scholarly journals Stock incentive plans in Europe: Empirical evidence and design implications

2007 ◽  
Vol 4 (4) ◽  
pp. 70-79 ◽  
Author(s):  
Alessandro Zattoni
Keyword(s):  
Institutional Environment ◽  
Empirical Studies ◽  
Stock Option ◽  
Anglo Saxon ◽  
Top Managers ◽  
Incentive Plans ◽  
Stock Incentive ◽  
Set Up ◽  
Capitalistic System ◽  
Widespread Dissemination

Traditionally, stock incentive plans have been used by American companies for two primary purposes: as tools of corporate governance to align the interests of top managers and shareholders, and to motivate managers to maximize shareholders’ value. Recently, just as the misuse of stock option plans is the subject of scathing criticism, such plans are seeing widespread dissemination in several European countries. Empirical studies conducted by both consulting companies and management scholars outline the increasing diffusion of stock incentive plans designed by European companies and the main features of these plans. The characteristics of the process through which they are designed and of the equity incentives implemented raise the concerns of investors and academics about the ability of such plans to align managers’ interests to shareholders’. Since stock incentive plans were created and developed in the Anglo-Saxon capitalistic system, the last part of the paper reviews the reasons why firms should set up these plans. The aim is to ascertain whether European companies have good reasons to create SIPs and if the features of the incentive plans designed by these executives are consistent with achieving these goals. To answer these questions, a theoretical model is presented to provide a framework for designing stock incentive plans that are tailored to the characteristics of the company, specific aims it wishes to pursue, and the relative institutional environment.

Effects of CEO and COO overconfidence on the firm's inventory leanness

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Bowon Kim ◽  
Jaeseog Na
Keyword(s):  
Inventory Management ◽  
Operations Management ◽  
Market Competition ◽  
Chief Executive ◽  
Stock Option ◽  
Behavioral Characteristics ◽  
Firm Level ◽  
Content Type ◽  
Top Managers ◽  
Managerial Overconfidence

PurposeThis study examines whether the behavioral attributes, such as overconfidence, of chief executive officers (CEO) and chief operating officers (COO) affect firm's inventory leanness. If they do, how are they interacting with each other? Moreover, incorporating market competition into the analysis, this study explores how the competition moderates the relationship between managerial overconfidence and inventory leanness.Design/methodology/approachUsing a large panel data of US manufacturing firms between 1998 and 2015, this study measures top managers' overconfident characteristics using stock option information. Then, a panel regression analysis is adopted to test the effects of managerial overconfidence on inventory leanness. Moreover, a moderation model is applied to investigate the interaction effects of market competition.FindingsFirms with overconfident COOs (CEOs), other circumstances being equal, increase (decrease) the inventory leanness as the market becomes more competitive.Practical implicationsThe study suggests that firms should understand top managers' behavioral characteristics to manage inventory efficiently. Collectively, CEOs (COOs) tend to increase (decrease) inventory levels due to their overconfidence as the market gets competitive. Firms should establish a systematic process to be reviewed by diverse stakeholders to deal with managerial overconfidence.Originality/valueThis study is an exploratory study that examines whether and how top management's behavioral attribute relates to a firm's operations performance. It underlines that CEO and COO's overconfident characteristics determine the inventory leanness when market competition is considered. Numerous studies on firm-level strategies emphasized the top managers' overconfidence as a key factor. However, behavioral characteristics at the top management level have rarely been studied in operations management fields. Based on the results, scholars could compare and understand the effects of CEO and COO overconfidence to provide insights into inventory management.

Martin Shapiro: An Appreciation

The Forum ◽  
2016 ◽  
Vol 14 (2) ◽  
Author(s):  
R. Shep Melnick
Keyword(s):  
Institutional Environment ◽  
Empirical Studies ◽  
The Political ◽  
Public Officials ◽  
Thick Description ◽  
Past Half Century ◽  
The Us ◽  
The Matrix ◽  
The One ◽  
Better Than

