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Copyright of Journal of Management & Systems is the property of Business Administration Association of R.O.C. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this paper, we analyze the wealth accumulation and saving behavior of the retired elderly in Italy using micro data from the "Survey of Italian Households' Income and Wealth," a panel survey of households conducted every 2 years by the Bank of Italy. We find that, on average, the retired elderly in Italy are decumulating their wealth (dissaving) but that their wealth decumulation rates are much slower than expected. Moreover, we also find that more than 40% of the retired elderly in Italy are continuing to accumulate wealth and that more than 80% are doing positive amounts of saving. Thus, the Wealth Decumulation Puzzle (the tendency of the retired elderly to decumulate their wealth more slowly than expected) appears to apply in the case of Italy, as it does in most other countries, before as well as after the Global Financial Crisis. Moreover, our regression analysis of the determinants of the wealth accumulation and saving behavior of the retired elderly in Italy suggests that the lower than expected wealth decumulation rates and dissaving of the retired elderly in Italy is due largely to intergenerational transfers (bequests and inter vivos transfers) and saving for precautionary purposes, especially the former. [ABSTRACT FROM AUTHOR]

Interest in politics is a key indicator of citizens' attitudes towards politics. Scholars disagree whether interest is a stable trait developed during adolescence, or if it changes over the life course. We hypothesise that deteriorating health can destabilise the stable sense of political interest because worsening health makes individuals more dependent on public healthcare and increase their attention to politics. Furthermore, we assume that the impact of health on interest is conditional on income as people with low incomes are dependent on public healthcare. Our results show only limited support for the first hypothesis. However, we found a negative relationship between declining health and increasing interest in the lowest income group. The results are consistent with the life-cycle theory, which presumes that important events in life have consequences even for the most endurable political attitudes. Deteriorating personal health can be a source of motivation to make persons more interested in politics. [ABSTRACT FROM AUTHOR]

Background and Objectives This article presents a narrative-based case study about vital involvement in an elder role model, exploring the dimensions of this man's current vital involvement and identifying its lifelong expressions that appear, in older adulthood, to have enabled him to become such an exemplar. This case was chosen from a larger study of "Elder Roles Models", that explores: (i) What about these particular older adults (identified by colleagues, friends, program directors, and service providers) constitutes their "elder role model-hood"; and (ii) How, developmentally, they got to be this way in older adulthood. This case study addresses the first of these questions by identifying five dimensions of vital involvement. Research Design and Methods Case study data were collected through five, semi-structured life-history interviews conducted over the 3 months. Interviews (90–120 minutes, each) were transcribed and analyzed using a thematic analysis approach. Findings Five dimensions emerged as constituting this man's vital involvement in older adulthood: (i) enacting personal values and strengths; (ii) person–environment reciprocity; (iii) using environmental supports; (iv) enriching the environment; and (v) experience-based perspective. Discussion and Implications Dimensions are contextualized in terms of gerontological and life-cycle research, theory, and practice. A fundamental principle of Erikson's theory of lifelong psychosocial development, the vital involvement dynamic, is suggested as an "umbrella concept" for integrating disparate gerontological practices, theories, and research, and for conceptualizing older adulthood in the context of the life cycle as a whole. [ABSTRACT FROM AUTHOR]

Employing a unique data set that incorporates development events for 243 reward-based projects on one of the biggest crowdfunding platforms in China, JingDong Crowdfunding, this paper examines two vital aspects related to the financing performance of crowdfunding projects: the influencing factors and the change laws of the effects of the determinants. The econometric analysis results of individual fixed effects models with instrumental variables reveal that the fundraiser's online social capital, number of description images and project popularity, as well as the herding effects that exist in the financing process, have significant positive impacts on financing performance, while the funding goal has negative impact. More importantly, the data highlights the life-cycle features of each determinant's influence in the financing process. Campaign popularity and herding effects both have progressively increasing influences on fundraising performance, while online social capital of the fundraiser and the number of description images exercise declining effects over it. One notable finding is that the funding goal's effect on the fundraising outcome shifts from decreasing positive in the growth stage towards increasing negative in the stable and maturity stages. The findings are of great guiding significance for improving campaign performance and development of the crowdfunding industry. [ABSTRACT FROM AUTHOR]

