Category Archives: Business and Law

TRIGGER Mid-Term Workshop

Leave a reply

Transforming Research Institutions, Gendering Contents and Gaining Equality: a Half-Way Reflection

This post was contributed by Mark Panton, Jeanne le Roux and Helen Lawton Smith of the Transforming Institutions by Gendering contents and Gaining Equality in Research (TRIGGER) team – a research project in Birkbeck’s Department of Management.

Trigger logoThe TRIGGER consortium mid-term workshop was held at Birkbeck on 14 April 2016 with participants from across Europe and the USA attending the event. Trigger is a five country FP7-funded European project (2014-17). It aims to promote systemic interventions designed to have deep, long lasting and widespread impacts at all the different levels in 5 research organisations. The project, coordinated and co-funded by the Italian Government, assisted by an institute specialised in gender and science, involves as co-funders five universities from different EU countries (Czech Republic, France, Italy, UK, Spain). In Birkbeck, the project involves the School of Science and the School of Business, Economics and Informatics.

The workshop was designed to present an occasion for common reflection and dialogue on the factors affecting the implementation of institutional change action plans for gender equality in science.

Opening speeches

Welcoming speeches were given on behalf of Michele Palma, Department of Equal Opportunities, Presidency of Council of Ministers of Italy, TRIGGER project coordinator and by Giovanna Declich, ASDO, technical assistance to and accompanying research on the TRIGGER Action Plans, and Stephen Frosh, a Pro-Vice Master of Birkbeck and Chair of the Birkbeck TRIGGER Board.

Listen to the speech by Stephen Frosh:

 

Professor Frosh made a number of key points that were reflected in the later discussion groups. He praised the excellent work being done by TRIGGER and gave the rallying call: “If you are meeting resistance then you are doing something right”.

Giovanna Declich, acknowledged the complexity of issues that were being addressed. She discussed some of the obstacles, enablers of change together with a range of emerging issues that include new rules to support work-life balance.

The TRIGGER experience at mid-term

The first morning session, chaired by Professor Rosemary Deem, Vice Principal (Education) & Dean of the Doctoral School at Royal Holloway was devoted to a reflection by each of the TRIGGER teams on their experiences at the mid-term point. The discussion was moderated by Alice Hogan, Independent Higher Education Consultant and inaugural Director of the ADVANCE Program of the National Science Foundation, USA. She highlighted the challenging nature of the work to achieve change, which is often not recognised and stressed that to do so takes exemplary and courageous university leadership. It is important to understand why institutions don’t change, sometimes because they don’t think there is any need to, so it is important to take this into account and not to get discouraged.

Helen Lawton Smith discussed the TRIGGER experience at Birkbeck, where sometimes pre-existing schemes can cause conflicts. One of the positives to emerge is the TRIGGER external board that allows engagement with other academic institutions and, most importantly, engagement with external business groups. In order to institutionalise actions developed within TRIGGER developments, a PhD module will be developed within the college for gendered research and gender and career develop programme both of which will be sustained after the end of the TRIGGER project.

Katerina Grecova of the University of Chemistry and Technology said that in Prague individual agreements such as those relating to home-working and applying for maternity leave during research projects have been institutionalised through a collective agreement. A competition has been established in memory of first female professor in Czechoslovakia and this has been very successful. Also a book of interviews with female researchers in Czechia has been published, which provides role models and can serve as a motivational tool.

Ines Sanchez De Madariaga and Ines Novella from the Technical University of Madrid provided an insight into gaining the attention of leaders. Prior to TRIGGER data was available on gender issues, but it was not internationally comparable and produced in an unsystematic and poorly designed way. Producing an in-depth 100-page report that was well designed and graphically set out the data provided the turning point in a meeting. The Rector of the university had read the whole report, making comments on each of the graphs and then formed an action plan. Previously, the legislation existed, but nothing had been done about it. The university has also worked with the United Nations to set up the UNESCO Chair of Gender, Technology and Sustainability.

