Equity Rights Research Articles

Conceptualizations and evaluations of (im)politeness in Syrian Arabic

Abstract This paper explores (im)politeness conceptualizations and evaluations and the moral foundations of lay notions of (im)politeness in Syrian Arabic. The data were collected using an online questionnaire which was administered to 88 native speaking participants. The results show that participants consider politeness and impoliteness as polar opposites; both are viewed as (in)consideration for others, chiefly conveyed through (dis)respect, and upholding/violating appropriate behaviors, respectively. Moreover, the results show that notions of hierarchical respect, face, equity rights, reciprocity, and attending to others’ needs are central in motivating participants’ views of (im)politeness. These notions are rooted in the moral foundations of authority/respect, fairness/reciprocity, and harm/care. Additionally, interesting findings emerge in that politeness in Syrian Arabic appears to be more of a relational phenomenon, based on morality, which is in line with contemporary views on politeness, than a rational and strategic behavior, as theorized in classical approaches.

Startups in the Whirlpool of Divorce

Startups use stock options to compensate their employees. An employee’s divorce could result in a change in the formal ownership of the startup securities. However, the startup, the employee, and the former spouse of the employee all have considerable and conflicting interests in the outcome of the allocation of the employee’s securities as part of a divorce settlement. I argue that the startup, along with the relevant tax rules, imposes obstacles on the transferability of the securities to the employee’s former spouse that are likely to distort the settlement outcome. An inefficient outcome is likely because the person who may assign a higher value to owning the securities is both barred from owning them and prevented from receiving equivalent value in exchange. While amending the IRC would allow for more outcomes and could enable the parties to reach a more efficient result, corporate law’s attempt to protect the shareholders’ rights and scrutinize contractual arrangements such as voting agreements and appraisal waivers could have an ex-ante unintended consequence. Specifically, since the startup is likely to continue, it may deprive the former spouse of any equity rights following the divorce and attempt to prevent possible complications to future corporate transactions once the tax pretext is lifted.

Applying the Spencer-Oatey Model for Investigating the Politeness Strategies in EFL Teacher-Student Interactions

One of the main goals of learning any language is the ability to communicate, and politeness is considered an important aspect of communication in each language and culture. The main purpose of this study was to investigate politeness strategies that are used in EFL classroom interactions between teachers and students based on the framework of Spencer-Oatey (2008). To this end, students of five EFL classes (N =148) in two cities in Iraqi Kurdistan, Erbil and Sulaimani, were selected and their interactions with teachers (N = 5) were audio-recorded. Transcription of the recorded data revealed that teachers used all the politeness strategies of the Spencer-Oatey model in which equity rights was the most frequent strategy of politeness, while only three strategies of the Spencer-Oatey model were used by the students, which were Identity of Face, Quality of Face, and Equity Rights. Moreover, the results of this study revealed that classrooms in the context of the study are mostly teacher-oriented, teachers manage the classroom, and students mostly speak when they are asked to answer a question. Therefore, it is recommended that teachers attempt further to engage the students and provide situations for more communication.

Discount Rates, Subscription Prices, and Subscription Rates in Equity Rights Offerings

This study analyzes the wealth effect of discount rates, subscription price announcement effects, and subscription rates with 407 equity rights offerings (with unsubscribed shares to the public) announced between 2004 and 2016. The major results of this study are as follows. First, the market not only responds negatively to the right offering announcements (3-day CAR of -13.83%) but also to announcements of final subscription prices (3-day CAR of -4.85%). The announcement effects of final subscription prices are not related to changes in subscription prices, but become more negative as announcements are delayed. Second, the discount rate significantly affects the wealth effects. This means that discount rates provide the information on firms’ future prospects. Firms with low information asymmetry and high ownership by the largest shareholders choose lower discount rates. Third, the non-subscription rate is about 14% and wealth transfer due to non-subscription is 7.08% of the amount raised by the right offerings. As the offering process is delayed, the subscription rates decrease. In addition, the listing of subscription rights have a significant positive impact on subscription rates. However, as market value decrease due to a right offering is similar to the amount raised, firms should consider alternative financing methods.

