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.

The PCF and the question of intellectual workers : the crisis of social ideology

The aim of this thesis is to examine the approach of the Parti Communiste Francais (from 1956 to 1982) to the emergence of new strata of salaried `intellectual workers' (technicians, engineers, low to middle managers in industry and commerce, scientific researchers, teachers etc) parallelled by the gradual diminution of the traditional industrial working class which forms the core of the Party's support base. This examination is carried out in the context of the debate in France (initiated in the 1950s by social theorists of the Left) on the class membership and role of these strata. The reason for the emergence of such a debate is that in a society given to both a rapid evolution of its social structure and an increased polarisation between Left and Right, a precise knowledge of the objective and subjective determinations of new strata would enable parties to the Left to make proper distinctions between potential allies and adversaries. The thesis posits the view that the PCF has failed to make correct distinctions between its potential allies and adversaries and has thus pursued unsuccessful alliance strategies. The thesis contributes towards a scientifically-based understanding of one of the reasons governing the PCF's steady decline since the 1950s.

Iron in the substrates and sporophores of Agaricus bisporus (Lange) Pilat during growth and development

The changes of the concentration of iron in the growth substrates and the sporophores of Agaricus bisporus (Lange) Pilat that occurred during culture under standard commercial conditions, were observed using atomic absorption spectrophotometry and iron-59 radiotracing techniques. The routes of translocation and sites of iron accumulation within the sporophore were shovn to alter during development and by the use of novel, pelletised substrates the concentration of iron in the mycelium of the substrates and in developing sporophores was observed during culture. Findings indicated that the compost was the major source of iron and that the concentration of iron in the compost mycelium varied cyclically in relation to the periodic appearance of sporophores. In the casing layer the mycelium is organised into strands which are responsible for the movement of iron from the compost into developing sporophores. A photographic technique for estimating sporophore growth rates showed that the accumulation of iron was not concomitant with sporophore growth and this was attributable to a declining quantity of available iron in the compost mycelium during sporophore growth. Variations in the quantity of iron in sporophores resulted primarily from differences in the quantity of water soluble iron in the compost but, the productivity of the crop, the type of casing layer and differences in watering also influenced sporophore composition. Changes in the concentration of extractable iron in the compost and casing layer throughout culture were related to mycelial activity and to a lesser extent were influenced by watering and the bacterial populations of the casing layer. Thus, the findings of this study give some indication of the relative importance that different cultural conditions exert over sporophore composition together with demonstrations of the movement of a single material within the sporophores and substrates during the cultivation of Agaricus bisporus.

Third sector organisations and social welfare : a study of the role of social service and charitable organisations in Taiwan

This study is about the role and operation of ‘third sector’ organisations (TSOs) within the Taiwanese social welfare context. TSOs have increased dramatically and become actively involved in social service provision. This phenomenon has not only had significant impact on the development and operation of TSOs in Taiwan but it is also of increasing interest to public policy academics. The latter are especially interested in the implications for the government-third sector relationship. This research examines the reasons why TSOs have been established, why they actively participate in social service provision, and their role and operation within the social welfare context of Taiwan. The study has both quantitative and qualitative data. It sampled ‘social service’ and ‘charitable’ organisations (SSCOs), which are the main type of TSOs in Taiwan, to examine their role, operation and interaction with government. Questionnaires were mailed to collect quantitative data first. After the quantitative data were collected and analysed, semi-structured interviews were undertaken to collect qualitative data. The study found that TSOs in Taiwan exist in a highly institutionalised environment, which is affected by traditional Confucian ideas and contemporary Western ideas such as social justice and civil rights. The rapid growth of TSOs has a strong connection with the desire to fill social service gaps left by government and family. TSOs mainly play the role of service provider rather than that of advocate. They cooperate with government in social service provision and have developed different types of symbiotic relationships with government. A ‘resonance effect’ between government and TSOs was also found as they implement social policy.

The psychology of news influence and development of Media Framing Analysis

HowHow precisely do media influence their readers, listeners and viewers? In this paper, we argue that any serious study of the psychology of media influence must incorporate a systematic analysis of media material. However, psychology presently lacks a methodology for doing this that is sensitive to context, relying on generalised methods like content or discourse analysis. In this paper, we develop an argument to support our development of a technique that we have called Media Framing Analysis (MFA), a formal procedure for conducting analyses of (primarily news) media texts. MFA draws on elements of existing framing research from communication and other social scientific research while at the same time incorporating features of particular relevance to psychology, such as narrative and characterisation.

