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The Dynamics of Investor Sentiment Impacts in Equity Crowdfunding: Unveiling the When 股权众筹中投资者情绪的动态影响:揭示何时
IF 5.6 2区 管理学 Q1 BUSINESS Pub Date : 2024-07-17 DOI: 10.1111/1467-8551.12854
Thang Nguyen, Jiaqi Guo, Daniel Dao, Thanh Nguyen, Bao To
Expanding upon the known impact of investor sentiment on crowdfunding contributions, we delve deeper to pinpoint specific conditions under which sentiment influences investor choices. Grounded in psychological theory, we assert that sentiment's influence thrives at the peak of investor attention, primarily on a campaign's first day and among projects with greater uncertainty. Our empirical study, based on 447 campaigns with 17,244 daily observations from the United Kingdom's Crowdcube platform, substantiates our claim. Our research enhances the comprehension of equity crowdfunding investors and provides practical insights for its proponents.
投资者情绪对众筹捐款的影响众所周知,在此基础上,我们深入探讨了情绪影响投资者选择的具体条件。我们以心理学理论为基础,断言情绪的影响会在投资者关注的高峰期蓬勃发展,主要是在众筹活动的第一天,而且是在不确定性较大的项目中。我们的实证研究基于英国 Crowdcube 平台上 447 个项目的 17,244 次每日观察,证实了我们的观点。我们的研究增强了股权众筹投资者的理解力,并为其支持者提供了实用的见解。
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引用次数: 0
Recognising the Service of our Reviewers 表彰评审员的服务
IF 4.5 2区 管理学 Q1 BUSINESS Pub Date : 2024-07-09 DOI: 10.1111/1467-8551.12843
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引用次数: 0
HRM Algorithms: Moderating the Relationship between Chaotic Markets and Strategic Renewal 人力资源管理算法:调节混乱市场与战略更新之间的关系
IF 5.6 2区 管理学 Q1 BUSINESS Pub Date : 2024-07-03 DOI: 10.1111/1467-8551.12852
Yancy Vaillant, Ferran Vendrell‐Herrero, Oscar F. Bustinza, Yijun Xing
HRM algorithms can profoundly impact organizations in the digital economy era. In the face of turbulent and complex market conditions, strategic renewal is regarded as one of the most important organizational mechanisms for dealing with market uncertainty and a turbulent environment. However, the existing research remains elusive about the relationship between market‐level conditions and firm‐level strategic renewal. Our paper addresses this important gap by examining the potential enhancement of agile strategic renewal in high‐uncertainty environments through the implementation of HRM algorithms. Drawing on Chaos Theory, we argue that HRM algorithms have the potential to support the self‐organization capacity of a workforce, supporting better alignment with changing environments. Using covariance‐based structural equation modelling on a survey of over 500 Spanish firms, our findings provide partial support for the modelled hypotheses by showing that the use of HRM algorithms positively moderates the relationship between market turbulence and strategic renewal, but does not appear to moderate the relationship between market complexity and strategic renewal. The study contributes to our understanding of the importance of adopting internal business analytics systems to stimulate agility and align the workforce more effectively with changing environments, but also highlights their less substantive role in deciphering complex external factors.
人力资源管理算法会对数字经济时代的组织产生深远影响。面对动荡复杂的市场环境,战略更新被认为是应对市场不确定性和动荡环境的最重要的组织机制之一。然而,关于市场层面的条件与企业层面的战略更新之间的关系,现有的研究仍然难以捉摸。本文针对这一重要空白,研究了在高不确定性环境中通过实施人力资源管理算法提高敏捷战略更新的潜力。借鉴混沌理论,我们认为人力资源管理算法具有支持劳动力自组织能力的潜力,有助于更好地适应不断变化的环境。我们在对 500 多家西班牙企业的调查中使用了基于协方差的结构方程模型,结果表明,人力资源管理算法的使用对市场动荡与战略更新之间的关系起到了积极的调节作用,但似乎并没有调节市场复杂性与战略更新之间的关系,从而为模型假设提供了部分支持。这项研究有助于我们理解采用内部业务分析系统来激发灵活性并使员工队伍更有效地适应不断变化的环境的重要性,但同时也强调了这些系统在破解复杂外部因素方面的作用并不那么重要。
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引用次数: 0
On the Right Side of the Faultline: Effects of Subgroups and CEO Inclusion on CEO Compensation 在断层线的右侧:子集团和首席执行官包容性对首席执行官薪酬的影响
IF 5.6 2区 管理学 Q1 BUSINESS Pub Date : 2024-07-03 DOI: 10.1111/1467-8551.12851
Charlotte Antoons, Alana Vandebeek
This study examines how subgroup formation resulting from group faultlines can affect corporate boards’ CEO compensation‐setting process. Group faultlines are hypothetical dividing lines that can split the board into subgroups based on directors’ diversity characteristics. Using a sample of US firms for the period 2007–2019, we find that if the CEO demographically belongs to the same faultline‐based subgroup as corporate directors who are members of the compensation committee, strong faultlines lead to higher CEO compensation. Furthermore, we show that joint tenure of directors and the CEO strengthens this relationship. Our results are robust to endogeneity concerns and a battery of sensitivity tests. Our findings make important contributions to the literature on CEO compensation, corporate governance and faultlines, as we consider not only the existence of faultlines in the board context but also how the composition of identity‐based subgroups affects CEO compensation.