The optimal structure optimal insurance network in China

As an integral part of the economic network, insurance institutions and other institutions not only have equity and creditor's rights relationships, but also, as risk management departments in the economic network, there is a risk exchange network constructed with reinsurance relationships. At the beginning of this paper, we discuss the external and internal risk spread relationship of insurance institutions. Subsequently, using Kanno's(2014) insurance network model analysze the characteristics of China's reinsurance market and its structure.

The Use of Evaluability Assessments in Improving Future Evaluations: A Scoping Review of 10 Years of Literature (2008–2018)

Since the beginning of the 21st century, evaluability assessments have experienced a resurgence of interest. However, little is known about how evaluability assessments have been used to improve future evaluations. In this article, we identify characteristics, challenges, and opportunities of evaluability assessments based on a scoping review of case studies published since 2008 ( n = 59). We find that evaluability assessments are increasingly used for program development and evaluation planning. Several challenges are identified: politics of evaluability; ambiguity between evaluability and evaluation, and limited considerations of gender equity and human rights. To ensure relevance, evaluability approaches must evolve in alignment with the fast-changing environment. Recommended efforts to revitalize evaluability assessment practice include the following: engaging stakeholders; clarifying what evaluability assessments entail; assessing program understandings, plausibility, and practicality; and considering cross-cutting themes. This review provides an evidence base of practical applications of evaluability assessments to support future evaluability studies and, by extension, future evaluations.

Beyond the business case for diversity and inclusion: Approaches to promoting organizational diversity

This teaching activity explores whether the meaningful communication case for diversity in groups, organizations, and communities rests in ideas of justice, equity, and basic employee responsibilities and rights (O’Leary & Weathington, 2006. Beyond the business case for diversity in organizations. Employee Responsibilities and Rights Journal, 18(4), 283–292. https://doi.org/10.1007/s10672-006-9024-9) rather than in the business case. This article responds to neoliberal multiculturalism to articulate how a justice case for diversity might instead be presented in the classroom. The justice case may provide a more robust orientation to diverse communicators in future small group, organizational, and community contexts. Courses: Communication Theory, Organizational Communication, Small Group Communication. Objectives: This activity introduces students to two major rationales for organizational diversity—the business case and the social justice case—and allows exploration of how attitudes toward diversity might be affected by challenges presented in diverse organizations. The debriefing discussion encouraged students to explore the arguments for diversity presented by each case and the resilience of pro-diversity arguments in light of possible challenges. This activity can also be used as a prompt for students to reflect on the arguments for diversity presented across the curriculum.

Managerial equity incentives portfolio and the moral hazard of technology investment

ABSTRACT Modern literature emphasises the enterprise innovation theory of balancing explorative and exploitative activities to control the moral hazards of technology investment. Many studies overlook the noisy perspective of innovation and offer various instruments for more or less innovation. We attempt to diverge the debate and unfold the sensitivity of managerial equity incentive schemes on the subject of the quality of innovation. Investment in patents and R&D is applied to account for quantity and quality innovation, respectively. Fixed-effects and logit regression modelling are used for basic estimations and a two-step system GMM is applied to control the endogeneity. The estimations validate that stock appreciation incentives are more sensitive to the quantity of innovation, whereas, stock options and restricted equity rights have a strong impact on the quality of innovation. Subsample analysis revealed that the explanatory power of our predictions is highly pronounced in large and young firms. Innovative firms are suggested to design the managerial equity incentive portfolio as per their technological choices. Firms should consider the sensitivity of equity incentive schemes to control effort ex-ante, especially to attain technology leadership and optimal corporate value in the long run.

