Impact of CEO narcissism and hubris on corporate sustainability and firm performance

To explore the personality traits and corporate strategy of chief executive officers (CEOs), this study investigates how narcissistic and hubristic tendencies in CEOs affect the relationship between corporate sustainability practices (CSP) and firm performance. The primary purpose is to examine whether CEO narcissism and hubris can moderate the effect of corporate sustainability on firm performance. We investigate the influence of corporate sustainability on firm performance in three dimensions: economic, environmental, and social. The relationship between the mechanisms of supervision and agency theory is explored to assist investors in decision making. The results of this study show that compared to narcissistic CEOs, hubristic CEOs will further enhance the positive influence of CSP on corporate performance, especially in the environmental and social dimensions. This research strengthens the literature on CEO narcissism and hubris by demonstrating that CEO personality traits influence the relationship between corporate sustainability practices and firm performance.     

Other comprehensive income,corporate governance,and firm performance in China

This research is based on a data set comprising 6260 firm-year observations from listed companies on the Shanghai and Shenzhen Stock Exchanges during 2009–2015, and the results indicate that other comprehensive income (OCI) disclosure generally improves firm performance, whereas earnings management reduces firm performance. The study also finds that OCI disclosure and corporate governance are complementary in restraining earnings manipulation and promoting firm performance, and there is a causal relationship between OCI disclosure and earnings management to affect firm performance.     

CEO retention,firm performance and corporate governance

This paper seeks to determine if CEO turnover is a function of firm performance, and therefore attempts to gauge the extent to which CEO interests are aligned with those of stockholders. The methodology in this paper focuses primarily on estimating the relationship between the probability of CEO exit and indices of firm performance and corporate governance structure. A major finding of the paper is that the accountability of CEOs to stockholders is significantly limited by CEO power, and CEO turnover is influenced more by internal governance structure than by firm profit or sales performance.     

Green practices in restaurants: Impact on firm performance

Although some researchers have recently studied green practices in restaurants, scant previous research has analyzed the impact of these practices on overall performance in this field. Moreover, these studies have generally focused on mega-sized restaurants in the United States. The primary objective of this study is therefore to examine the motivations for the adoption of green practices in restaurants in Spain and the impact of this adoption on firm performance. The results are based on a survey completed by 374 small restaurant managers. Structural equation modeling was used to analyze links between the studied dimensions. The findings indicate that green practices have a strong positive direct influence on operational performance and competitiveness in Spanish restaurants and that they indirectly influence overall firm performance. Therefore, the results of this paper suggest that being proactive about environmental issues can provide restaurants with a great number of benefits that improve firm competitiveness and performance.     

Corporate strategy,executive selection,and firm performance

This article investigates three related questions: (1) Is corporate diversification strategy associated with the level of firm-specific experience (tenure) of selected CEOs? (2) Are tenure levels of selected CEOs related to subsequent organizational performance? and (3) Does diversification strategy influence the impact that CEO firm-specific experience has on subsequent organizational performance? Results indicate that while diversification levels do not relate to extent of tenure, the selection of CEOs with lower levels of firm-specific experience results in significantly improved performance among nondiversified firms. No such relationship is observed in more diversified firms.¹ © 1998 John Wiley & Sons, Inc.     

Employee ownership heterogeneity and firm performance in China

Employee ownership (EO) has gained increasingly significant attention from both business practitioners and policy makers in China. Through the examination of the implementation of EO by China's listed firms from 1992 to 2017 with a total of 3,396 firms and 36,559 firm‐year observations, we explored the relationship between EO implementation and firm performance. In general, we found that over time, EO firms outperform non‐EO firms in China, and the influence of EO is only different in nuanced aspects in different time periods according to the change of policies. The data from the most recent period, that is, 2014–2017, indicate that EO adopters have higher performance than matched non‐EO firms both before and after adoption, but the relative performance does not increase after adoption. We further examined the interactive effect between EO and executive stock ownership (ESO) schemes and found that the adoption of ESO weakens the positive relationship between EO and firm performance. Regarding different types of EO, we found lower performance in companies with high return rights but no control rights, and we found better performance when high return rights are combined with control rights. We suggested policy and managerial implications on the basis of the findings.     

Navigating through firm–environmental groups' relationships: The impact of societal trust on corporate environmental strategy

This study examines the impact of societal trust on corporate environmental strategy with particular reference to the firm–environmental groups' relationship, which has received very little attention in trust literature. Using data on 2332 firms from 16 countries, we find that societal trust exerts a negative effect on the likelihood of ISO 14001 certification. The negative relationship between societal trust and the likelihood of ISO 14001 is more pronounced for firms having intense collaboration with environmental groups. However, this effect appears to be weak in higher market uncertainty. These findings, besides significantly adding to the literature, have practical and managerial implications.     

