European Management Journal最新文献

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Management team categories, social network characteristics, and corporate credit risk 管理团队类别、社交网络特征和企业信贷风险

IF 7.5 2区管理学 Q1 BUSINESS

European Management Journal

Pub Date : 2024-08-26 DOI: 10.1016/j.emj.2024.08.009

Tsung-Kang Chen, Yijie Tseng, Yun Hao

We investigate the association between the social networks of management team (AMT) and corporate credit risk using American corporate bond market data. We find that the social network size of AMT is significantly and positively related to corporate bond yield spreads, consistent with the risk-taking mechanism. In addition, the relative social networks of AMT to CEO and subordinate executives to CEO are significantly and positively related to bond yield spreads while that of middle managers to CEO have the opposite association. This implies that relatively greater social networks of subordinate executives could potentially influence the CEO to undertake greater risks, whereas relatively greater social networks of middle managers reduce corporate credit risk mainly through the information-sharing mechanism rather than the risk-taking effect since MM has no direct decision-making authority. Moreover, the variations in social networks among AMT are positively associated with corporate bond yield spreads, suggesting that an inequitable distribution of power among AMT members increases corporate credit risk. Additionally, we find that non-invesment-grade bonds, managerial entrenchment, information asymmetry, and overinvestment all intensify the positive association between AMT social networks and credit risk, namely enhancing the bondholders’ perceptions about the risk-taking mechanism of AMT social networks. Finally, our findings are robust after considering endogeneity concerns and alternative model settings.

我们利用美国公司债券市场数据研究了管理团队（AMT）的社交网络与公司信用风险之间的关联。我们发现，AMT 的社交网络规模与公司债券收益率利差显著正相关，这与风险承担机制相一致。此外，AMT 与 CEO 和下属高管与 CEO 的相对社交网络与债券收益率利差显著正相关，而中层管理人员与 CEO 的社交网络则相反。这意味着，下属高管的社会网络相对较大，有可能影响首席执行官承担更大的风险，而中层管理者的社会网络相对较大，主要通过信息共享机制而非风险承担效应来降低企业信贷风险，因为中层管理者没有直接的决策权。此外，AMT 之间社会网络的变化与公司债券收益率利差呈正相关，这表明 AMT 成员之间权力分配不公会增加公司信贷风险。此外，我们还发现，非投资级债券、管理阶层固化、信息不对称和过度投资都强化了 AMT 社会网络与信用风险之间的正相关，即增强了债券持有人对 AMT 社会网络风险承担机制的认知。最后，在考虑了内生性问题和其他模型设置后，我们的研究结果是稳健的。

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引用次数: 0

From pursuit of self-interest to pursuit of happiness: Complementary or contradictory readings of “wealth of nations” and “theory of moral sentiments”? 从追求自身利益到追求幸福：对 "国富论 "和 "道德情操论 "的解读是互补还是矛盾？

IF 7.5 2区管理学 Q1 BUSINESS

European Management Journal

Pub Date : 2024-08-22 DOI: 10.1016/j.emj.2024.08.008

Farah Naz, Dieter Bögenhold

In the face of global economic volatility and widening socioeconomic disparities, there is a growing call to reevaluate prevailing economic models. Heterodox economists and management scholars increasingly emphasise the significance of happiness and subjective well-being, advocating for a well-being economy that prioritises human welfare over traditional growth-centric approaches. This article contributes to this discourse by critically examining Adam Smith's seminal works, particularly "The Wealth; of Nations" and "The Theory of Moral Sentiments." It argues for a nuanced; understanding of economic growth and progress, integrating subjective well-being and ethical considerations into contemporary management frameworks. Despite limited attention in management literature, Smith's ideas about the relationship between wealth and happiness offer valuable insights for modern management and the emerging field of well-being economics. This article explores how the relationship between wealth and happiness in Smith's works holds promise for contemporary debates.

