Expropriation of minority shareholders and payout policy

This paper studies the payout policy of Italian firms controlled by large majority shareholders (controlled firms). The paper reports that a firm’s share of dividends in total payout (dividends plus repurchases) is negatively related to the size of the cash flow stake of the firm’s controlling shareholder and positively associated with the wedge between the controlling shareholder’s control rights and cash flow rights. These findings are consistent with the substitute model of payout. One of the implications of this model is that controlled firms with weak corporate governance set-ups, in which controlling shareholders have strong incentives to expropriate minority shareholders, tend to prefer dividends over repurchases when disgorging cash.

The Rover Task Force:a case study in proactive and reactive policy intervention?

The paper examines the policy responses in the UK West Midlands to the successive crises at the car maker MG-Rover. Whilst the firm’s eventual collapse in 2005 was a substantial shock to the West Midlands economy, the impact was much less than was anticipated when the firm was first threatened with closure in 2000 at the time of its break-up and sale by the German car firm BMW. Although the firm struggled as an independent producer, the five years of continued production until 2005 and the work of the initial Rover Task Force (RTF1), enabled many suppliers to adjust and diversify away from their hitherto dependence on MG-Rover resulting in as many as 10,000–12,000 jobs being ‘saved’. This first intervention was later followed by a programme to help ex-workers to find new jobs or re-train and assist supply firms to continue trading in the short term. Examination of the effectiveness of these emergency initiatives enables a wider discussion about the nature of industrial policy in the region and the work of the local regional development agency’s cluster-based approach to economic development and business support. Whilst the actions taken were successful in a number of aspects, there were a number of significant ‘failures’ at both national and local level. The MG-Rover case also illustrates a number of critical issues pertaining to regionally based cluster policies and the organization of cluster management groups where the ‘cluster’ in question not only crosses both administrative and ‘sector’ boundaries but is also subject to the imperatives of the global market car market.

"Our kith and kin"?:Sri Lankan Tamil refugees and the ethnonationalist parties of Tamil Nadu

This article explains the impact of substate nationalism on the political dynamic surrounding ethnic kin migration through a case study of Sri Lankan Tamil refugees in the southern Indian State of Tamil Nadu. Examples drawn from the migration studies literature identify ethnic kinship between refugees and host as an indicator of favorable reception and assistance. While this expectation is borne out to an extent in the Tamil Nadu case, it is tempered by a period of hostility following the 1991 assassination of former Indian Prime Minister Rajiv Gandhi by an LTTE suicide bomber, when the refugees were figured as a disruptive and dangerous presence by Tamil Nadu's political elites. A version of the "triadic nexus" model of kin state relations, reconfigured to accommodate the larger political unit within which the substate nationalism is incorporated, is proposed as a framework of analysis for these events. This can better account for Tamil Nadu's substate ethnonationalist elite's movement between expressions of coethnic solidarity with the refugees and the more hostile, security-focused response postassassination. © Taylor & Francis Group, LLC.

Globalisation, markets and healthcare policy:redrawing the patient as consumer

Although the last two decades have seen the healthcare systems of most developed countries face pressure for major reform, the impact of this reform on the relationship between empowerment, consumerism and citizen’s rights has received limited research attention. Globalisation, Markets and Healthcare Policy sets out to redress this imbalance. This book explores the extent to which globalisation and commercialisation relate to current and emerging health policies. It also looks at the implications for citizens, patients and social rights, as well as how policy making interacts with the interests of global and European trade and economic policies. Topics discussed include: •How the impact of globalisation on health systems is apparent in the influence of international actors and European policies. •How the impact of globalisation is mediated by national priorities and policies and is therefore reflected in diverse influences. •How commercialisation of health is presented as benefiting citizens and patients but has the potential to undermine the aims and values inherent in health systems. •How the role of citizens' interests, social rights, patient’s rights and priorities of patient and public involvement need to be separated from commercialisation, choice and consumerism in health care. Essential reading for policy makers and students of public policy, politics, law and health services, Globalisation, Markets and Healthcare Policy will also appeal to those interested in patient involvement international healthcare, international relations, trans-national organisations and the EU.

Neuroscience and family policy:what becomes of the parent?

This article discusses the findings of a study tracing the incorporation of claims about infant brain development into English family policy as part of the longer term development of a ‘parent training’, early intervention agenda. The main focus is on the ways in which the deployment of neuroscientific discourse in family policy creates the basis for a new governmental oversight of parents. We argue that advocacy of ‘early intervention’, in particular that which deploys the authority of ‘the neuroscience’, places parents at the centre of the policy stage but simultaneously demotes and marginalises them. So we ask, what becomes of the parent when politically and culturally, the child is spoken of as infinitely and permanently neurologically vulnerable to parental influence? In particular, the policy focus on parental emotions and their impact on infant brain development indicates that this represents a biologisation of ‘therapeutic’ governance.

Refugees and cultural transfer to Britain:an introduction

This introduction has four purposes. It first of all gives a working definition of the refugee. It then outlines the main groups of refugees which have moved to Britain since the early modern period, focusing, more particularly, upon the nineteenth and twentieth centuries, which form the main focus of this volume. The article then introduces the reader to concepts of cultural transfer, especially as applied to migration and refugees, as well as outlining the main issues under consideration in the British case study, which forms the basis of this volume. Finally, the study introduces the main essays which follow and explains the structure adopted. © 2012 Copyright Taylor and Francis Group, LLC.

