Showing papers on "Restructuring published in 2001"

Dividends and expropriation

Abstract: Whereas most U.S. corporations are widely held, the predominant form of ownership in East Asia is control by a family, which often supplies a top manager. These features of "crony capitalism" are actually more pronounced in Western Europe. In both regions, the salient agency problem is expropriation of outside shareholders by controlling shareholders. Dividends provide evidence on this. Group-affiliated corporations in Europe pay higher dividends than in Asia, dampening insider expropriation. Dividend rates are higher in Europe, but lower in Asia, when there are multiple large shareholders, suggesting that they dampen expropriation in Europe, but exacerbate it in Asia. (JEL G34, G35) Failures in East Asian corporate governance have recently attracted wide attention through being blamed for the East Asian financial crisis. Based only on journalistic anecdotes, the accusations of "crony capitalism" met regional scepticism and are now being shrugged off as East Asian economies recover. This paper provides a comprehensive analysis of the ownership and control structure of East Asian corporations, with West European corporations as benchmarks. We document that the problems of East Asian corporate governance are, if anything, more severe and intractable than suggested by commentators at the height of the financial crisis. These problems we locate in an extraordinary concentration of control, whereby eight groups control more than one-quarter of the corporations in the nine most advanced East Asian economies. This control is obscured behind layers of corporations, hence insulated against the forces of competition on less-thantransparent capital markets. By examining how dividend behavior is related to the structure of ownership and control, we find evidence of systematic expropriation of the outside shareholders of corporations at the base of extensive corporate pyramids. Thus, the controlling share

Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s

Abstract: Corporate governance in the United States changed dramatically throughout the 1980s and 1990s. Before 1980, corporate governance—meaning the mechanisms by which corporations and their managers are governed—was relatively inactive. Then, the 1980s ushered in a large wave of merger, takeover and restructuring activity. This activity was distinguished by its use of leverage and hostility. The use of leverage was so great that from 1984 to 1990, more than $500 billion of equity was retired on net, as corporations repurchased their own shares, borrowed to finance takeovers, and were taken private in leveraged buyouts. Corporate leverage increased substantially. Leveraged buyouts were extreme in this respect with debt levels typically exceeding 80 percent of total capital. The 1980s also saw the emergence of the hostile takeover and the corporate raider. Raiders like Carl Icahn and T. Boone Pickens became household names. Mitchell and Mulherin (1996) report that nearly half of all major U.S. corporations received a takeover offer in the 1980s. In addition, many firms that were not taken over restructured in response to hostile pressure to make themselves less attractive targets. In the 1990s, the pattern of corporate governance activity changed again. After a steep but brief drop in merger activity around 1990, takeovers rebounded to the levels of the 1980s. Leverage and hostility, however, declined substantially. At the same time, other corporate governance mechanisms began to play a larger role,

The global expansion of precarious employment, work disorganization, and consequences for occupational health: a review of recent research.

Abstract: In this review of a range of studies on the health and safety effects of precarious employment in industrialized societies published since 1984, the authors examine the overall findings and methodological issues and identify areas in need of further research. Of the 93 published journal articles and monographs/book chapters reviewed, 76 studies found precarious employment was associated with a deterioration in occupational health and safety (OHS) in terms of injury rates, disease risk, hazard exposures, or worker (and manager) knowledge of OHS and regulatory responsibilities. Of the more than 25 studies each on outsourcing and organizational restructuring/downsizing, well over 90 percent find a negative association with OHS. The evidence is fairly persuasive for temporary workers, with 14 of 24 studies finding a negative association with OHS. The evidence is less strong for small business, and a handful of studies on part-time workers found no clear association with negative OHS outcomes (in some cases the reverse). Further research is needed to more clearly link health effects to particular business practices and neoliberal policies and to explore the regulatory implications of the growth of precarious employment. The authors suggest some ways to conceptualize the association between precarious employment and occupational health.

