We explored the transmission mechanisms of corporate fraud and its punishments within social network communities. Using fraud triangle theory and trust triangle theory, we hypothesize four transmitting channels of how fraud commission and detection are affected by peers’ fraud and punishment. Based on Chinese listed corporations from 2008 to 2018, we first construct and detect interlocked social network communities with a community-detecting algorithm, and then examine hypotheses using a bivariate probit model with partial observability. Our findings indicate that peer-concealing and -hinting effects exist within social network communities. The peer-concealing effect decreases the likelihood of being detected when committing fraud, for those with more and closer fraudulent peers. The peer-hinting effect increases the likelihood of being detected when committing fraud, for those with more and closer punished peers. There is no evidence to support peer-contagion and vicarious-punishment effects. Thus, an improved understanding of the transmission mechanism of corporate fraud commission and detection within communities is provided to prevent and detect corporate fraud. In addition, stakeholders and regulators should be aware of the deviant subculture and social distancing in social network communities.
{"title":"Fraud Transmission Mechanisms within Community: Peer Concealing and Hinting among Chinese Listed Corporations","authors":"Jing Zhang, Yuan Feng, Yuntao Bai, Yongjian Lin","doi":"10.1017/mor.2023.9","DOIUrl":"https://doi.org/10.1017/mor.2023.9","url":null,"abstract":"\u0000 We explored the transmission mechanisms of corporate fraud and its punishments within social network communities. Using fraud triangle theory and trust triangle theory, we hypothesize four transmitting channels of how fraud commission and detection are affected by peers’ fraud and punishment. Based on Chinese listed corporations from 2008 to 2018, we first construct and detect interlocked social network communities with a community-detecting algorithm, and then examine hypotheses using a bivariate probit model with partial observability. Our findings indicate that peer-concealing and -hinting effects exist within social network communities. The peer-concealing effect decreases the likelihood of being detected when committing fraud, for those with more and closer fraudulent peers. The peer-hinting effect increases the likelihood of being detected when committing fraud, for those with more and closer punished peers. There is no evidence to support peer-contagion and vicarious-punishment effects. Thus, an improved understanding of the transmission mechanism of corporate fraud commission and detection within communities is provided to prevent and detect corporate fraud. In addition, stakeholders and regulators should be aware of the deviant subculture and social distancing in social network communities.","PeriodicalId":47798,"journal":{"name":"Management and Organization Review","volume":" ","pages":""},"PeriodicalIF":2.9,"publicationDate":"2023-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42425155","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}
Kai Chi Yam, Tiffany H. H. Tan, J. Jackson, A. Shariff, Kurt Gray
Although research in cultural psychology has established that virtually all human behaviors and cognitions are in some ways shaped by culture, culture has been surprisingly absent from the emerging literature on the psychology of technology. In this perspective article, we first review recent findings on machine aversion versus appreciation. We then offer a cross-cultural perspective in understanding how people might react differently to machines. We propose three frameworks – historical, religious, and exposure – to explain how Asians might be more accepting of machines than their Western counterparts. We end the article by discussing three exciting human–machine applications found primarily in Asia and provide future research directions.
