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Articles by Peter Rejchrt

Research paper thumbnail of The UK Pay Transparency Regulations: Apparent transparency without accountability

Legal Studies, 2023

The UK enacted its first legal measure to address gender pay inequity, the Equal Pay Act 1970, mo... more The UK enacted its first legal measure to address gender pay inequity, the Equal Pay Act 1970, more than 50 years ago. Yet, in 2021, the Gender Pay Gap (GPG) still stood at 15.4%. Departing from the remedial and individual approach that characterises equal pay legislation, the 2017 Gender Pay Gap Information Regulations ('the Regulations') require private and voluntary sector organisations with 250+ employees to annually publish pay data broken down by gender. The long-term aspiration of the Regulations is to contribute to closing the GPG within a generation but it is also hoped that they will encourage employers to change workplace policies to reduce organisational GPG (immediate aims) and improve employers' accountability (underlying aim). This article considers if the Regulations have what it takes to meet those immediate and underlying aims. Our assessment framework is built on the premise that for public disclosure to be useful and for employers to tackle the causes of the GPG, the information reported must be of sufficient quality, meaningful and relevant. The article draws on both doctrinal analysis and empirical data reported by FTSE 100 Index companies to assess the Regulations and determine if they hold the potential to meet those aims.

Papers by Peter Rejchrt

Research paper thumbnail of Kindness or hypocrisy: political mindset and corporate social responsibility decoupling in Chinese firms

The European Journal of Finance

Research paper thumbnail of Diversification strategies in banking: Like lemmings falling off a cliff

Academy of Management Proceedings, 2018

This paper develops a theory of bank diversification across business segments and income streams.... more This paper develops a theory of bank diversification across business segments and income streams. Motives for diversification include the alleged impact on performance, risk, and value; however, the theory also permits herd behavior. The paper tests four propositions using hand-collected business segment data of the top 100 banks from 1998 to 2010. The study distinguishes between retail, corporate, investment, and private banking and various income streams. Empirical evidence suggests that diversification enhanced performance but did not reduce risk. After the financial crisis, diversification contributed to risks. Diversification did not deliver economic value added and only moved banks closer to the efficient frontier in the pre-crisis period. These findings caution strategists against applying theories developed in finance to understanding business strategies in a different strategic space.

Research paper thumbnail of Who are our Leaders? A Study of CEO Succession in the UK FTSE 350 Companies

Journal of General Management, 2014

Research paper thumbnail of Studies of UK Chief Executive Officers in the FTSE 350 : implications for management, succession and governance

There is limited recent evidence from the UK on the sourcing and backgrounds of Chief Executive O... more There is limited recent evidence from the UK on the sourcing and backgrounds of Chief Executive Officers (CEOs). Practitioner views are dominant and suggest a frequent “churn” of these individuals between lucrative roles. In particular, the implications of hiring profiles, organisational career paths and demographic backgrounds have not featured in the research focus, which has perpetuated the practitioner view of CEO succession. The governance implications of CEO successions in non-domestic companies are linked to home market culture to seek validation for different approaches to compliance with governance standards. This thesis presents three linked papers on CEO succession, with the final paper evolving a governance focus from a finding of the research into the earlier papers. Chapter 2 (Paper 1) considers the implications for the future of the publicly traded corporation in terms of its leadership talent pipeline by considering the questions of the succession, age and tenure, and recruitment of CEOs. It examines a sample of the 350 largest UK publicly quoted companies and develops a research agenda focused on the succession, age, tenure and provenance of recruits to senior executive roles. The paper shows the predominance of internal recruitment, with ageing CEOs in role for over six years and close to retirement. These CEOs tend to be replaced by successors with similar age profile and recruitment characteristics, as the level of “churn” of CEOs between roles is reported as minimal. It may appear that focus on succession planning has produced results, as many CEOs are recruited from an internal talent pool and enjoy longer tenures than previous research has indicated. However, the future talent pipeline may be at risk due to a lack of development opportunities. Chapter 3 (Paper 2) examines the outcomes of talent management at the 300 largest companies in the UK, using a quantitative approach. It examines the relationship between the functional backgrounds and age demographics of CEOs and firm performance. It further links antecedent organisational performance to the internal-external CEO hiring decision. The findings show a relative predominance of general management skills in current CEOs. Replacement CEOs are usually sourced internally and long tenure is associated with improved firm performance. This holds true even with below-average antecedent firm performance, where firms are expected to address strategic shortcomings by seeking an external recruit. The article discusses the implications of the findings for succession planning and career paths. Chapter 4 (Paper 3) engages with a small sample of non-domestic companies listed on the London Stock Exchange. Such companies may seek to access capital in a more liquid market as a statement to the market of a propensity to disclosure and a willingness to protect minority shareholders. Yet, many non-domestic companies retain tightly-controlled shareholding structures and are based in emerging regions where national cultural norms differ from the UK. The paper hypothesises on likely lower levels of compliance with the principles of the UK Corporate Governance Code. It further suggests a relationship between lower levels of compliance and non-domestic companies from countries that demonstrate high power-distance and uncertainty-avoidance in the Hofstede (1980a) cultural values framework. In this exploratory approach to analysing compliance by non-domestic companies with the “comply-or-explain” governance regime in the UK, the paper develops a framework to guide future research into the contextual and cultural underpinnings of compliance monitoring and to enable regulators to further improve corporate governance codes.

