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Institutional investors and company market value – the case of Poland 机构投资者与公司市场价值——以波兰为例
IF 0.7 4区 管理学 Q4 MANAGEMENT Pub Date : 2022-01-01 DOI: 10.5771/0949-6181-2022-1-87
Dominika Bosek-Rak
Institutional investors have contributed to the development of capital markets in transition economies, including Poland’s. Since they leverage detailed fundamental analysis and actively seek the highest possible returns on investments, their decisions are expected to be accurate and are observed carefully, often treated as signals for other investors to follow. As a result, the market valuations of target companies are expected to increase. The objective of this paper is to determine whether the presence of institutional investors in the ownership structure coexists with a higher market valuation of a listed company. The estimation of a panel model with fixed effects (681 companies listed on the Warsaw Stock Exchange, WSE, between 2014 and 2018) indicates that a higher share of institutional investors in the ownership structure coexists with a higher Price to Book Value (PB).
机构投资者对包括波兰在内的转型经济体的资本市场的发展作出了贡献。由于他们利用详细的基本面分析,并积极寻求尽可能高的投资回报,他们的决定被认为是准确的,并受到仔细观察,通常被视为其他投资者效仿的信号。因此,目标公司的市场估值有望上升。本文的目的是确定机构投资者在股权结构中的存在是否与上市公司较高的市场估值共存。对固定效应面板模型(2014年至2018年期间在华沙证券交易所(WSE)上市的681家公司)的估计表明,机构投资者在股权结构中的比例越高,股价与账面价值之比(PB)就越高。
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引用次数: 0
Strategic Dualities and Business Model Innovation within SMEs 中小企业的战略二元性与商业模式创新
IF 0.7 4区 管理学 Q4 MANAGEMENT Pub Date : 2022-01-01 DOI: 10.5771/0949-6181-2022-3-462
Roberto Biloslavo, D. Edgar, Roland Rusjan
Applying a business model approach, this paper explores how SMEs perceive, understand and deal with the range of strategic dualities that they face and how this may impact their business model innovation. Qualitative research was conducted using a sample of eight SMEs with the results analysed using content analysis. The findings suggest that SMEs address strategic dualities along four dimensions: degree of globalization (local vs. global), type of offering (individual experience vs. mass product), time orientation (short-term survival vs. long-term orientation), and modernity orientation (tradition vs. modern). It appears to be that SMEs do not recognize these dualities directly but are continuously trying to cope with the tensions they create, and that the whole process is biased by a strong link of SMEs to the local environment (i.e. terroir) that prevents radical innovation of business models. These findings are significant as they cast new insights into the strategic duality faced by SMEs and start to untangle the complex relationships between elements of the business model and SMEs’ local environments.
运用商业模式方法,本文探讨了中小企业如何感知、理解和处理他们所面临的一系列战略二元性,以及这可能如何影响他们的商业模式创新。定性研究是使用八个中小企业的样本进行的,结果分析使用内容分析。研究结果表明,中小企业在四个维度上解决战略二元性:全球化程度(本地vs全球)、产品类型(个人体验vs大众产品)、时间导向(短期生存vs长期导向)和现代性导向(传统vs现代)。中小企业似乎没有直接认识到这些二元性,而是不断地试图应对它们所造成的紧张关系,而且整个过程都受到中小企业与当地环境(即风土)的紧密联系的影响,这阻碍了商业模式的激进创新。这些发现意义重大,因为它们对中小企业面临的战略二元性提出了新的见解,并开始理清商业模式要素与中小企业当地环境之间的复杂关系。
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引用次数: 0
SWOT-AHP hybrid method for ranking the relaunching strategies of an industrial company 基于SWOT-AHP混合方法的工业企业再上市策略排序
IF 0.7 4区 管理学 Q4 MANAGEMENT Pub Date : 2022-01-01 DOI: 10.5771/0949-6181-2022-4-709
Gabriel M Popescu, C. Gasparotti
Our paper aims to assess the current situation of an industrial company, which is in a difficult situation caused by two factors: the Covid-19 pandemic and the situation created by reducing the production of cars with diesel engines in favour of electric/hybrid, and defining and prioritizing the most efficient strategies for relaunching the company's activity and for reorienting it towards other components instead of those in current production. The company's current situation was determined by identifying the environmental factors (SWOT) and using the TOWS matrix, and the most appropriate strategies were defined. The research is based on a case study using information collected from the company managers and existing annual reports. To quantitatively determine the importance of each factor in the SWOT matrix, classify the defined strategies, and verify the views of the study participants, the AHP (Analytical Hierarchy Process) method has been used. The calculations were performed with Excel software. The results obtained showed that the top three strategies for developing the company are: investment programs in high-performance equipment, increasing the degree of the processes integration, and attracting new strategic suppliers to develop essential projects.
