Strategic risk behaviour and its temporalities: between risk propensity and decision context

What are the determinants of strategic risk behaviour? Are they the dispositional characteristics of decision makers or the situational constraints? Or both? The empirical evidence is on all sides. We believe the issue has not been satisfactorily resolved so far because of the continued neglect of the fundamental role of time in risk behaviour. Given that risk is embedded in time, we need to recognize two critical aspects of the temporal dimension. The first is concerned with risk horizons, as in short‐range and long‐range risk horizons. The second temporal aspect relates to individual future orientations of the top managers, as in near‐future and distant‐future orientations. We propose in this article a temporal framework of strategic risk behaviour in which the two temporalities are integrated with risk propensity and perceived decision context. We then develop, based on this temporal framework, the contingent answers for the relative roles of dispositional characteristics and situational constraints in determining strategic risk behaviour.     

Multinationals and human resource practices in Ireland: a rejection of the 'new conformance thesis': a reply

This paper reports on a study of 398 people employed in two UK service organizations: a hospital and two divisions of a high street bank. The main purpose of the study was to determine the degree to which dispositional factors (predisposition to trust and trait anxiety) and situational factors (seven aspects of the job environment) predicted a person's reported trust in their managers. Two types of managers were investigated: a person's immediate line manager and ‘senior managers in their industry’. It was hypothesized that the dispositional factors would have a greater influence on trust in managers in the industry and that situational factors would have a greater influence on trust in one's immediate line manager. The first hypothesis was supported, but the second was not. It was found that trust in both types of managers was best predicted by a combination of general disposition to trust (not trait anxiety) and situational factors: five of the seven situational factors had a role in predicting intention to trust. This reflects the complexity involved in predicting trust at work and the managerial challenge of creating a trusting culture.     

Trust,individualism and job characteristics as predictors of employee preference for teamwork

Employee resistance has long been recognized as a key constraint on the success of organizational change initiatives. However, it is only recently that employee attitudes towards working in teams has been specifically investigated as a factor influencing team effectiveness. Using data from 218 employees in 40 self-managing work teams, we examined the relationship between trust, individualism, job characteristics and team members' attitudes towards teamwork. Providing a partial test of Mayer et al.'s (1995) relational model of trust, the results indicate that the two situational forms of trust (trust in co-workers and trust in management) were stronger predictors of an employee's preference for teamwork than propensity to trust. Trust in co-workers was found to partially mediate the relationship between a person's propensity to trust strangers and their preference for working in a team. The importance of considering the dispositional variables of propensity to trust and individualism as factors that influence an employee's preference for teamwork, as well as their trust in management, trust in co-workers and their opportunity for skill utilization are discussed.     

Towards a Theory of Applicant Faking: Integrating Studies of Deception

Research on applicant faking has generally employed group comparison designs in order to investigate the prevalence and effects of intentional response distortion on noncognitive selection tests. Unfortunately, these studies do not tell us which applicants are most likely to successfully fake their responses or the situational conditions which are most likely to induce excessive faking. In an effort to understand individual differences in intentional response distortion, an interactional model of applicant faking is proposed. Because successful faking requires both a motivation to fake the test and the ability to fake, the situational and dispositional factors influencing these facets are described. Where possible, research from the faking literature is used to verify the model. Studies of academic cheating, employee theft, deception and antisocial behavior are also presented in order to provide empirical support for the proposed model.     

Uncovering the relationship between workaholism and workplace destructive and constructive deviance: an exploratory study

Given the significant social and economic costs and/or benefits associated with workplace deviance, researchers have been interested in examining the antecedents of deviant behaviour. Similarly, as the incidence of workaholism has increased, there has been a need to further understand the positive and negative consequences of workaholism in an organizational context. This exploratory study examined the relationship of three workaholism components with measures of workplace destructive and constructive deviance. Data were collected from 142 male and female employees working in six companies in Brazil using anonymously completed questionnaires. The results suggest that the workaholism components were significantly related to two measures of deviance. This provides partial support for the hypothesized relationship. Future research directions and practical implications are discussed.     

The negative effects of delays in information exchange: Looking at workplace relationships from an affective events perspective

Although timely exchange of information is critical to organizations, it often fails to happen. In this paper, we present a conceptual framework for understanding how delays in information exchange negatively impact employee outcomes. Using affective events theory, delays are conceptualized as workplace events. In contrast to prior delay research, we adopt a temporal perspective for studying employees' experiences during a delay and how these experiences influence interpersonal behavior. We suggest that how employees appraise and experience delays depends, critically, upon the coworker and his or her behavior during the delay. We also identify a set of situational and dispositional factors that are important for predicting when delays in information exchange are likely to undermine coworker relationships and when they are not. Throughout the paper, we develop propositions to guide research and human resource management practice.     

