43 results on '"Geoffrey Wood"'
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2. Strategic agility in international business
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Shlomo Y. Tarba, Jedrzej George Frynas, Yipeng Liu, Geoffrey Wood, Riikka M. Sarala, and Stav Fainshmidt
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Marketing ,Business and International Management ,Finance - Published
- 2023
- Full Text
- View/download PDF
Catalog
3. How far has international HRM travelled? A systematic review of literature on multinational corporations (2000–2014)
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Geoffrey Wood, Meng Wang, Alex Veen, and Fang Lee Cooke
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Organizational Behavior and Human Resource Management ,Expatriate ,media_common.quotation_subject ,Field (Bourdieu) ,05 social sciences ,050209 industrial relations ,Country of origin ,State (polity) ,Multinational corporation ,Political science ,Human resource management ,0502 economics and business ,Institutional analysis ,Economic geography ,Emerging markets ,050203 business & management ,Applied Psychology ,media_common - Abstract
This article reviews the present state of research on multinational corporations (MNCs) in the international human resource management (IHRM) literature. Drawing on 342 articles from 39 English journals in the business and management field published over the period of 2000–2014, we identify three key strands within this section of the IHRM scholarly field (MNC country of origin/domicile effects; expatriate management; and, intra-organizational knowledge and strategy flows). Building up on our detailed assessment of trends in the literature based on a systematic review, we propose areas where the field could be developed and extended through drawing on insights from, and building synthesis with, cognate fields. We conclude that major developments on the ground – the increasing numbers of unskilled expatriate workers, the rise of MNCs from emerging markets, and the growth of transnational alternative investors – have the potential to transform the field of enquiry, yet are only starting to appear in the IHRM literature. In developing new major areas of enquiry – and in extending existing ones – insights may be drawn from the literature on comparative institutional analysis to take fuller account of trans-national actors. more...
- Published
- 2019
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4. CEO overconfidence and IRS attention
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Lartey, Theophilus, Uddin, Moshfique, Danso, Albert, and Geoffrey, Wood
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IRS Attention ,ComputingMilieux_THECOMPUTINGPROFESSION ,Overconfidence ,financial crisis ,ComputingMilieux_LEGALASPECTSOFCOMPUTING ,financial constraints ,General Economics, Econometrics and Finance ,financial distress ,Finance - Abstract
open access article We examine the likelihood that the US Internal Revenue Service (IRS), in its enforcement role, will accord particular attention to firms that are managed by CEOs who exhibit over-confidence, given that such CEOs may be more aggressive in their tax policies and strategies. Using data from 7,757 firms, we find that this is indeed the case. Such attention is even more pronounced in the instance of overconfident CEOs whose firms are financially constrained and/or financially distressed. We also find that the IRS has augmented its audit processes to give more attention to overconfident CEOs during and post financial crisis. This may be due to the increased vulnerability of their firms to external shocks, which consequently increases the incentives to embark on tax avoidance strategies, value-destroying investments, and/or highly biased financial reporting (and forecasting responses) to tax authorities. Our results are robust after accounting for the possibility of endogeneity and using a wide range of specifications, measures, and econometric models. more...
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- 2022
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5. The impact of international diversification on credit scores: Evidence from the UK
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Hussein Halabi, Ahmad Alshehabi, Geoffrey Wood, Zaheer Khan, and Godfred Adjapong Afrifa
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Marketing ,Transaction cost ,Credit score ,HF5351 ,education ,05 social sciences ,Monetary economics ,Diversification (marketing strategy) ,Investment (macroeconomics) ,Metropolitan area ,Large sample ,Competition (economics) ,Manufacturing sector ,0502 economics and business ,050211 marketing ,Business ,Business and International Management ,health care economics and organizations ,050203 business & management ,Finance - Abstract
Despite the great deal of previous research into international diversification, we know little about the impact of international diversification on firms’ credit scores. Drawing upon the resource-based view and transaction cost economics, we examine the relationship between international diversification and credit scores by using a large sample of 6,557 UK firms between 2016 and 2017. We find an inverted U-shaped relationship between international diversification and firms’ credit scores, indicating that the effect of international diversification on credit scores is initially positive but becomes negative with over-diversification. In addition, we find that R&D intensity positively moderates the relationship between international diversification and credit score, implying that the credit scores of highly diversified firms improve as they increase their investment in R&D. Further analysis suggests that a firm’s credit score becomes less dependent on international diversification for large firms, firms in concentrated industries, firms in the manufacturing sector, and firms distant from key metropolitan areas, such as London. more...
- Published
- 2021
6. Managerial Rhetoric of Technology and Innovation, Institutional Ownership, and Stock Price Crashes
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Dennis Philip, Panayiotis C. Andreou, Kyriakos Drivas, and Geoffrey Wood
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Horizon (archaeology) ,State (polity) ,media_common.quotation_subject ,Rhetoric ,Institutional investor ,Face (sociological concept) ,Business ,Monetary economics ,Stock price ,Stock (geology) ,media_common - Abstract
We compare actual R&D spend with the managerial rhetoric around technology and innovation contained within corporate disclosures of US-listed firms. We find that, whilst actual R&D spend and patents do not entice institutional investors to increase their stock holdings, firms that espouse technology and innovation in their corporate disclosures are quite successful in drawing in short-term horizon investors. Yet, such firms are more prone to future sudden idiosyncratic stock price crashes. Although it may seem that talk of technology and innovation represents a self-interested managerial effort to retain investors’ expectations, this would not explain why so many short-term horizon investors opt for such stocks in the face of persistent evidence of adverse market performance outcomes. As suggested by the economics of expectation, investors may become reluctant to timely face up to bad news in terms of unfulfilled technology and innovation outcomes, a behaviour that can hype investors’ expectations and overinflate stock prices for long periods. Eventually, when such investors become disillusioned by unjustifiable expectations that enables them to better discern the firm’s true state of economic fundamentals, the sudden and abrupt decline in their expectations triggers extreme firm-specific left-tail outcomes. more...
