A. Baig, Hassan A. Butt, Abrar M. Fitwi, Joey Smith
This paper investigates the impact of firm-level innovation on the skewness of stock returns. Using data on a broad sample of equities from the major US stock exchanges, we find that innovative companies exhibit strong positive skewness. Our results are robust to both input and output measures of innovation as we find that increases in both firm-level research and development expenditure (R&D), as well as the number of patents, are positively associated with future stock return skewness. Our results hold using both systematic and idiosyncratic measures of skewness while controlling for various stock characteristics, time, and industry-fixed effects.
{"title":"Does Innovation Explain the Skewness of Stock Returns?","authors":"A. Baig, Hassan A. Butt, Abrar M. Fitwi, Joey Smith","doi":"10.37625/abr.24.2.12-31","DOIUrl":"https://doi.org/10.37625/abr.24.2.12-31","url":null,"abstract":"This paper investigates the impact of firm-level innovation on the skewness of stock returns. Using data on a broad sample of equities from the major US stock exchanges, we find that innovative companies exhibit strong positive skewness. Our results are robust to both input and output measures of innovation as we find that increases in both firm-level research and development expenditure (R&D), as well as the number of patents, are positively associated with future stock return skewness. Our results hold using both systematic and idiosyncratic measures of skewness while controlling for various stock characteristics, time, and industry-fixed effects.","PeriodicalId":34785,"journal":{"name":"American Business Review","volume":"64 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72706173","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}
Pub Date : 2021-11-01DOI: 10.37625/abr.24.2.100-114
James Deconinck, Drew Carnes, M. DeConinck
This study analyzed the relationship among ethical leadership, duty orientation, perceived organizational support (PSS), organizational citizenship behaviors (OCBs) and job performance among a sample of 45 sales managers and 203 salespeople. Duty orientation and perceived organizational support were found to mediate the relationship between ethical leadership and performance outcomes. Ethical leadership was a direct predictor of OCBs but not job performance. This study shows the importance of analyzing ethical leadership, duty orientation, and PSS and their relationship with OCBs and job performance in the salesforce.
{"title":"Antecedents and Outcomes of Duty Orientation Among Salespeople","authors":"James Deconinck, Drew Carnes, M. DeConinck","doi":"10.37625/abr.24.2.100-114","DOIUrl":"https://doi.org/10.37625/abr.24.2.100-114","url":null,"abstract":"This study analyzed the relationship among ethical leadership, duty orientation, perceived organizational support (PSS), organizational citizenship behaviors (OCBs) and job performance among a sample of 45 sales managers and 203 salespeople. Duty orientation and perceived organizational support were found to mediate the relationship between ethical leadership and performance outcomes. Ethical leadership was a direct predictor of OCBs but not job performance. This study shows the importance of analyzing ethical leadership, duty orientation, and PSS and their relationship with OCBs and job performance in the salesforce.","PeriodicalId":34785,"journal":{"name":"American Business Review","volume":"64 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83182156","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}
Eric Martial Etoundi Atenga, Maman Hassan Abdo, M. Mougoué
The recent global financial crisis and the Eurozone sovereign default have rekindled the debate on the interactions between the real sector and the financial sphere. The present paper provides an assessment of the role of financial frictions on business cycles in Canada, the Euro Area, the U.K., and the U.S. during these recent financial crises using an extension of the DSGE methodology described by Merola (2015). The main goal is to examine whether and the extent to which those crises enhanced the contribution of financial frictions in driving macroeconomic fluctuations. The models’ properties are examined with posteriors distributions, variance decomposition, and historical decomposition. Posteriors distributions show that the role of real shocks in driving macroeconomic fluctuations decrease with the incorporation of financial frictions in the core DSGE model. Variance decomposition shows that financial frictions and financial shocks affect the business cycle through investment. The empirical estimates also suggest that the contribution of financial frictions and financial shocks in driving investment increases during the global financial crisis.
{"title":"Financial Frictions and Macroeconomy During Financial Crises: A Bayesian DSGE Assessment","authors":"Eric Martial Etoundi Atenga, Maman Hassan Abdo, M. Mougoué","doi":"10.37625/abr.24.2.62-99","DOIUrl":"https://doi.org/10.37625/abr.24.2.62-99","url":null,"abstract":"The recent global financial crisis and the Eurozone sovereign default have rekindled the debate on the interactions between the real sector and the financial sphere. The present paper provides an assessment of the role of financial frictions on business cycles in Canada, the Euro Area, the U.K., and the U.S. during these recent financial crises using an extension of the DSGE methodology described by Merola (2015). The main goal is to examine whether and the extent to which those crises enhanced the contribution of financial frictions in driving macroeconomic fluctuations. The models’ properties are examined with posteriors distributions, variance decomposition, and historical decomposition. Posteriors distributions show that the role of real shocks in driving macroeconomic fluctuations decrease with the incorporation of financial frictions in the core DSGE model. Variance decomposition shows that financial frictions and financial shocks affect the business cycle through investment. The empirical estimates also suggest that the contribution of financial frictions and financial shocks in driving investment increases during the global financial crisis.","PeriodicalId":34785,"journal":{"name":"American Business Review","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88383086","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}
Management of the business-government relationship is critical for firm performance in regulated industries. In this paper, we predict a U-shaped relationship between product complexity and the time to approval by the US Food and Drug Administration (FDA). Moreover, we argue that this association is contingent on the types of strategic alliances (i.e., R&D alliance, Marketing alliance) of the focal firm in that those alliances help FDA and pharmaceutical companies achieve harmony. Using the approved drugs by FDA from 1999 to 2016 as the sample, our hypotheses are supported by the empirical analysis on US pharmaceutical firms. The findings have important implications to achieving harmony between pharmaceutical firms and regulatory agencies.
