Ownership structure and operating performance: evidence from the European maritime industry

In this paper we examine the relation between ownership structure and operating performance for European maritime firms. Using a sample of 266 firm-year observations, during the period 2002–2004, we provide evidence that operating performance is positively related with foreign held shares and investment corporation held shares, indicating better investor protection from managerial opportunism. We also find no relation between operating performance and employee held shares, suggesting no relation between employee commitment and firms’ economic performance. Furthermore, we find no relation between operating performance and government held shares, indicating that government may not adequately protect shareholders’ interests from managerial opportunism. Finally, we do find a positive relation between operating performance and portfolio held shares for code law maritime firms but not for common law maritime firms. Results are robust after adjusting for various firm and country risk characteristics. Overall, our results on the importance of the ownership structure are new to this setting and add to a large body of evidence linking ownership characteristics to corporate performance.

The Liverpool of West Africa: The Dynamics and Impact of Maritime Trade in Lagos 1900–1950

Book review

Eastern European capitalism in the making by Elena A. Iankova

Book review: Eastern European capitalism in the making, by Elena A. Iankova Cambridge: Cambridge University Press, 2002. 237, £37.50, ISBN 0 521 81314 X

Maritime expressions:a corpus based exploration of maritime metaphors

This study uses a purpose-built corpus to explore the linguistic legacy of Britain’s maritime history found in the form of hundreds of specialised ‘Maritime Expressions’ (MEs), such as TAKEN ABACK, ANCHOR and ALOOF, that permeate modern English. Selecting just those expressions commencing with ’A’, it analyses 61 MEs in detail and describes the processes by which these technical expressions, from a highly specialised occupational discourse community, have made their way into modern English. The Maritime Text Corpus (MTC) comprises 8.8 million words, encompassing a range of text types and registers, selected to provide a cross-section of ‘maritime’ writing. It is analysed using WordSmith analytical software (Scott, 2010), with the 100 million-word British National Corpus (BNC) as a reference corpus. Using the MTC, a list of keywords of specific salience within the maritime discourse has been compiled and, using frequency data, concordances and collocations, these MEs are described in detail and their use and form in the MTC and the BNC is compared. The study examines the transformation from ME to figurative use in the general discourse, in terms of form and metaphoricity. MEs are classified according to their metaphorical strength and their transference from maritime usage into new registers and domains such as those of business, politics, sports and reportage etc. A revised model of metaphoricity is developed and a new category of figurative expression, the ‘resonator’, is proposed. Additionally, developing the work of Lakov and Johnson, Kovesces and others on Conceptual Metaphor Theory (CMT), a number of Maritime Conceptual Metaphors are identified and their cultural significance is discussed.

Is corporate social responsibility a new spirit of capitalism?

Our study casts doubt on whether the managerial literature on corporate social responsibility is currently capable of developing a persuasive discourse to bring about change in corporate capitalism. By applying the framework and methodology of the spirit of capitalism, introduced by Boltanski and Chiapello, to a corpus of managerial books, we suggest that corporate social responsibility exhibits the core characteristics that together exemplify the ‘spirit of capitalism’. However, corporate social responsibility deals inadequately with the two key characteristics of the spirit of capitalism—security and fairness—by disregarding individual security and tangible rewards for workers who play decisive roles in enacting the spirit. The lack of consideration for workers could weaken the potential of corporate social responsibility to grow into a new spirit of capitalism and to bring about changes envisioned by critical management studies in corporate capitalism.