AbstractOver the past half century no judicial politics scholar has been more respected or influential than Martin Shapiro. Yet it is hard to identify a school of thought one could call “Shapiroism.” Rather than offer convenient methodologies or grand theories, Shapiro provides rich empirical studies that show us how to think about the relationship between law and courts on the one hand and politics and governing on the other. Three key themes run through Shapiro’s impressive oevre. First, rather than study courts in isolation, political scientists should view them as “one government agency among many,” and seek to “integrate the judicial system in the matrix of government and politics in which it actually operates.” Law professors may understand legal doctrines better than political scientists, but we know (or should know) the rest of the political system better than they do. Second, although judges inevitably make political decisions, their institutional environment leads them to act differently from other public officials. Most importantly, their legitimacy rests on their perceived impartiality within the plaintiff-defendant-judge triad. The conflict between judges’ role as impartial arbiter and enforcer of the laws of the regime can never be completely resolved and places powerful constraints on their actions. Third, the best way to understand the complex relationship between courts and other elements of the regime is comparative analysis. Shapiro played a major role in resuscitating comparative law, especially in his work comparing the US and the EU. All this he did with a rare combination of thick description and crisp, jargon-free analysis, certainly a rarity the political science of our time.

scholarly journals Leverage Points for Governing Agricultural Soils: A Review of Empirical Studies of European Farmers’ Decision-Making

2018 ◽  
Vol 10 (9) ◽  
pp. 3179 ◽  
Author(s):  
Bartosz Bartkowski ◽  
Stephan Bartke
Keyword(s):  
Decision Making ◽  
Goodness Of Fit ◽  
Institutional Environment ◽  
Agricultural Soils ◽  
Empirical Studies ◽  
Symbolic Capital ◽  
Empirical Literature ◽  
Behavioural Characteristics ◽  
Peer Orientation ◽  
Economic Constraints

What drives farmers’ decision-making? To inform effective, efficient, and legitimate governance of agricultural soils, it is important to understand the behaviour of those who manage the fields. This article contributes to the assessment and development of innovative soil governance instruments by outlining a comprehensive understanding of the determinants of farmers’ behaviour and decision-making. Our analysis synthesises empirical literature from different disciplines spanning the last four decades on various farm-level decision-making problems. Based on a conceptual framework that links objective characteristics of the farm and the farmer with behavioural characteristics, social-institutional environment, economic constraints, and decision characteristics, empirical findings from 87 European studies are presented and discussed. We point out that economic constraints and incentives are very important, but that other factors also have significant effects, in particular pro-environmental attitudes, goodness of fit, and past experience. Conversely, we find mixed results for demographic factors and symbolic capital. A number of potentially highly relevant yet understudied factors for soil governance are identified, including adoption of technologies, advisory services, bureaucratic load, risk aversion and social capital, social norms, and peer orientation. Our results emphasise the importance of a broad behavioural perspective to improve the efficiency, effectiveness, and legitimacy of soil governance.

scholarly journals ІДЕНТИФІКАЦІЯ КАТЕГОРІЇ «НАЦІОНАЛЬНІ ДІЛОВІ КУЛЬТУРИ» ЯК ВИХІДНА ОСНОВА МІЖНАРОДНОГО ПІДПРИЄМНИЦТВА

2020 ◽  
pp. 19-25
Author(s):  
Єгор Вячеславович Чеботарьов
Keyword(s):  
Institutional Environment ◽  
Empirical Studies ◽  
Cross Cultural ◽  
Practical Significance ◽  
Business Culture ◽  
Analysis And Synthesis ◽  
Critical Instability ◽  
Cross Cultural Management ◽  
Cultural Marketing ◽  
National Business

Formulation of the problem. The dramatic aggravation of the situation in world commodity, financial and stock markets leads to critical instability of international business, which confirms the need to study the problematics of national business cultures. The aim of the research is to identify the pivotal category - "national business cultures" and to disclose its content. The subject of the research is the original epistemological basis of analysis and the defining phenomena that reveal the content of the category - "national business cultures". The methods of the research: unity of analysis and synthesis, ascent from concrete to abstract, method of comparative analysis. The hypothesis of the research - national business cultures embody a set of phenomena and processes that are multidisciplinary in content, with reproducibility in time and space with some modification in specific conditions. The statement of basic materials: on the basis of the analysis of the works of the founders of the theory of national business cultures (G. Hofstede, F. Trompenaars; R. Lewis; C. Rapaille) and their followers the essence of the components of the study of national business cultures: cross -cultural management, cross -cultural communications and cross -cultural marketing. The epistemologi cal postulates that are necessary for the categorical definition of the "national business cultures" concept are qualified: multifacetedness; determinants of the formation of national business cultures; the longevity and reproduction of national business cultures; property of identification and classification of differences of national business cultures; modification of forms of manifestations of national business cultures within specific time. The originality and practical significance of the research lays in clear authentication of the "national business cultures" category and identification of the defining components of cross-cultural entrepreneurship. Conclusions and perspectives of further research: national business cultures are a complex interdisciplinary phenomenon that focuses on a set of essential features not only of economic content but also of the institutional environment. The primary tasks of further development are to conduct applied empirical studies on the evaluation of Ukraine's national business culture.

