The power of positivity? The influence of positive psychological capital language on crowdfunding performance

We extend the entrepreneurship literature to include positive psychological capital — an individual or organization's level of psychological resources consisting of hope, optimism, resilience, and confidence — as a salient signal in crowdfunding. We draw from the costless signaling literature to argue that positive psychological capital language usage enhances crowdfunding performance. We examine 1726 crowdfunding campaigns from Kickstarter, finding that entrepreneurs conveying positive psychological capital experience superior fundraising performance. Human capital moderates this relationship while social capital does not, suggesting that costly signals may, at times, enhance the influence of costless signals. Post hoc analyses suggest findings generalize across crowdfunding types, but not to IPOs.     

Gentlewomanly capitalism? Spinsters,widows, and wealth holding in England and Wales,c. 1800–1860

This article examines the demographic and geographical importance of wealthy middle-class women. It argues that in certain towns and cities, notably London, such women were of sufficient importance to merit attention in their own right. Drawing upon a sample of wills, it describes the types of wealth owned by these women. By examining women's investment in government securities, it argues that women's wealth was of crucial importance to the British state. Its findings challenge conventional understandings of the relationships between gender ideology, wealth holding, and economic development.     

The Incidence and Intensity of Employer Funded Training: Australian Evidence on the Impact of Flexible Work

The interaction between the growth of flexible forms of employment and employer funded training is important for understanding labour market performance. In particular, the idea of a trade‐off has been advanced to describe potential market failures in the employment of flexible workers. This study finds that evidence of a trade‐off is apparent in both the incidence and intensity of employer funded training. Flexible workers receive training that is 50–80% less intense than the workforce average. Casual workers – especially males – suffer more acutely from the trade‐off. This suggests that flexible production externalities may seriously reduce human capital formation in the workforce.     

Impact of the timing of receipt of an inherited explanation on auditors' analytical procedures judgements

The present study extends prior research relating to auditors’ analytical procedures (AP) processes in two ways. First, it examines whether the timing of receipt of an inherited explanation (before or after self‐generating explanations) affects auditors’ hypothesis generation. Second, responding to calls to address how the auditors’ performance of the earlier stages of the AP process affects their performance in later stages of that process ( Koonce, 1993 ; Cohen, Krishnamoorthy and Wright, 2000 ) the present study concurrently addresses the hypothesis generation, information search, hypothesis evaluation and final judgement stages of the AP process. Consistent with a facilitation effect, more non‐error explanations were generated by auditors initially inheriting a non‐error explanation. Further, consistent with a recency effect, the initial likelihood assessed for the inherited explanation was higher when it was received after self‐generation of alternatives. Despite these initial differences, the timing of the inherited explanation did not significantly affect the auditors’ information search, evaluation processes or outcome performance (in terms of cause selection). Results relating to the receipt of an inherited explanation were similar, except that significantly fewer subjects not inheriting an explanation selected a cause the same as the inherited explanation. These results suggest that although inheriting an explanation from management does affect the outcome of the AP process, it does not lead to fewer correct outcomes, and highlight the importance of examining the AP process in its entirety rather than in a piecemeal manner.     

Competition, Contractibility, and the Market for Donors to Nonprofits

This article investigates theoretically and empirically theeffects of competition for donors on the behavior of nonprofitorganizations. Theoretically, we consider a situation in whichnonprofit organizations use donations to produce some commodity,but the use of donations is only partially contractible. Themain results of the model indicate that an increase in competition(i) decreases the fraction of donations allocated to perquisiteconsumption and (ii) increases the fraction of donations allocatedto promotional expenditures. Moreover, the effects of competitionare magnified by the ability to contract on the use of donations.These hypotheses are tested with data on the expenditures ofnonprofit organizations in a number of subsectors where competitionis primarily local. We use across–metropolitan statisticalareas' variation to measure differences in competition and proxycontractibility by the importance of tangible assets, whichare more easily observed by donors. The estimated effects ofcompetition and contractibility are consistent with our model.     

Technological trajectories and R&D for environmental innovation in UK firms

This article reports results of a 1993 questionnaire survey of how UK companies have been innovating technologically in response to environmental pressures. The survey sought to identify factors stimulating UK firms to innovate more environmentally friendly products and processes, and to investigate the changes in R&D activity they have undertaken to facilitate such innovation. In devising the questionnaire and interpreting the results, we have been strongly influenced by the theoretical frameworks developed over the past 15 years which describe technological developments in terms of ‘selection environments’ and ‘technological trajectories’. Useful though such frameworks are, we conclude that they need to be supplemented by concepts derived from the sociology of technology and from studies of corporate strategies.     

THE EFFECTS OF COMPANY TRAINING,FURTHER EDUCATION AND THE YOUTH TRAINING SCHEME ON THE EARNINGS OF YOUNG EMPLOYEES*

Abstract This paper provides evidence on the impact of company training, of post-compulsory education and of the UK Youth Training Scheme in the late 1980's on the earnings of 21-year-old employees in England and Wales. Earnings equations are estimated for each of seven groups of employees who have followed alternative routes from compulsory education into employment, allowing for selectivity into these routes. There are several findings, including: both high parental social class and better school qualifications help to channel people into higher status routes, while high local unemployment has the opposite effect; participation in company training in long spells substantially raises wages but short spells do not; YTS participation fails to raise, and possibly substantially lowers, wages even three years after graduation compared to those who left school at 16 and went to work and received no training; there is weak evidence that, even for those that do not enter higher education, it is better to stay on at school after 16 than go into YTS.     

Dividend Omissions and Intraindustry Information Transfers

We examine potential information transfers from companies that announce dividend omissions to their industry rivals. Specifically, we examine the abnormal stock returns and abnormal earnings forecast revisions of rivals after a company makes a dividend‐omission announcement. Our results show negative and significant abnormal stock returns and negative and significant abnormal forecast revisions for rival companies in response to the announcement, and a significant and positive relation between the two. We conclude that a dividend‐omission announcement transmits unfavorable information across the announcing company's industry that affects cash flow expectations and ultimately stock prices.     

Recognizing large donations to public goods: an experimental test

Private charities often publicise generous individual contributions or contributors, possibly to encourage others to give. In contrast, public good experiments used to study voluntary giving commonly tell participants only of total contributions. This paper reports an experimental test of the effect on contributions of supplying additional selective information. A control treatment is run that reveals only total contributions over ten one‐shot decision rounds. This is compared to a second treatment that also informs subjects of the maximum contribution made in their group after each round. In a third treatment, subjects are further given the opportunity to make costly rewards to the maximum contributor. Revealing generous contributions appears to raise average contributions slightly. Surprisingly, adding the ability to reward large contributors does little to generate further increases, though it significantly raises the variance of contributions. Copyright © 2002 John Wiley & Sons, Ltd.