A bigger piece of the pie: The relative importance of affiliative and change-oriented citizenship and task performance in predicting overall job performance

We examine the extent to which both in-role (task performance) and extra-role dimensions of performance (organizational citizenship behaviors) account for variance in ratings of overall job performance by utilizing currently available meta-analytic estimates. Relative weight analysis results show that overall performance is determined more by three OCB forms in combination (RW = 0.34; %RW = 72.9%) than by task performance (RW = 0.12; %RW = 27.1%). Among the OCB forms, the relative weight of OCB-O (RW = 0.17; %RW = 36.9%) is greater than those of OCB-I (RW = 0.11; %RW = 0.22.9%) and OCB-CH (RW = 0.06; %RW = 13.1%). Consistent with the results from a relative weight analysis, results from a series of multiple regression analyses also show that the incremental contribution (ΔR²) of each performance dimension above and beyond the other performance dimensions is the highest for OCB-O (0.056), followed by those of task performance (0.041), OCB-CH (0.007), and OCB-I (0.003). We discuss the theoretical and practical implications of these findings along with study limitations and future research directions.     

The role of pre-training interventions in learning: A meta-analysis and integrative review

Learning is one of the main goals of any training program. Much research has focused on how learning may be enhanced through effective training design. We compiled the extant literature exploring the efficacy of five common pre-training interventions in promoting learning. Meta-analytic results (k = 159; total N = 13,684) reveal consistent positive effects for the role of such interventions in learning. Attentional advice and goal orientation (as compared with meta-cognitive strategies, advance organizers and preparatory information) yielded the most consistent learning gains. Results suggest intervention format, implementation, and match to learning outcome are important considerations. Recommendations are provided for interventions which are useful in promoting cognitive, skill-based, and affective learning gains.     

Job demands,control and support: Meta-analyzing moderator effects of gender,nationality, and occupation

The job demands-control (-support) model (JDC(S)) remains one of the most influential to HR-related issues of work stress, organizational behavior, and job design. However, despite over 37 years of research, the first meta-analysis of the model was conducted only recently. It examined interrelationships between the model's three workplace characteristics: demand, control and support in order to better understand how employees view relationships between these prominent work dimensions. A rather surprising result was the near-zero demand-control relationship, which was found to be moderated by gender. The current analysis extends our understanding of DCS interrelationships to include examination of nationality and occupation as additional moderating variables. We also build on the initial review by extending moderator analysis to relationships between demand-control-support dimensions and job satisfaction and emotional exhaustion — the two most examined psychological outcomes in primary studies. The present meta-analysis narrows the field of studies to 141 studies (N_{(Individuals)} = 145,424) of Karasek's model which include these outcomes. Our findings show additional patterns of gender moderation, including moderation of the demands-job satisfaction relationship. Additionally, both nationality and occupation moderate every DCS interrelationship, and relationship with job satisfaction and emotional exhaustion in some way. Our results offer new understanding as to the boundaries of these relationships, and the JDC(S) model; and invite further theory building and meta-analytic investigation.     

The non-relevance of the elusive holy grail of asset pricing tests: The “true” market portfolio does not alter CAPM validity conclusions

Empirical evaluations of CAPM usually attach a caveat that rejection is conditional on the choice of market proxy. We explore the criticality of the proxy choice disclaimer. Using different proxies and comprehensive simulations of the unobserved “true” market in Fama–MacBeth tests of CAPM, we find that the significance (t-statistics) corresponding to betas remain consistently unaltered, even if the proxy is a small fraction of or has a low correlation with the true market. The constancy of t-statistics persists in a simulated true-CAPM world as well: if CAPM is indeed valid, the choice of proxy is unlikely to reject it erroneously. Identity of the elusive true market portfolio and the choice of representative proxy cannot overturn conclusions on validity of CAPM based on Fama–MacBeth tests. Roll’s Critique, incontrovertible in theory, may be quite forgiving in practice – CAPM cannot be resurrected by a “closer” approximation of the elusive true market portfolio when it has commonly been rejected.     

