On large enterprises: new findings from a European comparison

The recent evolution of Italian capitalism shows the increasing relevance of large enterprises at three levels: the economic and institutional environment, the ownership structure, and the financing policy. A comparison of the financial structure of Italian large enterprises with those of other European countries (France, Germany, and Spain), using Bank for the Accounts of Companies Harmonised data, shows their financial fragility, where the prevalence of debt over equity justifies the still strong and close relationship between ownership control and management in their strategies and the prevalence of obsolete bank–firm relationships based on short-term external finance and multiple business lendings. These factors slow down firms’ expansion and consequently the need for companies to grow so as to face the new global market. Finance is confirmed as a determinant of growth both in size and in organisation. We conclude that a pivotal role for the growth of Italian firms lies in a “revised” relationship between size, governance, and the firms’ financial structure.     

Frozen in Time: Idealization and Parent-Blaming in the Therapeutic Process

Contemporary theory and culture can lead a therapist to view a client’s positive feelings towards parents as defensive idealization, while negative or hostile feelings may be seen as “deeper” and more important. This article suggests that both idealization of and critical feelings about parents can serve as defenses against other painful emotions and both are developmentally necessary. Contemporary neurobiological and attachment research indicate that “talk therapy” helps individuals manage emotions. This work can be derailed if anger is privileged over idealization. Clinical examples illustrate these ideas and show how unpacking both critical and overly positive attitudes can encourage development. Clients increase their capacity to tolerate a wider range of feelings, maintain a consistent and cohesive sense of self, and build meaningful relationships. Therapists’ countertransferential identification with clients’ parent-blaming and a not uncommon desire to reduce complex and confusing experiences to a more manageable subset of emotions are also addressed.     

Is What’s Good for the Business,Good for the Family: A Financial Assessment

Small business prosperity doesn’t necessarily translate into family prosperity. This study utilizes the first and second waves of the National Family Business Survey to explore the influence of changes in key business financial measures on objective and subjective measures of family success. Increases in the available cash in the business from higher gross sales or net profits brings more cash into the household, while increases in the market value of the business increases the amount of money spent on other household assets. A more subjective assessment suggests that positive changes in the business financial measures create a more positive perception of the business’ success; however, these positive changes have no influence on a more positive perception of the family’s success.     

The Progress of Financial Market Integration in East Asia

The study investigates the progress of financial market integration in selected East Asian countries after the 1997 financial crisis. Adopting Johansen (Econometrica 59:1551–1580, 1991) multivariate cointegration on the region’s credit and stock markets, the study finds only partial cointegration in both markets which imply a low level of integration. However, for regional stock markets, the result suggests that the level of integration has been improving after the crisis.     

Relationship between Financial Stress and Workplace Absenteeism of Credit Counseling Clients

The researchers examined how financial stress was associated with absenteeism of credit counseling clients. Data were collected by a national non-profit credit counseling organization, from consumers who telephoned seeking assistance in debt management. The results indicate credit counseling clients’ financial stress affects their absenteeism at work. Clients with high levels of financial stress are more likely to experience higher levels of absenteeism; thus spending work hours handling personal finances, which decreases the time they are at work. The results suggest some insight into providing financial education and assistance for employees with financial strains as productivity loss might influence their pay.Appreciation is extended to the InCharge Institute of America and the InCharge Education Foundation for supporting this research. Dr. Kim served as an InCharge Scholar during this research effort.     

No Contagion,Only Interdependence During the US Sub-Primes Crisis

In this paper, we have interested to testing the contagion exists that is caused by the sub-prime crisis, in order to distinguish between the cases of interdependences and “shift contagion” during this crisis. The analysis was conducted on a sample of four highly transition countries: Brazil, Russia, India and china, and the market source of crisis, taking into consideration the index as an aggregate indicator of financial market. The study of contagion is based on the tests of adjusted correlation coefficient and the non-linear error correction models. Indeed, these techniques reject the contagion hypothesis between these markets in order to conclude “no contagion, only interdependence”.     

Financial Leverage and Shareholder’s Required Returns: Evidence from South Africa Corporate Sector

Recent financial crisis which saw an increase in risk premium and shareholder’s required return around the world has been in part attributed to firms excessive debt leverage. This paper tests the impact of debt leverage on shareholder’s required return in South Africa. The paper specifies dynamic panel models and uses difference generalized method of moment (GMM) estimation technique. The results show that long term debt is positively related to shareholder’s required return. Similarly, total debt is positively related to shareholder’s required return. The results are robust to alternative model specification namely system GMM. Based on the findings, the study suggests that debt leverage is an important risk factor to be priced in equity valuation. The findings also suggest that the dynamic nature of firms’ capital structure decision should not be neglected. The paper contributes to capital structure research by testing Modigliani and Miller proposition two on listed firms in South Africa. Besides, it uses better estimation technique that controls for unobservable firm-specific effects and endogenous problem. In addition, two measures of leverage are used as independent variable compared to a single measure commonly found in the literature.     