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- 2021
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7. Quality of working environment and corporate financial distress
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Shuxing Yin, Geoffrey Wood, Oleksandr Talavera, and Tho Pham
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business.industry ,Financial risk ,media_common.quotation_subject ,Accounting ,Affect (psychology) ,Quality of life (healthcare) ,Cash ,Financial distress ,Quality (business) ,business ,Finance ,Working environment ,Career development ,media_common - Abstract
This study examines the impacts of quality of working environment and its components on corporate financial distress. Employing a unique dataset of firm-level data from 41 countries over the period of 2012–2018, we find that a better working environment is related to a higher level of financial soundness. Particularly, firms which have better training and career development policies are less likely to take excessive risks. Further examination suggests that the quality of working environment tends to affect corporate financial risk by influencing firms’ cash holding policies. more...
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- 2022
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8. State Capitalism in International Context: Varieties and Variations
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Aldo Musacchio, Geoffrey Wood, Anna Grosman, Ilya Okhmatovskiy, Jonathan P. Doh, and Mike Wright
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Internationalization ,Government ,State (polity) ,Statism ,media_common.quotation_subject ,Economics ,State capitalism ,Context (language use) ,International business ,Neoclassical economics ,media_common ,Variety (cybernetics) - Abstract
State interventions in markets assume varieties of forms in different economic systems. To capture this variety, we consider state capitalism as a multidimensional concept, first reviewing its historical evolution from both practical and scholarly vantages. We describe several dimensions of state capitalism and demonstrate how cross-national variations can be captured through positioning countries along these dimensions. We use cross-sectional data for a large sample of countries to derive factors that represent key dimensions of state capitalism. We demonstrate how cross-national and historical variation in state capitalism is captured by this Virtual Special Issue and offer suggestions for future research. more...
- Published
- 2020
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9. Risk, financial stability and FDI
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Stefano Maiani, Michael J. Lamla, Alexandros Kontonikas, Neil Kellard, and Geoffrey Wood
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Economics and Econometrics ,050208 finance ,Financial stability ,Applied economics ,05 social sciences ,Foreign direct investment ,International economics ,Wirtschaftswissenschaften ,International regulation ,Country of origin ,Sovereignty ,Sovereign yields ,Multinational corporation ,0502 economics and business ,Economics ,Euro area ,Management studies ,050207 economics ,Finance ,International finance ,Credit risk - Abstract
All Foreign Direct Investment (FDI) involves risk. Augmenting the international finance literature, we assess the effects of financial system risk on FDI trends through considering both origin and host country effects. Motivated by the sovereign debt crisis and based on a dataset including bilateral FDI holdings, this paper investigates the implications of sovereign and bank-related risk on FDI in the Eurozone. Strikingly, we find that in terms of banking risk, it is only that encountered in the country of origin that has an impact on FDI choices. However, we find that sovereign risk, in both origin and host countries, have effects. As a corollary, we suggest that although poor financial discipline by host governments has been widely blamed as the primary factor likely to frighten off overseas investors, it is amongst FDI supplying nations that the effects of sovereign yields seem most pronounced. Policymakers in countries seeking to attract FDI should not only be attentive to domestic conditions, but also be aware of the financing environment that multinational enterprises (MNEs) encounter in their home countries and how this might impact on their choices. more...
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- 2022
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10. A vulnerable victim or a tacit participant? Extending the field of multinationals and corruption research
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Geoffrey Wood, Jingtian Wang, and Fang Lee Cooke
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Marketing ,Corrupt practices ,Corruption ,media_common.quotation_subject ,Corporate governance ,Developing country ,Context (language use) ,Multinational corporation ,Political economy ,Political science ,Corporate social responsibility ,Business and International Management ,Emerging markets ,Finance ,media_common - Abstract
Are multinational enterprises (MNEs) makers or takers of corruption? This review focuses on corruption in the multinational context to highlight issues specific to MNEs, and captures 139 articles from 75 English journals over the period of 1999−2020. Our review not only highlights common themes around the contextual challenges facing MNEs, but also how a key strand of the literature focuses attention on the role of MNEs as active agents in corrupt practices. It is often implied that corruption is something endemic to the emerging markets, which MNEs from the north have to cope with if they have to do business there, rather than what significant numbers of such firms actively instigate or sustain. Hence, we challenge predominantly western perspectives informed by institutional-economic analyses that too often, pose a false dichotomy between the global north and global south. We draw out the implications for theorizing based on recent comparative institutional theorizing. more...
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- 2022
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11. Post-Acquisition Strategies of Emerging Market Internationalizing Enterprises: The State of the Art in Research and Future Research Directions
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Geoffrey Wood, Attila Yaprak, and Mehmet Demirbag
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Marketing ,World economy ,Multidisciplinary approach ,Phenomenon ,0502 economics and business ,05 social sciences ,050211 marketing ,Business ,Emerging markets ,Home market ,050203 business & management ,Stock (geology) - Abstract
A significant transformation in the world economy in the past few decades has been the emergence of internationalizing firms from the emerging economies to world markets. This phenomenon has received prominent research attention in the literature. Yet, post-expansion challenges faced by these firms and the strategies they have employed in gaining strategic advantages in their host markets and in transferring knowledge and capabilities to their home market firms has not been studied as extensively. This has led to a fragmented picture underscoring the need for a literature inventory and a prospective look forward. In this paper, we address this need by taking stock of the current literature, paint a synthesized picture of that literature’s landscape, and forward questions for future research. We also comment on the contributions that appear in this volume to fuel scholarly discussion on the questions raised in these papers. more...