Task and person-focused leadership behaviors and team performance: A meta-analysis

This paper reports the results of a meta-analytic review of the relationship between person and task-focused leader behaviors, on the one hand, and team performance, on the other hand. The results, based on 89 independent samples, show a moderate positive (ρ = 0.33) association between both types of leadership behaviors and subjective team performance. For objective team performance, the effect sizes are smaller, yet positive (ρ = 0.19 for task-focused leadership behaviors and ρ = 0.18 for person-focused leadership behaviors). Furthermore, with respect to the methodological moderators, the analyses show that the relationships were stronger when leadership behaviors were rated by the leaders themselves, rather than by others, and the association was stronger when the correlations were estimated at the individual level, as opposed to the team level of analysis. Concerning conceptual moderators, team type was identified as a significant moderator, and correlations between a person-focused leadership behavior and team performance were stronger for service and project teams than for action/performing teams. Task interdependence was another moderator tested in our meta-analysis, yet our results show no clear moderating effect of task interdependence on the relationship between leadership behavior and team performance.     

Project financing,entrepreneurial activity,and investment in the presence of asymmetric information

We analyze a two-period signaling model in which a representative entrepreneur in a regional economy has a project that generates a random cash flow and that requires investment that the entrepreneur raises from a competitive market. The project's type is known to the entrepreneur but not to the investors. Further, the entrepreneur is restricted to issuing debt only or equity only. We first show that there is no separating perfect Bayesian equilibrium (PBE) contract involving the issuance of equity only, that there exists a pooling PBE contract involving the issuance of equity only, and that a debt contract is preferred to an equity contract by our entrepreneur. Next, we suppose that the entrepreneur incurs a non-pecuniary cost of financial distress F > 0 whenever he is unable to make a repayment at time t = 1. We provide conditions on F under which a pooling PBE contract with debt exists and a separating PBE contract with debt and equity exists. Finally, we examine whether a high type entrepreneur will prefer a setting with a cost of financial distress (F > 0) or a setting in which there is no such cost (F = 0).     

Strategic behavior across gender: A comparison of female and male expert chess players

This paper aims to measure differences in risk behavior among expert chess players. The study employs a panel data set on international chess with 1.4 million games recorded over a period of 11 years. The structure of the data set allows us to use individual fixed-effect estimations to control for aspects such as innate ability as well as other characteristics of the players. Most notably, the data contains an objective measure of individual playing strength, the so-called Elo rating. In line with previous research, we find that women are more risk-averse than men. A novel finding is that men choose more aggressive strategies when playing against female opponents even though such strategies reduce their winning probability.     

Financial incentives to postpone retirement and further effects on employment — Evidence from a natural experiment

This paper examines the effect of the introduction of permanent benefit reductions for early retirees (i) on the duration until benefit claiming and (ii) on the duration until exit from gainful employment. I estimate discrete time duration models using different error term specifications. Administrative data containing the full earnings history of the individuals are used. Since the reform implementing the benefit reductions was a natural experiment, under some assumptions a causal effect can be identified. The permanent reduction of retirement benefit amounts causes a postponement of claiming benefits by about 14 months and a delay of employment exit by about 10 months on average.     

Does government funding promote or inhibit the financialization of manufacturing enterprises? Evidence from listed Chinese enterprises

This study examines how government funding type affects the financialization of manufacturing enterprises in China and discusses the different impacts of environmental factors. Funding for production can induce managers to increase expenses and reduce main business income by assigning social objectives, promoting corporate financialization. However, state-owned enterprises (SOEs) may suffer from soft budget constraints and ignore short-term revenue; enterprises in competitive industries tend to hold cash for precautionary motivation. Therefore, their financialization is insensitive to government funding. In addition, funding for interest can inhibit corporate financialization by increasing debts for non-SOEs and those with financial background employees or facing strong financing constraints, because they are lacking in capital or sensitive to financial risks.     

Aging and house prices

The paper investigates how aging will affect house prices. It uses for the first time a house price dataset covering 22 advanced economies. The analysis finds that demography did and will affect real house prices significantly. The results suggest that a major shift is taking place. In the past 40 years, on average demography increased advanced economy real house prices by around 30 basis points per annum, while in the next 40 years aging will decrease them on average by around 80 basis points per annum compared to neutral demographics. The shift from demographic tailwinds to headwinds might also be relevant when thinking about financial asset prices.     

