Pub Date : 2022-04-05DOI: 10.1108/ccsm-10-2021-0180
M. E. Neves, D. Almeida, Elisabete S. Vieira
PurposeThe main objective of this work is to show that the traditional specific characteristics of companies as well as cultural and religious dimensions can influence the leverage of companies in different macro-environmental systems.Design/methodology/approachTo achieve this aim, the authors have used data from 1.568 firms from 7 European countries between 2010 and 2016, and the models were estimated by using panel data methodology, specifically the generalized method of moments (GMM) estimation method by Arellano and Bover (1995) and Blundell and Bond (1998).FindingsOverall, the empirical results point out that the cultural moderating factors are essential in determining companies' capital structure, regardless of the country's legal origin. The study results also show that traditional variables, intrinsic to management, macroeconomic environment and religion, have a central role in capital structure, namely for the civilian countries.Originality/valueAs far as the authors know, this is the first work that uses, in addition to the traditional specific characteristics of companies, cultural dimensions and religion, as determinants of debt levels, in different legal systems for Europe.
{"title":"The cultural dimension in companies' leverage. New evidence using panel data for a European macroeconomic context","authors":"M. E. Neves, D. Almeida, Elisabete S. Vieira","doi":"10.1108/ccsm-10-2021-0180","DOIUrl":"https://doi.org/10.1108/ccsm-10-2021-0180","url":null,"abstract":"PurposeThe main objective of this work is to show that the traditional specific characteristics of companies as well as cultural and religious dimensions can influence the leverage of companies in different macro-environmental systems.Design/methodology/approachTo achieve this aim, the authors have used data from 1.568 firms from 7 European countries between 2010 and 2016, and the models were estimated by using panel data methodology, specifically the generalized method of moments (GMM) estimation method by Arellano and Bover (1995) and Blundell and Bond (1998).FindingsOverall, the empirical results point out that the cultural moderating factors are essential in determining companies' capital structure, regardless of the country's legal origin. The study results also show that traditional variables, intrinsic to management, macroeconomic environment and religion, have a central role in capital structure, namely for the civilian countries.Originality/valueAs far as the authors know, this is the first work that uses, in addition to the traditional specific characteristics of companies, cultural dimensions and religion, as determinants of debt levels, in different legal systems for Europe.","PeriodicalId":373772,"journal":{"name":"Cross Cultural & Strategic Management","volume":"263 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114268720","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 : 2022-03-07DOI: 10.1108/ccsm-02-2021-0036
C. Galbraith, Cheryl Ann Phillips-Hall, Gergory Merrill
PurposeThe purpose of this article is to empirically examine the relationship between managers' emotional exhaustion and the ethnic diversity, workload requirements, and friendship ties within their work-groups.Design/methodology/approachThe research employs a full-network sample of all managers from an indigenously owned ethnically diverse IT firm located in the Caribbean island nation of Trinidad and Tobago. Using a social network design within a regression model, the relationship between managerial power and operational workload and the burnout dimension of emotional exhaustion is initially examined as a baseline model. Work-group ethnicity and friendship ties are then examined as moderators to this relationship. The authors then examine the role of work-group ethnicity and friendship ties as a buffer mechanism using an efficient frontier analysis where managers act as decision-making units.FindingsThe study indicates that ethnic diversity acts more as a “negative moderator” to emotional exhaustion, while friendship ties act as both a “positive moderator” and “buffer” to work-related emotional exhaustion.Originality/valueThis is one of the few empirical studies that has examined the issues of ethnic diversity and burnout using social network and efficient frontier methodologies. This is also one of the first empirical studies to investigate these issues using an in-depth, full-sample case study of actual, real-work network relationships.