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- 2018
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12. Board composition, family ownership, institutional distance and the foreign equity ownership strategies of Turkish MNEs
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Geoffrey Wood, Mehmet Demirbag, Keith W. Glaister, Tarhan Okan, Tulay Ilhan-Nas, and Ekrem Tatoglu
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Marketing ,Family business ,Turkish ,05 social sciences ,Principal–agent problem ,Equity (finance) ,Developing country ,language.human_language ,Multinational corporation ,0502 economics and business ,language ,050211 marketing ,Demographic economics ,Business ,Business and International Management ,Institutional theory ,Composition (language) ,050203 business & management ,Finance - Abstract
In much of the developing world, families represent the dominant form of firm ownership. This study investigates how this influences equity ownership strategies when firms venture abroad. Drawing on agency theory and institutional theory, we investigate the direct effect of board composition and family ownership on the equity-based ownership strategies of multinational enterprises (MNEs) in their affiliates, and how institutional distance may moderate this. Examining foreign affiliates of listed Turkish MNEs, we find that a high ratio of independent directors is negatively linked to levels of equity ownership of MNE affiliates. We also find that a high ratio of inside directors on the board is positively associated with the equity stake of MNEs in their affiliates. The significant interaction effect between board composition, family ownership and institutional distance helps explain the unexpectedly weak effects of institutional distance. more...
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- 2018
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13. Diversity and women in finance: Challenges and future perspectives
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Sotirios Kokas, Geoffrey Wood, and Claudia Girardone
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040101 forestry ,Finance ,Economics and Econometrics ,050208 finance ,business.industry ,Strategy and Management ,Corporate governance ,media_common.quotation_subject ,Field (Bourdieu) ,05 social sciences ,04 agricultural and veterinary sciences ,Political science ,0502 economics and business ,0401 agriculture, forestry, and fisheries ,Corporate social responsibility ,Business and International Management ,business ,Senior management ,Composition (language) ,Diversity (politics) ,media_common - Abstract
This paper explores the main forces impacting diversity and the role of women at senior management and board level in finance. In addition, it offers a synopsis of selected research examining the board composition, corporate social responsibility and external corporate governance. We focus mainly on empirical papers that employ quasi-natural experiments and textual analysis to confirm the interdisciplinary nature of diversity. Further, we identify priorities for future research that can advance our understanding on this research area, and the broader field of financial studies, encompassing the growing interest in the boundaries between the economic, the psychological and the social. more...
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- 2021
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14. Comprehending the outward FDI from Latin America and OCED: A comparative perspective
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Mao Zhang, Shuxing Yin, Geoffrey Wood, and Khelifa Mazouz
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Marketing ,Latin Americans ,Resource (biology) ,Corruption ,business.industry ,media_common.quotation_subject ,05 social sciences ,Foreign direct investment ,Natural resource ,Politics ,Agriculture ,Political science ,0502 economics and business ,Development economics ,050211 marketing ,Business and International Management ,Comparative perspective ,business ,050203 business & management ,Finance ,media_common - Abstract
This study examines the determinants of outward foreign direct investment (FDI) from Latin American countries and compares it with their OECD counterparts. Our analysis is based on a sample of 45 countries, 13 from Latin America and 32 from the OECD, over the period 2001–2012. We find that the outward FDI from Latin America is more likely to be located in geographically proximate countries and in countries with similar culture and language than that from their OECD counterparts. We also show that Latin American outward FDI is less likely to be resource seeking. This presumably reflects the rich natural resource endowments and agricultural potential in major Latin American countries. Further, outward FDI from Latin America is more likely to be concentrated in countries with a similar corruption environment than that from their OECD counterparts. This might indicate a broadly similar nature of corruption across Latin America due to shared cultural, political and economic legacies. more...
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- 2021
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15. Exploring and investigating sustainable international business practices by MNEs in emerging markets
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Adrian John Wilkinson, Yama Temouri, Vijay Pereira, and Geoffrey Wood
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Marketing ,Market economy ,Sustainability ,Sustainable practices ,Business ,International business ,Conventional wisdom ,Business and International Management ,Emerging markets ,Finance - Abstract
While there are a number of dimensions to sustainability, ranging from the environmental to the social, a common assumption in the literature is that firms from the mature markets are more likely to have the capacity and indeed, rationale to take sustainability more seriously. Emerging market counterparts, MNEs included, are seen to lag behind in sustainable practices. However, recent developments challenge this conventional wisdom. This article introduces the special issue on ‘Sustainable International Business Practices by MNEs in Emerging Markets, and highlights emerging themes which are promising future directions for theoretical and empirical enquiry. more...
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- 2021
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16. Riding the tides of mergers and acquisitions by building a resilient workforce: A framework for studying the role of human resource management
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Fang Lee Cooke, Geoffrey Wood, Meng Wang, and Alice S. Li
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Organizational Behavior and Human Resource Management ,05 social sciences ,050209 industrial relations ,Competitive advantage ,Conceptual framework ,Human resource management ,0502 economics and business ,Mergers and acquisitions ,Well-being ,Workforce ,Business ,Resilience (network) ,Set (psychology) ,050203 business & management ,Applied Psychology ,Industrial organization - Abstract
Mergers and acquisitions (M&As) have been a popular strategy for firms to increase their competitive advantage. Existing research has revealed a wide range of implications for the workforce and human resource management (HRM) stemming from M&As. However, insufficient attention has been paid to issues related to employee resilience. We argue that employee resilience, a concept that is still to gain widespread attention in HRM research, is crucial to organizations wishing to manage their M&As successfully, especially in the post-M&A integration. We develop a set of complementary propositions, present a research framework, and indicate directions for future studies. more...
