British Journal of Management最新文献

This study attempts to shed new light on how the state as a minority shareholder benefits stakeholders, by investigating its role in deterring corporate fraud in non-state-owned enterprises (non-SOEs). Through an analysis of publicly traded non-SOEs in China, this study reveals that minority state ownership negatively impacts firm fraud, and the results hold after alternative tests. The identified channels of this association are that minority state ownership mitigates tunnelling, enhances internal control, and alleviates the financial constraints of non-SOEs. Further analysis shows that this relationship is more pronounced in firms with weaker corporate governance, stronger fraud incentives, and lower levels of political connections. Overall, this study contributes to our understanding of the role of minority state ownership in emerging markets within the context of corporate fraud, highlighting the importance of critically evaluating the effects of government intervention in different contexts.

With role models being seen as central for developing women as leaders, recent research has been critical of messages that contemporary elite businesswomen role models promote. But how do women actually relate to female business ‘superstar’ role models’ messages? We argue that the implicit assumption that role models’ effects may be understood through exploring exclusively the kind of messages they send is problematic. Through introducing active audience theory, specifically de Certeau's concepts of ‘tactics’ and ‘strategy’, to analyse interviews with women who read autobiographies of business celebrity role models, we identify three key tactics in which female role aspirants engage with role models’ messages: tactics of confirmation, namely a selective adoption of intended messages; tactics of challenge, namely a contestation of messages; and tactics of change, through which unscripted meanings of collective consciousness and support for other women emerge. In doing so, the paper offers a novel way of theorising the influence of distant role models – as emerging from a process of co-creation in the ‘in-between’ space. We argue that theorising the role of models’ influence as co-creation allows us to systematically incorporate role aspirants’ perceptions into the role-modelling process and to further understand the unscripted and unforeseen effects of role models.

This study investigates the impact of a ‘problem director’ on the risk-taking propensity of a firm and its consequences for firm value. Analysing a sample of US companies, we find that corporate risk-taking propensity increases when a firm appoints a problem director. Our results are of economic significance, indicating that a one standard deviation increase in problem director's score leads to a 2.33% to 4.17% increase in corporate risk-taking. Mediation analysis reveals that a problem director increases firm risk-taking through reducing financial reporting quality. Further, a firm's risk-taking increases when a new problem director joins the board, and the damaging effect persists even after the problem director has left. Moreover, if a chief executive officer (CEO) is a problem director, s/he displays a greater predisposition for risk-taking. Moreover, when a problem director also sits on a board led by a problem CEO, we determine that the former will have an even greater propensity to take risks. Further analysis determines that the presence of problem directors damages long-term firm value in the aftermath of risk-taking behaviour. Overall, this study provides fresh evidence revealing a web of connections between a problem director, ineffective corporate governance and a decline in firm value.

This study contributes to the understanding of the speed of the effects of publicly funded research – R&D grants – on firm R&D, innovation and innovation behaviour. We argue that while the speed of the positive effects on R&D (i.e. input additionality; IA) tightly relates to public support programmes’ requirement of private contribution in R&D spending, the positive effects on innovation (i.e. output additionality; OA) and innovation behaviour (i.e. behavioural additionality; BA) are temporally delayed, linked to the explorative nature of learning associated with publicly funded projects and obstacles to changes in the innovation behaviour of firms. We empirically test our theoretical framework for a sample of R&D-intensive UK firms to find that while IA occurs in the year following receipt of R&D grants, BA takes 3 years after receipt of R&D grants to occur. We do not find that grants have a positive effect on either product or process innovation. In measuring BA, we employ a ‘classical’ treatment and control group evaluation without relying on firms’ perceptions of how the receipt of grants affected their innovation behaviour. Our findings have significant implications for both management practice and policy.

While most firms do not grow, a small number of firms grow and enhance their equity and debt capital intensity. Researchers, managers and policymakers question the role that digital technologies play in propelling firm growth and resource mobilization. Using a longitudinal dataset from emerging industries in the United Kingdom during 2010–2019, we distinguish three types of firms and examine their growth and resource mobilization. First, we find that digitally advanced firms grow faster and enhance equity capital intensity while reducing debt capital intensity. Second, we find that the relationship between digitally advanced firms and firm growth is mediated by equity capital intensity. Third, firm size positively moderates the effect of digitally advanced firms on firm growth. Firm age does not moderate this relationship. Other firm-level characteristics, such as number of digital tools, firm productivity, accelerator experience and stage of growth, may either impede or facilitate a firm's growth and resource mobilization. This study helps policymakers and firm managers in emerging industries better understand the role of digitalization and resources in firm growth.

