Executive pensions and the pay–performance relation—Evidence from changes to pension legislation in the UK

2020 ◽  
Author(s):  
Damon Morris ◽  
Ian Gregory-Smith ◽  
Brian G M Main ◽  
Alberto Montagnoli ◽  
Peter W Wright
Keyword(s):  
Major Change ◽  
Defined Benefit ◽  
Executive Pay ◽  
Strong Reaction ◽  
Ceo Pay ◽  
The Uk ◽  
The Cost ◽  
Pension Benefits ◽  
The Relationship

Abstract This article evaluates the role of executive pensions in the relationship between executive compensation and corporate performance. As a natural experiment, we exploit a major change to the tax-free allowances governing executive pensions. This reform affected the cost of pensions for firms whose executives had accumulated pension benefits in excess of the prescribed limit. We find a strong reaction to the reform. After 6 April 2006, many executives saw their defined benefit pension schemes replaced with risk-free cash payments. This imposition of an exogenous constraint on the contracting over CEO pay significantly decreased the relationship between executive pay and firm performance.

TIME SERIES MODELLING OF EPIDEMICS: LEADING INDICATORS, CONTROL GROUPS AND POLICY ASSESSMENT

2021 ◽  
Vol 257 ◽  
pp. 83-100
Author(s):  
Andrew Harvey
Keyword(s):  
Time Series ◽  
Data Science ◽  
Leading Indicators ◽  
Control Groups ◽  
Balanced Growth ◽  
Time Series Modelling ◽  
Key Variables ◽  
The Uk ◽  
The Relationship

This article shows how new time series models can be used to track the progress of an epidemic, forecast key variables and evaluate the effects of policies. The univariate framework of Harvey and Kattuman (2020, Harvard Data Science Review, Special Issue 1—COVID-19, https://hdsr.mitpress.mit.edu/pub/ozgjx0yn) is extended to model the relationship between two or more series and the role of common trends is discussed. Data on daily deaths from COVID-19 in Italy and the UK provides an example of leading indicators when there is a balanced growth. When growth is not balanced, the model can be extended by including a non-stationary component in one of the series. The viability of this model is investigated by examining the relationship between new cases and deaths in the Florida second wave of summer 2020. The balanced growth framework is then used as the basis for policy evaluation by showing how some variables can serve as control groups for a target variable. This approach is used to investigate the consequences of Sweden’s soft lockdown coronavirus policy in the spring of 2020.

The constitutional influence of the Judicial Committee of the Privy Council on the UK apex court: institutional proximity and jurisprudential divergence?

2020 ◽  
Vol 71 (2) ◽  
pp. 285-302
Author(s):  
Roger Masterman
Keyword(s):  
Supreme Court ◽  
Ad Hoc ◽  
Court Decisions ◽  
Privy Council ◽  
House Of Lords ◽  
Uk Supreme Court ◽  
Proportionality Test ◽  
The Uk ◽  
The Relationship

It is often claimed that the constitutional role of the UK’s apex court is enriched as a result of the experiences of the Judicial Committee of the Privy Council as interpreter of constitutions within its overseas jurisdiction. This paper considers the relationship between the House of Lords/UK Supreme Court and the Judicial Committee and its effect on the importation of external influences into the UK’s legal system(s), further seeking to assess how far the jurisprudence of the Judicial Committee has influenced constitutional decision-making in the UK apex court. While ad hoc citation of Privy Council authorities in House of Lords/Supreme Court decisions is relatively commonplace, a post-1998 enthusiasm for reliance on Judicial Committee authority – relating to (i) a ‘generous and purposive’ approach to constitutional interpretation and (ii) supporting the developing domestic test for proportionality – quickly faded. Both areas are illustrative of a diminishing reliance on Judicial Committee authority, but reveal divergent approaches to constitutional borrowing as the UK apex court has incrementally mapped the contours of an autochthonous constitutionalism while simultaneously recognising the trans-jurisdictional qualities of the proportionality test.

The special measures school and the ‘c’ word: A case study of the role of conformity, compliance chimera, and the power of community and context in a special measures secondary school in northern England

2017 ◽  
Vol 9 (2) ◽  
pp. 101-113
Author(s):  
Diann Hanson
Keyword(s):  
Secondary School ◽  
Children's Services ◽  
Economic Context ◽  
Economically Deprived ◽  
Children’S Services ◽  
The Uk ◽  
The Relationship ◽  
Methods Of Reconstruction

This article explores the relationship between capital and education through the experiences of a British secondary school following a grading by the Office for Standards in Education, Children’s Services and Skills that placed the school into special measures, considering the underlying assumptions and inequalities highlighted and obfuscated by the special measures label. The formulaic and ritualistic manner in which operational and ideological methods of reconstruction were presented as the logical (and only) pathway towards improvement is examined in an effort to disentangle the purpose of the ‘means-to-an-end’ approach within prevailing hegemonic structures, requiring a revisit to contemporary positioning of Gramscian concepts of ideology through the work of Gandin. The decontextualisation of schools from their socio-economic environments is probed in order to expose the paradoxes and fluidity of resistant discourse. The ambiguities between a Catholic ethos, neo-liberal restructuring and the socio-economic context of the school and the greater demands to acquiesce to externally prescribed notions of normativity are considered as a process that conversely created apertures, newly formed sublayers and corrugations where transformation could take root. Unforeseen epiphanies and structures of dissent are identified and will enrich the narrative of existence and survival in a special measures school in an economically deprived northern town in the UK.

