创业企业资本融资:相机治理的研究视角

由于创业企业的信息不对称,易产生逆向选择,导致创业资本市场低效率,因此创业企业融资难众所周知。本文从相机治理的角度,通过一套制度安排,实现了创业投资家对创业企业家的激励与约束,成功地解决了创业投资家与创业企业家之间的委托代理问题,使创业企业获得了创业资本的支持。     

Dynamic capabilities and entrepreneurial management in large organizations: Toward a theory of the (entrepreneurial) firm

Mainstream economic theory has generally excluded consideration of the role of managers, which has, in turn, impaired its ability to explain resource allocation by, and heterogeneity among, firms. In the real world, managers are called on to fill entrepreneurial and leadership roles: sensing opportunities, developing and implementing viable business models, building capabilities, and guiding the organization through transformations. These entrepreneurial management tasks are part of the organization׳s capabilities, which also encompass embedded organizational processes that can be slow to change. An understanding of entrepreneurial management and organizational capabilities will contribute to more realistic economic models and a better understanding by policy makers of industrial dynamics and the requirements of innovation.     

Is the leadership style important in R&D departments in Spanish industrial companies? An empirical analysis

This paper aims to thoroughly look into the effects of the differences between the diverse leadership styles on innovative outputs (intensive, efficient and eco-efficient) in Spanish industrial companies. A questionnaire for the factories was sent and was received between the months of September 2013 and June 2014. A total of 142 valid questionnaires were received. Several regression models were used in the empirical analysis. The results show that charismatic leadership positively induces an intensive innovative output, at the same time as it improves firms’ eco-efficient innovative output. Likewise, the individualised consideration that characterises transformational leadership makes this leadership style produce positive results on the whole group of innovative outputs considered. At the other end of the leadership spectrum, the transactional style causes negative effects on the relationship between innovative activity and innovative outputs, and more specifically, on the efficient innovative output.     

Consumer Expectations for Geographical Origin: Eliciting Willingness to Pay (WTP) Using the Disconfirmation of Expectation Theory (EDT)

ABSTRACT

This study explores the impact of geographical origin in consumer expectations. Willingness to pay (WTP) for geographical origin was measured in three different information conditions (blind, labeled, and both blind and labeled) using an open ended technique of contingent valuation (CV) in the framework of expectations-disconfirmation theory (EDT). The results from the EDT show that a product with a positive reputation and highly preferred by the consumer is losing continuously the premium price paid for it. The decrease of the WTP in full information condition for the most preferred origin is probably due to the lowered consumer expectations and to the damages of the good image as a result of unfair competition, usurpation, and the misappropriation of the name. Geographical indications (GIs) may offer a solution to these problems by preserving the predictive value of origin information, maintaining high consumer expectations, and also preserving the good reputation of the product.     

Real options and contingent convertibles with regime switching

We consider a firm with no assets in place but an option to invest in a project. The investment is irreversible but delayable in a regime-switching economy. The firm issues equity, straight bonds (SBs) and contingent convertibles (CoCos). We provide the closed-form prices for the firm׳s securities and the pricing and timing of the option. Our numerical analyses discover that issuing CoCos instead of SBs induces much less agency cost of debt. The agency cost is higher in a boom economy than in recession but the difference is small. There is a unique CoCos׳ conversion ratio such that the agency cost arrives at the minimum value zero. The inefficiencies arising from asset substitution and debt overhang are much more significant in recession than in boom. Only if the conversion ratio is not too small, the two inefficiencies disappear during boom periods. While the effects of the conversion rate on optimal capital structure and firm value and those of supervision and jump intensity on optimal CoCos׳ coupon are ambiguous and weak, the stricter the supervision or the longer the economy remains in recession, the less the option value and the optimal SBs׳ coupon.     