Supply chain collaboration: Impact on collaborative advantage and firm performance

Facing uncertain environments, firms have strived to achieve greater supply chain collaboration to leverage the resources and knowledge of their suppliers and customers. The objective of the study is to uncover the nature of supply chain collaboration and explore its impact on firm performance based on a paradigm of collaborative advantage. Reliable and valid instruments of these constructs were developed through rigorous empirical analysis. Data were collected through a Web survey of U.S. manufacturing firms in various industries. The statistical methods used include confirmatory factor analysis and structural equation modeling (i.e., LISREL). The results indicate that supply chain collaboration improves collaborative advantage and indeed has a bottom-line influence on firm performance, and collaborative advantage is an intermediate variable that enables supply chain partners to achieve synergies and create superior performance. A further analysis of the moderation effect of firm size reveals that collaborative advantage completely mediates the relationship between supply chain collaboration and firm performance for small firms while it partially mediates the relationship for medium and large firms.     

Impact of supplier relationship management practices on buying firm performance: comparison of the United States and China

In 2007, Krause, Handfield, and Tyler examined the relationship between various aspects of social capital and buyer performance in the buyer-supplier dyad by surveying buying firms within the United States. This study extends the (Krause et al. in J Oper Manag 25:528–545, 2007) study by replicating it in two different contexts (industry and China). The original study was conducted in the automotive and electronic industries in the United States, while the current study was conducted in both manufacturing and service industries in the United States and China. We found that the difference of information sharing between the two United States populations is the only difference attributed to industry differences. Overall, study results indicate that buyer commitment positively impacted buying firm performance in China; while buyer commitment and shared values impacted buying firm performance in the United States. These findings suggest that certain aspects of social capital are important in China, but differences do exist between the two countries that may be attributed to culture. Therefore, researchers should consider the impact of country culture when conducting studies in China.     

The impact of entrepreneurial orientation on firm performance: the role of CEO position tenure and industry tenure

The relationship between Entrepreneurial Orientation (EO) and firm performance, despite generating significant scholarly interest, has remained mixed. These results may be attributed, at least in part, to the failure to sufficiently examine the potential impact of top management characteristics. The present study investigates how CEO characteristics (i.e. CEO industry and position tenure), impact the relationship between EO and firm performance within a sample of 579 US banks. As predicted, some support for a positive EO to performance relationship was found. In addition, the results strongly support, as posited, that CEO industry tenure positively moderates, and CEO position tenure negatively moderates, the EO to performance relationship. We also report evidence supporting the effect of EO, configured with CEO position tenure and industry tenure on firm performance. Our study suggests the EO–performance relationship is more complex than previous studies indicate. Implications for future research and practice are provided.     

Turning corporate environmental ethics into firm performance: The role of green marketing programs

In this study, we develop a better understanding of the mechanisms by which corporate environmental ethics influences performance through the adoption of substantive actions. The empirical results of a moderated mediating analysis show that firms with higher environmental ethics are more likely to implement green marketing programs, consisting of the green production, pricing, distribution, and promotion programs and then improve firm performance. It is also observed that closure mechanism negatively moderates the mediation effect of green marketing programs because it leads to low trust and unwillingness to internal cooperation. These findings indicate that the value of corporate environmental ethics could not be determined in a vacuum, both strategy and people do matter when pursuing environmentally driven performance.     

Non-wage benefits,corporate ownership and firm performance in post-communist economies: evidence from Ukraine

The economic reforms in the transition economies of Central and Eastern Europe have fundamentally reshaped ownership and governance of economic production, notably through the privatization of former state-owned enterprises. These reforms were expected to transform management practices by displacing ‘cradle-to-grave’ welfare arrangements administered by state-owned enterprises. Using data drawn from two large samples of Ukrainian establishments, we investigate, in two different time points, the relationship between non-wage benefits and firm performance during the period of transition to a market economy (1994–2004). We found that non-wage benefits continued to be a critical feature of HRM practices in Ukraine during this period, and were positively associated with firm performance.     

Impact of mergers on the corporate performance of acquirer and target companies in India

Mergers and acquisitions become the major force in the changing environment. The policy of liberalization, decontrol and globalization of the economy has exposed the corporate sector to domestic and global competition. It is true that there is little scope for companies to learn from their past experience. Therefore, to determine the success of a merger, it is to be ascertained if there is financial gain from mergers. It is very important to study the liquidity performance of those companies to test whether those companies have sufficient liquid assets to meet its current obligations. The present study is limited to a sample of companies which underwent merger in the same industry during the period of 2002-2005 listed in one of the Indian stock exchange namely Bombay Stock Exchange. It is proposed to compare the liquidity performance of the thirteen sample acquirer and target companies before and after the period of mergers by using ratio analysis and t-test during the study period of three years. The study found that the shareholders of the acquirer companies increased their liquidity performance after the merger event.     

