The wisdom and madness of crowds: How information networks and board cognition help or hinder firm performance across the business cycle

We know little of why a minority of firms pursue counter-cyclical strategies and consequently outperform competitors during recessions. Based on the theory of institutional isomorphism, we hypothesize that these firms avoid the mimetic and normative pressures that promote strategic convergence during uncertainty. We demonstrate these effects at the board-level in a sample of 1,615 U.S. firms. Mimetic processes are evident, with firms' connectedness in board interlock networks attenuating profitability and decreasing firm value during recessions—a reversal of the positive effects during expansions. Normative pressures arise from homogeneity in directors’ educational and professional experience, with greater consequences for long-term performance. Overall, recessionary performance is improved when firms occupy relatively isolated positions in informational networks and appoint directors from a range of backgrounds.     

Did small and medium enterprises maintain better jobs during the early years of the recession? Job quality multidimensional evidence from Spain

While the literature has indeed confirmed a general tendency linking small and medium enterprises (SMEs) to a dynamic of greater job creation, there is little available evidence on what has happened to job quality since the financial crisis. Through a representative sample of 5311 employees in 2008 (first year of job destruction) and 4925 employees in 2010 (last year for which data were available), and using a two-stage structural equation model, this article empirically analyses the multidimensional determinants of job quality, by enterprise-size class, in Spain. The research has revealed three main results. First, job quality in Spain improved in all enterprises, regardless of their size, during the early years of the recession. Second, the greatest improvements were found in SMEs. Although job quality was already better in SMEs than in large enterprises in 2008, the differences between them subsequently widened. Third, this accelerated divergence was explained by the following dimensions: working conditions, work intensity, health and safety at work, and work–life balance. These dimensions were much more positive in SMEs. Employment-related public policy should therefore focus more specifically on SMEs. There are two reasons for this. First, despite the recession, SMEs have shown themselves to be key factors in the explanation of job quality. Second, by making changes to their value generation model, they could continue to drive the creation of better quality jobs.     

Endless Pressure: Life on a Low Income in Austere Times

Much has been written that details the decline in living standards following the ‘credit crunch’ in the UK. It remains that we understand to a lesser degree the lived reality of poverty through the Great Recession and into the era of austerity. This article draws on testimonies of 62 participants from low income households conducted in three different areas of the UK during 2012–13 to document the pressures that this period brought to bear on these households. According to these testimonies, the experience of poverty intensified in key respects: first, participants reported feeling, more than ever before, that they were ‘existing, rather than living’ due to the meagre budgets they were forced to live on; second, the precarious nature of work and social security contributed to a sense of insecurity that was all pervasive in our participants' lives; third, due to the pejorative political rhetoric and media coverage of poverty, our participants felt that their lives were placed under increased scrutiny which deleteriously impacted their wider relationships and sense of belonging. Our analysis demonstrates the profound consequences for those living on low incomes of the continued shift to residual forms of state welfare and the increased reliance on the ‘Big Society’ as a means to deal with the pressures identified in this article.     

Single mother families and employment,race, and poverty in changing economic times

Using American Community Survey data from 2001, 2005, and 2010, this paper assesses the relationships between employment, race, and poverty for households headed by single women across different economic periods. While poverty rates rose dramatically among single-mother families between 2001 and 2010, surprisingly many racial disparities in poverty narrowed by the end of the decade. This was due to a greater increase in poverty among whites, although gaps between whites and Blacks, whites and Hispanics, and whites and American Indians remained quite large in 2010. All employment statuses were at higher risk of poverty in 2010 than 2001 and the risk increased most sharply for those employed part-time, the unemployed, and those not in the labor force. Given the concurrent increase in part-time employment and unemployment between 2000 and 2010, findings paint a bleak picture of the toll the last decade has had on the well being of single-mother families.     

What Helped Nonprofits Weather the Great Recession?

This study examined the effectiveness of several financial strategies for nonprofit organizations in fighting the Great Recession. Using data from human services and community improvement organizations in the state of New Jersey, we tested hypotheses about the relationships between three measures of financial sustainability and various fundraising efforts and financial indicators. We found that (1) except for strong external funding relationships, funding efforts were generally not effective in enhancing financial sustainability during the crisis; (2) higher operating margin and equity ratio improved an organization's ability to generate revenue and maintain expense levels, but higher debt ratio and administrative cost ratio were generally harmful; and (3) revenue diversification might aggravate fiscal stress and cause more expense cuts in a severe crisis. These findings improve our understanding of the mechanics of nonprofit management during times of harsh fiscal conditions and suggest useful ways for nonprofit organizations to navigate future financial crises.     

Dynamic Forecasts of Qualitative Variables

This article presents a new Qual VAR model for incorporating information from qualitative and/or discrete variables in vector autoregressions. With a Qual VAR, it is possible to create dynamic forecasts of the qualitative variable using standard VAR projections. Previous forecasting methods for qualitative variables, in contrast, produce only static forecasts. I apply the Qual VAR to forecasting the 2001 business recession out of sample and to analyzing the Romer and Romer narrative measure of monetary policy contractions as an endogenous variable in a VAR. Out of sample, the model predicts the timing of the 2001 recession quite well relative to the recession probabilities put forth at the time by professional forecasters. Qual VARs—which include information about the qualitative variable—can also enhance the quality of density forecasts of the other variables in the system.     

The Metaphorical Expression Of Gender And Dual Classification In Tana Ai Ritual Language

gender, n., is a grammatical term only. To talk of persons or creatures of the masculine or feminine g., meaning of the male or female sex, is either a jocularity (permissible or not according to context) or a blunder (Fowler 1965:221).     

Are economic trends associated with child maltreatment? Preliminary results from the recent recession using state level data

The objective of this study is to investigate the effects of the recent economic recession on child maltreatment rates. Specifically, we examine whether unemployment rates, labor force participation, and food stamp usage are associated with aggregate rates of child abuse and neglect (CAN) rates using state-level data. Theory and prior empirical evidence supports the relationship between family and neighborhood poverty and incidence of child maltreatment; however, the relationship between general economic environment and CAN remains unclear.The study uses a multiple case study design at the state level, analyzing administrative child maltreatment and economic data for seven U.S. states. Aggregate numbers for child maltreatment reports and food stamp usage were obtained from state respective agencies and economic data for unemployment and labor force from the Current Population Survey from the Bureau of Labor Statistics. Empirical growth plots and OLS regression were used to examine changes in maltreatment and utilization of economic variables as predictors over time. Bivariate correlations and OLS regression results show a weak and inconsistent relationship between the economic indicators in this study and maltreatment rates. Several possible reasons accounting for these results are explored.     

The Present Retirement Crisis and How Social Workers Can Respond

ABSTRACT

Research on Americans’ retirement readiness indicates a wide range of preparedness for the golden years. Called a “crisis” by researchers, retirement for some may include significant choices: continued employment or utilization of social welfare services. This article describes factors contributing to the retirement crisis and roles social workers can play in assisting older retirees. Disparity in household retirement savings exists by ethnicity. On the front lines serving aging individuals and their families, social work professionals are well situated to collaborate with individuals, and other providers, to address financial, social and emotional pillars necessary in facilitating a safe and secure retirement.