Well‐being and occupational health in the 21st century workplace

Abstract: Over the last 40 years, major changes have taken place in the workplace. The growth in the use of information technology at work, the globalization of many industries, organizational restructuring, changes in work contracts and worktime scheduling have radically transformed the nature of work in many organizations. The workforce itself is also diversifying, with an increase in female participation, a growing number of dual-earner couples and older workers. The present paper discusses the impact of these workplace transitions on employee well-being. We focus on four issues that are current concerns for organizations and the workforce; job insecurity, work hours, control at work, and managerial style. For each topic, recent research is presented, with suggestions for future research and recommendations for practitioners working in the organizations of today. The paper concludes with some final considerations for researchers and practitioners that may benefit both employee well-being and organizational effectiveness.

The small world of germany and the durability of national networks

Abstract: The globalization offinancial markets and the concomitant restructuring decisions of firms challenge the historical legacy of national systems of governance German corporate ownership patterns and restructuring events in the 1990's are examined here in this light The results show that ownership links among German firms constitute a "small world" that has consequences for understanding mergers and acquisitions Ownership links form closely-knit clusters offirms that are nonetheless highly connected across the network as a whole Restructuring events fall squarely in the center of this structure Despite increasing global competition, the German small world tends to replicate itself To illustrate this robustness, potential disruptions to the observed German network are simulated This simulation shows that the properties of the small world remain intact even when ownership ties are changed These findings suggest that a more global economy in Germany need not lead to the dissolution of the ownership structure, but rather may be associated with a deepening of network ties

High Skills: Globalization, Competitiveness, and Skill Formation

Abstract: * An original contribution to the study of globalization, economic competitiveness, and skill formation * A pioneering work in a relatively new area * Interdisciplinary and comparative in its approach, covering Europe, North America, and Asia Economic globalization has led to intense debates about the competitiveness of nations. Prosperity, social justice, and welfare are now seen to depend on the creation of a 'high skilled' workforce. This international consensus around high skills has led recent American presidents to claim themselves 'education presidents' and in Britain, Tony Blair has announced that 'talent is 21st-century wealth'. This view of knowledge-driven capitalism has led all the developed economies to increase numbers of highly-trained people in preparation for technical, professional, and managerial employment. But it also harbours the view that what we regard as a 'skilled' worker is being transformed. The pace of technological innovation, corporate restructuring, and the changing nature of work require a new configuration of skills described in the language of creativity, teamwork, employability, self-management, and lifelong learning. But is this optimistic account of a future of high-skilled work for all justified? This book draws on the findings of a major international comparative study of national routes to a 'high skills' economy in Britain, Germany, Japan, Singapore, South Korea, and the United States, and includes data from interviews with over 250 key stakeholders. It is the first book to offer a comparative examination of 'high skill' policies — a topic of major public debate that is destined to become of even greater importance in all the developed economies in the early decades of the twenty-first century.

Restructuring gender relations and employment : the decline of the male breadwinner

Abstract: 1. The Decline of the Male Breadwinner: Explanations and Interpretations 2. Obligations and Autonomy in Social Welfare 3. Dual Breadwinners: Between State and Market 4. The Modernization of Family and Motherhood in Western Europe 5. Women, Men And Non-Standard Employment: Recent Developments in the Sexual Division of Breadwinning and Caregiving in Germany, Italy and the UK 6. Attitudes, Women's Employment and the Changing Domestic Division of Labour: A Cross-National Analysis 7. Employment, Careers and Families: The Significance of Choice and Constraint in Women's Lives 8. Gender, Occupational Feminisation and Reflexivity: A Cross-National Perspective 9. The Restructuring of Gender Relations Within the Medical Professions: Theoretical and Empirical Implications 10. Discussion and Conclusions

