Coalition Formation Procedures: The Impact of Issue Saliences and Consensus Estimation

Coalition formation procedures incorporate two properties that are not often found in other coalition formation models: the choice between different formation paths and constrained consensus positions. However, there are two aspects of coalition formation procedures that are often overlooked: issue saliences and consensus estimation. Issue saliences are a measure of the importance that parties can attribute to issue dimensions. Initially, we employ the classical application to implement issue saliences. The classical application combines the Euclidean distance with the center of gravity as a consensus estimate. Secondly, we introduce a consistent distance application where the coalition consensus position is determined by minimizing the sum of salience-weighted Euclidean distances. The impact of these aspects is examined with the help of both numerical and empirical applications. The results indicate that both the consensus estimation method and the inclusion of issue saliences do not only have an impact on the estimated consensus position. They also determine the individual parties’ preferences towards the potential coalition formation procedures.     

The Impact of Power Distance Belief on Consumers' Brand Preferences

Five lab studies and a field study explore how power distance belief (PDB) influences consumers' preference for mass-market versus niche brands, the underlying mechanisms, and boundary conditions. We find that high (vs. low) PDB consumers are more likely to prefer mass-market over niche brands because they tend to be risk averse, which in turn increases preference for widely used brands. Consequently, the relationship between PDB and brand preferences is mediated by risk aversion. Further, when product usage contexts are risky, low (but not high) PDB consumers' preference for mass-market brands increases, whereas offering an extended money-back guarantee increases high (but not low) PDB consumers' preference for niche brands. In addition, we find that when choosing service providers (versus choosing physical goods), low (but not high) PDB consumers are significantly more likely to prefer mass-market brands over niche brands. We conclude with the implications of these findings for marketers, such as for their segmentation and targeting endeavors. We also provide specific tools that marketers could use, both inside and outside the store, to influence consumers' preference for mass-market versus niche brands.     

The Market Timing Power of Moving Averages: Evidence from US REITs and REIT Indexes

I present evidence that a moving average (MA) trading strategy dominates buying and holding the underlying asset in a mean‐variance sense using monthly returns of value‐weighted and equal‐weighted US REIT indexes over the period January 1980 until December 2010. The abnormal returns are largely insensitive to the four Carhart factors and produce economically and statistically significant alphas of between 10 and 15% per year after transaction costs. This performance is robust to different lags of the MA and in subperiods while investor sentiment, liquidity risks, business cycles, up and down markets, and the default spread cannot fully account for its performance. The MA strategy works just as well with randomly generated returns and bootstrapped returns. The substantial market timing ability of the MA strategy appears to be the main driver of the abnormal returns. The returns to the MA strategy resemble the returns of an imperfect at‐the‐money protective put strategy relative to the underlying portfolio. The lagged signal to switch has substantial predictive power over the subsequent return of the REIT index. The MA strategy avoids the sharp downturn at the beginning of 2008 and substantially outperforms the cumulative returns of the buy‐and‐hold strategy using all of the 20 REIT indexes. The results from applying the MA strategy with 274 individual REITs largely corroborate the findings for the REIT indexes.     

心理距离对跨国公司进入模式的影响

基于65 670家外商直接投资企业数据,本文使用群组Logit模型,分析了心理距离对跨国公司进入中国市场模式选择的影响。研究发现语言差异和工业发展水平差异与跨国公司采取独资模式进入的机会比率呈显著负相关关系,宗教差异与跨国公司采取独资模式进入的机会比率呈显著正相关关系,而教育水平差异和民主差异对跨国公司进入模式选择的影响并不显著。     

The Psychic Distance Postulate Revised: From Market Selection to Speed of Market Penetration

In this paper we revise the psychic distance postulate of the Uppsala Model (Johanson and Vahlne, 1977, 1990) by injecting more recent findings (i.e., distinguishing between selection of foreign markets and time needed to achieve sufficient penetration in foreign markets and the role of social capital). The model we propose posits that a higher psychic distance decreases the speed of market penetration. On distant markets, internationalizing technology-based ventures need more time to establish a position in the foreign network and to obtaining positive cash flow. Our model presents social capital as a mean to overcome the psychic distance and to increase the speed of market penetration. We build our model on four case studies on technology-based new ventures internationalizing at very early ages.     