面对全球经济动荡和不断扩大的社会经济差距，重新评估现行经济模式的呼声日益高涨。非正统经济学家和管理学者越来越强调幸福和主观幸福感的重要性，倡导幸福经济，将人类福祉置于传统的以增长为中心的方法之上。本文通过批判性地研究亚当-斯密的开创性著作，特别是《国富论》和《道德情操论》，为这一论述做出了贡献。文章主张对经济增长和进步进行细致入微的理解，将主观幸福感和道德因素纳入当代管理框架。尽管斯密关于财富与幸福之间关系的观点在管理学文献中受到的关注有限，但它为现代管理学和新兴的幸福经济学领域提供了宝贵的见解。本文探讨了斯密作品中财富与幸福之间的关系如何为当代辩论带来希望。

引用次数: 0

Moral sentiments and sustainable finance: A proposal for new market segmentation 道德情感与可持续金融：新的市场细分建议

IF 7.5 2区管理学 Q1 BUSINESS

European Management Journal

Pub Date : 2024-08-15 DOI: 10.1016/j.emj.2024.08.007

Tom Hashimoto, Maik Huettinger

This article revisits Smith's account of self-interest to critically explore challenges and debates surrounding sustainable finance in contemporary organizational and institutional settings. Adam Smith derives his notion of ‘self-interest’ as concerned with both ‘self-love’ (care for oneself) and ‘sympathy’ (care for others); elements that are increasingly siloed in contemporary business settings. Drawing inspiration from (WoN) and the insightful wisdom of (TMS), this article aims to underscore how Smith's pivotal concepts, including sympathy, the impartial spectator, and justice, provide a strategic compass for characterizing demand within retail finance markets. More specifically, it argues for the potential for both demand and supply side considerations in sustainable finance to contemplate a more plural concept of self-interest. At the same time, it recognizes that currently available ESG (environmental, social, and governance) products are largely driven by ‘self-love,’ and as such, the ‘sympathy’ of investors is ignored, manipulated, or misplaced. To move beyond this socio-financial dilemma, we propose to segment sustainable finance into the ESG market and the SSI (social and sustainable investment) market, with the latter specifically addressing the demands for ‘sympathy.’ In this context, future work could explore and highlight the role of regulators in ensuring a Smithian self-interest in sustainable finance.

本文重温了斯密关于自利的论述，批判性地探讨了当代组织和机构环境中围绕可持续金融的挑战和争论。亚当-斯密提出的 "自利 "概念涉及 "自爱"（关爱自己）和 "同情"（关爱他人）；这些要素在当代商业环境中日益被孤立。本文从（WoN）和（TMS）的独到智慧中汲取灵感，旨在强调斯密的关键概念，包括同情、公正的旁观者和正义，如何为描述零售金融市场的需求特征提供战略指南。更具体地说，本文论证了可持续金融的供需双方考虑更多元的自利概念的潜力。与此同时，它还认识到目前可用的 ESG（环境、社会和治理）产品在很大程度上是由 "自爱 "驱动的，因此投资者的 "同情 "被忽视、操纵或错位。为了摆脱这种社会金融困境，我们建议将可持续金融划分为 ESG 市场和 SSI（社会和可持续投资）市场，后者专门满足 "同情 "需求。在此背景下，未来的工作可以探索并强调监管者在确保可持续金融中的斯密式自我利益方面的作用。

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引用次数: 0

The role of focal leaders in collective leadership behavior: A historiometric analysis of socialized and personalized leaders 焦点领导者在集体领导行为中的作用：对社会化和个性化领导的历史计量分析

