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Are initial public offerings significant to firm performance in an emerging stock market? Evidence from China 在新兴的股票市场中,首次公开募股对公司业绩是否重要?来自中国的证据
IF 1.3 4区 管理学 Q4 BUSINESS Pub Date : 2021-12-01 DOI: 10.4102/sajbm.v52i1.2517
Qiang Gao, Hai Long, Jianzhi Zhao
urpose:This study investigates firm performance after going public and explores whether Initial Public Offerings (IPOs) contribute to it.Design/methodology/approach: This study employs comprehensive regression models to examine IPO significance to both operating performance and market performance.Findings/results: It suggests that IPO firms retain their growth over the first 3 years after going public, but the growth does not sustain after the third year in terms of profit-related indicators, which is distinguishing from prior research. IPOs may contribute to firms’ market performance only, they are insignificant to firms’ operating performance in general, whilst industry-adjusted evidence suggests that IPOs are negatively associated with operating performance in terms of return on assets, return on sales and debt to assets.Practical implications: The practical implication for managers is to spend more IPO capitals on business operations to maximise firm value.Originality/value: Market value is taken into account, whilst operating performance is considered only by prior research, and it presents some different findings from prior studies based on developed stock markets.
目的:本研究考察上市后的公司绩效,并探讨首次公开发行(ipo)是否对公司绩效有所贡献。设计/方法/途径:本研究采用综合回归模型考察IPO对经营绩效和市场绩效的影响。发现/结果:IPO公司在上市后的前3年保持增长,但在利润相关指标上,第三年之后的增长不再持续,这与以往的研究有所区别。ipo可能只对公司的市场表现有贡献,它们对公司的经营业绩一般来说是微不足道的,而行业调整后的证据表明,ipo在资产回报率、销售回报率和资产负债率方面与经营业绩呈负相关。实践启示:对管理者的实践启示是将更多的IPO资金用于企业运营,以实现企业价值最大化。原创性/价值:考虑了市场价值,而经营业绩仅由先前的研究考虑,并且与先前基于发达股票市场的研究有一些不同的发现。
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引用次数: 3
Can strategic corporate social responsibility drive corporate innovation? 战略企业社会责任能否推动企业创新?
IF 1.3 4区 管理学 Q4 BUSINESS Pub Date : 2021-11-30 DOI: 10.4102/sajbm.v52i1.2577
Zhenzhen Yang, H. Su, Wen-chi Sun
Purpose: In practice, an increasing number of economic entities have begun to consider strategic corporate social responsibility (CSR) as an opportunity to create a win-win situation for the organisation and the society. The existing literature has yet to soundly corroborate the role of strategic CSR in corporate innovation. This study examines the relationship between strategic CSR and innovation.Design/methodology/approach: The empirical regression models are estimated to analyse the data collected from 2817 firms yielding 18 845 firm–year observations from 2001 to 2014 in the United States.Findings/results: The findings indicate that firms with strategic CSR generate more and better innovation outputs. The positive effect is more pronounced when institutional ownership is lower, when firm size is larger, and when product market competition is more intense. In terms of economic consequences, firms with strategic CSR actually have higher commercial value and are less likely to suffer loss from failed innovation.Practical implications: To establish a sustainable relationship with stakeholders and realise the long-term development of business and society, enterprises should engage in strategic CSR in a planned manner based on their own resources and professional expertise.Originality/value: The study sheds light on a growing body of literature that investigates the real consequences of firms’ strategic CSR, and explains the growing recognition of the importance of strategic CSR.
