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Ambiguous Signals and Information Asymmetry in the Initial Public Offering Process: Examining Ownership Concentration, Process Time, and Underpricing 首次公开募股过程中的模糊信号与信息不对称——考察股权集中度、过程时间和定价过低
IF 4.8 2区 管理学 Q2 MANAGEMENT Pub Date : 2022-05-11 DOI: 10.1177/10596011221090036
G. Payne, Lori Tribble Trudell, C. Moore, O. Petrenko, Nathan T. Hayes
Initial public offerings (IPOs) represent an important stage of development for many firms as they try to gain access to the resources needed for growth and development. Due to the information asymmetry that accompanies the process, there is extensive research examining what factors might signal quality to potential investors such that the IPO might be more optimally valuated and priced. Herein, we hypothesize and empirically explore how a mixed or ambiguous signal about a firm—the signal of ownership concentration in this case—might be overcome with more opportunities for information disclosure and, thus, lessen underpricing; IPO stocks tend to be underpriced (i.e., the offer price of a stock is lower than the inherent market value), which means that owner’s “leave money on the table.” Using a generalized structural equation model of data on 601 U.S. IPO firms, we find support for our model by demonstrating that longer IPO process times (i.e., days from the IPO firm’s filing date to the actual issue date)—representing opportunities to disclose and disseminate information—act as a mediator between ownership concentration and underpricing. Further, we show that the age of the firm also influences this process model arguing that more historical data and other information is more readily available to the potential investor with increased firm age. Overall, our study contributes to the literature by demonstrating how more disclosure and dissemination of relevant information might reduce asymmetries associated with more ambiguous or difficult-to-interpret signals and improve outcomes.
首次公开募股(IPO)是许多公司发展的一个重要阶段,因为它们试图获得增长和发展所需的资源。由于伴随这一过程的信息不对称,有大量的研究考察了哪些因素可能会向潜在投资者发出质量信号,从而使IPO的估值和定价更加优化。在此,我们假设并实证研究了如何通过更多的信息披露机会来克服关于一家公司的混合或模糊信号——在这种情况下是所有权集中的信号——从而减少抑价;IPO股票往往定价过低(即股票的发行价低于固有市值),这意味着所有者“把钱留在桌子上”。使用601家美国IPO公司的广义结构方程模型,我们通过证明较长的IPO过程时间(即从IPO公司的申请日期到实际发行日期的几天)——代表着披露和传播信息的机会——是所有权集中和定价偏低之间的中介,从而为我们的模型找到了支持。此外,我们表明,公司的年龄也会影响这个过程模型,认为随着公司年龄的增加,潜在投资者更容易获得更多的历史数据和其他信息。总的来说,我们的研究通过证明更多地披露和传播相关信息可以减少与更模糊或难以解释的信号相关的不对称性,并改善结果,为文献做出了贡献。
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引用次数: 0
Musing about Interdisciplinary Research: Is Interdisciplinary Research Amusing or Bemusing? 关于跨学科研究的沉思:跨学科研究是有趣还是沉思?
IF 4.8 2区 管理学 Q2 MANAGEMENT Pub Date : 2022-05-06 DOI: 10.1177/10596011221093942
J. Mackey, Charn P. McAllister
We seek to contribute to the ongoing discussion about interdisciplinary research by contextualizing its benefits, challenges, and realities specifically within the management field. The purpose of this Musing is to highlight the a“musing” (i.e., entertaining) and be“musing” (i.e., confusing) experiences that we have had trying to publish interdisciplinary research so we can offer some recommendations for how the management field can stop ignoring something we all claim to be of great value. In our experience, interdisciplinary research is amusing if you're intrinsically motivated to do it, but it is bemusing if you expect it to be tied to extrinsic rewards.
我们试图通过具体分析跨学科研究的好处、挑战和现实,为正在进行的跨学科研究讨论做出贡献,特别是在管理领域。本次沉思的目的是强调我们在试图发表跨学科研究时的“沉思”(即娱乐)和“沉思”的经历,以便我们能够为管理领域如何停止忽视我们都声称具有重大价值的东西提供一些建议。根据我们的经验,如果你有内在的动机去做跨学科研究,这是很有趣的,但如果你期望它与外在的奖励联系在一起,那就令人困惑了。
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引用次数: 2
Generations, We Hardly Knew Ye: An Obituary 几代人,我们几乎不认识叶:一篇讣告
IF 4.8 2区 管理学 Q2 MANAGEMENT Pub Date : 2022-05-06 DOI: 10.1177/10596011221098307
C. Rudolph, H. Zacher
Although popular in the organizational sciences, in the media, and in practice, the concepts of “generations” and “generational differences” have been increasingly scrutinized based on theoretical, methodological, and statistical concerns. Here, we present a short obituary to bid adieu to these troubled concepts, with the hopes of memorializing and “putting to rest” these controversial ideas. We encourage researchers and practitioners to think beyond the narrow scope offered by the idea of generations, adopt a more critical perspective on our science and practice, and learn from the mistakes of the past.
