Purpose: This study aims to present the overview of intellectual capital creation micro-mechanisms concerning formal and informal knowledge processes. The organizational culture, transformational leadership, and innovativeness are also included in the investigation as ascendants and consequences of the focal relation of intellectual capital and knowledge processes. Method: The empirical model was developed using the structural equation modeling (SEM) method based on a sample of 1,418 Polish knowledge workers employed in the construction, healthcare, higher education (HE), and information technology (IT) industries. Findings: The study exposes that the essence of transformational leadership innovativeness oriented is developing all intellectual capital components. To do so, leaders must support both formal and informal knowledge processes through the organizational culture of knowledge and learning. Furthermore, for best results of the knowledge transformation into intellectual capital, the learning culture must be shaped by both components: learning climate and acceptance of mistakes. Originality: This study presents the "big picture" of all intellectual capital creation micro- mechanisms linking transformational leadership with organizational innovativeness and explains the "knowledge paradox" identified by Mabey and Zhao (2017). This explanation assumes that intellectual capital components are created informally (i.e., human, and relational ones) and formally (i.e., structural ones). Therefore, for best effects, both formal and informal knowledge processes must be supported. Furthermore, this study exposes that the intensity of all explored micro-mechanisms is industry-specific. Implications: Presented findings can be directly applied to organizations to enhance innovativeness. Namely, leaders who observe that the more knowledge is formally managed in their organizations, the less effective the knowledge exchange is - should put more effort into supporting informal knowledge processes to develop human and relational intellectual capital components smoothly. Shortly, leaders need to implement an authentic learning culture, including the mistakes acceptance component, to use the full organizational potential to achieve intellectual capital growth. Intellectual capital growth is essential for innovativeness.
{"title":"Intellectual Capital, and Knowledge Processes for Organizational Innovativeness across Industries: The Case of Poland – the full version","authors":"W. Kucharska","doi":"10.2139/ssrn.3925493","DOIUrl":"https://doi.org/10.2139/ssrn.3925493","url":null,"abstract":"Purpose: This study aims to present the overview of intellectual capital creation micro-mechanisms concerning formal and informal knowledge processes. The organizational culture, transformational leadership, and innovativeness are also included in the investigation as ascendants and consequences of the focal relation of intellectual capital and knowledge processes. Method: The empirical model was developed using the structural equation modeling (SEM) method based on a sample of 1,418 Polish knowledge workers employed in the construction, healthcare, higher education (HE), and information technology (IT) industries. Findings: The study exposes that the essence of transformational leadership innovativeness oriented is developing all intellectual capital components. To do so, leaders must support both formal and informal knowledge processes through the organizational culture of knowledge and learning. Furthermore, for best results of the knowledge transformation into intellectual capital, the learning culture must be shaped by both components: learning climate and acceptance of mistakes. Originality: This study presents the \"big picture\" of all intellectual capital creation micro- mechanisms linking transformational leadership with organizational innovativeness and explains the \"knowledge paradox\" identified by Mabey and Zhao (2017). This explanation assumes that intellectual capital components are created informally (i.e., human, and relational ones) and formally (i.e., structural ones). Therefore, for best effects, both formal and informal knowledge processes must be supported. Furthermore, this study exposes that the intensity of all explored micro-mechanisms is industry-specific. Implications: Presented findings can be directly applied to organizations to enhance innovativeness. Namely, leaders who observe that the more knowledge is formally managed in their organizations, the less effective the knowledge exchange is - should put more effort into supporting informal knowledge processes to develop human and relational intellectual capital components smoothly. Shortly, leaders need to implement an authentic learning culture, including the mistakes acceptance component, to use the full organizational potential to achieve intellectual capital growth. Intellectual capital growth is essential for innovativeness.","PeriodicalId":101665,"journal":{"name":"Chicago Booth: Center for Decision Research (Managerial & Organizational Behavior) Working Paper Series","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125979378","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study discusses ethical leadership as a factor affecting organizational creativity performance when employee working from home as a result of the COVID-19 pandemic. This study took samples in companies that are and already have run work from home system in Indonesia. This study found the fact that the effect of ethical leadership is very significant in encouraging organizational creativity in the midst of limited physical interactions due to the COVID-19 pandemic. The research also found that trust in leaders mediates the relationship between ethical leadership and organizational creativity. However, this study did not find the role of knowledge sharing as a mediator of ethical leadership and organizational creativity. The study used a quantitative method with a survey conducted on 144 workers from 80 companies that currently implementing the work from home system in Indonesia.
