bluuebunny/crossref_metadata_2025_split huggingface dataset:
Flexible working and engagement: the importance of choice
Authors: Anderson Deirdre , Kelliher Clare 
Published: March 2009

PurposeThe purpose of this article is to report findings from a major study into flexible working and to examine the link with employee engagement.Design/methodology/approachThe study was conducted within seven case organizations using a mixed method of semi‐structured interviews and an electronic questionnaire.FindingsThe findings show that flexible working has an impact on employee engagement through a positive relationship with organizational commitment, job satisfaction and employee discretionary behavior.Practical implicationsAllowing employees a degree of choice over when, where and how much work they do has benefits for the organization. However, for these gains to be realized, support is needed for the implementation of a flexible working policy.Originality/valueThe study included both quantitative and qualitative data and examined the impact of flexible working from the point of view of managers and co‐workers of flexible workers, as well as those who worked flexibly themselves.
Employee engagement in a change environment
Authors: Gill Alison 
Published: March 2009

PurposeThe purpose of this paper is to explore the dynamics of organizational change and present the case for a new, more effective and lasting way of approaching it, based on the practical application of behavioral psychology to engage employees in the change.Design/methodology/approachUsing construction business Costain's Project Management Academy as a case study, the paper illustrates Crelos' five‐stage model of behavioral change. This is based on its “Precision Business Psychology” approach, which combines the latest knowledge from psychological sciences with years of experience in enabling the delivery of lasting change in both the private and the public sectors.FindingsThe paper highlights the importance of investing time in the earlier stages of the change management process in order to prepare individuals and so embed behavioral change more quickly and effectively. It also identifies the value of a precise approach, both in order to deliver effective interventions at the appropriate time and to measure progress.Originality/valueThe paper presents a new approach to creating lasting change, based on behavioral psychology and the latest cognitive research that suggests that the existing approaches to people management commonly in use today, developed several decades ago, are not as effective as peope think. Readers will also learn how to avoid common pitfalls in making organizational change.
Flexible work options for older workers
Authors: Koc‐Menard Sergio 
Published: March 2009

PurposeThis paper seeks to explore how organizations might create flexible work programs to attract and retain older workers.Design/methodology/approachDrawing on the literature on aging and work, the paper identifies an incoming HR challenge (leveraging an aging workforce), focuses on a strategy (designing flexible work programs) and reviews some innovative programs in Europe and North America.FindingsThe paper identifies three lessons. The first is to adopt a portfolio approach, which means to combine and integrate diverse dimensions of work flexibility (work schedule, number of hours worked and so on). The second is to offer flexible work options to retired employees. The third is to align flexible work opportunities with pension scheme options.Originality/valueLabor market experts predict a steady increase in the number of older workers who will extend their work life or work during retirement. A number of surveys, in turn, report that people are more likely to seek flexible work options as they age. The paper provides practical advice that will help organizations to prepare for the demographic changes coming and to develop effective flexible work programs for older employees.
International market structure: global problems and micro solutions
Authors: Pagano Michael S. 
Published: March 2009

PurposeThe purpose of this paper is to present new empirical evidence on global trends in equity‐related transaction costs and trading volume, as well as to highlight recent research in international market microstructure.Design/methodology/approachEstimates of brokerage commissions, indirect trading costs, and trading volume are obtained from a comprehensive institutional investor database. Quarterly data are used to compute trends in transaction costs and trading volume, as well as shifts in trading between mature and emerging markets.FindingsThe results indicate a steady decline in brokerage commissions around the world but indirect trading costs appear to have reached a plateau. The fastest growth in trading volume can be found in the emerging markets of South America but the USA leads the way in terms of the steepest reductions in transaction costs.Research limitations/implicationsThe paper relies on one source of transaction cost estimates over a relatively short period (March 2005‐December 2007).Originality/valueThe paper provides comprehensive and current empirical evidence on important trends in international market microstructure.
Market making in international capital markets
Authors: Charitou Andreas , Panayides Marios 
Published: March 2009