外资并购国家安全审查中的权限配置问题:中美之间的差异及启示

从依附于产业政策和竞争政策,到发展成为一项独立的制度,中国国家安全审查制度的演化与审批权限配置的变更息息相关,具有明显的"路径依赖"特征。与美国的制度相比,现有的国家安全审查制度在政治性、专业性和合法性方面存有很大的改进空间。应将国家安全审查行为排除在法院的受案范围之外,改进部际联席会议机制,由决策者承担相应责任。此外,还应建立政治问责制,以避免内部人控制。     

辱虐管理对下属工作绩效和离职意愿的影响: 领导认同和权力距离的作用

与以往基于社会交换、社会心理和社会比较视角的研究不同,本文基于社会认定视角,考察了下属对领导的认同在辱虐管理与下属工作绩效和离职意愿关系中的中介作用,以及下属权力距离导向在这一过程中的调节作用。以296名下属及其直接上司为研究对象,结果发现：(1) 辱虐管理会降低下属对领导的认同,并通过领导认同的中介作用对工作绩效和离职意愿产生影响;(2) 下属权力距离导向会调节辱虐管理与领导认同的关系,表现为对低权力距离导向的下属来说,辱虐管理对领导认同的负向影响相对更强。本文从新的理论视角解释了辱虐管理的作用,揭示了辱虐管理影响下属工作绩效和离职意愿的内在机制和作用条件。     

Ingratiating with Despotic Leaders to Gain Status: The Role of Power Distance Orientation and Self-enhancement Motive

This study adds to business ethics research by investigating how employees’ exposure to despotic leadership might influence their peer-rated workplace status, along with a mediating role of ingratiatory behavior targeted at supervisors and a moderating role of their power distance orientation and self-enhancement motive. Multisource, three-wave data from employees and their peers in Pakistani organizations reveal that exposure to despotic leaders spurs employees’ upward ingratiatory behavior, and this behavior in turn can help them attain higher status in the organization. The mediating role of upward ingratiatory behavior also is more prominent among employees with higher levels of power distance orientation and self-enhancement motive. For business ethics scholars, this study thus pinpoints a potentially dangerous pathway—featuring employees’ deliberate efforts to impress self-centered, destructive supervisors—by which despotic leadership can generate beneficial outcomes for employees but not for the organization, as well as how this process varies due to key personal characteristics.

     

Food Culture Distance as a Predictor of Foreign Market Selection: The Case of Swedish Food Exporters

The purpose of this article is to examine the impact of dissimilarity in food culture, “food culture distance,” as a predictor of foreign market selection by food exporters. The sample for this study consisted of 96 export ventures by Swedish food companies in 27 international markets. A composite index of the construct food culture distance was calculated and used as a predictor of foreign market attractiveness for food exporters. The findings indicate that food culture distance does positively impact the attractiveness of a foreign market for food exporters, implying that the greater the perceived distance in terms of food culture, the more attractive is the market for food exporters to enter.     

The Impact of Psychic Distance on the Internationalisation of the Australian Firm

Abstract

This paper explores the relationship between management characteristics and psychic distance, psychic distance and internationalisation and management characteristics and internationalisation. It is argued that internationalisation takes different forms and that psychic distance will impact differently on each form whether it is outward, inward or linked. It is shown that whereas some management characteristics impact on internationalisation directly, others have impact through psychic distance acting as an intervening variable. The management implications for the above are discussed, as is its effect on planning future international activities.     

Coping with Job Insecurity: The Role of Procedural Justice, Ethical Leadership and Power Distance Orientation

This study examines the relationship between procedural justice and employee job insecurity, and the boundary conditions of this relationship. Drawing upon uncertainty management theory and ethical leadership research, we hypothesized that procedural justice is negatively related to job insecurity, and that this relationship is moderated by ethical leadership. We further predicted that the moderating relationship would be more pronounced among employees with a low power distance orientation. We tested our hypotheses using a sample of 381 workers in Macau and Southern China. The results support all of our hypotheses. The implications of these results for research and practice are discussed.     

地方政府对外商直接投资区位选择影响分析

地方政府是如何影响FDI区位选择的?对此问题的研究是FDI区位理论的一个基本空白点。以博弈论为分析框架,以豪特林模型为基础,对地方政府与外商投资者进行博弈分析。分析结果表明,和外资优惠政策相比,声誉效应也许是解释外商直接投资分布的地区性差异因素中一个被忽略的更重要因素。     

The Impact of Formal and Informal Distance on Gender Equality Approaches: The Case of a British MNC in Saudi Arabia

This study explores the forces that promote and hinder gender equality efforts of a multinational corporation (MNC) operating in the Middle East. Specifically, we draw from a case study to document the formal and informal pressures exerted on a British MNC operating in Saudi Arabia to better understand the multiple forces that influence gender equality approaches in the host country. Our findings suggest that while formal institutions such as the legal requirements and localization policies support gender equality, informal forces that are rooted in the cultural norms and traditions are formidable in hindering such efforts and in reinforcing the status quo. The insights generated from our study have the potential to inform public policy makers and organizational decision makers to locate the right policy tool to promote gender equality. © 2016 Wiley Periodicals, Inc.     