Local Government Restructuring: Privatization and Its Alternatives

Abstract: Local government restructuring should no longer be viewed as a simple dichotomy between private and public provision. A 1997 survey of chief elected township and county officials in New York shows that local governments use both private and public sector mechanisms to structure the market, create competition, and attain economies of scale. In addition to privatization and inter-municipal cooperation, two alternative forms of service delivery not previously researched—reverse privatization and governmental entrepreneurship—are analyzed here. Logistic regression on the 201 responding governments differentiates the decision to restructure from the level and complexity of restructuring. Results confirm that local governments are guided primarily by pragmatic concerns with information, monitoring, and service quality. Political factors are not significant in the restructuring process and unionization is only significant in cases of simple restructuring (privatization or cooperation used alone). Fiscal stress is not a primary motivator, but debt limits are associated with more complex forms of restructuring. Restructuring service delivery requires capacity to take risks and is more common among experienced local officials in larger, higher-income communities. Restructuring should be viewed as a complex, pragmatic process where governments combine public and private provision with an active role as service provider and market player. © 2001 by the Association for Public Policy Analysis and Management.

Restructuring workplace cultures: the ultimate work‐family challenge?

Abstract: Work‐life polices and practices have the potential to enhance opportunities for women in the workplace (and opportunities for men to be more involved in family life), but are often undermined by workplace culture. Presents a case study of an organisation which is addressing issues of workplace culture in relation to work‐life policies and gender equality. Despite achieving substantial change in practice and in shared assumptions, a new set of issues have emerged which will require innovative solutions.

Hospital restructuring, work-family conflict and psychological burnout among nursing staff.

Abstract: This study examined work-family conflict, family-work conflict and psychological burnout among nursing staff during a time of hospital restructuring and downsizing. Data were collected from 686 hospital-based nurses, the vast majority women. Nurses reported significantly greater work-family conflict than family-work conflict. Personal demographics but not downsizing and restructuring stressors predicted family-work conflict; downsizing and restructuring stressors but not personal demographics predicted work-family conflict. Restructuring stressors and both work-family conflict and family-work conflict were associated with higher levels of psychological burnout.

Corporate Financial Distress and Turnaround Strategies: An Empirical Analysis

Abstract: Extant research on corporate turnaround from financial distress has prescribed a range of strategies to effect corporate recovery. However, no large sample study has examined the general applicability and effectiveness of these strategies. We set out to test the effectiveness of strategies and identify the underlying factors of effectiveness – the impact of timing, intensity and implementation of strategies on corporate recovery. We examine a sample of 166 potentially bankrupt UK firms drawn from 1985 to 1993 and track their turnaround strategies for a period of three years from distress. These strategies include operational, asset, managerial and financial restructuring. Our results show recovery and non-recovery firms adopt very similar sets of strategies, and managers of non-recovery firms restructure more intensively than recovery firms Nevertheless, non-recovery firms seem far less effective in strategy implementation than their recovery counterparts. Whereas recovery firms adopt growth-oriented and external-market focused strategies, non-recovery firms engage in fire-fighting strategies.