{"title":"The effects of ethnic diversity and friendship ties on managers' emotional exhaustion: a network-based case study of Caribbean information technology firms","authors":"C. Galbraith, Cheryl Ann Phillips-Hall, Gergory Merrill","doi":"10.1108/ccsm-02-2021-0036","DOIUrl":"https://doi.org/10.1108/ccsm-02-2021-0036","url":null,"abstract":"PurposeThe purpose of this article is to empirically examine the relationship between managers' emotional exhaustion and the ethnic diversity, workload requirements, and friendship ties within their work-groups.Design/methodology/approachThe research employs a full-network sample of all managers from an indigenously owned ethnically diverse IT firm located in the Caribbean island nation of Trinidad and Tobago. Using a social network design within a regression model, the relationship between managerial power and operational workload and the burnout dimension of emotional exhaustion is initially examined as a baseline model. Work-group ethnicity and friendship ties are then examined as moderators to this relationship. The authors then examine the role of work-group ethnicity and friendship ties as a buffer mechanism using an efficient frontier analysis where managers act as decision-making units.FindingsThe study indicates that ethnic diversity acts more as a “negative moderator” to emotional exhaustion, while friendship ties act as both a “positive moderator” and “buffer” to work-related emotional exhaustion.Originality/valueThis is one of the few empirical studies that has examined the issues of ethnic diversity and burnout using social network and efficient frontier methodologies. This is also one of the first empirical studies to investigate these issues using an in-depth, full-sample case study of actual, real-work network relationships.","PeriodicalId":373772,"journal":{"name":"Cross Cultural & Strategic Management","volume":"213 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117101481","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 : 2022-03-03DOI: 10.1108/ccsm-12-2020-0250
John Rankin Wood Riach, Martin R. Schneider
PurposeThe purpose of this paper is to revisit the disastrous DaimlerChrysler AG takeover episode from 1998 to 2007 in order to arrive at a more comprehensive explanation of this and other merger and takeover failures based on institutional theory.Design/methodology/approachThe case study is based on various secondary sources of information and on the insights that one of the authors gained from working for 14 years in various positions for Daimler-Benz and DaimlerChrysler.FindingsDaimlerChrysler failed because top management made mistakes in trying to globalize the company. They were unable to realize possible synergies between the two companies, which brought complementary resources into the merger. Furthermore, they did not account for the institutional embeddedness of strategies when they adopted lean production globally, diffused the production system developed in Germany to other parts of the world and tried to implement a global stock enlisted in New York and Frankfurt. The underlying theoretical framework is relevant for other merger and acquisition cases. It features institutional embeddedness, path dependency and institutional arbitrage.Originality/valueThe paper develops an institutional perspective on DaimlerChrysler and on cross-border merger and acquisition failure more generally. The perspective is organized around the varieties-of-capitalism approach. This contribution is important because there is increasing dissatisfaction with the dominant explanation of cross-border merger and acquisition failure, which is based on the allegedly failed management of culture “clashes.”
{"title":"The DaimlerChrysler takeover failure revisited from a varieties-of-capitalism perspective","authors":"John Rankin Wood Riach, Martin R. Schneider","doi":"10.1108/ccsm-12-2020-0250","DOIUrl":"https://doi.org/10.1108/ccsm-12-2020-0250","url":null,"abstract":"PurposeThe purpose of this paper is to revisit the disastrous DaimlerChrysler AG takeover episode from 1998 to 2007 in order to arrive at a more comprehensive explanation of this and other merger and takeover failures based on institutional theory.Design/methodology/approachThe case study is based on various secondary sources of information and on the insights that one of the authors gained from working for 14 years in various positions for Daimler-Benz and DaimlerChrysler.FindingsDaimlerChrysler failed because top management made mistakes in trying to globalize the company. They were unable to realize possible synergies between the two companies, which brought complementary resources into the merger. Furthermore, they did not account for the institutional embeddedness of strategies when they adopted lean production globally, diffused the production system developed in Germany to other parts of the world and tried to implement a global stock enlisted in New York and Frankfurt. The underlying theoretical framework is relevant for other merger and acquisition cases. It features institutional embeddedness, path dependency and institutional arbitrage.Originality/valueThe paper develops an institutional perspective on DaimlerChrysler and on cross-border merger and acquisition failure more generally. The perspective is organized around the varieties-of-capitalism approach. This contribution is important because there is increasing dissatisfaction with the dominant explanation of cross-border merger and acquisition failure, which is based on the allegedly failed management of culture “clashes.”","PeriodicalId":373772,"journal":{"name":"Cross Cultural & Strategic Management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130372761","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 : 2022-03-02DOI: 10.1108/ccsm-07-2021-0119
F. Ahsan, A. Sinha
PurposeRecent empirical findings on the relationship between internationalization and firm performance (I–P) suggest a significant role of firm's context. Extending this line of argument, the authors study the effect of internationalization on firm's performance for emerging market firms from knowledge-intensive industries, taking into account the firm's motive of internationalization and host country’s location-based advantages.Design/methodology/approachThe authors link host country-specific advantages (CSAs) with firm-specific advantages (FSAs) to identify three distinct settings of internationalization for emerging economy firms – (1) asset-exploitative internationalization in developing or least developed countries, (2) asset-exploitative internationalization in developed countries and (3) strategic asset-seeking internationalization. The authors test this study’s hypotheses on a sample of 415 Indian firms from knowledge-intensive industries.FindingsThe authors find that firm's performance upon internationalization is non-linear in each of the three different settings. The nature of the non-linear relationship depends upon location-based advantages of the host country and the motive of internationalization.Originality/valueThe motive of internationalization and the location-based advantages sought during internationalization are unique for emerging economy firms. Hence, the study extends understanding of the I–P linkage in an emerging economy context.
