非理性状态下的企业投资决策——行为公司金融对非效率投资行为的解释

经典的公司金融理论建立在决策主体完全理性、有效资本市场的假设基础上。隐含地假定企业经理人与市场投资者都是追求效用最大化的理性决策者。但是,越来越多的资本市场异象和公司异常财务行为表明,决策主体的认知偏差及市场的非理性会直接影响决策过程和结果,而这很难被生硬地框入传统的经济理性范畴。现实中,企业经理人与市场投资者的非理性是普遍存在的,而且深刻影响着公司的财务战略决策,如公司融资、投资、股利政策以及收购兼并等。行为公司金融将市场投资者和企业经理人的非理性引入到企业财务行为研究中,对企业非效率投资行为给出了更为符合现实、也更有说服力的解释。     

Emotions and the spatialisation of social relations in text‐based computer‐mediated communication

This paper advances our knowledge of emotions in virtual teams using text‐based computer‐mediated communication. The literature's preoccupation with the absence of physical cues of emotion has meant we lack both an understanding of how emotions are co‐constructed through interaction and an explanation of their role in the social relations of virtual teams. Adopting a communicative view of emotion, we present the findings of a longitudinal study of a virtual team within a transnational collaborative project. We present three aspects of interaction that demonstrate how team members' experience and understanding of the emotions expressed through, and suppressed from, text‐based messages are influenced by the styles and patterns of interaction enabled by technology. Where our three aspects tend towards stasis, we argue that emotion provides a temporal dimension to a process of ‘spatialising’ social relations by connoting what should change, or what should endure, between people.     

Cognitive simplification processes in strategic decision-making

Strategic decision-making can be viewed as a special kind of decision-making under uncertainty. Such decision-making involves the activities of goal formulation, problem identification, alternatives generation, and evaluation/selection. Researchers in cognitive psychology and behavioural decision theory have identified a number of cognitive simplification processes which may affect the way decision-makers perform these tasks. Within this paper, the research on these processes is summarized and their possible effects on strategic decision-making are discussed. Implications for future research in this area are also drawn.     

The framing of innovation among European research funding actors: Assessing the potential for ‘responsible research and innovation’ in the food and health domain

Responsible Research and Innovation (RRI) has recently emerged as a new framework for science and technology governance. The concept articulates the need for mutual exchange by which societal actors become responsive to each other early on in the process of innovation, with a view to facilitate ethically acceptable and sustainable innovation. There is relatively limited evidence to explore the extent to which the process of research and innovation under the terms of RRI is realised in practice, particularly in the context of food and health research. Although research to date has been examining innovation from the point of view of inputs and outputs—R&D funding and patents—we propose to examine the cognitive framing of innovation that shapes decisions of those who constitute a part of the innovation chain. This paper explores how the concept of innovation is understood and used in policy implementation, with a particular focus upon ‘food and health’ science and research policy and funding. Our analysis is based on 55 interviews of various actors engaged in research funding decision-making across eight European countries. Three themes emerged from the analysis: concept of innovation; conditions for innovation; and drivers of innovation; through these themes, the cognitive framing was drawn out. The cognitive framing suggests that innovation in the food and health domain is perceived to be focused on biosciences and marketable applications to the neglect of social sciences and broader public interest; that the “innovation network” is primarily viewed as centred around scientific/technical and industrial actors; and that the demand-pull dynamic is relevant to innovation in the area of food and health, despite having been relegated in contemporary thinking and policies around innovation. These findings point to the inadequate consideration of the normative issues—how problems are to be defined and addressed—among national research funders in the food and health domain, and indicate a gap between the ideas of innovation under the terms of RRI and innovation as conceptualised by those involved in its governance.     

The eye of the beholder: The influence of intuition,rationality, and leeway on the assessment of an Idea's market-creation potential

Paradoxically, mature firms facing competition in mature markets attempt to enter new markets, yet often pursue incremental ideas in their new product development process (NPD), abandoning ideas with market-creating potential in the idea evaluation phase at the fuzzy front end of NPD. We assume that idea evaluators' information-processing style (rational or intuitive) plays a dominant role in this context. Previous research has shown that the holistic information-processing style of intuitive individuals helps them with tasks that involve generating creative ideas, and we expect it to also be beneficial during idea evaluation for sensing an idea's potential to create new markets. In addition, we predict that the systematic procedure to be followed in formalized NPD idea evaluation will stifle this ability. Drawing on data from 138 corporate idea evaluators, we show that evaluators with an intuitive cognitive style are more likely to emphasize new market creation than those with a rational style, and that leeway serves as a moderator. By linking information-processing style and leeway we provide a potential explanation for why highly formalized organizations find it difficult to develop innovations with a high market-creation potential, and we discuss the practical implications of this.     