尽管在组织科学、媒体和实践中很受欢迎,但“代际”和“代际差异”的概念越来越多地受到基于理论、方法和统计的关注。在这里,我们发表一篇简短的讣告,告别这些陷入困境的概念,希望能纪念并“平息”这些有争议的想法。我们鼓励研究人员和从业者超越世代观念所提供的狭窄范围进行思考,对我们的科学和实践采取更批判性的观点,并从过去的错误中吸取教训。
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引用次数: 3
Managerial Pay Raise and Promotion Decisions for Workers with I-deals I-deals员工的管理加薪和晋升决策
IF 4.8 2区 管理学 Q2 MANAGEMENT Pub Date : 2022-05-05 DOI: 10.1177/10596011221086108
M. Tomprou, Maria Simosi, D. Rousseau
Managers use idiosyncratic deals (i-deals) to motivate and retain employees. Yet we know little about the subsequent effects i-deals have on decisions about pay raises and promotions. Two studies investigate how managers make pay raise and promotion decisions for workers with i-deals. Using a policy-capturing design, managers (N = 116) made pay raise and promotion allocations for workers presented as good performers, based on information provided regarding whether and what type of i-deal workers had and the extent to which they helped peers. Developmental i-deal recipients tend to be recommended for both pay raises and promotions, while such recommendations are less likely for employees with flextime i-deals (for promotions) or reduced workload i-deals (for promotions and pay raises). In addition, workers with i-deals who help their peers are viewed more favorably in both decisions. The second study surveyed managers (N = 174) regarding their actual subordinates (N = 806), both controlled for the manager’s rating of subordinate performance. It supports the positive effect of developmental i-deals on pay and promotion decisions, but not the negative effects of flextime and reduced workload i-deals. Helping effects depend on the i-deal: Managers report that unhelpful recipients of developmental i-deals are less likely to be promoted than those with such i-deals who help their peers; unhelpful recipients of reduced workload i-deals are less likely to get pay raises than those with such deals who help. We discuss the implications of our findings for future research and career management.
经理们使用特殊交易(i-deals)来激励和留住员工。然而,我们对i-deals对加薪和晋升决策的后续影响知之甚少。两项研究调查了经理如何为有i-deals的员工做出加薪和晋升决定。使用政策捕获设计,管理人员(N=116)根据提供的信息,对表现良好的员工进行加薪和晋升分配,这些信息涉及员工是否拥有以及何种类型的i-deal,以及他们在多大程度上帮助了同行。发展型i-deal接受者往往会被推荐加薪和晋升,而这种建议不太可能适用于弹性时间i-deal(晋升)或工作量减少i-deal的员工(晋升和加薪)。此外,在这两个决策中,帮助同行的i-deals员工都会受到更有利的评价。第二项研究调查了管理者(N=174)的实际下属(N=806),这两项研究都控制了管理者对下属绩效的评级。它支持发展型i-deals对薪酬和晋升决策的积极影响,但不支持弹性工作时间和减少工作量的i-deals的负面影响。帮助效果取决于i-deal:经理们报告说,与那些帮助同龄人的i-deal相比,发展性i-deal的无益接受者不太可能得到晋升;与那些有帮助的人相比,工作量减少的i-deals的无益接受者不太可能加薪。我们讨论了我们的研究结果对未来研究和职业管理的影响。
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引用次数: 0
Good Soldiers versus Organizational Wives: Does Anyone (Besides Us) Care that Organizational Citizenship Behavior Scales Are Gendered and Mostly Measure Men’s—but Not Women’s—Citizenship Behavior? 好士兵与组织妻子:除了我们之外,有人关心组织公民行为量表是按性别划分的,主要衡量男性而非女性的公民行为吗?
IF 4.8 2区 管理学 Q2 MANAGEMENT Pub Date : 2022-05-04 DOI: 10.1177/10596011221094421
D. Bergeron, K. Rochford
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引用次数: 2
Putting a Spotlight on the Ostracizer: Intentional Workplace Ostracism Motives 聚焦奥斯特主义者:职场有意的奥斯特主义动机
IF 4.8 2区 管理学 Q2 MANAGEMENT Pub Date : 2022-05-02 DOI: 10.1177/10596011221092863
Christine A. Henle, L. Shore, J. W. Morton, Samantha A. Conroy
Workplace ostracism is a prevalent and detrimental type of mistreatment. To curtail this harmful behavior, researchers need to identify who is more likely to intentionally ostracize others at work and the motives that drive them to do so. Past reviews of workplace ostracism focus primarily on the outcomes of ostracism, and the few that address the antecedents often examine a limited set of variables. We examined themes in the ostracism literature and determined that employees intentionally ostracize others due to either punitive or defensive motives. Punitive motives are focused on protecting the interests of the group, whereas defensive motives pertain to defending the interests of the self. We present a model of the ostracizer based on these motives and the associated perceptions of threat and negative emotions that precipitate ostracism. Our model provides an extension of the workplace ostracism literature by presenting a testable theoretical framework, rooted in appraisal theory, to explain why and when employees are likely to ostracize others at work. We also provided suggestions for an expansion of the ostracizer motives literature, with the goal of encouraging research that provides greater understanding of the perspective of the ostracizer.
