Ruth V. Aguilera, Vicente J. Bermejo, Javier Capapé, V. Cuñat
Universal owners can systemically diffuse their investment preferences to a large share of the market. We use the unexpected release of a corporate governance expectation document by Norway’s sovereign wealth fund as a natural experiment to understand how active universal investors can influence firms. We introduce a new decomposition to explore the effectiveness of this distinct activism tool. We show how firms adapted to the fund’s new portfolio-wide governance expectations and explore their heterogeneous response across ownership levels and firm characteristics. We also show how the fund changed it’s investment policy to meet it’s new stated preferences.
{"title":"The Systemic Governance Influence of Universal Owners: Evidence from an Expectation Document","authors":"Ruth V. Aguilera, Vicente J. Bermejo, Javier Capapé, V. Cuñat","doi":"10.2139/ssrn.3411566","DOIUrl":"https://doi.org/10.2139/ssrn.3411566","url":null,"abstract":"Universal owners can systemically diffuse their investment preferences to a large share of the market. We use the unexpected release of a corporate governance expectation document by Norway’s sovereign wealth fund as a natural experiment to understand how active universal investors can influence firms. We introduce a new decomposition to explore the effectiveness of this distinct activism tool. We show how firms adapted to the fund’s new portfolio-wide governance expectations and explore their heterogeneous response across ownership levels and firm characteristics. We also show how the fund changed it’s investment policy to meet it’s new stated preferences.","PeriodicalId":427910,"journal":{"name":"ESADE Business School Research Paper Series","volume":"23 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126120638","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}
The purpose of this study is to analyze the direct influence and indirect influence of transformational leadership through job satisfaction on employee performance. The type of research is survey research because it uses the population and the sample so it is found events and relationships between constructs. The study population was 195 people, all of which were taken as samples (saturated samples). Data collection techniques used questionnaires and were analyzed descriptively and inferentially using The Structural Equation Modeling (SEM) of the Lisrel statistical software package and Confirmatory Factor Analysis (CFA). The result of the research shows that 1) transformational leadership directly influence to employee performance, but indirectly influence to employee performance through job satisfaction of employee.
{"title":"Effect of Transformational Leadership on Employee Job Satisfaction and Performance","authors":"Eli Hasmin","doi":"10.2139/ssrn.2968062","DOIUrl":"https://doi.org/10.2139/ssrn.2968062","url":null,"abstract":"The purpose of this study is to analyze the direct influence and indirect influence of transformational leadership through job satisfaction on employee performance. The type of research is survey research because it uses the population and the sample so it is found events and relationships between constructs. The study population was 195 people, all of which were taken as samples (saturated samples). Data collection techniques used questionnaires and were analyzed descriptively and inferentially using The Structural Equation Modeling (SEM) of the Lisrel statistical software package and Confirmatory Factor Analysis (CFA). The result of the research shows that 1) transformational leadership directly influence to employee performance, but indirectly influence to employee performance through job satisfaction of employee.","PeriodicalId":427910,"journal":{"name":"ESADE Business School Research Paper Series","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115817048","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}
The essence of something is what makes something what it is. The search for the essence of strategy is a challenging task. Determining which are the most important aspects, or the quintessence, of a strategy requires extracting and concentrating its substance. For this task we need two basic elements: firstly, an historical perspective on the evolution of the strategy; and secondly, a practical proposal for managing strategy. This means reviewing those models that have remained credible after practical tests; and then proposing an approach for managing strategy. We must recover the essence of strategy and project it into the future. Organisations can learn. The strategic management process can be seen by an organisation as a source of constant learning. This comprehensive strategic process goes through three stages and resembles a wheel. In the centre is the raison d'etre of the organisation: its mission, vision, and values. The three stages of the comprehensive strategic process are: analysis, decision, and implementation. These stages are interrelated and form a strategic continuum; however, complex processes do not always require complex models. It helps an organisation if the rules and models are easily understood by everyone. Simplicity is often the greatest sophistication.
{"title":"In Search of the Essence of Strategy, a Model for Strategic Management in Three Stages","authors":"M. Planellas","doi":"10.2139/ssrn.2353362","DOIUrl":"https://doi.org/10.2139/ssrn.2353362","url":null,"abstract":"The essence of something is what makes something what it is. The search for the essence of strategy is a challenging task. Determining which are the most important aspects, or the quintessence, of a strategy requires extracting and concentrating its substance. For this task we need two basic elements: firstly, an historical perspective on the evolution of the strategy; and secondly, a practical proposal for managing strategy. This means reviewing those models that have remained credible after practical tests; and then proposing an approach for managing strategy. We must recover the essence of strategy and project it into the future. Organisations can learn. The strategic management process can be seen by an organisation as a source of constant learning. This comprehensive strategic process goes through three stages and resembles a wheel. In the centre is the raison d'etre of the organisation: its mission, vision, and values. The three stages of the comprehensive strategic process are: analysis, decision, and implementation. These stages are interrelated and form a strategic continuum; however, complex processes do not always require complex models. It helps an organisation if the rules and models are easily understood by everyone. Simplicity is often the greatest sophistication.","PeriodicalId":427910,"journal":{"name":"ESADE Business School Research Paper Series","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129425943","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}
Brief description of ten economic trends shaping the global economy in the medium-long term.