我们的论文旨在评估一家工业公司的现状,该公司处于由两个因素造成的困境:Covid-19大流行和减少柴油发动机汽车生产以支持电动/混合动力汽车所造成的局面,并确定和优先考虑最有效的战略,以重新启动公司的活动,并将其重新定位为其他组件,而不是当前生产的组件。通过识别环境因素(SWOT)和使用TOWS矩阵来确定公司的现状,并确定了最合适的策略。这项研究是基于一个案例研究,使用从公司经理和现有的年度报告收集的信息。为了定量地确定SWOT矩阵中每个因素的重要性,对定义的策略进行分类,并验证研究参与者的观点,使用了AHP(层次分析法)方法。计算用Excel软件进行。结果表明,公司发展的三大战略是:对高性能设备的投资计划,提高工艺集成程度,吸引新的战略供应商开发关键项目。
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引用次数: 0
Who desires to stay? The role of relational job crafting on the intention to stay with the mediating role of workplace friendship 谁想留下来?工作关系对职场友谊的中介作用
IF 0.7 4区 管理学 Q4 MANAGEMENT Pub Date : 2022-01-01 DOI: 10.5771/0949-6181-2022-4-583
Esra Çınar, H. N. Basim
Drawing on theory of reasoned action and identity theory, we examined the mediating effect of workplace friendship on the association between relational job crafting and the intention to stay. The hypotheses were tested by analysing the data collected from 228 participants. We found positive and significant relationships between the intention to stay and relational job crafting, as well as with workplace friendship. Furthermore, a positive and significant relationship between relational job crafting and workplace friendship was found. The results also indicate that workplace friendship has a partial mediating effect on the relationship between relational job crafting and the intention to stay.
运用理性行为理论和认同理论,考察了职场友谊对关系型工作制作与留任意愿之间关系的中介作用。通过分析从228名参与者收集的数据,这些假设得到了检验。我们发现,留下来的意愿与工作关系以及职场友谊之间存在显著的正相关关系。此外,关系型工作制作与职场友谊之间存在显著的正相关关系。研究结果还表明,职场友谊对关系型工作制作与留任意愿之间的关系具有部分中介作用。
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引用次数: 2
Knowledge overconfidence among entrepreneurs from Austria and North Macedonia 奥地利和北马其顿企业家的知识过度自信
IF 0.7 4区 管理学 Q4 MANAGEMENT Pub Date : 2022-01-01 DOI: 10.5771/0949-6181-2022-2-259
Viktorija Ilieva, Aleksandra Janeska-Iliev, Stojan Debarliev, L. Nakov, Ljubomir Drakulevski, Thomas Brudermann
Entrepreneurial decision-making is often characterized by unrealistic optimism. This so-called “overconfidence bias” has consequently received an increasing amount attention from the authors of literature on entrepreneurship research. Most empirical studies, however, that target the overconfidence bias have been conducted with students or samples from the general population. This study contributes to the entrepreneurial decision-making literature by explicitly targeting entrepreneurs from Austria and North Macedonia (n = 187), defined as individuals who have started their own businesses or are in the process of doing so. The entrepreneurs were asked to complete a general-knowledge questionnaire and to estimate the accuracy of their answers. The results suggest that the most of these entrepreneurs exhibit overconfidence (and some, underconfidence) with regard to the accuracy of their knowledge. Significant differences were observed between the bias scores and confidence scores of the Austrian and Macedonian respondents, but not the accuracy scores. The so-called “hard-easy effect,” which indicates that individuals display overconfidence when answering hard questions, but underconfidence when answering easy questions, was observed among the Austrian but not among the Macedonian entrepreneurs.
创业决策往往带有不切实际的乐观主义。因此,这种所谓的“过度自信偏见”受到了创业研究文献作者越来越多的关注。然而,大多数针对过度自信偏见的实证研究都是在学生或普通人群中的样本中进行的。本研究明确针对奥地利和北马其顿的企业家(n = 187),定义为已经开始自己的企业或正在这样做的个人,从而为创业决策文献做出了贡献。这些企业家被要求完成一份常识调查问卷,并估计其答案的准确性。结果表明,大多数企业家对自己知识的准确性表现出过度自信(也有一些缺乏自信)。奥地利和马其顿受访者的偏见得分和信心得分之间存在显著差异,但准确性得分没有显著差异。所谓的“难易效应”,即个人在回答难的问题时表现出过度自信,而在回答容易的问题时表现出自信心不足,在奥地利企业家中观察到,而在马其顿企业家中没有观察到。
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引用次数: 0
Public Support to Research and Innovation: Do European Resources Boost Innovation Outputs? 公众对研究和创新的支持:欧洲资源促进创新产出吗?