{"title":"Cultural Differences in People's Reactions and Applications of Robots, Algorithms, and Artificial Intelligence","authors":"Kai Chi Yam, Tiffany H. H. Tan, J. Jackson, A. Shariff, Kurt Gray","doi":"10.1017/mor.2023.21","DOIUrl":"https://doi.org/10.1017/mor.2023.21","url":null,"abstract":"\u0000 Although research in cultural psychology has established that virtually all human behaviors and cognitions are in some ways shaped by culture, culture has been surprisingly absent from the emerging literature on the psychology of technology. In this perspective article, we first review recent findings on machine aversion versus appreciation. We then offer a cross-cultural perspective in understanding how people might react differently to machines. We propose three frameworks – historical, religious, and exposure – to explain how Asians might be more accepting of machines than their Western counterparts. We end the article by discussing three exciting human–machine applications found primarily in Asia and provide future research directions.","PeriodicalId":47798,"journal":{"name":"Management and Organization Review","volume":" ","pages":""},"PeriodicalIF":2.9,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44364318","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}
Job knowledge characteristics have long been regarded as relatively fixed. However, this may no longer be the case given the dynamic and complex situations faced by employees during the COVID-19 pandemic. On the basis of event system theory and the work design literature, we argue that the onset of COVID-19 created an immediate decrease in job knowledge characteristics, which gradually increased over time in the post-onset period because of employees’ coping with the pandemic. The rate of increase in job knowledge characteristics is higher for those with higher individual task adaptivity than for others. We further argue that changes in job knowledge characteristics produced changes in job stress, and that this effect is weakened by job security. We conducted a 6-month, 6-wave longitudinal survey to gather data from 235 employees in Macau, China covering the pre-onset, onset, and post-onset periods of the COVID-19 outbreak. The results, based on discontinuous growth modeling and latent change score modeling, support our arguments. Our study advances the dynamic view of work design by identifying how a macro event may shape job knowledge characteristics and the implications of a time-to-time change in job knowledge characteristics. Overall, we suggest that there are psychological costs when employees cope at work with the business interruptions caused by COVID-19.
{"title":"A Dynamic Perspective on Job Knowledge Characteristics during the COVID-19 Pandemic","authors":"Jiping Li, Lida L. Zhang, Kaixian Mao","doi":"10.1017/mor.2023.10","DOIUrl":"https://doi.org/10.1017/mor.2023.10","url":null,"abstract":"\u0000 Job knowledge characteristics have long been regarded as relatively fixed. However, this may no longer be the case given the dynamic and complex situations faced by employees during the COVID-19 pandemic. On the basis of event system theory and the work design literature, we argue that the onset of COVID-19 created an immediate decrease in job knowledge characteristics, which gradually increased over time in the post-onset period because of employees’ coping with the pandemic. The rate of increase in job knowledge characteristics is higher for those with higher individual task adaptivity than for others. We further argue that changes in job knowledge characteristics produced changes in job stress, and that this effect is weakened by job security. We conducted a 6-month, 6-wave longitudinal survey to gather data from 235 employees in Macau, China covering the pre-onset, onset, and post-onset periods of the COVID-19 outbreak. The results, based on discontinuous growth modeling and latent change score modeling, support our arguments. Our study advances the dynamic view of work design by identifying how a macro event may shape job knowledge characteristics and the implications of a time-to-time change in job knowledge characteristics. Overall, we suggest that there are psychological costs when employees cope at work with the business interruptions caused by COVID-19.","PeriodicalId":47798,"journal":{"name":"Management and Organization