{"title":"The Effect of Ethical Leadership on Organizational Creativity in the Midst of Work from Home (WFH) System Due to Pandemic COVID-19","authors":"Abdullah Sammy","doi":"10.2139/ssrn.3828905","DOIUrl":"https://doi.org/10.2139/ssrn.3828905","url":null,"abstract":"This study discusses ethical leadership as a factor affecting organizational creativity performance when employee working from home as a result of the COVID-19 pandemic. This study took samples in companies that are and already have run work from home system in Indonesia. This study found the fact that the effect of ethical leadership is very significant in encouraging organizational creativity in the midst of limited physical interactions due to the COVID-19 pandemic. The research also found that trust in leaders mediates the relationship between ethical leadership and organizational creativity. However, this study did not find the role of knowledge sharing as a mediator of ethical leadership and organizational creativity. The study used a quantitative method with a survey conducted on 144 workers from 80 companies that currently implementing the work from home system in Indonesia.","PeriodicalId":101665,"journal":{"name":"Chicago Booth: Center for Decision Research (Managerial & Organizational Behavior) Working Paper Series","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130318823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This essay argues that the research questions of business administration as an academic discipline has to deal with can be classified into three types: first-order problems concern problems occurring in the daily operations of firms, for instance, how to correctly calculate the net present value of an investment project. Second-order problems concern how institutional settings in the firm must be designed in order to assure that solutions to first-order problems are actually applied by the actors in the firm. For instance, how to design a decision support system in order to avoid costly decision-biases known to occur in managerial decision-making. Third-order problems concern the question, why some firms install such advantageous institutional settings, while others do not. Economics typically assumes that solving first- and second-order problems constitute a competitive advantage for the firm which is able to do so, which implies that competition will force all firms to do so. However, entrepreneurial practice indicates this to be not the case: first, some institutions, for instance for surveillance, are costly to operate and the operating costs of such institutions may well exceed the costs arsing from the problem itself. Second, organizational changes are costly too, both in terms of installing a new organizational setup and in terms of overcoming the resistance of persons with vested interests in the existing institutional setting and general organizational inertia. While first-order problems constitute the traditional domain of business administration research and in particular teaching, the behavioral turn, the inclusion of psychological elements in the research agenda and “explanatory toolbox” of economics and business administration, is accompanied by a shift of the focus on second- and third-order problems. This raises the question, what methodological basis is appropriate for introducing explanations originating from an individual-level focused discipline like psychology to the research agenda of business administration research, which is concerned with collective entities, like firms and markets. This essay is about how actor-based methodological approaches from sociology can contribute to solving second- and third-order problems, using the cases of decision biases and the choice of institutional settings as examples.
{"title":"Actor-Based Approaches in Business Administration Research","authors":"Peter Kotzian","doi":"10.2139/ssrn.3428432","DOIUrl":"https://doi.org/10.2139/ssrn.3428432","url":null,"abstract":"This essay argues that the research questions of business administration as an academic discipline has to deal with can be classified into three types: first-order problems concern problems occurring in the daily operations of firms, for instance, how to correctly calculate the net present value of an investment project. Second-order problems concern how institutional settings in the firm must be designed in order to assure that solutions to first-order problems are actually applied by the actors in the firm. For instance, how to design a decision support system in order to avoid costly decision-biases known to occur in managerial decision-making. Third-order problems concern the question, why some firms install such advantageous institutional settings, while others do not. Economics typically assumes that solving first- and second-order problems constitute a competitive advantage for the firm which is able to do so, which implies that competition will force all firms to do so. However, entrepreneurial practice indicates this to be not the case: first, some institutions, for instance for surveillance, are costly to operate and the operating costs of such institutions may well exceed the costs arsing from the problem itself. Second, organizational changes are costly too, both in terms of installing a new organizational setup and in terms of overcoming the resistance of persons with vested interests in the existing institutional setting