Sophie L Henry and Rachida Lemmaghti from the University of Paris Diderot, France set out how their university has long tradition of gender equality work, being one of the first to institutionalise gender research. In the 1970s the university provided very strong support for research in this area and in 1985 got assistant professor on gender. In 2010 the university created a department devoted to gender equality. With TRIGGER, Sophie and Rachida learned to negotiate with teachers on gender, since it was important to support what was already there. Training is now in place for all first year university students. In Italy, Rita Biancheri and Silvia Cervia from the University of Pisa said that thanks to previous experience women’s salaries, careers and work-life balance have been promoted.

Negotiating institutional change

The second session, moderated by Jeanne Le Roux, founder of JLR People Solutions was on Negotiating institutional change with leadership in research institutions: setting the scene

Belinda Brooks-Gordon, Assistant Dean for Gender Equalities in the School of Science, Birkbeck discussed some of the issues in attempting to gain Athena SWAN accreditation at Birkbeck. In the course of three months, Belinda has put in place of actions designed to improve the environment for gender equality in the college. There have been a number of small, but incremental gains. These include a series of talks with senior people coming in to discuss their approaches to gender and diversity and made a number of changes such as some of the language like ending the use of “non-academic staff”.   It is now clear where the holes were in the previous application.

Henry Etzkowitz, visiting Birkbeck Professor, from Stanford University put forward his view that gender equality in science was possible through self-organised work, protest, and legal action. Professor Etzkowitz went on to give a number of examples of how this has worked, such as gender-based conferences at Berkeley, the Ellen Pao legal case in the USA, and protests in Europe.   Henry also challenged Birkbeck to take the initiative to build the Rosalind Franklin Institute for Gender and Science.

The teams were then invited to discuss what has worked in the TRIGGER project in their institutions and what did not.

The Top 5 issues for the TRIGGER project at mid term:

  • Awareness: people in the universities are not always aware of the project
  • Priority: not being on the top leadership agenda
  • Structure of leadership: change or very wide leadership structure
  • Resistance: people are resistant to the gender issues
  • Sustainability: lacks of resource to make actions sustainable

To deal with university leadership the main messages are:

  • Use the targeted audience’s language
  • Ensure the team is recognised and has the adequate sponsor
  • Use data to make the case

The afternoon followed on from the morning and was devoted an interactive group session on how to find solutions to some of the problems of negotiating institutional change with leadership in research institutions. Groups were asked to brainstorm on the solutions for one specific key issue so that could produce quick wins and initiate actions that could be part of a longer-term action plan.

Solutions

The solutions were to:

  • Create a network of champions whose purpose is to raise the project awareness and enable the project to be on the priority list.
  • Use open language, not a confrontational style.
  • Link project to the institution strategy, core mission and agenda.
  • Involve the administration e.g. HR, External relations… to overcome resistance and make the project sustainable
  • Use data to showcase the project and impact of it.

Conclusion

Progress has been made but in every university, there is much more to do. Negotiating change is about addressing pre-existing power relations and finding ways around them to provide better solutions to gender inequality.

Find out more

List of speakers and discussion Chairs

  • Stephen Frosh, Pro-Vice Master, Birkbeck, University of London, Chair of TRIGGER Board, UK.
  • Michele Palma, Director General of the Department for Equal Opportunities – Presidency of the Council of Ministers, TRIGGER Project coordinator, Italy.
  • Chair: Rosemary Deem, Vice Principal (Education) & Dean of the Doctoral School, Royal Holloway, University of London, UK.
  • Giovanna Delich, ASDO, responsible for technical assistance to and accompanying research on the TRIGGER Action Plans, Italy.
  • Alison Hogan, Independent Higher Education Consultant, Inaugural Director of the ADVANCE Program of the National Science Foundation, USA.
  • Helen Lawton Smith, Birkbeck College, University of London, UK.
  • Katerina Grecova, University of Chemistry and Technology, Prague, Czech Republic.
  • Ines Sanchez De Madariaga and Ines Novella, Technical University of Madrid, Spain.
  • Sophie L Henry and Rachida Lemmaghti, University of Paris Diderot, France.
  • Rita Biancheri and Silvia Cervia, University of Pisa, Italy.
  • Jeanne Le Roux, Founder, JLR people coaching to JLR people solutions, London, UK
  • Belinda Brooks-Gordon, Athena SWAN, Birkbeck College, University of London, UK.
  • Henry Etzkowitz, visiting Professor, Birkbeck, University of London, Quandam Faculty Fellow, Clayman Institute of Gender Research, Stanford University, USA