Research paper thumbnail of When in Rome: How Non-domestic Companies Listed in the UK May Not Comply with Accepted Norms and Principles of Good Corporate Governance. Does Home Market Culture Explain These Corporate Behaviours and Attitudes to Compliance?

Journal of Business Ethics, 2014

Non-domestic companies are increasingly present on the London Stock Exchange. Such companies have... more Non-domestic companies are increasingly present on the London Stock Exchange. Such companies have specific governance requirements. They may seek to access capital in a more liquid market and to diversify ownership. The reputational 'bonding' (Coffee, Northwest Univ Law Rev 93:641-708, 1999; Columbia Law Rev 102:1757-1831, 2002) to a prestigious exchange should be a statement to the market of a propensity to disclosure and a willingness to protect minority shareholders. Yet, many non-domestic companies retain tightly controlled shareholding structures and are based in emerging regions where national culture norms differ to the UK. We hypothesise that non-domestic companies are likely to be less compliant with the principles of the UK Corporate Governance Code and suggest a correlation between lower levels of compliance and non-domestic companies from countries that demonstrate high power distance in the Hofstede (Culture's consequences: International differences in workrelated values, 1980a) cultural value framework. We find some encouraging signs of compliance with the reigning governance code principles in Board structures. However, we find only partial compliance in leadership and Board effectiveness measures in those companies from cultures high on the power-distance scale. Further, we include analysis into ownership characteristics and find companies

Research paper thumbnail of The UK Pay Transparency Regulations: Apparent Transparency without Accountability?

Social Science Research Network, 2023

The UK enacted its first legal measure to address gender pay inequity, the Equal Pay Act 1970, mo... more The UK enacted its first legal measure to address gender pay inequity, the Equal Pay Act 1970, more than 50 years ago. Yet, in 2021, the Gender Pay Gap (GPG) still stood at 15.4%. Departing from the remedial and individual approach that characterises equal pay legislation, the 2017 Gender Pay Gap Information Regulations ('the Regulations') require private and voluntary sector organisations with 250+ employees to annually publish pay data broken down by gender. The long-term aspiration of the Regulations is to contribute to closing the GPG within a generation but it is also hoped that they will encourage employers to change workplace policies to reduce organisational GPG (immediate aims) and improve employers' accountability (underlying aim). This article considers if the Regulations have what it takes to meet those immediate and underlying aims. Our assessment framework is built on the premise that for public disclosure to be useful and for employers to tackle the causes of the GPG, the information reported must be of sufficient quality, meaningful and relevant. The article draws on both doctrinal analysis and empirical data reported by FTSE 100 Index companies to assess the Regulations and determine if they hold the potential to meet those aims.