The evaluation and development of the lead authority partnership scheme as a central intervention strategy for health and safety enforcement by local authorities

The research comprises a suite of studies that examines and develops the Lead Authority Partnership Scheme (LAPS) as a central intervention strategy for health and safety by local authority (LA) enforcers. Partnership working is a regulatory concept that in recent years has become more popular but there has been little research conducted to investigate, explore and evaluate its practical application. The study reviewed two contrasting approaches to partnership working between LAs and businesses, both of which were intended to secure improvements in the consistency of enforcement by the regulators and in the health and safety management systems of the participating businesses. The first was a well-established and highly prescriptive approach that required a substantial resource commitment on the part of the LA responsible for conducting a safety management review (SMR) of the business. As a result of his evaluation of the existing ‘full SMR’ scheme, the author developed a second, more flexible approach to partnership working. The research framework was based upon a primarily qualitative methodology intended to investigate and explore the impact of the new flexible arrangements for partnership working. The findings from this study of the flexible development of the scheme were compared and contrasted with those from studies of the established ‘full SMR’ scheme. A substantial degree of triangulation was applied in an attempt to strengthen validity and broaden applicability of the research findings. Key informant interviews, participant observation, document/archive reviews, questionnaires and surveys all their particular part to play in the overall study. The findings from this research revealed that LAPS failed to deliver consistency of LA enforcement across multiple-outlet businesses and the LA enforced business sectors. Improvement was however apparent in the safety management systems of the businesses participating in LAPS. Trust between LA inspector and safety professional was key to the success of the partnerships as was the commitment of these key individuals. Competition for precious LA resources, the priority afforded to food safety over health and safety, the perceived high resource demands of LAPS, and the structure and culture of LAs were identified as significant barriers to LA participation. Flexible approaches, whilst addressing the resource issues, introduced some fresh concerns relating to credibility and delivery. Over and above the stated aims of the scheme, LAs and businesses had their own reasons for participation, notably the personal development of individuals and kudos for the organisation. The research has explored the wider implications for partnership working with the overall conclusion it is most appropriately seen as a strategic level element within a broader structured intervention strategy.

The role of government research establishments : a study of the concept of public patronage for applied research and development

This thesis follows the argument that, to fully understand the current position of national research laboratories in Great Britain one needs to study the historical development of the government research establishment as a specific social institution. A particular model is outlined in which it is argued that institutional characteristics evolve through the continual interplay between internal development and environmental factors within a changing political and economic context, and that the continuous development of an institution depends on its ability to adapt to changes in its operational environment. Within this framework important historical precedents for formal government institutional support for applied research are identified. and the transition from private to public patronage documented. The emergence and consolidation of government research laboratories in Britain is described in detail. The subsequent relative decline of public laboratories is interpreted in terms of the undermining of a traditional role resulting in legitimation crisis. It is concluded that it is no longer feasible to consider the public research laboratory as a coherent institutional form, and that the future of each individual laboratory can only be considered in relation to the institutional needs of its own sphere of operation. Nevertheless the laboratories have been forced into decline in an essentially unplanned way which may have serious consequences for the maintenance of the scientific and technical infrastructures, necessary for material progress in the national context.

Organizational change and development:a case study in the Indian electricity market

Five principles for accommodating cultural nuances

Properties of intention:component structure and consequences for behavior, information processing and resistance

Three studies tested the impact of properties of behavioral intention on intention-behavior consistency, information processing, and resistance. Principal components analysis showed that properties of intention formed distinct factors. Study 1 demonstrated that temporal stability, but not the other intention attributes, moderated intention-behavior consistency. Study 2 found that greater stability of intention was associated with improved memory performance. In Study 3, participants were confronted with a rating scale manipulation designed to alter their intention scores. Findings showed that stable intentions were able to withstand attack. Overall, the present research findings suggest that different properties of intention are not simply manifestations of a single underlying construct ("intention strength"), and that temporal stability exhibits superior resistance and impact compared to other intention attributes. © 2013 Wiley Periodicals, Inc.