Review","volume":" ","pages":""},"PeriodicalIF":2.9,"publicationDate":"2023-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43376976","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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{"title":"Letter from the Editor","authors":"Xiao-Ping Chen","doi":"10.1017/mor.2023.28","DOIUrl":"https://doi.org/10.1017/mor.2023.28","url":null,"abstract":"An abstract is not available for this content. As you have access to this content, full HTML content is provided on this page. A PDF of this content is also available in through the ‘Save PDF’ action button.","PeriodicalId":47798,"journal":{"name":"Management and Organization Review","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135002803","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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{"title":"MOR volume 19 issue 4 Cover and Front matter","authors":"","doi":"10.1017/mor.2023.34","DOIUrl":"https://doi.org/10.1017/mor.2023.34","url":null,"abstract":"An abstract is not available for this content so a preview has been provided. As you have access to this content, a full PDF is available via the ‘Save PDF’ action button.","PeriodicalId":47798,"journal":{"name":"Management and Organization Review","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135002810","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}
As a journal aiming to publish papers that provide groundbreaking insights about management and organization in China and global comparable contexts, Management and Organization Review has attracted authors and readers from different countries and regions to share new discoveries and to learn new knowledge. We can take a glean of them in the six papers included in this volume. Focusing on the types of knowledge flow from incumbents to new firms during the foundation of startups, the first paper (Jiang & Murmann, 2023) conducted a detailed qualitative analysis of six private startups in the Chinese synthetic dye industry. The authors discovered eight types of knowledge that can be further categorized into either functional or strategic knowledge and found different functions for each, i.e., strategic knowledge shapes the long-term competitiveness of surviving startups, whereas functional/technical knowledge is necessary for short-term survival but insufficient for long-term success. Using the short-term, one-year after IPO performance of startup as an outcome variable, Kirschbaum et al. (2023) explored how private equity, board centrality and experience independently or jointly influence it. Based on Brazilian IPOs issued between 2004 and 2013, they found that private equity sponsorship is the most effective predictor; but for non-private equity backed IPOs, board centrality and experience significantly affected their performance. Although it is unclear how these findings would apply to shortor long-term IPO performance of startups in the China context, the findings from Li et al. (2023) may shed some light. In this paper, the authors used a sample of 508 Chinese firms to study how the exploration and exploitation strategy influence firm radical or incremental innovation, an important drive for firm success. By reframing exploitation and exploration as a duality of learning, rather than either positive or negative interaction, they identified a novel pattern of inverted U-shaped interaction between exploration and exploitation for both radical and incremental innovations. Connecting to firm innovation, the next paper (Madrid-Guijarro & GarcesTorres, 2023) examined open innovation in 543 small and medium firms in Ecuador. Taking a strategic view, the authors found that firms’ formalization of an innovation strategy promotes both inbound and outbound open innovation activities, which facilitate firm innovative performance; but the positive effect of outbound activities only exists for inbound activities when there is firm control. Management and Organization Review 19:3, June 2023, 415–416 doi: 10.1017/mor.2023.20
《管理与组织评论》是一本旨在发表在中国和全球可比背景下对管理和组织提供开创性见解的期刊,吸引了来自不同国家和地区的作者和读者分享新发现和学习新知识。我们可以在本卷中收录的六篇论文中对他们进行一些搜集。第一篇论文(Jiang & Murmann, 2023)关注创业公司建立期间从现有企业到新公司的知识流动类型,对中国合成染料行业的六家私营创业公司进行了详细的定性分析。作者发现了八种类型的知识,可以进一步分为功能知识和战略知识,并发现了每种知识的不同功能,即,战略知识塑造了生存的初创公司的长期竞争力,而功能/技术知识是短期生存所必需的,但对于长期成功来说是不够的。Kirschbaum et al.(2023)使用短期,即创业公司IPO后一年的业绩作为结果变量,探讨了私募股权、董事会中心性和经验如何独立或共同影响它。根据2004年至2013年巴西ipo的数据,他们发现私募股权赞助是最有效的预测因素;但对于非私人股本支持的ipo,董事会的中心地位和经验显著影响了它们的表现。虽然目前尚不清楚这些发现如何适用于中国背景下初创公司的短期长期IPO表现,但Li等人(2023)的研究结果可能会带来一些启示。本文以508家中国企业为样本,研究了探索开发战略对企业突破性创新和渐进式创新的影响。通过将开发和探索重新定义为学习的二元性,而不是积极或消极的相互作用,他们确定了激进创新和渐进式创新的探索和开发之间的倒u型相互作用的新模式。关于企业创新,下一篇论文(madrid - gujarro & GarcesTorres, 2023)研究了厄瓜多尔543家中小企业的开放式创新。从战略角度看,企业创新战略的形式化促进了对内和对外开放创新活动,从而促进了企业创新绩效;但是,只有在有严格控制的情况下,出境活动才会对入境活动产生积极影响。管理与组织评论19:3,2023年6月,415-416 doi: 10.1017/ more .2023.20
