Does player specialization predict player actions? Evidence from penalty kicks at FIFA World Cup and UEFA Euro Cup

Penalty kicks are analysed in the literature as ‘real life experiments’ for assessing the use of rational mixed strategies by professional players. However, each penalty kick cannot be considered a repetition of the same event because of the varying background conditions, in particular the heterogeneous ability of different players. Consequently, aggregate statistics over data sets composed of a large number of penalty kicks mediate the behaviour of the players in different games, and the properties of optimal mixed strategies cannot be tested directly because of aggregation bias. In this article, we model the heterogeneous ability of players. We then test the hypothesis that differently talented players randomize over different actions. To achieve this aim, we study a data set that collects penalties kicked during shoot-out series in the last editions of FIFA World Cup and UEFA Euro Cup (1994–2012) where kickers are categorized as specialists and non-specialists. The results support our theoretical predictions.     

Exploring the effect of gender diversity in MFIs during turbulent periods

Abstract

Gender diversity is generally recognized as relevant in microfinance, and the relationship between gender diversity and firms’ performance has received attention in academic literature. The above-mentioned relationship has not been addressed until now in the microfinance industry specifically. This study seeks to explain the role played by gender diversity in the workforce of microfinance institutions (MFIs) during turbulent periods in the firms’ performance. The study analyses data from 555 ratings of 185 MFIs from MicroFinanza Rating, a leading microfinance rating agency. The analysis shows that the number of women on the staff of MFIs is significantly and positively associated with both the Return on Equity and Operational Self-Sufficiency of MFIs, indicating a positive impact of gender diversity on firms’ performance.     

Off-the-job training and the shifting role of part-time and temporary employment across institutional models. Comparing Italian and British firms

This article investigates intensity and composition of off-the-job training investments of Italian and British firms in relation to their workforce heterogeneity with respect to the presence of non-standard workers. The main purpose is to assess the relationship between off-the-job training volumes and composition and the recourse to the main types of non-standard employment, that is temporary and part-time contracts, at firm level. Empirical evidence drawn from national surveys of the two countries shows more similarities than expected in terms of the correlation between non-standard employment and training volumes whilst substantial differences arise when disaggregating training interventions according to the types of skills to be developed. Both institutional settings and the different roles of part-time and temporary employment in the labour markets of the two countries contribute to the interpretation of the results.     

The Effect of Brand Management and Product Quality on Firm Performance: The Italian Craft Brewing Sector

The article contributes to the limited literature on marketing strategies of microfirms operating in new niches within mature industries. The study explores the effect of brand management processes and product quality on performance of microfirms in the Italian brewing industry. Preliminary qualitative interviews with eight entrepreneurs were realized. Then 92 questionnaires were collected from the entire population of 335 microbreweries operating in Italy for quantitative analysis. Findings suggest intrinsic product quality being the most relevant determinants of firms’ performance, while the adoption of brand management processes exerts a significant, negative impact. The article takes into account the relationship between brand management, quality, and performance by focusing on a single industry. Future research may enhance the significance of our findings by including multiple sectors. Entrepreneurs and microbusiness leaders should carefully assess both external (industry life-cycle stage) and internal (resource availability) factors before engaging in any brand management activity. In mature firms, it may be more beneficial and effective focusing on enhancing product quality. The article addresses an important gap regarding the adoption of brand management practices in microfirms, adding to the emerging strategic marketing literature in the small business field.     

The consensus between Italian HR and sustainability managers on HR management for sustainability-driven change – towards a ‘strong' HR management system

By sustainability-driven change, we mean the transformation of a company into an active agent of broad sustainable development. This paper focuses on two key features of this transformation: (i) the key role played by the company's human resource (HR) management system within that process; and (ii) the fact that the transformation involves a variety of agents and that, among others, HR and sustainability managers are pivotal to the success of the process. Gaining consensus between them on those aspects of the HR system that support sustainability-driven change is a key success factor, as it results in a ‘strong' HR management system that sends coherent messages to the organization. In addition, consensus between the two managers can be critical in preparing a compelling business case for sustainability for the senior management of the organization. This paper explores the level of consensus between the HR and sustainability managers using a survey of 89 managers in Italian companies committed to sustainability. The results of our research indicate which elements of an HR management system are seen as important for sustainability-driven change by both the HR and the sustainability managers and what differences in perception exist between them. Based upon our findings, implications for HR practice and research are then advanced and discussed.     

Is the Optimism in CEO’s Letters to Shareholders Sincere? Impression Management Versus Communicative Action During the Economic Crisis

In this study, we explore the sincerity of the rhetorical tone of 664 annual letters to shareholders (CEO letters). Prior studies adopt Impression Management theory to predict that firms obfuscate failures and emphasize successes to unfairly enhance their image and maintain organizational legitimacy. Yuthas et al. (J Bus Ethics 41:141–157, 2002) challenged such a view, showing that firms reporting earnings surprises engage in ethical discourse with shareholders. We adopt the methodology of Yuthas et al. (J Bus Ethics 41:141–157, 2002) to explore the association between firm performance and the rhetorical features of CEO letters in a large sample of Fortune 500 firms in the wake of the global economic crisis. In contrast to most prior research, we find that optimistic tone is congruent with both past and future performance. We conclude that under tough macroeconomic conditions, incentives to distort public information strategically are low. Rather, firms tend to engage in communicative action aimed at dialoguing with shareholders through sincere disclosure. However, in our conclusions, we warn about the impact of accounting and rhetorical manipulation on the congruence between optimistic tone and financial performance.     

Individual-level antecedents of the entrepreneurial approach: the role of different types of passion in the Italian craft brewing industry

Using an inductive, qualitative approach involving fifty-five entrepreneurs in the Italian craft brew industry we explore the relationship between alternative entrepreneurial logics of action based on effectuation and causation principles and two types of passion – respectively, passion for the product and passion for growth. Our findings suggest entrepreneurs led by a passion for product prioritize decisions made according to the principles of effectuation, while those led by a passion for growth rely predominantly on causal logic. Moreover, such relations do impact the direction pursued by their ventures favouring, in turn, homogenous and heterogeneous strategies. Important practical and theoretical implications to both effectuation theory and passion are drawn from our findings, and possible avenues for future research are depicted.