对影响中长期全球经济的十大经济趋势的简要描述。
{"title":"Ten Trends Shaping the International Economy","authors":"A. Blanco, Tomas Guerrero Blanco","doi":"10.2139/SSRN.2302567","DOIUrl":"https://doi.org/10.2139/SSRN.2302567","url":null,"abstract":"Brief description of ten economic trends shaping the global economy in the medium-long term.","PeriodicalId":427910,"journal":{"name":"ESADE Business School Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125860456","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}
“I often say that when you can measure what you are speaking about, and express it in numbers, you know something about it; but when you cannot measure it, when you cannot express it in numbers, your knowledge is of a meagre and unsatisfactory kind; it may be the beginning of knowledge, but you have scarcely in your thoughts advanced to the state of Science, whatever the matter may be.” Baron William Thomson Kelvin (1824-1907) - From 'Electrical Units of Measurement', a lecture delivered at the Institution of Civil Engineers, London (3 May 1883). “The saying often quoted from Lord Kelvin (though the substance, I believe, is much older) that "where you cannot measure your knowledge is meagre and unsatisfactory," as applied in mental and social science, is misleading and pernicious. This is another way of saying that these sciences are not sciences in the sense of physical science, and cannot attempt to be such, without forfeiting their proper nature and function. Insistence on a concretely quantitative economics means the use of statistics of physical magnitudes, whose economic meaning and significance is uncertain and dubious. (Even ‘wheat’ is approximately homogeneous only if measured in economic terms.) And a similar statement would apply even more to other social sciences. In this field, the Kelvin dictum very largely means in practice, "if you cannot measure, measure anyhow!" That is, one either performs some other operation and calls it measurement or measures something else instead of what is ostensibly under discussion, and usually not a social phenomena. To call averaging estimates, or guesses, measurement seems to be merely embezzling a word for its prestige value. And it might be pointed out also that in the field of human interests and relationships much of our most important knowledge is inherently non-quantitative, and could not conceivably be put in quantitative form without being destroyed. Perhaps we do not "know" that our friends really are our friends; in any case an attempt to measure their friendship would hardly make the knowledge either more certain or more ‘satisfactory’"! Knight F. H. 1940. What is Truth in Economics? Journal of Political Economy 48(1):18n
{"title":"The Quants’ Impact on Management Education - And What We Might Do About It: A History-Framed Essay Rethinking the MBA Program","authors":"J. Spender","doi":"10.2139/SSRN.2158655","DOIUrl":"https://doi.org/10.2139/SSRN.2158655","url":null,"abstract":"“I often say that when you can measure what you are speaking about, and express it in numbers, you know something about it; but when you cannot measure it, when you cannot express it in numbers, your knowledge is of a meagre and unsatisfactory kind; it may be the beginning of knowledge, but you have scarcely in your thoughts advanced to the state of Science, whatever the matter may be.” Baron William Thomson Kelvin (1824-1907) - From 'Electrical Units of Measurement', a lecture delivered at the Institution of Civil Engineers, London (3 May 1883). “The saying often quoted from Lord Kelvin (though the substance, I believe, is much older) that \"where you cannot measure your knowledge is meagre and unsatisfactory,\" as applied in mental and social science, is misleading and pernicious. This is another way of saying that these sciences are not sciences in the sense of physical science, and cannot attempt to be such, without forfeiting their proper nature and function. Insistence on a concretely quantitative economics means the use of statistics of physical magnitudes, whose economic meaning and significance is uncertain and dubious. (Even ‘wheat’ is approximately homogeneous only if measured in economic terms.) And a similar statement would apply even more to other social sciences. In this field, the Kelvin dictum very largely means in practice, \"if you cannot measure, measure anyhow!\" That is, one either performs some other operation and calls it measurement or measures something else instead of what is ostensibly under discussion, and usually not a social phenomena. To call averaging estimates, or guesses, measurement seems to be merely embezzling a word for its prestige value. And it might be pointed out also that in the field of human interests and relationships much of our most important knowledge is inherently non-quantitative, and could not conceivably be put in quantitative form without being destroyed. Perhaps we do not \"know\" that our friends really are our friends; in any case an attempt to measure their friendship would hardly make the knowledge either more certain or more ‘satisfactory’\"! Knight F. H. 1940. What is Truth in Economics? Journal of Political Economy 48(1):18n","PeriodicalId":427910,"journal":{"name":"ESADE Business School Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131331715","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}
The article discusses the trends underlying the increasing importance of knowledge management for businesses and public sector today. The elucidation of the meaning of KM, components of the knowledge process and comprehensive knowledge programs, is accorded sufficient handling for the benefit of the initiated and novice alike. Drivers of KM ranging from external, internal and to those bearing ongoing characterizes, are also discussed along with factors inducing organizations, private and public, profit oriented and not for profit, to develop KM programs are exhaustively tackled too. The centerpiece of the article being an exploration of the implementation of KM in education, regional government, and in harnessing indigenous knowledge to achieve sustainable development, the article accords sufficient treatment to the use of KM principles as well as implementing KM programs by educational centers of excellence (we prefer to call them knowledge centers), regional and central governments in improving product and service quality and variety, thereby making such institutions identify what it is they can do best, determine such as core businesses, excel in that thereby developing unique difficult to emulate capabilities. However, we do not forget to inform the reader/audience of the formidable challenges ahead, which is why challenges KM program encounter are presented. Challenges are by no means bogeys to committed quality performers, hence should serve as pointers of the right direction and thrust , an effective and sustainable KM Program should take and contain.
