This research conducts a meticulous examination of the determinants influencing dividend payout dynamics among firms listed on the Korean Stock Exchange (KSE) from 1995 to 2021, a period characterized by profound economic fluctuations. By leveraging a dynamic panel data model and the Generalized Method of Moments (GMM) for estimation, the study addresses endogeneity concerns while exploring the effects of firm-specific and macroeconomic variables on dividend yields. The investigation delineates three distinct economic phases: normal conditions, financial crises, and the aggregate study period, facilitating a granular understanding of firms’ dividend payout adaptability under varying economic landscapes. Empirical findings underscore the persistence of dividend payments, revealing a variable adjustment speed toward target dividend yields contingent upon the economic context, with an expedited adjustment observed during crises. Crucially, firm profitability emerges as a consistent determinant of dividend yields across all examined periods, whereas the influence of macroeconomic variables is notably more pronounced during periods of economic normalcy. This research elucidates the complex interplay between internal corporate strategies and external economic pressures in shaping dividend policies, thereby enriching the discourse on dividend payout behavior in the context of Korea’s economic evolution from an emerging to a developed market.
The capacity to deal with digital transformation is a valuable asset for established organizations, and employees play a crucial role in this process. This study contributes to the understanding of employees’ sensemaking of digital transformation in the tour operating industry. Using prior digital transformation research, construal-level theory (CLT), and dynamic change perspectives, our scholarly work focuses on the complexities of organizational change in a digital transformation context. Although employees generally support digital transformation, our findings show that their perceptions change over time across a range of specific challenges experienced during the employee change journey. Our findings stress the importance of adopting a social exchange lens in digital transformation knowledge as this represents deep structure change that might cause well-designed transformation processes to fail. Implications for hospitality and tourism management are discussed.
MULTIFILE
Coastal nourishments, where sand from offshore is placed near or at the beach, are nowadays a key coastal protection method for narrow beaches and hinterlands worldwide. Recent sea level rise projections and the increasing involvement of multiple stakeholders in adaptation strategies have resulted in a desire for nourishment solutions that fit a larger geographical scale (O 10 km) and a longer time horizon (O decades). Dutch frontrunner pilot experiments such as the Sandmotor and Ameland inlet nourishment, as well as the Hondsbossche Dunes coastal reinforcement project have all been implemented from this perspective, with the specific aim to encompass solutions that fit in a renewed climate-resilient coastal protection strategy. By capitalizing on recent large-scale nourishments, the proposed Coastal landSCAPE project C-SCAPE will employ and advance the newly developed Dynamic Adaptive Policy Pathways (DAPP) approach to construct a sustainable long-term nourishment strategy in the face of an uncertain future, linking climate and landscape scales to benefits for nature and society. Novel long-term sandy solutions will be examined using this pathways method, identifying tipping points that may exist if distinct strategies are being continued. Crucial elements for the construction of adaptive pathways are 1) a clear view on the long-term feasibility of different nourishment alternatives, and 2) solid, science-based quantification methods for integral evaluation of the social, economic, morphological and ecological outcomes of various pathways. As currently both elements are lacking, we propose to erect a Living Lab for Climate Adaptation within the C-SCAPE project. In this Living Lab, specific attention is paid to the socio-economic implications of the nourished landscape, as we examine how morphological and ecological development of the large-scale nourishment strategies and their design choices (e.g. concentrated vs alongshore uniform, subaqueous vs subaerial, geomorphological features like artificial lagoons) translate to social acceptance.
Collaborative networks for sustainability are emerging rapidly to address urgent societal challenges. By bringing together organizations with different knowledge bases, resources and capabilities, collaborative networks enhance information exchange, knowledge sharing and learning opportunities to address these complex problems that cannot be solved by organizations individually. Nowhere is this more apparent than in the apparel sector, where examples of collaborative networks for sustainability are plenty, for example Sustainable Apparel Coalition, Zero Discharge Hazardous Chemicals, and the Fair Wear Foundation. Companies like C&A and H&M but also smaller players join these networks to take their social responsibility. Collaborative networks are unlike traditional forms of organizations; they are loosely structured collectives of different, often competing organizations, with dynamic membership and usually lack legal status. However, they do not emerge or organize on their own; they need network orchestrators who manage the network in terms of activities and participants. But network orchestrators face many challenges. They have to balance the interests of diverse companies and deal with tensions that often arise between them, like sharing their innovative knowledge. Orchestrators also have to “sell” the value of the network to potential new participants, who make decisions about which networks to join based on the benefits they expect to get from participating. Network orchestrators often do not know the best way to maintain engagement, commitment and enthusiasm or how to ensure knowledge and resource sharing, especially when competitors are involved. Furthermore, collaborative networks receive funding from grants or subsidies, creating financial uncertainty about its continuity. Raising financing from the private sector is difficult and network orchestrators compete more and more for resources. When networks dissolve or dysfunction (due to a lack of value creation and capture for participants, a lack of financing or a non-functioning business model), the collective value that has been created and accrued over time may be lost. This is problematic given that industrial transformations towards sustainability take many years and durable organizational forms are required to ensure ongoing support for this change. Network orchestration is a new profession. There are no guidelines, handbooks or good practices for how to perform this role, nor is there professional education or a professional association that represents network orchestrators. This is urgently needed as network orchestrators struggle with their role in governing networks so that they create and capture value for participants and ultimately ensure better network performance and survival. This project aims to foster the professionalization of the network orchestrator role by: (a) generating knowledge, developing and testing collaborative network governance models, facilitation tools and collaborative business modeling tools to enable network orchestrators to improve the performance of collaborative networks in terms of collective value creation (network level) and private value capture (network participant level) (b) organizing platform activities for network orchestrators to exchange ideas, best practices and learn from each other, thereby facilitating the formation of a professional identity, standards and community of network orchestrators.
Socio-economic pressures on coastal zones are on the rise worldwide, leaving increasingly less room for natural coastal change without affecting humans. The challenge is to find ways for social and natural systems to co-exist, co-develop and create synergies. The recent implementation of multi-functional, nature-based solutions (NBS) on the sandy Dutch coast seem to offer great potential in that respect. Surprisingly, the studies evaluating these innovative solutions paid little attention to how the social and natural systems interact in the NBS-modified coastal landscapes and if these interactions strengthen or weaken the primary functions of the NBS. It is not clear whether the objectives to improve coastal resilience and spatial quality will be met throughout the lifetime of the intervention. In the proposed project we will investigate the socio-bio-physical dynamics of anthropogenic sandy shores applying a Living Lab approach, documenting and analyzing interactions between evolving anthropogenic shores (Sand Motor and Hondsbossche Duinen, Fig.1) and people that use and manage these NBS-modified landscapes. Socio-bio-physical interactions will be investigated at various scales, and consequences for the long-term functionality of the NBS will be assessed, by coupling an agent-based social model and a cellular automata landscape model. By studying the behavior of the coupled system we aim to identify limits to, and optima in, multi-functionality of the NBS design, and will study how various stakeholders can influence the development of the NBS in desired directions with respect to primary NBS functions, including social and ecological goals. Together with consortium partners from public and private sectors we will co-create guidelines for management and maintenance of multifunctional NBS and design procedures and visualization tools for intervention design.