目的:在实践中,越来越多的经济实体开始将战略企业社会责任(CSR)视为一个为组织和社会创造双赢局面的机会。现有文献尚未充分证实战略性企业社会责任在企业创新中的作用。本研究考察了战略性企业社会责任与创新之间的关系。设计/方法/方法:估计实证回归模型分析了从2817家公司收集的数据,得出了美国2001年至2014年1845家公司的年度观察结果。发现/结果:研究结果表明,具有战略CSR的公司产生了更多更好的创新产出。当机构所有权较低、企业规模较大以及产品市场竞争更加激烈时,这种积极影响更加明显。就经济后果而言,具有战略CSR的企业实际上具有更高的商业价值,并且不太可能因创新失败而遭受损失。实践启示:为了与利益相关者建立可持续的关系,实现企业和社会的长期发展,企业应基于自身资源和专业知识,有计划地参与战略性企业社会责任。独创性/价值:这项研究揭示了越来越多的文献,这些文献调查了企业战略企业社会责任的真实后果,并解释了人们对战略企业社会义务重要性的日益认识。
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引用次数: 1
Corporate social responsibility, organisational reputation and liability of foreignness 企业社会责任、组织声誉和涉外责任
IF 1.3 4区 管理学 Q4 BUSINESS Pub Date : 2021-11-30 DOI: 10.4102/sajbm.v52i1.2731
Yuting Zhang, Yunlong Jiang
Purpose: This study aimed to test the impact of corporate social responsibility (CSR) and its subdivision dimensions on the liability of foreignness (LOF), as well as the mediating effect of organisational reputation.Methodology: A total of 301 observations from 43 branches and subsidiaries of China’s four major banks in 23 host countries from 2012 to 2018 were selected as samples to examine the impact of CSR and its segmented dimensions on the LOF. The mediating role of the parent company’s organisational reputation in the relationship between CSR and LOF was also examined. After controlling for the possible influence of firm age, firm size, economic distance, regulatory distance, and cultural distance on the model, three regression models were built.Findings: Liability of foreignness can be reduced by increasing CSR; and increasing technical CSR is especially effective in this regard. Organisational reputation plays a mediating role in the relationship between CSR and LOF.Practical Implications: Fulfilling CSR can help reduce the LOF.Originality: This research comprehensively explains the different views of current scholars on CSR and enriches the existing research on overcoming the LOF from the perspective of non-market mechanisms. It also provides new insight into the mediating effect of organisational reputation on CSR and its indirect effect on the LOF.
目的:本研究旨在检验企业社会责任(CSR)及其细分维度对外国人责任(LOF)的影响,以及组织声誉的中介作用。方法:选取2012年至2018年中国四大银行在23个东道国的43家分行和子公司的301个观察结果作为样本,研究企业社会责任及其细分维度对LOF的影响。本文还考察了母公司组织声誉在企业社会责任与LOF关系中的中介作用。在控制了企业年龄、企业规模、经济距离、监管距离和文化距离对模型的可能影响后,构建了三个回归模型。研究发现:提高企业社会责任可以降低企业的外来者责任;提高技术企业社会责任在这方面尤为有效。组织声誉在企业社会责任与企业绩效之间起中介作用。实践启示:履行企业社会责任有助于降低LOF。独创性:本研究全面解释了当前学者对企业社会责任的不同观点,丰富了已有的非市场机制视角下克服LOF的研究。这也为企业声誉对企业社会责任的中介作用及其对企业绩效的间接影响提供了新的视角。
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引用次数: 3
Ethics with an economic method: A new perspective on business ethics 经济学方法下的伦理学:商业伦理的新视角
IF 1.3 4区 管理学 Q4 BUSINESS Pub Date : 2021-11-16 DOI: 10.4102/sajbm.v52i1.2910
Peter Naude
Purpose: The purpose of this article was to review the book of Christoph Lütge and Matthias Uhl (2021) entitled Business ethics. An economically informed perspective (Oxford University Press).Design/methodology/approach: The approach followed is to give an overview of the book’s content, appraise the positive contribution followed by some critical questions for further discussions.Findings/results: The key finding is that the book, indeed, contributes to establish ethics with an economic method as a novel approach.Practical implications: Practical implications are found in both the approach to global ethics and especially to risk management design.Originality/value: The value of the book lies in its use as a handbook at a graduate level and as a guide to managers to implement corporate-level ethics.
