Institutional Change and Debt-based Corporate Governance: A Comparative Analysis of Four Transition Economies

Countries in transition now represent a significant sector of the international political economy. One of the challenges that they face in moving towards market-based systems and institutions is that of transforming the structure of business enterprises into forms more compatible with capitalist economies. Corporate governance is an important part of this. We argue that, certainly during an interim stage whilst equity markets are weak or non-existent, debt finance has a useful role to play. However for this to be possible there are some important institutional changes that are necessary in order to provide the infrastructure within which debt finance can operate effectively and efficiently. We then present an overview and evaluation of the progress of change in four selected transition countries. This revised version was published online in July 2006 with corrections to the Cover Date.     

Institutional and Stakeholder Mapping: Frameworks for Policy Analysis and Institutional Change

Despite its importance and its widespread employment in policymaking practice, the theoretical and epistemic foundations of institutional mapping have not been elaborated and its legitimacy is yet to be fully granted by the academic community. This paper is a contribution to this overdue effort. The paper has two parts. First it introduces mapping as a cognitive process and explore in this context the structural similarities between maps and theories. While doing that it identifies the basic elements of mapping as a cognitive procedure and based on that it outlines the optimal features of the possible meta-theories framing policy-oriented institutional mapping. The second part goes a step further and discusses two concrete examples that may come close to illustrate the meta-theoretical ideal-type outlined at the end of the first part: the theoretical system implied in the Chicago School of sociology and the Institutional Analysis and Development framework inspired by the new institutional economics.     

Corporate Governance and Director Accountability: an Institutional Comparative Perspective*

This paper examines the role of boards of directors in light of institutional contingencies and recent best practice governance guidelines and regulation such as the United Kingdom Higgs Review and the United States Sarbanes‐Oxley Act 2002. Particular attention is paid to discussing the role of independent directors across countries, and the implications for corporate governance innovation. It concludes by posing questions about recent corporate governance transformations and providing suggestions for future research.     

Leadership in Context: The Four Faces of Capitalism

The literature on the human resource development (HRD) needs of very small (micro) firms and sole entrepreneurs is limited and what does exist tends to be polarized between the needs of the policy favoured by technological entrepreneurs or of extrapolated large-firm organizational practices. The research we conducted made observations of how a group of rural-based entrepreneurs in north-east England, handled HRD issues. A key finding was that this group made extensive use of their spatially fixed egocentric networks to further their business activities. Consequently, we argue that the development of HRD models for such firms must acknowledge the importance of such structures, something that they currently fail to do.     

The Development of Entrepreneurial Leadership: The Role of Human,Social and Institutional Capital

This paper contributes to the literature on entrepreneurial leadership development. Leadership studies are characterized by an increasing emphasis given to an individual leader's social and organizational domain. Within the context of human capital and social capital theory, the paper reflects on the emergence of a social capital theory of leadership development. Using a retrospective, interpretivist research method, the authors present the experience of a cohort of business leaders on an executive development programme to uncover the everydayness of leadership development in practice. Specifically, they explore how entrepreneurial leadership develops as a social process and what the role of social capital is in this. The findings suggest that the enhancement of leaders’ human capital only occurred through their development of social capital. There is not, as extant literature suggests, a clear separation between leader development and leadership development. Further, the analysis implies that the social capital theory of leadership is limited in the context of the entrepreneurial small firm, and the authors propose that it should be expanded to incorporate institutional capital, that is, the formal structures and organizations which enhance the role of social capital and go beyond enriching the human capital stock of individual leaders.     

Symposium Introduction: The Global Financial Crisis, Governance and Institutional Dynamics

This Introduction sets the scene for the Symposium by appreciating the significance of analyzing the global financial crisis and responses to it from governance and institutional perspectives. There were clear systemic failures that had long existed and continue to be in need of concerted action. These failures and relevant responses are appropriately addressed in terms of the intertwining of states, markets and civil societies, with associated reference to choices and opportunities, principal-agent relationships, guardians and the guarded, and levels of maturity, responsibility and trust. There are significant systemic challenges which remain to be met.     