USING SOCIAL NETWORK INTERVENTIONS TO IMPROVE MENTALLY ILL CLIENTS’ WELL-BEING

This paper reviews empirical evidence showing that the structures of the social networks of mentally ill clients influence both their well-being and their use of mental health services. Network interventions that might help clients better address network-related problems, and might help their families improve relationships and prevent caretaker’s burn-out are presented. A case illustration will demonstrate how practitioners can assess a client’s social network, involve the client’s family in treatment, evaluate that treatment, and select tailored interventions. This case will emphasize both how practitioners can help a client restructure her network, and the complementary roles of formal and informal networks. The author shows practitioners how to match clients’ initial network structures to interventions and desired outcomes. Practitioners can thus help clients modify their social networks, increase the use of preventive services, and improve their well-being. Dr. Pinto has been supported by a training grant from the National Institute of Mental Health (732MH19139, Behavioral Sciences Research in HIV Infection; Principal Investigator, Anke A. Ehrhardt, Ph.D.) at the HIV Center for Clinical Behavioral Studies for Clinical and Behavioral Studies.     

How financial crisis history informs ethical corporate communication: Insights from corporate communication leaders

This study explored how financial crisis history can inform corporate crisis communication practice across industries and over time. Thirty-eight interviews with chief communications officers (CCOs) and their counselors were conducted to explore what lasting lessons these corporate communication leaders learned from their crisis communication practice during the 2008 Financial Crisis. Key lessons learned include: 1) the importance for corporations to tailor their financial communication strategies according to victim vs. perpetrator perception and ethical response expectations held by stakeholders; 2) the importance of stakeholders, and employees in particular, when creating and implementing the plan; 3) the balance between speed and legal concerns, as well as the need for reducing complexity by making sure stakeholder communications are delivered with clarity and accessibility; and 4) a recipe for success includes honesty, transparency, trust/integrity, taking action to reform questionable practices, and abiding by one’s own personal morals. Insights from this study shed light on how learning contributes to ethical corporate communication practice in times of crisis and crisis spillover.     

Governance and Enterprise Restructuring: The Case of Macedonia

This paper is a case study of the Republic of Macedonia (Southeast Europe), which focuses on examining governance and enterprise restructuring. Governance and enterprise restructuring is already defined indicator in EBRD’s studies and transition reports, measuring the effective corporate governance and corporate control exercised through domestic financial institutions and markets, fostering market-driven restructuring. As of the beginning of the transition process, governance and enterprise restructuring remains in the center, as essential pillar, that moves forward the society towards developed market economy. The data used in this article are analyzed with an econometric regression model, which as employed in this study examines the interrelationships between governance and enterprise restructuring and set of policies that influence the governance patterns.     

Intrahousehold allocation of financial resources: evidence from South Korean individual bank accounts

Using individual bank account data from South Korea, where joint accounts are rare and the legal system emphasizes the individuality of financial transactions, we examine the distribution of financial resources between spouses within households. We find that each member’s share of household savings depends on the balance of bargaining power. We also find that the wife’s bargaining power increases total household savings. The findings deviate from the unitary model.      

Effects of Caregiving on Employment and Economic Costs of Chinese Family Caregivers in Canada

A telephone survey with 339 randomly selected Chinese Canadian caregivers examined the employment and economic costs of family caregiving for the elderly. Although the Chinese culture places a strong emphasis on filial obligation, caregiving is not without economic consequences. Caregiver’s age, financial adequacy, and employment, caring for an additional care receiver, and levels of assistance in Activities of Daily Living (ADL), were the predictors for economic costs perceived by family caregivers. Caregiver’s age, caring for an additional care receiver, and care receiver’s financial adequacy were significant predictors for male caregivers. Caregiver’s financial adequacy and higher levels of assistance in ADL were the predictors for female caregivers. Policies to support family caregivers should not just focus on the social aspect, but also the financial needs.     

Financial Responsibilities Toward Older Parents and Stepparents Following Divorce and Remarriage

We assessed beliefs about adult children’s responsibilities to financially assist parents and stepparents following later-life divorce and remarriage using a multiple-segment factorial vignette with a national sample (N = 1,121). Ordered logistic regression analyses indicated that beliefs about financial responsibilities to older adults declined after marital transitions, and responsibilities to assist stepparents were more tenuous than to parents. Beliefs about intergenerational responsibilities were affected by adult children’s financial resources and by changes in older adults’ marital statuses. Kinship obligation norms, the adult children’s financial resources, and reciprocity norms were the most common reasons used to explain beliefs about responsibilities to financially assist older parents and stepparents, but these reasons became less salient following divorce and remarriage of the older adult. After marital transitions, beliefs about intergenerational financial responsibilities were more often based on the older adult’s culpability for being in a position of need, relationship quality, and diminished kinship obligations.     