{"title":"Product Complexity and Strategic Alliance on Drug Approval","authors":"Taoyong Su, Wanrong Hou, E. Levitas, Sibin Wu","doi":"10.37625/ABR.24.1.36-53","DOIUrl":"https://doi.org/10.37625/ABR.24.1.36-53","url":null,"abstract":"Management of the business-government relationship is critical for firm performance in regulated industries. In this paper, we predict a U-shaped relationship between product complexity and the time to approval by the US Food and Drug Administration (FDA). Moreover, we argue that this association is contingent on the types of strategic alliances (i.e., R&D alliance, Marketing alliance) of the focal firm in that those alliances help FDA and pharmaceutical companies achieve harmony. Using the approved drugs by FDA from 1999 to 2016 as the sample, our hypotheses are supported by the empirical analysis on US pharmaceutical firms. The findings have important implications to achieving harmony between pharmaceutical firms and regulatory agencies.","PeriodicalId":34785,"journal":{"name":"American Business Review","volume":"67 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87033510","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}
Pub Date : 2021-05-18DOI: 10.37625/ABR.24.1.188-224
Maria Klona
During the COVID-19 pandemic, the future of the global economies appears gloomy as policy, industry and academia stakeholders assess the immediate adverse effects. This research meta-analysis studies on the impact of epidemics and pandemics on the longer-term performance of national economies covering the past 30 years. The findings indicate that the impact of pandemics on economies for periods of over two years might move from the immediate adverse effects to small positive effects. Several moderators were found to affect this relationship, including socio-economic and methodological factors. The findings agree with a significant amount of existing literature and are in line with the neo-classic economic theories for a possible return to economic growth after a major economic shock. Nevertheless, issues of publication bias should also be taken into consideration.
{"title":"The Days After COVID-19: A Meta-Analysis on the Impact of Epidemics and Pandemics on Long-Term Macro-Economic Performance","authors":"Maria Klona","doi":"10.37625/ABR.24.1.188-224","DOIUrl":"https://doi.org/10.37625/ABR.24.1.188-224","url":null,"abstract":"During the COVID-19 pandemic, the future of the global economies appears gloomy as policy, industry and academia stakeholders assess the immediate adverse effects. This research meta-analysis studies on the impact of epidemics and pandemics on the longer-term performance of national economies covering the past 30 years. The findings indicate that the impact of pandemics on economies for periods of over two years might move from the immediate adverse effects to small positive effects. Several moderators were found to affect this relationship, including socio-economic and methodological factors. The findings agree with a significant amount of existing literature and are in line with the neo-classic economic theories for a possible return to economic growth after a major economic shock. Nevertheless, issues of publication bias should also be taken into consideration.","PeriodicalId":34785,"journal":{"name":"American Business Review","volume":"30 5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77970436","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}
Pub Date : 2021-05-18DOI: 10.37625/ABR.24.1.141-165
Prajwal Eachempati, Praveen Ranjan Srivastava, P. Panigrahi
COVID-19 is a dreadful infectious disease, morphed into an economic crisis causing extensive and longstanding ramifications across global markets. Investors continue to hear about COVID-19 and its impact in one corner of the globe or the other for a long time. Though the effects of COVID19 started in December 2019 in Wuhan, China, global markets did not respond actively till W.H.O officially declared on March 11, 2020, that the COVID19 outbreak is a global pandemic. These multi-channel events have eroded investor sentiment, tanking the global stock markets. This article uses a machine learning approach to Twitter to analyze and follow investor sentiment that has guided the market to the new low during the first 150 days of the COVID-19 era. The only respite for recovery of financial markets is the lowering of COVID-19 infected cases for the time being till a vaccine is developed for the virus.
