Max Gillman and Tim Eade
Traces the evolution of the corporation in England, fromGreco‐Roman times to the Joint Companies Act of 1862. The evolutionsuggests a supply of the corporate form that responded…
Abstract
Traces the evolution of the corporation in England, from Greco‐Roman times to the Joint Companies Act of 1862. The evolution suggests a supply of the corporate form that responded to the demands of the marketplace. With the growing specialization of labour in the markets, the corporate form came to be more specialized itself, ending with the enactment of universally available limited liability incorporation.
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Kenneth M. Eades, David Glazer and Shachar Eyal
The case examines the liquidity issues that J. C. Penney (JCP) experienced in 2012 and 2013 following a decline in sales and profits over several years. Despite once being a…
Abstract
The case examines the liquidity issues that J. C. Penney (JCP) experienced in 2012 and 2013 following a decline in sales and profits over several years. Despite once being a highly profitable and growing company, the increasing pressures of competition led to changes in strategy and in management that were insufficient to return the company to the consistent financial results it had previously enjoyed. While sales and profits waned, the cash balance also suffered, and Wall Street analysts began expressing liquidity concerns as the company wrestled with having enough cash on hand to cover daily operating needs.
Students are asked to calculate a time series of quarterly liquidity and leverage ratios to illustrate the declining financial condition of the company. They are further challenged to weigh the benefits and drawbacks of raising equity versus debt as a solution for the company's lack of liquidity. To assess the amount of external capital required, students are asked to use a sources and uses analysis that provides intuition for the cash flow challenges facing the company. Set against the background of an iconic retailer, the case provides an engaging context in which to discuss the need for a major capital structure decision due to operational challenges.
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Transformation has become a commonly employed phrase in the field of community music. However, there has been little critical examination of its employment. This study aimed to…
Abstract
Purpose
Transformation has become a commonly employed phrase in the field of community music. However, there has been little critical examination of its employment. This study aimed to explore how and why community musicians and project participants used this concept to describe their experiences of community music-making programmes.
Design/methodology/approach
A mixed methodological approach was utilised for this study. This included conducting an extensive literature review to establish a conceptual framework of transformations meaning within community music literature. Additionally, a historiography of the use of transformation in cultural policymaking and community music practice was developed to examine how this concept has gained prominence in the discourse. Alongside this, a case study was conducted on a music-making programme for adults with a mental health diagnosis to investigate the practical application of the concept of transformation.
Findings
The research reveals that musicians and participants often use “transformation” as a metaphor to articulate the personal impacts of community music programmes. These impacts include enhanced self-confidence, a greater sense of control and shifts in how individuals perceive themselves. The widespread use of this term is influenced by the messaging of funders and policymakers, who use the concept of personal transformation to rationalise funding for arts and cultural initiatives.
Originality/value
This research provides a new perspective on transformation and its meaning in community music practice. Additionally, it highlights the interconnection between community music activity and cultural policymaking, a relationship that has yet to receive much attention from scholars across both fields.
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Frank Warburton assesses the government's new 10‐year drug strategy. He takes as a benchmark the guidance given to crime and disorder reduction partnerships in Delivering Safer…
Abstract
Frank Warburton assesses the government's new 10‐year drug strategy. He takes as a benchmark the guidance given to crime and disorder reduction partnerships in Delivering Safer Communities. Against this benchmark he finds the strategy wanting in several areas. These include a lack of analysis, a limited evidence base and unclear targets. These failings are due, in part, to the strategy's attempts to address several different audiences and do several different jobs simultaneously.
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BASF is to erect plant in Ludwigshafen for the production of 90,000 tons of acrylic acid a year from propylene. The capital investment costs are estimated at about DM 100 million…
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BASF is to erect plant in Ludwigshafen for the production of 90,000 tons of acrylic acid a year from propylene. The capital investment costs are estimated at about DM 100 million, including those for the necessary infrastructure measures.
Elaine Enarson and Lourdes Meyreles
This article provides an introduction and assessment of the English and Spanish literatures on gender relations in disaster contexts. We analyze regional patterns of differences…
Abstract
This article provides an introduction and assessment of the English and Spanish literatures on gender relations in disaster contexts. We analyze regional patterns of differences and similarities in women’s disaster experiences and the differing research questions raised by these patterns in the scholarly and practice‐based literature. The analysis supports the claim that how gender is theorized makes a difference in public policy and practical approaches to disaster risk management. We propose new directions in the field of disaster social science and contribute a current bibliography in the emerging gender and disaster field.