Research paper thumbnail of The UK Pay Transparency Regulations: Apparent transparency without accountability

Legal Studies, 2023

The UK enacted its first legal measure to address gender pay inequity, the Equal Pay Act 1970, mo... more The UK enacted its first legal measure to address gender pay inequity, the Equal Pay Act 1970, more than 50 years ago. Yet, in 2021, the Gender Pay Gap (GPG) still stood at 15.4%. Departing from the remedial and individual approach that characterises equal pay legislation, the 2017 Gender Pay Gap Information Regulations ('the Regulations') require private and voluntary sector organisations with 250+ employees to annually publish pay data broken down by gender. The long-term aspiration of the Regulations is to contribute to closing the GPG within a generation but it is also hoped that they will encourage employers to change workplace policies to reduce organisational GPG (immediate aims) and improve employers' accountability (underlying aim). This article considers if the Regulations have what it takes to meet those immediate and underlying aims. Our assessment framework is built on the premise that for public disclosure to be useful and for employers to tackle the causes of the GPG, the information reported must be of sufficient quality, meaningful and relevant. The article draws on both doctrinal analysis and empirical data reported by FTSE 100 Index companies to assess the Regulations and determine if they hold the potential to meet those aims.

Research paper thumbnail of Kindness or hypocrisy: political mindset and corporate social responsibility decoupling in Chinese firms

The European Journal of Finance

Research paper thumbnail of Diversification strategies in banking: Like lemmings falling off a cliff

Academy of Management Proceedings, 2018

This paper develops a theory of bank diversification across business segments and income streams.... more This paper develops a theory of bank diversification across business segments and income streams. Motives for diversification include the alleged impact on performance, risk, and value; however, the theory also permits herd behavior. The paper tests four propositions using hand-collected business segment data of the top 100 banks from 1998 to 2010. The study distinguishes between retail, corporate, investment, and private banking and various income streams. Empirical evidence suggests that diversification enhanced performance but did not reduce risk. After the financial crisis, diversification contributed to risks. Diversification did not deliver economic value added and only moved banks closer to the efficient frontier in the pre-crisis period. These findings caution strategists against applying theories developed in finance to understanding business strategies in a different strategic space.

Research paper thumbnail of Who are our Leaders? A Study of CEO Succession in the UK FTSE 350 Companies

Journal of General Management, 2014

Research paper thumbnail of Studies of UK Chief Executive Officers in the FTSE 350 : implications for management, succession and governance

There is limited recent evidence from the UK on the sourcing and backgrounds of Chief Executive O... more There is limited recent evidence from the UK on the sourcing and backgrounds of Chief Executive Officers (CEOs). Practitioner views are dominant and suggest a frequent “churn” of these individuals between lucrative roles. In particular, the implications of hiring profiles, organisational career paths and demographic backgrounds have not featured in the research focus, which has perpetuated the practitioner view of CEO succession. The governance implications of CEO successions in non-domestic companies are linked to home market culture to seek validation for different approaches to compliance with governance standards. This thesis presents three linked papers on CEO succession, with the final paper evolving a governance focus from a finding of the research into the earlier papers. Chapter 2 (Paper 1) considers the implications for the future of the publicly traded corporation in terms of its leadership talent pipeline by considering the questions of the succession, age and tenure, and recruitment of CEOs. It examines a sample of the 350 largest UK publicly quoted companies and develops a research agenda focused on the succession, age, tenure and provenance of recruits to senior executive roles. The paper shows the predominance of internal recruitment, with ageing CEOs in role for over six years and close to retirement. These CEOs tend to be replaced by successors with similar age profile and recruitment characteristics, as the level of “churn” of CEOs between roles is reported as minimal. It may appear that focus on succession planning has produced results, as many CEOs are recruited from an internal talent pool and enjoy longer tenures than previous research has indicated. However, the future talent pipeline may be at risk due to a lack of development opportunities. Chapter 3 (Paper 2) examines the outcomes of talent management at the 300 largest companies in the UK, using a quantitative approach. It examines the relationship between the functional backgrounds and age demographics of CEOs and firm performance. It further links antecedent organisational performance to the internal-external CEO hiring decision. The findings show a relative predominance of general management skills in current CEOs. Replacement CEOs are usually sourced internally and long tenure is associated with improved firm performance. This holds true even with below-average antecedent firm performance, where firms are expected to address strategic shortcomings by seeking an external recruit. The article discusses the implications of the findings for succession planning and career paths. Chapter 4 (Paper 3) engages with a small sample of non-domestic companies listed on the London Stock Exchange. Such companies may seek to access capital in a more liquid market as a statement to the market of a propensity to disclosure and a willingness to protect minority shareholders. Yet, many non-domestic companies retain tightly-controlled shareholding structures and are based in emerging regions where national cultural norms differ from the UK. The paper hypothesises on likely lower levels of compliance with the principles of the UK Corporate Governance Code. It further suggests a relationship between lower levels of compliance and non-domestic companies from countries that demonstrate high power-distance and uncertainty-avoidance in the Hofstede (1980a) cultural values framework. In this exploratory approach to analysing compliance by non-domestic companies with the “comply-or-explain” governance regime in the UK, the paper develops a framework to guide future research into the contextual and cultural underpinnings of compliance monitoring and to enable regulators to further improve corporate governance codes.