Cameras in the court

Leave a reply

This post was contributed by Ruth Saunders, who attended the LSE Law and Birkbeck School of Law Judicial Images Project public lecture on Wednesday 13 April

‘From Oscar Pistorius to Reality TV: the implications of using the courtroom as a television studio’ was the title of last Wednesday’s well-attended lecture from the Judicial Images Network Project, a joint project of Birkbeck School of Law and LSE Law which brings together scholars across disciplines and continents to explore issues surrounding the production, regulation and consumption of judicial images.

The lecture featured speakers with extensive experience in the issues that arise from the use of cameras in courtrooms. Justice Dikgang Moseneke, Deputy Chief Justics of Constitutional Court of South Africa, took to the stage first to discuss the experience of, and issues arising from, televising the trial of Oscar Pistorius.

Describing the concept of open justice as a key and now well-established principle in post apartheid South Africa, Justice Moseneke discussed how the trial of Oscar Pistorius created new ways in which people could access and assess justice.

Dr Jur Ruth Herz

Dr Jur Ruth Herz

Emphasising that ‘democracy dies behind closed doors’, Justice Moseneke also acknowledged that televising the courtroom could foster a dynamic of intimidation for defendants and witnesses – but it would, he said, be more reliable than a journalist’s perception of events.

But ultimately, he finished, ‘we, the media and courts, share a common goal. We want the public to know and to assess what we do’.

Next, Visiting Professor at Birkbeck School of Law Ruth Herz, formally a Judge in Cologne and the star of popular German courtroom based reality TV show Das Jugendgericht (Youth Court), reflected on her four year experience in television.

Giving a frank recollection of her experiences, Ruth described her motivations for participating in the TV show to tackle the veil of secrecy that surrounds the court system in Germany. What she found, however, was that the presence of the camera with the focus on lighting, position and angle, did not create transparency.

Media, she says, speaks a different language, and is motivated first and foremost by money which informed casting choices and the types of cases heard.

These factors all worked against her attempts to use the reality TV court show as a useful educational tool to show viewers how justice in the courtroom works. She echoed the concerns raised by Justice Moseneke that Courts have a primary responsibility to pursue justice.

Lord Dyson, Master of the Rolls and Head of Civil Justice in England and Wales, closed the discussion commenting on his own experience of cameras in the courtroom. In the Supreme Court, Lord Dyson said, he was unaware and unaffected by the discreet cameras.

Professor Leslie Moran

Professor Leslie Moran

The Crown court pilot to introduce cameras in the court is proceeding carefully, he said, to minimise risks to the fairness of the trial and, he also described, a ‘duty of care to protect the vulnerable’.

Birkbeck’s Professor Leslie Moran brought together questions from the audience which resulted in a lively discussion.

brought together questions from the audience which resulted in a lively discussion.

In closing the event he encouraged all to become avid viewers not only of the UK Supreme Court summary judgment videos but also the UK’s first reality TV court show, ‘Judge Rinder’.

He explained, ‘the future of cameras in courts is already taking shape on our TV screen. We need to take it seriously and debate it further if it is to best serve the needs of open justice.’

