This research tests the role of perceived support from multinational corporations and host-country nationals for the adjustment of expatriates and their spouses while on international assignments. The investigation is carried out with matched data from 134 expatriates and their spouses based in foreign multinationals in Malaysia. The results highlight the different reliance on support providers that expatriates and their accompanying spouses found beneficial for acclimatizing to the host-country environment. Improved adjustment in turn was found to have positive effects on expatriates' performance. The research findings have implications for both international human resource management researchers and practitioners. 相似文献
Theory predicts that market‐timing activities bias Jensen's alpha (JA). However, empirical studies have failed to find consistent evidence of this bias. We tackle this puzzle in a nested model analysis and show that the bias contains an exogenous market component that is unrelated to market‐timing skill. In a comprehensive empirical analysis of US mutual funds, we find that the timing‐induced bias in JA is mainly driven by this market component, which is uncorrelated with measured timing activities. Measures of total performance that allow for timing activities are virtually identical to JA, even if timing activities are present in the evaluated fund. Hence, we conclude that JA is a sufficient measure of total performance. 相似文献
Traditionally, innovation adoption research has focused on the determinants of the states ‘adoption’ and ‘nonadoption’. Aiming at a more detailed understanding of innovation adoption and resistance behavior, this study takes a different perspective and analyzes the transition stage between the nonadoption state and the adoption state to investigate triggers that overcome initial consumer resistance. The study seeks to answer three questions within this novel perspective: (1) What are triggers that lead nonadopters to become adopters? (2) Do adopters and nonadopters differ in their assessment of adoption triggers? and (3) How do adoption triggers relate to innovation adoption barriers? We apply a qualitative exploratory approach that relies on 160 face‐to‐face interviews with both adopters and nonadopters about nine different innovations to generate a framework of adoption triggers. The results reveal that adoption triggers fall into three broad categories: ‘increasing innovation attraction’, ‘reducing barriers’ or ‘tilting the system’. In addition, we find that adopters and nonadopters differ significantly in their assessment of (potential) adoption triggers. Nonadopters mention performance improvements more frequently as crucial adoption triggers than adopters do. In contrast, adopters indicate knowledge acquisition and a social system push significantly more often than nonadopters do. However, adoption triggers and corresponding adoption barriers do not appear to be linked in a systematic way. Instead, adoption triggers such as a social system push exert influence independent of the existing adoption barriers. We suggest strategies for pre‐ and postlaunch strategies to facilitate adoption triggers. We also discuss the implications of our findings for theory and present further research opportunities. 相似文献
In this paper, we study the implied volatility smirk (IVS) of options written on the FXI, the Financial Times Stock Exchange/Xinhua China 50 Index exchange-traded fund (ETF). Using the methodology of Zhang and Xiang (2008, Quant Financ, 8, pp. 263–284), we document the empirical characteristics of the level, slope, and curvature of IVS of the FXI options. We find that, on average, IVS becomes steeper and more convex as time to maturity increases. The level and curvature are usually positive, and the slope is negative. We provide evidence that the information in the quantified IV factors has some predictive power for the future monthly FXI ETF returns. 相似文献
This article analyzes the relationship between gold quoted on the Shanghai Gold Exchange and Chinese sectorial stocks from 2009 to 2015. Using different copulas, our results show that there is weak but significant tail dependence between gold and Chinese sectorial stock returns. This means that the dependence between extreme movements of the two assets is not pronounced and confirms the role of gold as a safe haven asset. Based on analyzing the efficient frontier, CCC-GARCH optimal weights, hedge ratios and hedging effectiveness, we further show that adding gold into Chinese stock portfolios can help to reduce their risk. Gold appears to be the most efficient diversifier for stocks of the materials sector and the less efficient for the utilities sector. As a robustness check, we also compare gold to oil and indicate that gold is more efficient than oil in the diversification of Chinese stock portfolios.
The complexity of value‐based management (VBM) is often not captured in empirical research. In particular, potential differences in the extent of VBM implementation are not considered. Firms are predominantly classified dichotomously into either VBM “adopters” or “non‐adopters.” In this study, we aim to fill this gap by introducing a framework to assess differences in the extent of VBM implementation (VBM‐sophistication) based on publicly available data. This approach enables us to study determinants of VBM‐sophistication based on a hand‐collected data set comprising 2,683 firm‐year observations from 16 European countries between 2005 and 2014. Specifically, we investigate (i) whether potential economic benefits associated with VBM implementation lead to a higher level of VBM‐sophistication, and (ii) if this relation is influenced by extra‐organizational institutions (e.g., industry norms). Our results indicate that companies exhibit higher VBM‐sophistication if certain firm characteristics that increase the potential economic benefits of VBM are present. Moreover, our study provides evidence that this effect is enhanced by extra‐organizational institutions that pressure and support firms in realizing the potential benefits of higher VBM‐sophistication. 相似文献
We analyse whether estimated multiplier effects are systematically higher if the economy suffers a downturn. For that purpose, we conduct a meta‐regression analysis on a unique data set of 98 empirical studies with more than 1800 observations on multiplier effects and control for regime‐dependence of the multiplier. We find that spending multipliers are much higher (by about 0.7–0.9 units) during a downturn. Tax multipliers are not sensitive to the economic regime, and generally lower than spending multipliers. Finally, for all spending categories other than government consumption, the multiplier significantly exceeds one during downturns. 相似文献
Building on upper echelon theory and strategic process theory, this article analyzes the relationship between ambidexterity‐oriented decisions and innovative ambidexterity. While ambidexterity‐oriented decisions embrace the capability of top management teams to manage contradictory strategic directions, namely adaptability and alignment, innovative ambidexterity captures the ability of firms to simultaneously develop discontinuous and incremental innovations. In addition to the direct relationship between ambidexterity‐oriented decisions and innovative ambidexterity, it is argued that innovation orientation and cost orientation denote two cultural implementation mechanisms that mediate this effect. Using two top‐executive data sets collected in the United States (n = 83) and India (n = 78), the empirical analysis shows that innovation orientation and cost orientation partially mediate the direct influence of ambidexterity‐oriented decisions on innovative ambidexterity, thus further explaining how formulated decisions made by the top management team nurture ambidextrous innovation behavior. Hence, this article extends prior literature that emphasizes a positive influence of top managers on innovation through incorporating an organizational ambidexterity perspective. Second, this study contributes to ambidexterity literature through integrating strategic process theory. While ambidexterity‐oriented decisions primarily relate to strategy formulation, innovation orientation and cost orientation are associated with strategy implementation. The results show that both strategic subprocesses are vital in enabling ambidextrous innovation behavior. Third, an operationalization for the ability of top management to balance adaptability‐ and alignment‐oriented decisions is provided based on prior literature. 相似文献