IF 0.7 4区 管理学 Q4 MANAGEMENT Pub Date : 2022-01-01 DOI: 10.5771/0949-6181-2022-1-106
V. Baláž, T. Jeck
The paper analyses the financial indicators of 546 Slovak firms that received support from the European Structural and Cohesion Funds (ESCF) in the period of 2013-2015. Two support schemes were analysed: one for innovations (technology transfer) and another for R&D grants. The research combines data from public and private resources. It applies the difference-in-differences (DiD) evaluation method along with the propensity score matching (PSM) technique. The research tests the hypotheses that (i) assistance from the ESCF improved the economic and innovation performance of the supported firms, and (ii) smaller firms transformed public support into innovation outputs more efficiently than did large enterprises. Both hypotheses are confirmed. The finding comes with some reservations concerning the efficiency of the support, grant-seeking behaviour, and the reliability of output indicators.
本文分析了2013-2015年期间获得欧洲结构和凝聚力基金(ESCF)支持的546家斯洛伐克公司的财务指标。他们分析了两种支持方案:一种用于创新(技术转移),另一种用于研发资助。这项研究结合了来自公共和私人资源的数据。它采用了差中差(DiD)评价方法和倾向得分匹配(PSM)技术。研究验证了以下假设:(1)ESCF的援助提高了被支持企业的经济和创新绩效;(2)小企业比大企业更有效地将公共支持转化为创新产出。这两个假设都得到了证实。这项发现对支助的效率、寻求赠款的行为和产出指标的可靠性有一些保留意见。
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引用次数: 0
Addressing Leader-Member Exchange and Self-Regulation as Remedies for Work Alienation: Insights from Private and Public Sectors in Turkey 解决领导-成员交流和自我监管作为工作异化的补救措施:来自土耳其私营和公共部门的见解
IF 0.7 4区 管理学 Q4 MANAGEMENT Pub Date : 2022-01-01 DOI: 10.5771/0949-6181-2022-2-311
M. Turkmenoglu, Berat Çiçek, Duygu Acar Erdur
Although there is a growing body of literature on the consequences of work alienation, its antecedents have not received the same attention. Therefore, there is a need to examine elements affecting work alienation, the examination of which has been a preoccupation amongst both organisations and scholars. Drawing on the Social Exchange Theory and Self-Determination Theory, we aim to investigate the relationship between leader-member exchange, work alienation, and the mediation role of self-regulation on this relationship. We also consider whether tenure moderates the relationship between leader-member exchange and work alienation. To achieve the aim of the study, the quantitative research method is adopted by collecting data from 310 public and private sector employees and middle managers in Turkey. The partial least squares approach is employed to test the conceptual model, and multi-group analysis is used to examine whether the relationship differs with sector. The results reveal that leader-member exchange negatively affects work alienation, and self-regulation mediates this relationship. Tenure has a moderating effect on the relationship between leader-member exchange and self-regulation. Multi-group analysis results demonstrate a higher impact of leader-member exchange on self-regulation in the public sector than in the private sector. Implications, limitations, and future studies are drawn from the results.
尽管有越来越多的文献研究工作异化的后果,但它的前身并没有得到同样的关注。因此,有必要研究影响工作异化的因素,对这些因素的研究一直是组织和学者关注的问题。运用社会交换理论和自我决定理论,探讨领导-成员交换与工作异化之间的关系,以及自我调节在这一关系中的中介作用。我们还考虑了任期是否会调节领导-成员交换和工作异化之间的关系。为了达到研究的目的,采用定量研究方法,收集来自土耳其310名公共和私营部门员工和中层管理人员的数据。采用偏最小二乘方法对概念模型进行检验,并采用多组分析来检验不同部门之间的关系是否不同。结果表明,领导-成员交换对工作异化有负向影响,而自我调节在这一关系中起中介作用。任期对领导-成员交换与自我调节的关系有调节作用。多群体分析结果表明,领导-成员交换对公共部门自我监管的影响高于私营部门。从结果中得出了启示、局限性和未来的研究。
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引用次数: 0
The importance of employees' work satisfaction in family enterprises: a case study of the post-transition economy 家族企业员工工作满意度的重要性:以转型后经济为例
IF 0.7 4区 管理学 Q4 MANAGEMENT Pub Date : 2022-01-01 DOI: 10.5771/0949-6181-2022-1-130
M. Rožman, P. Tominc
The main aim of this paper is to synthesize the research results based on the developed multidimensional model of activities in family companies aimed at achieving employee engagement. Furthermore, this research outlines the components that impact employee satisfaction in family businesses as drivers of employees' engagement on the job. The paper is based on primary research, including a survey of family companies in Slovenia. To test the hypotheses of the study, we used structural equation modeling (SEM). The results show that factors such as leadership, employee relations, and intergenerational synergy have a positive effect on employee satisfaction, which in turn leads to employee engagement. Our research results and recommendations can help owners/managers in family companies to contribute to a better work environment and to understand the impact of family businesses’ leadership, employee relations, and intergenerational synergy on employee satisfaction engagement.