目的:本文的目的是回顾Christoph l tge和Matthias Uhl(2021)的《商业伦理》一书。从经济角度看问题(牛津大学出版社)。设计/方法/方法:接下来的方法是给出本书内容的概述,评估积极的贡献,然后是一些关键问题,以供进一步讨论。发现/结果:关键的发现是,这本书确实有助于用经济方法作为一种新颖的方法建立伦理学。实际影响:实际影响发现在全球伦理的方法,特别是风险管理设计。原创性/价值:这本书的价值在于它可以作为研究生水平的手册,并作为管理人员实施公司层面道德的指南。
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引用次数: 0
Corrigendum: Investigating the relationship between corporate social responsibility and market, cost and environmental performance for sustainable business 勘误:调查企业社会责任与市场、成本和可持续经营环境绩效之间的关系
IF 1.3 4区 管理学 Q4 BUSINESS Pub Date : 2021-11-16 DOI: 10.4102/sajbm.v52i1.2822
L. Suganthi
No abstract available.
没有摘要。
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引用次数: 0
‘We are surviving well’: Adaptive strategies applied by women in an underground South African mine “我们活得很好”:南非地下矿井女性的适应策略
IF 1.3 4区 管理学 Q4 BUSINESS Pub Date : 2021-11-02 DOI: 10.4102/sajbm.v52i1.2431
Salóme Jansen van Vuuren, Marius W. Stander, V. Roos
women in the United States of America (US) have been employed in mining activities since the early 1970s (Cavender, 1988). In Sub-Saharan Africa (SSA), the employment of women in the mining industry should be contextualised against its colonial history and resultant cultural marginalisation, racial and gender discrimination and lack of legal and economic rights (Arthur-Holmes & Abrefa Busia, 2021; Musonda, 2020). Moreover, the deep infiltration of Chinese mining entrepreneurs and their reservation of job opportunities for expats led to the lesser employment of citizens, including Purpose: Research into women working in mines in general is limited, and less so for their presence in underground mines. This study explores the adaptive strategies women employ to navigate harsh physical and perceived threatening interpersonal contexts in an underground mine in South Africa. A contexulalised framework and guiding heuristic contructs (structuration and agency) were adopted to identify and discuss women’s adaptive strategies for navigating challenging underground mining environments and to propose interventions. Design/methodology/approach: A contextual, qualitative descriptive design was used. Twenty-one women in an underground gold mine in the North-West Province in South Africa were purposively selected and participated in semi-structured interviews ( n = 18) and an informal group discussion ( n = 3). Data was analysed thematically, using ATLAS.ti 8 (a qualitative data analysis and research software programme). Findings/Results: The women identified challenges on three levels: intrapersonal, relational and systemic and adaptive strategies on four levels: intrapersonal (adopting a different perspective and questioning traditional beliefs), behavioural (self-defence, solution-focused actions, working hard); relational (supportive same-gendered groups, support from working teams, and safe interpersonal spaces for debriefing); and broader systemic support (approachable human resources (HR) department, supportive close relationships, and external stakeholder resourcing). Practical implications: Interventions are proposed to support and strengthen the adaptive strategies of women working in mines. Originality/value: Identifying and supporting adaptive strategies applied by women in the workplace can benefit women individually and their work-teams, as well as informing best mining practices and society more widely.
自20世纪70年代初以来,美利坚合众国(US)的妇女一直受雇于采矿活动(Cavender,1988)。在撒哈拉以南非洲(SSA),采矿业妇女的就业应与殖民历史及其导致的文化边缘化、种族和性别歧视以及缺乏法律和经济权利相结合(Arthur Holmes和Abrefa Busia,2021;穆松达,2020)。此外,中国矿业企业家的深度渗透和他们为外籍人士保留的工作机会导致公民的就业机会减少,包括目的:对在矿山工作的女性的研究总体上是有限的,而对她们在地下矿山的存在的研究更是如此。这项研究探讨了在南非的一个地下矿井中,女性在恶劣的身体和感知到的威胁性人际环境中使用的适应性策略。采用了情境化框架和指导性启发式结构(结构和代理),以确定和讨论女性在具有挑战性的地下采矿环境中的适应策略,并提出干预措施。设计/方法论/方法:采用了上下文、定性的描述性设计。有针对性地挑选了南非西北省一个地下金矿的21名妇女,她们参加了半结构化访谈(n=18)和非正式小组讨论(n=3)。使用ATLAS.ti 8(一个定性数据分析和研究软件程序)对数据进行主题分析。调查结果/结果:妇女在三个层面上确定了挑战:在四个层面上的个人、关系、系统和适应性战略:个人(采用不同的观点并质疑传统信仰)、行为(自卫、以解决方案为重点的行动、努力工作);关系型(支持相同性别的群体,工作团队的支持,以及汇报的安全人际空间);以及更广泛的系统支持(平易近人的人力资源部门、支持性的密切关系和外部利益相关者资源)。实际影响:提议采取干预措施,支持和加强在矿山工作的妇女的适应战略。独创性/价值:确定和支持妇女在工作场所应用的适应性战略,可以使妇女个人及其工作团队受益,并更广泛地为最佳采矿实践和社会提供信息。
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引用次数: 0