PurposeThe purpose of this paper is to critically evaluate the different market‐making systems found in most developed capital markets and to provide guidance to emerging market regulators for a possible implementation of such a system.Design/methodology/approachThe paper looks closely at the market design of seven developed countries focusing on the obligations and privileges of market makers. Through a case study and empirical evidence the paper identifies advantage and disadvantage of a possible implementation of a similar design to an emerging market.FindingsThe paper identifies three forms of market making applied today: the quote‐driven, the centralized and non‐centralized systems. Four factors are proposed that regulatory authorities in emerging markets should consider when deciding whether, and which of, the three market‐making systems they should implement. These are: current exchange design and the costs of restructuring, international and domestic investors' sentiment towards the exchange, size of the emerging market and the market designs in countries hosting the target foreign capital.Research limitations/implicationsThe paper looks at the implementation of a market‐making system in an emerging market. Further research may investigate other ways of how emerging markets authorities can restructure their markets into more efficient, compatible and trustworthy financial venues in order to attract both domestic and foreign investors.Originality/valueThe area of emerging markets' microstructure design and market quality is still relatively under‐studied. We provide evidence of the challenges and benefits of the implementation of a market‐making system in those markets.
Electronic communication networks, market makers, and the components of the bid‐ask spread
Authors: Shawn Strother T. , Wansley James W. , Daves Phillip 
Published: March 2009

PurposeThe purpose of this paper is to investigate how quotes originating via electronic communication networks (ECN)s affect trading costs.Design/methodology/approachIn order to investigate the relations between trading costs and quotation venue, the bid‐ask spread is decomposed into its theoretical cost components associated with adverse selection, inventory handling, and order processing.FindingsStoll's adverse selection costs of ECN‐originated quotes relate positively to effective spreads, while Lin et al.'s adverse selection costs relate negatively to effective spreads.Originality/valueThe paper shows how trading costs relate to trading venue choice by decomposing the bid‐ask spread.
On the relationship between trading volume and stock price volatility in CASE
Authors: Girard Eric , Omran Mohammed 
Published: March 2009

PurposeThe purpose of this paper is to examine the change in speed of dissemination of order flow information on stock volatility of return in 79 traded companies at the Cairo and Alexandria Stock Exchange (CASE).Design/methodology/approachThe paper examines the interaction of volatility and volume in 79 traded companies in CASE over a period from January 1998 to May 2005 and provides support for the TGARCH specification for explaining the daily time dependence on the rate of information arrival to the market for stocks traded on CASE.FindingsThe paper finds that information size and direction have a negligible effect on conditional volatility and, as a result, the presence of noise trading and speculative bubbles is suspected. It was found that the persistence in volatility is not eliminated when lagged or contemporaneous trading volume is incorporated into a GARCH model. It is shown that, when volume is further broken down into its expected and unexpected components, volatility persistence decreases. This is especially true after May 2001, which marks the beginning of a succession of major stock market reforms. It was also found that anticipated information shocks can have a negative impact on the volatility of return, particularly prior to May 2001.Originality/valueThe decrease in the negative relationship between expected volume and volatility after May 2001 suggests that trading efficiency and information dissemination have improved. This is an important finding for CASE as it encourages the reform momentum and reinsures foreign investors.
Intraday return and volatility spill‐over across international copper futures markets
Authors: Lien Donald , Yang Li 
Published: March 2009

PurposeThe purpose of this paper is to investigate the short‐run return and volatility spill‐overs across three major international copper futures markets: London Metal Exchange (LME), New York Mercantile Exchange (NYMEX), and Shanghai Futures Exchange (SHFE).Design/methodology/approachThe analysis utilizes a dynamic conditional correlation GARCH model to explore the return and volatility relationships.FindingsThe return and volatility spill‐overs between the two developed markets, LME and NYMEX, are bi‐directional and significantly stronger when the NYMEX operates an electronic trading system. In addition, significant bi‐directional return spill‐over between the LME (developed market) and the SHFE (emerging market) and significant uni‐directional volatility spill‐over from the LME to the SHFE are documented.Research limitations/implicationsThe evidence suggests that degree of market integration and trading mechanism play crucial roles in the return and volatility transmission across the three major copper futures markets. Higher level of market integration and easy access to trading information lead to faster information dissemination and help to establish stronger relationships of returns and volatility across the markets. This is consistent with the findings in the equity markets.Originality/valueThe study provides empirical evidence of short‐run information transmission between developed and emerging copper futures markets.
Influence of capital structure and operational risk on profitability of life insurance industry in Taiwan
Authors: Chen Jian‐Shen , Chen Mei‐Ching , Liao Wen‐Ju , Chen Tsung‐Hsien 
Published: March 2009

