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The Governance Role of Minority State Ownership in Non-state-owned Enterprises: Evidence from Corporate Fraud in China 国家少数股权在非国有企业中的治理作用:中国企业欺诈的证据
IF 4.5 2区 管理学 Q1 BUSINESS Pub Date : 2023-10-26 DOI: 10.1111/1467-8551.12771
Liguang Zhang, Liao Peng, Xinyu Liu, Zhe Zhang, Yunchen Wang

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.

本研究试图通过调查国家作为少数股东在阻止非国有企业(非上市公司)中的公司欺诈行为方面所起的作用,对国家作为少数股东如何使利益相关者受益这一问题做出新的阐释。通过对中国公开交易的非国有企业的分析,本研究揭示了国有少数股权对企业欺诈的负面影响,并且在进行了其他检验后结果仍然成立。这种关联的确定渠道是,少数股权国有制可减轻隧道效应、加强内部控制和缓解非国有企业的财务约束。进一步的分析表明,这种关系在公司治理较弱、欺诈动机较强以及政治关系水平较低的企业中更为明显。总之,本研究有助于我们理解少数股权国有制在新兴市场企业欺诈中的作用,强调了在不同情况下批判性评估政府干预效果的重要性。
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引用次数: 0
Reading In-Between: How Women Engage with Messages of ‘Superstar’ Business Role Models 介于两者之间的阅读:女性如何接触 "超级明星 "商业榜样的信息
IF 4.5 2区 管理学 Q1 BUSINESS Pub Date : 2023-10-20 DOI: 10.1111/1467-8551.12768
Maria Adamson, Elisabeth K. Kelan

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.

榜样被视为培养女性领导者的核心,最近的研究对当代商界精英女性榜样所宣传的信息提出了批评。但是,女性究竟是如何与女性商业 "超级明星 "榜样的信息联系起来的呢?我们认为,只探讨榜样所传递的信息就能理解榜样的影响这一隐含假设是有问题的。通过引入积极受众理论,特别是德塞多(de Certeau)的 "战术 "和 "战略 "概念,对阅读商业名人榜样自传的女性进行访谈分析,我们发现了女性角色追求者与榜样信息互动的三种关键战术:确认战术,即有选择性地采纳预期信息;挑战战术,即对信息提出质疑;以及改变战术,通过这种战术,出现了集体意识和支持其他女性的非文字意义。在此过程中,本文提供了一种新颖的方法,将遥远的榜样的影响理论化--即在 "中间 "空间的共同创造过程中产生的影响。我们认为,将榜样的影响理论化为共同创造,使我们能够系统地将有抱负者的看法纳入榜样塑造过程,并进一步理解榜样的非规定性和不可预见的影响。
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引用次数: 0
Problem Directors and Corporate Risk-Taking 问题董事与公司风险承担
IF 4.5 2区 管理学 Q1 BUSINESS Pub Date : 2023-10-20 DOI: 10.1111/1467-8551.12770
Md. Borhan Uddin Bhuiyan, Jia Liu, Ashraful Alam

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.

本研究探讨了 "问题董事 "对公司风险承担倾向的影响及其对公司价值的影响。通过对美国公司样本的分析,我们发现当公司任命问题董事时,公司的风险承担倾向会增加。我们的研究结果具有重要的经济意义,表明问题董事得分每增加一个标准差,公司的风险承担倾向就会增加 2.33% 至 4.17%。中介分析表明,问题董事通过降低财务报告质量来增加公司的风险承担。此外,当新的问题董事加入董事会时,公司的风险承担会增加,即使在问题董事离职后,这种破坏性影响也会持续存在。此外,如果首席执行官(CEO)是问题董事,那么他/她就会表现出更大的冒险倾向。此外,当问题董事同时也是问题首席执行官领导的董事会成员时,我们确定前者会有更大的冒险倾向。进一步分析表明,问题董事的存在会在冒险行为发生后损害公司的长期价值。总之,这项研究提供了新的证据,揭示了问题董事、无效公司治理和公司价值下降之间的联系。
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引用次数: 0
The Speed of the Effects of Publicly Funded Research on Business R&D, Innovation and Innovation Behaviour: Evidence from UK Firms 公共资助研究对企业研发、创新和创新行为的影响速度:来自英国公司的证据
IF 4.5 2区 管理学 Q1 BUSINESS Pub Date : 2023-10-18 DOI: 10.1111/1467-8551.12767
Christos Dimos, Felicia M. Fai, Philip R. Tomlinson

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.

