Racial differences in self-employment exits

Using detailed work history data in the 1979 National Longitudinal Survey of Youth, I investigate the reasons behind the racial gap in self-employment. My analysis of an “age uniform” sample of men, all of whom are observed from age 22 to 40 years, reveals that racial differences in cross-sectional self-employment rates are largely due to the fact that minority workers’ self-employment spells are relatively short-lived. Moreover, I find that minority workers’ relatively high exit rates are driven primarily by transitions to nonemployment. Estimates from a multinomial logit model of self-employment exits suggest that minority workers’ weak attachment to the labor market prior to entering self-employment is an important determinant of their transition from self-employment to nonemployment, while lack of prior industry and self-employment experience contributes to minorities’ transitions to wage employment. When I assign blacks and Hispanics the same (mean) work histories as whites, the predicted black–white gap in the first-year self-employment survival rate decreases by 31% and the Hispanic–white gap decreases by 14%.     

Private equity exits in emerging markets

Using deal level data from 2733 private equity (PE) deals from 35 emerging markets, we find that PE fund managers have a higher probability of successful exits in countries with better business and legal environments. We also find that they are able to mitigate the potential costs associated with inefficient and corrupt business environments to increase the probability of exits by IPOs in countries with higher levels of corruption. Moreover, we find that market shocks in the developed markets result in a negative ripple effect as the probability of successful exits, especially by way of IPOs, decreases in emerging markets.     

Participating convertible preferred stock in venture capital exits

This paper develops a theory of the participating convertible preferred (PCP) stock commonly used in venture capital settings. I show that the participation and convertibility features of PCP stock can be used to reduce information asymmetry between the venture and potential investors at the time of exit. Further, the convertibility feature of PCP helps in alleviating the problem of insufficient entrepreneurial effort. I then derive implications for the two most common types of exits in venture capital—initial public offerings and trade sales—and explain how US venture capital markets differ from other VC markets.     

Establishment exits in Germany: the role of size and age

Using comprehensive data for West Germany, this paper investigates the determinants of establishment exit. We find that between 1975 and 2006 the average exit rate has risen considerably. In order to test various “liabilities” of establishment survival identified in the literature, we analyzed the impact of establishment size and put a special focus on differences between young and mature establishments. Our empirical analysis shows that the mortality risk falls with establishment size, which confirms the liability of smallness. The probability of exit is substantially higher for young establishments which are not more than 5 years old, thus confirming the liability of newness. There also exists a liability of aging since exit rates first decline over time, reaching a minimum at ages 15–18, and then rise again somewhat. The determinants of exit differ substantially between young and mature establishments, suggesting that young establishments are more vulnerable in a number of ways.     

Racing to the exits: International transmissions of funding shocks during the Federal Reserve's taper experiment

In May 2013, the U.S. Federal Reserve announced the beginning of the end of the program of monthly security purchases, the so-called “tapering.” The announcement was associated with large investor outflows from EM funds and large fund re-allocations across countries and stocks. Unexpected flow-implied fund upward (downward) allocations are associated with positive (negative) individual security returns following the announcement. The effect is pronounced in EM stocks that had positive cumulative abnormal returns around earlier Federal Reserve asset-purchase announcements leading up to the taper. It is concentrated in more liquid, smaller capitalization stocks and is stronger for forced trades among funds with more active country bets.     

Entrepreneurial founding team exits in rapidly internationalising SMEs: A double edged sword

Entrepreneurial founding teams (EFTs) are often essential to new venture creation and successful internationalisation. Although the composition of EFTs has been the subject of enquiry, little research exists into the exit of team members and the consequences for rapid internationalisation. We focus on EFT exits in rapidly internationalising small firms and develop categories of EFT exits. We explore the motivations and subsequent impact on internationalisation of case firms to illustrate each category/type of EFT exit. We find that exits are prevalent in the early stages of ventures, and may be either consensual or non-consensual. There are a number of motivations evident and EFT exits are often critical to continued internationalisation. We offer that EFT exits are not always negative, they can allow for the appropriate deployment of resources, extending RBV/KBV as whilst much research effort has been devoted to establishing what new resources/knowledge should flow into a firm, we show that to shed an EFT member and redeploy resources/knowledge can act as a catalyst to further internationalisation. Finally we discuss research, managerial and policy implications.     

如何建设高效团队

领导人欲成功地创建团队,而不是建立一个控制的体系。因为人不是管的,人应被关心,人人都要自我管理,如果只用传统的管理思想就不能进行组织的变革。现在国外的一些企业已开始不用管理者,而用“协调人“,这是企业发展到一定程度后的人性化管理。对那些“不用管“的团队来说,他们     

线上“冲锋队”——如何组建一支可以执行线上会议的高效团队

在新冠肺炎疫情防控期间,会议策划者们分享了他们的一些经营策略。这主要体现在活动中如何即能够精准高效的保障客户利益,又能够安全有序的召开会议,进而不会影响到参会者和赞助商的利益。通过以下实践,分享主办方通过组织专业化团队,并结合可以克服疲劳、带动效能的10个技巧来确保会议的成功举办。     

Clearance of emergency exits for use by the elderly,a proposal for an addition to a Dutch standard

In this article, the maximum pushing and pulling forces of 750 persons between 20 and 30 and over 50 years of age are presented. Measurements were done using a framed strain gauge transducer and recorder. Both forces were measured in a free standing position that was related to opening a heavy door. The latter makes it possible to use the information in a standard on emergency exits. Such a force standard is not available in The Netherlands. We propose an addition to NEN 6082:19971 concerning human abilities to open unfastened, hinged doors that are on an escape route.     