PurposeThe solvency of insurance companies is closely related to the policyholders, and consequently regulators in Taiwan pay considerable attention to this area. Several studies have demonstrated a close correlation among capital structure, operational risk and profitability. This study seeks to provide evidence regarding the influence of capital structure and operational risk on profitability of the life insurance industry in Taiwan.Design/methodology/approachStructural equation modeling, which involves factor‐analysis and path‐analysis, is used to justify the relationship among capital structure, operational risk and profitability. Adding the macroeconomic latent variable to the model as a control variable demonstrates that the macroeconomic latent variable positively influences capital structure, operational risk and profitability.FindingsThe study leads to four key findings. First, according to the empirical result, the research model has excellent goodness‐of‐fit. That is to say, using multiple financial indices suitably measures the specific financial factors. Second, the capital structure exerts a negative and significant effect on operational risk. Third, there is no reciprocal relationship but a one‐way effect between capital structure and operational risk. Fourth, the operational risk exerts a negative and significant effect on profitability.Practical implicationsThe empirical result shows the profitability decreased with the higher equity ratio. Hence, the regulatory organizations must urge insurance companies to effectively diversify their investments and employ risk avoidance strategies. Effective use of hedging and diversifying will help to divide risk and create financial revenue.Originality/valueThe study proposes that the government should loosen investment restrictions and develop other instruments to assist risk‐based capital in checking the financial condition of insurance companies.
A method for creating buying behavior of customer bykanseiinformation design
Authors: Kosaka Yuji , Shiizuka Hisao 
Published: March 2009

PurposeThis paper aims to propose a method forkanseivalue creation to be actually reflected in consumer behavior.Design/methodology/approachLooking at business from akansei(emotional/sensitive) value creation perspective, it is realized that currently in most cases value creation for products or services is not done practically. For most of the products and services put on the market, their value is hardly recognized.FindingsIt has been found that a key factor of the mechanism of value creation is closely related to the design ofkanseiinformation.Research limitations/implications– It is expected that, in the future, the principle ofkanseiinformation design will be further clarified and improved so that this methodology can be used in business by corporations.Practical implicationsIt is pointed out that, if the combination of thekanseiinformation becomes too rough, no matter how brilliant the design of the product itself, it is difficult to arouse consumption behavior in reality.Originality/valueThe paper provides an important aspect to demonstrate the mechanism and its elements for achieving value creation in marketing and sales activities. Some case studies are shown for demonstrating the proposed method.
Pricing and hedging American options in incomplete markets
Authors: Liu Hsuan‐Ku , Long Liu Ming 
Published: March 2009

PurposeThis paper sets out to consider the problem that the initial value of the American option is less than its fair price; this implies that the replication portfolio does not exist in the market.Design/methodology/approachThe paper develops an optimization model whose solution provides an optimal strategy for the writer to minimize the expected loss for this problem.FindingsThe numerical results reveal that loaning money to construct a replication portfolio may not be an optimal strategy for the writer.Practical implicationsThe solution of the minimum expected loss model provides an optimal strategy to construct a lower expected loss portfolio.Originality/valueThe numerical results reveal that loaning money to construct a replication portfolio may not be an optimal strategy for the writer.
Organizational culture and CSR: an exploratory study of Estonian service organizations
Authors: Jaakson Krista , Vadi Maaja , Tamm Katrin 
Published: March 2009

PurposeThis paper sets out to investigate the effect of organizational culture on corporate social responsibility (CSR) in service companies in Estonia. CSR is defined here as a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis.Design/methodology/approachIn order to develop hypotheses, studies that relate culture at the organizational and societal level and social responsibility were analyzed, leading the authors to the hypotheses that the more extensively an organization engaged in CSR activities, the less likely would task‐orientation exceed relationship‐orientation in this organization, and second, organizational culture in general would be stronger. An empirical study was conducted in 17 service organizations operating in Estonia. It used task‐ and relationship‐orientation as characteristics of organizational culture. These data were obtained from an Organizational Culture Questionnaire completed by the randomly selected employees of respective organizations. Organizational culture data were supplemented by data on CSR, provided by top managers or appropriate persons in all organizations as a response to a questionnaire.FindingsResults could not statistically confirm the hypothesis that strong organizational culture characterizes higher CSR performers, but results are inconclusive in this respect. On the other hand, there was no evidence that organizations with higher CSR are more relationship‐ than task‐oriented; however, relationship orientation was more strongly correlated with most CSR elements. The specific nature of services in the light of this result is discussed.Originality/valueThe current paper is the first attempt to systematically relate organizational culture with its CSR behavior. Based on literature review, the main contribution to the existing literature is the outlining of possible relationships between the two phenomena.
CSR as a tool to fight against poverty: the case of Mauritius
Authors: Ragodoo Nicolas J.F. 
Published: March 2009

