Unions, joint regulation and workplace equality policy and practice in Britain: evidence from the 2004 Workplace Employment Relations Survey

The impact of trade unions on discrimination and labour market inequality has been a matter of public concern for many years. Recently, however, observers have suggested that unions have increasingly sought to prioritise equality matters. There is a growing expectation, for example, that they will actively bargain over equality and encourage employers to adopt equality practices in order to protect workers from discrimination. Hence, unions may now have a central role to play in advancing the equality agenda and ultimately helping promote a more inclusive society. This article provides an empirical assessment of the relationship between unionisation and the adoption of equal opportunities policies and practices in British workplaces, using data from the 2004 Workplace Employment Relations Survey.

Updated: 05/01/2015
Comments: 13
Views: 2,970

The Impact of Private Equity on Management Practices in European Buyouts: Short-termism and Anglo American Effects

Author(s):

Nicolas Bacon

 et al.

Private equity firms are accused of increasing the short-term performance of buyouts by reducing investments in human capital. To explore this issue, this paper presents findings from the first representative pan-European survey of managers' perceptions of the impact of private equity on management practices in buyouts. Managers report that private equity investment results in an overall increase in high performance work practices (HPWPs), and the increase is greater where private equity firms anticipate a late exit. Anglo-American private equity buyouts are just as likely to introduce new HPWPs as non-Anglo-American private equity backed buyouts, and also extend financial incentives to cover a greater proportion of employees.

Updated: 04/01/2015
Comments: 5
Views: 2,475

How can Public Services be improved from a HR perspective? When Meaning matters most.

Author(s):

Chris Rowley

 et al.


Every organisation succeeds by delivering value to its key stakeholders. For public agencies, value occurs when citizens receive meaningful services, when policy makers wisely allocate scarce resources to societal demands, when communities have sustainability, and when society norms help individuals prosper. For any organisation to deliver value to stakeholders, it must align internal practices to external demands. We know, for example, that employee attitude inside a company is strongly correlated with customer, investor and community attitudes outside a company.

Human Resources (HR) can help public agencies deliver this value by creating meaning. When we find meaning in the organisations where we work, that personal meaning transfers to value to those we serve. In the public sector, meaning comes when public servants use their strengths to strengthen those they serve.

Updated: 05/01/2015
Comments: 11
Views: 5,299

Strategies and Tactics of Chinese Contract Manufacturers and Western OEMs (2001-2011)

Author(s):

ManMohan Sodhi

 et al.

As policy makers seek to draw lessons from the growth of Chinese manufacturing, we need to better understand the evolving strategies adopted by Chinese manufacturers since the economic reforms of the 1980s. Focusing on the apparel and electronics sectors, we look at how Chinese manufacturers sought to move to higher value-adding parts of the supply chain in different ways during the period 2001-2011 and how their western OEMs (original equipment manufacturers) responded. As a first step towards understanding the co-evolving strategies and tactics of Chinese contract manufacturers and western OEMs, we use a simple game-theoretic framework of contract manufacturer and OEM strategies to look at the actual tactics many Chinese contract manufacturers adopted.

Updated: 19/12/2014
Comments: 7
Views: 5,333

Do Corporate Cultures Change over Time? Evidence from South Korea.

Author(s):

Chris Rowley

 et al.

An investigation into corporate culture change at the South Korean multinational conglomerates, or 'chaebols' as they are often referred to. Our findings are based on a two-point survey in 1995 and then in 2006. There arose a lot of changes in values and attitudes of employees over these years. Traditional collectivism and the positive attitude which characterised the dynamism of the businesses had declined. Despite these changes however, individual companies maintained their identities according to their chaebol group. Also, cultural differences have not been converging but rather diverging. Based on these findings we can hypothesise that business society has become more diverse. While maintaining core elements of traditional collectivism, society has to cope with widening diversity at individual and organisational levels. In this diversifying society the management of organisational culture is going to play a more important role to attract the right people and maintain organisational identity. From this we can posit that a 'diversity paradigm' could be emerging in business.

Updated: 05/01/2015
Comments: 8
Views: 5,047

A Simple Method for Estimating the Marketability Discount of Large Blocks of Shares

Author(s):

Enrique Schroth

 et al.
Topic:
Finance

An inherent difficulty in estimating the value of large blocks of shares is the need to account for their limited marketability. To date, there are no estimates of the marketability discount that explicitly take into account the illiquidity of the market for corporate control. In this article, results from previous work by the authors are used to produce a simple method to estimate the marketability discount under different firm, industry and macroeconomic scenarios. This method is applicable to public firms that have non-traded controlling blocks of shares, as well as fully private firms, and it helps investors determine what discounts to apply on top of the more traditional valuation methods (multiples based methods, DCF analysis).

Updated: 31/12/2014
Comments: 13
Views: 5,161

Strategic Default and Equity Risk Across Countries

When a firm is in financial distress, its shareholders and debt holders may benefit from a debt renegotiation to avoid an inefficient bankruptcy or liquidation. The prospect of a debt reduction through a renegotiation may, however, induce shareholders to default even if the firm is solvent. The view that shareholders may default for strategic rather than for solvency reasons has proved useful in understanding, among other things, the theoretical determinants of corporate bond spreads, dividend policies, the optimal debt structure, and the valuation of debt and equity.

This paper asks whether the option of shareholders to default strategically on the firm's debt explains differences in firms' equity risk across countries. It claims that the risk of equity should be lower for firms that operate in countries where the insolvency procedure favours debt renegotiations

Updated: 28/12/2014
Comments: 9
Views: 2,608

Optimal customer selection for cross-selling of financial services products

Author(s):

Jens Nielsen

 et al.

In this research a new methodology for optimal customer selection in cross-selling of financial services products, such as mortgage loans and non life insurance contracts, is presented. Financial services companies tend to possess significant databases and a long relationship with each customer. In this situation the challenge becomes to use the database in general and specific knowledge of the individual target to estimate the probability of a cross-sale, the cost of a cross-sale attempt, the average discounted future profit and the uncertainty of the profit of the entire cross-sale attempt for that individual. Once reliable estimates for the stochastics of the cross-sale process have been established, one can optimise the cross-sale profit according to a variety of criteria including return and risk. In this paper, we first consider the simple question of optimising the average profit, but we also consider one version of adjusting for risk when optimising cross-sale profits. Our extensive case study is taken from non-life insurance, where our sales probability model is provided to us by the company that also provided us with the data.

Updated: 05/01/2015
Comments: 10
Views: 3,050

Dynamic Debt Runs and Financial Fragility: Evidence from the 2007 ABCP Crisis

Author(s):

Enrique Schroth

 et al.
Topic:
Finance
Industry:
Banking

Debt runs played a central role in the financial crisis of 2007-2008, reigniting the debate about their causes and how they can be prevented. This research uses the 2007 asset-backed commercial paper (ABCP) crisis as a basis to study the determinants of debt runs.

This paper can may be of specific interest to financial institutions, as it has clear implications about the design of off-balance sheet investments, the degree of maturity mismatch between debt and assets, the strength of the credit guarantees and, most importantly, exactly how much leverage is unsafe. This discussion is timely, given the efforts by the Vickers report and the Liikanen report to address the problems of shadow banking.

Updated: 20/12/2013
Comments:
Views: 4,809