本研究有助于了解公共资助研究(研发补助金)对企业研发、创新和创新行为的影响速度。我们认为,R&D 的积极效应(即投入额外性;IA)的速度与公共支持计划要求私人在 R&D 支出中做出贡献密切相关,而对创新(即产出额外性;OA)和创新行为(即行为额外性;BA)的积极效应则在时间上有所延迟,这与公共资助项目的探索学习性质以及企业创新行为变化的障碍有关。我们以研究与开发密集型英国公司为样本,对我们的理论框架进行了实证检验,结果发现,IA 发生在获得研究与开发资助后的第二年,而 BA 则发生在获得研究与开发资助后的第三年。我们没有发现补助金对产品或流程创新有积极影响。在衡量 BA 时,我们采用了 "经典 "的治疗组和对照组评估方法,而不依赖于企业对获得资助如何影响其创新行为的看法。我们的研究结果对管理实践和政策都具有重要意义。
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引用次数: 0
Digitalization, Resource Mobilization and Firm Growth in Emerging Industries 新兴产业的数字化、资源调动和企业增长
IF 5.6 2区 管理学 Q1 BUSINESS Pub Date : 2023-10-12 DOI: 10.1111/1467-8551.12769
David B. Audretsch, Maksim Belitski

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.

虽然大多数企业没有增长,但也有少数企业实现了增长,并提高了股权和债务资本密集度。研究人员、管理者和政策制定者对数字技术在推动企业增长和资源调动方面发挥的作用提出了质疑。利用 2010-2019 年期间英国新兴产业的纵向数据集,我们区分了三类企业,并研究了它们的增长和资源调动情况。首先,我们发现数字化先进企业增长更快,在降低债务资本强度的同时提高了股权资本强度。其次,我们发现数字化先进企业与企业增长之间的关系是以股权资本强度为中介的。第三,企业规模对数字化先进企业对企业增长的影响具有正向调节作用。企业年龄并不能调节这种关系。其他企业层面的特征,如数字化工具的数量、企业生产力、加速器经验和成长阶段,既可能阻碍也可能促进企业的成长和资源调动。这项研究有助于新兴产业的政策制定者和企业管理者更好地理解数字化和资源在企业增长中的作用。
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引用次数: 0
Going the Extra Mile, Now or After a While: The Impact of Employee Proactivity in Retail Service Encounters on Customers’ Shopping Responses 多走一英里,现在还是以后?零售服务中员工的主动性对顾客购物反应的影响
IF 4.5 2区 管理学 Q1 BUSINESS Pub Date : 2023-10-02 DOI: 10.1111/1467-8551.12765
Tobias Otterbring, Jasenko Arsenovic, Peter Samuelsson, Suresh Malodia, Amandeep Dhir

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.

员工主动性一直被认为是预测企业成功和组织绩效的关键因素。然而,以往的主动性研究很少关注顾客,现有的少数零售业主动性研究要么是横截面研究,要么仅基于主观结果(如顾客满意度),要么仅限于客观结果的汇总数据(如每家店的利润)。我们研究了零售服务中员工主动性对顾客实际购买行为的因果影响,以及在顾客个体细粒度层面上的满意度评价。通过将社会感知理论与先前的主动性研究结果相结合,我们发现员工的主动性能积极预测顾客的购物反应。这一发现从相关设计延伸到实验设计,跨越了样本类型和范式,并在实际零售环境中得到了复制,而且受到顾客对员工热情和能力的感知的影响。此外,这种效应还能在多个焦点结果中得到推广,包括行为变量(消费和购买可能性),并受到员工主动接触时间的调节,这与顾客自身的信念相悖。总之,本研究量化了员工主动性的经济后果,并表明在普通零售服务中,高主动性可以弥补延迟,从而抵消等待带来的厌恶感。
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引用次数: 0
Founder's Financial Knowledge and the New Firm's Ability to Obtain Debt Financing 创始人的财务知识与新公司获得债务融资的能力
IF 4.5 2区 管理学 Q1 BUSINESS Pub Date : 2023-09-29 DOI: 10.1111/1467-8551.12766
Laurence Rijssegem, Ine Paeleman, Egle (Vaznyte) Hünermund, Petra Andries

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.