and general organizational inertia. While first-order problems constitute the traditional domain of business administration research and in particular teaching, the behavioral turn, the inclusion of psychological elements in the research agenda and “explanatory toolbox” of economics and business administration, is accompanied by a shift of the focus on second- and third-order problems. This raises the question, what methodological basis is appropriate for introducing explanations originating from an individual-level focused discipline like psychology to the research agenda of business administration research, which is concerned with collective entities, like firms and markets. This essay is about how actor-based methodological approaches from sociology can contribute to solving second- and third-order problems, using the cases of decision biases and the choice of institutional settings as examples.","PeriodicalId":101665,"journal":{"name":"Chicago Booth: Center for Decision Research (Managerial & Organizational Behavior) Working Paper Series","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133953018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Participatory financing arrangements including Musharakah and Mudarabah are the essence of Islamic banking and represent the true spirit of Islamic banking and finance. Therefore, Islamic banks are expected to allow and promote participatory financing. In practice, Islamic banks adopt participatory financing arrangements for the scheme of deposits. However, they do not adopt participatory financing on the assets side due to several constraints. By far, the non-participatory financing arrangements, particularly Murabahah and Ijarah, are the most dominant modes of financing around the globe. Many authors have provided different explanations for the tendency of Islamic banks to avoid participatory financing. However, literature is divergent and the typology of the constraints to participatory financing is missing. Therefore, there is no unified understanding of the constraints to participatory financing. The present study employs insights form the extant literature using a systematic literature review and synthesizes a coherent participatory financing constraints framework using the thematic synthesis method to name and make sense of what makes participatory financing a less attractive option for Islamic banks. This study adds to the Islamic banking and finance literature by synthesizing the divergent literature, and conceptualizing a participatory financing constraints framework which can be used as a dependable framework for assessment in any related case study and policy implications. Moreover, it demonstrates an application of systematic review in Islamic banking research.
{"title":"Why Islamic Banks Tend to Avoid Participatory Financing? A Demand, Regulation, and Uncertainty Framework","authors":"M. Nouman, K. Ullah, S. Gul","doi":"10.22547/BER/10.1.1","DOIUrl":"https://doi.org/10.22547/BER/10.1.1","url":null,"abstract":"Participatory financing arrangements including Musharakah and Mudarabah are the essence of Islamic banking and represent the true spirit of Islamic banking and finance. Therefore, Islamic banks are expected to allow and promote participatory financing. In practice, Islamic banks adopt participatory financing arrangements for the scheme of deposits. However, they do not adopt participatory financing on the assets side due to several constraints. By far, the non-participatory financing arrangements, particularly Murabahah and Ijarah, are the most dominant modes of financing around the globe. Many authors have provided different explanations for the tendency of Islamic banks to avoid participatory financing. However, literature is divergent and the typology of the constraints to participatory financing is missing. Therefore, there is no unified understanding of the constraints to participatory financing. The present study employs insights form the extant literature using a systematic literature review and synthesizes a coherent participatory financing constraints framework using the thematic synthesis method to name and make sense of what makes participatory financing a less attractive option for Islamic banks. This study adds to the Islamic banking and finance literature by synthesizing the divergent literature, and conceptualizing a participatory financing constraints framework which can be used as a dependable framework for assessment in any related case study and policy implications. Moreover, it demonstrates an application of systematic review in Islamic banking research.","PeriodicalId":101665,"journal":{"name":"Chicago Booth: Center for Decision Research (Managerial & Organizational Behavior) Working Paper Series","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128547408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Theorists spend countless hours conducting research to explain phenomena that exist in the world and to increase the base of knowledge in their fields. Once this knowledge is discovered and codified, it should be used. However, scholars are divided on the relationship between theory and practical application and their reciprocal value. This paper explores the relationship between theory and practical application and displays a specific example of how one theory, the theory of service-dominant logic, can be practically applied in the field of business.
