Path dependence or convergence? The evolution of corporate ownership around the world

We offer a theory that sheds light on the current debate over whether the form of corporate ownership converges to the Berle-Means image. Our analytical results are threefold. First, legal rules and firm-specific protective arrangements are complementary. Secondly, corporate ownership patterns can be convergent or path dependent depending on the relative importance of these protective arrangements. We predict, for example, diffuse stock ownership in countries that impose legal limits on blockholders’ power to expropriate minority investor rights. Thirdly, we find that convergence toward diffuse share ownership is a movement towards the social optimum. Our empirical results suggest a case for the co-existence of path dependence and functional convergence (convergence to the diffuse form of share ownership through cross-listings on U.S. stock exchanges that impose more stringent disclosure and listing requirements). These results have implications for the design of executive compensation, the case for institutional investor activism and the proposal to increase shareholder power

Expenditures on Sport Apparel: Creating Consumer Profiles through Interval Regression Modelling

Using a heterodox theoretical approach, this article presents sport consumer profiles based on socio-demographic and sport-related lifestyle characteristics. Sport apparel is operationalized as a categorical, hierarchical variable. Given the censored nature of the dependent variable, a two step Heckman-type approach with an interval regression model was used. Data were obtained from a cross-sectional sample of adults in Flanders, Belgium (N=1355). The results indicate that the decision to spend money on sport clothing and shoes is mainly determined by sport-related lifestyle characteristics, confirming the emerging importance of lifestyle in understanding the decision to consume material goods. However, the variability in the amount of money spent on sport apparel is explained by both socio-demographic variables and sport-related lifestyle characteristics. Consequently, both socio-demographic and lifestyle variables are used in the interval regression models, which is introduced as a novel technique to create consumer profiles. These profiles assist sporting goods marketers in refining their strategies to reach specific target markets

The group of dyadic unitary matrices

We introduce the group DU(m) of m x m dyadic unitary matrices, i.e. unitary matrices with all entries having a real and an imaginary part that are both rational numbers with denominator of the form 2(p) (with p a non-negative integer). We investigate in detail the finite groups DU(1) and DU(2) and the discrete, but infinite groups DU(3) and DU(4). We further introduce the subgroup XDU(m) of DU(m), consisting of those members of DU(m) that have constant line sum 1. The study of XDU(2) and XDU(4) leads to conclusions concerning the synthesis of quantum computers acting on one and two qubits, respectively

Do non-profit sport organisations innovate? Types and preferences of service innovation within regional sport federations

Research question: Little is known about innovation in the non-profit sport sector. The present research addresses this gap by questioning whether and to what extent sport federations innovate. It aims to identify types of innovation implemented by sport federations and their attitude and preferences towards innovation.  Research methods: An online questionnaire was administered to a sample of key representatives (i.e. Chair, Secretary General or Directors) of regional sport federations in Belgium (n=101; 70% response rate).  Results and Findings: Directed content analysis of the service innovations described by respondents reveals ten different types of sport and non-sport service innovations. Results suggest that membership size and categories of sport influence preferences in knowledge creation/appropriation, and ultimately the type of innovation developed. This paper also suggests that sport federations are driven by demands by members in meeting their expectations of new services and are not risk averse. On average, the sport federations surveyed have a positive attitude towards newness which favours innovativeness.  Implications: The present study would help researchers to advance further into the knowledge of service innovation in non-profit organisations. It should act as a foundation for research and practice on specific types of service innovation in sport. Managers should realise the importance of attitude for innovation and use the suggested typology to provide new services in different categories and meet members’ expectations

Determinants of Service Innovation: a Typology of Sports Federations

The increasing commercialisation of the sports sector and changing consumer demands are some of the issues that create challenges for non-profit sports in contemporary society. It is important for managers and marketers of these organisations to innovate because innovation is a way to grow within a competitive environment and to meet customers expectations. The present study aims to develop an explorative typology of sports federations based on their attitudes and perceptions of determinants of innovation and their innovation capacity. A cluster analysis suggested three clusters with different responses towards service innovation: traditional sports federations, financially secure sports federations and competitive sports federations. Sports federations perceiving competition in terms of financial and human resources, favouring change and paid staff involvement in decision-making processes, and with negative economic perceptions are significantly more innovative. These findings have implications for the management and marketing of non-profit sports organisations

From Problem to Solution: Developing a Personalized Smartphone Application for Recreational Runners following a Three-step Design Approach

AbstractThe aim of this paper is to design and test a smartphone application which supports personalized running experiences for less experienced runners. As a result of a multidisciplinary three-step design approach Inspirun was developed. Inspirun is a personalized running-application for Android smartphones that aims to fill the gap between running on your own (static) schedule, and having a personal trainer that accommodates the schedule to your needs and profile. With the use of GPS and Bluetooth heart rate monitor support, a user's progress gets tracked. The application adjusts the training schedule after each training session, motivating the runner without a real life coach. Results from three user studies are promising; participants were very satisfied with the personalized approach, both in the profiling and de adaptation of their training scheme

A Unified Model of Non-Profit Sport Organizations Performance: Perspectives from the Literature

Little consensus has emerged about how organizational performance should be defined and measured. Most studies have used traditional approaches to give their own perspective about organizational performance and effectiveness, but none have recently tried to encompass these different views into one unified model. In the present paper, Chelladurai's systems view of organizations is used to integrate the dimensions of organizational performance highlighted by previous studies on non-profit sport organizations. These organizational performance dimensions are highlighted and categorized into macro-dimensions (e.g., financial resources acquisition, size, internal atmosphere, organizational operating, financial independence, achieving elite sport success and mass sport participation). Relationships between these macro-dimensions are analyzed. A multidimensional framework is developed which gives an overview of which dimensions constitute organizational performance in non-profit sport organizations and of how to measure them. Further research directions and management implications are discussed

Absence of cardiovascular manifestations in a haploinsufficient TGFBR1 mouse model

Loeys-Dietz syndrome (LDS) is an autosomal dominant arterial aneurysm disease belonging to the spectrum of transforming growth factor beta (TGF beta)-associated vasculopathies. In its most typical form it is characterized by the presence of hypertelorism, bifid uvula/cleft palate and aortic aneurysm and/or arterial tortuosity. LDS is caused by heterozygous loss of function mutations in the genes encoding TGF beta receptor 1 and 2 (TGFBR1 and -2), which lead to a paradoxical increase in TGF beta signaling. To address this apparent paradox and to gain more insight into the pathophysiology of aneurysmal disease, we characterized a new Tgfbr1 mouse model carrying a p.Y378* nonsense mutation. Study of the natural history in this model showed that homozygous mutant mice die during embryonic development due to defective vascularization. Heterozygous mutant mice aged 6 and 12 months were morphologically and (immuno) histochemically indistinguishable from wild-type mice. We show that the mutant allele is degraded by nonsense mediated mRNA decay, expected to result in haploinsufficiency of the mutant allele. Since this haploinsufficiency model does not result in cardiovascular malformations, it does not allow further study of the process of aneurysm formation. In addition to providing a comprehensive method for cardiovascular phenotyping in mice, the results of this study confirm that haploinsuffciency is not the underlying genetic mechanism in human LDS