PurposeThe primary aim of this paper is to analyse the contribution made by business organisations in the fight against poverty in Mauritius. Whereas on one side businesses are flourishing and ultra‐capitalism is the order of the day, we are witnessing, in parallel, a growing level of poverty worldwide. This situation of paradoxes is not being dealt with effectively by governments, being more interested in attracting foreign direct investment. Civil society organisations, on the other hand, lack the resources to do so. The role played by the business sector is analysed in this work.Design/methodology/approachFor data collection purpose, a questionnaire‐based semi‐structured interview schedule, worked out through the application of the mixed‐methods approach, was devised and applied to a stratified sample of 33.3 per cent of the top 100 companies and the 19 locally‐incorporated banks, based on the stratified random sampling method. Secondary sources, mainly in the form of company publications were also used.FindingsMost businesses surveyed already have established procedures with regards to the allocation of corporate social responsibility (CSR) funds. They are willing to help in creating a better society whether through financial or non‐monetary means, and do have the resources to do so. However, presently, only 11 per cent of CSR funds are devoted to the fight against poverty. There is a need to set the priorities and to coordinate these efforts. What is lacking is the active involvement of business leaders and public figures. This is needed to create the momentum for setting poverty alleviation as a top‐priority of our social agenda.Originality/valueThis work contributes to the scarce literature on CSR in Africa by analysing the way business organisations in the Mauritian economy contribute to the fight against poverty through CSR. It provides an evaluation of what is presently being done, and proposes ways through which the business contribution could be enhanced in order to help more people in need.
Status and direction of corporate social responsibility in Indian perspective: an exploratory study
Authors: Chandra Das Sudhir 
Published: March 2009

PurposeThe specific objectives of the study are to examine the contribution of center and state governments in social sector development and to demonstrate the strong sense of corporate social responsibility (CSR) models in an Indian perspective.Design/methodology/approachThe study is exploratory in character and falls under the category of “general review” aimed at gaining familiarity and achieving insights into the phenomena i.e. status and direction of CSR in India.FindingsThe paper concludes that the social sector remained a neglected area as, despite a rise in their revenue earnings, the states are perennially in financial distress due to a more than proportionate increase in expenditure. The paper also highlights the poor budgetary allocation for education, ineffective doctor‐patient ratio, heavy interest payments/servicing debt and lesser governmental efforts to initiate the CSR as a most effective tool. Further, the paper suggests three prospective CSR models in an Indian perspective.Research limitations/implicationsThe present study provides a starting point for further research in the development of strategies to implement CSR models in India.Originality/valueThe paper concludes with a new dimension to CSR that refers to businesspeople focusing on business to community development, socially responsible products and processes and socially responsible employee relations. For researchers interested in the areas of models of CSR, the paper introduces a rich field for future research.
Corporate social responsibility in Poland: the Responsible Business Forum 2002‐2007 report perspective
Authors: Koładkiewicz Izabela 
Published: March 2009

PurposeThe purpose of this paper is to show the approach to the concept of corporate social responsibility (CSR) in Poland. It also intends to characterize the process of the implementation of its assumptions subject to Polish economic conditions. At the same time, it aims to pay special attention to the role of small and medium‐sized enterprises.Design/methodology/approachThe approach to the concept of CSR in Poland is outlined on the basis of the result of studies conducted over the years 2002‐2007 as published in the Responsible Business in Poland reports by the Responsible Business Forum.FindingsIn spite of the fact that this paper only shows a single segment of a greater whole, the picture of CSR in Poland that emerges from the reports, demonstrates continuous growth in awareness of this subject matter. In the case of companies, worth stressing is the fact that the balance is slowly shifting from expressing mere interest and declarations of undertaking actions in the future to real implementation of ventures and programs tied with responsible business. However, domestic companies are still plagued by a lack of knowledge and familiarity with instruments facilitating the effective implementation of the standards and principles of responsible business.Research limitations/implicationsA significant limitation of the picture of CSR in Poland, as presented in this paper, is the scope and character of sources used. They are restricted to six Responsible Business in Poland reports.Practical implicationsIn spite of the fragmentary character of this analysis, its results demonstrate a need to undertake research into current implementations of the concept of responsible business in the small and medium‐sized enterprise sectors. In practice, this sphere remains untouched under Polish conditions.Originality/valueThe paper presents interesting information on the approach to CSR in Poland.