Discount, transparency and announcements effects of equity rights offerings: international evidence

Equity rights offerings and their respective announcement effects have been studied extensively in the literature. Our study expands upon these studies and focuses on those announcement effects and the relation between the discount of an equity rights offering and the announcement effect. Previous theoretical and empirical analyses show that firms can signal their quality via the discount in an equity rights offering and demonstrate a negative relation between the discount and the announcement effect. We argue that this link is only relevant in environments where signalling is possible and necessary. These are financial markets with a particularly low level of capital market transparency, i.e. high information asymmetry. We calculate announcement effects for an international sample of equity rights offerings and show that the negative effect of the discount on announcement effects can only be observed in environments with a low capital market transparency. Hence, our study estimates announcement effects across several different countries and is thus among the first to analyse signalling considerations for equity rights offerings in different transparency environments.

Sovereign Investors as Trustees of Environmental Intergenerational Equity

Do governmental investors such as sovereign wealth funds (‘SWFs’) have a legal duty to protect the natural environment for future generations? After providing a background on SWFs, the paper examines the relevant international law paradigms, with a particular focus on the concept of intergenerational equity – the notion that the state must preserve access to environmental resources for future generations. The article asserts that SWFs, as state actors, have a legal responsibility under international treaties and customary international law, as well as the evolving rules on complicity in international jurisprudence and general principles of international human rights law (which the author posits form the basis for intergenerational equity and environmental rights), to adopt environmental intergenerational equity as an overarching investment policy and implement the principle through shareholder activism and ESG screening. Sovereign Wealth Funds, intergenerational equity, international law, international environmental law, human rights law, shareholder activism, ESG screening

Reflexões sobre ações educativas para migrantes internacionais: diálogos com a pedagogia social

Nos últimos anos do século XX e no início do século XXI, as transformações econômicas, políticas e culturais no cenário mundial influenciaram fortemente o fluxo migratório, tornando-o, novamente, uma temática de destaque no Brasil. Sabe-se que uma parte considerável dos migrantes chega ao país sem possuir domínio da língua portuguesa e perspectiva de trabalho. Logo, buscam associações e instituições que atuam como suporte de acolhida, instrução e orientação, auxiliando-os na inserção social. Nesse contexto, o objetivo deste artigo é discutir como a Pedagogia Social e suas práticas de Educação popular, comunitária e social podem contribuir para o processo educacional dos migrantes em situação de vulnerabilidade no Brasil. Parte-se do pressuposto de que é urgente refletir sobre as práticas para superação de obstáculos enfrentados por grupos migratórios na chegada no novo país. Ao final, discorre-se sobre a importância das práticas da Pedagogia Social na promoção de equidade de direitos entre cidadãos brasileiros e migrantes internacionais. Palavras-chave: Migrantes internacionais. Pedagogia social. Educação popular. Educação social. Educação comunitária.

China’s Manufacturing Servitization Level and Its Impact on Enterprise Performance: Model and Empirical Study

To more comprehensively and objectively evaluate China's manufacturing servitisation level, and to further examine the impact of servitisation level on enterprise performance, so as to clarify the inconclusive findings from literature, this study constructs a comprehensive evaluation index system and a fuzzy evaluation model of servitisation level, and carries out an empirical study on China's manufacturing servitisation level and its impact on enterprise performance based on the data of 903 listed enterprises in 29 manufacturing industries in eight provinces and cities in China in 2017. The results show that: servitisation has an obvious metropolitan priority characteristic; high-tech industries are in leading positions in servitisation; there is an inverted U-shaped relationship between servitisation level and both return on equity and return on total assets, and there is a U-shaped relationship between servitisation level and return on personnel; the overall servitisation level of China's manufacturing enterprises is relatively low, and there is much room for development; in terms of human capital investment, the manufacturing enterprises are facing 'servitisation paradox'; for manufacturing enterprises in the servitisation process, relatively concentrated equity rights, the realisation of scale effect and an reasonable capital structure will help to improve performance.