Educate or serve: the paradox of “professional service” and the image of the west in legitimacy battles of post-socialist advertising

This article investigates a puzzle in the rapidly evolving profession of advertising in post-socialist Hungary: young professionals who came of age during the shift to market-driven practices want to produce advertising that is uncompromised by clients and consumers, and to educate others about western modernity. It is their older colleagues—trained during customer-hostile socialism—who emphasize that good professionals serve their clients’ needs. These unexpected generational positions show that 1) professions are more than groups expanding their jurisdiction. They are fields structured by two conflicting demands: autonomy of expertise and dependence on clients. We can explain the puzzle by noting that actors are positioning themselves on one or the other side based on their trajectory or movement in the field relative to other actors. Old and new groups vie for power in the transforming post-socialist professional field, responding to each other’s claims and vulnerabilities, exploiting the professional field’s contradictory demands on its actors. 2) The struggle is not between those who are oriented to the west and those that are not. Rather, the west is both the means and the stake of the struggle over historical continuity and professional power. Imposing a definition of the west is almost the same as imposing a definition of the profession on the field. In this historical case, “field” appears less as a stable structure based on actors’ equipment with capital, than as dynamic relations moved forward by contestation of the field’s relevant capital.     

Critical Experiential Pedagogy: Sociology and the Crisis in Higher Education

Higher education is in crisis, especially in the public sector. Over the past few years, tuition at state universities across the country has increased dramatically, their budgets have been slashed and federal funding for need-based financial aid has been reduced. The results are increased class sizes, fewer course offerings, more adjunct faculty and fewer working-class students at public colleges and universities. In Massachusetts, where we teach, these trends are particularly pronounced. In this paper, we describe “Crisis in Higher Education,” a critical experiential course we offered to raise student awareness about the crisis and to encourage them to work for change on our campus. This course is an example of critical experiential education because it integrates classroom learning with political activism. This article describes the context and rationale for teaching the course, reports on students’ responses to its form and content, and discusses what we learned from this experience.     

What is Adult Attachment?

This paper explores the concept of adult attachment. Although attachment theory is now getting a great deal of attention, there is not yet a clear picture of what it means to be attached in adulthood or what the clinical applications of the approach might be. Using Bowlby’s distinctive ethological-evolutionary framework and updating it with findings from neurobiology and attachment research, it is proposed there is an attachment behavioral system that operates throughout the lives of adults and that this changes the way we understand our clients’ distress and carry out psychotherapy.

Maternal Self-Efficacy of Mothers of Children with Intellectual Developmental Disabilities,Down Syndrome,and Autism in Kuwait

This study aims to identify the perception of maternal self-efficacy among 95 Kuwaiti mothers of children with Developmental Disabilities (DD) to determine the differences in perception of maternal self-efficacy variables among the mothers based on demographic variables: Child’s age, Gender, Type of disability, Leisure time, and Mother’s age. A survey was conducted using Kandari’s (2005, Unpublished doctoral dissertation, Simmons College, Boston) Arabic version of the Caregiving Self-Efficacy Scale. The mothers were selected from different special education settings in Kuwait. They had 33 children with Intellectual Developmental Disabilities (IDD), 41 with Down Syndrome, and 21 with autistic disorder. The children included both males and females, and ranged between the ages of 6 and 15. The findings showed that (1) mothers of children with DD did not differ in their beliefs about aspects of maternal self-efficacy according to the Child’s age, Child’s gender, and the Mother’s age; (2) mothers of children with IDD, when compared to other mothers, had negative beliefs of all aspects of maternal self-efficacy; (3) mothers of children who did not attend a respite facility for an afternoon had negative beliefs of all aspects of maternal selfefficacy except for the child’s behavioral management; and (4) all mothers’ groups had negative beliefs about their ability to control their child’s behavior and their own emotions. Implications are discussed to provide services for mothers to help them develop their adaptive skills and meet their children’s needs, as well as their own.     

The Value of Seeking Financial Advice

Retirement planning data gathered from an online survey at a large university in October 2009 are used to examine differences in a variety of retirement planning measures between people who have and have not met with a financial advisor. Problems of self-selection and endogeneity are addressed through the use of propensity scores. The study’s major finding is that working with an advisor is related to several important financial planning activities, including goal setting, calculation of retirement needs, retirement account diversification, use of supplemental retirement accounts, accumulation of emergency funds, positive behavioral responses to the recent economic crisis, and retirement confidence. Use of a financial advisor was not related to self-reported retirement savings or short-term growth in retirement account asset values.     

Representation of the financial crisis: Effect on social representations of savings and credit

In the context of the financial crisis, the social representation of the crisis is studied with the representation and behavior towards credit and savings, of a sample of 375 participants. From the results, two types of consumers appear: the first group is worried of the consequences of the crisis, while the second group is not. The representation of credit of the first group of participants is somewhat influenced by their representation of the crisis, but does not lead to a different type of behavior in terms of credit taking; the representation of saving is not influenced by this fright variable.     

Surviving and thriving: Bringing back sociology at the University of San Francisco

This article provides a case study of successful departmental revitalization at the University of San Francisco. We examine the current crisis in the field of sociology and others’ recommendations for addressing it. Reforms are outlined that transformed USF Sociology from a nearly extinct program to a model department on campus. Jennifer Turpin’s research focuses on violence, militarism, gender, and war; Mike Webber’s research examines the relationship between business and politics; Anne Roschelle’s research concentrates on racial, ethnic, and underclass family networks; William Edwards studies urban development, globalization, and social inequality; and Joseph Angilella’s interests include religion and society and complex organizations.