{"title":"Knowledge Management (KM), Indigenous Knowledge, Regional Development and Knowledge Centers: A Review of Key Issues","authors":"Muyanja-Ssenyonga Jameaba","doi":"10.2139/ssrn.2105603","DOIUrl":"https://doi.org/10.2139/ssrn.2105603","url":null,"abstract":"The article discusses the trends underlying the increasing importance of knowledge management for businesses and public sector today. The elucidation of the meaning of KM, components of the knowledge process and comprehensive knowledge programs, is accorded sufficient handling for the benefit of the initiated and novice alike. Drivers of KM ranging from external, internal and to those bearing ongoing characterizes, are also discussed along with factors inducing organizations, private and public, profit oriented and not for profit, to develop KM programs are exhaustively tackled too. The centerpiece of the article being an exploration of the implementation of KM in education, regional government, and in harnessing indigenous knowledge to achieve sustainable development, the article accords sufficient treatment to the use of KM principles as well as implementing KM programs by educational centers of excellence (we prefer to call them knowledge centers), regional and central governments in improving product and service quality and variety, thereby making such institutions identify what it is they can do best, determine such as core businesses, excel in that thereby developing unique difficult to emulate capabilities. However, we do not forget to inform the reader/audience of the formidable challenges ahead, which is why challenges KM program encounter are presented. Challenges are by no means bogeys to committed quality performers, hence should serve as pointers of the right direction and thrust , an effective and sustainable KM Program should take and contain.","PeriodicalId":427910,"journal":{"name":"ESADE Business School Research Paper Series","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114109381","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}
We develop a model of insider trading where agents have private information either about liquidation value or about supply and behave strategically to maximize their profits. The supply informed trader plays a dual role in market making and in information revelation. This trader not only reveals a part of the information he owns, but he also induces the other traders to reveal more of their private information. The presence of different types of information decreases market liquidity and induces non-monotonicity of the market indicators with respect to the variance of liquidation value. Replacing the noise introduced by liquidity traders with a random supply also allows us to study the effect the shocks on different components of supply have on prices and quantities.
{"title":"Imperfect Competition and Market Liquidity with a Supply Informed Trader","authors":"A. Dumitrescu","doi":"10.2139/ssrn.672223","DOIUrl":"https://doi.org/10.2139/ssrn.672223","url":null,"abstract":"We develop a model of insider trading where agents have private information either about liquidation value or about supply and behave strategically to maximize their profits. The supply informed trader plays a dual role in market making and in information revelation. This trader not only reveals a part of the information he owns, but he also induces the other traders to reveal more of their private information. The presence of different types of information decreases market liquidity and induces non-monotonicity of the market indicators with respect to the variance of liquidation value. Replacing the noise introduced by liquidity traders with a random supply also allows us to study the effect the shocks on different components of supply have on prices and quantities.","PeriodicalId":427910,"journal":{"name":"ESADE Business School Research Paper Series","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129046198","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}
Student transcripts prior to the year 1999 at Southern University at New Orleans (SUNO) registrar’s office are in traditional paper format. Currently, the manual process takes about twenty minutes per record while the computerized processing can be done in less than five minutes. The goal of this research is threefold: 1) to study the effectiveness of the computerized system compared to the manual process; 2) to increase small public Historically Black Colleges and Universities HBCU campus (SUNO) operational efficiencies through the reduction of paper work and manual operation; 3) to increase the use of enhanced information and technological tools, processes and management.
{"title":"A Case Study: Enhancement of Business Process Management Through System Automation","authors":"R. Belmasrour, M. Miah, A. Omar","doi":"10.2139/ssrn.2620275","DOIUrl":"https://doi.org/10.2139/ssrn.2620275","url":null,"abstract":"Student transcripts prior to the year 1999 at Southern University at New Orleans (SUNO) registrar’s office are in traditional paper format. Currently, the manual process takes about twenty minutes per record while the computerized processing can be done in less than five minutes. The goal of this research is threefold: 1) to study the effectiveness of the computerized system compared to the manual process; 2) to increase small public Historically Black Colleges and Universities HBCU campus (SUNO) operational efficiencies through the reduction of paper work and manual operation; 3) to increase the use of enhanced information and technological tools, processes and management.","PeriodicalId":427910,"journal":{"name":"ESADE Business School Research Paper Series","volume":"256 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123033282","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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