Mapping the contours of fairness

2014 ◽  
Vol 1 (2) ◽  
pp. 191-204 ◽  
Author(s):  
Lilian Otaye ◽  
Wilson Wong
Keyword(s):  
Job Satisfaction ◽  
Factor Analysis ◽  
Regression Analysis ◽  
Turnover Intention ◽  
Content Type ◽  
Mediating Role ◽  
The Uk ◽  
The Relationship

Purpose – The purpose of this paper is to explore the contours of fairness by showing how different facets of fairness impact three important employee outcomes (job satisfaction, turnover intention and employer advocacy) and examining the mediating role of quality of management and leadership (through perceptions of both senior management and the quality of exchange with immediate supervisors) in attenuating negative impacts of unfairness on these outcomes. The study extends the concept of fairness beyond the traditional focus on organizational justice and models the mediating role of leadership on the relationship between (un)fairness and the three employee-level outcomes in a sample of employees representative of the UK workforce. Design/methodology/approach – Data were obtained from a nationally representative sample of 2,067 employees in the UK. Exploratory factor analysis and then confirmatory factor analysis is used to refine three unfairness factors and address their dimensionality of the unfairness scale and then multiple regression analysis is used to test a fairness-leadership-employee performance outcome model. Findings – Results of multiple regression analysis revealed that both trust in leadership and leader-member exchange partially mediate the relationship between organizational (un)fairness and job satisfaction, advocacy and turnover intention, respectively. Practical implications – The findings highlight the important role that leaders play in influencing the relationship between perception of unfairness and employee outcomes. This has implications for both theory and practice as it suggests that the pattern of inclusion that leaders create through the relationships that they develop with their followers has a significant impact on the relationship between unfairness and the work outcomes. They not only must manage traditional perceptions of justice, but also the assessments employees make about trust in management judgements and the perceived consequences of such judgements. Originality/value – In an environment where perceptions of unfairness are becoming both more endemic but also more complex, the study shows that both senior leaders and immediate supervisors have important agency in managing negative consequences. Through the measurement of satisfaction, turnover intention and employer advocacy it also provides potential links to link fairness into the engagement literature.

The gypsy’s lot: myth and reality

2017 ◽  
Author(s):  
Robert Jago
Keyword(s):  
Human Rights ◽  
Legal System ◽  
Lived Experiences ◽  
European Court ◽  
The Law ◽  
The Uk ◽  
The Relationship

This chapter focuses on the lived experiences of gypsies (collectively referred to as gypsies rather than Roma or travellers). The author argues that the relationship between the legal system and the specific lifestyle of this group is itself causing many tensions which cannot be separated from the long-held myths about gypsies. Jago shows how the standing of gypsies in the UK legal system has, in turn, become the object of various myths. He demonstrates how judgements by the European Court of Human Rights in favour of gypsy claims created in many an image of the law being always on the side of the gypsy. A perception which Jago demonstrates is far from true. After addressing the nature and role of myths in general the author illustrates the tension between positive, romanticised myths about the freedom of gypsy lifestyle and three derogatory myths, namely gypsies as "child-snatchers", as thieves and as "land grabbers". Jago illustrates that these myths are linked to deep-rooted beliefs around property and its ownership.

Role of TQM in Sustained Business Performance in Indian Automotive Supply Chain

2018 ◽  
pp. 121-143 ◽  
Author(s):  
Sanjiv Narula ◽  
Satwinder Pal ◽  
Vinay Saini ◽  
Prabhat Saxena ◽  
Ajay Goyal ◽  
...  
Keyword(s):  
Cost Effectiveness ◽  
Business Performance ◽  
Primary Data ◽  
Total Quality ◽  
Business Sustainability ◽  
Automotive Supply Chain ◽  
The Cost ◽  
Automotive Supply ◽  
The Relationship

This chapter creates a place in which TQM (total quality management) differs from business sustainability. Management can focus themselves more accurately when they understand the missing link between these two aspects. It also helps to reduce and eliminate certain wastes related to cost and efficiency and helps to produce better quality with minimum waste. In this study, a TQM framework is developed according to a comprehensive literature review: primary data collection through a structured questionnaire and interview of performers/nonperformers at various levels in different organizations. Analysis of data is used to establish the relationship between attributes of TQM and business sustainability. TQM enhances the cost effectiveness while helping suppliers to produce enhanced quality to their customers and with minimum efforts and lesser rejection. Analysis of data is used to establish the relationship between attributes of TQM and cost effectiveness in an organization.