Trust and HRM in the new millennium

This paper introduces the topic of trust in the workplace. The rationale for the growth of interest in trust is explored, as are the implications for HRM policy makers and researchers. Here, we also outline the main thrust of the eight papers incorporated in this special edition. First, we explore the topic of HRM and trust, before moving to issues relating to trust and workplace change. Next we discuss team dynamics, manager–employee relationships and trust and, finally, the characteristics associated with trust and situational, dispositional and affectual factors.     

The Relationship between Slack Resources and the Performance of Entrepreneurial Firms: The Role of Venture Capital and Angel Investors

In this study, we seek to further delineate factors that condition the relationship between slack resources and firm performance. To do so, we develop and test a model that establishes the role of venture capital (VC) and angel investors as powerful external stakeholders who positively moderate the slack–performance relationship. In addition, we provide more insight into this relationship by examining differences between these two types of private investors and by examining the role of their ownership stakes. We test our hypotheses using a sample of 1215 private firms, including VC‐backed firms, angel‐backed firms, and similar firms without such investors. We find that the presence of VC investors positively moderates the relationship between both financial and human slack resources and firm performance, while angel investors only positively moderate the effect of human resource slack. Further, VC investors are only marginally better at helping entrepreneurs to extract value from human resource slack than angel investors and they are no better when it comes to financial slack. Finally, we find that the impact of financial and human resource slack on firm performance is more positive in VC‐backed firms when investors hold high ownership stakes, an effect which is significantly stronger than when angel investors hold high ownership stakes.     

Workaholism versus work engagement and job crafting: What is the role of self‐management strategies?

Job crafting refers to the proactive actions employees take to redesign their jobs in order to get a better fit with their competencies, expectations, and wishes. So far, little is known about job crafting's underlying mechanisms. In this study, we examine how two different states of affective well‐being (workaholism and work engagement) relate to job crafting 3 months later and how these well‐being states steer different self‐management behaviours, which ultimately lead to job crafting. Structural equation modelling on a heterogeneous sample (N = 287) revealed that work engagement and workaholism both relate to expansive job crafting through different self‐management strategies. Work engagement relates to challenge and resource seeking via self‐goal setting and self‐observation strategies, whereas workaholism associates with challenge and resource seeking only through self‐goal setting. In addition, the results show a strong relationship between workaholism and self‐punishment. Altogether, the findings suggest that self‐management strategies can function as an explanatory mechanism for different job crafting behaviours.     

工业企业选址评价研究

设施选址属于企业等投资主体的战略性决策,不同类型的投资主体对设施选址的要求不同,所适合的分析方法也各异。目前,对于以服务定位的设施选址(如连锁超市等)及以中间定位的设施选址(如物流中心等)的应用研究比较多,而对于制造型企业,特别是大型工业企业选址问题的研竞较少。文章针对大型工业企业选址问题,综合层级分析法和模糊综合评价法建立了评价模型,具有较好的实用意义。     

工业企业选址评价研究

设施选址属于企业等投资主体的战略性决策，不同类型的投资主体对设施选址的要求不同，所适合的分析方法也各异。目前，对于以服务定位的设施选址（如连锁超市等）及以中间定位的设施选址（如物流中心等）的应用研究比较多，而对于制造型企业，特别是大型工业企业选址问题的研究较少。文章针对大型工业企业选址问题，综合层级分析法和模糊综合评价法建立了评价模型，具有较好的实用意义。     

Informal investors - A categorization,with policy implications

A number of studies concerning informal investors have been carried out over the last two decades. One main conclusion from previous research has been that the informal venture capital market is very heterogeneous, and that classifications for informal investors are needed in order to more accurately depict the informal venture capital market. In this paper we propose that the market could be divided in accordance with the informal investors' investment activity and competence. The study is based on a sample of 425 active informal investors, divided into four different categories: (1) Lotto investors; (2) Traders; (3) Analytical investors; and (4) Business angels. The empirical findings show that there are considerable differences between the four categories of informal investors; differences regarding the information sources used, the level of firm involvement, co-investing, investment horizons, and geographic preferences, to name some examples. As a consequence, each of the various informal investor types responds differently to private and public prospects or motivators. It is suggested, therefore, that the informal venture capital market could be more effectively analysed and depicted by using the proposed classifications and applying differing measures to each informal investor category.     

Investor sentiment and energy futures predictability: Evidence from Feasible Quasi Generalized Least Squares

Contributing to the budding literature on how emotional and sentimental actions impact the performance of financial markets, this study examines the predictability of energy futures prices with investors’ sentiments. In particular, we examine which of the three (neutral, bear and bull) investors’ sentiments offer accurate forecast information on four energy futures prices. Using the predictability test proposed by Westerlund and Narayan (2015), we discover that all the forms of investors’ sentiments are significant predictors of the movements in energy futures prices. However, the bear sentiments outshine other variants in the forecast of crude oil futures prices, while the bull sentiments provide the most accurate forecast information for the remaining energy futures prices, namely heating oil, gasoline and natural gas. We also find this evidence consistent even when asymmetries are considered in the predictability models. Among other implications of these findings, investors in energy futures and portfolio managers are expected to consider often emotional perceptions in their portfolio constructions and the predictability of future gains.     

