Strategic consensus mapping: A new method for testing and visualizing strategic consensus within and between teams

Research on strategic consensus focuses primarily on the extent of agreement among team members regarding organizational strategy. It does not include elements such as the content of the agreement, between‐group consensus, or the significance of differences in consensus (e.g., for evaluating the effectiveness of strategic interventions). We propose a new analytical approach, Strategic Consensus Mapping, that provides a comprehensive analysis of strategic consensus within and between groups and that includes intuitive and easy‐to‐understand visualizations. This approach offers researchers the necessary tools for integrative theory building in strategic consensus, as well as in the broader managerial and organizational cognition domain. Using a case example, we illustrate the proposed methods for a multidimensional, multilevel, and longitudinal analysis of strategic consensus. Copyright © 2013 John Wiley & Sons, Ltd.     

Controlling portfolio skewness and kurtosis without directly optimizing third and fourth moments

In spite of their importance, third or higher moments of portfolio returns are often neglected in portfolio construction problems due to the computational difficulties associated with them. In this paper, we propose a new robust mean–variance approach that can control portfolio skewness and kurtosis without imposing higher moment terms. The key idea is that, if the uncertainty sets are properly constructed, robust portfolios based on the worst-case approach within the mean–variance setting favor skewness and penalize kurtosis.     

The impact of text valence,star rating and rated usefulness in online reviews

The influence of text valence, star rating and rated usefulness of online reviews on review readers’ impression of the review and their positive word-of-mouth intention is tested in an experimental study (n = 431). In addition, we investigate the moderating role of review readers’ product category involvement and susceptibility to interpersonal influence on the effect of the three review components. The influence of review text valence on evaluative responses is stronger for more highly involved people and for people who are more susceptible to interpersonal influence. The influence of rated review usefulness on review impression is marginally stronger for people who are more susceptible to interpersonal influence. Star ratings do not influence evaluative responses, and their effect is not moderated by either involvement or susceptibility.     

Value creation around merger waves: The role of managerial compensation

This paper examines the relation between executive compensation and value creation in merger waves. The sensitivity of CEO wealth to firm risk increases the likelihood of out-of-wave merger transactions but has no influence on in-wave merger frequency. CEOs with compensation linked to firm risk have better out-of-wave merger performance in comparison to in-wave mergers. We also present evidence that cross-sectional acquirer return dispersion is greater for in-wave acquisitions. Our results suggest that the underperformance of acquiring firms during merger waves can be attributed in part to ineffective compensation incentives, and appropriate managerial incentives can create value, particularly in non-wave periods.     

Conform or challenge? Adjustment strategies of sanction-torn companies

The literature on sanctions often neglects the role of domestic firms in sender states, although sanctions only have a real economic effect when senders’ firms reduce their activities on the target's market. In contrast, sanctions avoidance and increasing investments in the target country (the observed behaviour of many companies facing the EU sanctions against Russia imposed in 2014) mitigate the impact of these restrictive measures. While sanctions increase the political risk for companies, they also offer economic opportunities—and previous studies could not settle the debate on which factor prevails. By evaluating responses from British, French, German, Italian and Polish enterprises to an online survey distributed in 2017, we analyse at the firm level how sanction-torn companies adjust to new political orders and what drives their strategic decisions. We find evidence that resource dependency induces strategies that challenge sanction policies: in particular, non-fungible assets in the target country incentivise companies to further increase their engagement. These defiance strategies diminish the real economic effect of sanctions and generate a new economic equilibrium, which has negative long-term implications on the choice set of policymakers to further pursue the imposition of sanctions and which even outlasts the lifting of these restrictive measures.     

Management Practices and Productivity in Germany

Based on a novel dataset, the ‘German Management and Organizational Practices’ (GMOP) Survey, we calculate establishment‐specific management scores following Bloom and van Reenen as indicators of management quality. We find substantial heterogeneity in management practices across establishments in Germany, with small establishments having lower scores than large establishments on average. We show a robust positive and economically important association between the management score and establishment level productivity in Germany. This association increases with establishment size. Comparison to a similar survey in the United States indicates that the average management score is lower in Germany than in the United States. Overall, our results point toward lower management quality being at least in part to blame for the differences in aggregate productivity between Germany and the United States.     

Learning ahead of time: how evaluation of foresight may add to increased trust,organizational learning and future oriented policy and strategy

Evaluation of futures research (foresight) consists of three elements: quality, success, and impact of a study. Futures research ought to be methodologically and professionally sound, should to a certain extent be accurate, and should have a degree of impact on strategic decision making and policy-making. However, in the case of futures studies, the one does not automatically lead to the other. Quality of method does not ensure success, just as quality and success do not guarantee impact. This article explores the new paths for understanding evaluating of futures studies that are provided by the various articles in this special issue and sets out an agenda for next steps with regard to evaluation of futures research. The more structural and systematic evaluation can result in an increased level of trust in futures research, which may in turn lead to more future oriented strategy, policy and decision making. Therefore, evaluation should be seen as more than a burden of accountability – albeit important as accountability is – but as an investment in the credibility and impact of the profession. It may set in motion a cycle of mutual learning that will not only improve the capacity of futures-researchers but will also enhance the capacity and likeliness of decision-makers to apply insight from futures research.     

The rise and fall of cryptocurrency coins and tokens

Decisions in Economics and Finance - Since Bitcoin’s introduction in 2009, interest in cryptocurrencies has soared. One manifestation of this interest has been the explosion of newly created...     

Experiences of Auditors and Tax Advisors with Accounting Errors: Empirical Evidence from the Czech Republic

International Advances in Economic Research -