The discretionary role of the line manager in inspiring work engagement and innovative behaviour:a study of social exchange and job resources in the public sector

This thesis is about the discretionary role of the line manager in inspiring the work engagement of staff and their resulting innovative behaviour examined through the lens of Social Exchange Theory (Blau, 1964) and the Job Demands-Resources theory (Bakker, Demerouti, Nachreiner & Schaufeli, 2001). The study is focused on a large British Public Sector organisation undergoing a major organisational shift in the way in which they operate as part of the public sector. It is often claimed that people do not leave organisations; they leave line managers (Kozlowski & Doherty, 1989). Regardless of the knowledge in the literature concerning the importance of the line manager in organisations (Purcell, 2003), the engagement literature in particular is lacking in the consideration of such a fundamental figure in organisational life. Further, the understanding of the black box of managerial discretion and its relationship to employee and organisation related outcomes would benefit from greater exploration (Purcell, 2003; Gerhart, 2005; Scott, et al, 2009). The purpose of this research is to address these gaps with relation to the innovative behaviour of employees in the public sector – an area that is not typically associated with the public sector (Bhatta, 2003; McGuire, Stoner & Mylona, 2008; Hughes, Moore & Kataria, 2011). The study is a CASE Award PhD thesis, requiring academic and practical elements to the research. The study is of one case organisation, focusing on one service characterised by a high level of adoption of Strategic Human Resource Management activities and operating in a rather unique manner for the public sector, having private sector competition for work. The study involved a mixed methods approach to data collection. Preliminary focus groups with 45 participants were conducted, followed by an ethnographic period of five months embedded into the service conducting interviews and observations. This culminated in a quantitative survey delivered within the wider directorate to approximately 500 staff members. The study used aspects of the Grounded Theory (Glaser & Strauss, 1967) approach to analyse the data and developed results that highlight the importance of the line manager in an area characterised by SHRM and organisational change for engaging employees and encouraging innovative behaviour. This survey was completed on behalf of the organisation and the findings of this are presented in appendix 1, in order to keep the focus of the PhD on theory development. Implications for theory and practice are discussed alongside the core finding. Line managers’ discretion surrounding the provision of job resources (in particular trust, autonomy and implementation and interpretation of combined bundles of SHRM policies and procedures) influenced the exchange process by which employees responded with work engagement and innovative behaviour. Limitations to the research are the limitations commonly attributed to cross-sectional data collection methods and those surrounding generalisability of the qualitative findings outside of the contextual factors characterising the service area. Suggestions for future research involve addressing these limitations and further exploration of the discretionary role with regards to extending our understanding of line manager discretion.

UK social housing and housing market in England:a statistical review and trends

Around 80% of the 63 million people in the UK live in urban areas where demand for affordable housing is highest. Supply of new dwellings is a long way short of demand and with an average annual replacement rate of 0.5% more than 80% of the existing residential housing stock will still be in use by 2050. A high proportion of owner-occupiers, a weak private rental sector and lack of sustainable financing models render England’s housing market one of the least responsive in the developed world. As an exploratory research the purpose of this paper is to examine the provision of social housing in the United Kingdom with a particular focus on England, and to set out implications for housing associations delivering sustainable community development. The paper is based on an analysis of historical data series (Census data), current macro-economic data and population projections to 2033. The paper identifies a chronic undersupply of affordable housing in England which is likely to be exacerbated by demographic development, changes in household composition and reduced availability of finance to develop new homes. Based on the housing market trends analysed in this paper opportunities are identified for policy makers to remove barriers to the delivery of new affordable homes and for social housing providers to evolve their business models by taking a wider role in sustainable community development.

Network effects, network structure and consumer interaction in mobile telecommunications in Europe and Asia

This paper estimates the importance of (tariff-mediated) network effects and the impact of a consumer's social network on her choice of mobile phone provider. The study uses network data obtained from surveys of students in several European and Asian countries. We use the Quadratic Assignment Procedure, a non-parametric permutation test, to adjust for the particular error structure of network data. We find that respondents strongly coordinate their choice of mobile phone providers, but only if their provider induces network effects. This suggests that this coordination depends on network effects rather than on information contagion or pressure to conform to the social environment.

Systems Analysis: the Structure-and-Purpose Approach Based on Logic-linguistic Formalisation

Systems analysis (SA) is widely used in complex and vague problem solving. Initial stages of SA are analysis of problems and purposes to obtain problems/purposes of smaller complexity and vagueness that are combined into hierarchical structures of problems(SP)/purposes(PS). Managers have to be sure the PS and the purpose realizing system (PRS) that can achieve the PS-purposes are adequate to the problem to be solved. However, usually SP/PS are not substantiated well enough, because their development is based on a collective expertise in which logic of natural language and expert estimation methods are used. That is why scientific foundations of SA are not supposed to have been completely formed. The structure-and-purpose approach to SA based on a logic-and-linguistic simulation of problems/purposes analysis is a step towards formalization of the initial stages of SA to improve adequacy of their results, and also towards increasing quality of SA as a whole. Managers of industrial organizing systems using the approach eliminate logical errors in SP/PS at early stages of planning and so they will be able to find better decisions of complex and vague problems.