The aim of the paper is to review the global research on household saving behaviour, to review the scientific literature, and to consider the selection of the optimal research methodology for the thesis ‘Lithuanian Households’ Saving Behaviour for Retirement in an Ageing Society’. The paper reviews the main theoretical perspectives defining household behaviour and the methodological approaches of research conducted in the USA, Germany, Japan, the UK and Scandinavian countries. The traditional approach of economists to the human being in the economy is compared with the theoretical perspective of behavioural economists. The article presents recommendations for the methodology of research in Lithuania, by proposing to analyse the data from the Household Finance and Consumption Survey, and, based on the assumptions of behavioural economists, to provide recommendations to help people save more for retirement. [ABSTRACT FROM AUTHOR]

This study examines the behavior of firms in Indonesia in relation to the life-cycle and catering theories under the assumption that investors expect optimum returns on stock investments through dividends, capital gains, or both. To this end, we examine 212 firms listed on the Indonesia Stock Exchange during 2010 to 2016 and investigate dividend policy, our dependent variable, in terms of: (1) dividend payers and non-payers and (2) higher, lower, and non-dividend payers. The independent variables in the basic model of this study are retained earnings-over-total-equity, return-on-assets, market-to-book value, firm size, and dividend premium, and the control variables are systematic and idiosyncratic risks. For hypothesis testing, this study conducts two analyses, namely logistic regression and its extension to multinomial regression. The findings confirm that pseudo R-squared and confidence improve under the dividend policy when controlling for risk and dividend payers. We find that mature Indonesian firms pay higher dividends as they are larger and more profitable, with more free cash and insignificant growth opportunities. Conversely, growing Indonesian firms with significant future opportunities pay lower dividends. The findings of this study imply that the dividend policy of mature Indonesian firms supports the life-cycle theory and is inconsistent with the catering theory.

This study examines the behavior of firms in Indonesia in relation to the life-cycle and catering theories under the assumption that investors expect optimum returns on stock investments through dividends, capital gains, or both. To this end, we examine 212 firms listed on the Indonesia Stock Exchange during 2010 to 2016 and investigate dividend policy, our dependent variable, in terms of: (1) dividend payers and non-payers and (2) higher, lower, and non-dividend payers. The independent variables in the basic model of this study are retained earnings-over-total-equity, return-on-assets, market-to-book value, firm size, and dividend premium, and the control variables are systematic and idiosyncratic risks. For hypothesis testing, this study conducts two analyses, namely logistic regression and its extension to multinomial regression. The findings confirm that pseudo R-squared and confidence improve under the dividend policy when controlling for risk and dividend payers. We find that mature Indonesian firms pay higher dividends as they are larger and more profitable, with more free cash and insignificant growth opportunities. Conversely, growing Indonesian firms with significant future opportunities pay lower dividends. The findings of this study imply that the dividend policy of mature Indonesian firms supports the life-cycle theory and is inconsistent with the catering theory. [ABSTRACT FROM AUTHOR]

This study aims to examine the relationship between level of social responsibility and dividend policy in the Iranian companies listed in the Tehran Stock Exchange. To measure the disclosure level of social responsibility, content analysis method was used. Responsibility ranking was measured through a check list that contains 17 factors and 60 criteria, in which 3 aspects of social, economic and environmental issues for social responsibility were considered. The findings of the content analysis showed that 48 indices, or 80 percent of total indices, measured in this study were not disclosed in the annual reports of the board’s activities. The low level of social responsibility disclosure reflects the gap between current situation and stakeholders’ expectations. This implies that creating appropriate standards and requirements for disclosing indices of social responsibility in annual reports is necessary to meet expectations of stakeholders in the Iranian capital market. Also the results showed that there is positive and significant relationship between the level of social responsibility and the percentage of dividend distribution. In other words, managers of the companies with higher level of social responsibility disclosure, provide more profit distribution among stockholders to increase their interests.

