The impact of individual and institutional investor sentiment on the market price of risk

We examine the effect of individual and institutional investor sentiment on the market price of risk derived from DJIA and S&P500 index returns. Consistent with behavioral asset pricing models, we find significant positive response of rational sentiment suggesting greater incentive for rational investors to engage in arbitrage when the compensation for taking risk is greater. Further, an increase in irrational optimism leads to a significant downward movement, but an increase in rational sentiment does not lead to a significant change market price of risk. These results are robust for both market indexes, DJIA and S&P500 and for both individual and institutional investor sentiment.     

The impact of cultural value orientations on individual HRM preferences in developing countries: lessons from Kenyan organizations

The intention of the study is to examine the impact that individual national culture value orientations have on the preference for the design of HR policies and practices. The value orientation structure and preferences for thirty-four HR design choices are studied in a sample of 274 Kenyan employees from eight multinational, state and private domestic firms operating in the manufacturing and processing sector. The study shows that the HR design choices of Kenyan employees reflect the following picture across four factors: high HR involvement/participation: high predictability of rewards; performance rather than loyalty-based policies; and moderate levels of HR empowerment. Kenyan employee value orientations reflect: activity thinking over activity doing; individual over collective relationships; relationship to nature mastery over relationship to nature harmony; low subjugation to nature; and human nature evil (manipulative). More importantly, three out of the four HR preference factors are valuesrelated, i.e. the individual's value orientation is highly predictive of their preference for the design of HR policies and practices. From 9 per cent to 19 per cent of the variance in preferences for involvement, empowerment and predictability of rewards is accounted for by national culture value orientations. HR involvement preferences are related to activity thinking values. Predictability of rewards is related to high activity doing. Empowerment HR is related to low relationships hierarchical values. Preferences for performance versus loyalty-based HRM are intriguingly values-free judgements, although ethnic factors play a role here.     

Exploring sources and outcomes of trust and commitment to nonprofit organizations: The case of Amnesty International Portugal

The interactions between customers and organizations have been regarded as a core aspect in cocreating and developing new products and practices. The current study explores these interactions in the context of citizens and nonprofit organizations. The study comprises two parts: (a) a qualitative approach using interviews and the analysis of social networks to better understand the organization's social media marketing practices and corresponding outcomes and (b) a quantitative approach to analyze antecedents and outcomes of trust and being committed to participate in a nonprofit organization such as Amnesty International. From the qualitative approach, the findings highlight that Amnesty International uses social media (Facebook) to share information, and citizens tend to consider sharing posts, but they do not express new ideas or interact with the organization. These findings contribute to structure the model analyzed in the second stage of the research. Regarding the qualitative approach, the results show that organizational credibility is the most significant driver of trust followed by communicative ability. Affectively commitment to participation and relationship perception act as outcomes of overall commitment.     

The impact of human resource activities on employee trust

Most of the literature on HR activities and trust has presumed that employees' trust affects the success and effectiveness of HR activities. However, social exchange theory suggests an alternative and complementary notion—that HR activities affect the development of employee trust. Previous research and exchange-based theories, including organizational justice, leader-member exchange, spiral reinforcement and perceptions of organizational support, suggest hypotheses that need to be investigated in order to understand the relationship between HR activities and trust better and to design HR activities to build trust and improve organizational effectiveness.     

Implementing supply chain information integration in China: The role of institutional forces and trust

This study investigates the effects of Chinese companies’ institutional environment on the development of trust and information integration between buyers and suppliers. Three aspects of China's institutional environment are salient: legal protection, government support, and the importance of guanxi (interpersonal relationships). This study uses structural equation modeling to analyze data collected from 398 Chinese manufacturing companies. Government support and importance of guanxi significantly affect trust, which subsequently influences two elements of information integration, namely, information sharing and collaborative planning. Furthermore, the importance of guanxi has a direct, positive impact on information sharing, and government support has a direct, positive effect on both information sharing and collaborative planning.     

The impact of citizens' groups on urban policies: towards a contextual analysis

Book reviewed in this article: Castells, M., Cherki, E., Godard, F. and Mehl, D. 1978: Crise du logement et mouvements sociaux urbains; enquěte sur la région parisienne. Godbout, J. and Collin, J.-P. 1977: Les organismes populaires en milieu urbain: contre-pouvoir ou nouvelle pratique professionnelle? Abu Lughod, J. and Hay, J. R. 1977: Third world urbanization. Costello, V. G. 1977: Urbanization in the Middle East. Aubin, H. 1977: City for sale.     