- Published
- 2021
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17. Top management team’s formal network and international expansion of Chinese firms: The moderating role of state ownership and political ties
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Jie Wu, Zaheer Khan, and Geoffrey Wood
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Marketing ,media_common.quotation_subject ,05 social sciences ,State capitalism ,State ownership ,Internationalization ,Market economy ,Service (economics) ,0502 economics and business ,Institutional analysis ,050211 marketing ,Business ,Business and International Management ,Emerging markets ,Centrality ,050203 business & management ,Finance ,Panel data ,media_common - Abstract
This article explores the role of the formal network centrality of top management teams (TMT) for foreign expansion, looking at the case of Chinese firms. The former is defined by the degree to which top managers are connected with TMTs of other firms in formal ways, through service as independent board members. We explore boundary conditions, comparing state ownership with political ties. The analysis of a panel data of 489 firms expanding to 72 developed and developing host markets in the period 2000–2012 confirms that network centrality facilitates internationalization. We found that TMT network centrality had a stronger effect on internationalization in developed than emerging markets. Conversely, state ownership had a positive moderating effect in the latter and political ties a negative effect in developed ones. The literature on comparative institutional analysis suggests that formal ties are more important in developed economies, and informal ties in emerging ones. However, formal political ties and/or links to the Chinese state may be more of value in internationalizing into other emerging markets, where the balance of diplomatic power may be more skewed in China’s favor. more...
- Published
- 2021
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18. The consequences of political donations for IPO premium and performance
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Khelifa Mazouz, Dimitrios Gounopoulos, and Geoffrey Wood
- Subjects
Economics and Econometrics ,Signaling theory ,Strategy and Management ,Monetary economics ,Politics ,Offer price ,0502 economics and business ,Relevance (law) ,Endogeneity ,Business and International Management ,Valuation (finance) ,Resource dependency theory ,040101 forestry ,050208 finance ,Resource dependence theory ,Firm survival ,Corporate governance ,05 social sciences ,Political power ,04 agricultural and veterinary sciences ,Political contributions ,Value (economics) ,0401 agriculture, forestry, and fisheries ,Business ,IPO ,Initial public offering ,Finance - Abstract
This study explores the effect of directors’ political contributions on IPOs’ valuation and firm survival. We find that individual contributions by directors bring significant benefits to the IPO firms. Specifically, we show that political contributions of board members, particularly those of CEOs and founders, increase the value and performance(in terms of underpricing and subsequent survivability) of IPO firms. We find that the impact of directors’ political contributions on the IPO premium and underpricing isparticularly strong among non-venture-backed firms, while the link between directors’ political contributions and firm survival is more pronounced forventure-backed firms with strong corporate governance. Our findings are robust to endogeneity concerns and to alternative measures of political donations and IPO performance.Our results confirm the relevance of signaling and resource dependence theories. more...
- Published
- 2021
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19. State capitalism in international context: Varieties and variations
- Author
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Ilya Okhmatovskiy, Aldo Musacchio, Jonathan P. Doh, Anna Grosman, Mike Wright, and Geoffrey Wood
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Marketing ,Government ,media_common.quotation_subject ,05 social sciences ,State capitalism ,Context (language use) ,International business ,Neoclassical economics ,Variety (cybernetics) ,Internationalization ,State (polity) ,Statism ,0502 economics and business ,Economics ,050211 marketing ,Business and International Management ,050203 business & management ,Finance ,media_common - Abstract
State interventions in markets assume varieties of forms in different economic systems. To capture this variety, we consider state capitalism as a multidimensional concept, first reviewing its historical evolution from both practical and scholarly vantages. We describe several dimensions of state capitalism and demonstrate how cross-national variations can be captured through positioning countries along these dimensions. We use cross-sectional data for a large sample of countries to derive factors that represent key dimensions of state capitalism. We demonstrate how cross-national and historical variation in state capitalism is captured by this Virtual Special Issue and offer suggestions for future research. more...
- Published
- 2021
- Full Text
- View/download PDF
20. Strategic ambidexterity and innovation in Chinese multinational vs. indigenous firms: The role of managerial capability
- Author
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Martin Meyer, Xiaoyun Chen, Jie Wu, Zhiyang Liu, and Geoffrey Wood
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Marketing ,Product innovation ,05 social sciences ,Context (language use) ,Sample (statistics) ,Indigenous ,Multinational corporation ,0502 economics and business ,050211 marketing ,Business ,Business and International Management ,China ,Emerging markets ,050203 business & management ,Finance ,Industrial organization ,Ambidexterity - Abstract
In this study, we challenge the conventional understanding of ambidexterity as an unquestionable contribution to better performance. We combine the concept of ambidexterity and the notion of managerial capability to explore different effects of ambidexterity on innovation performance in the context of emerging markets. We investigate this ambidexterity-innovation effect, and how this effect is moderated by managerial capability, on a sample of 74 Chinese multinational enterprises (MNEs) vs. 60 indigenous firms that are both in high technology industries. We find that, surprisingly, ambidexterity has a negative effect on the innovation performance of indigenous firms, although this effect is less so in the case of Chinese MNEs. More importantly, strong managerial capability increases the positive effect of ambidexterity on the innovation performance of Chinese MNEs, but not so for indigenous firms. We discuss the implications of these findings on research on ambidexterity and product innovation. more...
- Published
- 2020
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21. People management after state socialism: A literature review and research agenda
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Leslie T. Szamosi, Giovanni Oscar Serafini, and Geoffrey Wood
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Successor cardinal ,Organizational Behavior and Human Resource Management ,Equity (economics) ,media_common.quotation_subject ,05 social sciences ,050209 industrial relations ,Legislation ,Context (language use) ,Foreign direct investment ,State socialism ,State (polity) ,Political economy ,Political science ,0502 economics and business ,Clan ,050203 business & management ,Applied Psychology ,media_common - Abstract
This paper reviews the existing evidence base on the practice of people management in the context of post-state socialist countries of Asia. The focus is on Asian successor states of the Soviet Union and those under direct Soviet domination. In an undeniably diverse region, in all the countries under review there appears to be a disarticulation between liberal market reforms, economic progress, the ability to attract FDI and the development and persistence of a formal employment base. Extended informal networks of support often play an important role, inter alia, in informing recruitment, although clan based networks appear as quite impermeable to outsiders. Regulatory coverage is uneven but in many instances job protection is high. Drawing on the available research base, this paper consolidates and extends the existing state of knowledge on people management within the institutional contexts examined and draws out the implications for theorising and practice. The study highlights how reforms in one area may lead to counter-movements in others, shoring up existing modes of people management. Again, whilst clans and middle classes both have channels for political advocacy, there are fewer opportunities for workers and their representatives; this means that there is little impetus for legislation to promote better practice, workplace inclusivity and equity. more...