IF 7.5 2区管理学 Q1 BUSINESS

European Management Journal

Pub Date : 2024-08-14 DOI: 10.1016/j.emj.2024.08.006

Ares Boira Lopez, Shane Connelly

The increasing adoption of collectivistic leadership approaches in organizations has sparked a growing interest in understanding factors influencing their emergence and effectiveness. In their collective leadership framework, Friedrich, Vessey, Schuelke, Ruark, and Mumford (2009) underscore the pivotal role of focal leaders in sharing aspects of the leadership role and facilitating conditions for the emergence of informal leadership. Despite the imperative of power sharing in this process, no study to date has explored the relationship between power orientation and collective leadership behaviors. To address this gap, we conducted a historiometric leader analysis to compare collective leadership behavior between focal leaders with socialized and personalized orientations. Furthermore, there is a pressing need for additional empirical work investigating the relationships between collective leadership behaviors and outcomes, especially among leaders with different power orientations. Consequently, we conducted a series of correlations for each leader type to gain insight into these relationships. Our results indicate that personalized leaders exhibit less engagement in collective leadership behaviors compared to socialized leaders, and these behaviors successfully discriminate between the two power orientations. Additionally, we observed that personalized leaders who demonstrated greater engagement in collective leadership behaviors achieved more positive and fewer negative outcomes. Implications of these findings are discussed.

组织中越来越多地采用集体主义领导方法，这引发了人们对了解影响其出现和有效性的因素的日益浓厚的兴趣。Friedrich、Vessey、Schuelke、Ruark和Mumford（2009年）在其集体领导框架中强调了焦点领导者在分享领导角色方面的关键作用，并为非正式领导的出现创造了有利条件。尽管在这一过程中分享权力势在必行，但迄今为止还没有研究探讨过权力导向与集体领导行为之间的关系。为了填补这一空白，我们对领导者进行了历史计量分析，比较了社会化导向和个性化导向的焦点领导者的集体领导行为。此外，我们还迫切需要更多的实证研究来探讨集体领导行为与结果之间的关系，尤其是不同权力导向的领导者之间的关系。因此，我们对每种类型的领导者进行了一系列相关分析，以深入了解这些关系。我们的研究结果表明，与社会化领导者相比，个性化领导者在集体领导行为中的参与度较低，而这些行为成功地区分了两种权力取向。此外，我们还观察到，在集体领导行为中表现出更大参与度的个性化领导者取得了更多积极成果，而消极成果则更少。本文讨论了这些发现的意义。

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引用次数: 0

The impartial spectator and the pursuit of interest in commercial society: A dual-text reading of Adam Smith for contemporary business and management 商业社会中公正的旁观者和对利益的追求：亚当-斯密对当代商业和管理的双文本解读

IF 7.5 2区管理学 Q1 BUSINESS

European Management Journal

Pub Date : 2024-08-13 DOI: 10.1016/j.emj.2024.08.004

Juan Enrique Castro C

引用次数: 0

Strategic communication in organizational change: Exploring the impact of two-sided messages on legitimacy judgments and commitment to change 组织变革中的战略传播：探索双面信息对合法性判断和变革承诺的影响

IF 7.5 2区管理学 Q1 BUSINESS

European Management Journal

Pub Date : 2024-08-13 DOI: 10.1016/j.emj.2024.08.005

Luca Joachim Scheuer, Julia Thaler

Employees' commitment to organizational change largely determines the success of change initiatives, and communication arguably can strengthen this commitment. By building on attribution theory and knowledge about legitimacy judgments, the current research investigates how two-sided messages, which contain both negative and positive information, affect employees’ commitment to change, through the serial mediation of credibility and legitimacy judgments. A vignette experiment with 227 participants reveals, in findings that conflict with some prior contributions, that in a change context, two-sided messages directly reduce credibility. Two-sided messages are also indirectly linked to commitment to change through the proposed serial mediation. Contrary to our hypotheses, the indirect association is negative. The study thereby adds to research on strategic communication and legitimacy during organizational change and provides valuable insights for practitioners regarding the use and context-specific limited persuasiveness of two-sided messages.