Fostering creativity from an emotional perspective: Do teachers recognise and handle students’ emotions?

Emotions have a significant effect on the processes of designing and creative thinking. In an educational context, some emotions may even be detrimental to creativity. To further explore the link between creativity and emotion, a series of interviews were conducted with design and technology (D&T) teachers in Singapore, Hong Kong and Beijing concerning their experiences of working with students on design projects. The intent was to investigate how these teachers understood and managed their students’ emotions while teaching creative design skills. Some teachers indicated that they understood their students’ emotions through observing their behaviour, connecting with them by synchronising emotions or by evaluating student performance. The teachers also reported using various other methods to handle their students’ emotions. This study highlights the importance of equipping D&T teachers with skills for awareness and regulation of emotions so that they can better enable students to cultivate creativity in the design process.     

The Role of Departmental Thought Worlds in Shaping Escalation of Commitment in New Product Development Projects

The debate over whether and how thought worlds of different departments (especially marketing and research and development [R&D]) affect managers' decision-making behavior in new product development (NPD) is ongoing. A key challenge of these decisions is to deal with deteriorating NPD projects, which are often subject to escalation of commitment (EoC), with many firms wasting billions of dollars by throwing good money after bad NPD projects. However, understanding departmental thought worlds and their role for EoC in NPD could help firms stop this profusion. Thus, this research provides answers to the question of how thought worlds affect managers' tendency toward EoC in NPD decision-making—both in general and under certain project characteristics. To do so, we conducted four studies based on real-life scenarios with 460 highly experienced NPD managers from marketing and R&D, thus ensuring high validity and reliability. Our research is the first to explore the impact of thought worlds on EoC, thereby detecting that the importance of managers' thought worlds for shaping EoC varies with the NPD project's characteristics. Thus, depending on the specific project situation, different types of managers may be more or less capable of making proper NPD decisions. Moreover, results show that belief updating serves as a respective key mediator. Doing so enriches the theory by showing that managers' thought worlds can substantially influence a major mechanism (i.e., belief updating) of coping with cognitive dissonance. Finally, post hoc tests reveal departmental differences in EoC behavior between marketing and R&D that vary with a project's characteristics. These results imply that firms need to carefully consider who is in charge of making decisions on NPD project continuance in different project situations.     

语音情感识别专利分析

为了深入了解语音情感识别领域的技术发展状况,采取定量与定性交叉融合的分析方式,对当今语音情感识别领域相关专利的申请态势、技术发展脉络、申请国别、主要申请人等进行了多角度的分析和探讨。结果表明,在语音情感识别技术的发展进程中,中国虽然起步较晚,但发展速度很快,已逐渐赶超美、日、韩等发达国家;中国大部分专利还处于科研阶段,距大规模商业化尚有一定距离。另外,中国语音情感识别领域还有很多技术空白点,亟待专利布局,因此,中国的科研院校与企业应积极合作,发挥各自优势,以市场为导向,提高语音情感识别技术的市场竞争力。同时,要进一步加大对语音情感识别技术基础要件的科研力度,并勇于探索更尖端的技术领域。研究结果不仅可作为语音情感识别领域科研人员确定研究方向的依据,还可为政府和企业的规划决策提供参考。     

Corporate entrepreneurship initiatives: Antagonizing cognitive biases in business model design

Entrepreneurs designing novel business model configurations face cognitive biases that derive from limited mental capacity to deal with complex and uncertain decision contexts. Building on the notion of the business model as an idiosyncratic mental representation that organizes managerial understanding of value creating and value capture, we investigate how entrepreneurs cope with cognitive biases inherent in business model design. We conducted a total of 35 in‐depth interviews with entrepreneurs situated in 15 corporate entrepreneurship initiatives in Germany. Our study results suggest that entrepreneurs counter cognitive biases by combining intuitive and deliberate reasoning approaches. Specifically, we identify five cognitive mechanisms and two higher level cognitive processes undergirding entrepreneurial reasoning in the design of new business models. Our findings provide empirically grounded insights into the cognitive perspective in business model research and help to theorize managerial reasoning during the process of business model design.     