Business strategy and firm efforts on environmental protection: Evidence from China

Although business strategy plays a fundamental role in firm operations, whether and how business strategy affects firms' environmental protection behaviors remain unclear. On the basis of a typical emerging market, we show that firms following prospector strategies take more environmental protection actions than do those following defender strategies. Our findings are robust to endogeneity checks and alternative measures of business strategy. We further find that prospectors engage in more environmental activities than do defenders when the degree of financial constraint or earning management is high. Our results are particularly pronounced in state‐owned enterprises, heavy‐polluting industries, and firms located in regions with strict environmental regulations. Overall, this study provides clear policy implications for regulators concerned with environmental protection.     

Human resource management control system and firm performance: a contingency model of corporate control

This study explores how corporate controls used by the parent company of a conglomerate affect subsidiaries' human resource management (HRM) control–performance relationship. Empirical results from 93 firms reveal that the appropriate use of HRM control systems was a contributing factor to firm performance. When a subsidiary's approach to HRM was based on behavior control, performance was lower when the parent company emphasized financial control. When a subsidiary's approach to HRM was based on output control, performance was higher when the parent company emphasized either strategic or financial control. When a subsidiary's approach to HRM was based on input control, performance was higher when the parent company emphasized strategic control.     

Proactive environmental strategy and firm performance at the bottom of the pyramid

This paper utilizes insights from the natural resource-based view to examine the conditions under which proactive environmental strategy (PES) drive firm performance. Using data collected from 266 small- and medium-sized enterprises operating in Ghana, the results suggest that the impact of PES on firm performance is more pronounced in firms that do not purse bottom of the pyramid orientation but not significant for firms pursuing the bottom of the pyramid orientation. Besides, the findings show that the influence of PES on firm performance is amplified for firms adopting imitation orientation but not significant for nonimitation-oriented firms. Implications and directions for future research are discussed.     

The impact of human resource management practices and corporate entrepreneurship on firm performance: evidence from Turkish firms

This paper outlines the important role of human resource management practices with a link between corporate entrepreneurship and firm performance. Data were collected from a survey of 124 firms operating in different industries in Turkey. The findings of this study indicated that human resource management (HRM) practices partially mediated the relationship between corporate entrepreneurship and firm performance. In other words, corporate entrepreneurship affects firm performance, both directly and through its effects on HRM practices. In addition to corporate entrepreneurship, it is found that HRM practices explain a significant level of additional variance (9 per cent) in firm performance. The theoretical and managerial implications are discussed.     

Reassessing measures of sustainable firm performance: A consultant's guide to identifying hidden costs in corporate disclosures

Strategy, management, corporate social responsibility, critical accounting, and other business researchers frequently utilize financial metrics such as return on assets, return on equity, and return on sales as proxy measures for the financial performance of firms. Large data sets offer convenience but exclude the textual data of corporate disclosures that offers critical insight into specific executive actions and social and environmental outcomes. This study looks at the detrimental consequences of the prevalent practice of relying on macrofinancial metrics as measures of firm performance. Insight from the socioeconomic approach to management (SEAM) is then applied to help an external analyst develop the perspective of an internal consultant to identify hidden costs in corporate disclosures. An extensive case on former CEO Robert Nardelli's tenure at Home Depot is presented as an example of applied SEAM theory to explore how a causal network of dysfunctions can be traced through publicly available financial disclosures. The management discussion and analysis as well as the executive incentive compensation formulas serve as a roadmap to discover hidden costs. The study offers a critical perspective of financial disclosures to allow researchers to externally diagnose dysfunctions sooner rather than years later, an insight formerly only available to internal consultants.     

The dynamic adjustment of environment, strategy, structure, and resources on firm performance

Under the uncertainty of external environment, how do the firms exploit resources, adjust organizational structures, and adopted proper strategies to gain the better performance is an important issue. Many theories have been proposed to explain this phenomenon. Structure-conduct-performance model suggest that industry structure influences the firm behavior and determines the performance of individual firms and of the industry as a whole. Strategy-structure-performance model suggest that strategy must dictate organizational structure, which in turn influences performance. The environmental perspective considers external environments. Resource-Based View suggests that management must focus on the values of resources to generate sustained competitive advantages and to improve performance. Dynamic adjustment among environment, strategy, structure, and resources can become primary causes of the firm performance. The purpose of this paper is to clarify the gaps between different theories and to complement the existing theories. This paper confirmed the measurement of the constructs first and competing models were used to examine dynamic adjustment among constructs and the relationships to firm performance. The results demonstrated that most of the relationships among constructs were supported and support the dynamic adjustment of the constructs. When facing uncertain environments, firms tend to use competition strategies as well as cooperation strategies; firms tend to formalize organizational structures and to amass resources. Firms which conduct cooperation strategies and possess more resources will attain better performance levels than those that do not. As to the theoretical models, the structure-conduct-performance model and the environmental perspective were supported. Practitioners should recognize the importance of the industrial and environmental factors.     

上市公司现金流信息披露状况调查

本文以2005～2006年发生关联担保的沪深上市公司为样本,按照提供关联担保和接受关联担保进行分类,考察了超额关联担保与公司价值的关系.