本研究探讨了集团断层线导致的子集团形成如何影响公司董事会的首席执行官薪酬制定过程。集团断层线是一种假设的分界线,可以根据董事的多样性特征将董事会分成若干个子集团。利用 2007-2019 年期间的美国公司样本,我们发现,如果首席执行官与薪酬委员会成员中的公司董事在人口统计学上属于同一个基于断层线的子群体,那么强断层线会导致首席执行官薪酬的提高。此外,我们还发现,董事和首席执行官的共同任期会加强这种关系。我们的结果经得起内生性问题和一系列敏感性测试的检验。我们的研究结果为有关首席执行官薪酬、公司治理和断层的文献做出了重要贡献,因为我们不仅考虑了董事会中存在的断层,还考虑了基于身份的分组构成如何影响首席执行官薪酬。
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引用次数: 0
Environmental Regulation and Access to Credit 环境监管与获得信贷
IF 5.6 2区 管理学 Q1 BUSINESS Pub Date : 2024-07-03 DOI: 10.1111/1467-8551.12848
Viet A. Dang, Ning Gao, Tiancheng Yu
We show that climate priorities codified in regulations significantly impact firms’ access to credit, especially long‐term credit, an important financial resource required for achieving business viability and sustainability goals. Following the implementation of a prominent cap‐and‐trade programme aimed at controlling nitrogen oxides (NOx) in the United States (the NOx Budget Trading Program, NBP), manufacturers experienced decreased debt maturity structures, driven by reduced access to long‐maturity debt, but did not alter their use of short‐term debt or trade credit. The NBP's effect on long‐term credit is more pronounced for firms with higher degrees of electricity intensity, financial constraints, information frictions or rollover risk. It ultimately led to deteriorating firm value and operating performance. Increased energy costs and elevated operating leverage explain firms’ reduced access to long‐term credit. Our findings highlight the potential unintended consequences of policy instruments designed to boost a specific aspect of sustainability and the complex nature of managing corporate financial and sustainability goals.
我们的研究表明,法规中规定的气候优先事项极大地影响了企业获得信贷的机会,尤其是长期信贷,而长期信贷是实现企业生存能力和可持续发展目标所需的重要金融资源。在美国实施了一项旨在控制氮氧化物(NOx)的重要上限与交易计划(NOx 预算交易计划,NBP)后,制造商的债务期限结构有所下降,原因是获得长期债务的机会减少了,但他们对短期债务或贸易信贷的使用并没有改变。国家预算交易计划对长期信贷的影响对于电力密集度、财务限制、信息摩擦或展期风险较高的企业更为明显。它最终导致了企业价值和经营业绩的恶化。能源成本的增加和经营杠杆的提高解释了企业获得长期信贷的机会减少的原因。我们的研究结果凸显了旨在促进可持续发展某一特定方面的政策工具可能带来的意外后果,以及管理企业财务和可持续发展目标的复杂性。
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引用次数: 0
Bank Competition, Loan Portfolio Concentration and Stock Price Crash Risk: The Role of Tone Ambiguity 银行竞争、贷款组合集中度与股价暴跌风险:语气模糊的作用
IF 5.6 2区 管理学 Q1 BUSINESS Pub Date : 2024-07-02 DOI: 10.1111/1467-8551.12850
Nikolaos C. Gkoumas, George N. Leledakis, Emmanouil G. Pyrgiotakis, Ion Androutsopoulos
We examine the association between loan portfolio concentration, competition and stock price crash risk in the US banking industry. We find that during economic downturns, banks with poorly diversified loan portfolios that operate in competitive markets are more likely to crash. Importantly, we show that this link is channelled through aggressive earnings management and ambiguous annual reports. Therefore, managerial ambiguity can serve as an early warning signal of information obfuscation, which can eventually lead to stock price crashes. As a quasi‐natural experiment, we use the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act in 2018. This policy lowered the regulatory requirements and oversight for a specific group of large banks. The results of a difference‐in‐differences analysis support our baseline findings and add to the ongoing debate on the roots of the 2023 banking crisis. Therefore, our findings can be informative to market participants, regulators and policy makers.