{"title":"Practical Application of Theory in Business","authors":"Jason Earl Thomas","doi":"10.5539/IBR.V10N11P10","DOIUrl":"https://doi.org/10.5539/IBR.V10N11P10","url":null,"abstract":"Theorists spend countless hours conducting research to explain phenomena that exist in the world and to increase the base of knowledge in their fields. Once this knowledge is discovered and codified, it should be used. However, scholars are divided on the relationship between theory and practical application and their reciprocal value. This paper explores the relationship between theory and practical application and displays a specific example of how one theory, the theory of service-dominant logic, can be practically applied in the field of business.","PeriodicalId":101665,"journal":{"name":"Chicago Booth: Center for Decision Research (Managerial & Organizational Behavior) Working Paper Series","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121020904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Students’ attributes and capabilities are believed to be influenced by many factors including how they are assessed during their studies. The mode of assessment in a student-centred institution is theoretically analysed for the capacitated knowledge in the higher education learning. The normal theoretical assessment in student learning is regarded insufficiently for accountability in the students’ capabilities for decision making when considering the knowledge earned cumulatively through learning activities. The considered risks are prone to the absence of measurable substantive knowledge for proactive interactions in the learning progress. The proposed analytical approach for the accountable measure by the risk pricing institutional differential equation of Black and Scholes is subjected to cost efficacy in the overall complementary knowledge capacity in the mode of assessment. Knowledge acquisition in the learning of students needs to be accumulated through understanding of the associated concepts in relevant competencies by prioritising time and competency efforts accountable toward the accomplishment of learning tasks to characterise quantifiable students’ attributes. The learning approach is proposed to be an integrated cognitive experience based and activity task orientated where knowledge is earned outstandingly throughout the activity by task evaluation. The Green Policy Framework for the critical green growth motivates for an initiative that aids the development and the advancement of well-integrated green environments. The institutional differential equation by Black-Scholes is used in the modelling of the risk management process for the invested human and environment capital and competency progress. The probabilistic diffusion process is used in the modelling of the student-progress guided by the student-centred learning. The findings provided an analytical basis of the value creation in terms of the Black-Scholes institutional equation for the scientific management of the capability efforts in the competency risk. The scientifically managed financial-intellectual value is retained through the engineered knowledge capital model of the human-intellectual derivation. The proactive interactions induce the institutional green growth nurturing effort of accountability through environmental functionality and observations.
{"title":"Pro-Active Interactions in the Substance of Knowledge for the Human Development Risk Management: Engineered Knowledge in the Human-Intellectual Analytical Derivation","authors":"S. Chule, B. Dzwairo, S. Moyo","doi":"10.2139/ssrn.2704825","DOIUrl":"https://doi.org/10.2139/ssrn.2704825","url":null,"abstract":"Students’ attributes and capabilities are believed to be influenced by many factors including how they are assessed during their studies. The mode of assessment in a student-centred institution is theoretically analysed for the capacitated knowledge in the higher education learning. The normal theoretical assessment in student learning is regarded insufficiently for accountability in the students’ capabilities for decision making when considering the knowledge earned cumulatively through learning activities. The considered risks are prone to the absence of measurable substantive knowledge for proactive interactions in the learning progress. The proposed analytical approach for the accountable measure by the risk pricing institutional differential equation of Black and Scholes is subjected to cost efficacy in the overall complementary knowledge capacity in the mode of assessment. Knowledge acquisition in the learning of students needs to be accumulated through understanding of the associated concepts in relevant competencies by prioritising time and competency efforts accountable toward the accomplishment of learning tasks to characterise quantifiable students’ attributes. The learning approach is proposed to be an integrated cognitive experience based and activity task orientated where knowledge is earned outstandingly throughout the activity by task evaluation. The Green Policy Framework for the critical green growth motivates for an initiative that aids the development and the advancement of well-integrated green environments. The institutional differential equation by Black-Scholes is used in the modelling of the risk management process for the invested human and environment capital and competency progress. The probabilistic diffusion process is used in the modelling of the student-progress guided by the student-centred learning. The findings provided an analytical basis of the value creation in terms of the Black-Scholes institutional equation for the scientific management of the capability efforts in the competency risk. The scientifically managed financial-intellectual value is retained through the engineered knowledge capital model of the human-intellectual derivation. The proactive interactions induce the institutional green growth nurturing effort of accountability through environmental functionality and observations.","PeriodicalId":101665,"journal":{"name":"Chicago Booth: Center for Decision Research (Managerial & Organizational Behavior) Working Paper Series","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127170016","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Gillian Fairbairn, Darren Henry, Ioannis Tsalavoutas
Variations in entrepreneurial attitudes towards risk and control imply a link between the capital structure of SMEs and national culture. We investigate this unexplored relationship, using two of Schwartz’s latest cultural dimensions (Hierarchy and Embeddedness) and a large panel data sample from seven countries, covering the period 2006 to 2008. Our results show that Hierarchy is negatively related to debt levels not only for the full sample, but also across the sub-samples of micro, small and medium firms. This suggests that managers who operate in cultures where wealth, social power, and authority are important cultural values use less debt. Embeddedness is also negatively related to debt levels of small and medium firms. This suggests that relatively-smaller companies in cultures which inter alia value family security and self-discipline tend to use less debt. Further testing shows that national culture can affect long-term, short-term debt, and the choice between the two differently. While the results for Hierarchy show a consistent, negative relationship between this dimension and both types of debt, the results for Embeddedness vary depending on the size of the firm and the duration of the debt source. Our findings contribute to prior literature by providing empirical evidence of national culture’s influence on the capital structure of SMEs through the manager’s behaviour towards risk and control.