- Published
- 2020
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22. Ambidextrous working in health and social care services: A configurational view
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Geoffrey Wood and Martin Harris
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business.industry ,Process (engineering) ,Strategy and Management ,media_common.quotation_subject ,05 social sciences ,Geography, Planning and Development ,0211 other engineering and technologies ,Exploratory research ,Middle management ,Distribution (economics) ,02 engineering and technology ,Public relations ,Work (electrical) ,0502 economics and business ,Sociology ,Bureaucracy ,business ,Senior management ,050203 business & management ,Finance ,021102 mining & metallurgy ,Ambidexterity ,media_common - Abstract
This study evaluates how middle and front-line managers contribute to organizational ambidexterity through their engagement with long-standing organizational dilemmas, supplementing earlier senior management focused work. Based on a multi-level exploratory study conducted within the UK health and social care sector, we investigate how middle and front-line managers were able to work on a collective and redistributive basis to address the tension between exploratory and exploitative innovation. Middle managers served as ‘horizontal integrators’ facilitating the emergence of shared understandings, learning capabilities and the distribution of knowledge-based resources, a process shaped by the constraints and opportunities provided by the broader intra-corporate environment. We conclude that the transition to ambidextrous working was impeded by restrictive bureaucratic dimensions, and facilitated by a distributed pattern of interaction, shared responsibility and more empowering bureaucratic forms. more...
- Published
- 2020
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23. Techno-economic analysis and global warming potential of a novel offshore macroalgae biorefinery
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Jonah M. Greene, Jascha Gulden, Jason C. Quinn, Michael H. Huesemann, and Geoffrey Wood
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Process modeling ,020209 energy ,Environmental engineering ,Biomass ,02 engineering and technology ,010501 environmental sciences ,Biorefinery ,01 natural sciences ,Unit operation ,Hydrothermal liquefaction ,Greenhouse gas ,Sustainability ,Biochar ,0202 electrical engineering, electronic engineering, information engineering ,Environmental science ,Agronomy and Crop Science ,0105 earth and related environmental sciences - Abstract
The success of a large scale macroalgae-based biorefinery is dependent on the demonstration of favorable system economics and environmental sustainability. This study uses detailed process modeling to quantify the mass and energy flows through the various unit operations required for a novel free-floating macroalgae biorefinery concept. The modular process model served as the foundation for the techno-economic and global warming potential analyses used to quantify the sustainability of the proposed concept. This work includes detailed techno-economic results for a complete macroalgae cultivation and conversion system with multiple hatchery configurations and several emerging technologies. System optimization was achieved through the evaluation of various technology options for each unit operation. Technologies considered include traditional twine and textile substrate hatchery configurations, drone assisted seeding and biomass transport, mechanized line seeding and harvesting, adhesive spore mixtures that simplify seeding operations and improve hatchery energetics, and hydrothermal liquefaction to produce upgradable biocrude. Outputs from the system include renewable diesel (R100), naphtha, biochar, nitrogen and phosphorus fertilizers, and aqueous/solid waste streams. Three different system pathways were explored, yielding a biomass production cost ranging from $210 to $565 per dry metric ton and a minimum fuel selling price from $1.35 to $2.91 per liter of gasoline equivalent. Stochastic manipulation of the process model and sensitivity analyses support these results. The global warming potential analysis shows net greenhouse gas emissions ranging from 14 to 29 gCO2-eq MJ−1, supported by stochastic and sensitivity analyses. The recommendations from this work highlight critical areas for research and development investment such that a sustainable macroalgae cultivation and conversion system can be realized. more...
- Published
- 2020
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24. The Social and Material Dimensions of Power: A Study of Company Directorss Political Donations
- Author
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Geoffrey Wood, Dimitrios Gounopoulos, and Khelifa Mazouz
- Subjects
Politics ,Resource dependence theory ,media_common.quotation_subject ,Relevance (law) ,Business ,Ideology ,Monetary economics ,Endogeneity ,Initial public offering ,media_common ,Valuation (finance) - Abstract
This study explores the effect of directors’ political contributions on IPOs’ valuation and subsequent performance. We find that individual contributions by directors bring significant benefits to the IPO firms. Specifically, we show that political contributions of board members, particularly those of CEOs and founders, increase the IPO premium and the long-term performance of the IPO firms. These findings do not depend on the directors’ political ideology or party affiliations and are robust to endogeneity concerns and to alternative measures of political donations and IPO performance. As a possible consequence of Citizens United, we also find that individual contributions of IPOs directors have tripled, with a trajectory of further increase. Our results confirm the relevance of signaling and resource dependence theories. more...
- Published
- 2018
- Full Text
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25. Context, law and reinvestment decisions: Why the transitional periphery differs from other post-state socialist economies
- Author
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Mehmet Demirbag, Nizamettin Bayyurt, Geoffrey Wood, and Martina McGuinnness
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Marketing ,Corruption ,media_common.quotation_subject ,Context (language use) ,Foreign direct investment ,Positive correlation ,Market economy ,Work (electrical) ,State (polity) ,Economics ,Survey data collection ,Socialist economics ,Business and International Management ,Finance ,media_common - Abstract
A range of studies has found that corruption has a significant impact upon FDI decisions, however to date there has been scant investigation into longer term investments made by firms and their relative proclivity to reinvest. Further, there is particularly little work on reinvestment choices made on the transitional periphery of post-state socialist countries and how these might differ from the more stable transitional economies of central and Eastern Europe. Utilising 2005 World Bank Enterprise Survey data, this study explores the relationship between corruption and MNEs’ strategic decision to reinvest profits. From an institutionalist starting point, we find variation in the impact of different dimensions of corruption upon reinvestment; pervasive corruption impacts negatively upon reinvestment, but its effects are more pronounced in the transitional periphery. Perceived robust legal institutions have a positive correlation with reinvestment, but again, the positive effects are less pronounced on the transitional peripheral state socialist states. We ascribe this disparity to greater institutional fluidity, and explore why this context has particularly adverse effects. Finally, we find that firm level attributes of larger size and greater age play an important role in positive reinvestment decisions, appearing to mitigate the worst consequences of this fluidity. more...
