Shareholder or stakeholder management:strategies for performance optimisation

This paper is based upon the findings of a CIMA research project into the way which corporate performance is affected by the performance measurement system adopted. It compares and contrasts the techniques in use in a sample of large companies that use a variety of techniques. We have classified these techniques into 3 types: • Value based management techniques • Stakeholder management techniques • Traditional accounting techniques. The analysis traces the interactions between corporate objectives, decision making criteria, performance measurement systems, and executive incentive schemes in order to develop an understanding of the effects of such techniques upon corporate performance. This paper seeks to provide some answers to the following two questions: • What approach leads to superior performance for a firm? • What is different between these approaches when they are used in practice, as distinct from theory? In doing so we have drawn upon both contingency theory and sociobiology theory to develop a framework for understanding the relationship between the choke of performance measurement system and the resulting performance.

Shareholder value application in UK listed companies

This paper is based upon the initial findings of a CIMA research project into the way in which corporate performance measurement systems are influenced by the use of shareholder value management techniques. It compares and contrasts the techniques in use in a sample of 10 companies that either explicitly use shareholder value techniques also known as Value-Based Management (VBM), or explicitly do not use such techniques. The analysis undertaken is based upon the finding of semi-structured interviews with company representatives which formed the first part of the data collection process of the project. The analysis traces the interactions between corporate objectives, decision making criteria, performance measurement systems and executive incentive schemes in order to develop an understanding of the effects of such shareholder value techniques upon corporate behaviour. The literature reviewed suggests that the other aspects of the planning and control system should be aligned with the corporate objectives whether a company has adopted VBM or not. Therefore this research contributes new evidence on the use of VBM techniques in the UK and also more generally on whether VBM and non-VBM companies internal planning and control systems are aligned.

Queer enough? Contested terrains of identity deployment in the context of gay and lesbian public activism in Poland

Gay and lesbian prides and marches are of crucial relevance to the way in which non-heterosexual lives are imagined internationally despite regional and national differences. Quite often, these events are connected not only with increased activist mobilisation, but also with great controversy, which is the case of Poland, where gay and lesbian marches have been attacked by right-wing protesters and cancelled by right-wing city authorities on a number of occasions. Overall, the scholars analysing these events have largely focused on the macro-context of the marches, paying less attention to the movement actors behind these events. The contribution of this thesis lies not only in filling a gap when it comes to research on sexual minorities in Eastern Europe/Poland, but also in its focus on micro-level movement processes and engagement with theories of collective identity and citizenship. Furthermore, this thesis challenges the inscription of Eastern European/Polish movements into the narrative of victimhood and delayed development when compared to LGBT movements in the Global North. This thesis is grounded in qualitative research including participant observation of public activist events as well as forty semi-structured interviews with the key organisers of gay and lesbian marches in Warsaw, Poznan and Krakow between 2001 and 2007, and five of these interviews were further accompanied by photo-elicitation (self-directed photography) methods. Starting from the processes whereby from 2001 onwards, marches, pride parades and demonstrations became the most visible and contested activity of the Polish lesbian and gay movement, this thesis examines how the activists redefined the meanings of citizenship in the post-transformation context, by incorporating the theme of sexual minorities' rights. Using Bernstein's (1997, 2002, 2005, 2008) concept of identity deployment, I show how and when movement actors use identity tactically, depending on their goals. Specifically, in the context of movement-media interactions, I examine the ways in which the activists use marches to challenge the negative representations of sexual minorities in Poland. I also broaden Bernstein's framework to include the discussion of emotion work as relevant to public LGBT activism in Poland. Later, I discuss how the emotions of protests allowed the activists to inscribe their efforts into the "revolutionary" narrative of the Polish Solidarity movement and by extension, the frame of citizenship. Finally, this thesis engages with the dilemmas of identity deployment strategies, and seeks to problematise the dichotomy between identity-based gay and lesbian assimilationist strategies and the anti-identity queer politics.

Why do firms invest in consumer advertising with limited sales response? A shareholder perspective

Marketing managers increasingly recognize the need to measure and communicate the impact of their actions on shareholder returns. This study focuses on the shareholder value effects of pharmaceutical direct-to-consumer advertising (DTCA) and direct-to-physician (DTP) marketing efforts. Although DTCA has moderate effects on brand sales and market share, companies invest vast amounts of money in it. Relying on Kalman filtering, the authors develop a methodology to assess the effects from DTCA and DTP on three components of shareholder value: stock return, systematic risk, and idiosyncratic risk. Investors value DTCA positively because it leads to higher stock returns and lower systematic risk. Furthermore, DTCA increases idiosyncratic risk, which does not affect investors who maintain well-diversified portfolios. In contrast, DTP marketing has modest positive effects on stock returns and idiosyncratic risk. The outcomes indicate that evaluations of marketing expenditures should include a consideration of the effects of marketing on multiple stakeholders, not just the sales effects on consumers.

