scholarly journals Determinants of commitment and opportunism of institutional investors’ behaviour: an empirical investigation on Robo-voting Phenomenon

2021 ◽  
Vol 38 (3) ◽  
pp. 191-214
Author(s):  
NICOLA CUCARI ◽  
SALVATORE ESPOSITO DE FALCO ◽  
SERGIO CARBONARA ◽  
KONSTANTINOS SERGAKIS ◽  
DOMENICO SARDANELLI
Keyword(s):  
Institutional Investors ◽  
Analysis Of Covariance ◽  
Central Research ◽  
Shareholder Engagement ◽  
Legal Enforcement ◽  
Opportunistic Behaviour ◽  
Italian Market ◽  
Research Questions ◽  
Proxy Advisors ◽  
Practical Implications

Purpose of the paper: Recent research identifies a troubling number of institutional investors that automatically follow the advice of their proxy advisors so that they can prove to have complied with their fiduciary duties in a practice known as robo-voting. Therefore, our central research questions are: How could the characteristics of institutional investors affect robo-voting phenomenon? How could robo-voting phenomenon favour the creation of new opportunistic behaviour, changing the scope of shareholder engagement? Methodology: Our paper directly addresses these questions by using ANCOVA (Analysis of Covariance) to test the effect of characteristics of institutional investors on the dependent variable under study. We use a manually constructed sample of coverage information from 123 Annual General Meetings held by large Italian companies in the 4-year period 2015 to 2018 and the voting reports of three proxy advisors. Findings: We show that such voting based on robo-voting phenomenon is restricted to specific types of institutional investors and it may be highlighted as a negative aspect of a duty to ‘demonstrate’ engagement on the part of institutional investors. Specifically, this duty could depend on location, strategy and category of institutional investors. Research limits: We refer only to the Italian market and it may be considered as a peripheral market by investors. Practical implications: We argue that legal enforcement of the conceptual and operational spectrum of engagement duties currently sits uncomfortably upon institutional investors and proxy advisors. Originality of the paper: We think it is important to consider how to promote shareholder engagement in general in a European context and at the same time curb negative activism by some shareholders.

Disciplinary power in corporate governance: A Foucauldian analysis of the emergence and development of proxy advisors

2021 ◽  
pp. 103237322098623
Author(s):  
Damien Lambert
Keyword(s):  
Corporate Governance ◽  
Institutional Investors ◽  
Historical Analysis ◽  
General Meeting ◽  
Global Scale ◽  
Disciplinary Power ◽  
Record Keeping ◽  
Corporate Executives ◽  
Proxy Advisors ◽  
Foucauldian Analysis

Prior research in corporate governance has extensively investigated the mechanisms through which a variety of actors (financial analysts, investment managers, shareholder activists) monitor and discipline corporate executives. However, one recently emerged actor has received little attention so far: the proxy advisory firm. Mobilising Foucault’s concept of disciplinary power, this study uses historical analysis to examine the role of proxy advisors in corporate governance. This article shows that proxy advisors actively contributed to developing and implementing disciplinary mechanisms. This involves (1) hierarchical observations of corporations and their executives on a global scale. These observations are made available to institutional investors on proxy advisors’ voting platforms which have Panopticon-like features; (2) normalisation of judgements through the provision of generic voting policies, generic voting recommendations and corporate governance ratings prepared by proxy advisors and delivered to many institutional investors; (3) ritualised examination of the performance of corporations and of their executives during the annual general meeting, including record-keeping of all past voting results.

scholarly journals Number Manipulation Strategy: A Model of Experiential Instruction and Interest in Arithmetic Learning of Pupils of Lower Basic Level in Enugu State, Nigeria

2021 ◽  
Vol 12 (1(V)) ◽  
pp. 19-29
Author(s):  
Sochima Stanislus Unodiaku
Keyword(s):  
Primary Schools ◽  
Mathematics Classroom ◽  
T Test ◽  
Analysis Of Covariance ◽  
Mathematics Textbook ◽  
Research Questions ◽  
Enugu State ◽  
Experiential Instruction ◽  
Level Of Significance ◽  
Manipulation Strategy

The study investigated the efficacy of the number manipulation strategy (NUMAS) as a model of experiential instruction and interest in arithmetic learning for pupils of lower basic levels. The population of the study consisted of 1205 lower basic III level pupils of the 2018/2019 session in Igbo-Etiti Local Government Area (L.G.A.) of Enugu State. A sample of 121 primary five pupils from 4 schools out of 53 primary schools in the study area was randomly sampled. The 121 pupils were composed of 42 males and 79 females used for the study. The study was guided by four research questions and four hypotheses. The hypotheses were tested at a p<.05 level of significance. The instruments used for the study were Arithmetic Test (ART) and Mathematics Interest Inventory Questionnaire (MIIQ) developed by the researcher. The ART and MIIQ instruments were faces validated by experts and their reliability indexes were 0.85 and 0.79 respectively, established using Cronbach alpha and split-half methods respectively. The data obtained with the instruments were analyzed using mean, standard deviations (SD), t-test and analysis of covariance (ANCOVA) statistics. Mean and SD was used in answering the research questions, while t-test and ANCOVA statistics were used in testing the hypotheses at P<.05 level of significance. The findings of the study showed that NUMAS is effective in teaching arithmetic, especially in enhancing the addition and subtraction skills acquisition of the pupils. Gender was found not to be a significant factor of variance in arithmetic achievement when the teaching of arithmetic is NUMAS based. The use of NUMAS was recommended to teachers, lower basic mathematics textbook authors and stakeholders in education, to ensure that NUMAS is adopted and adapted for use in Mathematics classroom instruction and learning.

