Motivation and ability in the decision to acquire

This study considers the decision to undertake an acquisition using a framework built around the concepts of motivation and ability to acquire. The paper develops an integrative model to examine how firm characteristics contribute to motivation and ability in predicting the likelihood of an acquisition and draws on two streams of literature to motivate the model: behavioral theory of the firm to explain a firm's motivation to acquire, and absorptive capacity to explain a firm's ability to acquire. Results from a publicly traded sample show that firms failing to meet aspirations (i.e., those with motivation) are more likely to acquire, as are firms that have a high absorptive capacity (i.e., those with ability). Most interestingly, absorptive capacity moderates the influence of performance shortfalls in the decision to acquire and is most important when the motivation to acquire is low.     

Equity-worthiness and equity-willingness: Key factors in private equity deals

While access to private equity funds (PEFs) provides a unique opportunity for firms to set up sturdy growth paths, how PEFs select companies is an unknown process to entrepreneurs and business owners. This study aims to offer insights regarding the private equity market to entrepreneurs searching for external capital. We analyzed a novel dataset of 240 pre-deal negotiations between small- and medium-sized Italian companies and a closed-end fund. Results indicate that the successful closing of a deal depends on more than just the target firm's equity-worthiness (i.e., the company's ability to meet the expectations of a private equity investor). In fact, there is another dimension: the target firm's equity-willingness (i.e., the company's motivations to accept an outside equity investor). We summarize the results of our study by building a 2x2 positioning matrix on the basis of the target firm's equity-worthiness and equity-willingness. This matrix enables entrepreneurs to grasp how private equity investors evaluate their firms.     

TECHNICAL CHANGE AND FORMATION OF EXPECTATIONS

The aim of this paper is to discuss the implications for the process of expectation formation as developed by Keynes and the Post‐Keynesians when technical change (as understood by the Evolutionary and Institutional school of thought) is taken into account. The claim made here is that the traditional division of expectations in short and long period is insufficient to deal with all features of technical change, and thus, a new type of expectations (medium‐period) is proposed. Moreover, it is claimed that the independence among different types of expectations cannot stand when medium‐period expectations are taken into account.     

Adapting to a retail environment: Modeling consumer-environment interactions

This paper extends current thinking on the relationship between consumers and the retail environment by assessing a theory of consumer-environment interaction that reinterprets arousal and dominance, two dimensions of the PAD model (Mehrabian, Albert, Russel, James A., An approach to environmental psychology. Cambridge, MA: MIT Press, 1974.), as appraisal dimensions (affective expectations). According to the new account, the more specific the task, the less tolerant consumers are about discrepancies between expected and experienced arousal and dominance. The study evaluated the effects of matching or mismatching appraisals on judgments of emotional dimensions as participants shopped within a virtual store environment. Appraisals were manipulated by combining two goal conditions (goal specificity vs. goal ambiguity) with two levels of store arousal (high vs. low) to produce four separate hypothetical states: hedonic fit (ambiguous goal and high arousal), utilitarian fit (specific goal and low arousal), rational control (ambiguous goal and low arousal), and emotional submissiveness (specific goal and high arousal). When perceptual and cognitive appraisals matched (i.e., hedonic or utilitarian fit), participants judged pleasure to be significantly greater than when expectations mismatched (i.e., rational control or emotional submissiveness). Affective expectations concerning arousal and dominance thus are a strong determinant of consumer predisposition toward the environment.     

Leaders and Laggards: The Influence of Competing Logics on Corporate Environmental Action

We study the sources of resistance to change among firms in the Canadian petroleum industry in response to a shift in societal level logics related to corporate environmental performance. Despite challenges to its legitimacy as a result of poor environmental performance, the Canadian petroleum industry was divided as to how to respond, with some members ignoring the concerns and resisting change (i.e., laggards) while others took action to ensure continued legitimacy (i.e., leaders). We examine why organizations within the same institutional field responded differently, delaying the industry response. We found that one population of firms was aligned with increasing pressures from its stakeholders for improved environmental performance, and the other was influenced by local cultural, political, and economic ideals less demanding of environmental actions. Our results reveal that several factors both at the institutional field level and the organizational level affected how these two populations reacted to a changing societal logic. Implications for theory, practice, and future research are discussed.     