武汉城管用眼神执法 重庆念叨队横空出世

<正>6月中旬,武汉洪山城管执法大队在对占道经营者劝说、宣传无效后,50名执法队员围站成一圈,双手背在身后,沉默地注视着食客和坐在一旁的老板。如此"对峙"了27分钟后,老板与食客最终悻悻地收拾起桌椅搬进了店内。这一时成为街头巷尾议论的佳话。     

论企业高管团队的利器--团队领导力--以复星集团的五人团队为例

本文首先基于领导理论发展主线的成果提出团队领导力的概念，指出其理应成为现代管理团队发展的一项核心能力；认为团队领导力体现于团队角色和经理角色的交叉域，每种团队角色都对应一种或几种经理角色，具有不同特色的领导职能，它们相互紧密啮合、缺一不可，都是团队领导力不可分割的部分。文章并以复星集团的五人团队为例，分析了其特点和对团队领导力的成功运用。     

CNOOC, COSCO Team up to Exploit Energy Resources

China National Offshore Oil Company Limited(CNOOC), the country's largest offshore oil and gas producer,has signed an agreement on exploiting energy resources with China Ocean Shipping (Group)Company(COSCO Group), China's largest shipping group. The two sides have agreed to jointly exploit energy resources including liquid natural gas(LNG) by transferring CNOOC shares to COSCO Group or co-funding, CNOOC,the country's third-biggest oil company has said in an announcement on its website.     

Institutional environment and Business Groups' resilience in Brazil

This article combines the institutional theory and political economy approaches to test hypotheses about how transitions in institutional environments affect the performance of Business Groups. Its primary hypothesis is that the different types of political connections established by Business Groups have moderating effects on this relationship. A sample of 1709 observations, from 317 distinct groups operating in Brazil between 2001 and 2009, was used in unobserved effects panel data models, which included the moderating effects of political connections. Our findings suggest that the institutional environment significantly affects Business Groups' performance and that this effect is moderated by political connections, when assessed in terms of the local or federal government as a minor shareholder of the Business Group. The moderating effects of political connections assessed through campaign donations were not conclusive.     

Foreign to all but fluent in many: The effect of multinationality on shock resilience

The sudden COVID-19 pandemic sent shockwaves through international markets. This paper studies the relation between multinationality and risk. While IB literature agrees that internationalization, in times of relative stability, increases systematic risk, we argue that internationalization also improves resilience against exogenous shocks. Leveraging the sequential COVID-waves as a unique empirical laboratory, we show that although multinationality causes liability of foreignness that increases systematic risk, it also generates an asset of multinationality that enhances shock resilience. Yet this advantage of internationalized firms gradually erodes as less internationalized firms learn about the shock and investors adapt their valuations to the post-shock reality.     

Learning to fail: resilience and the empty promise of financial literacy education

The requirement to build economic resilience in people has become a concern for the UK Government, regulators, and the financial services industry. Transposed to the realm of financial literacy education (FLE), the resilience doctrine performs particular effects in relation to the naturalisation and individualisation of financial market relations. At the same time, it tends to speak of the inevitability of market failures and crashes. I argue that based on these features, the effect of the resilience doctrine is to mask the “empty promise” of FLE programmes: the irreconcilable gap between the empowerment discourse surrounding what such agendas are meant to achieve for ordinary people and the latter's actual success in securing their security and well-being through financial markets. The paradoxical element of resilience talk is that it at once serves to further legitimise financial education attempts, while providing an opportune reason for failures judged even on its own terms.     

Business resilience: Lessons from government responses to the global COVID-19 crisis

This study explores the survival of firms across countries, and what factors contribute to their ability to withstand large-scale exogenous shocks, focusing on the COVID-19 pandemic. Using corporate default risk as a measure of non-resilience, our empirical results from 97 countries reveal that stringent COVID-19 containment measures created a significant resilience test for businesses worldwide. Further tests suggest that cash holdings, knowledge assets, international sales, and access to foreign capital markets are crucial for global businesses to pull through exogenous shocks. Country-level institutional qualities also play an essential role in shaping business resilience during a crisis. Our study is the first to comprehensively analyze the drivers of business resilience across diverse countries using the COVID-19 outbreak as a major global crisis, providing a nuanced understanding of this topic in international business.     

