Showing papers on "Restructuring published in 1990"

The Tourist Gaze: Leisure and Travel in Contemporary Societies

Abstract: The tourist gaze mass tourism and the rise and fall of the seaside resort the changing economics of the tourist industry working under the tourist gaze cultural changes and the restructuring of tourism gazing on history tourism, culture and social inequality.

The Great U-turn: Corporate Restructuring And The Polarizing Of America

Abstract: * The Great U-Turn * Zapping Labor * Restructuring and the World of High Finance * The Laissez-Faire Affair * The Crisis of the American Dream * The Illusion of Solid Growth * Swings of the Pendulum

Efficiency and Organizational Structure: A Study of Reverse LBOs

Abstract: This paper is a report on 72 firms which went public since 1983 but previously underwent a full or divisional LBO. Accounting measures of performance reveal significant improvements in profitability which resulted mainly from these firms' ability to reduce costs. Firms experience dramatic increases in leverage at the LBO, but the leverage ratios are gradually reduced. The evidence is consistent with the hypothesis that the change in the governance structure of these firms towards more concentrated residual claims created a new organizational structure which is more efficient than its predecessor. GOING-PRIVATE TRANSACTIONS, OR leveraged buyouts (LBOs), have become an important method of corporate restructuring. In a typical going-private transaction, incumbent management acquires all outstanding publicly-traded shares of a corporation and merges the assets of the firm with a newly organized, privatelyheld shell corporation that it controls. Outside equity participants or buyout specialists often share equity ownership in the new private entity with management and help arrange financing for the buyout with lending institutions (DeAngelo, DeAngelo, and Rice (1984)). A variation on the going-private transaction is the divisional management buyout. In a divisional buyout, a division or subsidiary of a public corporation is acquired from the parent company by divisional executives and/or parent company managers (Hite and Vetsuypens

Restructuring Schools: The Next Generation of Educational Reform

Abstract: 1. Introduction: On Changing the Structure of Public Schools(Richard F. Elmore) Part One: Approaches to Restructuring Schools 2. Applying Conceptions of Teaching to Organizational Reform(Brian Rowan) 3. Fostering Teacher Professionalism in Schools(Gary Sykes) 4. Organizing Schools to Encourage Teacher Inquiry(HAndrik D. Gideonse) 5. Redesigning Teachers' Work(Susan Moore Johnson) 6. Rethinking School Governance(Mary Anne Raywid) Part Two: New Roles and Responsibilities for the District and State 7. Restructuring in Progress: Lessons from Pioneering Districts(Jane L. David) 8. Key Issues Confronting State Policymakers(Michael Cohen) 9. Conclusion: Toward a Transformation of Public Schooling(Richard F. Elmore).

Changing Course: When Governments Choose to Redirect Foreign Policy

Abstract: We are in a period of profound change in international relations and foreign policy. These developments call attention to the state of our knowledge about change processes in governmental decisionmaking. This essay reviews the contributions of several areas of conceptual literature and proposes a scheme for interpreting decisions in which a government decides to change policy direction. Foreign policy changes can be placed on a continuum indicating the magnitude of the shift from minor adjustment changes, through both program and goal changes, to fundamental changes in a country's international orientation. These degrees of change are examined with respect to four change agents: (1) leader driven; (2) bureaucratic advocacy; (3) domestic restructuring; and (4) external shock. The phases of decisionmaking mediate between sources of change and the magnitude of change in policy. The essay concludes with an examination of propositions that suggest conditions under which the phases of decisionmaking can increase the likelihood of major change.

Corporate Restructuring: Governance and Control Limits of the Internal Capital Market

Abstract: Corporate restructuring that is sparked by the threat of a takeover provides evidence that corporate governance limits of large diversified (M-form) firms may exist. This paper proposes that poor corporate monitoring, which is due to atomistic ownership patterns and inadequate board of director governance, an emphasis on incentive compensation, and free cash flows, may lead to higher levels of diversification. If diversification results in loss of strategic control and poor performance, the threat of a takeover is likely to be related to the incidence of corporate restructuring. Corporate restructuring, in turn, is likely to (a) result in the correction of inadequate governance patterns, (b) create a more focused diversification strategy, (c) increase strategic control, (d) reduce reliance on bureaucratic control through reduced corporate staff, and (e) increase the performance of the firm and shareholder wealth.

Mergers, restructuring, and corporate control

Abstract: This book presents recent literature on corporate mergers, acquisitions, takeovers, restructuring, and corporate governance as well as discussions of valuation, cost of capital, and strategic financial planning.This book discusses how MA Boeing-McDonnell Douglas; Ciba-Geigy-Sandoz, Disney-Cap Cities-ABC, and Time Warner-Turner.