Environmental Legitimacy,Green Innovation,and Corporate Carbon Disclosure: Evidence from CDP China 100

Firms worldwide are increasingly required to disclose (and make efforts to reduce) their carbon emissions due to the environmental damage associated with climate change. Because there has been no previous literature focusing on the determinants of corporate carbon disclosure integrating environmental legitimacy and green innovation, the present study attempted to develop an original framework to fill the research gap. This study explored the influence of environmental legitimacy (an external informal mechanism) on corporate carbon disclosure, and investigated the role of green innovation (an internal formal mechanism) as a mediator. With the samples of Carbon Disclosure Project (CDP) in China from 2008 to 2012, the results demonstrate that environmental legitimacy significantly negatively influences the likelihood of corporate carbon disclosure, and that green process innovation mediates the relationship, while green product innovation has no significant mediating effect. It means that environmental legitimacy not only directly affects the likelihood of corporate carbon disclosure, but also indirectly affects it via green process innovation. Hence, companies must increase both informal and formal mechanisms, i.e., external environmental legitimacy and internal green process innovation, to engage in carbon information disclosure and ensure sustainability.     

Hostile Takeovers—An Analysis Through Just War Theory

Multi-stakeholder initiatives (MSIs) are increasingly used as a default mechanism to address human rights challenges in a variety of industries. MSI is a designation that covers a broad range of initiatives from best-practice sharing learning platforms (e.g., the UN Global Compact) to certification bodies (e.g., the Forest Stewardship Council) and those targeted at addressing governance gaps (e.g., the Fair Labor Association). Critics contest the legitimacy of the private governance model offered by MSIs. The objective of this paper is (1) to theoretically develop a typology of MSIs, and (2) to empirically analyze the legitimacy of one specific type of MSI, namely industry-specific MSIs. We argue that industry-specific MSIs that set out to govern corporate behavior have great potential to develop legitimacy. We analyze two industry-specific MSIs—the Fair Labor Association and the Global Network Initiative—to get a better understanding of how these MSIs formed, how they define and enforce standards, and how they seek to ensure accountability. Based on these empirical illustrations, we discuss the value of this specific MSI model and draw implications for the democratic legitimacy of private governance mechanisms.     

When consumers can return digital products: Influence of firm- and consumer-induced communication on the returns and profitability of news articles

The news industry is being massively disrupted by the digital distribution of news. Consequently, publishers have revised their business models and integrated pay-per-article options. To reduce pre-purchase uncertainty, consumers can use information from firm-induced (e.g., newsletters), or consumer-induced communication (e.g., likes). These communication activities avoid purchases with poor fit but also increase customer expectations. Consequently, their effect on sales, returns, and profitability is unclear. For digital products, these effects are even less clear because product quality is difficult to evaluate pre-purchase, and products can be returned at almost no cost, even after consumption. In this study, we investigate the effects of firm- and consumer-induced communication on digital returns in the context of news articles on a major online platform (Blendle). We rely on a multi-equation model to quantify the effect of firm- and consumer-induced communication activities (i.e., newsletter promotions sent out by the platform and consumer likes from readers) on sales and returns and calculate their profitability impact. Our results show that newsletters decrease returns but do not significantly affect sales. In contrast, consumer likes have a twofold effect by increasing sales and decreasing returns. A simulation shows that both newsletters and likes increase profitability and that likes have a higher potential. Our results offer much needed guidance for online aggregators of digital products (e.g., audiobooks, e-books or news articles), as well as for online publishers based on pay-per-unit business models.     

Organizational Virtue and Stakeholder Interdependence: An Empirical Examination of Financial Intermediaries and IPO Firms

Organizational virtue orientation (OVO), an organizational-level construct, refers to the integrated set of beliefs and values that support ethical character traits and virtuous behaviors. To advance the study of organizational virtue, we examine OVO in firms making their initial public offerings (IPOs), with respect to key external stakeholders that serve as financial intermediaries (i.e., venture capital firms and underwriting banks). Drawing on stakeholder and resource dependence theories, we argue that mutual interdependencies occur between financial intermediaries and IPO firms such that venture capital firms’ ownership levels and underwriter reputation are positively associated with the selection of more virtuous IPO firms. We also argue for the moderating relationship of IPO firm age on these main relationships; since IPO firms have more history and information availability, less importance will be placed on OVO in the selection process. In support of our hypotheses, the results of this study suggest the organizational virtue of IPO firms influences the selection decisions of financial intermediaries by reflecting positively on these key stakeholders to improve legitimacy and reputation.     

