Contrasting corporate profiles: Women and minority representation in top management positions

This paper investigates the characteristics of firms which have underrepresented groups in top management positions and those which do not. It is argued that profiles of these characteristics will be different for firms with minorities vs. women and that these profiles will be different depending on whether representation is by board membership or through officerships. A discriminant analysis found both similarities and differences in variables that were associated with these different forms of representation. It was found, for example, that size is associated with representation for both minorities and women, whereas high advertising intensity is associated with firms with women on board, but not as officers. Other findings and the implications of the study are discussed.Jerry Fryxell is an Assistant Professor of Management at the University of Tennessee — Knoxville. His current research interests are in the area of corporate culture, innovation, and strategic management.Linda Lerner is a Ph.D. candidate in the Department of Management at the University of Tennessee — Knoxville. Her current research interests include strategic management, social issues, and corporate governance. She has over ten years of management and consulting experience.     

The future of public efforts to boost entrepreneurship and venture capital

The promotion of new high-potential business ventures and venture capital is of critical importance to economic growth. Well-considered policies can profoundly influence such opportunities, but many public initiatives are misguided. This article reviews the evidence behind these claims, as well as the criteria that can delineate appropriate and inappropriate policies towards the promotion of venture capital and high-potential entrepreneurship.     

The performance of reverse leveraged buyouts

Reverse leveraged buyouts (RLBOs) have received increased public scrutiny but attracted little systematic study. We collect a comprehensive sample of 526 RLBOs between 1981 and 2003 and examine the three-year and five-year stock performance of these offerings. RLBOs appear to perform as well as or better than other initial public offerings and the stock market as a whole, depending on the specification. Evidence exists of a deterioration of returns over time.     

Social Capital and the Linkages of High-Tech Companies to the Military Defense System: Is there a Signaling Mechanism?

This study investigates linkages of new Israeli high-tech companies to the military and defense system. We examine the impact of social capital, signaling, and learning spillovers on resource acquisition in terms of investments and the financial performance of companies with and without linkages. Social capital, signaling, and learning spillovers are examined as they impact individual and organizational resource acquisition and performance of 200 new Israeli high-tech companies. The study contributes to the existing literature of entrepreneurship by suggesting the relevance of knowledge spillovers, signaling theory and social capital to the context of the interface between defense and civilian spheres.     

The new new financial thing: The origins of financial innovations

The origins of financial innovations have attracted little empirical scrutiny. Using Wall Street Journal articles as an indicator, this paper examines which institutions were the key financial innovators between 1990 and 2002. The evidence suggests that smaller firms account for a disproportionate share of the innovations. Less profitable firms innovate more, though in the years subsequent to the introduction of the innovation, the profitability of the innovators increases significantly. Finally, older, less leveraged firms located in regions with more financial innovations innovate more. While several of the determinants of patenting are similar, small and unprofitable firms do not patent disproportionately.