Predicting the portfolio risk of high-dimensional international stock indices with dynamic spatial dependence

The spatial dependence of assets, which relates to similarities in economic, political, or cultural systems and other aspects, has been confirmed through empirical research; however, spatial dependence has rarely been applied to financial risk measurement. To fill this gap in the literature, a dynamic spatial GARCH-copula (sGC) model is proposed in this paper to evaluate the portfolio risk of international stock indices. In this model, a spatial GARCH is used as the marginal distribution and vine copula is adopted as the joint distribution of indices. Then, the proposed model is applied empirically to assess portfolio risk. Results show that, first, the proposed risk prediction model with spatial dependence outperforms a model neglecting spatial effects per the Kupiec test, Z test and Christoffersen test. Risk prediction during periods of economic stability is also more accurate than during times of crisis. Second, risk measures for models with spatial dependence are higher than those without such dependence but lower than for vine copula models. Third, models including either spatial dependence or vine copulas alone exhibit relatively poor performance. Fourth, the model involving extreme value theory (EVT) generates the greatest value at risk to pass the Kupiec test, Z test and Christoffersen test; however, this model is not suitable for characterizing international indices with EVT based on negative values of the shape parameters of estimates. Findings offer important implications for personal investors, institutional investors, and national regulatory authorities.     

Does public transit reduce car travel externalities? Quasi-natural experiments' evidence from transit strikes

One of the unanswered questions in the field of urban economics is to which extent subsidies to public transit are justified. We examine one of the main benefits of public transit, a reduction in car congestion externalities, the so-called congestion relief benefit, using quasi-natural experimental data on citywide public transit strikes for Rotterdam, a city with mild congestion levels. On weekdays, a strike induces travel times to increase only marginally on the highway ring road (0.017 min/km) but substantially on inner city roads (0.224 min/km). During rush hour, the strike effect is much more pronounced. The congestion relief benefit of public transit is substantial, equivalent to about 80% of the public transit subsidy. We demonstrate that during weekends, travel time does not change noticeably due to strikes. Furthermore, we show that public transit strikes induce similar increases in number of cyclists as number of car travelers suggesting that bicycling-promoting policies to reduce car congestion externalities might be attractive in combination with first-best congestion pricing.     

The relentless pursuit of construct validity in the design of employment interviews

The construct validity of employment interviews is the greatest challenge faced by employment interview researchers. In this paper, we discuss the theoretical and methodological issues which have an influence upon the construct validity of employment interviews. We pay special attention to issues that emerge at the conceptual development and design stage of interviews. So far, the structuring of employment interviews has been the primary method of improving construct validity. We argue that construct validity can be further improved by bringing theoretical rigor in the design of interviews. For this purpose, we propose steps to reframe the interview dimensions in theoretical frameworks of job performance, to explicate the nomological network of interview constructs, to clarify the validation strategy, and to improve the questions and assessment keys. In the end, we provide an example to illustrate the application of these steps.     

The impact of China's stock market reforms on its international stock market linkages

This paper investigates how China's stock market reforms have affected the stock market linkages between China and Korea, Japan and the US respectively. We firstly use a 4 × 4 asymmetric GARCH-BEKK model and a series of likelihood ratio tests to uncover China's regional and global linkages between 1992 and 2010 and during three sub-periods representing the stages of the Chinese reforms. The results show that Chinese stock market is linked to these overseas markets and the reforms permit spillovers to these markets from China. The subsequent regression analyses of the time-varying conditional correlations, in the presence of growing economic integration, exchange rate risk and financial turbulence, further indicate that the interdependences between China and the regional markets increase due to the implementation of liberalisation policies. However, the correlation between China and the global market remains weak even though this correlation responds positively to the institutional reforms on China's stock market additionally.     