Which institutional investors drive corporate sustainability? A systematic literature review

In this article, we review recent archival research (66 studies) on the influence of institutional ownership (IO) heterogeneity on corporate sustainability. Relying on an agency-theoretical framework, we differentiate between various types of IO and their nature. We found that most prior research concentrates on the impact of IO heterogeneity on corporate sustainability performance. Long-term, sustainable, and foreign IO leads to better ESG/CSR outputs. Based on the business case argument for corporate sustainability, long-term institutional investors moderate the positive link between corporate sustainability and future financial performance. We provide useful recommendations for future research by focusing on endogeneity concerns as methodological challenges and content-related proposals for future research designs.     

Sustainable Development and the Financial System: Society's Perceptions About Socially Responsible Investing

The debate surrounding the financial needs of investors and the impact on society of investment is considered to be an important research topic due to the growth of socially responsible financial markets. The main objective of this research is to study society's perception about socially responsible investing (SRI) and to identify investor's preferences regarding environmental, social and governance criteria, their real‐life investment needs and the most relevant sustainable financial products. To examine society's perception of SRI, we conducted a field survey among Spanish investors. The results show that SRI is at an early stage and Spanish investors need more exact information regarding social, environmental, and governance criteria in order to invest in socially responsible companies and products. This paper offers some guidelines that could be used by Spanish institutions, managers and investors and by foreign managers when approaching the Spanish market, in order to promote the growth of socially responsible financial products. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment.     

情境教学法在导游业务课程中的应用

本文首先对情境教学法进行概述,并总结了该方法的特点。同时,本文指出了导游业务课程传统教学法的不足。最后在理论研究的基础上,笔者结合自身的教学实践,探讨了在导游业务课程教学中运用情境教学的途径、模式设计和案例分析。     

Do banking shocks matter for the U.S. economy?

The quantitative significance of shocks to the financial intermediary (FI) has not received much attention up to now. We estimate a DSGE model with what we describe as chained credit contracts, using Bayesian technique. In the model, credit-constrained FIs intermediate funds from investors to credit-constrained entrepreneurs through two types of credit contract. We find that the shocks to the FIs' net worth play an important role in the investment dynamics, accounting for 17% of its variations. In particular, in the Great Recession, they are the key determinants of the investment declines, accounting for 36% of the variations.     

机构投资者能抑制盈余管理吗?--基于退出威胁视角的经验证据

退出威胁是股东参与公司治理的重要方式。本文以2010?2017年A股上市公司为样本,检验机构投资者的退出威胁与企业盈余管理之间的关系。结果显示:机构投资者能够抑制企业的真实盈余管理,而对应计盈余管理的影响并不显著;机构投资者退出威胁能够降低真实和应计盈余管理水平。进一步考虑机构投资者异质性发现,相比敏感型机构投资者,抗压型机构投资者退出威胁更可能降低企业真实盈余管理水平;当管理层的薪酬对股价越敏感时,机构投资者退出威胁的作用越大;机构投资者退出威胁的影响效应在民营企业中更显著。本文的研究结论为认识我国机构投资者,尤其是以QFII和社保基金为代表的抗压型机构投资者在公司治理中的作用提供了新的思路。     

Bouncing up: The development of women leaders’ resilience

Although there are preliminary indications that resilience is a key factor for women on their way to top leadership positions, research on this topic is scarce. To narrow this research gap, we applied an exploratory interview study focusing on the development of women leaders’ resilience. We conducted 25 biographical interviews with women in top leadership positions in medium and large companies listed in Germany. Through a qualitative content analysis, we identified three critical phases for the development of women leaders’ resilience—early life, early career, and upper leadership—as well as phase-specific resilience factors—i.e., individual, situational, and behavioral factors. We integrated these findings in a process model that provides insights into the interlinkages of the different phases and factors and can serve as a starting point for future research.     

对投资者权益保护的监管问题研究——基于行为法经济学的视角

在社会主义市场经济体系中,中小投资者与经营者和控股股东相比处于弱势地位,需要对其权益进行保护,在法律不完备与不健全的背景下,投资者权益的保护在很大程度上依赖于行政监管的有效性。文章引入行为经济学的观点,认为只有认识到中小投资者和监管者存在的诸如过度自信,反应不足等行为偏差,并且在经济活动中进行有效纠正才可能更好地保护投资者权益,同时提出了应加强对投资者的教育以及改善行政监管的有效措施。