Improving Financial Performance with Hedging Via Forwards for Electric Power Generation Companies

In order to improve the financial performance of electric power generation companies, we show how additional on-peak forwards can be exploited to hedge against the risk exposure of nonpeak physical power, taking advantage of the competitive market outside the regulated service territory. Specifically, we model the evolution of the forward price as a geometric Brownian motion (GBM) process without drift and show how the optimal amount of additional on-peak forwards can be determined under the mean minus variance criterion via simulation. Furthermore, we show how the simulation approach and the analytical results may lead to a robust decision-making process.     

炼油企业伦理决策模型初探

炼油企业要正确进行投资决策，不仅要注重经济分析，而且还应注重伦理分析。由此提出了炼油企业伦理决策的思路和方法，给出了炼油企业伦理决策的指标体系，建立了相应的炼油企业伦理决策数学模型，并且进行了实例分析。计算结果表明所提出的模型是合理、实用的。     

Cognitive computing,Big Data Analytics and data driven industrial marketing

The integration of cognitive computing and big data analytics leads to a new paradigm that enables the application of the most sophisticated advances in information and communication technology (ICT) in business, including industry, business to business, and related decision-making process. The same paradigm will lead to several breakthroughs in the subfield of industrial marketing: a field both promising and extremely challenging. This special issue makes a case that cognitive computing and big data are a source of a new competitive advantage that, if properly embraced, will further consolidate industrial marketing management position in the of core the decision-making process of businesses operating locally and globally. In this vein, the value added of this special issue is twofold. On the one hand, this special issue communicates high quality research on big data analytics and data science as it is applied in industrial marketing management; On the other hand, it proposes a multidisciplinary approach to the study of the design, implementation and provision of sophisticated applications and systems necessary for data-driven industrial marketing decisions.     

Project Failures Arising from Corporate Entrepreneurship: Impact of Multiple Project Failures on Employees' Accumulated Emotions,Learning, and Motivation

In this paper, we consider an organizational paradox inherent to corporate entrepreneurship; that is, the pursuit of entrepreneurial projects is necessary for organizational rejuvenation, renewal, and/or organic growth; however, the high failure rate of entrepreneurial projects likely has enduring implications for the project team members and, by extension, the organization. Drawing on the psychology and emotion literatures, we model the human capital costs of corporate entrepreneurship arising from the multiple failures of entrepreneurial projects. Specifically, we explore how and with what consequence negative emotions can accumulate across multiple failures; when this accumulation is most likely to occur; and what the nature of this accumulation is across organizational contexts, employee differences, and time. This theorizing complements extant scholarship focused on the financial benefits and costs of corporate entrepreneurship by investigating the negative impact of multiple project failures on employees.     

Network picturing: An action research study of strategizing in business networks

Our paper is concerned with how managers understand their surrounding network and what strategic actions they take based on this insight. Recent research in the areas of network management and business relationships shows increasing interest in the interplay between cognition and action, particularly on how managers relate perceptions about their business network (“network picturing”) to decision-making and strategizing activities. In this study, we apply a novel research approach combining process research and action research methodology. Our sample is introduced to business network theories and concepts, and the use and adaptation of these concepts results in managerial options being articulated and applied. Our findings add new insight in the field of network strategy and network picturing. Network picturing represents a way to understand the boundaries of the firm and how this understanding affects managers' decisions. This differs from the fundamental distinction between the external and the internal environments of classical strategy analysis. In terms of network picturing, strategizing is a way to understand the resulting actions or network outcomes that managers see as viable within their surrounding network. We also provide a conceptual process exercise as an example of how this insight can be relevant for managers in their decision-making processes.     

Fuzzy goal programming based genetic algorithm approach to nutrient management for rice crop planning

The main purpose of this paper is to present a tolerance based fuzzy goal programming (FGP) and a FGP based genetic algorithm (GA) model for nutrient management decision-making for rice crop planning in India. In the proposed model, we have included fuzzy goals such as fertilizer cost and rice yield in the decision-making process. Fuzzy goals are converted to goal constraints using their corresponding membership function values and the deterministic equivalent of the fuzzy model is obtained using tolerance based FGP approach. This deterministic nutrient management model is also solved using a proposed real coded GA and the optimal combination of fertilizer is obtained to maximize the yield of rice within the available budget. A case example is solved under various scenarios to demonstrate the proposed approach.     