员工对组织变革的承诺在很大程度上决定了变革举措的成败，而沟通可以强化这种承诺。在归因理论和合法性判断知识的基础上，本研究探讨了包含负面和正面信息的双面信息如何通过可信度和合法性判断的连续中介影响员工对变革的承诺。一项有 227 名参与者参加的小实验显示，与之前的一些研究结果相冲突的是，在变革背景下，双面信息会直接降低可信度。双面信息还通过所提出的序列中介与变革承诺间接相关。与我们的假设相反，这种间接关联是负面的。因此，本研究为组织变革过程中的战略沟通和合法性研究增添了新的内容，并为实践者提供了关于双面信息的使用和特定情境下有限说服力的宝贵见解。

引用次数: 0

Time is running out: How design thinking shapes team innovation under time constraints 时不我待：设计思维如何在时间紧迫的情况下塑造团队创新能力

IF 7.5 2区管理学 Q1 BUSINESS

European Management Journal

Pub Date : 2024-08-03 DOI: 10.1016/j.emj.2024.08.003

Marco Balzano, Guido Bortoluzzi

Design thinking as a problem-solving framework has garnered significant attention for its reliance on abductive reasoning and human-centeredness. Existing literature has underscored the importance of these elements in fostering an array of organizational outcomes and enhancing the overall stakeholder satisfaction. However, less is known about how these reasoning approaches influence team innovation quality, particularly in time-constrained settings. The present study aims to fill this gap by focusing on team dynamics and examining the effects of abductive reasoning and human-centeredness on team innovation quality. We conduct an empirical analysis involving seven teams, each undertaking multiple innovation decisions under time constraints in a laboratory game context. Our results suggest an interplay between the reasoning approaches and team innovation quality. Specifically, teams that relied more on abductive reasoning in time-constrained tasks tended to make lower-quality decisions, while teams that were highly human-centered produced decisions of higher quality. Importantly, team size emerged as a key moderating variable. Larger teams were found to exert an even more negative impact of abductive reasoning on team innovation quality while amplifying the positive effects of human-centeredness.

设计思维作为一种解决问题的框架，因其依赖归纳推理和以人为本而备受关注。现有文献强调了这些要素在促进一系列组织成果和提高利益相关者整体满意度方面的重要性。然而，人们对这些推理方法如何影响团队创新质量却知之甚少，尤其是在时间有限的情况下。本研究旨在填补这一空白，重点关注团队动态，研究归纳推理和以人为本对团队创新质量的影响。我们进行了一项实证分析，涉及七个团队，每个团队都在实验室游戏背景下的时间限制条件下做出多项创新决策。结果表明，推理方法与团队创新质量之间存在相互作用。具体来说，在时间有限的任务中更依赖归纳推理的团队往往做出质量较低的决策，而高度以人为本的团队则做出质量较高的决策。重要的是，团队规模是一个关键的调节变量。研究发现，团队规模越大，归纳推理对团队创新质量的负面影响就越大，而以人为本的积极影响就越大。

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引用次数: 0

Disability inclusion in workplaces, firm performance, and reputation 工作场所对残疾人的包容、公司业绩和声誉

IF 7.5 2区管理学 Q1 BUSINESS

European Management Journal

Pub Date : 2024-08-02 DOI: 10.1016/j.emj.2024.08.001

M. Ángeles Jurado-Caraballo, Cristina Quintana-García

Despite the existence of laws on reserve quotas for people with disabilities (PwD), this group continues to experience high unemployment rates and social exclusion. This research has aimed to empirically analyze the influence of the hiring of PwD on the performance and reputation of the firm. We have carried out a quantitative study of European companies to highlight the value and benefits that these workers can bring, and thus overcome prejudices and stereotypes of employers that consider them problematic or unproductive. Our longitudinal research demonstrates that the hiring of PwD contributes positively to the performance and reputation of the firm, helping companies obtain competitive advantages and acting as a brand for the firm. This study gives rise to theoretical, managerial, practical, and political implications.

尽管法律规定了残疾人（PwD）的后备配额，但这一群体仍然面临着高失业率和社会排斥问题。本研究旨在通过实证分析雇用残疾人对公司业绩和声誉的影响。我们对欧洲的公司进行了定量研究，以突出这些工人所能带来的价值和好处，从而克服雇主认为他们有问题或没有生产力的偏见和成见。我们的纵向研究表明，雇用残疾人对公司的业绩和声誉有积极的促进作用，有助于公司获得竞争优势，并成为公司的品牌。本研究具有理论、管理、实践和政治意义。

引用次数: 0

Multilevel empirical research: A call for more mixed-methods approaches 多层次实证研究：呼吁采用更多混合方法

