Shareholder value and Financialization: consultancy promises,management moves

In the pages of the daily financial press, 'shareholder value' is a loose rhetoric. For business consultants who sell financial metrics and implementation, shareholder value is also a product and a promise that purposive management action will be rewarded. This paper begins by considering the consultant's promise and the more guarded academic responses. It then presents empirics on micro performance and the meso limits to shareholder value and argues that most corporate managements cannot easily deliver what consultants promise and the capital markets demand. The paper ends by taking a broader view of value-based management as part of a process of financialization. If the results are contradictory and disappointing, a persistent gap between expectations and outcomes can nevertheless drive management behaviours, which change the world.     

How the United States justified its war on terrorism: prime morality and the construction of a ‘just war’

Just war theory has a long established reputation in the social sciences for evaluating the morality of the military actions of states. However, this analysis has rested upon assumptions of territorial sovereignty and the equal rights of states. The actions of hegemonic powers violate these twin assumptions through their expression of extra‐territorial reach. To avoid charges of immoral behaviour hegemonic powers must use the just war rhetoric of territoriality to justify their extra‐territorial acts. A world‐systems theory conceptualisation of hegemony allows for an interpretation of hegemonic military actions as the defence of a universal prime modernity. Prime modernity refers to an ideal organization of society projected by the hegemonic power as a form of integrative power. For the hegemonic power, threat is perceived as a rejection of the prime modernity anywhere rather than the language of border violations that dominates the foundations of just war theory. Using the language embedded in government and non‐government documents justifying the War on Terrorism, the manner in which a hegemonic power constructed military extra‐territoriality in a system of sovereign states as just is examined. The development of a ‘prime morality’ allowed the hegemonic power to claim that it was operating at the scales of the individual and ‘humankind’ rather than inter‐state power politics. The analysis challenges the implicit geographic assumptions of just war theory and extends our understanding of the imperatives underlying the hegemonic power's construction of its military actions as morally right.     

DEVOLUTION,GOVERNANCE AND THE PEACE PROCESS

Devolution and the associated mechanisms of governance—a power-sharing Executive, elected assembly, cross-border bodies, a reformed system of public administration and civic engagement —are a part of the wider mosaic of peace-building. Their implementation is an attempt to institutionalize stability and copper-fasten a political settlement. This article outlines the changing governmental arrangements existing within Northern Ireland, as it has shifted tentatively away from direct rule. It maps the wider public sector in Northern Ireland, including civil administration (chiefly the Northern Ireland Civil Service), an extended mosaic of nondepartmental public bodies (NDPBs) and other public agencies that, together with local government, form a complex, multi-layered, subregional governance. Our contention is that the manner in which the administration of Northern Ireland has been conducted yields fruitful insights into issues of territorial management in other areas afflicted by intractable constitutional wrangles and attendant violence. In short, an agreed system of governance is integral to the transition from conflict to peace (or at least stability) and, in the case of Northern Ireland, was central to the substance of the Belfast Agreement, characterized by a power-sharing Executive.     

Parties,Recruitment and Modernisation: Evidence from Local Election Candidates

Using pooled data from four separate nationwide surveys of local election candidates conducted from 2006–09 the paper assesses the role and importance of parties in the recruitment and selection of candidates. In many respects candidates are similar to councillors with men outnumbering women in a two to one ratio, with very few non-white candidates coming forward for selection and an age bias towards older rather than younger people. Candidates are found generally to have higher educational qualifications and to be employed in professional and managerial populations than in the public at large. Although a majority of candidates are resident in the ward that they contest a large fraction live elsewhere, suggesting that local parties cast the net widely during the recruitment process. The data suggest that the recruitment networks used by parties are relatively closed with many candidates reporting prior experience as local party officer holders or as members of charitable organisations and local public bodies. For two-thirds of candidates the initial decision to stand follows from a request by someone else, often a fellow party member. Women are more likely to be asked than men. Although candidates are aware of the current under-representation of some social and ethnic groups they are generally against using affirmative action measures to redress any imbalance. Although local parties are sometimes seen as contributing towards the problem of under-representation of some groups on council benches the data suggest than an increase in independent candidates would be unlikely to improve the situation and could perhaps cause it to deteriorate still further.     

