Strategic and institutional effects on foreign IPO performance: Examining the impact of country of origin,corporate governance,and host country effects

Integrating signaling and institutional perspectives, we develop and test hypotheses relating institutions and corporate governance to foreign IPO success. Our investigation highlights the importance of three important drivers of foreign IPO success: home country legal institutions, corporate governance, and host capital market choice. This research demonstrates that board independence and country of origin effects are powerful signals. However, these factors do not have a universal impact on foreign IPO success. Instead, the value of home country institutions along with corporate governance signals are contingent upon the institutional environment in which international entrepreneurs choose to seek capital resources.     

Corporate crisis advertising: A framework examining the use and effects of corporate advertising before and after crises

While corporate advertising has been widely studied as a promotional tool, few studies have examined how it can be used in a corporate crisis situation. In 2013, Kim proposed a conceptual framework for examining stakeholders’ evaluation of pre-crisis corporate advertising, using the inoculation and reactance theory. The framework, published in Journal of Marketing Communications, suggested that pre-crisis advertising can increase audience resistance towards negative news of an organization and decrease audience resistance towards future corporate advertisements from the organization. The present study expands on Kim’s work to develop the corporate crisis advertising (CCA) framework. In addition to the inoculation and reactance effects discussed in Kim’s model, CCA aims to discuss the effects of corporate advertising on improving organization’s prior reputation based on halo effect, and how post-crisis advertising messages can be evaluated based on crisis theories. Our proposed framework provides a comprehensive view of the use of corporate advertising both before and after a crisis and is useful for organizations to understand the impact of corporate advertising on stakeholders’ evaluation of the organization in a crisis situation. Potential applications of CCA are discussed and directions for future research suggested.     

企业形象广告的文化取向特征与变迁——对《南方周末》1999-2008年间企业形象广告的内容分析

本文以1999-2008年间《南方周末》上的企业形象广告为研究对象,运用内容分析法,综合分析企业形象广告文化取向的总体特点和历时性特点,探讨企业形象广告的文化取向对企业形象塑造的意义和影响,并在此基础上,针对企业形象广告策略提出了相应建议。     

The Nature of the Firm, Agency Theory and Shareholder Theory: A Critique from Philosophical Anthropology

Standard accounts on the nature of the firm are highly dependent on explanations by Coase, coupled with inputs from agency theory and shareholder theory. This paper carries out their critique in light of personalist and common good postulates. It shows how personalist and common good principles create a framework that not only accommodates business ethics better but also affords a more compelling understanding of business as a whole.Joan Fontrodona is Assistant Professor of Business Ethics and Academic Director of the Center for Business in Society at IESE Business School. He is member of the Academic Board of EABIS and member of the Executive Committee of EBEN-Spain.Alejo José G. Sison is the Rafael Escolá Chair of Professional Ethics (TECNUN) with appointments from the Philosophy Department and the Institute of Enterprise and Humanism of the University of Navarra.     

Mutuality as a control for information asymmetry: A historical analysis of the claims experience of mutual and stock fire insurance companies in Sweden, 1889 to 1939

We test two competing arguments regarding the influence of organisational form on underwriting performance using data from the Swedish fire insurance industry for the years 1889 to 1939 – a period of both economic growth and stagnation. Since mutuality is a response to information asymmetry problems, mutual insurers are expected to report lower annual claims relative to premiums than stock insurance companies. However, an alternative view is that stock insurers seek to reduce information asymmetry problems by issuing non-participatory rights insurance contracts with high deductibles that induce risk-sharing between the insurer's shareholders and policyholders. This implies that stock insurers are likely to report lower annual claims than mutual insurers. Our results show that organisational form is an important determinant of the claims experience of Swedish fire insurers, suggesting that mutuality acts as an effective control for information asymmetries in the market.