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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
Do Climate Change Regulatory Pressures Increase Corporate Environmental Sustainability Performance? The Moderating Roles of Foreign Market Exposure and Industry Carbon Intensity 气候变化监管压力会提高企业环境可持续性绩效吗?国外市场风险和行业碳强度的调节作用
IF 5.6 2区 管理学 Q1 Business, Management and Accounting Pub Date : 2024-06-14 DOI: 10.1111/1467-8551.12841
Xiaolong Shui, Minhao Zhang, Yichuan Wang, Palie Smart
This study focuses on climate change regulatory pressures at the national/regional level, which can be considered emergent institutions – newly established and subject to change – in contrast to established institutions. We explore their impact on the environmental sustainability performance of multinational enterprises, advancing beyond the extant literature's focus on their binary compliance reactions. Utilizing a sample of Standard & Poor's 1200 firms, our findings indicate that variations in climate change regulatory pressures at the national/regional level can account for differences in environmental sustainability performance at the corporate level. Moreover, this relationship is moderated by two critical firm characteristics: foreign market exposure and industry carbon intensity. Foreign market exposure, particularly in the context of developing countries, can diminish the positive effects of a home country's climate change regulatory pressures, while industry carbon intensity can amplify these effects.
本研究的重点是国家/地区层面的气候变化监管压力,与既有机构相比,这些机构可被视为新兴机构--新近建立并不断变化。我们探讨了它们对跨国企业环境可持续性绩效的影响,超越了现有文献对其二元合规反应的关注。利用标准普尔 1200 家公司的样本,我们的研究结果表明,国家/地区层面气候变化监管压力的变化可以解释企业层面环境可持续发展绩效的差异。此外,这种关系还受到两个关键企业特征的调节:国外市场风险和行业碳强度。外国市场风险,尤其是发展中国家的外国市场风险,会削弱母国气候变化监管压力的积极影响,而行业碳强度则会放大这些影响。
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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
Collective Capabilities for Organizational Democracy: The Case of Mutual Social Enterprises 组织民主的集体能力:社会互助企业案例
IF 5.6 2区 管理学 Q1 Business, Management and Accounting Pub Date : 2024-06-05 DOI: 10.1111/1467-8551.12840
Ian Vickers, Fergus Lyon, Leandro Sepúlveda
Democratic forms of enterprise and economic governance are needed to help address urgent societal challenges where hierarchical decision‐making and governance approaches are clearly failing. There is insufficient understanding, however, of the capabilities needed by enterprises to implement and sustain organizational democracy in pressurized operational contexts. We focus on the role of collective capabilities, which arise from interactions between individuals to create collaboration and collective benefits. Interview evidence from 12 mutual social enterprises – organizations that trade with a social purpose – is used to explore the learning processes that underpin the generation of collective capabilities for organizational democracy. The analysis leads us to a theoretical model of collective capabilities development that responds to three fundamental areas of challenge: (i) Adaptive design of governance structures and processes, to balance ‘bottom‐up’ democracy with ‘top‐down’ stewardship control; (ii) Embedding, extending and revitalizing democracy, by supporting the voice, capabilities and confidence of workers and users to participate in collaborative governance; and (iii) Fostering deliberative learning, to navigate tensions and conflict between plural perspectives and achieve collective aims. In concluding, we reflect on some institutional and cultural barriers to organizational democracy and the case for more concerted policy action to realize its potential as a crucial component of economic democracy.
在等级制决策和治理方法明显失效的情况下,需要民主形式的企业和经济治理来帮助应对紧迫的社会挑战。然而,人们对企业在高压运营环境下实施和维持组织民主所需的能力了解不足。我们将重点放在集体能力的作用上,这种能力产生于个人之间的互动,以创造协作和集体利益。通过对 12 家互助型社会企业--以社会为目的的贸易组织--的访谈证据,我们探讨了支持组织民主的集体能力产生的学习过程。通过分析,我们建立了一个集体能力发展的理论模型,以应对三个基本挑战领域:(i) 治理结构和流程的适应性设计,以平衡 "自下而上 "的民主和 "自上而下 "的管理控制;(ii) 通过支持工人和用户参与合作治理的发言权、能力和信心,嵌入、扩展和振兴民主;(iii) 促进审议学习,以驾驭多元观点之间的紧张和冲突,实现集体目标。最后,我们反思了组织民主的一些制度和文化障碍,以及采取更加协调一致的政策行动以实现其作为经济民主重要组成部分的潜力的理由。
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引用次数: 0
Virtual Influencers in Consumer Behaviour: A Social Influence Theory Perspective 消费者行为中的虚拟影响者:社会影响理论视角
IF 5.6 2区 管理学 Q1 Business, Management and Accounting Pub Date : 2024-05-31 DOI: 10.1111/1467-8551.12839
Dinara Davlembayeva, Simos Chari, Savvas Papagiannidis
Although virtual influencers, that is, computer‐generated personas, have been a growing trend in marketing, we still know very little about their impact on consumers’ attitudes and behaviour. To bridge this gap, this study: (a) explores individuals’ acceptance of influences induced by virtual influencers and (b) investigates how influence acceptance translates into behaviour. Drawing on Social Influence Theory, we first conducted a comprehensive literature review to extract the key attributes of virtual influencers (i.e. warmth, relatedness, interactivity, competence, empathy, uniqueness, fairness and credibility) as enablers of engagement that can determine influence acceptance. Then, based on 601 survey responses and using a fuzzy‐set qualitative comparative analysis, we analysed the associations between the enablers of engagement, influence acceptance processes (i.e. compliance, identification and internalization) and behavioural responses (purchase intention and behaviour adoption). Our findings highlight various sets of virtual influencer attributes that lead to high degrees of compliance, identification and internalization, and behavioural responses. We contribute to the influencer literature by explaining the causes of the persuasiveness of virtual influencers and their effectiveness in stimulating behaviour. Our study also offers practical insights into how brand managers can leverage virtual influencers in online marketing strategies.
尽管虚拟影响者,即计算机生成的角色,已经成为市场营销中一个日益增长的趋势,但我们对其对消费者态度和行为的影响仍然知之甚少。为了弥补这一不足,本研究:(a)探讨个人对虚拟影响者所诱导的影响的接受程度;(b)研究接受影响如何转化为行为。借鉴社会影响理论,我们首先进行了全面的文献综述,以提取虚拟影响者的关键属性(即温暖、相关性、互动性、能力、同理心、独特性、公平性和可信度),这些属性是决定影响接受度的参与因素。然后,我们根据 601 份调查反馈,利用模糊集定性比较分析法,分析了参与促进因素、影响接受过程(即遵从、认同和内化)和行为反应(购买意向和行为采纳)之间的关联。我们的研究结果凸显了导致高度顺从、认同和内化以及行为反应的各种虚拟影响者属性。我们通过解释虚拟影响者的说服力及其刺激行为的有效性的原因,为影响者文献做出了贡献。我们的研究还为品牌经理如何在网络营销战略中利用虚拟影响者提供了实用见解。
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引用次数: 0
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