{"title":"Letter from the Editor","authors":"J. Treleaven, Lucy Thomas, G. Jull, Zhiqi Liang","doi":"10.1017/mor.2023.20","DOIUrl":"https://doi.org/10.1017/mor.2023.20","url":null,"abstract":"As a journal aiming to publish papers that provide groundbreaking insights about management and organization in China and global comparable contexts, Management and Organization Review has attracted authors and readers from different countries and regions to share new discoveries and to learn new knowledge. We can take a glean of them in the six papers included in this volume. Focusing on the types of knowledge flow from incumbents to new firms during the foundation of startups, the first paper (Jiang & Murmann, 2023) conducted a detailed qualitative analysis of six private startups in the Chinese synthetic dye industry. The authors discovered eight types of knowledge that can be further categorized into either functional or strategic knowledge and found different functions for each, i.e., strategic knowledge shapes the long-term competitiveness of surviving startups, whereas functional/technical knowledge is necessary for short-term survival but insufficient for long-term success. Using the short-term, one-year after IPO performance of startup as an outcome variable, Kirschbaum et al. (2023) explored how private equity, board centrality and experience independently or jointly influence it. Based on Brazilian IPOs issued between 2004 and 2013, they found that private equity sponsorship is the most effective predictor; but for non-private equity backed IPOs, board centrality and experience significantly affected their performance. Although it is unclear how these findings would apply to shortor long-term IPO performance of startups in the China context, the findings from Li et al. (2023) may shed some light. In this paper, the authors used a sample of 508 Chinese firms to study how the exploration and exploitation strategy influence firm radical or incremental innovation, an important drive for firm success. By reframing exploitation and exploration as a duality of learning, rather than either positive or negative interaction, they identified a novel pattern of inverted U-shaped interaction between exploration and exploitation for both radical and incremental innovations. Connecting to firm innovation, the next paper (Madrid-Guijarro & GarcesTorres, 2023) examined open innovation in 543 small and medium firms in Ecuador. Taking a strategic view, the authors found that firms’ formalization of an innovation strategy promotes both inbound and outbound open innovation activities, which facilitate firm innovative performance; but the positive effect of outbound activities only exists for inbound activities when there is firm control. Management and Organization Review 19:3, June 2023, 415–416 doi: 10.1017/mor.2023.20","PeriodicalId":47798,"journal":{"name":"Management and Organization Review","volume":"19 1","pages":"415 - 416"},"PeriodicalIF":2.9,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42946282","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}
ABSTRACT This study examines the impact of language diversity on interpersonal relationships in multinational and national/domestic teams in a multilingual country – India. Specifically, it explores whether and how the influence of language diversity differs in the two types of multilingual project teams. To this end, using direct observations and semi-structured interviews, we conducted a thematic analysis and found that native language-based faultlines and groups exist in both kinds of teams. However, such faultlines and language-based groups can disintegrate into smaller, regional dialect-based subgroups due to the emergence of dialect faultlines. Furthermore, evidence suggests that multilingual managers are more effective as boundary spanners in bridging the faultlines in multinational teams; at the same time, they need to be aware of the distinction between language differences and faultlines. This study provides the required distinction between language diversity and the role of multilingual managers in national and multinational teams in an understudied context, thereby contributing to the literature on language diversity.