职场排斥是一种普遍且有害的虐待行为。为了遏制这种有害行为,研究人员需要确定谁更有可能在工作中故意排斥他人,以及促使他们这样做的动机。过去对工作场所排斥的审查主要集中在排斥的结果上,而少数涉及排斥前因的研究往往只考察一组有限的变量。我们研究了排斥文献中的主题,确定员工故意排斥他人是出于惩罚或防御动机。惩罚动机侧重于保护群体的利益,而防御动机则涉及捍卫自身的利益。我们提出了一个基于这些动机的排斥者模型,以及引发排斥的威胁和负面情绪的相关感知。我们的模型通过提供一个植根于评估理论的可测试的理论框架来解释员工为什么以及何时可能在工作中排斥他人,从而扩展了工作场所排斥文献。我们还为扩大被排斥者动机文献提供了建议,目的是鼓励进行研究,更好地了解被排斥者的视角。
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引用次数: 6
50 Years of Sports Teams in Work Teams Research: Missed Opportunities and New Directions for Studying Team Processes 工作团队研究中的体育团队50年:错失的机会和研究团队过程的新方向
IF 4.8 2区 管理学 Q2 MANAGEMENT Pub Date : 2022-04-01 DOI: 10.1177/10596011221076231
Narda R. Quigley, S. Gardner, Addison Drone
For the last 50 years, sports team samples have played a significant role in mainstream management literature. Prior research has analyzed different kinds of data, such as archival, survey-based, and interviews/observations, from a wide range of sports teams. These teams differ greatly in terms of contexts (i.e., recreational to intercollegiate to professional) and types of interdependence. We explore this body of work and focus on what is germane for the work teams literature as we examine 255 relevant articles spanning the years 1972–2021 in major management, organizational behavior (OB), human resource management (HRM), and strategy journals. Using the input-process-outcome model in our coding process, we identify the relative absence of the study of team processes. We develop a conceptual framework linking team interdependence, team processes, and the initiation and maintenance of these processes. This framework is intended to help guide future research on team processes in the context of sports team samples and enhance the generalizability of this research to the work teams domain. Additionally, we identify an agenda for future research using sports team samples for work groups/teams researchers. Overall, we intend to spur thoughtful and creative future research in the work groups/teams area using the rich field environment that sports teams present.
在过去的50年里,体育团队样本在主流管理文献中发挥了重要作用。先前的研究分析了不同类型的数据,如档案,基于调查和访谈/观察,来自广泛的运动队。这些团队在环境(即,娱乐,校际,专业)和相互依赖的类型方面差异很大。我们研究了1972-2021年间在主要管理学、组织行为学(OB)、人力资源管理(HRM)和战略期刊上发表的255篇相关文章,并将重点放在与工作团队文献相关的内容上。在我们的编码过程中使用输入-过程-结果模型,我们确定了团队过程研究的相对缺失。我们开发了一个概念性框架,将团队相互依赖、团队过程以及这些过程的启动和维护联系起来。该框架旨在帮助指导未来在运动队样本背景下的团队过程研究,并增强本研究对工作团队领域的推广能力。此外,我们为工作组/团队研究人员使用运动队样本确定了未来研究的议程。总的来说,我们打算利用运动队所呈现的丰富的场地环境,在工作组/团队领域激发深思熟虑和创造性的未来研究。
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引用次数: 2
How and Why? A Review of Corporate Political Activity Predictors and Actions 怎么做,为什么?公司政治活动预测因素和行动综述
IF 4.8 2区 管理学 Q2 MANAGEMENT Pub Date : 2022-03-30 DOI: 10.1177/10596011221085200
L. Brown, A. Rasheed, R. Bell
In this review, we provide a framework for understanding both the predictors and approaches of CPA that firms undertake to achieve their objectives. We identify the predictors of CPA and classify them into two distinct categories: internal and external. In addition, we suggest that CPA approaches will vary depending on the firm’s goal to either manage or mitigate regulation and legislation as compared to attempting to pass new bills into law. We conclude by suggesting several future CPA research directions for management scholars.