- Published
- 2015
- Full Text
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26. The employment consequences of private equity acquisitions: The case of institutional buy outs
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Geoffrey Wood, Noel O'Sullivan, and Marc Goergen
- Subjects
Economics and Econometrics ,Labour economics ,HF ,business.industry ,media_common.quotation_subject ,Control (management) ,Wage ,Context (language use) ,HG ,Organizational performance ,Private equity ,Economics ,Remuneration ,Profitability index ,business ,Productivity ,Finance ,media_common - Abstract
There is a growing controversy as to the impact of private equity acquisitions, especially in terms of their impact on employment and subsequent organizational performance. It has been suggested that closer owner supervision and the injection of a new management team revitalize the acquired organization and unlock dormant capabilities and value. However, both politicians and trade unionists suggest that private equity acquirers may significantly reallocate value away from employees to short term investors, typically through layoffs and reduced wages, which may undermine future organizational sustainability. This article investigates this in the context of a sample of institutional buy outs (IBOs) undertaken in the UK between 1997 and 2006. Specifically we examine the impact of IBOs on both employment and remuneration against two control groups of non-acquired firms. In designing our study we follow the empirical approach taken by Conyon et al., 2001 and Conyon et al., 2002 in investigating the employment consequences of regular takeovers. Our main finding is a significant loss in employment in firms subject to an IBO in the year immediately following the acquisition as well as lower wage rates, when compared to either of the two control groups. Furthermore, we find no evidence of a subsequent improvement either in productivity or profitability in the acquired businesses. more...
- Published
- 2014
- Full Text
- View/download PDF
27. The IB/ IHRM interface: Exploring the potential of intersectional theorizing
- Author
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Ulf Andersson, Dana Minbaeva, Rajneesh Narula, Geoffrey Wood, and Chris Brewster
- Subjects
Marketing ,Theory building ,Interface (Java) ,Field (Bourdieu) ,05 social sciences ,Common ground ,International business ,Lexicon ,Epistemology ,Multinational enterprise ,Multinational corporation ,0502 economics and business ,International HRM ,050211 marketing ,Sociology ,Business and International Management ,050203 business & management ,Finance - Abstract
Although the core concepts underlying IB and IHRM provide a common lexicon and epistemology, this commonality is often more implicit than explicit. We highlight not only the common ground but also the lack of critical dialogue between the two fields. This paper asks: What can each field learn from the other? What do scholars from IB learn from IHRM and vice versa? We identify a possible agenda and concerns regarding theory building as a basis for dialogue between the two fields. more...
- Published
- 2019
- Full Text
- View/download PDF
28. The effects of the national setting on employment practice: The case of downsizing
- Author
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Marc Goergen, Geoffrey Wood, and Chris Brewster
- Subjects
Marketing ,Government ,Politics ,Public economics ,Mergers and acquisitions ,Economics ,Stakeholder ,Business and International Management ,Capitalism ,Industrial relations ,Capital market ,Finance ,Biology and political orientation - Abstract
Although there is now a sizeable body of academic literature that tries to explain cross-country differences in terms of corporate control, capital market development, investor protection and politics, there is as yet very little literature on the degrees of protection accorded to other corporate stakeholders such as employees, based on a systematic comparison of firm level evidence. We find that both theories of legal origin and the varieties of capitalism approach are poor predictors of the relative propensity of firms to make redundancies in different settings. However, the political orientation of the government in place and even more so the nature of the electoral system are relatively good explanators of this propensity. In other words, political structures and outcomes matter more than more rigid institutional features such as legal origin. We explore the reasons for this, drawing out the implications for both theory and practice. more...
- Published
- 2013
- Full Text
- View/download PDF
29. The Rise of Right Wing Populism and Its Effect on HRM
- Author
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Geoffrey Wood, Shaker A. Zahra, and Douglas J. Cumming
- Subjects
Populism ,Entrepreneurship ,Social protection ,media_common.quotation_subject ,Human resource management ,Development economics ,Immigration ,Economics ,International business ,Economic system ,Racism ,media_common ,Diversity (business) - Abstract
This paper provides an overview of the human resource management implications associated with the rise of right-wing populism. Our perspective is based on a review of the managerial, policy, and academic literature. We highlight some of the potentially negative human resource management consequences for markets in the U.K., U.S., and around the world that result from declines in social protection, a rise in racism, a decline in diversity or acceptance of diversity, as well as barriers to the mobility of labour, immigration, and trade, among other problems. more...
- Published
- 2016
- Full Text
- View/download PDF
30. HRM in Mozambique: Homogenization, path dependence or segmented business system?
- Author
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Geoffrey Wood, Chris Stride, Pauline Dibben, and Edward Webster
- Subjects
Marketing ,Human resource management ,Best practice ,Business system planning ,Economics ,Public policy ,Business and International Management ,Capitalism ,Economic system ,Emerging markets ,Finance ,Diversity (business) ,Path dependence - Abstract
A central debate in Human Resource Management (HRM) in emerging economies is whether nations follow distinct paradigms, or if there has been homogenization towards low value-added policies or ‘best practice’ HR systems. The literature on comparative capitalism indicates the existence of continuities and path dependence, but often neglects emerging markets. This article seeks to address this gap through exploring the nature of HRM in Mozambique and its relationship to business systems theory. Survey results indicate diversity between companies, suggesting a segmented business system, and the article concludes by discussing the implications of these findings for government policy and management practice. more...
