How does ownership structure affect capital structure and firm value?:Recent evidence from East Asia

The present paper examines the effects of ownership structures on capital structure and firm valuation. It argues that the effects of separation of control from cash flow rights on capital structure and firm value also depend on the separation of control from management as well as on legal rules and enforcement defining investors' protection. We obtain firm-level panel data (three stage least squares, 3SLS) estimates from four of the East Asian countries worst affected by the last crisis. There is evidence that the general wisdom that higher control than cash flow rights may lower firm value may be reversed among owner-managed family firms in the sample countries. © 2007 The Authors Journal compilation © 2007 The European Bank for Reconstruction and Development.

Strategies against racism: a comparison of a social movement and case studies of anti-racist policy and practice in the local state

The thesis compares two contrasting strategies employed with the aim of combating particular forms of racism within contemporary Britain. Both are assessed as political strategies in their own right and placed within the broader context of reformist and revolutionary political traditions. The sociology of social movements is examined critically, as are Marxist and post-Marxist writings on the role of human agency within social structures and on the nature of social movements. The history of the Anti Nazi League (ANL) in the late 1970s and its opposition to the National Front is considered as an example of anti-racist social movement based on the Trotskyist model of the United Front. The degree to which the Anti Nazi League corresponded to such a model is analysed as are the potential broader applications for such a strategy. The strategy with which the ANL is compared is the development of anti-racist and equal opportunities policies within local government in the 1980s, primarily by Labour-controlled local authorities. The theory of the local state and the political phenomenon of municipal socialism are discussed, specifically the role of various groups operating in and around local authorities in the formation and implementation of anti-racist policy and practice. Following this general discussion, two case studies in each of the areas of local authority housing, education and employment are explored to consider in depth the problems of specific anti-racist policies. In summation the efficacy of the two strategies are considered as parts of wider political currents in tandem with their declared specific objectives.

The unique complexity of social phenomena and the uses of social science knowledge

The assertion about the peculiarly intricate and complex character of social phenomena has, in much of social discourse, a virtually uncontested tradition. A significant part of the premise about the complexity of social phenomena is the conviction that it complicates, perhaps even inhibits the development and application of social scientific knowledge. Our paper explores the origins, the basis and the consequences of this assertion and asks in particular whether the classic complexity assertion still deserves to be invoked in analyses that ask about the production and the utilization of social scientific knowledge in modern society. We refer to one of the most prominent and politically influential social scientific theories, John Maynard Keynes' economic theory as an illustration. We conclude that, the practical value of social scientific knowledge is not necessarily dependent on a faithful, in the sense of complete, representation of (complex) social reality. Practical knowledge is context sensitive if not project bound. Social scientific knowledge that wants to optimize its practicality has to attend and attach itself to elements of practical social situations that can be altered or are actionable by relevant actors. This chapter represents an effort to re-examine the relation between social reality, social scientific knowledge and its practical application. There is a widely accepted view about the potential social utility of social scientific knowledge that invokes the peculiar complexity of social reality as an impediment to good theoretical comprehension and hence to its applicability.

A survey of some small firms in the rural areas of England: their structure and functions, with special reference to factors that affect their development

This study was concerned with the structure, functions and development, especially the performance, of some rural small firms associated with the Council for Small Industries in Rural Areas (C?SIRA) of England. Forty firms were used as the main basis of analysis. For some aspects of the investigation, however, data from another 54 firms, obtained indirectly through nine CoSIRA Organisers, were also used. For performance-analysis, the 40 firms were firstly ranked according to their growth and profitability rates which were calculated from their financial data. Then each of the variables hypothesised to be related to performance was tested to ascertain its relationship with performance, using the Spearman's Rank Correlation technique. The analysis indicated that each of the four factors .. the principal, the firm itself, its management, and the environment - had a bearing upon the performance of the firm. Within the first factor, the owner-manager's background and attitudes were found to be most important; in the second, the firm's size, age and scope of activities were also found to be correlated with performance; with respect to the third, it was revealed that firms which practised some forms of systems in planning, control and costing performed better than those which did not and, finally with respect to the fourth factor, it was found that some of the services provided by CoSIRA, especially credit finance, were facilitative to the firm's performance. Another significant facet of the firms highlighted by the study was their multifarious roles. These, meeting economic, psychological, sociological and political needs, were considered to be most useful to man and his society. Finally, the study has added light to the structural characteristics of the sampled firms, including various aspects of their development, orientation and organisation, as well as their various structural strengths and weakness. ' .

Schematic structure and the modulation of propositions in economics forecasting text

Working within the framework of the branch of Linguistics known as discourse analysis, and more specifically within the current approach of genre analysis, this thesis presents an analysis of the English of economic forecasting. The language of economic forecasting is highly specialised and follows certain conventions of structure and style. This research project identifies these characteristics and explains them in terms of their communicative function. The work is based on a corpus of texts published in economic reports and surveys by major corporate bodies. These documents are targeted at an international expert readership familiar with this genre. The data is analysed at two broad levels: firstly, the macro-level of text structure which is described in terms of schema-theory, a currently influential model of analysis, and, secondly, the micro-level of authors' strategies for modulating the predictions which form the key move in the forecasting schema. The thesis aims to contribute to the newly developing field of genre analysis in a number of ways: firstly, by a coverage of a hitherto neglected but intrinsically interesting and important genre (Economic Forecasting); secondly, by testing the applicability of existing models of analysis at the level of schematic structure and proposing a genre-specific model; thirdly by offering insights into the nature of modulation of propositions which is often broadly classified as `hedging' or `modality', and which has been recently described as lq`an area for prolonged fieldwork'. This phenomenon is shown to be a key feature of this particular genre. It is suggested that this thesis, in addition to its contribution to the theory of genre analysis, provides a useful basis for work by teachers of English for Economics, an important area of English for Specific Purposes.

Social media and sentiment in bioenergy consultation

he push to widen participation in public consultation suggests social media as an additional mechanism through which to engage the public. Bioenergy companies need to build their capacity to communicate in these new media and to monitor the attitudes of the public and opposition organisations towards energy development projects. Design/methodology/approach This short paper outlines the planning issues bioenergy developments face and the main methods of communication used in the public consultation process in the UK. The potential role of social media in communication with stakeholders is identified. The capacity of sentiment analysis to mine opinions from social media is summarised, and illustrated using a sample of tweets containing the term ‘bioenergy’ Findings Social media have the potential to improve information flows between stakeholders and developers. Sentiment analysis is a viable Purpose The push to widen participation in public consultation suggests social media as an additional mechanism through which to engage the public. Bioenergy companies need to build their capacity to communicate in these new media and to monitor the attitudes of the public and opposition organisations towards energy development projects. Design/methodology/approach This short paper outlines the planning issues bioenergy developments face and the main methods of communication used in the public consultation process in the UK. The potential role of social media in communication with stakeholders is identified. The capacity of sentiment analysis to mine opinions from social media is summarised, and illustrated using a sample of tweets containing the term ‘bioenergy’ Findings Social media have the potential to improve information flows between stakeholders and developers. Sentiment analysis is a viable methodology, which bioenergy companies should be using to measure public opinion in the consultation process. Preliminary analysis shows promising results. Research limitations/implications Analysis is preliminary and based on a small dataset. It is intended only to illustrate the potential of sentiment analysis and not to draw general conclusions about the bioenergy sector. Originality/value Opinion mining, though established in marketing and political analysis, is not yet systematically applied as a planning consultation tool. This is a missed opportunity.