IF 7.5 2区管理学 Q1 BUSINESS

European Management Journal

Pub Date : 2024-08-01 DOI: 10.1016/j.emj.2024.06.001

Organizations are complex multilevel social systems, in which individual members frequently execute diverse tasks within their functional units or teams to advance strategic goals over a period of time. Diverse organizational phenomena are, therefore, inherently shaped by factors from different levels and can be comprehensively studied by embracing multilevel research designs. In this introductory paper, we review different multilevel approaches used in management and organization studies to contextualize four papers published as part of this management focus on multilevel research. We also discuss several directions for future research. We strongly advocate for scholars to conduct more multilevel qualitative and mixed-methods studies that can address complex business and societal challenges. The need for such research designs is urgent and important in our scholarly field, and your contribution can make a significant difference.

组织是一个复杂的多层次社会系统，其中的个体成员经常在其职能单位或团队中执行不同的任务，以在一段时间内推进战略目标。因此，多种多样的组织现象本质上是由来自不同层面的因素形成的，因此可以通过采用多层次研究设计对其进行全面研究。在这篇介绍性论文中，我们回顾了管理和组织研究中使用的不同多层次方法，并对作为多层次研究管理重点的一部分而发表的四篇论文进行了背景分析。我们还讨论了未来研究的几个方向。我们强烈主张学者们开展更多的多层次定性和混合方法研究，以应对复杂的商业和社会挑战。在我们的学术领域中，对此类研究设计的需求是迫切而重要的，您的贡献将带来巨大的变化。

引用次数: 0

Strategic corporate venturing in interlinked ambidextrous units: An exploratory model 在相互关联的双手灵巧的单元中进行战略性企业冒险：一个探索性模型

IF 7.5 2区管理学 Q1 BUSINESS

European Management Journal

Pub Date : 2024-08-01 DOI: 10.1016/j.emj.2023.02.003

With scarce research on the intersection of corporate venturing and firm strategy, few companies succeed in using their dedicated corporate venturing units (CVUs) for strategic renewal. This study examines this intersection in so-called interlinked-ambidextrous CVUs. Through relational interlinks with internal and external stakeholders, these organizational entities combine the exploration of new market opportunities with the exploitation of existing core competencies to develop new competitive advantages for their parent companies. That way, they aim to create organizationally consequential new business that can change the competitive positioning of a company. To investigate such strategic corporate venturing, the study collects and analyses qualitative data from interlinked-ambidextrous units in 16 European companies. The resulting key themes and their relationships are mapped onto an exploratory model of strategic corporate venturing that includes organizational context factors as antecedents; process activities, relational mechanisms and dynamic capabilities as enablers; and an ambidextrous orientation as a mediator for the intended strategic renewal task. Embedding these key findings within existing theory provides valuable contributions to the development of the strategic corporate venturing concept and the understanding of interlinked-ambidextrous CVUs. This can help practitioners tackle the strategic renewal challenge through corporate venturing.

由于对企业风险投资与公司战略交叉点的研究很少，很少有公司能成功利用其专门的企业风险投资部门（CVUs）进行战略更新。本研究探讨了所谓 "互联-双向 "企业风险投资单位的这种交叉。通过与内部和外部利益相关者的相互联系，这些组织实体将探索新的市场机遇与利用现有核心能力相结合，为母公司开发新的竞争优势。这样，它们就能创造出具有组织影响力的新业务，从而改变公司的竞争定位。为了研究这种战略性企业风险投资，本研究收集并分析了来自 16 家欧洲公司中相互关联的混合单位的定性数据。由此产生的关键主题及其关系被映射到企业战略冒险的探索性模型中，该模型包括作为前因的组织环境因素；作为促成因素的流程活动、关系机制和动态能力；以及作为预期战略更新任务中介的双向取向。将这些关键研究结果纳入现有理论，对发展战略性企业风险投资概念和理解相互关联、双向作用的企业风险投资单位做出了宝贵贡献。这有助于实践者通过企业风险投资应对战略更新挑战。

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