A Kantian foundation for welfare rights

ABSTRACT In this article, I offer a foundation for the prima facie idea of a right to welfare based on a neglected aspect of Kant’s legal theory: his account of equity rights (aequitas, Billigkeit). I argue that these rights are not the same as the ‘moral rights’ of current literature, and that they arise as a consequence of systemic injustice. The contribution of this article is twofold: firstly, it provides an analysis and application of Kant’s underanalysed and little understood discussion of equity; secondly, it offers an alternative to contemporary accounts of welfare rights as moral rights which can better account for their juridical nature as rights.

Determinants of discounts in equity rights issues: An international comparison

AbstractEquity rights offerings are the predominant SEO flotation method in many European and Asian countries. Several previous studies focus on rights offerings, but these studies often measure solely the announcement effects of these offerings and pay little attention to the discount. This study seeks to close this gap, explain the discounts on such rights offerings, and determine the drivers of offering discounts with a focus on cultural effects regarding the level of uncertainty avoidance. Based on the existing literature, we develop several hypotheses and find supporting evidence for these hypotheses in our data. Our main finding is that the most important factors for explaining the discount on an equity rights offer are the level of uncertainty avoidance, the quality of a firm, and the level of uncertainty about firm value.

Determinants of Discounts in Equity Rights Issues: An International Comparison

Equity rights offerings are the predominant SEO floatation method in many European and Asian countries. Several previous studies focus on rights offerings, but these studies often measure solely the announcement effects of these offerings and pay little attention to the discount. This study seeks to close this gap, explain the discounts on such rights offerings and determine the drivers of offering discounts with a focus on cultural effects regarding the level of uncertainty avoidance. Based on the existing literature, we develop several hypotheses and find supporting evidence for these hypotheses in our data. Our main finding is that the most important factors for explaining the discount on an equity rights offer are the level of uncertainty avoidance, the quality of a firm, and the level of uncertainty about firm value.

Preferred Rights The subscription of the shares of the capital increase of the shareholding companies and their disposal in the Egyptian Capital Law and its amendments: حقوق أولوية الاكتتاب في أسهم زيادة رأس مال الشركات المساهمة والتصرف فيها في ضوء قانون رأس المال المصري وتعديلاته

The priority right of subscription is the equity rights of the joint stock companies. The companies contributing to the determination of these rights resort to a financial and administrative balance. This was optional for the General Assembly، but successive amendments in Egyptian legislation have become binding in some cases to decide that each owner of the right of subscription may act in it or renounce it as he wishes.

Equity Rights Issue and Dilutive Effect: Evidence from Italian Listed Companies

This article studies the stock price reaction to Seasoned Equity Offerings (SEOs) through the right issue technique, for Italian listed companies in the period between 2007 and 2016. A few days before the starting date of the capital increase operation, investors are provided with a complete information set of the final characteristics of the equity offerings. The study investigates whether this further information is price sensitive. An event study analysis is performed around two price sensitive dates: the “announcement date” of the equity issue and the “communication date” of its final characteristics. It also focuses on the reasons underlying the offer and on the industry effect. The findings show a significant negative abnormal return at the communication date for the full sample and for companies collecting financial resources for “Corporate Finance Transaction”, for "Capital Adequacy" and for “Restructuring”. A negative market reaction for all sectors is observed as well. Eventually, the article examines the possible causes underlying the negative stock price reaction at the communication date. The results suggest that the dilutive effect is the main explanation to the stock price overreaction.