The emergence of health technology organizations among institutional healthcare and economic actors

International Entrepreneurship and Management Journal - Few studies have considered the creation of health technology organizations where the entrepreneurs seize opportunities, create their...     

Contribution to social exchange in public organizations: examining how support,trust, satisfaction,commitment and work outcomes are related

The intent of the research was to examine the relationships between support, trust, satisfaction, commitment and work outcomes. The framework of social exchange theory was used as a guide. The research described in this study replicates in the public sector (N = 704) and previous findings obtained in a study conducted in the private sector. Consistent with the study in private sector, support is related to intention to leave and helping behavior to trust and satisfaction. Results are discussed.     

The impact of motivation,intention, and contextual factors on green purchasing behavior: New energy vehicles as an example

Green purchasing behavior is of great significance to the realization of carbon reduction goals. Through in-depth interviews, this study uses new energy vehicles to explore the driving factors of green purchase. It applies grounded theory for a qualitative analysis, the results of which show that behavior motivation, behavior intentions, residential characteristics, social norms, behavior ability, and institutional and technological context are the main factors of green purchase, albeit in inconsistent ways. It is found that behavior motivation indirectly affects green purchase through behavior intention; residents' characteristics, behavioral ability, social norms, and the institutional and technological context have moderating effects on the relationship between behavior intention and green purchase, indicating the existence of an “intention–behavior” gap. The study proposes the comprehensive model of Motivation–Intention–Context–Behavior to explain the driving factors for green purchase and provides policy implications on marketing strategy to companies producing green products.     

The impact of institutional quality on manufacturing sectors: A panel data analysis

We use data on Russian regions to examine the effect of institutional quality on institutionally dependent manufacturing sectors in terms of both output levels and growth rates. Unlike the existing literature on this topic, which mostly uses cross-sectional or pooled specifications for either country-level or regional data, we use panel data. This approach allows us to distinguish between short-term and long-term impacts and mitigates endogeneity concerns. As an additional contribution to the literature, we estimate the full marginal effects of institutions on manufacturing sectors with different degrees of institutional dependence. In terms of policy recommendations, our results imply that significant institutional improvements would be needed for the Russian economy to diversify away from heavy reliance on oil and natural gas.     

The effects of mandatory employment arbitration systems on applicants' attraction to organizations

This study draws on organizational justice theory to investigate the effects of mandatory employment arbitration on organizational attraction. Specific attention is given to the characteristics of employment arbitration procedures that moderate the adverse effects these programs have on applicants' intentions to continue with the recruitment process. A total of 389 professional and executive MBA students read simulated employment brochures. Making employment arbitration mandatory was found to have a significant negative main effect on applicant attraction. This negative effect was mitigated when procedures afforded employees more due process considerations and when employees were given a just‐cause protection in return for giving up their right to sue. Finally, this negative effect was greater among minorities than nonminorities. © 2005 Wiley Periodicals, Inc.     

The impact of participative leadership on job performance and organizational citizenship behavior: distinguishing between the mediating effects of affective and cognitive trust

This study examines the mediating effects of cognitive trust and affective trust on the relationship between supervisors' participative leadership behavior and subordinate work outcomes, using data obtained from 247 dyads in a manufacturing organization located in mainland China. Structural equation modeling revealed that while affective trust fully mediated the relationships between participative leadership of supervisor and subordinate job performance and organizational citizenship behavior, cognitive trust had non-significant effects. These findings underscore the importance of interpersonal interactions between the supervisor and subordinate for engendering subordinate work outcomes. They also lend support to the exchange (relationship)-based explanation as to how trust enhances the response of subordinates to the participative leadership behavior of their immediate supervisor, given that affective trust involves a process of social exchange between both parties over an extended period of time.     

Realistic recruitment practices in organizations: The potential benefits of generalized expectancy calibration

Realistic Job Previews (RJPs) have been studied by researchers and utilized by practitioners to attenuate early turnover by providing both positive and negative information about a job and organization to job applicants. Historically, RJPs have suffered from several criticisms including modest effect sizes, cost of development, and potential self-selection effects. Recently, the expectancy lowering procedure (ELP: Buckley, Fedor, Veres, Wiese, & Carraher has been developed and tested to address these limitations of the RJP. The purpose of this review is to provide historical foundations and persistent limitations of the RJP, and to extend propositions supporting the ELP as an effective alternative procedure.     