{"title":"The Influence of National Culture on the Capital Structure of SMEs","authors":"Gillian Fairbairn, Darren Henry, Ioannis Tsalavoutas","doi":"10.2139/ssrn.2631554","DOIUrl":"https://doi.org/10.2139/ssrn.2631554","url":null,"abstract":"Variations in entrepreneurial attitudes towards risk and control imply a link between the capital structure of SMEs and national culture. We investigate this unexplored relationship, using two of Schwartz’s latest cultural dimensions (Hierarchy and Embeddedness) and a large panel data sample from seven countries, covering the period 2006 to 2008. Our results show that Hierarchy is negatively related to debt levels not only for the full sample, but also across the sub-samples of micro, small and medium firms. This suggests that managers who operate in cultures where wealth, social power, and authority are important cultural values use less debt. Embeddedness is also negatively related to debt levels of small and medium firms. This suggests that relatively-smaller companies in cultures which inter alia value family security and self-discipline tend to use less debt. Further testing shows that national culture can affect long-term, short-term debt, and the choice between the two differently. While the results for Hierarchy show a consistent, negative relationship between this dimension and both types of debt, the results for Embeddedness vary depending on the size of the firm and the duration of the debt source. Our findings contribute to prior literature by providing empirical evidence of national culture’s influence on the capital structure of SMEs through the manager’s behaviour towards risk and control.","PeriodicalId":101665,"journal":{"name":"Chicago Booth: Center for Decision Research (Managerial & Organizational Behavior) Working Paper Series","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126797296","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study explores how market order emerges in the closed auction markets for antiques and secondhand goods in Japan. Most auction markets for antiques and secondhand goods are exclusive to dealers in Japan. The Antique Business Act (Kobutsu Eigyo Ho) states that participants in auction markets must have a secondhand goods dealer license. Participants must obtain the permission of market managers to enter the markets as well. Dealers often belong to several auction markets and associate with other members. Informal norms and conventions, and reciprocal and hierarchical relationships develop through repetitive interactions among participants in the auctions, which can bring order in the markets. Norms and conventions help market participants anticipate other members’ behavior. However, norms and conventions alone are not sufficient to generate market order; enforcement mechanisms are necessary. A hierarchy is a typical enforcement mechanism. High status participants can exert their influence to sanction violators in the markets. Also, reciprocal relationships can prevent violation of norms and conventions, and facilitate cooperative and give-and-take behavior. On the other hand, reciprocal and hierarchical relationships will distort fair and competitive auctioneering. The cultural script of market competition is sometimes utilized for preventing the malfunction. This interplaying multiple devices of market, reciprocity, and hierarchy as well as norms and conventions altogether contribute to realizing order in the closed auctions.