My own living and working through normative family transitions of parent care (as both a professional gerontologist and an intergenerational family member) facilitated five important kinds of growth: (a) providing parent care with optimal integrity; (b) understanding, elaborating, and teaching life-cycle theory with increasing depth; (c) using this theory to enrich practice approaches to long-term care; (d) identifying valuable new research directions; and (e) creating a multidimensional professional life that furthers theoretical development and identifies practice principles that promote individual, familial, and societal experiences of a "good old age." This reflective essay addresses these different kinds of growth, as they emerged from and contribute to the ever-developing gerontological domains of theory and practice. [ABSTRACT FROM AUTHOR]

This paper explores the role of profit distribution in the restructuring of the Swedish paper and pulp (P&P) industry between 1945 and 1977. In addressing this issue, we will draw on the life-cycle theory and market imperfection arguments to examine whether the less profitable firms shared more of their profits as dividends, or remained on the market longer by reinvesting the majority of the profits. Our study shows that an increasing share of the profits was distributed to owners over time, and thus less profit was reinvested in industrial renewal. We find that the observed general upward trend in dividends can be attributed to the decline in profit and firm legacy, as firms in the Swedish P&P industry kept dividends up while reducing reinvestment as their profit margins decreased over time. Our study shows that the market imperfections related to capital taxation and investment funds increased rather than decreased dividends. [ABSTRACT FROM PUBLISHER]

Numerous studies have tried to model the connection between the structure of population and the financial markets, showing the possibility of a future meltdown in the financial markets, via lower savings and investments given the reaching of the baby-boom cohorts at the age of retirement. In general the research has focused on the case of more industrialized countries, where the aging phenomenon is more felt in the present. The case of Central and Eastern European countries was somehow left aside, although the issue of aging should be an important one, considering also the current state of developing CEE capital markets. Our empirical work, based on the Romanian experience, suggests also that the demographic dynamics have had a detectable impact on the domestic stock market.

This paper reviews and discusses the contribution by Franco Modigliani to macroeconomic model building for economist forecasting and policy making. As Paul Samuelson observed, Modigliani's theoretical work was fundamental in the development of the basic framework within which the "post-Keynesian eclecticism" of the later twentieth century developed. In the move from theory to practice two aspects of Modigliani's work are considered: 1) the systemic approach that focuses on the relationship between the short and the long term; 2) the special reference to the mechanism of monetary policy transmission in the use of the macroeconomic model for economic stabilisation policy. What is left today of this contribution is finally briefly discussed, also with reference to some recent proposals on macroeconomic model building.

Copyright of Brazilian Review of Finance / Revista Brasileira de Finanças is the property of Sociedade Brasileira de Financas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Based on the life-cycle theory of consumption, this quasi-experimental study of 995 employees examined changes in financial behaviors following employee-needs-driven workplace financial education. Repeated-measures ANOVA compared participants and non-participants on perceived financial wellness and savings ratios; main effects indicated that both groups improved pretest-to-posttest on both variables (p<.001). A Wilcoxon signed-rank test determined that frequency of negative financial behaviors declined for participants (p<.001). Logistic regression determined likelihood of performing specific financial activities following financial education programming. Participants were 1.8 times more likely than non-participants to budget, 1.9 times more likely to undergo asset allocation assessment, and 1.6 times more likely to increase retirement contributions (p<.001). Results lend support to workplace provision of both basic financial education and retirement planning programming. [ABSTRACT FROM AUTHOR]

The purpose of this study is to investigate the relationship between Life-cycle Theory (LCT) and Free Cash Flow (FCF) hypothesis with dividend policy in listed firms in Tehran Stock Exchange (TSE). The sample of the research includes 90 firms listed in TSE which is studied during the period of 2006-2010. The results show that there is a significant positive relationship between profitability (return on assets), leverage and firm size with dividend policy. In addition, results indicate that there is a significant negative relationship between investment opportunities and firms life cycle with dividend policy. Finally, findings highlight that there is not a significant relationship between FCF and dividend policy. These findings support LCT but not FCF hypotheses. [ABSTRACT FROM AUTHOR]