Lawyers’ wellbeing and professional legal education

Abstract

THIS PAPER examines the wellbeing and satisfaction levels of lawyers in the workplace. It argues that research suggesting a crisis in the legal profession in the United States is comparable with research on wellbeing and levels of satisfaction for lawyers in Australasia. Some reports in both jurisdictions are critical of conventional legal education and practical legal training programs, which do not encourage students to develop personal and interpersonal skills that can improve self‐awareness, communication skills and the capacity to manage stress and anxiety. Consequently, law students are allowed to assume that these “soft skills” are less important for lawyers compared with cognitive skills such as “knowing the law” and “thinking like a lawyer”.

The paper describes the preliminary results of research conducted with graduates of the School of Law at the University of Newcastle Australia. The results confirm existing research to show that clinical legal education programs that expose law students under supervision to clients with real cases may promote the development of interpersonal skills, which in turn may help them cope with stressors in legal practice, especially in the first few years post‐admission.     

Public Attitudes to Gaelic and the Debate about Scottish Autonomy

Scotland seems to be a counter-example to general theories of the relationship between language and national identity or nationalism. These theories point to three components in the ideology of language and nation—that being able to speak the national language is necessary for full national membership, that the national language is a core part of the nation's culture, and that the future of national political autonomy and the future of the national language are connected with each other. In Scotland, it has appeared that language is not central to national membership or culture, and language campaigning has not been central to the political campaigns for autonomy. The article presents new evidence, from the 2012 Scottish Social Attitudes Survey, which questions these beliefs about the relationship between language and national identity or nationalism in Scotland.     

Pleasing the Principal: U.S. Influence in World Bank Policymaking

How do policies in international organizations reflect the preferences of powerful institutional stakeholders? Using an underutilized data set on the conditions associated with World Bank loans, we find that borrower countries that vote with the United States at the United Nations are required to enact fewer domestic policy reforms, and on fewer and softer issue areas. Though U.S. preferences permeate World Bank decision making, we do not find evidence that borrower countries trade favors in exchange for active U.S. intervention on their behalf. Instead, we propose that U.S. influence operates indirectly when World Bank staff—consciously or unconsciously—design programs that are compatible with U.S. preferences. Our study provides novel evidence of World Bank conditionality and shows that politicized policies can result even from autonomous bureaucracies.     

Welcome Mats and On‐Ramps for Older Adults: The Impact of the Affordable Care Act's Medicaid Expansions on Dual Enrollment in Medicare and Medicaid

For many low‐income Medicare beneficiaries, Medicaid provides important supplemental insurance that covers out‐of‐pocket costs and additional benefits. We examine whether Medicaid participation by low‐income adults age 65 and up increased as a result of Medicaid expansions to working‐age adults under the Affordable Care Act (ACA). Previous literature documents so‐called “welcome mat” effects in other populations but has not explicitly studied older persons dually eligible for Medicare and Medicaid. We extend this literature by estimating models of Medicaid participation among persons age 65 and up using American Community Survey data from 2010 to 2017 and state variation in ACA Medicaid expansions. We find that Medicaid expansions to working‐age adults increased Medicaid participation among low‐income older adults by 1.8 percentage points (4.4 percent). We also find evidence of an “on‐ramp” effect; that is, low‐income Medicare beneficiaries residing in expansion states who were young enough to gain coverage under the 2014 ACA Medicaid expansions before aging into Medicare were 4 percentage points (9.5 percent) more likely to have dual Medicaid coverage relative to similar individuals who either turned 65 before the 2014 expansions or resided in non‐expansion states. This on‐ramp effect is an important mechanism behind welcome mat effects among some older adults.