More information:

The Impact of Entrepreneurial Finance, Education and Religion on Entrepreneurship

Leave a reply

This post was contributed by Prof Carlo Milana, Prof Helen Lawton Smith and Ning Baines of the Birkbeck Centre for Innovation Management Research (CIMR). The article focuses on a workshop held by the Centre on Friday 15 April titled ‘The Impact of Entrepreneurial Finance, Education and Religion on Entrepreneurship’, sponsored by Wiley

Wiley logoRaising finance is critical for small firms and medium-sized enterprises (SMEs) to survive, innovate and grow. Innovation is typically underfinanced. In this workshop, attention was focused on the influence that entrepreneurial finance and other mitigating cultural factors such as education and religion may exercise on reducing risk in entrepreneurship in the current economic hardship.

Speakers:

  • Jonathan Potter (OECD, Paris) Recent Market and Policy Trends in the Development of Mezzanine Finance and Hybrid Debt-Equity Instruments for SMEs.
  • Victor Martin-Sanchez (King’s College, London) Unemployment and Growth Aspirations: The Moderating Role of Education
  •  Kwame Ohene Djan (University of Agder, Kristiansand, Norway) Does Religious Affiliation Influence the Design of Corporate Governance? Evidence from the Global Microfinance Industry

Chairs:

  • Carlo Milana and Helen Lawton Smith

 

CIMR logo

Mezzanine Finance and Hybrid Debt-Equity Instruments for SMEs

The first speaker Jonathan Potter presented recent and innovative work undertaken by the OECD on the Mezzanine Finance and Hybrid Debt Equity Instruments for SMEs. This is an area of financing that is relatively understudied and is one which is beset by ambiguity in definition. This ambiguity led to a series of challenges to the speaker on the nature and merits of mezzanine finance for SMEs.

Dr Potter explained that the SME sector is characterised by a wider variance of profitability and growth than large enterprises. Survival rate of SMEs is lower. It is difficult to distinguish the financial situation of the firm from its owners. Relations between the firm and its stakeholders are likely to reflect personal relationships to a higher degree than in larger firms. SMEs often obtain funds from informal sources. The problem of asymmetric information between the entrepreneur and the lender is more serious for small firms because of the blurring of the line between the firm and the entrepreneur. Various financial instruments can help overcome the asymmetric information and agency problems. An efficient financial system should have a range of instruments that matches needs of firms. If the right instrument is available for the risk/return profile the market could provide finance for a viable project.

Mezzanine finance is a hybrid instrument – typical mezzanine facility blends several instruments, such as subordinated loan (interest rate above senior loan; principal normally repaid at end as “bullet”), participation in ongoing revenue or profits, or participation in upside share price growth with equity “kicker” (commonly an “equity warrant” allowing purchase of shares at floor price, or equivalent remuneration). It operates in private capital market, in private investment partnerships (with up to about 100 private investors). Funds are supplied by private investors (Limited Partners) – high net worth individuals; family offices; pension funds; other institutions. It has a defined life span (5-10 years) – tend to select investees and do deals in first 3 years, then hold and close fund taking returns at around 8-10 years. At maturity fund, it is liquidated and money returned to investors. Rules are determined by market practice.

However, with uneven presence in OECD countries, commercial mezzanine tends to be focused on larger firms and leveraged buy-outs. It is not generally issued to SMEs with modest returns and which do not want to relinquish control. Public intervention may be needed to stimulate the sector and extend to SMEs, where the private sector does not provide funding. Public intervention mechanisms can be in the form of participation in the market through mandates to private funds; direct provision of funds to SMEs and guarantees/preferential funding of private investment companies.

Mezzanine financing therefore can respond to a market failure in finance for established companies in traditional sectors seeking to grow or effect transformations. It involves features that respond to asymmetric information and agency problems affecting SME finance, allowing higher returns without taking control. It is a relevant niche in the spectrum of finance instruments. Mezzanine finance can fill the gap as the SME owner not required to cede control, can pay the principal at the end, the investor accepts more modest returns but can take a share of the upside. It should lead to more growth in existing SME sector. The public sector can play a role in stimulating this part of the market. Several OECD countries found the instrument valuable, e.g. France, Germany, USA, but in half of OECD countries there was no public mezzanine programme and officials were not familiar with the product.