Magyar alkalmazkodás az Európai Unió foglalkoztatás és szociálpolitikájához – tanulságok (The experiences from the Hungarian adaption to the common employment and social policy of the European Union)

A tanulmányban áttekintjük az európai foglalkoztatás- és szociálpolitika kialakulását és történetét, valamint a területen alkalmazott speciális koordinációs módszert. Ezt követően a csatlakozási tárgyalások elemzésével bemutatjuk a hazai politika helyzetét a csatlakozás időpontjában. Az elmúlt időszak foglalkoztatási adatai segítségével megvizsgáljuk a hazai és európai foglalkoztatás- és szociálpolitikai intézkedések hatásait. A cikk zárásaként a magyar EU-elnökség prioritásait és az aktuális közösségi terveket vesszük szemügyre. ______ The article gives a review on the history of the common employment and social policy in the European Union, with special attention to the coordination methods used in the field. The article also analyses the accession negotiations and the domestic policy situation at that time of Hungary's accession to the EU. With the data of recent years, the effects of the Hungarian and common EU measures are also examined. Finally, the priorities of the Hungarian Presidency of the European Council along with the current common policy plans are also demonstrated.

International environmental and development policy cooperation and the transition process of the Central and Eastern European countries

The political and economic changes in countries of the Central and Eastern European region during the recent two decades had significant implications on their participation in international environmental policy-making. These changes were motivated by the changing international political priorities and economic interests, realization of their part in the "common but differentiated responsibility" for the global environmental processes and the relatively modest capacities for international development cooperation. The situation of these countries was acknowledged by the international community by granting specific provisions to these "economies in transition" in international environmental policy mechanisms. In spite of the rapidly diverging external relations of the various groups of these countries, to some extent and in different forms the transition phase is still prevailing and has its effect on the ongoing international environmental negotiations. The paper describes the background of these changes, demonstrates the specific provisions for these countries that made possible their participation in the common efforts to tackle the emerging global and regional environmental problems by acceding to the relevant international mechanisms.

Innovation Management in Central and Eastern Europe: Technology Perspectives and EU Policy Implications

The purpose of this study is to investigate empirically the role of innovation activity in Central and Eastern Europea (CEE). We also identified those internal and external factors, which might cause improvements in innovation performance of CEE companies. Our main focus was on technology-based innovations within the healthcare industry. We applied qualitative research methods. Our findings demonstrate that CEE companies within the healthcare industry have significant contribution to European Union’s innovation performance. We found that key success factors of these organizations are based on four elements: knowledge management, access to financial resources, managing formal and informal networks, as well as achieving synergies between technological and non-technological innovations.

Closing the productivity gap and trade *policy

The relationship between trade policy and productivity growth is regarded as ambiguous in the literature. This dissertation examines under what condition the relationship would be positive (or negative). Through the use of static and dynamic analysis, we find two conflicting effects (the pro-protection effect and the pro-competitive effect) that cause the relationship to be ambiguous. If there exists a productivity gap between the import-competing and foreign industries, and if the level of protection is low (high), the relationship is positive (negative). We also show that the import-competing firm responds to a change in the protection level by choosing a level of investment in innovation which yields a different rate of productivity growth. The policy implication, therefore, is that a trade-policy maker should set the trade protection at a level which induces the firm to choose the highest rate of productivity growth, and, as a result, leading the firm to close the initial productivity gap in the most efficient way. ^

Justice and prisons policy

The field of justice policy is, of course, a critical one for state activity – indeed, arguably it is the most important field of activity, as the state exercises its ability to develop and enforce its rules, including by depriving individuals of their liberty. Notwithstanding this, scholarship in the field was, for many years, dominated by experts coming from different perspectives of legal studies, rather than political science. Nowadays, that has shifted somewhat, as interest in the activity of constitutional courts in political systems has grown, inspired, for instance, by the work of Martin Shapiro, Alec Stone Sweet, R. Daniel Kelemen and many others (e. g. Shapiro 1988; Shapiro and Stone 1994; Stone Sweet 2000; Shapiro and Stone Sweet 2002; Kelemen 2006).

Seawater carbonate chemistry, and Lithophyllum sp. and Feldmannia spp. coverage and dry weight during experiments, 2009

Climate-driven change represents the cumulative effect of global through local-scale conditions, and understanding their manifestation at local scales can empower local management. Change in the dominance of habitats is often the product of local nutrient pollution that occurs at relatively local scales (i.e. catchment scale), a critical scale of management at which global impacts will manifest. We tested whether forecasted global-scale change [elevated carbon dioxide (CO2) and subsequent ocean acidification] and local stressors (elevated nutrients) can combine to accelerate the expansion of filamentous turfs at the expense of calcifying algae (kelp understorey). Our results not only support this model of future change, but also highlight the synergistic effects of future CO2 and nutrient concentrations on the abundance of turfs. These results suggest that global and local stressors need to be assessed in meaningful combinations so that the anticipated effects of climate change do not create the false impression that, however complex, climate change will produce smaller effects than reality. These findings empower local managers because they show that policies of reducing local stressors (e.g. nutrient pollution) can reduce the effects of global stressors not under their governance (e.g. ocean acidification). The connection between research and government policy provides an example whereby knowledge (and decision making) across local through global scales provides solutions to some of the most vexing challenges for attaining social goals of sustainability, biological conservation and economic development.