{"title":"Alike Yet Distinct: The Effect of Language Diversity on Interpersonal Relationships Within National and Multinational Project Teams","authors":"Komal Kalra, Mike Szymanski","doi":"10.1017/mor.2023.4","DOIUrl":"https://doi.org/10.1017/mor.2023.4","url":null,"abstract":"ABSTRACT This study examines the impact of language diversity on interpersonal relationships in multinational and national/domestic teams in a multilingual country – India. Specifically, it explores whether and how the influence of language diversity differs in the two types of multilingual project teams. To this end, using direct observations and semi-structured interviews, we conducted a thematic analysis and found that native language-based faultlines and groups exist in both kinds of teams. However, such faultlines and language-based groups can disintegrate into smaller, regional dialect-based subgroups due to the emergence of dialect faultlines. Furthermore, evidence suggests that multilingual managers are more effective as boundary spanners in bridging the faultlines in multinational teams; at the same time, they need to be aware of the distinction between language differences and faultlines. This study provides the required distinction between language diversity and the role of multilingual managers in national and multinational teams in an understudied context, thereby contributing to the literature on language diversity.","PeriodicalId":47798,"journal":{"name":"Management and Organization Review","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135642894","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}
ABSTRACT How do corporate political ties impact firm performance in a transition economy? This topic has attracted wide attention in the strategy field. Accordingly, our study replicates a highly influential study, ‘Managerial ties and firm performance in a transition economy: The nature of a micro-macro link’ (Peng & Luo, 2000). The original study found that managerial political ties greatly improve organizational performance, and that this ‘micro-macro’ link varies across ownership types, business sectors, firm sizes, and industry growth rates. This replication study offers a hierarchical view of political ties by extending it from the individual to the organizational level and explores the complex link between the two levels of corporate political ties and firm performance. The results of a staged quasi-replication exercise show some similarities with the original study in the mechanism of corporate political ties on firm performance but, more importantly, reveal some key differences in the effect size and contingent effects. Furthermore, an extended test shows that corporate political ties are multilevel, and different levels of political ties vary in their mechanisms and effects on firm performance. The findings reveal temporal and contextual sensitivities of political ties studies in transition economies. 摘要: 在转型经济体中,政治关联如何影响企业绩效?这一话题在战略管理领域引起了广泛关注。我们在本文中试图复制一项极具影响力的研究,即“转型经济中的管理层关系与企业绩效:一个‘微观——宏观’关系的本质”(Peng & Luo, 2000)。原研究发现,高管政治关联显著提高了组织绩效,而且这一“微观——宏观”关系因企业所有权性质、所属产业部门、企业规模及所处行业增长率不同而变化。本复制研究通过将政治关联从微观个体层面扩展到组织层面,引入政治关联的多层性观点,并全面检验两个层面的政治关联与企业绩效之间的关系。分阶段的准复制实证结果显示,虽然政治关联对企业绩效的影响机制与原始研究类似,但是这两项研究在关于政治关联效应大小和权变效应上存在关键差异。此外,进一步的拓展研究表明,企业政治关联是多层次的,不同层次的政治关联对企业绩效的作用机制和效应大小也存在显著差异。研究结果揭示了转型经济体中企业政治关联研究的时间和情境敏感性。
ABSTRACT How do corporate political ties impact firm performance in a transition economy? This topic has attracted wide attention in the strategy field Correspondingly, our study replicates a highly influential study, 'Managerial ties and firm performance in a transition economy: The nature of a micro micro link' (Peng&Luo, 2000) The original study found that managerial political ties greatly improve organizational performance, and that this' micro micro 'link varies across ownership types, business sectors, firm sizes, and industry growth rates This replication study offers a hierarchical view of political ties by extending it from the individual to the organizational level and explores the complex link between the two levels of corporate political ties and firm performance The results of a staged quasi replication exercise show some similarities with the original study in the mechanism of corporate political ties on firm performance but, more importantly, received some key differences in the effect size and continuing effects Further more, an extended test shows that corporate political ties are multi-level, and different levels of political ties vary in their mechanisms and effects on firm performance The findings received temporary and contextual sensitivities of political ties studies in transition economics Summary: How do political connections affect corporate performance in transitional economies? This topic has attracted widespread attention in the field of strategic management. We attempt to replicate a highly influential study in this article, namely "The Relationship between Management and Corporate Performance in Transitional Economies: The Essence of a 'Micro Macro' Relationship" (Peng&Luo, 2000). The original study found that executive political affiliation significantly improves organizational performance, and this "micro macro" relationship varies depending on the nature of enterprise ownership, industry sector, enterprise size, and industry growth rate. This replication study extends political connections from the micro individual level to the organizational level, introduces a multi-level perspective of political connections, and comprehensively examines the relationship between political connections at both levels and corporate performance. The staged quasi replication empirical results show that although the impact mechanism of political connections on corporate performance is similar to the original research, there are key differences in the size and contingency effects of political connections between these two studies. In addition, further expanded research indicates that corporate political connections are multi-level, and there are significant differences in the mechanism and magnitude of the effects of different levels of political connections on corporate performance. The research results reveal the time and situational sensitivity of research on corporate political connections in transitional economies.