Banks and Labor as Stakeholders: Impact on Economic Performance

Traditionally, the impacts of the rights of financial institutions and workers on corporate performance have been analyzed independently. Yet theory clearly indicates that it is the combination of (changes in) relative powers of different stakeholders that affects a firm overall performance. Using U.S. state level and state-industry level data, we investigate how output growth is affected by bank branch deregulation, and change in equity rights and employment protection occurring over the period 1972-1994. We find that financial liberalization positively and greater workers’ rights ambiguously impact overall state growth. In terms of channels, while the effect of financial liberalization does not differ across industries that vary in external financing dependency, employment protection promotes those industries that are more knowledge (skilled-labor and intangibles)-intensive. The results hold controlling for changes in shareholders’ rights, which itself is not significant. They suggest that financial liberalization operates mostly through an efficiency channel (re-allocating resources better), while employment protection creates better incentives and encourages more sector-specific, human capital investments. Overall, the results show that the strength of stakeholders’ protection affects performance through efficiency channels and provide support for a stakeholders’ view of corporate governance. JEL Classification Numbers: G18, G30, G38, J08, J80, J83

Is Insider Control Good for Environmental Performance? Evidence From Dual-Class Firms

Corporate environmental performance has become a key focus of business leaders, policy makers, and scholars alike. Today, scholarship on environmental practice increasingly highlights how various aspects of corporate governance can influence environmental performance. However, the prior literature is inconclusive as to whether ownership by insiders (officers and directors) will have positive or negative environmental effects and whether insider voting control or equity control is more salient to environmental outcomes. This article leverages a unique empirical data set of dual-class firms, where insiders have voting rights disproportionate to their equity rights, to shed light on this question. We find that, on average, dual-class firms underperform their single-class peers on environmental measures and that the discrepancy comes from dual-class firms where insiders have more voting control, relative to their equity stake. While small increases in voting control are associated with improved environmental performance, too much (relative to insiders’ equity stake) worsens firms’ environmental performance. Insider equity control alone has no impact on environmental outcomes. Our findings have important implications for agency theory and environmental scholarship by identifying contingencies on the impact of voting and equity-based incentives. This research casts doubt on the idea that providing insiders with significant voting control will aid environmental performance.

Правова основа переходу частки учасника у статутному капіталі товариств з обмеженою та додатковою відповідальністю.

The article focuses on study of legal basis for the transfer of a participant’s share in the authorized capital of limited liability and additional liability companies to another person. It has been confirmed that the “transfer of equity interest of an economic partnership” essence as a legal category of the Commercial Law science has not been carefully investigated. Additionally it is stated that clarification of the issue what is posed as a subject of the contracts – share or equity rights – has a significant meaning in definition of the subject of the purchase agreements, gift agreements and other agreements, aimed at the property transfer. It has been proven that a share in the authorized capital constitutes as such a subject, but not equity rights that are testified by it. It is proposed to understand the legal concept of the “transfer of a share” as a superordinate term which includes alienation, interest sale, levy of execution on partnership share, inheritance, legal succession and other grounds for such a transition. The legal basis for the organization and implementation of the transfer of a share in the authorized capital of limited liability and additional liability companies has been analyzed. The shortcomings of the legal basis of this process are identified, which may include irregularities in certain issues, in particular, regarding the definition of the subject matter of the agreement on the alienation of a share in the authorized capital and the introduction of the institution of a corporate agreement on the non-application possibility of the provisions of the legislation regarding the preferential right of other participants to acquire a share in the authorized capital. The advantages of the new Law of Ukraine “On Limited Liability and Additional Liability Companies” have been analyzed in relation to the regulation of the participant’s priority right to acquire a share (part of a share) of another shareholder of a company that is sold to a third party. First of all, the problems of the legislative development that are connected with the fact that there are certain norms in the Law of Ukraine “On Limited Liability and Additional Liability Companies” have been revealed which create potential threats for subjects in a corporate legal relationship, namely, this refers to the existence of a threat of non-compliance with the rules concerning the priority right of other participants to acquire a share by means of the conclusion by the alienator of any other contracts, save as purchase agreement, in particular, free-of-charge exchange or gift contracts in this area and secondly, the possibility of leveling up legislative provisions regarding the priority right to acquire a share (part of a share) by concluding the corporate agreement with other shareholders of the company, which will include a provision on the non-application of priority right. As a result of the study, the proposals aimed at improving the legal basis for the transfer of a participant’s share in the authorized capital of specified economic organizations have been formulated.