{"title":"Provision of Collective Behavior in Market Settings: A Study of Closed-Auction Markets for Antiques and Secondhand Goods in Japan","authors":"Kimihiro Furuse","doi":"10.2139/ssrn.2545742","DOIUrl":"https://doi.org/10.2139/ssrn.2545742","url":null,"abstract":"This study explores how market order emerges in the closed auction markets for antiques and secondhand goods in Japan. Most auction markets for antiques and secondhand goods are exclusive to dealers in Japan. The Antique Business Act (Kobutsu Eigyo Ho) states that participants in auction markets must have a secondhand goods dealer license. Participants must obtain the permission of market managers to enter the markets as well. Dealers often belong to several auction markets and associate with other members. Informal norms and conventions, and reciprocal and hierarchical relationships develop through repetitive interactions among participants in the auctions, which can bring order in the markets. Norms and conventions help market participants anticipate other members’ behavior. However, norms and conventions alone are not sufficient to generate market order; enforcement mechanisms are necessary. A hierarchy is a typical enforcement mechanism. High status participants can exert their influence to sanction violators in the markets. Also, reciprocal relationships can prevent violation of norms and conventions, and facilitate cooperative and give-and-take behavior. On the other hand, reciprocal and hierarchical relationships will distort fair and competitive auctioneering. The cultural script of market competition is sometimes utilized for preventing the malfunction. This interplaying multiple devices of market, reciprocity, and hierarchy as well as norms and conventions altogether contribute to realizing order in the closed auctions.","PeriodicalId":101665,"journal":{"name":"Chicago Booth: Center for Decision Research (Managerial & Organizational Behavior) Working Paper Series","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128206085","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
G. Jiang, Gulnara R. Zaynutdinova, Ph.D., Huacheng Zhang
We argue that active fund managers can pick stocks only when the market presents such opportunities. We propose measures of stock selection opportunity and show evidence that a significant portion of mutual funds time stock selection, i.e., trading more when stock selection opportunities are present. We show that positive timers outperform negative timers by about 1% in annualized four-factor alpha over the subsequent six-month horizon and, more importantly, stock selection timing adds value to investors even after controlling for fund manager stock-picking talent. Finally, we show that funds with higher expense ratios and larger family size exhibit stronger timing skills.
{"title":"Stock Selection Timing","authors":"G. Jiang, Gulnara R. Zaynutdinova, Ph.D., Huacheng Zhang","doi":"10.2139/ssrn.3344478","DOIUrl":"https://doi.org/10.2139/ssrn.3344478","url":null,"abstract":"We argue that active fund managers can pick stocks only when the market presents such opportunities. We propose measures of stock selection opportunity and show evidence that a significant portion of mutual funds time stock selection, i.e., trading more when stock selection opportunities are present. We show that positive timers outperform negative timers by about 1% in annualized four-factor alpha over the subsequent six-month horizon and, more importantly, stock selection timing adds value to investors even after controlling for fund manager stock-picking talent. Finally, we show that funds with higher expense ratios and larger family size exhibit stronger timing skills.","PeriodicalId":101665,"journal":{"name":"Chicago Booth: Center for Decision Research (Managerial & Organizational Behavior) Working Paper Series","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131423708","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Many European countries and international financial institutions have tried to address the problems of high transaction costs and risks by creating subsidized credit programmes and/or providing loan guarantees. Such projects have often fostered a culture of non-repayment or failed to reach the target group or achieve financial self-sustainability. Further, it tries to understand what are the main barriers for high-growth innovative Small and Medium-sized Enterprises, with respect to the realisation of their innovative potential and their capacity to improve internal processes by the adoption of innovative manufacturing techniques and a graduated organizational change. They are becoming particularly important for achieving greater productivity, lower operational costs, and higher revenues (usually characterized by reduced access to external finance, unavailability of wider distribution channels, low internationalization, etc.). The purpose of this article at last is to clarify how on-line training on automation and innovation fields can bring economic and organizational benefits. Innovative training contents can improve manufacturing knowledge of managers and employees, especially on industrial automation systems.
{"title":"Behavioural Additionality and Organizational Impact of European Policies to Promote Internationalisation of High-Growth Innovative SMEs","authors":"N. Casalino","doi":"10.15640/JIBE.V2N4A2","DOIUrl":"https://doi.org/10.15640/JIBE.V2N4A2","url":null,"abstract":"Many European countries and international financial institutions have tried to address the problems of high transaction costs and risks by creating subsidized credit programmes and/or providing loan guarantees. Such projects have often fostered a culture of non-repayment or failed to reach the target group or achieve financial self-sustainability. Further, it tries to understand what are the main barriers for high-growth innovative Small and Medium-sized Enterprises, with respect to the realisation of their innovative potential and their capacity to improve internal processes by the adoption of innovative manufacturing techniques and a graduated organizational change. They are becoming particularly important for achieving greater productivity, lower operational costs, and higher revenues (usually characterized by reduced access to external finance, unavailability of wider distribution channels, low internationalization, etc.). The purpose of this article at last is to clarify how on-line training on automation and innovation fields can bring economic and organizational benefits. Innovative training contents can improve manufacturing knowledge of managers and employees, especially on industrial automation systems.","PeriodicalId":101665,"journal":{"name":"Chicago Booth: Center for Decision Research (Managerial & Organizational Behavior) Working Paper Series","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117018330","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：