scholarly journals Learning from Co-creation Practice

2020 ◽  
pp. 179-201
Author(s):  
Juliane Jarke
Keyword(s):  
Service Providers ◽  
Care Service ◽  
Central Research ◽  
Social Care Service ◽  
Meaningful Participation ◽  
Research Questions ◽  
Data Tables ◽  
Older Citizens ◽  
Strategic Policies ◽  
Learning Points

Abstract This chapter reflects on the learnings from the three co-creation projects featured in this book and attends to the central research questions posed in the introduction. In sum, the chapter presents nine learning points. These cover very different aspects of co-creation ranging from the different roles local government, social care service providers, intermediaries and older citizens may assume, to the implications of embedding co-creation processes in existing service portfolios and strategic policies. The chapter furthermore reflects on different types of co-creation methods (e.g. cultural probes, data tables, data walks) and how they allow for meaningful participation and sharing of knowledge. Ultimately the chapter considers to what extent the openness of a co-creation process impacts on the sustainability of its results and the ways in which co-creation may contribute to joint socio-technical future-making.

Limit Up–Limit Down: an effective response to the “Flash Crash”?

2016 ◽  
Vol 24 (4) ◽  
pp. 420-429 ◽  
Author(s):  
Viktoria Dalko
Keyword(s):  
High Frequency ◽  
Price Volatility ◽  
Effective Response ◽  
Content Type ◽  
Flash Crash ◽  
Price Momentum ◽  
Legal Enforcement ◽  
The Us ◽  
Contemporary Reality ◽  
Practical Implications

Purpose The purpose of this paper is to assess the US Securities and Exchange Commission’s new regulation, Limit Up–Limit Down (LULD), against the background of manipulative high-frequency trading (HFT). Design/methodology/approach This paper examines the background of HFT and related manipulative tactics by reviewing 43 articles of empirical research. It also examines areas in which LULD is effective and those in which LULD fails. The assessment of LULD is completed with a comparison between computerized regulation and legal enforcement in the contemporary reality of electronic trading platforms. Findings The paper points out the effectiveness of LULD in regulating wild price volatility as well as its insufficiency when facing orderly but fast price momentum ignited by manipulative HFT such as “spoofing”. Practical implications The findings may provide assistance to lawmakers and regulators to improve LULD regulation. Originality/value This paper is the first attempt to assess LULD regulation against a comprehensive background of manipulative HFT. The paper is of value to other researchers concerned about the instability to the equity market that manipulative HFT can create. The paper is also of interest to policymakers in designing effective regulation in the high-frequency era.

Thinking Process in Legal Research

2020 ◽  
pp. 32-53
Author(s):  
P. Ishwara Bhat
Keyword(s):  
Reflective Thinking ◽  
Inductive Reasoning ◽  
Research Process ◽  
Central Research ◽  
Legal Research ◽  
Common Features ◽  
Research Questions ◽  
Thinking Process ◽  
The Mind ◽  
Problematic Situations

The second chapter discusses the way and means of carrying out the thinking process in legal research. Thinking is always in response to memory or a situation that the mind comes across. The three important processes of thinking laid down by scholars are: reflective thinking, epistemological steps, and the scientific method. Each poses central research questions in response to problematic situations or difficulties and tries to find answers by expanding the thinking process. The formulation of a tentative answer called hypothesis, working about its viability in light of exhaustive collection of data, and drawing inferences are the phases of the research process. There are subtle differences and common features amidst these approaches, which the present chapter closely compares and contrasts. It also discusses the relation between fact and theory, the differences between deductive and inductive reasoning, and the method of correlating and applying them in the course of legal research.

scholarly journals Gender and Race in Ministry Leadership: Experiences of Black Clergywomen

Religions ◽  
2018 ◽  
Vol 9 (12) ◽  
pp. 377 ◽  
Author(s):  
Kimberly Nelms Smarr ◽  
Rachelle Disbennett-Lee ◽  
Amy Cooper Hakim
Keyword(s):  
Qualitative Study ◽  
Primary Research ◽  
Race Bias ◽  
Gender And Race ◽  
Ministry Leadership ◽  
Leadership Experiences ◽  
Clergy Leadership ◽  
Research Questions ◽  
Practical Implications ◽  
Seminary Training