The Impact of Corporate Restructuring on Industrial Research and Development

Abstract: This paper investigates whether the recent wave of corporate restructuring in the United States has had a negative impact on research arid development investment by industrial firms. Using a newly constructed sample of about 2500 manufacturing firms from 1974 to 1987, I examine three major classes of restructuring events: leveraged buyouts and other "going private" transactions, mergers and acquisitions in general, and substantial increases in leverage. The major conclusions are first, that leveraged buyouts do not occur in RD rather, the evidence seems consistent with an agency cost and cash flow-driven model of buyouts. Second, major increases in leverage are followed by substantial declines in the R&D intensity of the firms in question, and the effect takes at least three years to work through. Finally, although the evidence on acquisitions by publicly traded firms is mixed, the basic conclusion is that any declines in the R&D intensity of acquiring firms relative to their past history appear to be associated with the leverage structure of the transaction rather than the acquisition itself.

Economic Restructuring and the American City

Abstract: Transformations in the composition and locational patterns of the economy have assumed specific forms in cities and in the urban hierarchy. The new service-dominated urbanization, particularly evident in major cities, has distinct consequences for a range of social conditions. Here we focus especially on the characteristics of today's leading industries, the producer services, disproportionately concentrated in major cities; the impact of restructuring on the earnings distribution generally and in major cities in particular; and the impact of urban restructuring on minorities, a population increasingly concentrated in large cities.

© Gordon and Breach, Science Publishers, Inc.

Abstract: The scocialist system suffers a systemic, political and structural‐economic crisis. Reforms implemented to varying degrees in different countries have so far procured a hybrid system, whereby central planning is no longer operative, market forces have not really set in yet, and combined drawbacks of both systems are strongly felt. To offer chances of success the reforms need to be comprehensive enough to enable qualitative change: the realignment of economic policy, restructuring and demonopolization, decentralization and diversification of ownership, more market orientation, monetary measures, stress on competitiveness and opening to the global economy, as well as modifications of income distribution and social structure are all required. At the same time the process largely depends on the advances of Gorbachev's perestroika, while the nature of the newly emerging systems remains rather uncertain.

Rural restructuring: global processes and their responses.

Abstract: Who is rural? or, how to be rural, Marc Morment restructuring agriculture in advance societies - transformation, crisis and responses, Patrick Commins paradigmatic shift in agriculture - global effects and the Swedish response, Martin Peterson agricultural restructuring and rural social change in Australia, Geoffrey Lawrence rural labour market changes in the United States, Gene F.Summers et al class and change in rural Britain, Paul Cloke and Nigel Thift household, consumption and livelihood - ideologies and issues for rural research, Nenneke Redclift and Sarah Whatmore.

Restructuring help: A human services paradigm for the 1990s

Abstract: The new paradigm calls for the restructuring, redistribution, and expansion of helping behavior by those who ordinarily function as consumers of help. Consumers are to become producers of prosumers. By so doing they expand the help-giving resources quantitatively by converting helpees into helpers. The help is also changed qualitatively because the peers and the self-helpers possess an indigenous or inside understanding of the problems and the people to whom they offer help. Heins Kohut, the brilliant psychoanalyst, suggests that the key to therapeutic change may not be insight or understanding, but rather being understood. Who better to understand than those who have been there?

The economics of small firms : a European challenge

Abstract: 1. Small Firms in the 1990s.- A. Small-Firm Growth.- 2. Transactional Calculus and Small Business Strategy.- 3. Firm Performance and Size.- 4. The Relationship Between Firm Growth and Labor Demand.- 5. Small Business in German Manufacturing.- B. Issues in Entrepreneurship.- 6. Some Empirical Aspects of Entrepreneurship.- 7. Creative Destruction Among Industrial Firms in the United States.- 8. Investment and Capital Diversity in the Small Enterprise.- C. Technology, Strategy, and Flexibility.- 9. Flexibility, Plant Size and Industrial Restructuring.- 10. Technology Strategy in Small and Medium-Sized Firms.- 11. Small-Scale Industry at a Crossroads: U.S. Machine Tools in Global Perspective.- D. Small Firms, New Entry and Employment.- 12. The Size of the Small-Firm Sector in Hungary.- List of Contributors.