Does positive feedback support the stronger and weaken the weaker? The effects of supervisors’ positive feedback on newcomers’ task performance in the first 90 days 积极的反馈是支持强者还是削弱弱者?主管的积极反馈对新员工前90天任务表现的影响
IF 1.3 4区 管理学 Q4 BUSINESS Pub Date : 2021-10-20 DOI: 10.4102/sajbm.v52i1.2165
Atnafu A. Wondim, Wenbing Wu, Wen Wu, Mingyu Zhang, Pan Liu
Purpose: This study aims to provide empirical evidence of how supervisors’ positive feedback plays a crucial role in newcomers’ task performance in the first 90 days of their employment.Design/methodology/approach: Data for this study were collected from newcomers and their immediate supervisors in a large high-tech manufacturing company in northern China. The study used a structured questionnaire to gather data from 229 newcomer-supervisor dyads, which were analysed through the application of structural equation modelling.Findings/results: The findings revealed that supervisors’ positive feedback positively affects newcomers’ task performance. The supervisors’ positive feedback enhances the task performance of newcomers’ by promoting energy and information seeking at work. In addition, the study also revealed that intrinsic motivation as a moderator strengthens the relationship between supervisors’ positive feedback and newcomers’ energy at work.Practical implications: Organiszations should place emphasis on supervisors’ positive feedback and newcomers’ level of intrinsic motivation in order to attain better performance in the workplace.Originality/value: This study highlights the need for organisations to pay attention to the dual roles of supervisors’ positive feedback and the intrinsic motivation of newcomers’ in improving task performance. Supervisors’ positive feedback boosts newcomers’ energy at work and aids their task performance when intrinsic motivation is high rather than low.
目的:本研究旨在提供实证证据,证明主管的积极反馈如何在新员工上任前90天的任务表现中发挥关键作用。设计/方法/方法:本研究的数据来自中国北方一家大型高科技制造公司的新员工及其直属主管。该研究使用结构化问卷从229名新主管二人组中收集数据,并通过结构方程建模进行分析。调查结果:调查结果显示,主管的积极反馈对新员工的任务表现有积极影响。主管的积极反馈通过促进工作中的能量和信息寻求来提高新员工的任务绩效。此外,研究还表明,作为调节因素的内在动机加强了主管的积极反馈与新员工工作能量之间的关系。实际意义:组织应强调主管的积极反馈和新员工的内在动机水平,以便在工作场所获得更好的表现。独创性/价值:这项研究强调,组织需要关注主管的积极反馈和新员工在提高任务绩效方面的内在动机的双重作用。当内在动机较高而非较低时,主管的积极反馈会增强新员工的工作能量,并有助于他们完成任务。
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引用次数: 4
Leadership behaviour that facilitates shared leadership emergence in internationally dispersed non-formal teams 有助于在国际分散的非正规团队中形成共同领导力的领导力行为
IF 1.3 4区 管理学 Q4 BUSINESS Pub Date : 2021-09-22 DOI: 10.4102/sajbm.v52i1.2695
Jandre Van Zyl, Karl Hofmeyr
Purpose: Globalisation and the increased complexity of organisations create the need for alternative leadership approaches that can harness the collective intellectual capital that exists within the dispersed employees of organisations.Design/methodology/approach: This qualitative study explored how shared leadership can be facilitated in internationally dispersed non-formal teams through increased team connectedness, leader humility, empowering leadership, participative leadership and quality leader-member exchanges. The study explored the perspectives of 12 purposively sampled internationally dispersed team members, who represented three different functional nonformal teams.Findings/results: As dispersion of teams increases, some traditional leadership approaches become less effective. Shared leadership, however, has greater effects on team performance when team dispersion increases.Practical implications: The study offers a theoretical framework of leadership in internationally dispersed non-formal teams, which serves as a basis for future empirical research. It provides leaders of teams and organisations, as well as human resource practitioners with guidance on how to achieve the benefits of shared leadership of teams in this context. Participants represented nine nationalities, dispersed across eight countries, on four continents.Originality/value: Studies into shared leadership have increased over the past decade; however, the antecedents that facilitate shared leadership are still not exhaustive, and the majority of studies have been in co-located and formal teams. This study provides insight into how non-formal leaders can facilitate the emergence of shared leadership in the context of dispersed, non-formal teams.