How does the effect of pre-play suggestions vary with group size? Experimental evidence from a threshold public-good game

Numerous studies have examined factors influencing the likelihood of cooperative outcomes in nonzero-sum games, but there has been little study of the interaction between two of the most important: group size and pre-play cheap talk. We report results from an experiment in which groups of size between 2 and 15 play a one-shot multi-player threshold public-good game. In our random leader treatment, all group members select a suggestion (e.g., “Everyone should choose X”), with one randomly chosen to be broadcast to the group. In a choice only treatment, subjects choose suggestions but none is sent, and in a baseline treatment, there are no suggestions at all. We find a negative interaction between group size and this kind of communication: the beneficial effect of both suggestions overall and cooperative suggestions on cooperation, cooperative outcomes, and payoffs decreases sharply as the group size increases. We find a similar negative interaction in a follow-up treatment in which all group members’ suggestions are broadcast to the group. Our results suggest that care should be taken in generalising conclusions from small-group experiments to large groups.     

Leadership succession planning for today’s digital transformation economy: Key factors to build for competency and innovation

Digital transformation is rapidly changing the competitive landscape and the war on talent for today’s organizations. As part of this economy, organizations and their HR units must continuously reevaluate leadership structures and practices that exploit core competencies while allowing for innovation (i.e., leadership ambidexterity) and incorporate big data with predictive analytics. In this vein, understanding how HR executives can create better solutions around this problem remains sparse. Specifically, what frameworks can HR executives apply to identify potential alignment failures in leadership succession planning in light of newer emerging markets? What internal decision-making traps need to be recognized? Finally, what specific forms of data and evidence must test these plans for relevance and recharge and renew the talent-to-strategy pipeline? In this article, we examine these questions by reviewing the gaps in the literature and identifying through our four-step model how organizations can incorporate ambidexterity-building as a leadership succession planning practice.     

Facets of narcissism and leadership: A tale of Dr. Jekyll and Mr. Hyde?

Research on narcissism continues to develop at a rapid pace. Yet, researchers from different disciplines are still divided over whether narcissists are good versus bad leaders. On the one hand, narcissists' bright qualities (e.g., charisma) are associated with positive outcomes at different levels of analysis from subordinates, to peers, and the organization as a whole. On the other hand, however, narcissists' dark qualities (e.g., entitlement) are associated with a number of counterproductive work behaviors, causing organizations to falter. The present article adds to and extends the traditional good-versus-bad debate about narcissistic leadership and pursues three goals: (a) to critically review the literature on narcissistic leaders and their behaviors in the workplace, (b) to provide tangible recommendations for how to best assess, select, and develop narcissistic leaders, and (c) to highlight future directions and ongoing challenges ahead in the field of narcissistic leadership.     

Discretionary effort of regional hospitality small business employees: Impact of non-monetary work factors

This research examines the impact of non-monetary work environment factors on employee discretionary effort within the hospitality sector in the South West Region of Western Australia. Limited qualitative research has previously examined the factors that drive employee discretionary effort especially in the regional hospitality sector. Semi-structured interviews were conducted with 20 hospitality employees using purposive sampling. While the findings are preliminary, they do highlight important aspects of discretionary effort within a regional context. Critically, two previously un-identified factors, employees’ professional identity and perception of the hospitality sector have been found to have important implications for employees’ discretionary effort and need to be further explored. Additionally, the findings support the direct influence of organisational culture, job design, interpersonal relationships, on discretionary effort. Finally, the research confirms that a paternalistic leadership approach has a significant influence on hospitality employees’ discretionary effort. Theoretical and practical implications and directions for future research are outlined.     

Does gender matter? The association between gender and the use of management control systems and performance measures

Literature shows that female (male) managers are more likely to adopt a transformational (transactional) leadership style, as well as make greater (lesser) use of information for decision-making. We draw on this research to investigate whether gender is related to a manager's use of management control systems (MCS) and performance measures. We surveyed the head of school of all schools across all Australian public universities. Our results indicate that females use MCS in an interactive manner to a greater extent than their male counterparts and make greater use of non-financial performance measures. We conclude with contributions to theory and practice.