Creating the competitive organization of the 21st century: The boundaryless corporation

Abstract: In the 1980s many organizations gained competitive advantage through downsizing and financial restructuring. The 1990s confront us with the need to get back to basics. Large organizations are searching for a competitive advantage by being faster than their competitors in satisfying customer needs. These competitive organizations are capable of ongoing adaptation to environmental demands. In this article the authors speculate on the way these “self-renewing” organizations are organized, the managerial processes that enable them to capitalize on speed, and the characteristics of the leaders who manage them.

Growth and Structural Change in the Malaysian Economy

Abstract: Part 1 Malaysia's economic heritage: colonial transformation political background post-colonial change. Part 2 The new world economy: the post-war world international trade Third World debt. Part 3 Growth and the open economy: growth exports balance of payments. Part 4 Employment and income distribution: employment labour laws and policies income distribution wealth distribution. Part 5 Economic planning?: the colonial experience the alliance phase the NEP phase the fifth Malaysia plan. Part 6 Industrialization: from ISI to EOI employment and wages heavy industrialization the industrial master plan. Part 7 The new economic policy: poverty reduction restructuring ownership. Part 8 Fiscal and debt problems: expenditure trends revenue trends budgetary deficits the fiscal-debt nexus public debt debt servicing. Part 9 Mahathir's new policies: look East policy 70 million population target national agricultural policy "Malaysia incorporated" privatization recent labour policies. Part 10 Predicaments and prospects: Malaysian experience ethnic issues political contradictions prospects transition?.

Structural Change in the World Economy

Abstract: 1. Introduction John Dunning and Allan Webster, University of Reading 2. U.K Manufacturing Industry : Structural Change, Competitiveness and Future Propsects - a Lesson for Other Countries ? John Reynolds, Prudential-Bache Capital Funding Ltd 3. Historical Perspectives on Structural Change and Economic Decline, Stephen Nicholas, University of New South Wales 4. Competition, Innovation and Industrial Performance, Kirsty Hughes, University of Manchester 5. The Role of Services in Global Structural Change, Peter Gray, Rensselaer Polytechnic Institute, U.S.A 6. The Growing Internationalisation of Industry: a Comparison of the Changing Structure of Company Activity in the Major Industrialised Countries John Cantwell, University of Reading 7. Intra-Industry Foreign Direct Investment: A Study of Recent Evidence Jeremy Clegg, University of Bath 8. Restructuring Among the Largest Firms: Changing Geographical and Industrial Diversification, Robert D. Pearce, University of Reading, 9. Japanese Manufacturing Investment and the Restructuring of UK Industry, John H. Dunning, Universities of Reading and Rutgers, 10. Trade Liberalisation and Specialisation in Manufactured Goods Chris Milner, University of Loughborough, 11. Voluntary Export Restraints and Lobbying: Another Example of the Non-Equivalence of Equivalent Restrictions, David Greenway, University of Nottingham 12. Skills in International Trade, Allan Webster.

"Restructuring" in Historical Perspective: Tinkering toward Utopia

Abstract: As U.S. education enters the 1990s, restructuring has become a magic incantation. A colleague who discusses education reform with businessmen says that when she describes the everyday realities of life in classrooms, their eyes glaze over, but when she mentions restructuring, their eyes pop open. The term is now gaining the popularity of excellence in the early 1980s or equality in the 1960s. Veteran reformer John Goodlad thinks that “we are rapidly moving toward the use of the word ‘restructuring’ whenever we talk about school reform at all. And if we have enough conferences on it, we’ll assume that the schools have been restructured.” But what does it signify?’ The present is an intense and often contradictory phase in a long history of Americans tinkering toward utopia through reforming the schools. It is no accident that a vague word like restructuring has also become a vogue word. “School restructuring has many of the characteristics of what political and organizational theorists call a ‘garbage can,’ ” writes Richard F. Elmore, adding that “the theme of restructuring schools can accommodate a variety of conceptions about what is problematical about American education, as well as a variety of solutions.“* Restructuring has become a general label for new strategies of school reform that respond to disillusionment with the results of state legislation of the middle 1980s that sought to mandate stiffer standards for students and teachers. The wall charts comparing the performance of states with each other and the United States with other nations seemed to show that top-down reform was not producing the dramatic changes reformers sought. People regard restructuring as a synonym for the market mechanism of choice, or teacher professionalization and empowerment, or decentralization

Decentralization of the Subnational Public Sector: An Empirical Analysis of the Determinants of Local Government Structure in Metropolitan Areas in the U.S.*