目的:全球化和组织复杂性的增加产生了对替代领导方法的需求,这种方法可以利用组织分散员工中存在的集体智力资本。设计/方法/方法:这项定性研究探讨了如何通过增强团队联系、领导者谦逊、增强领导力、参与式领导力和高质量的领导者-成员交流,在国际分散的非正规团队中促进共享领导力。这项研究探讨了12名有目的地抽样的国际分散团队成员的观点,他们代表了三个不同功能的非正规团队。发现/结果:随着团队分散程度的增加,一些传统的领导方法变得不那么有效。然而,当团队分散度增加时,共同领导对团队绩效的影响更大。实际意义:该研究为国际分散的非正规团队的领导力提供了一个理论框架,为未来的实证研究奠定了基础。它为团队和组织的领导者以及人力资源从业者提供了如何在这种情况下实现团队共同领导的好处的指导。与会者代表九个国家,分布在四大洲的八个国家。独创性/价值:在过去十年中,对共同领导的研究有所增加;然而,促进共同领导的前因仍然不是详尽无遗的,大多数研究都是在同一地点和正式团队中进行的。这项研究深入了解了非正规领导者如何在分散的非正规团队中促进共享领导力的出现。
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引用次数: 1
Servant leadership, team-based learning and hope and optimism: A sectoral comparative study 服务型领导、团队学习与希望与乐观:一项行业比较研究
IF 1.3 4区 管理学 Q4 BUSINESS Pub Date : 2021-09-21 DOI: 10.4102/SAJBM.V52I1.2444
A. Grobler, Aden-Paul Flotman
Purpose: This is an era of unprecedented turbulence. The current coronavirus disease 2019 (Covid-19) global pandemic testifies to this turmoil as, daily, the unknown dynamically unfolds. It is important during challenging times like these that leadership and organisational response enhance a shared positive vision for the future of humanity. This study aimed at determining the role played by servant leadership (SL) in promoting employee well-being, specifically, a positive future expectation in terms of hope and optimism (HO), as well as the impact that team-based learning (TBL) has on this relationship, and whether this is the same for both the private and public sectors.Design/methodology/approach: This study employed an empirical paradigm, using a cross-sectional design and quantitative analysis. The total sample consisted of 1560 participants, with 780 employed in the private and public sector, respectively.Findings/results: The results suggest that both SL and TBL have a significant impact on employees’ HO, with TBL being a mediating variable and with stronger relationships reported for the private sector. Technically, the TBL instrument employed was validated for South African use and the study included a statistical assessment of common method bias, which was found not to skew the results.Practical implications: This study provides further empirical evidence that SL is positively associated with HO. Secondly, the future-mindedness and future-orientation of HO could stimulate adaptive responses during this time of uncertainty and turmoil. Thus, HO, as potential resilience factors, could generate resilience by harnessing opportunities and setbacks both during the Covid-19 pandemic and in its aftermath.Originality/value: The practical value of this article is in the empirical evidence that both the leaders and the organisation have an impact on the employees’ wellness and positive work attitudes.