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Chia‐Li Lin and Brian H. Kleiner
Provides a summary of state and federal legislation prohibiting employment discrimination. Places particular emphasis on disability discrimination. Outlines to whom the…
Abstract
Provides a summary of state and federal legislation prohibiting employment discrimination. Places particular emphasis on disability discrimination. Outlines to whom the legislation applies, when a charge can be filed and defines reasonable accommodation.
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Much has been written about the crisis in the Humanities even as student interest in the Humanities continues to decline. In the so-called “post-truth,” “post-COVID19” period,”…
Abstract
Purpose
Much has been written about the crisis in the Humanities even as student interest in the Humanities continues to decline. In the so-called “post-truth,” “post-COVID19” period,” however, the Humanities deserve attention for the important role they must play in preparing students for the world during a period of dramatic change.
Design/methodology/approach
Discussion focuses on the “post-truth” period and how the Humanities have a role in confronting misinformation and “fake news.” It provides specific actions for how those in the Humanities might address the current situation. It relies on the author’s considerable background as a university Dean and President over a period of over 40 years and draws on a variety of written material addressing the future of the Humanities.
Findings
In a period when the world confronts unprecedented change, when misinformation is confused with the truth and when social media exercises so much influence, students more than ever need the insight and context of the Humanities to mitigate the cant, bogus claims and questionable ethics that so much shape the world. Responsibility falls to faculty as they must make clear to their students how the Humanities provide a perspective that allows students to work through the big questions of their time.
Research limitations/implications
Much has been written about the challenges facing the Humanities. It is hoped that this paper will generate additional discussion on how the Humanities might assert themselves during what are troubling times in higher education.
Originality/value
The author’s long experience as a senior university administrator provides a perspective that faculty and administrators might find useful as they consider the future of the Humanities at their institutions.
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Michael D. Phillips, Dong Y. Nyonna, John X. Volker, Ashton B. Weddington and Tim L. Williams
This paper aims to argue that important elements in the capital budgeting process are either undervalued or not considered and are a significant reason for both low and slow…
Abstract
Purpose
This paper aims to argue that important elements in the capital budgeting process are either undervalued or not considered and are a significant reason for both low and slow growth in large firms. Adopting an entrepreneurial mindset in conjunction with a portfolio approach based on different types of innovation to allow for growth projects to enter the process and be evaluated for possible selection are outlined as an alternative to strengthen the capital budgeting process.
Design/methodology/approach
Concepts and processes drawn from the finance, economics and entrepreneurship literature are used to form a proposed new approach to the capital budgeting process.
Findings
Only a handful of large firms even achieve returns more than their cost of capital. This manuscript argues that the reason for the lack of growth is a function of a capital budgeting process that does not allow the full spectrum of risk projects because of behavioral factors. This manuscript further proposes a portfolio approach that would allow for all projects to be fairly considered and aligned with stakeholder interests.
Originality/value
The current literature tends to focus on the financial evaluative aspect of the capital budgeting process. The void in the literature is with other aspects of the capital budgeting process both in terms of currency and in pursuing alternative explanations for the reasons the full risk spectrum of projects is not considered.
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Eduardo Flores and Marco Fasan
This study aims to investigate the motivations behind the issuance of financial instruments with characteristics of equity (FICE), economic consequences associated with their…
Abstract
Purpose
This study aims to investigate the motivations behind the issuance of financial instruments with characteristics of equity (FICE), economic consequences associated with their issuance and accounting classifications based on a value-relevance approach.
Design/methodology/approach
Using a sample of 169 financial and nonfinancial firms from 10 jurisdictions that adopted International Financial Reporting Standards, the authors use a difference-in-differences econometric approach.
Findings
The findings reveal that FICE issuers are more leveraged companies with higher costs of equity and, in some cases, lower effective tax rates. This evidence corroborates the hypothesis that issuers of FICEs seek to increase their book values of equity (accounting treatment as equity) and, simultaneously, generate deductible expenses for tax purposes (tax treatment as liability).
Practical implications
This finding suggests that market participants do not treat these instruments as regular equity but rather as quasi-equity. The findings suggest that a binary classification of FICE as debt or equity may not be the accounting treatment that best represents the underlying economic substance of these contracts. Furthermore, this study reinforces the IASB indication regarding to increase the FICE disclosure to allow stakeholders to better understand the economic essence of these bonds.
Originality/value
This study assesses the economic outcomes and market evaluation of a specific type of FICE that has not been previously studied, which is similar to the examples provided by the IASB in their materials on the subject.