Hedonic versus repeat-sales housing price indexes for measuring the recent boom-bust cycle

Standard housing price indexes rely on strong constant-quality assumptions and often conflict. Hedonic price indexes overcome limitations of median price and repeat-sales indexes but their implementation has been limited by a lack of data. This paper constructs hedonic indexes at the zip code level for the Los Angeles and San Diego metropolitan areas using considerably more detailed data than previously available. Our sample was collected by a mortgage technology firm, and consists of almost 1.1 million transactions during the boom-bust cycle since 2000. Our hedonic regressions include new spatial models that capture correlations within submarkets (using zip codes as proxies) and allow temporal asymmetry. Compared to a repeat-sales price index constructed from the same data, the hedonic indexes indicate that the market peaked about 11 months later in Los Angeles and about 2 months earlier in San Diego, show less pre-peak appreciation and post-peak depreciation in low-tier housing and more pre-peak appreciation in high-tier housing. We also find that the intensity of the cycle varies greatly across zip codes and price-tiers in a pattern consistent with foreclosure activity.     

The institutionalization of information system project management practices

Considering that current structures are the result of choices made in specific contexts in the past, we adopt a historical perspective in order to understand how some information systems (IS) project management practices evolved and became norms. Using historical methods, we analyze sources of data spanning 52 years of IS project management (1945–2007) – interviews with IS project managers and academics, IS project management textbooks, curricula, and the scientific and professional literature – to: (1) determine whether some IS project management practices may now be considered institutionalized, and (2) understand their institutionalization processes over time. Based on this analysis, three groups of IS project management practices may now be considered institutionalized: formal control, external integration, and project risk management.     

New evidence on the dynamic wage curve for Western Germany: 1980–2004

Blanchflower and Oswald [Blanchflower, David G. and Oswald, Andrew J., 1994a, The Wage Curve, (Cambridge, MA, MIT Press), Blanchflower, David G. and Oswald, Andrew J., 1994b, Estimating a Wage Curve for Britain 1973–90, The Economic Journal 104, 1025–1043. Eine praktische Einführung, Nürnberg] reported that they have found an ‘empirical law of economics’ — the Wage Curve. Our paper reconsiders the western German Wage Curve using disaggregated regional data and is based on almost one million employees drawn from the Federal Employment Services of Germany over the period 1980–2004. We find that the wage equation is highly autoregressive but far from unit root. The unemployment elasticity is significant but relatively small: only between ? 0.02 and ? 0.04. We also check the sensitivity of this elasticity for different population groups (young versus old, men versus women, less educated versus highly educated, German native versus foreigner), confirming that it is stronger the weaker the bargaining power of the particular group.     

Carpooling and driver responses to fuel price changes: Evidence from traffic flows in Los Angeles

We examine carpooling and driver responses to fuel price changes. Using a simple theoretical model, we show that traffic flows in mainline lanes unambiguously decrease when fuel prices increase, and this effect is stronger when the presence of a carpool lane provides a substitute to driving alone. In contrast, in carpool (HOV) lanes flow can either increase or decrease. These predictions are tested using 8 years of traffic flow data for 1700 locations in Los Angeles. In our preferred specification, the mean elasticity of flow with respect to fuel price is 0.136 for HOV lanes. For a 10% increase in fuel price this implies 10 additional carpools per hour, $8.8 million per year in additional congestion costs for carpoolers and $11.3 million lower costs for mainline drivers. For mainline lanes, flow elasticities are −0.083 and −0.050 for highways with and without an HOV lane. These estimates imply that the mean highway with an HOV lane experiences a 30% larger decrease in hourly flow compared to the mean highway without an HOV lane. Flows in HOV lanes show an immediate decrease following a price increase but respond positively to price increases over time, which suggests time is an important input to carpool formation.     

Mapping Human Resource Management: Reviewing the field and charting future directions

Using recent advances in science mapping, this article systematically reviews the Human Resource Management (HRM) field. We analyze 12,157 HRM research articles published over 23 years to reveal the topic content and intellectual structure of HRM scholarship. A downloadable, searchable HRM topic map is provided (https://bit.ly/HR_Map) that reveals: a) 1702 HRM article topics, b) the number of articles on each topic, c) topic relations, trends, and impact, and d) five major HRM topic clusters. We discuss the overall intellectual structure of HRM scholarship and review the five topic clusters. Next, the topic content of HRM scholarship is compared to that of 6114 articles from the practitioner-oriented outlet HR Magazine. We identify 100 topics emphasized to a much greater degree in the practitioner-oriented literature. Seven key themes for future research that could help align HRM scholarship with the interests of HR practitioners are identified and discussed.