- Published
- 2011
- Full Text
- View/download PDF
31. Gold as a hedge against the dollar
- Author
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Terence C. Mills, Forrest Capie, and Geoffrey Wood
- Subjects
Economics and Econometrics ,Exchange rate ,Financial economics ,Autoregressive conditional heteroskedasticity ,Value (economics) ,Liberian dollar ,Economics ,Gold as an investment ,Monetary economics ,Foreign exchange ,Hedge (finance) ,Gold returns ,Finance - Abstract
The extent to which gold has acted as an exchange rate hedge is assessed using weekly data for the last thirty years on the gold price and sterling–dollar and yen–dollar exchange rates. A negative, typically inelastic, relationship is indeed found between gold and these exchange rates, but the strength of this relationship has shifted over time. Thus, although gold has served as a hedge against fluctuations in the foreign exchange value of the dollar, it has only done so to a degree that seems highly dependent on unpredictable political attitudes and events. more...
- Published
- 2005
- Full Text
- View/download PDF
32. Fifty Economic Fallacies Exposed: Second Edition
- Author
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Geoffrey Wood
- Subjects
Inflation ,Government spending ,Buckingham ,media_common.quotation_subject ,Political economy ,Monetary policy ,Value (economics) ,Economics ,media_common.cataloged_instance ,European union ,Free trade ,media_common ,Fiscal policy - Abstract
Whilst it is impossible to argue that the earth is flat without fearing ridicule, fallacies in economics are widespread. Such fallacies pervade the intellectual sphere and even influence policy. Professor Geoffrey Wood of the University of Buckingham exposes such popular economic fallacies in this revised edition of Fifty Economic Fallacies Exposed. Professor Wood looks at, for example, the supposed dangers of free trade, the abilities of governments to control the economy, the effects of government regulation and whether millions of jobs depend on our continued membership of the European Union. These lucid and stimulating articles are invaluable to students struggling to master some of the complexities of economic theory and its applications, who often find that the most effective way to learn economic analysis is to see such fallacies exposed. It is a text particularly suitable for first-year economic students, complementing existing textbooks as it does, and clarifying basic concepts in economics while demonstrating the practical uses of economic theory. Contents: 1. Regulation and markets 2. International trade and finance 3. Inflation 4. Fiscal policy: taxation 5. Fiscal policy: government spending 6. Monetary policy: theory 7. Monetary policy: practice 8. Cost, price and value 9. Labour markets more...
- Published
- 2014
- Full Text
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33. Do We Need Regulation of Bank Capital? Some Evidence from the UK
- Author
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Forrest Capie and Geoffrey Wood
- Subjects
Basel I ,History ,Polymers and Plastics ,business.industry ,Bank run ,Financial system ,Industrial and Manufacturing Engineering ,Capital adequacy ratio ,Economy ,Financial capital ,Capital (economics) ,Capital employed ,Economics ,Capital requirement ,Retail banking ,Business and International Management ,business - Abstract
Banks need to keep both capital and liquidity against unforeseen events.During the early-mid nineteenth century, there were a number of banking crises. Banks responded by holding higher levels of capital.An analysis of bank capital shows that they adjusted their capital ratios according to the risks that they were taking and that they were well capitalised in comparison with the standards set by regulators under the Basel I and Basel II approaches.Indeed, when bank capital levels became very thin after the Second World War, banks were prevented by the Bank of England from raising more capital, despite their appeals to the Bank.During this long period of prudent management of the banking sector, there was no clear expectation that the state would have stepped in to save an insolvent bank in Britain.Capital regulation is relatively recent and led to banks trying to game the rules contributing to the complexity that was created in the banking system.An analysis of history demonstrates that capital regulation is not necessary if banks are not underwritten by the state.The principle of many of the reforms to banking law and regulation currently being proposed or implemented is correct. That principle, which should be at the heart of regulatory reform, is that banks should be wound up in an orderly way if they fail.The whole apparatus of bank capital regulation which has done so much to make the banking system more opaque should be abandoned. Attempts by the British government to require large banks to hold very high levels of capital are misguided. more...
- Published
- 2013
- Full Text
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34. Democracy and Development: Political Institutions and Well-Being in the World 1950–90 Adam Przeworski, Michael E. Alvarez, Jose Antonio Cheibub, and Fernando Limong; Cambridge: Cambridge University Press, 2000, xvii + 321 pp
- Author
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Geoffrey Wood
- Subjects
Economics and Econometrics ,Philosophy ,Politics ,Political economy ,media_common.quotation_subject ,Political science ,Economic history ,Democracy ,media_common - Published
- 2002
- Full Text
- View/download PDF
35. How to Leave a Monetary Union
- Author
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Geoffrey Wood
- Subjects
Short paper ,Economics ,Monetary economics ,Impossibility ,Monetary hegemony ,Monetary base - Abstract
This short paper sets out how leaving a monetary union is not the technical impossibility many have recently claimed. It has been done often in the past, and while possibly uncomfortable can be the best available option. Examples are given. more...
- Published
- 2011
- Full Text
- View/download PDF
36. How Important Historically Were Financial Systems for Growth in the U.K., U.S., Germany, and Japan?
- Author
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Yishay Yafeh, Hideaki Miyajima, Franklin Allen, Richard Sylla, Forrest Capie, Caroline Fohlin, and Geoffrey Wood
- Subjects
Trade credit ,Indirect finance ,Financial intermediary ,Geography of finance ,Structured finance ,Financial ratio ,Financial system ,Business ,Financial econometrics ,Gross domestic product - Abstract
The sources of finance for industrial development include (i) banks, (ii) securities markets, (iii) internal finance, (iv) alternative sources of finance such as angel finance, trade credit, families, and friends, and (v) governments. All four countries had sophisticated financial systems and all four grew successfully. The fact that they had different financial systems suggests that if there is an optimal financial structure for a country it does not lead to a significantly greater level of growth than other possible structures. The experiences of the four countries considered suggest that a variety of financial structures can lead to high rates of growth in real per capita GDP. more...