目的:这是一个前所未有的动荡时代。当前的2019冠状病毒病(新冠肺炎)全球大流行证明了这场动荡,因为每天都有未知的动态展开。在这样一个充满挑战的时代,领导力和组织反应增强了对人类未来的共同积极愿景,这一点很重要。本研究旨在确定仆人领导(SL)在促进员工幸福感方面所起的作用,特别是在希望和乐观方面的积极未来期望(HO),以及基于团队的学习(TBL)对这种关系的影响,以及这对私营和公共部门是否相同。设计/方法论/方法:本研究采用了实证范式,采用了横断面设计和定量分析。总样本由1560名参与者组成,其中780人分别受雇于私营和公共部门。研究结果/结果:研究结果表明,SL和TBL都对员工的HO有显著影响,其中TBL是一个中介变量,私营部门的关系更强。从技术上讲,所使用的TBL仪器已被南非使用验证,该研究包括对常用方法偏差的统计评估,发现该评估不会扭曲结果。实际意义:本研究提供了进一步的经验证据,证明SL与HO呈正相关。其次,在这个充满不确定性和动荡的时期,HO的未来意识和未来方向可以激发适应性反应。因此,HO作为潜在的恢复力因素,可以通过利用新冠肺炎大流行期间及其后的机会和挫折来产生恢复力。原创性/价值:这篇文章的实际价值在于经验证据,即领导者和组织都对员工的健康和积极的工作态度有影响。
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引用次数: 2
How transformational leadership, psychological contract violation, empowerment and affective commitment influence employee’s intention to quit an organisation 变革型领导、心理契约违背、赋权和情感承诺如何影响员工退出组织的意愿
IF 1.3 4区 管理学 Q4 BUSINESS Pub Date : 2021-09-20 DOI: 10.4102/sajbm.v52i1.2278
O. Samuel, A. Engelbrecht
Purpose: The first aim of this article is to assess the influence of transformational leadership and some selected psychological constructs on employee’s intention to quit an organisation. The second aim is to develop and validate a conceptual model that depicts the linear relationships amongst the constructs of this study (i.e. transformational leadership, psychological contract violation, psychological empowerment, affective commitment and intention to quit).Design/methodology/approach: The article employs correlational research method using quantitative research strategy. Structural equation modelling (SEM) was adopted in analysing data collected from 232 conveniently sampled respondents from various organisations in South Africa. The partial least square based SEM methodology was used to test the relationships amongst the various constructs of the study.Findings/results: Transformational leadership showed indirect influence on intention to quit through psychological contract violation, psychological empowerment and affective organisational commitment.Practical implications: The conceptual model of this study provides a useful psychological framework that guide organisations in the formulation and implementation of retention policies and practices. Further, it is imperative for organisations to encourage the adoption of transformational leadership at all levels of management. This is in consideration of the significant influences that this leadership behaviour exerts on individual employee’s intention to quit an organisation.Originality/value: An extensive search of instant literature did not produce evidence of an existing literature regarding the relationship between transformational leadership and psychological contract violation as we found in this article. This is a theoretical contribution to the field of organisation psychology. Furthermore, the article developed a unique and a empirically validated model that explained the direction and strength of relationships amongst selected antecedents of intention to quit. This practical contribution provides managers with both pragmatic insights and theoretical framework in formulating an effective retention strategy for their organisations.
目的:本文的第一个目的是评估变革型领导和一些选定的心理结构对员工离职意向的影响。第二个目的是开发并验证一个概念模型,该模型描述了本研究各构念(即变革型领导、心理契约违反、心理授权、情感承诺和退出意图)之间的线性关系。设计/方法/途径:本文采用定量研究策略的相关研究方法。结构方程模型(SEM)被用于分析从南非各组织的232个方便抽样的受访者收集的数据。基于偏最小二乘的扫描电镜方法被用来测试研究的各种结构之间的关系。发现/结果:变革型领导通过心理契约违反、心理授权和情感组织承诺间接影响辞职意愿。实际意义:本研究的概念模型提供了一个有用的心理学框架,指导组织制定和实施保留政策和实践。此外,组织必须鼓励在各级管理中采用变革型领导。这是考虑到这种领导行为对个体员工退出组织的意愿产生重大影响。原创性/价值:对即时文献的广泛搜索并没有像我们在本文中发现的那样,产生关于变革型领导与心理契约违反之间关系的现有文献的证据。这是对组织心理学领域的理论贡献。此外,本文开发了一个独特的和经验验证的模型,解释了选择的戒烟意向前因之间的关系的方向和强度。这一实际贡献为管理者提供了实用的见解和理论框架,为他们的组织制定有效的保留战略。
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引用次数: 6
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South African Journal of Business Management
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