THE COMPLEXITY OF SOCIAL ECONOMY AS A SOCIO-ECONOMIC PHENOMENON

2021 ◽  
Vol 17 (1 (ang)) ◽  
pp. 2-10
Author(s):  
Andrzej Zybała
Keyword(s):  
Local Governments ◽  
Public Management ◽  
Central Government ◽  
Institutional Environment ◽  
Social Economy ◽  
Anglo Saxon ◽  
Endogenous Factors ◽  
The Public ◽  
The Social ◽  
Economy System

This paper presents the complexity of the contemporary social economy system – its definitions, points of reference, role played in socio-economic development. Furthermore the paper presents a review of selected approaches to social economy, including definitional approaches, e.g. those specific to Anglo-Saxon and continental traditions. It discusses the context in which it emerged and developed as a phenomenon in the public policy and economic areas. It analyses the dynamics of social economy development in Poland, including institutional environment and selected mechanisms of public management. It stresses that top-down initiatives – including those of the central government and the EU institutions – are a key element in making the social economy dynamic in developing the forms of activity (in view of the weakness of endogenous factors). The central and local governments place social economy at the heart of their strategies in many public policies.

Development of Method for Measurement Sound Pressure Level to Use Earphone

2013 ◽  
Vol 717 ◽  
pp. 378-383
Author(s):  
Seok Hoon Kang ◽  
Hyuk Moon
Keyword(s):  
Hard Of Hearing ◽  
Sound Pressure ◽  
Measured Data ◽  
Pressure Level ◽  
Experimental Equipment ◽  
Warning Message ◽  
The Hours ◽  
Set Up ◽  
And Control ◽  
Widespread Dissemination

Earphone use has skyrocketed due to the widespread dissemination of portable acoustic-apparatus. As the result, hearing loss due to noise-induced is becoming a big social problem. As the existing method, warning message is only used to prevent the hard of hearing according to the earphone use. However, it is hard for users to know the effect of the hours of earphone use and volume on their hearing, and control the earphone use by themselves. Therefore, in this paper, the method is suggested that users measure the effect of the time and volume of earphone use on their hearing with the simple experimental equipment and program. The method suggested in this paper is based on the simple experimental equipment to set up the similar environment to the real ear, and the program to find out the effect on hearing with the measured data.

The Participation of npos in the Economic Development of Rural Communities in China: A Review of the Existing Literature

2014 ◽  
Vol 6 (2) ◽  
pp. 239-258
Author(s):  
Xiaoping Zhao ◽  
Zhaonan Zhu
Keyword(s):  
Economic Development ◽  
Rural Communities ◽  
Nonprofit Organizations ◽  
Institutional Environment ◽  
Empirical Studies ◽  
Mutual Aid ◽  
Positive Role ◽  
Internal Governance ◽  
Theoretical Perspectives

This article reviews literature of the last ten years on the participation of nonprofit organizations (npos) in the economic development of Chinese rural communities. The article starts by illustrating the significant role of npos in the economic development of Chinese rural communities, and summarizing three ways of npos’ participation: mobilizing farmers to establish and join mutual aid organizations; providing farmers with market information services; providing farmers with technological services. The existing literature investigates the positive role of npos in the economic development of Chinese rural communities from three theoretical perspectives: “social capital,” “collective action,” and “community-driven development.” However, in reality, unlike in theory, npos do not always play a positive role. They are faced with challenges in such areas as sound internal governance, professional external services, institutional environment, social cognition and financing environment. These issues are mentioned in some literature, but have not attracted enough theoretical attention. The existing literature is mainly based on theorization, and empirical studies are relatively insufficient.

scholarly journals Labour market mobility and employment security of male employees in Europe: `trade-off' or `flexicurity'?