HRM Practices and Employee Commitment: Possibilities, Pitfalls and Paradoxes

Much recent writing on Human Resources Management (HRM) has emphasized the desirability of a committed workforce and the central role of HRM practices in establishing and maintaining such commitment. Little empirical evidence for such effects has been presented however, and the conceptualization of employee commitment has often been confused, failing to recognize its multi–dimensional nature. Researchers have sought to identify the antecedents of commitment, concentrating on personal/demographic, task, role and supervisory style variables taken from job satisfaction research. With regard to organizational and career commitment, it may be more fruitful to examine the impact of HRM policies and practices. Several studies undertaken by the authors demonstrating the impact on employee commitment of such HRM practices as selection, assessment, induction and training are reviewed, indicating the possibilities for research and practice in this area. Such studies also reveal some pitfalls in the over–simple, uncritical models of commitment often presented, and some paradoxical findings from the authors' own work are used to present a more adequate perspective on the commitment process.     

Success and Failure in Professional Projects: The Nature,Contours and Limits of Consulting Professionalism

This paper offers an analysis of the professional project that was pursued by the Institute of Management Consultants (IMC) on behalf of its members. The paper builds on Sturdy's (2011) call to develop empirically grounded accounts of the ways and means of consulting. In addition, it responds to the analysis of the Association of Project Management (APM) developed by Hodgson, Paton and Muzio (2015), which invited further comparative study of professional projects. Drawing on archive data, this paper develops a comparative analysis that considers four key themes: (1) the professionalization strategies developed by the IMC and the APM; (2) jurisdictional issues and shifts in the fields of consulting and project management; (3) the structure of credentials developed for practitioners in both arenas; and (4) the attitudes and actions of key stakeholders shaping policy in the APM and the IMC. The paper examines the contrasting fortunes of the APM and the IMC, yet observes similarities in working practices across these apparently distinct settings. Reflecting on this comparison, the authors consider the nature, contours and limits of consulting professionalism and conclude with the suggestion that, within the analysis of professional projects, conventional conceptualizations of ‘success’ and ‘failure’ should be considered as ‘impostors’.     

A Comparative Analysis of Master Production Scheduling Techniques for Assemble-To-Order Products

This paper studies the master production scheduling (MPS) activity of manufacturing firms that produce assemble-to-order (ATO) products. It describes four techniques for master scheduling ATO products: end-product bills, modular bills, super bills, and percentage bills. These procedures are compared in terms of the percentage of customer orders delivered late, the mean tardiness of customer order deliveries, and the total cost of inventory using simulation analysis. The results indicate that the performance of an MPS technique is affected by the level of uncertainty of the end products' demands and the degree of component commonality in the product structure. In particular, modular bills produce the highest customer service level and super bills produce the lowest total inventory cost under most operating conditions. The conclusions also suggest that the choice of a particular MPS technique is often a compromise between the benefits of improved MPS performance and the costs of implementing and executing the MPS system.     

Institutional Complementarities within Corporate Governance Systems: A Comparative Study of Bankruptcy Rules

Recent research work has put forward theconcept of national system of corporate governance to describe the complex architecture of legal rules, economic mechanisms and mentalities which constrain managerial discretion in a different way according to the country considered. The role played by the legal system in this set of mechanisms is particularly important and, as part of the legal system, the bankruptcy law performs a specific function: designed as a governance device for financially distressed firms, it also acts as a monitoring mechanism for healthy ones. The aim of this paper is to investigate the mechanisms of corporate governance in the context of bankruptcy in a comparative perspective. Relying on a broad definition of corporate governance (i.e., one which takes into account the influence of all stakeholders on managerial discretion), we first examine the insolvency codes of five countries (France, Germany, Japan, the United Kingdom and the United States). The stance of the law (creditor-oriented vs. debtor-oriented) is discussed in relation to the legal tradition of each country. We then study the way bankruptcy law in each country articulates with the other governance mechanisms. For that purpose, a typology of those mechanisms is used, based on the type of device each kind of stakeholder is able to activate. Results of both theoretical and empirical studies on bankruptcy are used to understand which of the different devices are used in each country. The comparative approach underlines the impact of institutional differences on organizations through the incentives sent to their stakeholders.     

Defining Dangerous Anthropogenic Interference: The Role of Science, the Limits of Science

Defining "dangerous anthropogenic interference with the climate system" in the context of Article 2 of the UN Framework Convention on Climate Change (UNFCCC) presents a complex challenge for those developing long-term climate policy. Natural science has a key role to play in quantifying vulnerabilities of elements of the Earth system and estimating the risks from a changing climate. But attempts to interpret Article 2 will inevitably draw on understanding from social science, psychology, law, and ethics. Here I consider the limits of science in defining climate "danger" by focusing on the potential disintegration of the major ice sheets as an example of an extreme impact. I show that considerations of timescale, uncertainty, and learning preclude a definition of danger drawn purely from natural science. Decision makers will be particularly challenged by one characteristic of global problems: answers to some scientific questions become less accurate over decadal timescales, meandering toward the wrong answer, a feature I call negative learning. I argue for a precautionary approach to Article 2 that would be based initially on current, limited scientific understanding of the future of the ice sheets.     