创始人的债务融资知识如何影响其新公司获得所需债务融资额的能力?在认知心理学文献的基础上,我们提出,创始人的债务融资知识深度与新公司获得债务融资的能力呈正相关,因为创始人更善于选择和获取相关的债务融资来源。结合对创业成长型战略的见解,我们进一步认为,当新公司国际化和创新程度较高时,这种关系会更加明显。我们使用赫克曼全信息最大似然模型,分析了 1845 家佛兰德新公司的调查数据。模型的第一阶段估算了新公司的债务融资概率。第二阶段测试了创始人对债务融资的知识深度与新公司债务融资能力之间的关系,以决定是否进行债务融资为条件。我们发现,创始人的债务融资知识深度与新公司的债务融资能力呈正相关。当新公司国际化程度较高时,这种关联会变得更加明显。这些发现扩展了创业融资、创业战略和认知心理学文献。
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引用次数: 0
Homophily and Merger Dynamics 同质性与合并动态
IF 4.5 2区 管理学 Q1 BUSINESS Pub Date : 2023-09-28 DOI: 10.1111/1467-8551.12764
Stefano Bonini, Meghana Vaidya

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.

我们提出了一个新颖的多因素指标,即收购方和目标公司首席执行官之间的同质性,作为并购(M&As)的因果决定因素。我们发现有力的证据表明,两位首席执行官之间的同质性越高,并购交易启动和完成的可能性就越大。当同质性较高时,交易更有可能以现金支付,长期价值创造显著增加,而且以事后商誉注销衡量,事前定价过高的情况较少。这些效应源于首席执行官之间的相似性能够创造信任、减少信息不对称和促进有效沟通。我们的研究方法解决了之前关于同亲关系对大型企业决策影响的相互矛盾的结果,并有力地说明了对同亲关系进行多维度估计以获得结论性结果的必要性。
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引用次数: 0
How Does Foreign Acquirers’ ESG Misbehaviour Exposure Affect the Completion of Cross-Border Acquisitions? 外国收购方的环境、社会和治理不当行为风险如何影响跨国收购的完成?
IF 4.5 2区 管理学 Q1 BUSINESS Pub Date : 2023-09-17 DOI: 10.1111/1467-8551.12763
Shan Zhu, Jian Du, Jie Lu, Qiuxia Zheng

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.

本研究探讨了外资收购方的环境、社会和治理(ESG)不当行为暴露如何影响跨境收购(CBA)的完成,以及这种影响如何随目标国公民权力和交易传言的存在而变化。利用2011年至2019年中国上市公司尝试的CBA样本,我们发现ESG不当行为风险较高的外资收购方更有可能无法完成CBA。随着目标国公民权力的增加,这类收购方在完成 CBA 时面临更大的挑战。此外,交易传言也会使事情变得更糟(无异于火上浇油),使ESG不良行为风险较高的外国收购方处于更加不利的地位。总之,我们的研究结果阐明了目标国利益相关者对具有环境、社会和公司治理不当行为风险的外资收购方的担忧和抵制,并展示了产生这种不利影响的边界条件。
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引用次数: 0
Servant Leadership as a Catalyst for Middle Managers’ Learning Ambidexterity: A Resource-Based Perspective 仆人式领导是中层管理人员学习灵活性的催化剂:基于资源的视角
IF 4.5 2区 管理学 Q1 BUSINESS Pub Date : 2023-09-14 DOI: 10.1111/1467-8551.12761
Muhammad Usman, Chidiebere Ogbonnaya, Hamid Roodbari, Rebecca Yusuf, Manjusha Hirekhan

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.

尽管近年来有关组织灵活性的研究层出不穷,但关于领导者在利用学习灵活性为组织谋福利方面所扮演的角色,仍然存在着重要的问题。借鉴资源保护理论,我们研究了仆人式领导与中层管理者的学习灵活性之间的间接联系,并将结构授权和角色广度自我效能感(RBSE)作为序列中介。我们还研究了领导者跨越边界行为作为这些关系的调节因素的重要性。通过使用来自 344 名中层管理人员及其主管的时滞多源数据,我们发现仆人式领导对两种形式的学习灵活性有积极的间接影响:开发性学习和探索性学习。特别是,仆人式领导促进了结构性授权(作为一种环境资源),这反过来又影响了RBSE(作为一种个人资源),并鼓励了学习的灵活性。此外,我们还表明,当领导者采取跨越边界的行为时,这些间接关系会变得更加突出。这项研究提供了新的理论和实践见解,有助于组织提高学习灵活性,实现更高水平的绩效。
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引用次数: 0
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British Journal of Management
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