Pub Date : 2021-11-25DOI: 10.1177/23409444211058179
A. Pessi, Anna Seppänen, J. Spännäri, Henrietta Grönlund, Frank Martela, M. Paakkanen
Re-enchantment taps well into the current zeitgeist: The rising focus on emotions and post-material values also in organizational context. Enchantment is deeply tied to socially generated emotions. Our aim is to develop the concept of copassion, referring to the process of responding to the positive emotion of a fellow human being. Concepts are crucial as they shape our understanding of the world. Our core claim is relating to our colleagues’ positive emotions not only enables and maintains but also fosters enchantment at work. In this article, by laying the ground by discussing enchantment and the theoretical framework of intersubjectivity, we will link copassion to the physiological and evolutionary basis of humans, as well as explore its conceptual neighbors. Finally, we will discuss intersubjectivity, and particularly mutual recognition, as well as the inseparability of compassion and copassion in human experience at work, and its implications to the study of enchantment. JEL CLASSIFICATION: M14 Corporate Culture, Diversity, Social Responsibility
{"title":"In search of copassion: Creating a novel concept to promote re-enchantment at work","authors":"A. Pessi, Anna Seppänen, J. Spännäri, Henrietta Grönlund, Frank Martela, M. Paakkanen","doi":"10.1177/23409444211058179","DOIUrl":"https://doi.org/10.1177/23409444211058179","url":null,"abstract":"Re-enchantment taps well into the current zeitgeist: The rising focus on emotions and post-material values also in organizational context. Enchantment is deeply tied to socially generated emotions. Our aim is to develop the concept of copassion, referring to the process of responding to the positive emotion of a fellow human being. Concepts are crucial as they shape our understanding of the world. Our core claim is relating to our colleagues’ positive emotions not only enables and maintains but also fosters enchantment at work. In this article, by laying the ground by discussing enchantment and the theoretical framework of intersubjectivity, we will link copassion to the physiological and evolutionary basis of humans, as well as explore its conceptual neighbors. Finally, we will discuss intersubjectivity, and particularly mutual recognition, as well as the inseparability of compassion and copassion in human experience at work, and its implications to the study of enchantment. JEL CLASSIFICATION: M14 Corporate Culture, Diversity, Social Responsibility","PeriodicalId":46891,"journal":{"name":"Brq-Business Research Quarterly","volume":"25 1","pages":"82 - 97"},"PeriodicalIF":2.9,"publicationDate":"2021-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47246379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-29DOI: 10.1177/23409444211054508
Pallavi Sarmah, A. van den Broeck, B. Schreurs, Karin Proost, F. Germeys
The continuation of work that undermines employee well-being necessitates an investigation into the antecedents of work design. Therefore, we examined how autonomy supportive and controlling leadership—as defined in self-determination theory (SDT)—relate to employees’ job resources, job demands, and well-being. Using a cross-sectional (N = 501) and a daily diary study (N = 123), we found that autonomy supportive leadership relates to employees’ work engagement via job resources both at the between- and within-person levels. However, only the cross-sectional study evidenced a relationship between autonomy supportive leadership and exhaustion via job resources. Controlling leadership related to exhaustion via job demands at the between-person level in both studies but not at the within-person level. Alongside implications for the literature on SDT, work design theory, the leadership literature, and workplace re-enchantment, we advance concomitant insights to practitioners. JEL CLASSIFICATION: I31, J81, M12
{"title":"Autonomy supportive and controlling leadership as antecedents of work design and employee well-being","authors":"Pallavi Sarmah, A. van den Broeck, B. Schreurs, Karin Proost, F. Germeys","doi":"10.1177/23409444211054508","DOIUrl":"https://doi.org/10.1177/23409444211054508","url":null,"abstract":"The continuation of work that undermines employee well-being necessitates an investigation into the antecedents of work design. Therefore, we examined how autonomy supportive and controlling leadership—as defined in self-determination theory (SDT)—relate to employees’ job resources, job demands, and well-being. Using a cross-sectional (N = 501) and a daily diary study (N = 123), we found that autonomy supportive leadership relates to employees’ work engagement via job