本文的主要目的是在建立家族企业员工敬业度多维度活动模型的基础上,对研究成果进行综合。此外,本研究还概述了影响家族企业员工满意度的因素,这些因素是员工敬业度的驱动因素。本文基于初步研究,包括对斯洛文尼亚家族企业的调查。为了检验研究的假设,我们使用了结构方程模型(SEM)。结果表明,领导力、员工关系、代际协同等因素对员工满意度有正向影响,进而影响员工敬业度。我们的研究结果和建议可以帮助家族企业的所有者/管理者为更好的工作环境做出贡献,并了解家族企业的领导、员工关系和代际协同作用对员工满意度参与的影响。
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引用次数: 0
Job Attribute Preferences of Incoming University Students and Newly-Hired Employees in the Context of the Romanian Labour Market 罗马尼亚劳动力市场背景下大学生和新雇员的工作属性偏好
IF 0.7 4区 管理学 Q4 MANAGEMENT Pub Date : 2022-01-01 DOI: 10.5771/0949-6181-2022-1-31
Loredana Mihalca, C. Mengelkamp, Gabriela Brendea, D. Metz
The purpose of this study is to investigate which job and organisational attributes incoming first-year students prefer in a job, and whether their preferences differ from those of newly-hired employees. Factor analysis of the job attributes reveal four underlying factors: job itself, firm attributes, compensation and rewards, and supportive work environment. Results show that students’ perceptions differ from those of employees only with regard to the importance of firm’s attributes. This study also examines whether preferences for job attributes differ when students’ growth need strength, academic achievement, and gender are taken into account. Results indicate that students with high growth needs place greater importance on job attributes centred on job itself, but lower importance on job attributes concerning supportive work environment. Furthermore, female students rate job attributes pertaining to supportive work environment significantly higher than male students.
本研究的目的是调查新入职的一年级学生更喜欢哪些工作和组织属性,以及他们的偏好是否与新入职的员工不同。对工作属性的因素分析揭示了四个潜在因素:工作本身、企业属性、薪酬奖励和支持性工作环境。结果表明,学生与员工的认知差异仅体现在企业属性的重要性上。本研究亦探讨了当学生的成长需求、实力、学业成就和性别因素被考虑后,他们对工作属性的偏好是否会有所不同。结果表明,高成长需求的学生更重视以工作本身为中心的工作属性,而对支持性工作环境的工作属性的重视程度较低。此外,女生对支持性工作环境工作属性的评价显著高于男生。
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引用次数: 1
Implementing Distributed Leadership in Pre-school Education Institutions 在学前教育机构实施分布式领导
IF 0.7 4区 管理学 Q4 MANAGEMENT Pub Date : 2022-01-01 DOI: 10.5771/0949-6181-2022-4-686
Dalia Dambrauskienė, L. Liukinevičienė, Sigitas Balčiūnas
The article aims to reveal the implementation of distributed leadership in Lithuanian pre-school education institutions from the perspective of a principal in the organization. The article presents the results of qualitative research (the interviews n=11) conducted in 2019 in Lithuania. The research is based on the concept of distributed leadership as a result of interaction between leaders and followers, as a forward-looking transformation, which is discussed in science. The position of a principal has been chosen: the perspective of the person elected as a pre-school principal for the first time, or an experienced pre-school principal who is assigned to manage two institutions at the same time. The research has revealed that the majority of principals seek to implement distributed leadership due to their moral values and from the pragmatic point of view. The factors that hinder principals’ desire to implement distributed leadership in pre-school education institutions have been revealed as well.
本文旨在从组织中校长的角度揭示分布式领导在立陶宛学前教育机构中的实施情况。本文介绍了2019年在立陶宛进行的定性研究(访谈n=11)的结果。本研究基于分布式领导的概念,它是领导者和追随者之间互动的结果,是一种前瞻性的转变,这在科学上是有讨论的。校长的职位被选定为:第一次被选为幼儿园校长的人的观点,或同时管理两个机构的有经验的幼儿园校长的观点。研究表明,大多数校长出于道德价值观和实用主义的角度,寻求实施分布式领导。同时也揭示了阻碍校长在学前教育机构实施分布式领导的因素。
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引用次数: 1
期刊
Journal of East European Management Studies
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