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The Reputation Factor in the Valuation of Startups 创业公司估值中的声誉因素
Pub Date : 2023-06-26 DOI: 10.5539/ibr.v16n7p56
Enrico Gonnella, Lucia Talarico
This paper analyses the relationship between corporate reputation and valuation, with a special focus on startups. Considering the most accredited scientific and professional literature regarding startup valuation, an attempt has been made to understand if and to what extent reputation can be a value driver in the estimate of startups during the first phases of their life cycle. The authors conducted a systematic literature review, which showed a modest interest in the subject on the part of the scientific community, while – on the contrary – practitioners developed ad hoc methods for valuing startups in their very early stages also considering reputational drivers. These methods are not based on the forecasting of flows and rates, but instead explain the value of the startup with a series of qualitative parameters that are explicitly identified and individually quantified/valued, acting as indicators of the value of the entity. Among the most used approaches are the Berkus Method, the Scorecard Method, and the Risk Factor Summation Method. These methods include reputational factors among qualitative parameters, that is among the value drivers. The analysis and the conclusions reached offer a conceptual contribution and identify a research path that deserves attention.
本文以创业公司为研究对象,分析了企业声誉与估值之间的关系。考虑到最受认可的关于创业公司估值的科学和专业文献,我们试图了解在创业公司生命周期的第一阶段,声誉是否以及在多大程度上可以成为估值的价值驱动因素。作者进行了系统的文献回顾,显示了科学界对这一主题的适度兴趣,而相反,从业者开发了特别的方法来评估初创公司在早期阶段的价值,同时考虑到声誉驱动因素。这些方法不是基于流量和速率的预测,而是用一系列明确识别和单独量化/估值的定性参数来解释创业公司的价值,作为实体价值的指标。其中最常用的方法是Berkus法、记分卡法和风险因素求和法。这些方法包括定性参数中的声誉因素,即价值驱动因素。分析和得出的结论提供了一个概念性的贡献,并确定了一个值得关注的研究路径。
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引用次数: 0
Exploring the Relationship Between Circular Economy Practices and Growth in Manufacturing SMEs 制造业中小企业循环经济实践与成长的关系探讨
Pub Date : 2023-06-26 DOI: 10.5539/ibr.v16n7p74
Gonzalo Maldonado-Guzmán, Raymundo Juárez-del Toro, Víctor Manuel Molina-Morejón
The circular economy has been acknowledged as key for manufacturing firms, wishing overcome challenges, particularly relates it to business growth. However, the transition to linear economy at circular economy has been slow in literature, particularly there are relatively few studies that have focused on the relationship of circular economy practices and growth of small and medium-sized manufacturing companies, for this reason this study's main objective is to fill this existing gap in the literature. In addition, a self-administered questionnaire was distributed to a sample of 400 companies in the automotive and auto parts industry in Mexico, analyzing the data set using confirmatory factor analysis and structural equation models. The results obtained follow that the circular economy has a significant positive impact on the growth level of small manufacturing firms in the automotive and autoparts industries.
循环经济已被公认为制造企业克服挑战的关键,特别是与业务增长有关。然而,在文献中,循环经济向线性经济的过渡是缓慢的,特别是关注循环经济实践与中小型制造企业成长关系的研究相对较少,因此,本研究的主要目的是填补文献中存在的这一空白。此外,对墨西哥汽车和汽车零部件行业的400家公司进行了问卷调查,采用验证性因子分析和结构方程模型对数据集进行了分析。研究结果表明,循环经济对汽车及零部件行业小型制造企业的增长水平有显著的正向影响。
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引用次数: 0
Reviewer Acknowledgements for International Business Research, Vol. 16, No. 7 《国际商业研究》第16卷第7期审稿人致谢
Pub Date : 2023-06-26 DOI: 10.5539/ibr.v16n7p99
Kevin Duran
Reviewer Acknowledgements for International Business Research, Vol. 16, No. 7, 2023
《国际商业研究》,第16卷,第7期,2023年
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引用次数: 0
Women Directors: Revisiting Critical Mass Hypothesis 女性导演:重新审视临界质量假说
Pub Date : 2023-06-26 DOI: 10.5539/ibr.v16n7p85
B. Lawal
Purpose: This paper offers a descriptive assessment of Critical Mass Theory (CMT) application and the relevance of Collective Action Hypothesis (CAH) in board diversity research. The paper distils salient features that may address empirical inconsistencies and potentially unlock alternative methodologies for model constructs to aid future research. This paper aims to add a rational perspective that sharpens the ongoing conversation regarding gender justice, with emphasis on the legitimacy of business context and attainment of contingent-based gender threshold in pursuit of boardroom equality. Methodology: This paper deploys an explanatory approach in distilling critical mass theory within the context of human and relational capital orientation and what the key features of collective action model represent in board role and task performance. Findings: The paper accentuates impediments in spurring collective action, and the importance of achieving “spark threshold” with quintessential cognitive, sophisticated women directors for noticeable influence of gender diversity. Originality and Value: This paper offered an extended CMT (“Board Spark Theory”) for robust empirical testing and the “Club Rule” proposition as substitute for gender quota directives. In addition, the paper makes a case for integration of new models specifically the CMT with existing theoretical frameworks in gender diversity research. The paper outlines how women – as a critical mass variable - should be defined in research model constructs, and the unique features which differentiate directors who are likely to behave differently. Finally, the case put forth for women directorship threshold provides further clarity in deepening research conversations and understanding the dichotomy of business-equality case for board diversity.