resources both at the between- and within-person levels. However, only the cross-sectional study evidenced a relationship between autonomy supportive leadership and exhaustion via job resources. Controlling leadership related to exhaustion via job demands at the between-person level in both studies but not at the within-person level. Alongside implications for the literature on SDT, work design theory, the leadership literature, and workplace re-enchantment, we advance concomitant insights to practitioners. JEL CLASSIFICATION: I31, J81, M12","PeriodicalId":46891,"journal":{"name":"Brq-Business Research Quarterly","volume":"25 1","pages":"44 - 61"},"PeriodicalIF":2.9,"publicationDate":"2021-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48904696","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-28DOI: 10.1177/23409444211054861
M. Boronat-Navarro, A. Escribá-Esteve, Jesús Navarro-Campos
Ambidexterity has been linked to firm structures that are typical of organizations with a larger size. However, further research is needed to analyze whether the effect of firm size on ambidexterity is contingent on other aspects. We argue that micro and small firms that have developed some competitive intelligence routines (CIRs) may foster ambidextrous behavior and compensate for the limitations arising from a smaller size and lack of resources. We test our proposal on a sample of 200 firms in the furniture sector. Our results show that CIRs compensate for size constraints in that size is no longer a relevant variable to increase ambidextrous behavior in firms that achieve higher levels in these routines. Our results provide new and important insights into how ambidexterity may be fostered in small firms that lack resource slack or the ability to use separate units to develop knowledge exploration and exploitation activities. JEL CLASSIFICATION: M10, M21, O3
{"title":"Ambidexterity in micro and small firms: Can competitive intelligence compensate for size constraints?","authors":"M. Boronat-Navarro, A. Escribá-Esteve, Jesús Navarro-Campos","doi":"10.1177/23409444211054861","DOIUrl":"https://doi.org/10.1177/23409444211054861","url":null,"abstract":"Ambidexterity has been linked to firm structures that are typical of organizations with a larger size. However, further research is needed to analyze whether the effect of firm size on ambidexterity is contingent on other aspects. We argue that micro and small firms that have developed some competitive intelligence routines (CIRs) may foster ambidextrous behavior and compensate for the limitations arising from a smaller size and lack of resources. We test our proposal on a sample of 200 firms in the furniture sector. Our results show that CIRs compensate for size constraints in that size is no longer a relevant variable to increase ambidextrous behavior in firms that achieve higher levels in these routines. Our results provide new and important insights into how ambidexterity may be fostered in small firms that lack resource slack or the ability to use separate units to develop knowledge exploration and exploitation activities. JEL CLASSIFICATION: M10, M21, O3","PeriodicalId":46891,"journal":{"name":"Brq-Business Research Quarterly","volume":"3 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2021-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84692061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-28DOI: 10.1177/23409444211054510
Vivien Lefebvre
Using arguments from the behavioral theory of the firm, agency theory, and the literature on internal capital markets, this article investigates the relationship between financial slack and firms’ profitability in standalone versus business group–affiliated firms. Using a large sample of French privately held firms, we show that there is a quadratic, inverse U-shape relationship between financial slack and profitability for privately held firms. We observe that the relation is steeper for business group affiliated firms than for standalone firms, which is consistent with the idea that firms in business groups are in competition for the business groups resources. Moreover, we explore whether business groups characteristics and position and weight of a given affiliated firm in the business group organization influence the impact of financial slack on profitability. Our results show that for firms that are closest to the business group head firm and that have a higher weight in the business groups, the quadratic, inverse U-shaped relationship is steeper. These findings suggest that the bargaining power that firms have in business groups plays an important role in explaining the relation between financial slack and profitability. JEL CLASSIFICATION: G32, L22 and L25.
