy (CoE) of offshore wind compared to other types of energy sources, researchers are applying scientific models and…
Abstract
Purpose
To support ongoing industry efforts to reduce the cost of energy (CoE) of offshore wind compared to other types of energy sources, researchers are applying scientific models and thought processes to identify potential areas of improvement and optimization. This paper aims to introduce a conceptual framework from a supply chain management (SCM) perspective, aimed at promoting the reduction of CoE in the offshore wind energy industry.
Design/methodology/approach
Using conceptual arguments from current academic literature in SCM, a comprehensive framework is presented that clarifies how SCM practices can be used by offshore wind energy industry to reduce CoE.
Findings
The offshore wind energy sector is a young industry that must reduce CoE to compete with other forms of energy. Applying a supply chain perspective in the offshore wind industry has hitherto been limited to the academic community. This paper offers a SCM framework that includes three interdependent aspects of reducing CoE – innovation, industrialization and supplier partnering – to guide the industry towards sources to reduce CoE.
Research limitations/implications
SCM is a broad research area; thus, the presented framework to reduce the CoE is open for further development.
Practical implications
The paper provides insights into how the CoE can be reduced through innovation, industrialization and partnering in the offshore wind energy supply chain.
Originality/value
The paper offers a seminal contribution by introducing a SCM framework to understand sources and approaches to reduce CoE in the offshore wind energy industry.
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Niels Mygind and Thomas Poulsen
The purpose of this paper is to give an updated overview of the research on employee ownership. What does the scientific literature reveal about advantages and disadvantages? What…
Abstract
Purpose
The purpose of this paper is to give an updated overview of the research on employee ownership. What does the scientific literature reveal about advantages and disadvantages? What can be learned from different models used in Italy, France, Mondragon (Spain), UK and US with many employee-owned firms in contrast to Denmark.
Design/methodology/approach
A structured review of the literature on employee. The paper identifies different mechanisms leading to effects on productivity, job stability, distribution, investment etc., and reviews the empirical evidence. The main barriers and drivers are identified and different models for employee ownership in Italy, France, Mondragon (Spain), UK and US are reviewed to identify potential models for a country like Denmark with few employee-owned firms.
Findings
The article gives an overview over the theoretical predictions and the main empirical evidence of the effects of employee ownership. The pros are greater employee identification with the firm and increased productivity reinforced by increased participation. Employee-owned firms have more equal distribution of wages and more stable employment, and they have greater mutual control between employees and fewer middle managers. The motivation effects may be smaller for large firms and lack of capital may lead to lower levels of investments and capital per employee.
Originality/value
Comprehensive and updated literature review on the effects and successful formats of employee ownership to identify models for implementation in countries with few employee-owned firms.
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Duncan Borg Ellul and Tracey Wond
The present study aims to conduct a critical review of an existing set of practices within the Maltese public sector.
Abstract
Purpose
The present study aims to conduct a critical review of an existing set of practices within the Maltese public sector.
Design/methodology/approach
This study is based on interpretivism (people-centred approach) embedded in a pragmatic research paradigm (the use of mixed methods).
Findings
Misconceptions about the role and practice of executive coaching in Malta relates to the similar roles ascribed to mentoring, supervision, therapy, consultation, coaching, audit and watchdog under the misnomer of “coaching”.
Research limitations/implications
The main contribution of this research is to the community of professional practitioners as well as to the Maltese central government to improve managerial effectiveness in the Maltese public sector with several endorsed policy-level recommendations presented in the study.
Practical implications
The results suggest a restructuring of a well-defined, structures, systems and dynamics within the Maltese public administration, the ability by senior management including senior public officers (SPOs) to recognise high-potential talents, the need to expand leadership capacity, the establishment of a professional coaching body and a national coaching network framework.
Originality/value
To the best of the authors’ knowledge, this is the first study that investigates the role and impact of executive coaching in the Maltese public sector using quantitative and qualitative empirical data.