Word Power: The Impact of Negative Media Coverage on Disciplining Corporate Pollution

Globalization is multifaceted and involves the interaction among businesses, services, governments, and societies beyond national borders. As a result, the flow of foreign direct investment (FDI), international trade in goods and services, and the economic interdependence of the nations of the world have been increasing. At the same time, much attention has been paid to the effect of corruption prevalent within many cultures and societies, and its impact on the economies, especially developing economies. This paper examines the relationship between human capital investment, the level of national corruption, and the global economic integration (GEI) of a nation in developing countries. Based on the data collected from over 60 countries, and building on the FDI and human capital theories, it was found that human capital investment and corruption are related to GEI. It was also found that the level of corruption moderates the relationship between human capital investment and GEI of developing economies. The findings of the study can help to deepen our understanding of GEI and have practical implications for developing countries in terms developing human capital, which plays a critical role in today’s knowledge-based economy.     

The Impact of Psychological Distance and Construal Level on Consumers' Responses to Taboos in Advertising

To date, the use of taboos in advertising has produced mixed results. Such discrepancies require explanation. Relying on construal-level theory and the concept of psychological distance, this research focuses on taboo ads' effects on consumers' responses. The findings from three studies show that for different product categories (Study 1: perfume; Studies 2 and 3: alcohol) and across different taboo types (sex, violence, and a mixture of sex and violence), different distance dimensions (Study 1: spatial; Study 2: social), and different construal-level manipulations (low, high), an increase in the psychological distance (or construal) level attenuates consumers' unfavorable attitudinal and behavioral reactions while a decrease in the psychological distance (or construal) level intensifies consumers' responses. Furthermore, response intensity varies depending on the taboo type used, such that both violent and mixed taboo types produce more negative responses. Finally, gender has an impact, such that women react more negatively than men to different taboos, both across distance dimensions and across distance (construal) levels. A discussion of these findings and their implications, as well as suggestions for future research, concludes the article.     

金融发展对城市住房市场的影响:理论机制、空间溢出及非线性效应

厘清金融发展与住房市场的关系对于制定差异化调控政策、探寻金融及住房市场改革方向、抑泡沫控风险具有重要意义。本文以二者关系的传导机制、空间联动与非线性特征的识别为逻辑主线,从直接、间接两个层次剖析金融发展对住房市场的传导路径;并采用空间计量方法探析金融发展对住房市场的空间溢出效应;最后,通过门槛效应检验考察金融发展对住房市场作用的空间异质性。结果表明:第一,2002—2017年间,35城市住房价格存在正向空间依赖性,莫兰指数呈"波浪"型变化;绝大多数城市属于"高-高"或"低-低"集聚模式,且这种局部空间格局相对稳定。第二,金融规模、金融结构和金融效率对住房价格均有显著的直接效应,而金融规模、金融效率因"虹吸效应"而对邻近城市房价产生了显著的抑制作用。第三,受限于收入水平的单门槛效应,金融规模、金融效率对住房价格的影响呈非线性。研究结论为制定差异化政策、落实"房住不炒"、防范住房及金融市场风险等提供了新的思路。     

企业社会资本对渠道权力与依赖的影响

传统渠道权力与依赖研究将研究视野局限在由两个渠道成员构成的二元渠道关系内,关注关系内的资源依赖特征而缺少对关系以外更大范围的渠道关系网络的关注。针对这一缺陷,文章引入了社会资本理论,并实证性地考察了制造商社会资本对其渠道权力和经销商依赖的影响。研究发现,制造商的社会资本对其渠道权力有显著的正向影响,但对经销商的渠道依赖没有显著影响。同时,以中国本土社会心理学理论为基础,研究证实在中国文化背景下渠道权力作为依赖的前因变量对其有显著的正向影响。     

股票发行监管的博弈分析和发行审核制度的选择

本文运用博弈论对我国的股票发行制度进行了分析。通过构建静态博弈模型剖析了影响股票发行监管的各种因素,并以动态博弈模型研究了发行审核制度的选择问题,得出了结论,提出了相应的对策建议。