Corporate social responsibility reporting in the mining sector of Tanzania:(Lack of) government regulatory controls and NGO activism

Purpose – The purpose of this paper is to contribute to the ongoing debate on governance, accountability, transparency and corporate social responsibility (CSR) in the mining sector of a developing country context. It examines the reporting practices of the two largest transnational gold-mining companies in Tanzania in order to draw attention to the role played by local government regulations and advocacy and campaigning by nationally organised non-governmental organisations (NGOs) with respect to promoting corporate social reporting practices. Design/methodology/approach – The paper takes a political economy perspective to consider the serious implications of the neo-liberal ideologies of the global capitalist economy, as manifested in Tanzania’s regulatory framework and in NGO activism, for the corporate disclosure, accountability and responsibility of transnational companies (TNCs). A qualitative field case study methodology is adopted to locate the largely unfamiliar issues of CSR in the Tanzanian mining sector within a more familiar literature on social accounting. Data for the case study were obtained from interviews and from analysis of documents such as annual reports, social responsibility reports, newspapers, NGO reports and other publicly available documents. Findings – Analysis of interviews, press clips and NGO reports draws attention to social and environmental problems in the Tanzanian mining sector, which are arguably linked to the manifestation of the broader crisis of neo-liberal agendas. While these issues have serious impacts on local populations in the mining areas, they often remain invisible in mining companies’ social disclosures. Increasing evidence of social and environmental ills raises serious questions about the effectiveness of the regulatory frameworks, as well as the roles played by NGOs and other pressure groups in Tanzania. Practical implications – By empowering local NGOs through educational, capacity building, technological and other support, NGOs’ advocacy, campaigning and networking with other civil society groups can play a pivotal role in encouraging corporations, especially TNCs, to adopt more socially and environmentally responsible business practices and to adhere to international and local standards, which in turn may help to improve the lives of many poor people living in developing countries in general, and Tanzania in particular. Originality/value – This paper contributes insights from gold-mining activities in Tanzania to the existing literature on CSR in the mining sector. It also contributes to political economy theory by locating CSR reporting within the socio-political and regulatory context in which mining operations take place in Tanzania. It is argued that, for CSR reporting to be effective, robust regulations and enforcement and stronger political pressure must be put in place.

Creating and managing value in collaborative networks

This is a theoretical paper that examines the interplay between individual and collective capabilities and competencies and value transactions in collaborative environments. The theory behind value creation is examined and two types of value are identified, internal value (Shareholder value) and external value (Value proposition). The literature on collaborative enterprises/network is also examined with particular emphasis on supply chains, extended/virtual enterprises and clusters as representatives of different forms and maturities of collaboration. The interplay of value transactions and competencies and capabilities are examined and discussed in detail. Finally, a model is presented which consists of value transactions and a table which compares the characteristics of different types of collaborative enterprises/networks. It is proposed that this model presents a platform for further research to develop an in-depth understanding into how value may be created and managed in collaborative enterprises/networks.

Reasserting the distinctive character of share-holder remedies in Scotland - Wilson v Inverness Retail and Business Park Ltd

Juridical Review. Looks at the question of whether an individual shareholder has title to bring an action on the company's behalf in exceptional circumstances, as considered in the cases of Anderson v Hogg and Wilson v Inverness Retail & Business Park Ltd. Examines the difference between English and Scottish law in this area, notwithstanding the reliance on English case law in Scotland due to the small number of Scottish cases decided. Looks at progress towards the reform of company law and the impact it will have on a shareholder's title to sue.

Patterns of corporate governance and technical efficiency in Italian manufacturing

The purpose of this paper is to analyse the relationship between the corporate governance system and technical efficiency in Italian manufacturing. We use a non-parametric frontier technique (DEA) to derive technical efficiency measures for a sample of Italian firms taken from nine manufacturing industries. These measures are then related to the characteristics of the corporate governance system. Two of these characteristics turn out to have a positive impact on technical efficiency: the percentage of the company shares owned by the largest shareholder and the fact that a firm belongs to a pyramidal group. Interestingly, a trade-off emerges between these influences, in the sense that one is stronger in industries where the other is weaker. Copyright © 2007 John Wiley & Sons, Ltd.

Feminist translation studies:local and transnational perspectives

Feminist Translation Studies: Local and Transnational Perspectives situates feminist translation as political activism. Chapters highlight the multiple agendas and visions of feminist translation and the different political voices and cultural heritages through which it speaks across times and places, addressing the question of how both literary and nonliterary discourses migrate and contribute to local and transnational processes of feminist knowledge building and political activism. This collection does not pursue a narrow, fixed definition of feminism that is based solely on (Eurocentric or West-centric) gender politics—rather, Feminist Translation Studies: Local and Transnational Perspectives seeks to expand our understanding of feminist action not only to include feminist translation as resistance against multiple forms of domination, but also to rethink feminist translation through feminist theories and practices developed in different geohistorical and disciplinary contexts. In so doing, the collection expands the geopolitical, sociocultural and historical scope of the field from different disciplinary perspectives, pointing towards a more transnational, interdisciplinary and overtly political conceptualization of translation studies.