{"title":"A bird in the hand is better than two in the bush: Investigating the relationship between financial slack and profitability in business groups","authors":"Vivien Lefebvre","doi":"10.1177/23409444211054510","DOIUrl":"https://doi.org/10.1177/23409444211054510","url":null,"abstract":"Using arguments from the behavioral theory of the firm, agency theory, and the literature on internal capital markets, this article investigates the relationship between financial slack and firms’ profitability in standalone versus business group–affiliated firms. Using a large sample of French privately held firms, we show that there is a quadratic, inverse U-shape relationship between financial slack and profitability for privately held firms. We observe that the relation is steeper for business group affiliated firms than for standalone firms, which is consistent with the idea that firms in business groups are in competition for the business groups resources. Moreover, we explore whether business groups characteristics and position and weight of a given affiliated firm in the business group organization influence the impact of financial slack on profitability. Our results show that for firms that are closest to the business group head firm and that have a higher weight in the business groups, the quadratic, inverse U-shaped relationship is steeper. These findings suggest that the bargaining power that firms have in business groups plays an important role in explaining the relation between financial slack and profitability. JEL CLASSIFICATION: G32, L22 and L25.","PeriodicalId":46891,"journal":{"name":"Brq-Business Research Quarterly","volume":"1 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2021-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82901791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-28DOI: 10.1177/23409444211051754
Carlos Fernández Méndez, Rubén Arrondo García, Shams Pathan
We study the effects of family control on CEO pay from the perspective of behavioral agency model (BAM), with particular focus on family firm’s generational stage and CEO family ties. Using a panel of Australian listed firms, we find that family firms present lower total and variable CEO pay, showing also less pay disparity between the CEO and other top executives. We also find that multi-generational family firms and those run by non-family CEOs offer higher total and variable CEO pay and present high pay disparity. The BAM and family’s aversion to socioemotional wealth loss can explain the effects of family control based on the pursuing of non-financial family goals. The decline of these goals derived from the aging of the firm and the hiring of external CEOs shape family control and should be considered in the design of executive compensation policies and by external parties when assessing their suitability. JEL CLASSIFICATION: G30; G32; G34; G38
{"title":"CEO pay and family firm heterogeneity: A behavioral agency model perspective","authors":"Carlos Fernández Méndez, Rubén Arrondo García, Shams Pathan","doi":"10.1177/23409444211051754","DOIUrl":"https://doi.org/10.1177/23409444211051754","url":null,"abstract":"We study the effects of family control on CEO pay from the perspective of behavioral agency model (BAM), with particular focus on family firm’s generational stage and CEO family ties. Using a panel of Australian listed firms, we find that family firms present lower total and variable CEO pay, showing also less pay disparity between the CEO and other top executives. We also find that multi-generational family firms and those run by non-family CEOs offer higher total and variable CEO pay and present high pay disparity. The BAM and family’s aversion to socioemotional wealth loss can explain the effects of family control based on the pursuing of non-financial family goals. The decline of these goals derived from the aging of the firm and the hiring of external CEOs shape family control and should be considered in the design of executive compensation policies and by external parties when assessing their suitability. JEL CLASSIFICATION: G30; G32; G34; G38","PeriodicalId":46891,"journal":{"name":"Brq-Business Research Quarterly","volume":"2 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2021-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88802475","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-17DOI: 10.1177/23409444211044732
J. Lee, Jiyul Choi, S. Xiao, Y. Lew, B. Park
Based on the institutional perspective, this article examines whether institutional pressures in home and host countries affect multinational enterprise (MNE) subsidiaries’ corporate social responsibility (CSR) practices and whether the institutional distance between home and host countries moderates these relationships. We collect data from 185 Chinese MNEs’ 349 foreign subsidiaries operating in 27 host countries and conduct a cross-classified multilevel model analysis of the data. The findings indicate that institutional pressures in home and host countries significantly affect the CSR practices of the MNE subsidiaries operating in host countries. Also, we find that the formal and informal institutional distances between the home and host countries exert different interaction effects on these CSR practices. The findings from this study offer useful implications for MNEs’ social strategies for sustainability. JEL CLASSIFICATION: G38, L16, M16, Q17