区域文化差异及其对民营企业家能力的影响——以江苏和浙江为例

本文从区域文化差异的角度来分析其对浙江省和江苏省民营企业家能力的影响。通过选取避免不确定性、集体主义的程度以及“崇文”/“入市”的价值观的三个文化关键维度,来反映两省文化的差异,并在此基础之上分析两省文化差异对两省民营企业家的知识素质和创新能力的影响,得出了相应的结论。     

The Effects of Person–Organization Ethical Fit on Employee Attraction and Retention: Towards a Testable Explanatory Model

An exploratory model is presented as a heuristic to indicate how individual perceptions of corporate reputation (before joining) and corporate ethical values (after joining) generate specific individual organizational senses of fit. The paper suggests that an ethical dimension of person-organization fit may go some way in explaining superior acquisition and retention of staff by those who are attracted to specific organizations by levels of corporate social performance consonant with their ethical expectations, or who remain with them by virtue of better personal ethical fits with extant organizational ethical values. Specifically, the model suggests that individual misfits that arise from ethical expectations that either exceed or fall short of perceived organizational ethical performances lead to problematic acquisition and retention behavioural outcomes.     

When impediments make you jump rather than stumble: Regulatory nonfit, implementation intentions, and goal attainment

This paper examines the relative effectiveness of forming implementation intentions (i.e., making specific plans regarding how to go about achieving a goal) for increasing goal attainment under regulatory fit vs. nonfit. We discuss and empirically test the proposition that regulatory nonfit increases the effectiveness of implementation intentions. Extant research contrasts goals of differing difficulty (e.g., buying a textbook vs. finding an apartment) in order to test the relative effectiveness of implementation intentions. In contrast, the present study focuses on identifying the change in implementation intention effectiveness for the same goal (i.e., collecting and turning in receipts for a reward) under conditions of fit vs. nonfit. We empirically demonstrate that when faced with the same goal, people who experience regulatory nonfit perceive the task to be more difficult to complete than people who experience regulatory fit. In turn, when the task is perceived as being more difficult, implementation intentions prove more effective to enhance goal attainment. Our study provides insight into the interaction between regulatory fit and implementation intentions and subsequent effects on goal attainment.     

实现中小企业集约型增长的市场环境分析

集约型增长是中小企业可持续发展的必由之路，而中小企业的增长方式主要是受市场环境的影响。根据市场竞争对企业资源配置作用的理论，分析集约增长必需具备的市场环境，即市场竞争的完全性、流杨的信息环境与低信息获取成本、充分的人才流通环境、积极的融资环境。     

Legitimizing Negative Aspects in GRI-Oriented Sustainability Reporting: A Qualitative Analysis of Corporate Disclosure Strategies

Corporate sustainability reports are supposed to provide a complete and balanced picture of corporate sustainability performance. They are, however, usually voluntary and thus prone to interpretation and even greenwashing tendencies. To overcome this problem, the Global Reporting Initiative (GRI) provides standardized reporting guidelines challenging companies to report positive and negative aspects of an organization’s sustainability performance. However, the reporting of “negative aspects” in particular can endanger corporate legitimacy if perceived by the stakeholders as not being in line with societal norms and values. Starting from the theoretical lenses of economics-based disclosure theories and socio-political theories of disclosure, the focus of this study therefore was to analyze the communicative legitimation strategies companies use to report “negative aspects,” i.e., negative ecological and social impact caused by corporate activity. Using qualitative content analysis of GRI-oriented sustainability reports from companies listed on the US Dow Jones Industrial Average Index and on the German DAX Index, we identified six legitimation strategies. We discuss these strategies regarding to symbolic and substantial management of legitimacy. We show that symbolic legitimation strategies aiming at modifying the perception of legitimizing stakeholders dominate in the reports at hand. Such persuasion, however, does not meet the requirement of impartiality as postulated by the GRI guidelines. Building upon this conclusion we propose a concise characterization of “negative aspects” and develop a GRI-compliant schema of reporting about them. In doing so, we offer a way to improve the overall “balance” of sustainability reporting contributing to a true and fair view in sustainability disclosure.     