Growth hacking: Insights on data-driven decision-making from three firms

Theoretical backgroundThe work explores how Big Data analysis can reshape marketing decision-making in B2B sector. Deriving from Data-Driven Decision-Making (DDDM) approach, the Growth Hacking model is employed to investigate the role of cognitive computing and big data analytics in redefining business processes.PurposeThe main objectives of the study are: 1) to assess how a data-driven orientation to the use of big data analytics and cognitive computing can reframe marketing decisions in B2B segment; 2) to explore whether the adoption Growth Hacking can be helpful in exploiting the opportunities offered by big data analytics and cognitive computing in B2B marketing.MethodologyThe paper is based on Action Research (AR) methodology that permits researchers to participate actively in the observation of businesses and to examine how decisions are undertaken and managed over time.ResultsThe main findings allow identifying the most common strategies and tactics employed in three companies operating in different B2B sectors to exploit the opportunities offered by cognitive computing and big data analytics according to a data-driven marketing approach. Based on the application of the Growth Hacking model, the tools of analytics and the main objectives, outcomes and implications on marketing decision-making are revealed.OriginalityThe identification of the main objectives and outcomes produced across the three dimensions of the Growth Hacking model (data analysis, marketing and programming) can help academics and practitioners to understand the main levers to attain marketing goals, such as the enhancement of relationship with customers (CRM), continuous learning and development of new products and potential innovation.     

Outsourcing versus joint venture from vendor’s perspective

Even though many studies have discussed outsourcing contracts from the client’s perspective, little research has been done from the vendor’s perspective. In this paper, we consider a vendor’s outsourcing contract decision-making process, during which the market price and the vendor’s operation cost are uncertain. This paper develops real option models to investigate whether a vendor firm should sign an outsourcing contract from its client or establish a joint venture with this client. Our results show that, while the feasibility of an outsourcing contract to the vendor increases with a higher contract price offered by the client, the feasibility of a joint venture depends on market conditions. We also find that there are loss-by-acceptance regions, in which either an outsourcing or a joint venture contract is currently feasible to start, but a vendor may sustain a loss by accepting such a contract.     

Entrepreneurial team's risk-based decision-making: A dynamic game analysis

It is well-known that some cognitive factors such as opportunity perception and risk perception influence entrepreneurial risk-based decision-making (RBDM). This paper proposes some rules of entrepreneur's risk decision-learning to address this RBDM taking cognitive factors into consideration. The learning mechanisms of entrepreneurial team's RBDM is derived based on entrepreneur's perception evolution. The paper employs a system dynamics model to analyze the entrepreneurial team's risk decision-learning. A case study is conducted to demonstrate the entrepreneurial RBDM process with cognitive factors.     

Legitimacy‐Seeking Mechanisms in Product Innovation: A Qualitative Study*

Product innovation research adopts a rational choice perspective to examine resource allocation decisions for product innovation. This research emphasizes strategic alignment between the innovation and the organization as the key factor shaping these decisions. In contrast, organizational research suggests that to access resources, product innovations have to be perceived as legitimate by corporate sponsors. Legitimacy is rooted in alignment with the prevalent corporate norms, beliefs, and cultural model. Adopting an institutional perspective and relying on an in‐depth case study of three product innovations, this study explores legitimacy‐seeking behavior in product innovation. The findings indicate that the rational perspective emphasized in most product innovation research is complemented by efforts to seek both moral and cognitive legitimacy to resource product innovation. The study clarifies the critical role that the organizational context plays in triggering legitimacy‐seeking behavior. The analysis unpacks legitimacy‐seeking behavior, revealing patterns of legitimating mechanisms (lobbying, relationship building, and gathering feedback) that are deployed as part of legitimacy strategies (conforming, selecting, and manipulating) to achieve a range of legitimacy outcomes (pragmatic, moral, and cognitive). The analysis reveals the existence of a hierarchy of legitimacy outcomes as actors prioritize one type of legitimacy versus another. The study also finds interdependencies between mechanisms and strategies to reinforce particular outcomes as legitimacy‐seeking behavior evolves over time.     

User consultation during the fuzzy front end: evaluating student’s design outcomes

In this paper we evaluate the involvement of a partially blind user as lead user in the early stages of a product redesign during an undergraduate product design-engineering course. Throughout the early stages of product design, or fuzzy front end, there is a high level of uncertainty. End users, with their increased contextual knowledge can play an important role in this process, improving decision-making. Yet limited research has thus far been done on user types for involvement and concept generation efficiency. To study whether end user involvement will impact results, a group of students were given consults from a partially blind end user. Using a panel of four judges, we evaluate the results. We find no significant differences in the feasibility, user value or originality of the concepts created by students who received a user consult. We discuss these findings within the context of user involvement in design engineering education.