{"title":"How do the institutions matter for MNE subsidiaries’ CSR in host countries? Evidence from Chinese overseas subsidiaries","authors":"J. Lee, Jiyul Choi, S. Xiao, Y. Lew, B. Park","doi":"10.1177/23409444211044732","DOIUrl":"https://doi.org/10.1177/23409444211044732","url":null,"abstract":"Based on the institutional perspective, this article examines whether institutional pressures in home and host countries affect multinational enterprise (MNE) subsidiaries’ corporate social responsibility (CSR) practices and whether the institutional distance between home and host countries moderates these relationships. We collect data from 185 Chinese MNEs’ 349 foreign subsidiaries operating in 27 host countries and conduct a cross-classified multilevel model analysis of the data. The findings indicate that institutional pressures in home and host countries significantly affect the CSR practices of the MNE subsidiaries operating in host countries. Also, we find that the formal and informal institutional distances between the home and host countries exert different interaction effects on these CSR practices. The findings from this study offer useful implications for MNEs’ social strategies for sustainability. JEL CLASSIFICATION: G38, L16, M16, Q17","PeriodicalId":46891,"journal":{"name":"Brq-Business Research Quarterly","volume":"29 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2021-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86521001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-31DOI: 10.1177/23409444211042382
Dolores Añón Higón, Alfonso Díez-Minguela
This article explores the extent to which the regional higher education system (HES) influences the location of foreign research and development (R&D). To do so, we use a dataset with information on the location choices of new foreign R&D establishments within Spain from 2005 to 2013. Similarly, we use a multiple measure of the three university missions, distinguishing between research capacity training, scientific research, and technology transfer. We find that the probability of a foreign R&D establishment being located in a region is positively affected by the strength of the region’s HES missions, and more specifically by the quality of its scientific research, while its research training capacity and knowledge transfer activities do not seem to play a significant role. Moreover, the strength of the research mission has a positive influence on the location choice of foreign units conducting research activities but is weak to explain the location of those performing development activities. JEL CLASSIFICATION F21; F23; O32
{"title":"Do universities matter for the location of foreign R&D?","authors":"Dolores Añón Higón, Alfonso Díez-Minguela","doi":"10.1177/23409444211042382","DOIUrl":"https://doi.org/10.1177/23409444211042382","url":null,"abstract":"This article explores the extent to which the regional higher education system (HES) influences the location of foreign research and development (R&D). To do so, we use a dataset with information on the location choices of new foreign R&D establishments within Spain from 2005 to 2013. Similarly, we use a multiple measure of the three university missions, distinguishing between research capacity training, scientific research, and technology transfer. We find that the probability of a foreign R&D establishment being located in a region is positively affected by the strength of the region’s HES missions, and more specifically by the quality of its scientific research, while its research training capacity and knowledge transfer activities do not seem to play a significant role. Moreover, the strength of the research mission has a positive influence on the location choice of foreign units conducting research activities but is weak to explain the location of those performing development activities. JEL CLASSIFICATION F21; F23; O32","PeriodicalId":46891,"journal":{"name":"Brq-Business Research Quarterly","volume":"57 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90929817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-28DOI: 10.1177/23409444211035138
Andrés Salas‐Vallina, Yasin Rofcanin, M. Las Heras
The COVID-19 pandemic has tested health care professionals to the extreme. This study investigated the re-enchanting effect of shared leadership and passion at work in the context of public health care. This study advances on the Self-Determination Theory to suggest that shared leadership has a positive effect on resilience and performance through passion at work at different levels of analysis. A sample of 518 physicians working in Spanish public hospitals was used. The results showed that shared leadership was associated with team and individual outcomes via passion at work at team level, while no significant mediating effect was found for passion at work at the individual level. The theoretical and practical implications of the findings are discussed, limitations are considered, and future research directions are suggested. JEL CLASSIFICATION: M12, M54
{"title":"Building resilience and performance in turbulent times: The influence of shared leadership and passion at work across levels","authors":"Andrés Salas‐Vallina, Yasin Rofcanin, M. Las Heras","doi":"10.1177/23409444211035138","DOIUrl":"https://doi.org/10.1177/23409444211035138","url":null,"abstract":"The COVID-19 pandemic has tested health care professionals to the extreme. This study investigated the re-enchanting effect of shared leadership and passion at work in the context of public health care. This study advances on the Self-Determination Theory to suggest that shared leadership has a positive effect on resilience and performance through passion at work at different levels of analysis. A sample of 518 physicians working in Spanish public hospitals was used. The results showed that shared leadership was associated with team and individual outcomes via passion at work at team level, while no significant mediating effect was found for passion at work at the individual level. The theoretical and practical implications of the findings are discussed, limitations are considered, and future research directions are suggested. JEL CLASSIFICATION: M12, M54","PeriodicalId":46891,"journal":{"name":"Brq-Business Research Quarterly","volume":"25 1","pages":"8 - 27"},"PeriodicalIF":2.9,"publicationDate":"2021-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/23409444211035138","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42163750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-19DOI: 10.1177/23409444211033306
