Cork University Business School - Journal Articles
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Item Impression management in annual report narratives: the case of the UK private finance initiative(Emerald Publishing Ltd., 2018-06-15) Edgar, Victoria C.; Beck, Matthias; Brennan, Niamh M.Purpose: The UK private finance initiative (PFI) public policy is heavily criticised. PFI contracts are highly profitable leading to incentives for PFI private-sector companies to support PFI public policy. This contested nature of PFIs requires legitimation by PFI private-sector companies, by means of impression management, in terms of the attention to and framing of PFI in PFI private-sector company annual reports. The paper aims to discuss this issue. Design/methodology/approach: PFI-related annual report narratives of three UK PFI private-sector companies, over seven years and across two periods of significant change in the development of the PFI public policy, are analysed using manual content analysis. Findings: Results suggest that PFI private-sector companies use impression management to legitimise during periods of uncertainty for PFI public policy, to alleviate concerns, to provide credibility for the policy and to legitimise the private sector’s own involvement in PFI. Research limitations/implications: While based on a sizeable database, the research is limited to the study of three PFI private-sector companies. Originality/value: The portrayal of public policy in annual report narratives has not been subject to prior research. The research demonstrates how managers of PFI private-sector companies present PFI narratives in support of public policy direction that, in turn, benefits PFI private-sector companies.Item Digital sustainability for energy-efficient behaviours: a user representation and touchpoint model(Springer, 2024-07-08) McCarthy, Stephen; Ertiö, Titiana; Fitzgerald, Ciara; Kahma, NinaIn response to climate change, nations have been tasked with reducing energy consumption and lessening their carbon footprint through targeted actions. While digital technologies can support this goal, our understanding of energy practices in a private household context remains nascent. This challenge is amplified by the ‘invisible’ nature of users’ interaction with energy systems and the impact of unconscious habits. Our objective is to explore how touchpoints embedded in digital sustainability platforms shape energy-efficiency behaviours among users. Building on data from semi-structured interviews and a two-hour co-creation workshop with 25 energy experts in the ECO2 project, we first identify three user representations of relevance to such platforms: energy-unaware, living in denial, and energy-aware and active. Our findings suggest that ‘static’ user representations (based on user demographics and average consumption) are giving way to socio-cognitive representations that follow users’ journeys in energy efficiency. We then develop a set of design principles to promote sustainable energy behaviours through digital sustainability platforms across user-owned, social/external, brand-owned, and partner-owned touchpoints. An analysis of user feedback from the ECO2 project shows support for our design principles across users’ journeys. Of 62 respondents covering all three representations, 76% of them intended to “implement changes in terms of energy consumption and energy efficiency”.Item Identifying proxies for risk-free assets: Evidence from the zero-beta capital asset pricing model(Elsevier, 2022-10-14) He, Zhen; O’Connor, Fergal; Thijssen, JaccoThis research offers the first analysis of whether gold, T-bills, Overnight Index Swaps (OIS) or Interbank Offered Rates (IBOR) can be used as proxy for the risk-free asset in the UK, US, China, Japan and India. Using Blacks (1972) Zero-Beta CAPM we apply Wald and Likelihood Ratio Tests to assess whether gold, T-bills, OIS or IBOR qualify as Zero-Beta or risk free assets against each company in FTSE 350, S&P 500, SSE 180, NIKKEI 225 and SENSEX. We find that gold is a proxy for the risk-free asset in the UK and China; T-bills are a proxy for risk-free assets in Japan and IBOR is a proxy for the risk-free rate in China. None qualify as risk free for the US market. According to our results, there is no universal risk-free asset for the UK, US, China, Japan and India.Item Understanding business models in the context of Irish credit union transformation(UK Society for Co-operative Studies, 2023-10-18) Money, Nick; McCarthy, Olive; Jones, Paul A.; Byrne, NoreenCredit unions in the Republic of Ireland (Ireland) are important community institutions. Over the last decade, however, Irish regulators and government have commented on a strategically critical financial problem for the sector and called for a change to the business model, but there is no statement of what this business model means. This paper understands a business model as the way an organisation creates and delivers value for its customers and itself, so whether articulated or not, it is plainly vital to organisational success. This paper reviews credit union financial performance, engages with the literature on business models, conceptually and as applied to banking, co-operatives, and credit unions. It then considers how it could support the transformation needed for the sector’s successful development. The paper connects the credit unions’ enduring financial performance problem with the problem of value creation for their members, concluding that there are business model frameworks that could help credit unions restate their proposition, while incorporating their social purpose. However, there is no consensus among academics or practitioners about what the Irish credit union business model is and therefore what should change. A further knowledge gap is identified in relation to credit unions’ own perspectives on the relevance of business models and change.Item Housing co-operatives in Germany: 160 years of evolution and resilience(UK Society for Co-operative Studies, 2024) Pfatteicher, Peter Alexander Carl; McCarthy, Olive; Power, CarolThis paper examines the evolution and resilience of housing co-operatives in Germany from their beginning 160 years ago to the present against the backdrop of an ever-changing political, economic, social, and cultural environment. We divide the discussion into five parts: 1803-1914 — The Rise of Housing Co-operatives; 1914-1933 — World War I and the Weimar Republic; 1933-1945 — Destruction of Housing Co-operative Values and Principles, and World War II; 1945-October 1990 — A New Beginning. Housing Co-operatives in East and West Germany; and Post-1990 — From Unification to Today’s Challenges. We examine select events and developments and their impact on housing co-operatives. We argue that, despite challenges and threats, especially in times of crisis, housing co-operatives persevered, proving resilient and meeting members’ housing needs, motivated by self-help and supported by established core values and principles. Meeting members’ housing needs makes housing co-operatives especially relevant now, given Germany’s ongoing housing crisis. Lastly, we argue other countries can learn from the experience of German housing co-operatives, and establish and support a co-operative framework that allows housing co-operatives to focus on core values and principles, which are the source of co-operative resilience.