- Published
- 2010
- Full Text
- View/download PDF
37. One money for Europe?
- Author
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Geoffrey Wood
- Subjects
Economics and Econometrics ,Economy ,Keynesian economics ,Economics ,Finance - Published
- 1990
- Full Text
- View/download PDF
38. Varieties of Capitalism and Investments in Human Capital
- Author
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Chris Brewster, Geoffrey Wood, Marc Goergen, and Adrian John Wilkinson
- Subjects
Core (game theory) ,Categorization ,business.industry ,Corporate governance ,Economics ,Stakeholder ,Economic system ,Capitalism ,Investment (macroeconomics) ,Human resources ,business ,Human capital - Abstract
This paper uses a large-scale database to test the link between corporate governance regimes (specifically, the varieties of capitalism literature), investment in training and economic performance. The evidence presented here does not match with common assumptions that countries can be classified into Anglo-Saxon and other forms of capitalism, supporting a considerable body of the more empirically orientated literature on employment security and human resource development. We propose a new categorization of countries that links types of broad corporate governance regimes and associated sets of regulations with the relative propensity of firms to engage in specific types of investment towards a core stakeholder: employees. more...
- Published
- 2007
- Full Text
- View/download PDF
39. The Boundaries of Governance: The Effects of the National Setting and Ownership Changes on Employment Practice
- Author
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Chris Brewster, Marc Goergen, and Geoffrey Wood
- Subjects
Market economy ,Public economics ,media_common.quotation_subject ,Corporate governance ,Mergers and acquisitions ,Economics ,Quality (business) ,Context (language use) ,Industrial relations ,media_common ,Biology and political orientation - Abstract
This paper uses evidence from a large database on companies from 16 European countries, to highlight patterns in their employment practices and reconcile these with classifications of systems of corporate governance and employment relations. It also analyses whether there are differences in employment practices for firms that have been recently involved in mergers and acquisitions. The observed country effects fit in relatively well with the predictions of the juridico-political theories: the political orientation of the national governments and the quality of law fare relatively well in explaining these country effects. Theories of regulation that point to the interconnected nature of these variables explain further differences in employment practices. The merger effects are less clear-cut. However, again, recent regulationist thinking, which suggests the uneven nature of systemic evolution, seems relevant in this context. more...
- Published
- 2006
- Full Text
- View/download PDF
40. Competition and Banking Stability in the Euro Area: The Cases for Greece and Spain
- Author
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Geoffrey Wood and Christos Staikouras
- Subjects
Financial innovation ,Liberalization ,business.industry ,media_common.quotation_subject ,Financial system ,Single market ,International economics ,Interest rate ,Deregulation ,Financial regulation ,Economics ,Retail banking ,business ,Financial services ,media_common - Abstract
Banking markets across the world are evolving rapidly, under the impact of financial innovation, globalization, and information technology. Within Europe these changes are especially fast and far-reaching, accelerated by both the completion of the single market in financial services and the introduction of the Euro. The Euro and the associated deregulation of banking markets are affecting the revenues of the European banking system as a whole, and are changing the allocation of revenue between banks, with implications for financial stability and prudential regulation. Essential to the continuing stability of a banking system is that it be profitable. This paper describes the current situation of the banking industry in two countries, Greece and Spain. It provides a comparative analysis of the structure and sources of profitability for the Greek and Spanish national banking systems. Profitability has been higher and less variable in Spain compared with Greece. This comparison enables us to offer some suggestions as to the impact of deregulation and inflation on banking sector stability. A full liberalization of interest rates setting and removal of most institutional barriers restricting competition between different banking markets had an impact on both banking sectors. Higher and more variable rates of inflation in Greece can give an explanation of higher variability in bank profits compared with Spain. The paper demonstrates that there remains substantial differences, and thus responsibility for national financial systems should rest, at least for the time being, with national central banks rather than be centralized with the ECB. more...
- Published
- 2000
- Full Text
- View/download PDF
41. Money substitutes and monetary policy in the U.K., 1922–1974
- Author
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T.C. Mills and Geoffrey Wood
- Subjects
Economics and Econometrics ,Monetarism ,Demand curve ,media_common.quotation_subject ,Monetary policy ,Economics ,Monetary economics ,Elasticity (economics) ,Finance ,Interest rate ,media_common - Abstract
In the U.K., following the publication of the Radcliffe Report, it was widely believed that monetary policy was impotent because any attempt to make use of monetary policy would be fully offset by perfect money substitutes which were not controlled by the monetary authorities. This paper tests whether such substitutes exist. The technique is to fit a money demand function to a long run of data allowing the interest elasticity to vary from observation to observation, and using a procedure which permits infinite values of the elasticity. It was found that, although the elasticity does vary, no observation was consistent with the Radcliffe view. This was true for both interest rates tried, and the function proved very stable when tested. We conclude that the Radcliffe Hypothesis can be decisively rejected. more...
- Published
- 1977
- Full Text
- View/download PDF
42. Provision of irrigation services by the landless—An approach to agrarian reform in Bangladesh
- Author
-
Geoffrey Wood
- Subjects
Economic growth ,Irrigation ,Poverty ,business.industry ,Distribution (economics) ,Agrarian reform ,Irrigation water ,Agricultural economics ,Early results ,Economics ,General Earth and Planetary Sciences ,Rural area ,Agricultural productivity ,business ,General Environmental Science - Abstract
The rural areas of Bangladesh are dominated by landless labourers whose numbers are tending to increase and whose level of living is desperately low. One way of alleviating their poverty is to place in their hands the control of productive assets not already controlled by landowners. A large-scale experiment is under way to assist some of them to deploy irrigation water by shallow tubewells and low-lift pumps. Early results suggest that this can be successfully done and that it may be one way of increasing agricultural production and improving the distribution of income simultaneously. more...
- Published
- 1984
- Full Text
- View/download PDF
43. European monetary integration? A review essay
- Author
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Geoffrey Wood
- Subjects
Economics and Econometrics ,Keynesian economics ,Economics ,Positive economics ,Monetary hegemony ,Finance ,Monetary integration - Published
- 1986
- Full Text
- View/download PDF
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