e-Procurement: From Strategy to Implementation

Abstract: From the Book: Preface Business people these days are becoming weary of new fads, movements, and revolutions, and rightly so. We have, in less than a decade, been taken through such "revolutionary" transformations as total quality management, business process reengineering, enterprise resource planning, activity-based costing, and retail e-commerce. Companies have downsized, outsourced, empowered employees, shifted processes and organizational structures from vertical to horizontal, completed strategic sourcing initiatives, and purchased IT systems (often on the basis of dubious return on investment), with investments amounting to millions of dollars. And, of course, they have paid management consultants and software companies many millions more for advice on implementation and change management. Yet, completing business-to-business transactions over the Internet is genuinely something very different. The unexpected emergence of the Internet as a tool for business has meant that we have once again been thrown inescapably into the fray of major investment and change. As I have argued before1 it is all part of an accelerated pace of change that will bring about a fundamental restructuring for all industries, worldwide, and participation is essential for the survival in the new economy. I have written this book about e-procurement in part because I believe that there has been a mistaken emphasis on e-commerce (electronic retailing) in our approach to the use of the Internet. Swayed by the activity around online retailing-the fortunes to be made with dotcom startups, the venture capital that was available, the relative ease in which a Web site for retail sales could be built, themassive coverage of the subject by the business press-we have failed to understand that e-commerce is a relatively unimportant step in the development of the Internet. It is a vital part of an overall e-business strategy, of course, but online retailing-unless it is fully integrated into the supply chain-is simply a mildly effective extension of the sales process. Moreover, expanding revenues, given the margins made in most industries, is far less effective as a strategy than is fundamentally and permanently reducing major costs-something that affects the bottom line directly. The real value of the Internet, as many companies are beginning to experience first hand, comes instead from business-to-business, buyer-vendor transactions that include electronic procurement and full integration of the electronic supply chain from customer to supplier. In fact, as electronic procurement and supply chain software continue to evolve, the relative value to companies of online retailing will almost certainly continue to shrink in relation to the enormous cost savings and fundamental restructuring of companies that will come about as a result of the evolution of Internet-based business-to-business activity. The purpose of this book is threefold. First, it is simply to explain to those who have not previously dealt with the area of procurement the fundamentals involved with purchasing and replenishing materials. Though certainly not as glamorous as many (in fact, most) areas of business, procurement-whether for everyday office supplies or for materials used directly in the manufacturing process-is nonetheless an enormous expense for companies, large and small, and in every industry. In fact, so enormous is the expense and potential savings that e-procurement should from this time forward be seen as an integral part of your company's overall e-business strategy. I hope that the book can therefore serve as a primer for introducing the importance of the subject to organizational leaders and for elevating the subject from the tactical to the strategic. The second purpose of this book is to explore the phenomenon of the electronic trading communities-the volatile and fast-growing area of online e-markets, auctions, reverse auctions, and exchanges-that is effectively revolutionizing the relationship between buyers and sellers in virtually every industry, worldwide. A battle for control over the influence and utility of these online exchanges is now being waged between a powerful group of software companies, industry-leading alliances, and third-party application service providers in a volatile mix of competition and collaboration that is at once both explosive and effective, and that will eventually affect virtually every supplier and buyer in the economy. And finally, this book is intended to help managers, executives, and other organizational leaders to take the first important steps necessary for defining and implementing their e-procurement and overall e-business strategies. I have therefore devoted several chapters to the development of strategy, to project approach and structure, and to the activities necessary to creating an effective plan of change management. As many have learned from past lessons with enterprise resource planning systems, business benefits come not only from the functionality of the software system, but often more importantly, from changes in the way employees do their work. Just as e-procurement should be seen as strategic rather than tactical, we should also avoid seeing it solely as a technical solution. After all, to be effective, the behavior of employees in the purchasing department (not to mention the behavior of those employees throughout the organization who today buy "off contract" with little concern for price or administrative overhead costs) will need to change dramatically. For this reason, I have dedicated several chapters specifically to "lessons learned" around project and change management, relating at a more detailed level some of the leading techniques that have worked well for successful companies and consultancies in the recent past. I hope these will be useful to the soon-to-be managers of enterprise-wide e-procurement initiatives. I should, at the outset, admit that although the book examines the basic software platforms and major players in the e-procurement industry, the business-to-business e-procurement marketplace is extremely volatile. Software vendors merge, realign, and bring forward new offerings on an almost continuous basis. Electronic markets and auction sites are multiplying rapidly, while at the same time beginning to falter and collapse, as competitors vie for dominance. The models for e-procurement-enterprise-based, outsourced, or networked-are all in a state of evolution. In short, it is a marketplace that is constantly changing and evolving, and therefore this book is by no means the last word on the subject. But the fundamental principles behind electronic procurement are sound and well understood, and it is critical for organizational leaders to understand these principles, the major players, the marketplace, and the key issues in order to be in a position to create an e-procurement strategy with confidence. E-procurement initiatives are seldom simple, compared with building a Web page, but their potential for cost savings are enormous, and few companies have the luxury of waiting for a much more settled marketplace before acting.