{"title":"Internationalization motives, location advantages and performance: the case of Indian firms from knowledge-intensive industries","authors":"F. Ahsan, A. Sinha","doi":"10.1108/ccsm-07-2021-0119","DOIUrl":"https://doi.org/10.1108/ccsm-07-2021-0119","url":null,"abstract":"PurposeRecent empirical findings on the relationship between internationalization and firm performance (I–P) suggest a significant role of firm's context. Extending this line of argument, the authors study the effect of internationalization on firm's performance for emerging market firms from knowledge-intensive industries, taking into account the firm's motive of internationalization and host country’s location-based advantages.Design/methodology/approachThe authors link host country-specific advantages (CSAs) with firm-specific advantages (FSAs) to identify three distinct settings of internationalization for emerging economy firms – (1) asset-exploitative internationalization in developing or least developed countries, (2) asset-exploitative internationalization in developed countries and (3) strategic asset-seeking internationalization. The authors test this study’s hypotheses on a sample of 415 Indian firms from knowledge-intensive industries.FindingsThe authors find that firm's performance upon internationalization is non-linear in each of the three different settings. The nature of the non-linear relationship depends upon location-based advantages of the host country and the motive of internationalization.Originality/valueThe motive of internationalization and the location-based advantages sought during internationalization are unique for emerging economy firms. Hence, the study extends understanding of the I–P linkage in an emerging economy context.","PeriodicalId":373772,"journal":{"name":"Cross Cultural & Strategic Management","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114729046","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 : 2022-02-25DOI: 10.1108/ccsm-09-2021-0173
Zhenkuo Ding, Man Hu, Sheng Huang
PurposeThe purpose of this paper is to examine the influence of bilateral political relations on the completion stage premium of cross-border mergers and acquisitions(CSPCMA) and the moderating roles of cultural distance, trade openness and the nature of firm ownership for this relationship.Design/methodology/approachBased on a sample of 401 cross-border mergers and acquisitions (M&A) conducted by Chinese companies from 1995 to 2019 in the Statistical Data Center (SDC), this article used weighted least squares (WLS) to empirically test the impact of bilateral political relations between countries on the CSPCMA.FindingsThe better the target country of entry’s bilateral political relations with China, the lower the premium of the transaction price paid by Chinese companies at the completion stage of cross-border M&A. Among the moderators, the study found cultural distance positively moderates the relationship between bilateral political relations between countries and CSPCMA. The degree of trade openness of the target country negatively moderates the relationship between bilateral political relations between countries and CSPCMA. The negative relationship between bilateral political relations between countries and CSPCMA is stronger when the acquirer is a state-owned enterprise (SOE).Originality/valueThe findings of this study not only add to the knowledge about the relationship between bilateral political relations and corporate cross-border M&A premiums, but also have managerial implications for Chinese corporate managers to sustainably reduce corporate cross-border M&A premiums.