An issue raised in discussion was about the nature of the UK market and activities of the British Business Bank, particularly given their strong interest in developing this form of finance. It is also clear from the questions asked that there is more research to be done in this field in a number of ways. These include aiding understanding of the extent to which mezzanine can actually impact on earlier stage financing, and how and why it is suitable for firms in some sectors rather than others. And, more evidence was needed on how mezzanine actually operates in some (e.g. European countries) in practical terms and what lessons this might carry forward to future policy.

CIMR_15_04_16_2

Unemployment and Growth Aspirations

Victor Martin-Sanchez’s theme was unemployment, entrepreneurial growth aspirations (EGA) and the moderating role of education. He argued that policies targeting human capital formation and entrepreneurial training contribute not only to enhance opportunity-seeking entrepreneurship, but also to territorial economic performance by enhancing the growth aspirations of entrepreneurs.

His research shows that the characteristics of the individual (founder/entrepreneur) and the environment in which the firm operates can act as drivers of EGA. However, during economic slowdowns, it is not clear how the interaction between entrepreneurs’ background and environmental conditions drives the EGA. The paper aims to investigate how an entrepreneur’s education and training shape the relationship between changes in unemployment rates, a variable that signals the economic and employment conditions, and EGA. Entrepreneurs’ judgmental decisions are actually beliefs or conjectures. The conjectures or beliefs depend on how they think the environment in which their firms operate will evolve. If those beliefs about new products or superior production processes are proved right, the entrepreneurs earn a profit; otherwise, they incur a loss. Through the different education processes, individuals gain knowledge and build mental frames and models used to interpret and make sense of the reality that surrounds them.

Education and entrepreneurship training experiences may enable entrepreneurs to gather and process information more efficiently. Accordingly different levels of education will be expected to moderate differently the way unemployment rate changes influence those entrepreneurs’ growth aspirations. Entrepreneurs with higher education are more likely to readjust accurately their conjectures or beliefs about the potential of their new ventures, in the light of changes in the environment. Individuals can learn opportunity‐seeking processes through the avenue of entrepreneurship training, thereby improving both the number of ideas generated and the innovativeness of those ideas. It has been commonly argued that economic crisis periods may destroy some of the old ways of doing business, while new alternatives for those who are able to identify them and dare to take them. The skills and knowledge gained through training in entrepreneurship help entrepreneurs to identify and pursue better opportunities, even in a difficult economic environment. It is shown that an increase in the unemployment rate reduces EGA. There is a connection between economic conditions and entrepreneurial behavior. The general effect of unemployment rate change is contingent upon the entrepreneurship training of the individual. Knowledge and skills gained by individuals’ opportunity identification and exploitation may vanish the influence of global economic conditions. Opportunity identification is a unique capability that might be developed in parallel with other capabilities.

The implications of the research are that there needs to be improvement in the design of public support policies towards entrepreneurs. A better understanding of the determinants of growth intentions will be relevant for anyone with a stake in growing venture, such as venture capitalist, customers, and suppliers.

Does Religious Affiliation Influence the Design of Corporate Governance?

Kwame Ohene Djan’s take on individual and cultural influences on the availability and use of SME finance was that of the influence of religious affiliation, in particular Christianity, compared to secular lending bodies, on the design of corporate governance. His work is inspired by a previous study that investigated the impact of religion on agency costs finding that religion has a significant negative influence on owner-manager agency costs. He points to the mitigation of regulation of religious affiliated firms by the national banking authorities. He drew on evidence from the global microfinance industry.