在这篇综述中,我们提供了一个框架来理解会计师事务所为实现其目标所采取的预测因素和方法。我们确定了CPA的预测因素,并将其分为两类:内部和外部。此外,我们建议注册会计师的方法将根据公司管理或减轻法规和立法的目标而有所不同,而不是试图将新法案纳入法律。最后,本文提出了未来注册会计师研究的几个方向。
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引用次数: 5
Taking the Pulse: State of the (He)art of Entrepreneurial Emotion Research 把脉:创业情感研究的艺术现状
IF 4.8 2区 管理学 Q2 MANAGEMENT Pub Date : 2022-03-30 DOI: 10.1177/10596011221083433
Golshan Javadian, Alka Gupta, M. Foo, Safal Batra, Vishal K. Gupta
Research on the role of affect in the entrepreneurial process has surged over time, resulting in a vibrant field of inquiry. To advance scholarship in this area, we conduct an inductive analysis of 162 published articles, critically analyzing the state of research on affect in entrepreneurship. We develop an organizing framework to capture three major conversations in existing research—affect valence (feelings), discrete emotions, and emotional competencies—and encompass several outcomes studied within each conversation. We find that limited work has been done to explore the antecedents of affect (both feelings and discrete emotions), anticipated affect deserves greater consideration, and affective influence of stakeholders on entrepreneurs remains overlooked. Research on negative affect and emotional competencies also remains scarce in the entrepreneurship literature. Future inquiry would do well to take a multilevel approach to affect, explore affective phenomena over time, and cast light on the role of emotional competencies in the entrepreneurial process. We also spotlight crucial empirical advancements, including big data and artificial intelligence, for affect research going forward.
随着时间的推移,关于情感在创业过程中的作用的研究激增,形成了一个充满活力的研究领域。为了推进这一领域的学术研究,我们对162篇已发表的文章进行了归纳分析,批判性地分析了创业中情感的研究现状。我们开发了一个组织框架来捕捉现有研究中的三个主要对话-情感效价(感觉),离散情感和情感能力-并包含每个对话中研究的几个结果。我们发现,对情感(感觉和离散情感)的前因的探索有限,预期的情感值得更多的考虑,而利益相关者对企业家的情感影响仍然被忽视。关于负面影响和情绪能力的研究在创业文献中也很少。未来的调查将采取多层次的方法来影响,随着时间的推移探索情感现象,并阐明情感能力在创业过程中的作用。我们还重点介绍了关键的实证进展,包括大数据和人工智能,以促进未来的影响研究。
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引用次数: 4
Maybe It Is Who You Know: Social Networks and Leader–Member Exchange Differentiation 也许是你认识的人:社交网络与领导者-成员交流差异
IF 4.8 2区 管理学 Q2 MANAGEMENT Pub Date : 2022-03-29 DOI: 10.1177/10596011221086327
Jacob M. Whitney, Sarah E. Henry, Bret Bradley
Existing literature on leader–member exchange differentiation (LMXD) offers a meaningful view into the multilevel outcomes associated with leader follower relationships. However, despite the rapid growth of literature on LMXD, scholars lack a complete understanding of its antecedents or the processes that cause leaders to differentiate among team members. We address this issue by using social capital theory to propose that leaders perceive their followers’ social networks as potential resources to grow their own social capital. Because each follower has unique social networks, we propose that leaders differentiate LMX among followers depending on which followers provide them with access to the most social resources. In this conceptual paper, we posit that as leaders gain information about their followers’ social networks, they attribute status to each follower depending on their perception of that follower’s social capital. We then propose that key contingencies, such as a team’s psychological safety climate or a leader’s ambition, influence the relationship between social network characteristics and LMXD. Overall, our model provides a unique multilevel perspective of LMXD and provides important insights for both researchers and practitioners alike.
现有的关于领导-成员交换分化(LMXD)的文献为研究与领导-追随者关系相关的多层次结果提供了有意义的视角。然而,尽管关于LMXD的文献增长迅速,但学者们对其前因或导致领导者区分团队成员的过程缺乏完整的了解。我们运用社会资本理论来解决这个问题,提出领导者将其追随者的社会网络视为增加自己社会资本的潜在资源。因为每个追随者都有独特的社会网络,我们建议领导者根据哪些追随者为他们提供了最多的社会资源来区分追随者之间的LMX。在这篇概念性论文中,我们假设当领导者获得关于其追随者的社会网络的信息时,他们会根据他们对追随者的社会资本的感知来赋予每个追随者地位。然后,我们提出关键的突发事件,如团队的心理安全气候或领导者的野心,会影响社会网络特征与LMXD之间的关系。总的来说,我们的模型提供了一个独特的LMXD的多层次视角,为研究人员和实践者提供了重要的见解。
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引用次数: 3
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Group & Organization Management
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