Eurasian Business Review最新文献

This study examined the experiential learning of professionals and empirically analyzed the learning effect. As many professional studies have pointed out, professionals must continue to learn and improve their expertise throughout their careers to deliver higher-quality services. Experiential learning is a crucial subject for understanding the construction of professional knowledge. However, not much research has been accumulated. This study categorized professionals’ experience into four subcategories, each exploring the specific effects, distinguishing from previous research conceptualizing experience as a bundle. These four categories are broad experience, task-specific experience, breadth of experience, and depth of experience. Utilizing a dataset of 722 Japanese patent attorneys who owned individual firms, we analyzed panel data from 2002 to 2010. Regression analysis was employed to investigate the effect of patent attorney experience on two performance measures: patent grant rate and grant lag (i.e., time to patent registration). The results show that broad experience and breadth of experience positively impact the rate of patent grants. Additionally, broad experience and depth of experience help reduce the time taken for patent registration. The results are generally consistent with existing studies. However, task-specific experience has a negative effect on patent grant rate, contrary to previous research. This study provided insight into a deeper understanding of the learning curve and the underlying mechanism of professionals’ individual experiential learning. Also, this study added new insights by conducting empirical research in the Asian context since most previous studies have focused on Western professionals.

There has long been debate about whether the motives for corporate philanthropy are selfish or altruistic in nature. This study takes A-share listed companies on the Shanghai and Shenzhen stock exchanges in China from 2016 to 2019 as the research object and analyzes China’s new government–business relationship based on institutional theory. The results show that the new government–business relationship, which is characterized by being close and unsullied, has a significant inhibitory effect on corporate philanthropy. To be specific, the closer and more unsullied the government–business relationship in the region where the firm is located, the lower its level of corporate philanthropy, thus supporting the hypothesis of selfish—and especially political—motivation. A heterogeneity analysis shows that compared with private enterprises and enterprises in areas with high levels of marketization, the new government–business relationship has a less inhibitory effect on the philanthropic efforts of state-owned enterprises and enterprises in areas with lower levels of marketization. Conditional testing shows that the purpose of corporate philanthropy is to obtain more economic resources such as bank loans, government subsidies, and tax incentives. Finally, the improvement in the government–business relationship reduces the economic resources that enterprises obtain from the government, thus indicating that the political motivation for corporate philanthropy will be mitigated after the change in that relationship. The results of this study clarify the actual motives underlying corporate philanthropy and provide empirical evidence for the government to reference when establishing and adjusting the government–business relationship.

This paper investigates the relationship between CEO age and firm innovation measured as innovation productivity (i.e., the number of patent applications) and innovation scope (i.e., technological proximity). Using a sample of 8589 firm-years that eliminate differences in characteristics between firms with young CEOs versus old CEOs, listed in the Korean stock markets for the sample period of 2002–2016, we document that a firm’s innovation productivity or innovation scope decreases in CEO age. We also report that younger CEOs in IT firms are more likely to participate in firm innovation than those in non-IT firms. Our main results are robust in Tobit, Poisson, and negative binomial regressions and in specification of CEO-fixed effect models. We also find same results in further analyses considering CEO tenure, firm age, and CEO overconfidence. Taken together, younger CEOs in IT firms may be more motivated to signal their innovativeness to the CEO market to be regarded as outstanding innovators or adventurous innovators, which supports managerial signaling hypothesis for young CEOs.