{"title":"Corporate Political Ties and Firm Performance in a Transition Economy: A Replication and Extension of Peng and Luo (2000)","authors":"Hai Guo, Chao Wang, Zeyu Wang, Xiaoyu Li","doi":"10.1017/mor.2023.2","DOIUrl":"https://doi.org/10.1017/mor.2023.2","url":null,"abstract":"ABSTRACT How do corporate political ties impact firm performance in a transition economy? This topic has attracted wide attention in the strategy field. Accordingly, our study replicates a highly influential study, ‘Managerial ties and firm performance in a transition economy: The nature of a micro-macro link’ (Peng & Luo, 2000). The original study found that managerial political ties greatly improve organizational performance, and that this ‘micro-macro’ link varies across ownership types, business sectors, firm sizes, and industry growth rates. This replication study offers a hierarchical view of political ties by extending it from the individual to the organizational level and explores the complex link between the two levels of corporate political ties and firm performance. The results of a staged quasi-replication exercise show some similarities with the original study in the mechanism of corporate political ties on firm performance but, more importantly, reveal some key differences in the effect size and contingent effects. Furthermore, an extended test shows that corporate political ties are multilevel, and different levels of political ties vary in their mechanisms and effects on firm performance. The findings reveal temporal and contextual sensitivities of political ties studies in transition economies. 摘要: 在转型经济体中,政治关联如何影响企业绩效?这一话题在战略管理领域引起了广泛关注。我们在本文中试图复制一项极具影响力的研究,即“转型经济中的管理层关系与企业绩效:一个‘微观——宏观’关系的本质”(Peng & Luo, 2000)。原研究发现,高管政治关联显著提高了组织绩效,而且这一“微观——宏观”关系因企业所有权性质、所属产业部门、企业规模及所处行业增长率不同而变化。本复制研究通过将政治关联从微观个体层面扩展到组织层面,引入政治关联的多层性观点,并全面检验两个层面的政治关联与企业绩效之间的关系。分阶段的准复制实证结果显示,虽然政治关联对企业绩效的影响机制与原始研究类似,但是这两项研究在关于政治关联效应大小和权变效应上存在关键差异。此外,进一步的拓展研究表明,企业政治关联是多层次的,不同层次的政治关联对企业绩效的作用机制和效应大小也存在显著差异。研究结果揭示了转型经济体中企业政治关联研究的时间和情境敏感性。","PeriodicalId":47798,"journal":{"name":"Management and Organization Review","volume":"19 1","pages":"771 - 802"},"PeriodicalIF":2.9,"publicationDate":"2023-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47072916","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}
C. Kirschbaum, Luciano Rossoni, A. Minardi, Emília Borges da Silva
ABSTRACT Private equity funds implement various management and governance practices in firms they endorse, signaling higher quality of sponsored IPOs (Initial Public Offer). However, the participation of such PE funds comes at a cost for newcomer firms, as they may lose both autonomy and future post-IPO earnings. If they do not choose to signal quality through PE funds, the IPO literature points to the validity of other mechanisms, such as the experience and centrality of the board of directors. We theorize and test the effect of the tradeoff between private equity sponsorship and board centrality and experience on IPO performance. We analyzed the effects of signaling on long-term performance through the one-year cumulative abnormal return in Brazilian