目的:本文对临界质量理论(CMT)在董事会多样性研究中的应用和集体行动假设(CAH)的相关性进行了描述性评估。本文提炼出可能解决经验不一致性的显著特征,并可能解锁模型构建的替代方法,以帮助未来的研究。本文旨在增加一个理性的视角,使正在进行的关于性别正义的对话更加尖锐,强调商业背景的合法性,以及在追求董事会平等的过程中实现基于偶然性的性别门槛。方法:本文采用了一种解释方法,在人力资本和关系资本取向的背景下提炼临界质量理论,以及集体行动模型的关键特征在董事会角色和任务绩效中所代表的内容。研究结果:本文强调了激励集体行动的障碍,以及与典型的认知、成熟的女性董事实现“火花阈值”对性别多样性显著影响的重要性。原创性和价值:本文提供了一个扩展的CMT(“董事会火花理论”),用于稳健的实证检验和“俱乐部规则”命题,作为性别配额指令的替代品。此外,本文还对性别多样性研究中的新模型特别是CMT与现有理论框架的整合进行了探讨。这篇论文概述了女性——作为一个关键的质量变量——应该如何在研究模型构建中被定义,以及区分可能采取不同行为的董事的独特特征。最后,提出女性董事门槛的案例为深化研究对话和理解董事会多样性的商业平等案例的二分法提供了进一步的清晰度。
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引用次数: 0
The Interplay of CEO Ability and Governance Robustness on the Performance Effects of Corporate Social Responsibility CEO能力与治理稳健性对企业社会责任绩效效应的交互作用
Pub Date : 2023-06-26 DOI: 10.2139/ssrn.3889976
Marwan A. Al-Shammari, S. Banerjee, Hussam Al-Shammari, H. Doty
PurposeThis study aims to investigate how the association between corporate social responsibility (CSR) and firm performance, documented in prior research, is affected by the joint effects of managerial ability and attributes of the firm's governance structure.Design/methodology/approachUnbalanced panel contains the essence of cross-sectional time-series data. A significant F-test proves the inappropriateness of pooled OLS regression to the sample. Further, the rejection of the Hausman test null favors fixed-effects over random-effects. However, statistically significant results from Shapiro–Wilk test, Breusch–Pagan test and Wooldridge test reveal non-normal distribution of the dependent variable, the presence of heteroscedasticity and the existence of first-order autocorrelation, respectively. Thus, this study applies feasible generalized least squares with panel-specific autocorrelation structure (hence, a slightly smaller sample) controlling for heteroskedasticity to all models after lagging all the explanatory variables by a year.FindingsThis study finds that higher levels of managerial ability enable firms to benefit more/less from their CSR investments depending on the presence/absence of appropriate governance devices. While CEO ability may be seen as an indicator of how well the CEO might serve the firm in the market-domain strategies, the results suggest that this may not be the case in the non-market domain in the absence of appropriate governance mechanisms.Originality/valueThe arguments and analyses in this study support two important contributions to the growing literature on CSR. First, the current study is one of the few to identify CEO ability as an important factor that may influence the dynamics of the firm's CSR (see also Garcì-Sànchez et al., 2019 and Yuan et al., 2019). Second, this study examines whether governance robustness minimizes the potential for opportunistic behavior of more able CEOs or constraints the effectiveness of more able CEOs in decisions pertaining to CSR.