Abstract

This study investigates the influence of family ownership and family control on firm performance while considering the moderating effect of gender diversity. Utilising a dataset of 226 nonfinancial firms listed on Pakistan Stock Exchange spanning from 2008 to 2019, the paper employs the Generalized Method of Moments (GMM) estimation to test the proposed hypotheses. Additionally, the paper uses ordinary least squares regression (OLS) analysis, industry-adjusted measures of firm performance, difference-in-difference (DID) estimation, and Blau and Shannon index to confirm the results. The findings indicate that family ownership and control positively affect firm performance. This relationship is further enhanced by the presence of female directors on the board. Using the agency theory and stewardship theory frameworks, the paper delves into the dynamics of agency conflict and family owner behavior within family firms, highlighting the role of gender-diverse boards. Overall, the analysis reveals that family owners, motivated by a strong attachment to their businesses and a desire to preserve socio-emotional wealth, tend to adopt a stewardship role, thereby mitigating principal-principal conflicts within our sample firms. The study contributes to the literature on family businesses by elucidating the behavior of such firms within an emerging economy context and revealing the role of gender diversity in the presence of family ownership. The findings suggest useful implications for investors regarding the positive influence of family owners on firm performance and underscore the importance for policymakers to prioritize female career development and professional growth. This, in turn, can yield economic benefits through the integration of female directors in boardrooms, thereby reducing agency costs and enhancing overall governance structures within firms.

In the financial system, the customers’ willingness to share their data is pivotal, because otherwise, banks and insurance companies are powerless to build on customer data. The key step now is to understand whether there is such willingness and what form it takes. In this study, we investigate how willing customers are to share various kinds of data (on physical health, home, driving style, travel, family, social networks) with their insurance company, in return for different rewards (customised products and services, reduced insurance claims risk and insurance premiums adjusted to personal habits and behaviour). Applying the privacy calculus framework to 1501 responses in a web-based survey, we found that rewards, especially when financial, such as insurance premium benefits, play a pivotal role in driving customer decisions about sharing data. Furthermore, customers associate the data they are asked to share with different levels of privacy, influencing their willingness to share. We also found that, when customers are asked to share various kinds of data in return for different rewards, their own personal innovativeness comes into play. Our findings suggest that, in the data-driven insurance business, different rewards offered in return for specific types of data could help companies minimise the “data acquisition cost” and maximise the data collected. In the era of open data, insurers can explore the many opportunities for segmentation, but new kinds of financial exclusion could emerge, resulting in potential biases and thus misinterpretations should analytics and artificial intelligence models be built upon these premises.

Even the most rudimentary training from Economics 101 starts with demand curves going down and supply curves going up. They are so ‘natural’ that they sound even more obvious than the Euclidian postulates in mathematics. But are they? What do they actually mean? Start with “demand curves”. Are they hypothetical ‘psychological constructs’ on individual preferences? Propositions on aggregation over them? Reduced forms of actual dynamic proposition of time profiles of prices and demanded quantities? Similar considerations apply to “supply curves” The point here, drawing upon the chapter by Kirman and Dosi, in Dosi (Dosi, Foundations of Complex Evolving Economies Innovation, Organization and Industrial Dynamics, Oxford University Press, 2023), is that the forest of demand and supply curves is basically there to populate the analysis with double axiomatic notions of equilibria, both ‘in the head’ of individual agents, and in environments in which they operate. Supply and demand “curves”, I am arguing, are one of the three major methodological stumbling blocks on the way of progress in economics, the other related ones being ‘utility functions’ and ‘production functions’. There is an alternative: represent markets and industries how they actually works, and model them both via fully fledged Agent Based Models and via lower dimensional dynamical systems.

Abstract

In this paper we address the problem of survival models when high-dimensional panel data are available. We discuss two related issues: The first one concerns the issue of variable selection and the second one deals with the stability over time of such a selection, since presence of time dimension in survival data requires explicit treatment of evolving socio-economic context. We show how graphical models can serve two purposes. First they serve as the input for a first algorithm to to assess the temporal stability of the data: Secondly, allow the deployment of a second algorithm which partially automates the process of variable selection, while retaining the option to incorporate domain expertise in the process of empirical model-building. To put our proposed methodology to the test, we utilize a dataset comprising Italian firms funded in 2009 and we study the survival of these entities over the period of 10 years. In addition to revealing significant volatility in the set of variables explaining firm exit over the years, our novel methodology enables us to offer a more nuanced perspective than the conventional one regarding the critical roles played by traditional variables such as industrial sector, geographical location, and innovativeness in firm survival.