Research paper thumbnail of When in Rome: How Non-domestic Companies Listed in the UK May Not Comply with Accepted Norms and Principles of Good Corporate Governance. Does Home Market Culture Explain These Corporate Behaviours and Attitudes to Compliance?

Journal of Business Ethics, 2014

Non-domestic companies are increasingly present on the London Stock Exchange. Such companies have... more Non-domestic companies are increasingly present on the London Stock Exchange. Such companies have specific governance requirements. They may seek to access capital in a more liquid market and to diversify ownership. The reputational 'bonding' (Coffee, Northwest Univ Law Rev 93:641-708, 1999; Columbia Law Rev 102:1757-1831, 2002) to a prestigious exchange should be a statement to the market of a propensity to disclosure and a willingness to protect minority shareholders. Yet, many non-domestic companies retain tightly controlled shareholding structures and are based in emerging regions where national culture norms differ to the UK. We hypothesise that non-domestic companies are likely to be less compliant with the principles of the UK Corporate Governance Code and suggest a correlation between lower levels of compliance and non-domestic companies from countries that demonstrate high power distance in the Hofstede (Culture's consequences: International differences in workrelated values, 1980a) cultural value framework. We find some encouraging signs of compliance with the reigning governance code principles in Board structures. However, we find only partial compliance in leadership and Board effectiveness measures in those companies from cultures high on the power-distance scale. Further, we include analysis into ownership characteristics and find companies

Research paper thumbnail of The UK Pay Transparency Regulations: Apparent Transparency without Accountability?

Social Science Research Network, 2023

The UK enacted its first legal measure to address gender pay inequity, the Equal Pay Act 1970, mo... more The UK enacted its first legal measure to address gender pay inequity, the Equal Pay Act 1970, more than 50 years ago. Yet, in 2021, the Gender Pay Gap (GPG) still stood at 15.4%. Departing from the remedial and individual approach that characterises equal pay legislation, the 2017 Gender Pay Gap Information Regulations ('the Regulations') require private and voluntary sector organisations with 250+ employees to annually publish pay data broken down by gender. The long-term aspiration of the Regulations is to contribute to closing the GPG within a generation but it is also hoped that they will encourage employers to change workplace policies to reduce organisational GPG (immediate aims) and improve employers' accountability (underlying aim). This article considers if the Regulations have what it takes to meet those immediate and underlying aims. Our assessment framework is built on the premise that for public disclosure to be useful and for employers to tackle the causes of the GPG, the information reported must be of sufficient quality, meaningful and relevant. The article draws on both doctrinal analysis and empirical data reported by FTSE 100 Index companies to assess the Regulations and determine if they hold the potential to meet those aims.