IPOs issued between 2004 and 2013. Our results indicate that private equity sponsorship is the most effective signal, completely overtaking the relevance of board centrality and experience to explain IPO performance. However, these latter board characteristics significantly affected the performance of non-private equity-backed IPOs. Between PE-backed companies, there is a reverse effect of the board centrality on the IPO's performance and a substitution effect of the board's previous experience with IPO processes. 摘要: 私募基金通常对其投资的公司采用各种管理和治理措施,来表现这些公司上市时的高质量。但是,私募基金的参与同样会对这些公司造成损失,一是自主权的丧失,二是上市之后的盈利的分配比。假如不选择通过私募基金来给出高质量的信号,IPO文献指出可以用其他机制来达到同样的目的:即董事会成员的经验和在业界的中心化程度。本文意在探索在预测IPO绩效时这三者之间的得失。我们对2004-2013年巴西所有的IPO进行了分析,通过其一年的累计异常回报来检验信号效应对公司长远绩效的影响。结果表明,私募基金赞助的信号是最有效的,完全取代了董事会经验和中心化程度的影响。但是,后两个因素显著影响了非盈利私募基金投资的IPO公司。此外,在私募基金投资的公司中,董事会的中心化程度对IPO业绩起了相反的作用,董事会成员以往在IPO过程中的经验对IPO业绩起到了替补的作用。
{"title":"The Tradeoff Between Private Equity Sponsorship, Board Centrality, and Experience as Credible Signals for IPO Performance","authors":"C. Kirschbaum, Luciano Rossoni, A. Minardi, Emília Borges da Silva","doi":"10.1017/mor.2022.55","DOIUrl":"https://doi.org/10.1017/mor.2022.55","url":null,"abstract":"ABSTRACT Private equity funds implement various management and governance practices in firms they endorse, signaling higher quality of sponsored IPOs (Initial Public Offer). However, the participation of such PE funds comes at a cost for newcomer firms, as they may lose both autonomy and future post-IPO earnings. If they do not choose to signal quality through PE funds, the IPO literature points to the validity of other mechanisms, such as the experience and centrality of the board of directors. We theorize and test the effect of the tradeoff between private equity sponsorship and board centrality and experience on IPO performance. We analyzed the effects of signaling on long-term performance through the one-year cumulative abnormal return in Brazilian IPOs issued between 2004 and 2013. Our results indicate that private equity sponsorship is the most effective signal, completely overtaking the relevance of board centrality and experience to explain IPO performance. However, these latter board characteristics significantly affected the performance of non-private equity-backed IPOs. Between PE-backed companies, there is a reverse effect of the board centrality on the IPO's performance and a substitution effect of the board's previous experience with IPO processes. 摘要: 私募基金通常对其投资的公司采用各种管理和治理措施,来表现这些公司上市时的高质量。但是,私募基金的参与同样会对这些公司造成损失,一是自主权的丧失,二是上市之后的盈利的分配比。假如不选择通过私募基金来给出高质量的信号,IPO文献指出可以用其他机制来达到同样的目的:即董事会成员的经验和在业界的中心化程度。本文意在探索在预测IPO绩效时这三者之间的得失。我们对2004-2013年巴西所有的IPO进行了分析,通过其一年的累计异常回报来检验信号效应对公司长远绩效的影响。结果表明,私募基金赞助的信号是最有效的,完全取代了董事会经验和中心化程度的影响。但是,后两个因素显著影响了非盈利私募基金投资的IPO公司。此外,在私募基金投资的公司中,董事会的中心化程度对IPO业绩起了相反的作用,董事会成员以往在IPO过程中的经验对IPO业绩起到了替补的作用。","PeriodicalId":47798,"journal":{"name":"Management and Organization Review","volume":"19 1","pages":"462 - 497"},"PeriodicalIF":2.9,"publicationDate":"2023-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42151378","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}