本研究旨在探讨企业社会责任(CSR)与企业绩效之间的关联如何受到管理能力和企业治理结构属性的共同影响。设计/方法/方法不平衡面板包含横截面时间序列数据的本质。显著的f检验证明了对样本进行汇总OLS回归的不适当性。此外,拒绝Hausman检验null倾向于固定效应而不是随机效应。然而,Shapiro-Wilk检验、Breusch-Pagan检验和Wooldridge检验的统计显著结果分别显示因变量非正态分布、存在异方差和一阶自相关。因此,本研究在所有解释变量滞后一年之后,对所有模型采用具有面板特异性自相关结构(因此样本略小)的可行广义最小二乘法控制异方差。本研究发现,管理能力水平越高,企业从企业社会责任投资中获益的多少,取决于是否存在适当的治理手段。虽然首席执行官的能力可以被视为首席执行官在市场领域战略中为公司服务的程度的指标,但研究结果表明,在缺乏适当治理机制的非市场领域,情况可能并非如此。本研究中的论点和分析为不断增长的企业社会责任文献提供了两个重要贡献。首先,目前的研究是少数将CEO能力确定为可能影响企业社会责任动态的重要因素的研究之一(另见Garcì-Sànchez et al., 2019和Yuan et al., 2019)。其次,本研究考察了治理稳健性是否最大限度地减少了更有能力的ceo机会主义行为的可能性,或限制了更有能力的ceo在与企业社会责任相关的决策中的有效性。
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引用次数: 0
Why Do Nigerian SMEs Go Abroad? A Convergent Parallel Study 尼日利亚中小企业为何要走出国门?收敛平行研究
Pub Date : 2023-06-20 DOI: 10.5539/ibr.v16n7p47
Julius U. Eziashi, Bamituni E. Abamu
This paper empirically and holistically investigates the motivations behind the internationalization of Nigerian SMEs. SMEs play an important role in a country’s economy, and their internationalization not only contributes to the country’s growth but also the firm’s competitiveness and profitability. Adopting a mixed methods approach, the study analyzed 181 questionnaires distributed to Nigerian SMEs and conducted semi-structured interviews with 10 SMEs. Findings revealed that SMEs are motivated by a combination of factors to go international. The study reveals that profit and growth, foreign market opportunities, and unsolicited foreign orders are some of the motives for internationalization among Nigerian SMEs. In conclusion, internationalization can help SMEs remain competitive, increase their chances of survival, and achieve growth in the long-term.
本文对尼日利亚中小企业国际化背后的动因进行了实证和整体研究。中小企业在一个国家的经济中扮演着重要的角色,其国际化不仅有助于国家的发展,也有助于企业的竞争力和盈利能力。本研究采用混合方法,分析了发放给尼日利亚中小企业的181份问卷,并对10家中小企业进行了半结构化访谈。调查结果显示,中小企业走出去受到多种因素的推动。研究表明,利润和增长、国外市场机会和不请自来的国外订单是尼日利亚中小企业国际化的一些动机。综上所述,国际化可以帮助中小企业保持竞争力,增加生存机会,实现长期增长。
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引用次数: 0
The Work-Family Roles Dynamics during Home-Based Teleworking 家庭远程办公中工作与家庭角色的动态关系
Pub Date : 2023-06-20 DOI: 10.5539/ibr.v16n7p1
O. Eniola
Teleworking from home gives workers some degree of temporal and spatial flexibility, and at the same time, poses some consequences in terms of conflicts from the demands, requirements, expectations, and behaviors from the forces associated with both work roles and family roles. This integrative literature review investigated the conditions or forces that are responsible for the bi-directional inter-role conflict and the outcomes of the conflict when employees are teleworking from home, by synthesizing new and grey literature about work-family conflict and home-based teleworking. The forces from the work and family systems which are organizational, personal, spatial, temporal, technological, psychological, and familial are the crux of the work-to-family conflict and family-to-work conflict as they either cause friction or smoothness to the transition from work roles to family roles and vice versa during home-based teleworking. The forces either act as catalysts or inhibitors during the transition from work (family) roles to family (work) roles. The findings from this review were synthesized into the work-family roles dynamics model by incorporating concepts from physical sciences. The work-family roles dynamics model provides insights into the transition of home-based teleworkers and the work-to-family conflict and family-to-work conflict that ensue in the work and family systems. This article also offers a definition of work-family conflict based on knowledge from the synthesized literature. The work-family roles dynamics model posits new explanations about teleworking from home and bi-directional inter-role conflict. The work-family roles dynamics theory yields new ideas and questions for future research and implications for human resource management.