{"title":"Sentiment Analysis of COVID-19 Pandemic on the Stock Market","authors":"Prajwal Eachempati, Praveen Ranjan Srivastava, P. Panigrahi","doi":"10.37625/ABR.24.1.141-165","DOIUrl":"https://doi.org/10.37625/ABR.24.1.141-165","url":null,"abstract":"COVID-19 is a dreadful infectious disease, morphed into an economic crisis causing extensive and longstanding ramifications across global markets. Investors continue to hear about COVID-19 and its impact in one corner of the globe or the other for a long time. Though the effects of COVID19 started in December 2019 in Wuhan, China, global markets did not respond actively till W.H.O officially declared on March 11, 2020, that the COVID19 outbreak is a global pandemic. These multi-channel events have eroded investor sentiment, tanking the global stock markets. This article uses a machine learning approach to Twitter to analyze and follow investor sentiment that has guided the market to the new low during the first 150 days of the COVID-19 era. The only respite for recovery of financial markets is the lowering of COVID-19 infected cases for the time being till a vaccine is developed for the virus.","PeriodicalId":34785,"journal":{"name":"American Business Review","volume":"49 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73437151","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}
Pub Date : 2020-11-01DOI: 10.37625/abr.23.2.283-299
Stephanie Perkiss, Stephanos Anastasiadis, Leopold Bayerlein, B. Dean, Hannah Jun, Pilar Acosta, M. Gonzalez‐Perez, Alec Wersun, Belinda Gibbons
To support the development of a society that is attuned to the challenges presented by sustainable development, it is vital that higher education business students understand the value of sustainability, and act in a way that is consistent with these values. This paper explores a sustainability-focused experiential learning activity through investigating the utility of an emerging form of service learning in the digital space for developing global citizens. The paper presents an international case study of educators who employed digital service learning in various business education contexts. The research reports on the perceptions of higher education students in relation to their awareness, critical thinking and action for sustainability. The paper has practical contributions in identifying an opportunity for implementing sustainability curriculum into higher education for business.
{"title":"Advancing Sustainability Education in Business Studies through Digital Service Learning","authors":"Stephanie Perkiss, Stephanos Anastasiadis, Leopold Bayerlein, B. Dean, Hannah Jun, Pilar Acosta, M. Gonzalez‐Perez, Alec Wersun, Belinda Gibbons","doi":"10.37625/abr.23.2.283-299","DOIUrl":"https://doi.org/10.37625/abr.23.2.283-299","url":null,"abstract":"To support the development of a society that is attuned to the challenges presented by sustainable development, it is vital that higher education business students understand the value of sustainability, and act in a way that is consistent with these values. This paper explores a sustainability-focused experiential learning activity through investigating the utility of an emerging form of service learning in the digital space for developing global citizens. The paper presents an international case study of educators who employed digital service learning in various business education contexts. The research reports on the perceptions of higher education students in relation to their awareness, critical thinking and action for sustainability. The paper has practical contributions in identifying an opportunity for implementing sustainability curriculum into higher education for business.","PeriodicalId":34785,"journal":{"name":"American Business Review","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86844326","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}
Pub Date : 2020-11-01DOI: 10.37625/abr.23.2.241-259
O. Ozbek
Corporate spin-offs have been a major “preferred” restructuring technique in the previous couple decades in the U.S. This corporate transaction aims to create value for both divesting firm and its subsidiary. This study examines an understudied interaction of CEO external directorships and age (as well as their direct effects) in the strategy literature on the change in market valuation of spun-off subsidiaries. By drawing our cases from the SDC Platinum database, we identified 138 completed corporate U.S. spin-offs that took place between 2000 and 2014. Our empirical analysis indicates that the number of CEO external directorships as well as having a younger CEO positively and significantly affect the change in market valuation. In addition, our interaction effect shows significant results. Grounded in the upper echelons and resource dependence theories, this study contributes to the corporate governance literature in terms of understanding whether two particular CEO characteristics and their interactions hold a great deal of importance for spun-off subsidiaries’ market performance. From the perspective of managerial implications, this study suggests that having a younger CEO along with holding many external directorships will help these spun-off subsidiaries much better perform in the market.
{"title":"The Market Success of Corporate Spin-offs: Do CEO External Directorships, Age, and Their Interactions Matter?","authors":"O. Ozbek","doi":"10.37625/abr.23.2.241-259","DOIUrl":"https://doi.org/10.37625/abr.23.2.241-259","url":null,"abstract":"Corporate spin-offs have been a major “preferred” restructuring technique in the previous couple decades in the U.S. This corporate transaction aims to create value for both divesting firm and its subsidiary. This study examines an understudied interaction of CEO external directorships and age (as well as their direct effects) in the strategy literature on the change in market valuation of spun-off subsidiaries. By drawing our cases from the SDC Platinum database, we identified 138 completed corporate U.S. spin-offs that took place between 2000 and 2014. Our empirical analysis indicates that the number of CEO external directorships as well as having a younger CEO positively and significantly affect the change in market valuation. In addition, our interaction effect shows significant results. Grounded in the upper echelons and resource dependence theories, this study contributes to the corporate governance literature in terms of understanding whether two particular CEO characteristics and their interactions hold a great deal of importance for spun-off subsidiaries’ market performance. From the perspective of managerial implications, this study suggests that having a younger CEO along with holding many external directorships will help these spun-off subsidiaries much better perform in the market.","PeriodicalId":34785,"journal":{"name":"American Business Review","volume":"30 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74480417","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}
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