2008 ◽  
Vol 22 (2) ◽  
pp. 221-242 ◽  
Author(s):  
Ruud Muffels ◽  
Ruud Luijkx
Keyword(s):  
Labour Market ◽  
Negative Relationship ◽  
Welfare Regimes ◽  
Anglo Saxon ◽  
Trade Off ◽  
Outcome Indicators ◽  
Employment Security ◽  
Transition Models ◽  
Set Up ◽  
The Impact

The dominant view in economics is that increasing demands for flexibility on the labour market jeopardizes employment security. However, against the prediction of a negative relationship or a`trade-off' between flexibility and security, there is evidence for a positive, mutually reinforcing relationship known as the `flexicurity' thesis. Using comparative panel data for 14 European countries, we elaborate dynamic outcome indicators for flexibility and employment security to assess the differences across countries and welfare regimes in balancing the two.We estimate transition models to explain the observed mobility patterns.The outcomes confirm the impact of the institutional set-up indicated by regime type on these transitions supporting the `variety of capitalism' approach.The regulated Southern and Continental regimes perform worst and the unregulated Anglo-Saxon and Nordic regimes best in attaining high levels of flexibility and employment security simultaneously, though for both regimes with a small loss either in flexibility or in security.

ENTREPRENEURSHIP IN TRANSITIONAL ECONOMIES: REVIEW AND INTEGRATION OF TWO DECADES OF RESEARCH

2010 ◽  
Vol 15 (01) ◽  
pp. 69-99 ◽  
Author(s):  
IVAN M. MANEV ◽  
TATIANA S. MANOLOVA
Keyword(s):  
Large Scale ◽  
Institutional Environment ◽  
Empirical Studies ◽  
Transitional Economies ◽  
Future Research ◽  
Special Focus ◽  
Academic Journal ◽  
Opportunity Identification ◽  
Firm Level ◽  
Country Level

This review maps research on entrepreneurship in transitional economies since the start of institutional reforms. Data came from 129 academic journal articles published between 1990 and 2009. 62 articles reported research on macro (country) level, discussing the nature and speed of reform, credit constraints, assistance programs and the role of small business for economic development. 67 articles studied micro (firm) level factors, but only 14 of them employed data analytical methods to study what explains entrepreneurial success, suggesting a role for networking, industry experience and entrepreneurial orientation. We suggest more research on understanding the context of entrepreneurship, with a special focus on the informal institutional environment and industry structure. Also, future research can explore topics such as strategic agendas, opportunity identification and entrepreneurial cognition, which have been rare to date. We particularly emphasize the need for rigorous and replicable large-scale empirical studies.

scholarly journals Preliminary Experimental Trial of Effects of Lattice Fence Installation on Honey Bee Flight Height as Implications for Urban Beekeeping Regulations

Land ◽  
2021 ◽  
Vol 11 (1) ◽  
pp. 19
Author(s):  
Tomonori Matsuzawa ◽  
Ryo Kohsaka
Keyword(s):  
Urban Areas ◽  
Public Safety ◽  
Empirical Studies ◽  
Laser Scanner ◽  
Urban Spaces ◽  
Location Data ◽  
Flight Height ◽  
Different Types ◽  
Negative Perceptions ◽  
Set Up

Urban beekeeping has gained salience because of its significance in biodiversity conservation and community building. Despite this, beekeeping practices in urban areas have received negative perceptions from residents, which stem from public safety concerns. There is, therefore, a need to enhance and/or work on appropriate rules for maximizing the profits while minimizing the risks. Amongst the present regulations, the installation of barriers and setbacks is the most common rule for public safety. However, only a limited number of empirical studies have reported on their effective location and height. Thus, in this study, an experimental apiary was set up with different types of barriers installed with varying distances to observe and measure flyway patterns of honey bees. We used a 3D laser scanner, which obtained 8529 points of highly accurate flight location data in about five hours. Results showed that the heights (1.8 and 0.9 m) of the barriers installed were effective in increasing the flight altitudes. The distance of the fence, which was installed as close as 1 m from the hives, was effective as well. These findings, which showed that barriers and setbacks are effective, can have regulatory implications in designing apiaries in urban spaces, where location is often restricted.

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