Numerous studies have tried to model the connection between the structure of population and the financial markets, showing the possibility of a future meltdown in the financial markets, via lower savings and investments given the reaching of the baby-boom cohorts at the age of retirement. In general the research has focused on the case of more industrialized countries, where the aging phenomenon is more felt in the present. The case of Central and Eastern European countries was somehow left aside, although the issue of aging should be an important one, considering also the current state of developing CEE capital markets. Our empirical work, based on the Romanian experience, suggests also that the demographic dynamics have had a detectable impact on the domestic stock market. [ABSTRACT FROM AUTHOR]

This study considers an important aspect of corporate governance: the relationship between cash flow rights and dividend payout policy of listed family firms in Taiwan, an economy characterized by a predominance of family-controlled firms. Dividend payout levels are important because they are crucial to governing the firm and managing its investments. The empirical results show that at a low level of controlling families' cash flow rights, the threat to lose control at any time makes controlling families claim more in dividends. This yields a positive relationship between dividend payout and the cash flow rights of controlling families at this level. Meanwhile, at a moderate level of controlling families' cash flow rights, the entrenchment effect becomes more robust and creates a negative relationship with dividend payout. Finally, at the very highest level of controlling families' cash flow rights, excessive firm-specific risk again helps to again create a positive relationship. This nonmonotonic relationship between controlling family cash flow rights and dividend payout also holds for financially mature firms that have a high earned to contributed capital mix. [ABSTRACT FROM AUTHOR]

Numerous studies have tried to model the connection between aging and the financial markets, showing the possibility of a future meltdown in the financial markets, via lower savings and investments given the reaching of the baby-boom cohorts at the age of retirement. In general the research has focused on the case of more industrialized countries, were the aging phenomenon is more felt in the present. The case of Central and Eastern European countries was somehow left aside, although the issue of aging should be an important one, considering also the current state of development of the CEE capital markets. Our empirical work, based on the case of five CEE countries, suggests also that the demographic dynamics have had a detectable impact on the domestic stock market. [ABSTRACT FROM AUTHOR]

We provide evidence on the frequency and size of payouts by Australian firms, and test whether the life-cycle theory explains Australian corporate payout policies. Regular dividends remain the most popular mechanism for distributing cash to shareholders, despite a slight decline in the proportion of dividend payers since the relaxation of buyback regulations in 1998. Off-market share buybacks return the largest amount of cash to shareholders. Dividend paying firms are larger, more profitable and have less growth options that nondividend paying firms. Consistent with the life-cycle theory, we observe a highly significant relation between the decision to pay regular dividends and the proportion of shareholders' equity that is earned rather than contributed. [ABSTRACT FROM AUTHOR]

There is a worldwide trend to substitute defined contribution pension plans for defined benefit plans, which are typically indexed to wage or price inflation. A problem with this development is that participants in defined contribution plans have limited access or no access at all to inflation-linked assets, especially wage inflation-linked claims. This article demonstrates that the creation of an internal market that swaps equity-related returns for wage inflation-linked income streams helps to overcome the market incompleteness regarding wage-linked securities. The result is an improvement in the welfare of both younger and older defined contribution plan members. [ABSTRACT FROM AUTHOR]

A abordagem da teoria de ciclo de vida tem sido utilizada como um instrumento de análise do crescimento das organizações. Os estudos sobre esta teoria sugerem que o crescimento das organizações envolve comportamentos consistentes e pré-estabelecidos. Vários investigadores argumentam que as organizações percorrem várias etapas de desenvolvimento nas quais são encontrados diferentes problemas, resultado dos diferentes estilos de gestão, prioridades e configurações estruturais. A presente investigação centra-se na importância da logística para o estudo do processo de crescimento das Pequenas e Médias Empresas do ramo de hotelaria e restauração de São Vicente (Cabo Verde), tendo por base a teoria do ciclo de vida. Foi desenvolvido um estudo qualitativo aplicado a quatro pequenas e médias empresas. Constatou-se que, à luz da teoria do ciclo de vida, as empresas em estudo apresentaram características distintas relativamente à estratégia, à estrutura, ao contexto e ao estilo de tomada de decisão. A logística foi apontada como uma dimensão importante no crescimento das empresas e que poderá ser estudada em investigações futuras sobre a teoria do ciclo de vida. [ABSTRACT FROM AUTHOR]