6. Company Management and Governance

2020 ◽  
pp. 100-120
Author(s):  
Imogen Moore
Keyword(s):  
Corporate Governance ◽  
Institutional Investors ◽  
Executive Directors ◽  
Corporate Governance Code ◽  
Executive Remuneration ◽  
Questions And Answers ◽  
The Uk ◽  
And Control ◽  
The Relationship

The Concentrate Questions and Answers series offers the best preparation for tackling exam questions and coursework. Each book includes typical questions, suggested answers with commentary, illustrative diagrams, guidance on how to develop your answer, suggestions for further reading, and advice on exams and coursework. This chapter explores important issues in company management and corporate governance, starting by examining the role of directors and shareholders (and the relationship between them) and the separation of ‘ownership and control’. Since the early 1990s, the governance of listed companies has been dominated by self-regulatory codes (currently the UK Corporate Governance Code). This chapter examines how these codes operate and considers key themes in corporate governance, including the role of non-executive directors and auditors; the position of institutional investors; and executive remuneration.

scholarly journals A Literature Review of the Perspectives of CEO Pay: An Analysis of Issues and Controversies

2018 ◽  
Vol 8 (4) ◽  
pp. 44
Author(s):  
Faitira Manuere ◽  
Precious Hove
Keyword(s):  
Corporate Governance ◽  
Literature Review ◽  
Executive Compensation ◽  
Ceo Compensation ◽  
Executive Pay ◽  
The Core ◽  
Good Corporate Governance ◽  
Ceo Pay ◽  
Conceptual Background

The purpose of this paper is to review the literature on various theories that are used in organisations today to determine executive compensation. This paper analyses the relevance of the theories that are used to determine CEO compensation in modern corporations. The paper makes an attempt to review extensively the literature on CEO compensation. This paper looks at the concerns of sixteen theories of executive compensation. This paper further analyses the special features that are associated with CEO pay. These features help us to understand the problems that experts on executive pay experience when they try to define the exact CEO pay when compared to other rewards that are non financial. The drivers of executive pay are quantified and qualified in order to provide the conceptual background needed to understand the core factors that determine executive pay. Therefore the role of institutional investors in driving managerial salary is explored in detail. Finally, the effects of firm size and good corporate governance on executive pay are carefully analysed.

Plan B Earth v Secretary of State for Transport: Airport Expansion, the Paris Agreement and the Planning Act 2008

2020 ◽  
Vol 32 (3) ◽  
pp. 559-575
Author(s):  
Sonam Gordhan
Keyword(s):  
National Policy ◽  
Paris Agreement ◽  
Planning System ◽  
Policy Statement ◽  
Secretary Of State ◽  
Plan B ◽  
The Uk ◽  
The Relationship ◽  
Court Of Appeal

Abstract This case analysis considers the Court of Appeal’s decision in R (Plan B Earth and ors) v Secretary of State for Transport [2020] EWCA Civ 214, which followed the High Court challenge to the Secretary of State’s designation of the UK Airports National Policy Statement. The Court of Appeal found that the Secretary of State’s failure to take into account the UK’s commitment to the Paris Agreement when carrying out his duties under the Planning Act 2008 was unlawful. While permission to appeal this decision has been granted, it remains a notable judgment. The Plan B Earth case confirms the interaction between the UK’s climate change commitments and the statutory framework of the UK’s planning system. It also highlights the complexity of the Court’s institutional role in the context of environmental problems. Analysing the implications of this decision through a policymaking lens risks overlooking the role of public law principles that shaped the Court’s reasoning, defining the relationship between the Paris Agreement and the Planning Act.

The Compound Marine Steam Engine: A Study in the Relationship Between Technological Change and Economic Development

1967 ◽  
Vol 27 (4) ◽  
pp. 615-617 ◽  
Author(s):  
Ramon Knauerhase
Keyword(s):  
Economic Development ◽  
Technological Change ◽  
Growth Process ◽  
Steam Engine ◽  
Adoption And Diffusion ◽  
The Cost ◽  
The Relationship ◽  
And Diffusion ◽  
Sailing Ship

One of the most important problems in the study of economic development is the role of technological change in the growth process. My dissertation is an analysis of some of the major variables which influenced the timing of the invention, adoption, and diffusion of the compound marine steam engine. The problem was divided into three parts: (1) all those variables pertaining directly to the invention of the engine, and the very first effects on the cost structure of the steamship industry; (2) the role of the compound marine steam engine in the growth of the German merchant fleet, 1872–1887, with special emphasis on the diffusion of the invention and its productivity effects; and (3) the effect of the compound steam engine on the sailing ship component of the German merchant fleet.

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