Individual Priming in Virtual Team Decision-Making

Virtual teams have different interactions than face-to-face teams because they rely on information and communication technologies, which can impede or assist certain human cognitive processes. Past research has shown that although virtual teams exchange more information than face-to-face teams, poor decisions often result, because team members do not consider the unique information they receive from others. Drawing from cognitive psychology, our research explored a unique way to improve team decision-making through the use of cognitive priming. We proposed that priming group members to pay attention to others or to engage in counterfactual thinking would improve team members’ cognition and, therefore, team performance. Prior research with individuals and brainstorming teams has shown these forms of priming to improve performance; however, no research has attempted to use priming to improve the outcomes of virtual team decision-making, which requires deeper interaction and cognitive involvement than brainstorming. We performed two lab experiments using primes that have been found to improve the individual decision-making process. We found that priming had some impact, but it did not significantly improve decision quality. Various reasons are discussed to explain why priming techniques may not be as powerful in teams as in individuals, and future research ideas are suggested to build on our initial work on priming in virtual team decision-making.     

Team interpersonal process effectiveness in venture partnerships and its connection to perceived success

Many business ventures are started by entrepreneurial teams, and an extensive theoretical literature suggests that the interpersonal process of these teams impact venture performance. Whereas some work has been done to identify key issues in how well such teams work together, there has been no in-depth research to develop an instrument to measure specific dimensions of interpersonal process effectiveness. This article documents the importance of venture business, develops a measure to evaluate venture team interpersonal process effectiveness, and shows the relationship of interpersonal process effectiveness and partner agreement on specific aspects of interpersonal process to reports of venture success.Over 190 venture dyads were surveyed such that each partner evaluated themselves and their partner on items describing team interpersonalprocess. We found four dimensions for team interpersonal process: leadership, interpersonal flexibility, team commitment, and helpfulness. Leadership involved partners who contributed to the leadership functions of problem-solving, setting quality standards, continually improving, and setting goals. Interpersonal flexibility described partner exchange with the other partner. Team commitment meant having enthusiasm for team performance and focusing on common team goals. The final element was helpfulness, which involved helping their partner beyond what was required and being friendly and cooperative.We defined successfully perceived ventures as those in which the two partners independently agreed on evaluating the business to be both growing and profitable. Venture businesses that were described by the partners as not growing and/or not profitable were defined as less successfully perceived ventures. Teams that evaluated themselves as more effective on team interpersonal process also regarded themselves as more successful venture businesses. The factors that were evaluated as more effective in successfully perceived ventures were leadership, team commitment, and their mutual interaction.Our agreement hypothesis held for all three interpersonal perception perspectives. The first agreement correlation is a comparison of partner self-evaluations. The more successfully perceived ventures rated themselves similarly; the less successfully perceived ventures did not. The second agreement correlation was a comparison of what partners thought of each other and is the source of many interpersonal assumptions (Wilmot 1979). Partners from successfully perceived ventures agreed with each other, whereas the less successfully perceived ventures did not. The third agreement analysis was particularly noteworthy. It involved a comparison of one partner's self-rating with how the other partner rated him/her. In addition to mere agreement, this represents an interpersonal verification or validity check between separate perceptual systems. As partners, this correlation suggests that you understand my contribution to the team in the same way that I understand my contribution to the team. When there is agreement on this perspective, miscommunication and interpersonal conflict may become less likely. As with the other two agreement indices, partners from successfully perceived ventures showed more agreement than partners in less successfully perceived ventures. An important notion is the use of these three perspectives to more fully utilize the team effectiveness instrument. Each of the perceptual perspectives is different, and a breakdown in one perspective may not always show in the others. However each view is critical to maintaining effective team interpersonal process.To develop a venture dyad, we suggest using our instrument as a tool to enhance a team's interpersonal process. When using an interpersonal method with venture dyads, there are several issues we should consider. First, team interpersonal process issues can be sensitive topics for discussion. In some cases, relationship building with a third party may be needed for this approach to be constructive. Second, a third party, familiar with team interpersonal process, should have a team meeting with the participants to establish a common vocabulary regarding our team concepts. Third, additional team interpersonal process items could be provided by the team to better fit the idiosyncrasies of each dyad.     

Team formation processes in new ventures

While entrepreneurship research theorizing about the team formation in start-up ventures exists, such studies mostly focus on different outcomes of team formation, for example the number of employees. Questions about how team formation processes unfold and the factors, such as labor-market institutions, influencing their evolvement remain unanswered. To address this research gap, we analyze the venture creation processes of 344 ventures in Germany and the USA, offering particularly typical examples of countries with regulated and deregulated labor-market institutions respectively. Based on optimal matching techniques, we illustrate how team formation processes differ over time in terms of founder and employee involvement and the hiring of service providers. Furthermore, we use binary logistic regressions to identify the extent to which national labor-market institutions account for these differences.     

高管团队研究:从资源整合到过程整合

从高层梯队理论提出到上世纪90年代初期,高管团队研究主要集中在团队人口统计特征对组织绩效的影响。从上世纪90年代中期到本世纪初,高管团队运作过程的研究开始大量出现。文章综述了2003年以来的高管团队研究文献,基于团队整合的理论基础,总结了资源整合研究、过程整合研究、公司治理背景下的整合研究以及更为宏观的跨文化背景下的整合研究的成果。文章还总结了高管团队研究从资源整合到过程整合的趋势以及研究方法的演进。