在家远程办公给员工提供了一定程度的时间和空间灵活性,同时,在与工作角色和家庭角色相关的力量的要求、要求、期望和行为方面的冲突方面产生了一些后果。本综合文献综述通过综合有关工作-家庭冲突和家庭远程工作的新文献和灰色文献,调查了员工在家远程工作时双向角色间冲突的条件或力量以及冲突的结果。来自工作和家庭系统的力量是组织的、个人的、空间的、时间的、技术的、心理的和家庭的,它们是工作-家庭冲突和家庭-工作冲突的关键,因为它们要么导致从工作角色到家庭角色的过渡摩擦或平滑,反之亦然。在从工作(家庭)角色到家庭(工作)角色的转变过程中,这些力量要么是催化剂,要么是抑制剂。通过结合物理科学的概念,本综述的发现被综合到工作-家庭角色动力学模型中。工作-家庭角色动态模型为居家远程工作者的转变以及随之而来的工作-家庭冲突和家庭-工作冲突提供了见解。本文还在综合文献的基础上对工作-家庭冲突进行了定义。工作-家庭角色动力学模型对远程办公和双向角色间冲突提出了新的解释。工作-家庭角色动力学理论为今后的研究和人力资源管理提供了新的思路和问题。
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引用次数: 0
Remote Employee Engagement and Organizational Leadership Culture, Measured By EENDEED, a Validated Instrument 远程员工敬业度与组织领导文化——基于eended的测量方法
Pub Date : 2023-06-20 DOI: 10.5539/ibr.v16n7p31
Susan Saurage-Altenloh, T. Tate, Franklin M. Lartey, P. Randall
With the current post-pandemic unpredictable work environment characterized by remote and hybrid work, the leadership culture of an organization is important in fostering a desirable working environment. Such a culture of leadership is modeled by leaders of the organization and instilled in new leaders, as leadership helps motivate, inspire, and engage employees. The purpose of this study was to analyze if the four types of leadership culture (mentoring, risk-taking, result-oriented, and coordinating) as determined by the Organizational Culture Assessment Instrument (OCAI) have a direct influence on the level of engagement of employees. To analyze the influence of organizational leadership culture on remote employee engagement, this study implemented a quantitative non-experimental correlational design. Remote employee engagement was measured using a validated instrument called EENDEED (Enhanced Engagement Nurtured by Determination, Efficacy, and Exchange Dimensions). Data were collected through an online survey from 325 participants, all remote workers in organizations within the United States and a multiple regression analysis was conducted. The findings of this study confirmed that there was a statistically significant relationship between an organization’s leadership culture and its employees’ level of engagement. In other words, the organization leadership culture as defined by OCAI contributes to employee engagement. Mentoring was shown to be the highest contributor in employee engagement. In other words, a mentoring-based leadership culture produced more engaged employees. While risk-taking and coordinating produced a statistically significant positive contribution to employee engagement, a result-oriented culture was not significant in contributing to employee engagement.
鉴于当前大流行后不可预测的工作环境以远程和混合工作为特征,组织的领导文化对于营造理想的工作环境非常重要。这种领导文化是由组织的领导者塑造的,并灌输给新的领导者,因为领导力有助于激励、激励和吸引员工。本研究的目的是分析组织文化评估工具(OCAI)所确定的四种类型的领导文化(师徒型、冒险型、结果导向型和协调型)是否对员工的敬业程度有直接影响。为了分析组织领导文化对远程员工敬业度的影响,本研究采用了定量的非实验相关设计。远程员工敬业度是用一种被称为EENDEED(决心、效率和交换维度培养的增强敬业度)的有效工具来测量的。通过在线调查收集了325名参与者的数据,这些参与者都是美国组织中的远程工作者,并进行了多元回归分析。本研究的结果证实了组织的领导文化与员工敬业度之间存在统计学上显著的关系。换句话说,OCAI定义的组织领导文化有助于员工敬业度。指导被证明是员工敬业度的最大贡献者。换句话说,以导师为基础的领导文化产生了更投入的员工。虽然冒险和协调对员工敬业度产生了统计上显著的积极贡献,但结果导向的文化对员工敬业度的贡献并不显著。
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引用次数: 0
Perception of Business Ethics Among Students 学生对商业道德的认知
Pub Date : 2023-06-05 DOI: 10.31578/job.v12i1.232
None Hassan, Banjo A., None Ogunkoya, Olufemi A., None Hassan, Hassanat A., None Adefowora, Khadijat O.