我们研究了美国银行业贷款组合集中度、竞争与股价崩盘风险之间的关联。我们发现,在经济衰退期间,在竞争激烈的市场中经营的贷款组合多样化程度低的银行更有可能崩盘。重要的是,我们发现这种联系是通过积极的盈利管理和模棱两可的年度报告传递的。因此,管理层的模糊性可以作为信息混淆的预警信号,最终导致股价崩盘。作为准自然实验,我们以 2018 年通过的《经济增长、监管减免和消费者保护法案》为例。这项政策降低了对特定大型银行集团的监管要求和监督力度。差分分析的结果支持了我们的基线研究结果,并为目前关于 2023 年银行业危机根源的讨论增添了新的内容。因此,我们的研究结果可以为市场参与者、监管者和政策制定者提供参考。
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引用次数: 0
Alliance Partner Choice and CEOs’ Facial Structure 联盟合作伙伴的选择与首席执行官的面部结构
IF 5.6 2区 管理学 Q1 BUSINESS Pub Date : 2024-06-27 DOI: 10.1111/1467-8551.12847
Ribuga Kang, Jingoo Kang, Andy Y. Han Kim, Yoonhee Choi
We examine how CEOs’ facial width‐to‐height ratio relates to their firm's alliance partner choice. Using a sample of 2627 alliances of 184 US firms in high‐technology industries between 1993 and 2020, we find that firms led by CEOs with a greater facial width‐to‐height ratio are more likely to ally with new and unfamiliar partners. This tendency is more pronounced when the partner firm is larger or more central in the alliance network than the focal firm. We also find that this tendency is strengthened when the focal firm's performance is below aspirations. Our findings suggest that wider‐faced CEOs are more inclined to take risks and seek status in their alliance partner choice. Our paper bridges upper echelons theory and strategic alliance literature by examining the role of an important but understudied physical attribute of executives in the context of strategic alliances.
我们研究了首席执行官的面部宽高比与其公司联盟伙伴选择之间的关系。通过对 1993 年至 2020 年间美国高科技行业 184 家公司的 2627 个联盟样本进行分析,我们发现,首席执行官脸部宽高比较大的公司更有可能与新的和不熟悉的合作伙伴结盟。当伙伴公司比焦点公司规模更大或在联盟网络中更核心时,这种趋势会更加明显。我们还发现,当焦点企业的业绩低于期望值时,这种倾向会加强。我们的研究结果表明,脸谱化的首席执行官在选择联盟伙伴时更倾向于承担风险和寻求地位。我们的论文通过研究高管的一个重要但未被充分研究的身体特征在战略联盟中的作用,在高层理论和战略联盟文献之间架起了一座桥梁。
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引用次数: 0
Towards a Synergistic Multi-stakeholder Approach to CSR in Crisis: Learning from Large Global Firms’ Responses to COVID-19 危机中的企业社会责任的多利益相关方协同方法:从全球大型企业应对 COVID-19 的措施中学习
IF 4.5 2区 管理学 Q1 BUSINESS Pub Date : 2024-06-24 DOI: 10.1111/1467-8551.12844
Vassiliki Bamiatzi, Steven A. Brieger, Stephan Manning, Shiqianbao Shi, Tahir Islam

Firms are increasingly expected to engage in corporate social responsibility (CSR) in reaction to external crises. Yet, we still know little about how they do it. This study discusses what we can learn from how large global firms responded to the COVID-19 pandemic. Employing a cluster analysis on Fortune Global 500 firms, our findings reveal that to meet both institutional and economic pressures posed by the crisis, global firms adopted what we call a synergistic multi-stakeholder approach by addressing the needs of multiple stakeholder groups simultaneously through transferable response strategies. These strategies varied by firm, ranging from donations and educational initiatives to collaboration and minimal support. We discuss the characteristics and potential drivers of each strategy. Our findings suggest that synergistic CSR strategies combine (social) value creation with operational efficiencies across stakeholder groups, with critical implications for how firms may respond to future disasters and crises.