Like the other speakers, the importance of temporal context was raised. The context here is the debate which began with Max Weber’s classic work. The Protestant Ethic and Spirit of Capitalism where he claims that the Protestant Ethic which focuses on personal agency and diligence, spurred economic development. Although Weber’s thesis has been disputed the more general idea that certain religious attitudes may have positive implications continues to be discussed and supported. The extensive debate regarding the historical role of religion in the development of modern capitalism sharply contrasts with the meager attentionn that has been devoted to religion in current development research efforts.

The objective of the current research therefore is to investigate how religious affiliation influences the design of corporate governance in social enterprises with evidence from the microfinance industry. By using the random effects model, differences are tested between Christian and secular MFIs along various variables including the regulatory framework, Board Size, Board Meetings per Year the number of Female CEOs and the number of International Directors.

The study used panel data on 403 MFIs based in 73 countries across the countries in the world. Generally, the results indicate that Christian MFIs do not have a slacker governance design. The tests indicate, however, that Christian MFIs are relatively less regulated by national banking authorities.

The speaker was challenged on whether it would be more helpful in aiding understanding of microfinance and region if the results were couched as religious affiliation per se rather than Christianity.

The take away from this workshop is that it is very difficult to get a holistic understanding of financing SMEs in both traditional and high-tech sectors. However, by juxtaposing different cultural perspectives as well as economic provides insights that would not normally be available. Exciting times!

Find out more

Camberwell man reaches milestone in legal dream

1 Reply

A Camberwell resident celebrated an important step in his legal education this week when he graduated from Birkbeck.

Chukwunwikezarramu (Zarra) Okumephuna on his graduation day

Chukwunwikezarramu (Zarra) Okumephuna on his graduation day

On Wednesday (20 April), Chukwunwikezarramu (Zarra) Okumephuna received his Master of Law degree at the college’s formal ceremony in Senate House, Bloomsbury.

The 39-year-old Bethwin Road

resident enrolled at Birkbeck following his completion of a Bachelor’s Law degree at the School of Oriental and African Studies (SOAS), however he had concerns about the expense of a further degree.

“Getting a Master’s degree in Law was very important to me as I want to progress on to a PhD, but the cost nearly deterred me,” Zarra said.

“Fortunately, Birkbeck’s payment flexibility and study pattern ensured that I finished within one year. I successfully finished the programme via payment by installment without getting in any debt.”

Since moving to London 10 years ago from his home town of Nteje, Nigeria, Zarra has held a strong in interest in Law.

He said: “The reason I chose to concentrate on Constitutional Law – focusing on Islamisation of the Political Process in Pakistan – and Criminology during my LLM is because of my ambition to eventually work in either the educational, charity or political sector, as an academic, policy adviser or a parliamentary aide.

“It is this all-encompassing and ecumenical nature of Law as a discipline that attracted me towards it and I have no regret in doing that, even though it might take a while to fulfill my ambition.”

Chukwunwikezarramu (Zarra) Okumephuna

Chukwunwikezarramu (Zarra) Okumephuna

During his studies at Birkbeck, Zarra volunteered with the British Refugee Council on the Development Desk, which involved engaging with refugees and other stakeholders in the sector including donors. At the college, he also served as the student representative for his course, and held down a job in retail. Juggling these numerous commitments was hard, but worthwhile, he explained.

He said: “The fact that I balanced both my work and study is the reason I succeeded in the programme. I was able to translate my work experiences into my studies and that was very rewarding.”

This week, Zarra joined nearly 200 fellow postgraduate students from the college’s School of Law at a morning graduation ceremony held in Senate House’s Beveridge Hall.

He said: “I’m delighted to have made this achievement. It was my dream as a young man to do this and I am pleased that today my dream is a reality.”

Looking ahead, Zarra plans to undertake an MPhil/PhD researching the relationship between law and religion in Pakistan.

Hear Zarra talk about his experience at Birkbeck:

https://youtu.be/2D7vC_FvP9A

Find out more