No / We examine the short-term price reaction of 424 UK stocks to large one-day price changes. Using the GJR-GARCH(1,1), we find no statistical difference amongst the cumulative abnormal returns (CARs) of the Single Index, the Fama–French and the Carhart–Fama–French models. Shocks ⩾5% are followed by a significant one-day CAR of 1% for all the models. Whilst shocks ⩽−5% are followed by a significant one-day CAR of −0.43% for the Single Index, the CARs are around −0.34% for the other two models. Positive shocks of all sizes and negative shocks ⩽−5% are followed by return continuations, whilst the market is efficient following larger negative shocks. The price reaction to shocks is unaffected when we estimate the CARs using the conditional covariances of the pricing variables.

No / Drawing on regional strategy theory we complement the core effect of firm-specific advantages on the performance of multinational enterprises with an analysis of the performance consequences of home region concentration on firm performance. We also develop hypotheses regarding the effect of foreign entry timing, internationalization speed and international experience on the performance effect of home region concentration. We test our hypotheses against unique longitudinal data from a panel of 128 multinational enterprises in the retail sector whose geographical spread of international activities we traced between 1995 and 2010. Our findings support the predictions of regional strategy theory and highlight the importance of foreign entry timing and internationalization speed in strengthening the positive effect of home region concentration on the performance of multinational enterprises.

No / Purpose - The aim of this paper is to gain a better understanding of how small technology start-ups learn about a key customer in the context of B2B relationships, and to propose a model of interfirm learning with customers. Design/methodology/approach - Using a qualitative case-based approach, the authors immerse themselves in the development of three learning alliances between technology startups and industry leaders, two successes and one failure, to gain an in-depth understanding of the dynamics involved. Data were collected on both sides of the alliance dyad. Findings - The paper delineates four learning cycles: alliance inception, joint-learning, specialization and discovery. These learning cycles constitute sequences of increasing understanding, cooperation, and higher order learning between the partners; evolving from an exchange of existing knowledge to the joint development of new knowledge. Originality/value - This study contributes to an integration of the alliance and marketing literatures by offering empirical evidence of a different type of alliance, namely the reciprocal learning alliance. It also contributes to broadening our understanding of market orientation in inter-organizational settings. In the context of business-to-business relationships, the study has identified four critical dimensions of learning alliance success, and proposed how they could be measured: Learn about customers; Interact with customers; Customer-specific investments; and Co-develop breakthrough innovations. Finally, the study demonstrates the significant role played by 'committed champions'.

No / This paper examines trade union networking and community-oriented activity through the recent development of learning strategies in relation to migrant workers. The paper locates the discussion on learning in relation to union attempts to develop a broader urban and community-based view of the union as an organisation. It assesses the innovative ways trade unions deploy their learning strategies given the challenges associated with a liberal market economy, in particular, in relation to poor levels of co-ordination amongst key social organisations and low levels of state commitment to the area of training. The paper draws on five empirical case studies of such innovative union approaches and concludes that many of these learning initiatives represent a significant intervention by unions in local urban and community-based contexts. However, it also notes that these appear to be disconnected from stable and consistent forms of local community-based organisation and, in part, remain enveloped in a marketised project-based approach which is piecemeal and in many aspects financially dependent on the state.

No / Controversial industry sectors, such as alcohol, gambling, and tobacco, though long-established, suffer organizational legitimacy problems. The authors consider various strategies used to seek organizational legitimacy in the U.K. casino gambling market. The findings are based on a detailed, multistakeholder case study pertaining to a failed bid for a regional supercasino. They suggest four generic strategies for seeking organizational legitimacy in this highly complex context: construing, earning, bargaining, and capturing, as well as pathways that combine these strategies. The case analysis and proposed bidimensional model of generic legitimacy-seeking strategies contribute to limited literature on organizational legitimacy in controversial industry sectors. In addition, beyond organizations active in controversial contexts, this study and its implications are useful for individuals and organizations supporting or opposing the organizational legitimacy of organizations in controversial industries.

Yes / This article argues that older age inequality within and across working life is the result of vampiric forms and structures constitutive of contemporary organizing. Rather than assuming ageism occurs against a backdrop of neutral organizational processes and practices, the article denaturalizes (and in the process super-naturalizes) organizational orientations of ageing through three vampiric aspects: (un)dying, regeneration and neophilia. These dimensions are used to illustrate how workplace narratives and logics normalize and perpetuate the systematic denigration of the ageing organizational subject. Through our analysis it is argued that older workers are positioned as inevitable ‘sacrificial objects’ of the all-consuming immortal organization. To challenge this, the article explicitly draws on the vampire and the vampiric in literature and popular culture to consider the possibility of subverting existing notions of the ‘older worker’ in order to confront and challenge the subtle and persistent monstrous discourses that shape organizational life.

No / This article examines the employment practices of McDonald's and other US-owned multinational corporations (MNCs) in the global fast-food industry from the 1970s to date. It focuses on the impact that different host institutions have had on pay and working conditions in different countries in the industry. The author argues that US fast-food MNCs still adopt the underlying principles of their US practices, even if the practices themselves could not be imposed in their entirety, often keeping unions out of workplaces and preserving their management prerogative, even when sector-level collective agreements have been imposed, and often limiting the impact of such agreements. Whilst some improvements have been achieved in some countries, adequate representation remains a serious problem, with many employees experiencing low pay, inadequate hours, insecure work, unpaid hours and sometimes hazardous and intimidating working conditions. The theoretical effect of host-country influences cannot therefore be automatically assumed; rather, the variations that arise across countries, while indicating national diversity, also emphasize variation within national systems and a limited form of convergence or ‘low-road Americanization’ in this sector.

No / The article examines how and why a new independent trade union was established in McDonald’s Japan in 2006. We discuss these developments both within the McDonald’s ‘system’ and the broader context of the growth of community unions in the Japanese employment system. The findings suggest that the ‘McUnion’ could be seen as a new form of trade union organizing in Japan; unlike an enterprise union it is independent of the employer and recruits ‘non-regular’ workers, yet unlike most community unions is established in one large employer, on a national rather than regional basis, has largely retained its membership and was established and operates with the direct involvement of the main Japanese Trade Union Confederation, Rengo.

No / This study aims to investigate whether, and how, the use of performance measures, procedural justice, and interpersonal trust interact to affect organisational commitment of police officers. Drawing on a survey based on a sample of 57 senior officers within a single police force, we find that the use of performance measures, procedural justice, and interpersonal trust are positively associated with organisational commitment. Further analysis reveals that trust between officer and superior mediates the relationship between the use of non-financial measures and organisational commitment, but procedural justice does not have a mediating effect on commitment. These findings are further explored through selected interviews with respondents.

No / Under the public-private partnership (PPP) programme, private sector finance, management expertise and innovation are used in ‘partnership’ to modernize public services. However, advocates fail to account for the differing aims and responsibilities of the public and private sectors, in that private companies plan to make a profit out of non-profit public sector organizations. There is a paucity of critical empirical research into new ‘partnership’ forms of privatization and the implications that these have for employment and work. This article will examine the PPP of National Savings and Investments (NS&I) and some of the initiatives introduced and problems encountered, which resulted in the creation of a multi-tier workforce, together with the insourcing, outsourcing and the first ever offshoring of UK Government work to India.