团队权力分布的概念、效用机制与未来方向

团队权力分布的效用机制是团队权力领域的研究热点之一，但相关研究结果却并不一致。部分研究认为团队权力分布对团队绩效有促进作用，而另一些研究则发现其会抑制团队绩效。通过梳理团队权力分布文献，明确了团队权力分布概念，即团队权力分布是指团队中有价值资源的分布情况。在分析团队权力分布主要测量方式的基础上，基于等级制度理论，从功能主义及功能障碍主义两种典型的研究视角，分析当前研究结果不一致的原因：一是研究者所持的理论基础存在差异，二是团队权力分布效用受到团队权力相关因素、团队任务因素及团队领导特征因素等边界条件的影响。最后指出了未来可从团队权力分布概念、研究方法多元化、研究设计整体化和引入更多情境因素等方面进行深入研究。     

Predicting Entrepreneurial Burnout in a Moderated Mediated Model of Job Fit

We introduce, and empirically test, a model of entrepreneurial burnout that highlights the relationships among job fit, entrepreneurial passion, destiny beliefs, and burnout. Using a sample of 326 individuals involved in entrepreneurial jobs, we tested the link between job fit and two forms of passion—harmonious and obsessive—and the moderating role of entrepreneurs' destiny beliefs about work (i.e., the belief that a successful career is “meant to be”). Findings illustrated that their job fit perceptions were positively related to harmonious passion, which in turn negatively predicted burnout. Additionally, the relationship between job fit and obsessive passion was moderated by destiny beliefs, such that it was positive at high and average levels of destiny beliefs. In turn, obsessive passion was positively related to burnout. We discuss implications for both theory and practice.     

The effect of human capital, social capital, and perceptual values on nascent entrepreneurs�� export intentions

This study investigates the influence of human capital, social capital, and cognition on nascent entrepreneurs' export intentions. The results indicate that while human capital and social capital influence the level of intended export, cognitive characteristics, such as self-efficacy and risk aversion, do not seem to influence entrepreneurs' intended level of export. The study makes three original contributions to international entrepreneurship research. The first one is the focus on “Real” Born Globals, i.e. entrepreneurs who express export intentions in the prefounding phase. The second is the focus on the individual-level factors rather than firm-level factors that explain export. Finally, the effect of experience is investigated from a path-dependency perspective rather than a “the-more-the-better” perspective. Our study suggests that it may be productive for researchers to look further into the concept of intention, as entrepreneurs' decision to internationalize presupposes a conscious intention of carrying out the action. Thus, the factors influencing the decision to internationalize may have been present prior to the founding of the venture.     

Interfirm Rivalry between Small Hardware Stores and “Big Box” Retailers: Market Commonality and Product Mix Similarity as Antecedents to Competitive Response

We examined market commonality and product mix similarity as predictors of competitive response by small retail hardware stores to their nearest “Big Box” competitor. Data from 314 small retail hardware stores revealed a consistent relationship between greater market commonality and small firm responsiveness. However, no consistent relationship was observed between resource similarity and responsiveness. Tests for interactions between these two predictors were inconsistent—two (of five) specific product categories (i.e., hardware and tools, seasonal goods) were significant but in divergent patterns. We discuss what these findings suggest concerning the competitive interaction between small retailers and their Big Box rivals.     

Successfully Managing the Sociocultural Integration Process in International Acquisitions: A Qualitative Analysis of Canon's Acquisition of Océ

Based on a qualitative research approach that comprises in‐depth, semistructured executive interviews, employee observations, company data and external media accounts, this study analyzes the large‐scale acquisition of the Dutch Océ N.V. by the Japanese Canon Inc. Despite their significantly different national cultural heritages and considerably contrasting organizational cultural practices, both companies were able to efficaciously manage the sociocultural integration process and so successfully completed the acquisition. Building on a marriage metaphor model for sociocultural integration in international mergers and acquisitions, this study sketches out explicit links between national cultural value orientations and the respective organizational cultural practices, and discusses key success factors for each of the three stages of the acquisition process (i.e., preacquisition, closing, and postacquisition stages). This article further examines the interconnectedness of these key success factors across these three stages of the acquisition process by discussing interlocking best practices. In so doing, this study provides a more dynamic and encompassing account of the key factors that determine the success of the sociocultural integration process in international acquisitions. Theoretical and practical implications are discussed. © 2016 Wiley Periodicals, Inc.