Employee proactivity has been discussed as a key predictor of firm success and organizational performance. However, previous proactivity research has rarely focused on customers, and the few available proactivity studies from retail settings are either cross-sectional, solely based on subjective outcomes (e.g. customer satisfaction) or restricted to aggregated data of objective outcomes (e.g. profits per store). We investigate the causal effect of employee proactivity in retail service encounters on customers’ actual purchase behaviour and satisfaction ratings at the fine-grained level of individual customers. By integrating theories on social perception with prior proactivity findings, we find that employee proactivity positively predicts customers’ shopping responses. This finding extends from correlational to experimental designs across sample types and paradigms, is replicated in actual retail settings, and is mediated by customers’ perceptions of employee warmth and competence. Furthermore, the effect generalizes across several focal outcomes, including behavioural variables (spending and purchase likelihood), and is moderated by the time to employee-initiated contact in a way that goes against customers’ own beliefs. In sum, the present research quantifies the financial consequences of employee proactivity and indicates that in ordinary retail service encounters, high proactivity can compensate for delays, thus counteracting the aversive aspects of waiting.

How does a founder's knowledge of debt financing influence his/her new firm's ability to obtain the amount of debt financing it desires? Building on the cognitive psychology literature, we propose that the depth of a founder's debt financing knowledge is positively associated with the new firm's ability to obtain debt financing as he/she will be better at selecting and acquiring relevant sources of debt financing. Integrating insights on entrepreneurial growth-oriented strategies, we further argue that this relationship will be more pronounced when the new firm internationalizes and innovates more. Using a Heckman full information maximum likelihood model, we analyse survey data on 1845 Flemish new firms. The first stage of the model estimates the new firm's probability of raising debt financing. The second stage tests the relationship between the founder's knowledge depth of debt financing and the new firm's debt financing ability, conditional on the decision to raise debt financing. We find that the founder's knowledge depth of debt financing is positively associated with the new firm's ability to obtain debt financing. This association becomes even more pronounced when the new firm internationalizes more. These findings extend the entrepreneurial finance, entrepreneurial strategy and cognitive psychology literature.

We propose a novel multi-factor metric of homophily between the CEOs of the acquirer and target firms as a causal determinant of mergers and acquisitions (M&As). We find strong evidence that higher homophily among the two CEOs increases the likelihood of M&A deal initiation and completion. When homophily is high, deals are more likely to be paid in cash, exhibit significantly larger long-term value creation and are less subject to ex-ante overpricing as measured by ex-post goodwill write-offs. These effects stem from similarity between CEOs creating trust, reducing information asymmetry and facilitating effective communication. Our approach resolves prior conflicting results on the effect of homophily on large corporate decisions and strongly indicates the need for a multi-dimensional estimation of homophily to obtain conclusive results.

This study investigates how foreign acquirers’ environmental, social and governance (ESG) misbehaviour exposure affects the completion of cross-border acquisitions (CBAs), and how this impact varies according to citizen power in the target country and the presence of deal rumours. Using a sample of CBAs attempted by Chinese listed firms from 2011 to 2019, we find that foreign acquirers with higher ESG misbehaviour exposure are more likely to fail in CBA completions. As citizen power in the target country increases, such acquirers face greater challenges in CBA completion. In addition, deal rumours can make matters worse (akin to pouring fuel on a fire), putting foreign acquirers with high ESG misbehaviour exposure in a more unfavourable position. Overall, our findings shed light on the concerns and resistance of stakeholders in the target country towards a foreign acquirer with ESG misbehaviour exposure and demonstrate boundary conditions for such an adverse effect.

Although recent years have seen a proliferation of research on organizational ambidexterity, important questions remain about the role that leaders play in leveraging learning ambidexterity for organizational benefits. Drawing on the conservation of resources theory, we investigate the indirect links between servant leadership and middle managers’ learning ambidexterity, with structural empowerment and role breadth self-efficacy (RBSE) as serial mediators. We also examine the importance of leader boundary-spanning behaviour as a moderating factor for these relationships. Using time-lagged and multi-source data from 344 middle managers and their supervisors, we show that servant leadership has a positive indirect influence on two forms of learning ambidexterity: exploitative and explorative learning. In particular, servant leadership promotes structural empowerment (as a contextual resource), which in turn influences RBSE (as a personal resource) and encourages learning ambidexterity. In addition, we show that when leaders engage in boundary-spanning behaviour, these indirect relationships become more prominent. This research offers new theoretical and practical insights to assist organizations in improving learning ambidexterity and achieving higher levels of performance.