Abstract: The conventional wisdom about the optimal organization or structure of local governments has undergone a dramatic change in the last twenty years. For a period after World War II, a movement existed in the U.S. and in many European countries that called for the consolidation of existing units of local governments into larger, general-purpose, jurisdictions [1; 12; 17; 19]. Such amalgamations, it was argued, would improve administrative efficiencies and equity in the delivery of locally-provided public services and allow for a greater degree of scale economies to be realized in the production of these services. These arguments persuaded legislators in several European countries-Sweden, Denmark, and West Germany are the most notable-to undertake substantial restructuring of their local governments. In each case, the restructuring was imposed on the local sector by the central government and involved the consolidation of municipalities [18, Ch. 12]. The most dramatic amalgamations occurred in Sweden where the number of municipalities declined from around 2,500 in 1950 to less than 300 at present. Unlike many European countries, comprehensive reorganization of local governments did not take place in the U.S. in the post World War II period.' Instead, the structure of local governments evolved slowly and in largely piecemeal fashion. As a result, a pattern of local governments has emerged in the U.S. that critics characterize as "fragmented" with a "crazy-quilt" of overlapping boundaries and with little in the way of coordination and cooperation among local authorities. In spite of the consolidationist arguments, the preponderance of research in the past three decades, beginning with Tiebout [32] and Stigler [31], has concluded that at least in some circumstances smaller jurisdictions (in terms of geographic size and in some instances in terms of scope of functional responsibilities) offer important advantages over larger jurisdictions.2 A large

Vertical integration in health services: theory and managerial implications.

Abstract: A vertically integrated health care system is an arrangement whereby a health care organization offers, either directly or through others, a broad range of patient care and support services. This article discusses the market forces and strategic considerations driving the recent trend toward vertical linkages in health care markets and examines some of the managerial implications and issues associated with this vertical restructuring trend.

Ownership changes, accounting practice and the redefinition of the corporation

Abstract: This paper examines the role of accounting in facilitating and legitimating the conglomerate movement in American business during the 1960s. We argue that the profileration of conglomerate mergers contributed to a reconceptualization of the corporation that emphasized its financial rather than its productive capacities. This conception of the firm has now been institutionalized; its logic motivates the takeovers and restructuring that characterize contemporary business. Our case illustrates the rhetorical power of accounting as a symbolic system for legitimating new corporate forms and practices.

The International Debt Crisis and Bank Loan-Loss-Reserve Decisions: The Signaling Content of Partially Anticipated Events

Abstract: THE HUGE INCREASES IN LOAN-LOSS PROVISIONS by major bank holding companies (BHCs) in 1987 were a signal of impending asset writedowns of loans to less-developed countries (LDCs). 1 Since loan-loss-reserve decisions, like asset write-downs, are simply bookkeeping adjustments, significant market reactions to such announcements should not be expected. Strong and Meyer (1987), however, found a positive and statistically significant cumulative average residual after the announcement of asset write-downs.2 Thakor (1987) argues that write-downs have a price effect not because they mean much by themselves but because they signal events to come. Specifically, he sees write-downs as a signal of "economic value-enhancing corporate restructuring to come in the future" (p. 662). We use event-study methods to examine security returns for the twenty-five largest U.S. bank holding companies surrounding Citicorp's $3 billion loan-loss-

An empirical study of private reorganization of firms in default

Abstract: This study investigates the incentives of financially distressed firms to restructure their debt privately rather than through formal bankruptcy. In a sample of 169 financially distressed companies, about half successfully restructure their debt outside of Chapter 11. Firms more likely fo restructure their debt privately have more intangible assets, owe more of their debt to banks, and owe fewer lenders. Analysis of stock returns suggests that the market is also able to discriminate er ante between the two sets of firms, and that stockholders are systematically better off when debt is restructured privately.

High-Technology Restructuring in the USA and Japan

Abstract: In this paper, the comparative responses of the USA and Japan to the rise of new high-technology industries are examined. The United States pattern mainly revolves around the rise of high-technology districts like Silicon Valley and Route 128 which comprise dense networks of small entrepreneurial firms and other related institutions. Despite its tremendous innovative capabilities, this pattern generates significant costs (that is, high turnover of labor, chronic entrepreneurship, and an emphasis on breakthrough innovations at the expense of manufactured products) which are not sufficiently recognized by proponents of the flexible specialization or ‘simple flexibility’ thesis. The Japanese approach to restructuring is contrasted as one of ‘structured flexibility’ where large corporations perform important ‘system governance’ functions in the linking of manufacturing and innovation and act as focal points in just-in-time production complexes. Japan's pattern of ‘structured flexibility’ overcomes many of the...