Yannick Griep, E. Vanbelle, A. van den Broeck, H. De Witte
In this study, we expand on the existing work on job crafting by focusing on (1) within-person fluctuation in affective experiences in relation to job crafting and person-job fit and (2) between-person fluctuations in personal growth initiative (PGI) as an important boundary condition of these relationships. Using multilevel data from 116 employees (341 observations), our results showed that fluctuations in positive active emotions (PAE) and negative active emotions (NAE) related positively to daily job crafting; this relationship was moderated by overall PGI levels. Next, we found a positive association between daily job crafting and daily person-job fit. Finally, we found indirect effects from NAE and PGI to daily fluctuations in person-job fit via daily fluctuations in job crafting; NAE and PGI energized employees to engage in daily job crafting, which contributed to their daily person-job alignment. We discuss implications for theory and practice. JEL CLASSIFICATION: M0
{"title":"Active emotions and personal growth initiative fuel employees’ daily job crafting: A multilevel study","authors":"Yannick Griep, E. Vanbelle, A. van den Broeck, H. De Witte","doi":"10.1177/23409444211033306","DOIUrl":"https://doi.org/10.1177/23409444211033306","url":null,"abstract":"In this study, we expand on the existing work on job crafting by focusing on (1) within-person fluctuation in affective experiences in relation to job crafting and person-job fit and (2) between-person fluctuations in personal growth initiative (PGI) as an important boundary condition of these relationships. Using multilevel data from 116 employees (341 observations), our results showed that fluctuations in positive active emotions (PAE) and negative active emotions (NAE) related positively to daily job crafting; this relationship was moderated by overall PGI levels. Next, we found a positive association between daily job crafting and daily person-job fit. Finally, we found indirect effects from NAE and PGI to daily fluctuations in person-job fit via daily fluctuations in job crafting; NAE and PGI energized employees to engage in daily job crafting, which contributed to their daily person-job alignment. We discuss implications for theory and practice. JEL CLASSIFICATION: M0","PeriodicalId":46891,"journal":{"name":"Brq-Business Research Quarterly","volume":"25 1","pages":"62 - 81"},"PeriodicalIF":2.9,"publicationDate":"2021-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/23409444211033306","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43164876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-05DOI: 10.1177/23409444211024645
Laura Andreu, Carlos Forner, J. L. Sarto
Using a unique database that includes publicly disclosed fund holdings at the end of the quarter as well as the holdings in all non-publicly disclosed months, we found that some funds could alter their portfolios in publicly disclosed months to artificially increase their Active Share scores and consequently appear more active and take advantage of the positive relationship between Active Share and money flows. We show how, consistent with non-informed trades, these funds erode their future performance. However, these funds reach their objective of increasing future money flows. Moreover, we find that window-dresser funds can be identified by controlling the level of tracking error. The funds with high Active Share scores and low tracking errors have the highest levels of Active Share window dressing and the worst future returns. However, compared with less active funds, they are able to capture higher money flows. JEL CLASSIFICATION G23; G11
{"title":"Window dressing in the Active Share scores in publicly reported portfolios","authors":"Laura Andreu, Carlos Forner, J. L. Sarto","doi":"10.1177/23409444211024645","DOIUrl":"https://doi.org/10.1177/23409444211024645","url":null,"abstract":"Using a unique database that includes publicly disclosed fund holdings at the end of the quarter as well as the holdings in all non-publicly disclosed months, we found that some funds could alter their portfolios in publicly disclosed months to artificially increase their Active Share scores and consequently appear more active and take advantage of the positive relationship between Active Share and money flows. We show how, consistent with non-informed trades, these funds erode their future performance. However, these funds reach their objective of increasing future money flows. Moreover, we find that window-dresser funds can be identified by controlling the level of tracking error. The funds with high Active Share scores and low tracking errors have the highest levels of Active Share window dressing and the worst future returns. However, compared with less active funds, they are able to capture higher money flows. JEL CLASSIFICATION G23; G11","PeriodicalId":46891,"journal":{"name":"Brq-Business Research Quarterly","volume":"3 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2021-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86715147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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