Structural holes and hedge fund return comovement: evidence from network-connected stock hedge funds in China

Using data from a new hedge fund database, we examine the impact of social networks on the return comovement of stock hedge funds in China. We use structural holes in the college alumni networks of managers to measure the managers’ social network positions. We perform an empirical analysis on a sample of 3,012 hedge fund products in China from 2010 to 2017. We find that greater structural holes are associated with higher return comovement. The positive impact of the structural holes on return comovement is not affected by market cycles, a manager's major in college, or his or her abilities.     

Assessment of the environmental sustainability of restaurants in the U.S.: The effects of restaurant characteristics on environmental sustainability performance

ABSTRACT

This paper investigated the current levels of environmental sustainability in restaurants across the U.S. to determine whether a restaurant’s proclivity for environmental sustainability depended on its characteristics such as chain affiliation or restaurant type.

A web-based survey was administered to 2,500 top-level restaurant managers, from which a total of 218 responses were judged as usable. The data were analyzed using independent

sample t-tests and ANOVA. This study presents an in-depth account of the environmental sustainability in restaurants across the U.S. based on an evaluation of top-level managers. This study also highlights the differences in restaurant environmental sustainability across different restaurant segments.     

Here comes Generation Z: Millennials as managers

As the workplace continues to change, a new generational cohort—Generation Z, sometimes referred to as iGen—is beginning to enter the workforce. At the same time, millennials are now progressing in their careers and will be challenged with managing these incoming workers. The purpose of this article is to provide a contextual overview that identifies and illuminates some of the defining work-related characteristics of these two youngest generations in the workplace to increase understanding of the potential intergenerational conflict between these cohorts and develop leadership strategies that can be utilized to increase employee morale and productivity. This article analyzes the millennial supervisor-Gen Z subordinate relationship based on generational cohort theory, leader-member exchange (LMX) theory, and the work values framework.     

公司策略性媒体披露行为研究最新进展与述评

因为新闻媒体对资产定价的重要影响,致使越来越多公司管理层开始重视对媒体披露的主动管理,特别是重大事件期间,公司的策略性媒体披露倾向尤为明显,以谋求自身利益的最大化。与此同时,这一现象也日益为学者们所关注,并开始成为公司财务与金融研究的热点前沿。本文主要基于行为金融学视角,从公司策略性媒体披露的内涵、动因、方式、主要内容及表现等维度,对现有相关文献进行了系统梳理,旨在进一步剖析公司管理层在媒体披露中的重要作用,帮助人们更好地理解和把握股票市场波动的成因及本质。最后,就其未来研究方向做了进一步的探讨。     

Managerial mindset as the mechanism of the country-of-origin effect: evidence from Chinese multinational enterprises’ approach to employer associations

The country-of-origin effect (COE) on employment practices in multinational enterprises (MNEs) has become an important area of international human resource management research. However, research on the mechanisms of the COE, a fundamental and critical aspect of the country-of-origin phenomenon, is scant. This study seeks to empirically explore the mechanisms through which country-of-origin influences Chinese MNEs’ approach to host-country employer associations. Analysis of qualitative data from 13 Chinese MNEs revealed that country of origin affected the approach of Chinese MNEs to host-country employer associations in the form of transfer of managerial norms. It also revealed that it was the mindset of those home-country nationals who were key decision-makers at subsidiaries that enabled the COE in Chinese MNEs. This paper highlights the importance for future studies of international strategic human resources management to pay attention to micro-foundations of cross-border practice transfer and to incorporate analyses of managerial cognition in the investigation of MNEs’ management practices.     

自助式整体薪酬在企业中层管理者激励中的应用初探

本文分析了将自助式整体薪酬引入企业对中层管理者激励与管理的重要性,并在此基础上对其设计思路和实施的基本条件等内容进行了讨论与阐述。     

Coherent identities and roles? Hybrid professional managers’ prioritizing of coexisting institutional logics in differing contexts

This article explores how hybrid professional managers relate to coexisting institutional logics in their everyday work. It examines coherence between the logic that informs managers’ identity and that prioritized in their role. By comparing interview data from managers in two settings, a faith-based hospital and a religious organization, this article analyses primary and secondary identities and roles. Findings show that experiences of coexisting logics differ according to the organizational context. Hospital managers identify with a managerial logic in both their identity and role. A professional logic informs church managers’ identity, yet they prioritize a managerial logic in their role. The article proposes a model that links hybrid professional managers’ identities and roles with a framework of coexisting logics proposed earlier.     

经营绩效反馈、环境不确定性与企业广告投入

基于2012～2015年深沪两市A股上市公司样本数据，对经营绩效反馈和企业广告投入之间的关系进行了理论分析和实证检验，并进一步考察了环境不确定性的调节作用。研究结果表明：（1）当企业未实现资本市场经营预期时，随着实际绩效低于经营预期程度的增大，企业广告投入将减少；（2）当企业实现资本市场经营预期时，随着实际绩效高于经营预期程度的增大，企业广告投入将增加；（3）当企业未实现资本市场经营预期时，与低不确定性环境相比，高不确定性环境中企业经营绩效负反馈对广告投入的负向影响将增强；（4）当企业实现资本市场经营预期时，与低不确定性环境相比，高不确定性环境中企经营绩效正反馈对企业广告投入的正向影响将增强。     

Subsidiary managers’ knowledge mobilizations: Unpacking emergent knowledge flows

Knowledge flows are a key source of advantage for multinational corporations (MNCs); however the nuances of knowledge flow practices and their micro-foundations require further theoretical development. Using qualitative data on 40 cases of subsidiary managers’ knowledge mobilizations, this paper unravels micro-level practices of knowledge flows in MNCs. We find that subsidiary managers’ knowledge mobilizations initiate a complex pattern of subsidiary knowledge inflows, pinpointing the significance of lateral and bottom up exchanges (locally as well as internationally). We use these insights to distinguish between two types of subsidiary knowledge flows: deliberate and emergent, and discuss how their differences have profound implications for the investigation of MNC knowledge flows and their micro-foundations.     

Corporate hierarchy and vertical information flow inside the firm—a behavioral view

Little is known about how corporate hierarchies influence managers' propensity to pass information upward within the firm. Two streams of literature arrive at seemingly conflicting and untested predictions. Information economists maintain that middle managers pass more suggestions up the firm's line of command as the corporate hierarchy increases in order to avoid corporate omission errors. In contrast, scholars of organizational psychology suggest that hierarchies lead to evaluation apprehension and foster a perceived lack of control among mid‐level managers, leading to their reduced willingness to, and interest in, passing information up within the organization. Drawing on field data and model‐guided experimental studies, we provide original empirical evidence for the relevance of all the mechanisms above, and we delineate the conditions under which either mechanism prevails. Copyright © 2014 John Wiley & Sons, Ltd.