越来越多的企业被期望承担企业社会责任(CSR),以应对外部危机。然而,我们对企业如何履行社会责任仍然知之甚少。本研究讨论了我们可以从全球大型企业如何应对 COVID-19 大流行病中学到的东西。通过对《财富》杂志全球 500 强企业进行聚类分析,我们的研究结果表明,为了应对危机带来的制度和经济压力,全球企业采取了我们所说的多利益相关者协同方法,通过可转移的应对策略同时满足多个利益相关者群体的需求。这些策略因企业而异,既有捐赠和教育举措,也有合作和最低限度的支持。我们讨论了每种战略的特点和潜在驱动因素。我们的研究结果表明,企业社会责任协同战略将(社会)价值创造与各利益相关群体的运营效率相结合,对企业如何应对未来的灾难和危机具有重要意义。
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引用次数: 0
Reimagining Business and Management as a Force for Good 将企业与管理重新塑造为一股善的力量
IF 4.5 2区 管理学 Q1 BUSINESS Pub Date : 2024-06-23 DOI: 10.1111/1467-8551.12846
Ken McPhail, Mario Kafouros, Peter McKiernan, Nelarine Cornelius

The literature has called on business and management scholars to help understand the global challenges we face and to find solutions. The prevailing narratives that have implicitly informed our understanding of business and management knowledge and practice as good need to be reimagined. We question whether our existing theoretical lenses, along with fundamental underlying assumptions about what constitutes labour, value and its creation, and the nature of assets, liabilities and materiality, act as a barrier to advancing business and management practice as a force for good and explore whether we need to go beyond applying existing theory to new research questions. Both Agency Theory and Stakeholder Theory have proven ineffective in aligning social and economic interests, while our disciplinary and publishing customs constrain our imagination and impede conceptions of fundamentally new ways of practising business.  We explore why we need to reimagine business and management; what we mean by reimagining business and management and what it means to be a force for good. We conclude that if the purpose of business needs to be reimagined, business schools will also need to change to be major catalysts in this process.

文献呼吁商业和管理学者帮助理解我们面临的全球挑战并找到解决方案。我们需要重新认识那些隐含着我们对商业和管理知识与实践的理解的普遍说法。我们要质疑的是,我们现有的理论视角,以及关于什么是劳动、价值及其创造,以及资产、负债和物质性的性质的基本假设,是否阻碍了将商业和管理实践提升为一种善的力量,并探讨我们是否需要超越将现有理论应用于新的研究问题。事实证明,代理理论和利益相关者理论在协调社会和经济利益方面效果不佳,而我们的学科和出版习惯限制了我们的想象力,阻碍了我们构想全新的商业实践方式。我们探讨了为什么需要重新构想商业和管理;重新构想商业和管理的含义以及成为一股善的力量的含义。我们的结论是,如果需要重新构想商业的目的,那么商学院也需要做出改变,成为这一过程中的主要催化剂。
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引用次数: 0
‘Good Work’ and Alternative Food Initiatives: A Workplace Spirituality Perspective 好工作 "与替代性食品倡议:工作场所的精神信仰视角
IF 4.5 2区 管理学 Q1 BUSINESS Pub Date : 2024-06-06 DOI: 10.1111/1467-8551.12842
Natasha Gjorevska

This paper explores ‘good work’ as purpose-driven organizing for positive social impact in the case of alternative food initiatives (AFIs). AFIs accommodate alternative ways of food production and consumption that tackle the world's pressing sustainability challenges. Considering the centrality of workers’ motives, beliefs for generating/sustaining alternative and spiritual work/organizational contexts, this study bridges the knowledge on AFIs and workplace spirituality (WS) through the individual-level perspective. The paper explores AFI members’ workplace motives and experiences to understand how these individuals make sense of their work, and to draw insights on what ‘good work’ entails in this organizational realm. Data were collected via a two-phase study from a total of 28 members of organizations based in Glasgow, Scotland. The results show that AFI members’ work drivers include spiritual (as other-regarding) motives and that the perceived value of their work is in contributing to the welfare of others through a workspace of belonging, freedom and care. The findings suggest that a WS perspective can help in understanding how AFI members approach their work to create (greater) good. Drawing on the lessons from the case analysis within the AFI context, this paper highlights the relevance of WS for repurposing work and organizing.

本文以替代性食品倡议(AFIs)为例,探讨了 "好工作 "作为以目的为导向的组织活动对社会产生的积极影响。另类食品倡议 "采用另类的食品生产和消费方式,以应对全球紧迫的可持续发展挑战。考虑到工人产生/维持替代性和精神性工作/组织环境的动机、信念的中心地位,本研究通过个人层面的视角,为有关替代性食品倡议和工作场所精神性(WS)的知识搭建了桥梁。本文探讨了全职太太机构成员的工作动机和经验,以了解这些人如何理解他们的工作,并就这一组织领域中的 "好工作 "提出见解。研究分两个阶段进行,共收集了 28 名苏格兰格拉斯哥组织成员的数据。研究结果表明,AFI 成员的工作动力包括精神动机(作为关注他人的动机),他们认为工作的价值在于通过归属、自由和关爱的工作空间为他人的福祉做出贡献。研究结果表明,WS 视角有助于理解 AFI 成员如何开展工作以创造(更大的)善。本文借鉴了在 AFI 背景下进行的案例分析所得出的经验教训,强调了 WS 对于重新确定工作和组织目的的相关性。
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引用次数: 0
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British Journal of Management
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