Despite the increase of seminary training, Black clergywomen continuously undergo subjugation, degradation, and humiliation in ministry leadership due to gender and race bias by clergymen. This article reports the findings of a qualitative study that examined the experiences of Black clergywomen regarding obstacles in ministry leadership and how these clergywomen ascribed meaning to their experiences. The two primary research questions were, “What are the experiences of Black clergywomen regarding obstacles in ministry leadership?” and “How do Black clergywomen attribute meaning to their experiences regarding obstacles in ministry leadership?” The results of the study indicated that bias of gender exists among clergymen; however, the Black clergywomen learned to embrace the experiences and learned from them. The conclusion of this article includes a discussion regarding the practical implications of the education of clergymen and clergywomen, and the re-evaluation of the perception of Black clergywomen and their experiences. The purpose of this qualitative study was to explore the experiences of Black clergywomen pertaining to challenges in clergy leadership and to explore how Black clergywomen attributed meaning to their experiences regarding challenges in ministry leadership.

scholarly journals A Systematic Review of the Influence of Internal Marketing on Service Innovation

2020 ◽  
Vol 13 (9) ◽  
pp. 207
Author(s):  
Soheila Raeisi ◽  
Nur Suhaili Ramli ◽  
Meng Lingjie
Keyword(s):  
Systematic Review ◽  
Organizational Learning ◽  
Literature Review ◽  
Thematic Analysis ◽  
Service Innovation ◽  
Internal Marketing ◽  
Future Research ◽  
Research Questions ◽  
The Relationship ◽  
Practical Implications

This paper aims aimed to present the trends of the literature review in internal marketing and service innovation between 1990 and 2016. The significant reason to conduct this research is that significant variables of internal marketing to link with service innovation are not clearly defined. This research yielded 22 systematic reviews of articles in the Scopus library and adopted a thematic analysis to analyze the data collected. This study provides provided answers to research questions by elaborating on overall trends, objectives, theoretical framework, methodologies, and potential variables that strongly connect between internal marketing and service innovation. While sample sizes are limited to this paper, it suggests suggested fruitful recommendations for future research to overcome this limitation. This research has had two practical implications for managers to redefine their roles and the relationship between members of the organization and to help managers and the firms to consider internal marketing efforts towards motivation, organizational culture, and organizational learning.

scholarly journals “Drop the Body”: Body Disposal Patterns in Sexual Homicide

2020 ◽  
pp. 0306624X2093143
Author(s):  
April Miin Miin Chai ◽  
Eric Beauregard ◽  
Julien Chopin
Keyword(s):  
Logistic Regression ◽  
Rational Choice ◽  
The Body ◽  
Regression Analyses ◽  
Sexual Homicide ◽  
Research Questions ◽  
Practical Implications

The current study investigates body disposal patterns in sexual homicide and examines whether offender’s behavior differ between solved and unsolved cases. To address these two research questions in line with rational choice perspective, a series of logistic regression analyses was conducted on a sample of 250 solved, and 100 unsolved sexual homicide cases in Canada. Within solved cases, results show that if victim is a prostitute, body found concealed, and found lying face down, it is likely the body was moved. For unsolved cases, the role of victim as a prostitute, and body recovered outdoors suggest that the body was moved. Further, results indicate that post-crime phase factors predicted the most whether the victim’s body was moved in solved cases. Whereas within unsolved cases, crime-phase factors contributed the most at predicting whether the body was moved post-homicide. Theoretical and practical implications from this study are discussed.

Sponsees: the silent side of sponsorship research

2018 ◽  
Vol 36 (3) ◽  
pp. 396-408 ◽  
Author(s):  
Giulio Toscani ◽  
Gerard Prendergast
Keyword(s):  
Literature Review ◽  
Research Agenda ◽  
Design Methodology ◽  
Brand Image ◽  
Content Type ◽  
Conceptual Paper ◽  
Research Questions ◽  
The Impact ◽  
Practical Implications ◽  
Holistic Manner

PurposeTo date the vast majority of sponsorship research has focused on the perspective of sponsors. The purpose of this paper is to use this research to identify factors that sponsored institutions and organizations (sponsees) should be cognizant of before entering into a sponsorship arrangement, and to propose a research agenda based on these factors.Design/methodology/approachThe authors leverage sponsorship research that has been published in business journals with an impact factor above 0.5 (Reuters, 2015).FindingsThis paper argues that sponsees should be aware of the benefits that sponsorship brings to sponsors so that they can better appeal to potential sponsors. A sponsee also needs to be aware of the impact a sponsorship partnership may have on its own brand, image, and equity.Research limitations/implicationsThis is a conceptual paper grounded in the literature that aims to stimulate further research in the domain of sponsorship and provide deeper understanding for sponsees. Empirical research addressing the research questions posed is required.Practical implicationsIn a holistic manner, this literature review offers insights into factors that sponsees should consider before entering a sponsorship relationship.Originality/valuePrevious research in the sponsorship domain has focused primarily on dyadic sponsors. This paper considers sponsorship from the sponsee’s perspective.

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