It is generally believed that ethical perception of individuals is a function of their moral development. Since this is also developed over time given people experiences, and against the backdrop that students field of study are likely to affect their business ethics posture, this study generally sought to examine gender and educational differences in perception of business ethics among university students in Ogun state, Nigeria. The study adopted a descriptive survey design. Our sampling frame was year three and four management and non-students from a public and a private universities in the state. We obtained primary data from a total of 227 students selected through a purposeful sampling method. Questionnaire constituted the main research instruments for obtaining primary data. Our T-test result indicated that there is no significant difference in student’s perception of business ethics based on both gender and age. However, the result indicated positive and significant difference in the students’ perception of business ethics based on their major course of study, where the management students ranked higher in their attitude to ethics in business. Similarly, there was a significant difference in the attitude of the students to ethics in business based on their schools as private university students scored higher in .The study therefore recommends that tertiary institutions should include ethical courses to all students irrespective of their majors and punish students who are involved in academic dishonesty.
人们普遍认为,个人的伦理观念是其道德发展的一个功能。由于这也是随着时间的推移而发展起来的,因为人们的经历,并且在学生的学习领域可能会影响他们的商业道德姿态的背景下,本研究通常试图检查尼日利亚奥贡州大学生对商业道德观念的性别和教育差异。本研究采用描述性调查设计。我们的抽样框架是来自该州公立和私立大学的三年级和四年级的管理人员和非学生。我们通过有目的的抽样方法,从227名学生中获得了原始数据。问卷调查是获取原始数据的主要研究工具。我们的t检验结果显示,学生对商业道德的认知在性别和年龄上没有显著差异。然而,各专业学生对商业伦理的认知存在显著的正差异,其中管理专业学生对商业伦理的态度更高。同样,不同学校的学生对商业道德的态度也有显著差异,私立大学的学生在商业道德方面得分较高。因此,研究建议大专院校应为所有学生开设道德课程,不论其专业,并惩罚涉及学术不诚实的学生。
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引用次数: 0
Determinant factors of risk-taking in Georgian Banking Institutions with Machine Learning 用机器学习分析格鲁吉亚银行机构冒险的决定因素
Pub Date : 2023-06-05 DOI: 10.31578/job.v12i1.231
Ana Ratchvelishvili, Metin Mercan, Bachana Dzagania
Economical development in perspective is unthinkable without the successful functioning of the commercial banking system, as it has a direct impact on practically all areas of the market economy by determining the vector of its development. The paper aims to discuss and analyze banking risk and its factors. It involves analysis of factors affecting the profitability of banks and correlations between different variables that are crucial for identifying relationships between key aspects. An analysis is performed on the example of Georgian Banks. To respond to this question, 14 active commercial banks of Georgia operating in the years 2013 – 2020 were analyzed using Machining learning and ordinary least squares (OLS) . This research also applies the fixed effect model by evaluating Hausman. Results showed specific correlations between a variety of factors affecting the risks of commercial banks. Research emphasizes the importance of performing proper risk management strategies and their influence on the overall profitability of the bank.
没有商业银行系统的成功运作,经济发展的前景是不可想象的,因为它通过决定其发展的矢量,对市场经济的几乎所有领域都有直接影响。本文旨在探讨和分析银行风险及其影响因素。它涉及对影响银行盈利能力的因素的分析,以及对确定关键方面之间的关系至关重要的不同变量之间的相关性。以格鲁吉亚银行为例进行了分析。为了回答这个问题,我们使用机械加工学习和普通最小二乘(OLS)对2013 - 2020年格鲁吉亚14家活跃的商业银行进行了分析。本研究还通过对Hausman的评价,应用了固定效应模型。结果表明,影响商业银行风险的各种因素之间存在特定的相关性。研究强调了执行适当的风险管理策略的重要性及其对银行整体盈利能力的影响。
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引用次数: 0
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International journal of business research
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