The Multinational Firm: Organizing Across Institutional and National Divides

Abstract: 1. The Multinational Firm: Organizing across institutional and national divides 2. HOW AND WHY ARE INTERNATIONAL FIRMS DIFFERENT? THE CONSEQUENCES OF CROSS-BORDER MANAGERIAL COORDINATION FOR FIRM CHARACTERISTICS AND BEHAVIOUR 3. The Emergence of German Transnational Companies: A theoretical analysis and empirical study of the globalization process 4. Constructing Global Corporations: Contrasting national legacies in the Nordic Forest 5. BETWEEN NATIONAL AND INTERNATIONAL GOVERNANCE: SECTOR COORDINATION AND GEOPOLITICS IN ELECTRICAL ENGINEERING 6. The Impact of the Internationalizing of Capital Markets on Local Companies: How international institutional investors are restructuring Finnish companies 7. The Making of a Global Firm: Local pathways to multinational enterprise 8. Globalization and Change: Organizational continuity and change within a Japanese multinational in the UK 9. THE DEVELOPMENT OF TRANSNATIONAL STANDARDS AND REGULATIONS AND THEIR IMPACTS ON FIRMS 10. Globalization and its Limits: The making of international regulation 11. National Trajectories, International Competition, and Transnational Governance in Europe

Privatization, Restructuring, and Regulation of Network Utilities

Abstract: Birecree, A., S. Konzelmann, and F. Wilkinson. \"Productive Systems, Competitive Pressures, Strategic Choices, and Work Organization: An Introduction.\" International Contributions to Labour Studies 7, no. I (1997; released January 1998). Lazonick, W. \"Controlling the Market for Corporate Control: The Historical Significance of Managerial Capitalism.\" Industrial and Corporate Change I, no. 3 (1992): 445-88. O'Sullivan, M. \"Sustainable Prosperity, Corporate Governance, and Innovation on Europe.\" In Globalization, Growth, and Governance, edited by J. Michie and J. Grieve Smith. Oxford: Oxford University Press, 1998. Wilkinson, F. \"Productive Systems. Cambridge Journal of Economics 7 (1983): 413--429.

Competition and Enterprise Performance in Transition Economies: Evidence from a Cross-country Survey

Abstract: This paper uses a survey of 3,300 firms in 25 transition countries to shed light on the factors that influence restructuring by firms and their subsequent performance as measured by growth in sales and in sales per employee over a three-year period. We begin by surveying what a decade of transition has taught us about the factors that determine how firms respond to the new market environment. We go on to analyse the impact on performance of ownership, soft budget constraints, the general business environment and a range of measures of the intensity of competition as perceived by a firm. We find that competition has an important and non-monotonic effect on the growth of sales and of labour productivity: some degree of perceived market power is associated with higher sales growth, but competitive pressure is also important. A similar non-monotonic effect is found upon firms’ decisions to develop and improve their products, but market power has an unambiguously negative impact on purely defensive (cost-reducing) restructuring activity. New firms have grown very fast, but among old firms ownership per se has no significant relationship to performance (though state-owned firms have engaged in significantly less development of new products). Soft budget constraints have a broadly negative and the business environment a broadly positive impact on restructuring and performance.

International Financial Architecture for 2002: A New Approach to Sovereign Debt Restructuring

Abstract: It is a great pleasure to be here tonight For more than 30 years the National Economists' Club has provided a valuable forum, bringing together economists from the public and private sectors, from universities and think-tanks, and from national and international bodies Having just made the transition from academia to a Bretton Woods institution for the second time, I know how useful and stimulating it is to meet with and learn from fellow economic practitioners working in different fields So thank you for inviting me to meet with you this evening

Do Firms Use Restructuring Charge Reversals to Meet Earnings Targets

Abstract: Many firms that take restructuring charges reverse a portion of those restructuring charge accruals in a later quarter. These reversals increase net income, often substantially. In this study, I investigate whether restructuring charge reversals are associated with incentives to meet or exceed analysts' forecasts, avoid earnings declines relative to prior-year levels, and avoid losses. I examine both the decision to record a reversal and the amount of the reversal, using a sample of 121 reversals recorded between 1990 and 1999. The results suggest that some firms record reversals to beat analysts' forecasts and to avoid reporting net losses. There is also some evidence that firms record reversals to avoid earnings declines. Overall, the results are consistent with firms using restructuring accrual reversals to manage earnings.