The effects of technical and social conditions on workplace trust

This paper investigates the extent to which the technical and social contexts of organizations independently affect levels of workplace trust. We argue that, in an organizational context, trust is not just a relationship between an individual subject (the truster) and an object (the trustee) but is subject to effects from the conditions of the work relationship itself. We describe the organizational context as comprising both a technical system of production (where work gets done through the specification of tasks) and a social system of work (where problems of effort, compliance, conformity and motivation are managed). We analyse the relationship between trust and these two aspects of workplace context (technical and social systems). We also operationalize this in terms of differences between industries, occupational composition and human resource management practices. The model is tested using data drawn from the 1995 Australian Workplace Industrial Relations Survey. The results confirm that differences in industry, occupational composition and HRM practices all impact on levels of workplace trust. We review these results in terms of their implications for future research into the problem of analysing variation in trust at both the workplace and individual levels.     

The impact of contextual factors on the efficacy of ISO 9000 adoption

This study investigates the importance of contextual factors on the efficacy of ISO 9000 adoption. We explore the role of various contextual factors at the firm-level (i.e., technology intensity, labor productivity, and labor intensity) and industry-level (i.e., industry efficiency level, industry competitiveness, industry sales growth, and industry ISO 9000 adoption level) that potentially impact the efficacy of ISO 9000 adoption. We carry out a hierarchical linear modeling (HLM) analysis based on objective financial data from 438 U.S. manufacturing firms. The results show that firms with low technology intensity, low labor productivity and high labor intensity reap more benefit from ISO 9000 adoption. Firms in industries with low efficiency levels, high competition, high sales growth and low ISO 9000 adoption levels also obtain more benefit from the adoption. Our research provides supporting evidence for the context-dependent proposition of ISO 9000 adoption. Given the significant costs and resources involved, it is crucial for operations managers to assess to what extent ISO 9000 might benefit their performance before embarking on the implementation process.     

The importance of HR practices and workplace trust in achieving superior performance: A study of public-sector organizations

This paper assesses the impact of bundles of HR practices on workplace trust, job satisfaction, commitment, effort and perceived organizational performance. A theoretical model is developed and tested using data collected through a postal survey of UK local government employees. The results support the hypothesis that HR practices are powerful predictors of trust and organizational performance. These findings demonstrate the need for public organizations to re-evaluate their current battery of HR practices in an attempt to improve overall performance.     

Entrepreneurship in action: bringing together the individual,organizational and institutional dimensions of entrepreneurial action

There is increasing recognition that entrepreneurship research needs to achieve a better balance between studying to entrepreneurial activities and setting these activities in their wider context. It is important that these good intentions are realized and one way of doing this is to bring together ethnographic research with concepts from sociology and from pragmatist thinking. In this study, field research material is interwoven with a set of key concepts to ensure that balanced attention is paid to issues at the levels of the enterprising individual, the organization and societal institutions. The field research is innovative in combining depth study of several enterprises and their founders with the analysis of broader aspects of ‘entrepreneurship in society’. It achieves this through a process of ‘everyday ethnographic’ observation, reading, conversation and ongoing analysis. In the spirit of a pragmatist conception of social science, the underlying logic of entrepreneurial action is identified. This is a logic which needs to be appreciated by all of those who wish to understand and/or engage with the entrepreneurial dimension of contemporary social and economic life.     

The mediating effects of cognition-based trust and affect-based trust in transformational leadership's dual processes: evidence from China

In this study, we proposed and tested a dual process model in which cognition-based trust and affect-based trust mediate the relationships between transformational leadership and followers' task performance and job satisfaction. Data were collected from 175 sales and service employees and their supervisors in two private companies located in Southeast China. The results show that cognition-based trust mediates the relationship between transformational leadership and followers' task performance, while affect-based trust mediates the relationship between transformational leadership and followers' job satisfaction. Implications for the theory and practice of leadership are then discussed.     

The impact of international outsourcing on individual employment security: A micro-level analysis

The paper analyzes how international outsourcing affected individual employment security. The analysis is carried out at the micro-level, combining monthly spell data from household panel data and industry-level outsourcing measures. By utilizing micro-level data, problems such as aggregation and potential endogeneity bias, as well as crude skill approximations that regularly hamper industry level displacement studies, can be reduced considerably. The main finding is that international outsourcing significantly lowers individual employment security. Interestingly, the effect does, however, not differ between high-, medium-, and low-skilled workers but only varies with job duration.