{"title":"The relevance of bilateral political relations between countries for the completion stage premium of cross-border mergers and acquisitions","authors":"Zhenkuo Ding, Man Hu, Sheng Huang","doi":"10.1108/ccsm-09-2021-0173","DOIUrl":"https://doi.org/10.1108/ccsm-09-2021-0173","url":null,"abstract":"PurposeThe purpose of this paper is to examine the influence of bilateral political relations on the completion stage premium of cross-border mergers and acquisitions(CSPCMA) and the moderating roles of cultural distance, trade openness and the nature of firm ownership for this relationship.Design/methodology/approachBased on a sample of 401 cross-border mergers and acquisitions (M&A) conducted by Chinese companies from 1995 to 2019 in the Statistical Data Center (SDC), this article used weighted least squares (WLS) to empirically test the impact of bilateral political relations between countries on the CSPCMA.FindingsThe better the target country of entry’s bilateral political relations with China, the lower the premium of the transaction price paid by Chinese companies at the completion stage of cross-border M&A. Among the moderators, the study found cultural distance positively moderates the relationship between bilateral political relations between countries and CSPCMA. The degree of trade openness of the target country negatively moderates the relationship between bilateral political relations between countries and CSPCMA. The negative relationship between bilateral political relations between countries and CSPCMA is stronger when the acquirer is a state-owned enterprise (SOE).Originality/valueThe findings of this study not only add to the knowledge about the relationship between bilateral political relations and corporate cross-border M&A premiums, but also have managerial implications for Chinese corporate managers to sustainably reduce corporate cross-border M&A premiums.","PeriodicalId":373772,"journal":{"name":"Cross Cultural & Strategic Management","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129494422","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 : 2022-02-25DOI: 10.1108/ccsm-08-2021-0143
R. R. Sharma, H. Phookan
PurposeThe paper aims to incorporate the social identity theory perspectives to the knowledge-based view in order to suggest how certain organizational characteristics can be leveraged as knowledge governance mechanisms for interpersonal knowledge transfer within the multinational enterprise (MNE).Design/methodology/approachThis paper is a conceptual discussion on interpersonal knowledge governance mechanisms.FindingsThe paper proposes a new set of governance mechanisms which may be leveraged to govern interpersonal knowledge transfer. These mechanisms utilize organizational identity of individuals to govern individual level knowledge transfer behavior with the MNE. The paper also illustrates how subsidiary power, one of such mechanisms, influences interpersonal knowledge transfer within the MNE through organizational identification.Research limitations/implicationsAs the paper is conceptual, the proposed mechanisms have not been substantiated empirically. It calls for empirically testing the suggested mechanisms across countries.Practical implicationsThe paper provides insights to managers for leveraging on organizational identity to manage interpersonal level knowledge transfer within the MNE.Originality/valueThe paper adds organizational identity-based knowledge governance mechanisms to the knowledge governance approach. It highlights how certain organizational characteristics (e.g. subsidiary power), even though these are not knowledge governance mechanisms per se, can be utilized to govern interpersonal knowledge transfer with the MNE.
{"title":"Interpersonal knowledge transfer within the multinational enterprise: incorporating identity based quasi-formal knowledge governance mechanisms","authors":"R. R. Sharma, H. Phookan","doi":"10.1108/ccsm-08-2021-0143","DOIUrl":"https://doi.org/10.1108/ccsm-08-2021-0143","url":null,"abstract":"PurposeThe paper aims to incorporate the social identity theory perspectives to the knowledge-based view in order to suggest how certain organizational characteristics can be leveraged as knowledge governance mechanisms for interpersonal knowledge transfer within the multinational enterprise (MNE).Design/methodology/approachThis paper is a conceptual discussion on interpersonal knowledge governance mechanisms.FindingsThe paper proposes a new set of governance mechanisms which may be leveraged to govern interpersonal knowledge transfer. These mechanisms utilize organizational identity of individuals to govern individual level knowledge transfer behavior with the MNE. The paper also illustrates how subsidiary power, one of such mechanisms, influences interpersonal knowledge transfer within the MNE through organizational identification.Research limitations/implicationsAs the paper is conceptual, the proposed mechanisms have not been substantiated empirically. It calls for empirically testing the suggested mechanisms across countries.Practical implicationsThe paper provides insights to managers for leveraging on organizational identity to manage interpersonal level knowledge transfer within the MNE.Originality/valueThe paper adds organizational identity-based knowledge governance mechanisms to the knowledge governance approach. It highlights how certain organizational characteristics (e.g. subsidiary power), even though these are not knowledge governance mechanisms per se, can be utilized to govern interpersonal knowledge transfer with the MNE.","PeriodicalId":373772,"journal":{"name":"Cross Cultural & Strategic Management","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130898539","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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