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Jörn Obermann and Patrick Velte
This systematic literature review analyses the determinants and consequences of executive compensation-related shareholder activism and say-on-pay (SOP) votes. The review covers…
Abstract
This systematic literature review analyses the determinants and consequences of executive compensation-related shareholder activism and say-on-pay (SOP) votes. The review covers 71 empirical articles published between January 1995 and September 2017. The studies are reviewed within an empirical research framework that separates the reasons for shareholder activism and SOP voting dissent as input factor on the one hand and the consequences of shareholder pressure as output factor on the other. This procedure identifies the five most important groups of factors in the literature: the level and structure of executive compensation, firm characteristics, corporate governance mechanisms, shareholder structure and stakeholders. Of these, executive compensation and firm characteristics are the most frequently examined. Further examination reveals that the key assumptions of neoclassical principal agent theory for both managers and shareholders are not always consistent with recent empirical evidence. First, behavioral aspects (such as the perception of fairness) influence compensation activism and SOP votes. Second, non-financial interests significantly moderate shareholder activism. Insofar, we recommend integrating behavioral and non-financial aspects into the existing research. The implications are analyzed, and new directions for further research are discussed by proposing 19 different research questions.
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Lisa Borstadt, Thomas Zwirlein and James Brickley
Innovations in takeover financing, less restrictive regulatory requirements, and a general desire to enhance market position have led to a substantial increase in corporate…
Abstract
Innovations in takeover financing, less restrictive regulatory requirements, and a general desire to enhance market position have led to a substantial increase in corporate takeover and restructuring activity. In response target firm managers have become increasingly active in devising defensive strategies and tactics designed to ward off hostile bidders. It is well‐ documented, however, that large wealth gains accrue to target firm shareholders in mergers and acquisitions. Thus the emergence of such terms as “shark repellents”, “poison pills”, and “greenmail”, raises the question of whose best interests are really being served by antitakeover measures.
Saioa Arando-Lasagabaster and Beñat Herce-Lezeta
This article analyses how the MONDRAGON Group has overcome the barriers that the literature identifies in the creation of employee owned companies (Mygind and Poulsen, 2021), and…
Abstract
Purpose
This article analyses how the MONDRAGON Group has overcome the barriers that the literature identifies in the creation of employee owned companies (Mygind and Poulsen, 2021), and how it has managed to grow over the last few decades.
Design/methodology/approach
To this end, based on an analysis of the legislative framework and the internal documentation of the MONDRAGON Group and its cooperatives, the case of what is often considered the most successful and highly developed network of co-operative firms is studied.
Findings
The study leads us to conclude that MONDRAGON has had sufficient capacity to overcome the barriers faced by worker-owned companies and has known how to adapt to the economic and social demands of each moment, despite the fact that at certain times it has had to act flexibly in its principles.
Research limitations/implications
The work is limited to the analysis of the Group's internal documentation. It would be interesting to complement this vision with the perceptions of MONDRAGON's partners.
Practical implications
The MONDRAGON Group's study can show other cooperative experiences what the keys to success are.
Originality/value
MONDRAGON has been analysed from different perspectives, but how it has overcome the specific barriers presented by employee-owned companies has not been specifically studied. This perspective makes it possible to identify some of the group's success factors.
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Dawei Jin, Hao Shen, Haizhi Wang and Desheng Yin
This chapter investigates whether and to what extent tax benefits affect the likelihood of firms undertaking leveraged buyout (LBO) transactions.
Abstract
Purpose
This chapter investigates whether and to what extent tax benefits affect the likelihood of firms undertaking leveraged buyout (LBO) transactions.
Design/Methodology/Approach
With an identified sample of LBO firms and similar non-LBO counterparts, this chapter utilizes staggered changes in state corporate income tax rates as exogenous shocks and adopts a Logistic regression to analyze how these tax changes affect firms' probability of engaging in LBOs.
Findings
Firms are more likely to engage in LBOs after increases in corporate income tax rates. Specifically, the increase in the likelihood of firms undertaking LBOs following tax increases is between 6.9% and 12.9%. We also find that this positive relation is more pronounced for firms with higher levels of return on assets (ROA) and marginal tax rates (MTR). Finally, we report that the mean value of tax benefits accounts for between 28.5% and 170% of the premium paid to pre-buyout shareholders.
Originality/Value
This chapter provides strong evidence that tax benefits constitute an important source of value creation in LBOs and adds to the debate regarding the role of tax benefits in LBOs.