Greek Banking at the Dawn of the New Millennium

Abstract: In this Paper we analyse the current state, past performance, and future prospects of the Greek banking system. Greek banking is in a period of rapid transformation, reflecting the impact of national, European and international forces. Deregulation and European integration are already intensifying competition. The most revolutionary transformation will follow from the privatization of Greece’s public banks. We focus on two challenges for policy makers: the need to strengthen prudential supervision, and the need to manage the process of restructuring so as to deliver a more efficient, competitive banking system.

Restructuring high schools for equity and excellence : what works

Abstract: Do students who attend restructured high schools learn more? Is learning in these schools equal for students of different social groups? This distinctive volume is the first to explore these questions using data from a large (over 800 private and public schools) national survey Demonstrating empirical links to achievement, this book investigates how restructuring relates to such organizational and structural properties of schools as their size, the curriculum, instruction, their teachers' attitudes toward students, and how they press their students to work hard and succeed Going beyond any existing work on this topic, Restructuring High Schools for Equity and Excellence demystifies the statistical analyses to draw implications and make recommendations for school reform and school policy

Hospital Restructuring and Its Impact on Outcomes: Nursing Staff Regulations are Premature

Abstract: Objective.Describe restructuring in the organization and delivery of patient care and the effects of nursing structure and processes on selected patient outcomes.Background.Restructuring has been the dominant cost-reduction strategy in acute care hospitals. Changes occurred without a systematic look

Power system restructuring and deregulation : trading, perfomance and information technology

Abstract: Energy Generation under the New Environment Deregulation of Electric Utilities Competitive Wholesale Electricity Markets Distribution in a Deregulated Market Transmission Expansion in the New Environment Transmission Open Access Electric Power Industry Restructuring in China Flexible AC Transmission Systems (FACTS) Asset Management Power Quality Information Technology Applications Application of the Internet to Power System Monitoring and Trading Index

Concept analysis for module restructuring

Abstract: Low coupling between modules and high cohesion inside each module are the key features of good software design. This paper proposes a new approach to using concept analysis for module restructuring, based on the computation of extended concept subpartitions. Alternative modularizations, characterized by high cohesion around the internal structures that are being manipulated, can be determined by such a method. To assess the quality of the restructured modules, the trade-off between encapsulation violations and decomposition is considered, and proper measures for both factors are defined. Furthermore, the cost of restructuring is evaluated through a measure of distance between the original and the new modularizations. Concept subpartitions were determined for a test suite of 20 programs of variable size: 10 public-domain and 10 industrial applications. The trade-off between encapsulation and decomposition was measured on the resulting module candidates, together with an estimate of the cost of restructuring. Moreover, the ability of concept analysis to determine meaningful modularizations was assessed in two ways. First, programs without encapsulation violations were used as oracles, assuming the absence of violations as an indicator of careful decomposition. Second, the suggested restructuring interventions were actually implemented in some case studies to evaluate the feasibility of restructuring and to deeply investigate the code organization before and after the intervention. Concept analysis was experienced to be a powerful tool supporting module restructuring.

Collaborative Visioning or Urban Planning as Therapy? The Politics of Public-Private Policy Making

Abstract: One aspect of a recent restructuring of urban economies, societies, and spaces has been a change in urban planning practice. Planning is increasingly privatized and decentralized in U.S. cities. Private planning consultants are often hired by public-private coalitions in order to shape the future of cities, while the planning processes they institute are frequently claimed to be consensus-based, collaborative, and inclusionary, rather than elite-centered and expert-driven. This paper discusses the use of “visioning”—an increasingly popular technique that develops goals for the future of a city through consensus-based meetings, open to all parties—as developed by New Century Lexington, a public-private planning initiative in Lexington, Kentucky. It argues that: (1) new public-private planning procedures, incorporating collaborative techniques, frequently become the institutional sites of political struggle over how future urban geographies are produced; (2) in order to understand the role of visioning in c...