成本管理系统解析:实务发展、制度变迁和学术研究

中西方成本管理的发展进程存在明显区别,且存在多种概念混用现象.本文运用系统观点从成本管理实务历史发展、制度变迁和学术研究三个视角对中西方成本管理系统进行考察,明确中西方对成本管理系统本身的界定以及系统的后果和先决变量.在此基础上,给出我们对成本管理系统的界定,进而明确成本管理系统的设计思路.     

The New Story of Business: Towards a More Responsible Capitalism

Business is undergoing a conceptual revolution. Since the Global Financial Crisis there are many new ideas and proposals to make capitalism more responsible. The purpose of this paper is to identify key flaws in the “old story” of capitalism. Six principles are explained that taken together form the basis for a new story of business, one of responsible capitalism.     

现代集成制造管理模式比较

对代表中国集成制造先进管理模式的邯钢模式、斯达模式、哈电机模式进行了比较研究,总结了企业成本分解与控制、对市场的应变性、激励制度和责任管理四方面如何体现其自身的先进性,并指出我国企业现代集成制造模式应具备注重成本、注重控制、注重责任等三方面管理.     

Corporate Profit,Social Welfare,and the Logic of Capitalism

Business ethics scholars have proposed strategies for mitigating the ill effects brought on by a wealth maximization business strategy by urging managers to either embrace corporate social responsibility (CSR) or to manage according to stakeholder theory. In this article I argue that these strategies are often ineffective in bringing about the behavior they promote because it is antithetical to the nature and logic of capitalism. I examine the organizing principles of capitalism and the role it assigns to capitalists, and juxtapose these with the behavior prescribed by three normative frameworks: strategic management theory (SMT), the CSR initiative, and stakeholder theory. Unlike the behaviors prescribed by the CSR initiative and stakeholder management theory, the behavior prescribed by SMT is consistent with the role of capitalists as defined by the organizing principles of capitalism, and SMT's “rules” have instilled habits that have, in turn, been able to mold managers’ aspirations and purposes. CSR and stakeholder theory must not only combat the habits instilled by the entrenched SMT, they must also find some way of instilling habits that run contrary to those defined by the nature and logic of capitalism itself.     

我国机构投资者发展的动因分析

本文首先论述了机构投资者的内涵和特点.以及其在国内外的发展现状.然后从金融组织创新的角度分析了机构投资者发展的内部动因,最后从资本市场发展的需要、人口老龄化和年金的压力、储蓄产品的竞争性和吸引力下降、财富增长及其他外部因素方面分析了机构投资者快速发展的外部动因.     

基于制度逻辑视角的中国工会改革路径分析研究

立足中国工会改革实践,通过采集1949~2020年间《人民日报》的工会新闻报道和相关期刊文献,采用扎根理论方法提炼出中国工会的制度逻辑构成,并从制度逻辑的互动和演化来剖析中国工会改革过程中的本土特征和内在运行规律。研究结果发现:中国工会具有社会治理逻辑、员工服务逻辑和企业管理逻辑三重逻辑,且其在目标导向、行动基础、合法性和人性假设上存在差异;社会治理逻辑、员工服务逻辑和企业管理逻辑贯穿中国工会改革的全过程,共同推动工会改革历经社会治理逻辑的主导→社会治理逻辑与员工服务逻辑的竞争→三重制度逻辑的平衡融合3个阶段,且呈现出复杂性、动态性的演化特征;中国工会的组织结构和管理体系存在制度惯性的约束,导致其内部逻辑的演变始终滞后于外部制度环境变化。     

The Limits of Flexibility: the Case of UK Television

The organization of the UK television industry has undergone radical change in the last ten years in response to a concerted programme of regulatory change and rapid technological development. It has been seen by some commentators as an exemplar of flexible specialization and of further evidence that mass production methods have become increasingly obsolescent. Vertically disintegrated, flexibly specialized forms of organization are, on this view, best placed to cope with increasing product diversity, competition and uncertainty. This paper argues that the experience of television in the UK bears little resemblance to the model of flexible specialization. Indeed, the response of firms to changing product market conditions has not been to embrace vertical disintegration but to re-establish traditional organizational structures. Transaction-costs analysis, while providing a number of useful insights into the development of organizational structures within television, also fails to take account of the complex web of forces determining the degree of horizontal and vertical integration in the sector.