Jensen's alpha and the market‐timing puzzle

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.     

Environmental proactivity,competitive strategy,and market performance: The mediating role of environmental reputation

This article examines the impact of small and medium-sized enterprises' (SMEs) proactive environmental strategy on market performance through the mediating mechanism of environmental reputation. In addition, we investigate the potential moderating role of competitive strategies on the environmental reputation-market performance nexus. Data were collected from 223 SMEs. Using the hierarchical multiple regression analysis, the results show that a proactive environmental strategy positively enhances environmental reputation. Also, the influence of proactively environmental strategy on market performance is mediated by environmental reputation. In addition, our findings show the relationship between environmental reputation and market performance is greater for firms that adopt the differentiation strategy but not significant for firms adopting the low-cost and integrated strategies. Our study offers several theoretical and practical implications.     

The effect of cash holdings on firm performance in large Italian companies

This paper examines the relationship between cash holdings and performance in Italy over 36 years. Specifically, in light of the presence of conflicting evidence concerning the worth of cash stock, which could lead to a positive effect rather than a negative one, the role of moderating factors that can shape the magnitude of this relationship is investigated. The results show that the value of cash holdings is affected by firm‐specific characteristics, as well as factors related to the institutional context. Although other studies have analyzed moderators one at a time, this is the first work to consider how they jointly work. When the moderators are considered together, some of them become no longer statistically significant while others become even more economically and statistically relevant.     

从传统绩效预算走向新绩效预算的路径选择

从传统绩效预算走向新绩效预算，代表了现代预算制度的发展方向。20世纪50年代，胡佛委员会倡导的传统绩效预算由于种种原因失败了。随着政府治理变革的不断深化，新绩效预算重新出现在当代预算改革的视野中。本文通过对比传统绩效预算与新绩效预算的成败得失，分析新绩效预算的主要特点——取得了立法机关的支持、适时的政府会计改革、更科学的绩效评价体系和更致力于绩效信息的使用。这些经验对于中国现代预算制度的建设具有重要的启示价值。     

Is brain hemisphericity a correlate of performance in problem-solving courses? A case study from an HBCU

The authors set out to determine the brain dominance characteristics of students enrolled in business statistics courses in a historically Black university in a major southeastern Texas city. Thereafter, the authors investigated the relationship between a student’s brain hemispheric preference and academic performance in college courses, which emphasize problem solving. The results reported in this study reveal that left brain– and right brain–dominant students are at parity when it comes to performance in a problem-solving course. Moreover, both left brain– and right brain–dominant learners perform better than whole-brain dominant learners in a problem-solving course.     

Determinants of organizational performance: some implications for top executive leadership in Korean firms

ABSTRACT

Leadership, although commonly assumed to be greatly significant, is not typically studied in terms of structural characteristics accounted for in organizational performance. The effect of top executive leadership is explored here as a key factor that reflects organizational characteristics by offering a new framework and presenting an empirical test of Korean business firms. This research can be possibly made by focusing on the size of the leadership which explicates the difference between structural, resource and contextual variables in organizations. The multivariate regression analysis shows that firm size, leadership, debt and export significantly affect organizational performance, as measured by net income. The mechanism of Korean business firms needs to readjust to the new environment for organizational performance.     

险资股权投资的结构性改革研究*——基于险资投资的倒U型效应分析

保险资金作为重要的机构投资者能否发挥促进公司绩效提升的作用在已有研究和监管政策制定上都存在较大争议。本文以2005-2017年A股上市公司为研究样本，发现险资持股比例对上市公司绩效以及估值影响存在显著的倒U型曲线效应，相应机制研究表明险资持股通过显著影响两类代理成本的渠道发挥治理作用。在适度持股比例以下，险资增持能够降低被投资公司管理费用率和其他应收款占比，并提高资产周转率，从而降低两类代理成本；持股超过一定比例反而造成两类代理成本上升。险资持股比例变化对保险机构调研次数的影响则从公司治理参与角度印证了以上结论。对倒U型曲线效应的深入分析既有助于深化对机构投资者影响公司绩效的多重效应和机制的认识，同时为在金融机构层面落实金融供给侧结构性改革、增强险资服务实体经济能力提供参考。     

Training and organisational performance: A meta‐analysis of temporal,institutional and organisational context moderators

Drawing on systems theory, we conducted a moderated meta‐analysis of the training and organisational performance relationship using 119 primary studies. We examined the moderating effects of quality versus quantity of training, time, institutional and organisational context factors in the relationship between training and organisational performance. Our findings reveal that training is positively and directly related to organisational performance with no statistically significant difference between measures of training quality and quantity. We found that the relationship was stronger over time and that country performance orientation and country labour cost moderate the training and organisational performance relationship. We found no evidence for the moderating effects of the three organisational context moderators we examined (i.e. industry sector, organisational size and technology intensity). Finally, our results reveal that training type (i.e. general or firm‐specific) does not moderate the training and organisational performance relationship.     

Alternative balanced scorecards built from paradigm models in strategic HRM and employment/industrial relations and used to measure the state of employment relations and HR system performance across U.S. workplaces

This paper constructs alternative balanced scorecards based on high‐performance work system (HPWS) and employment relations system (ERS) models. The models are depicted and compared in diagrams and used as framework skeletons for building separate HPWS and ERS scorecards, intended to provide a detailed data picture of the operational health and performance of an organization's employment/HR system and its operations, processes, and inputs/outputs. The scorecards are filled in with nationally representative data from 2,000+ U.S. workplaces using more than 50 employment/HR indicators, as reported by separate panels of managers and employees. The indicators for each workplace are aggregated into an overall HR/employment system score, ranked from low‐to‐high, and graphed as frequency distributions. These distributions provide a unique snapshot picture of the mean and dispersion of the state of employment relations and HR system performance for companies across the United State. They also reveal that “models matter” since the HPWS and ERS scorecards provide distinctly different evaluation assessments.     

Drivers of management control systems in tourism start-ups firms

This study examines the use of Management Control Systems (MCS) in travel and tourism start-ups. The study empirically examines 176 European tourism start-ups; data are collected via an online survey of start-up CEOs, and supplemented by financial statements of early-stage tourism firms. The results show that travel and tourism start-ups use formal systems for management control. We observe a relationship between the usage of these systems with specific internal and external environment characteristics. Finally, the results show that the historical financial performance of travel and tourism start-up firms affects MCS usage.