Board experience and value creation in cross-border acquisitions: The role of acquirer and target country institutions

Our study investigates the effects of board acquisition experience on value creation in cross-border acquisitions and the dependence of this relationship on acquirer and target country institutions. We draw on cross-border acquisition research and institution-based corporate governance research to argue that the effect of board acquisition experience depends on the institutional characteristics of the acquirer and target countries and on cultural differences between these two countries. Based on 1775 cross-border acquisitions of U.S. and European acquirers, we show a positive effect of board acquisition experience on the announcement returns of cross-border acquisitions, which is even stronger when the target country’s takeover regulations are less friendly and when the target and acquirer countries are culturally more distant.     

Organisational form and industry emergence: Nonprofit and mutual firms in the development of the US personal finance industry

Economic theories of commercial nonprofits and mutuals usually emphasise the advantages of such organisational forms in reducing agency and monitoring costs in markets that suffer from information asymmetries in exchanges between firms and their customers. This article examines the ability of such transaction cost theories to account for historical variations in the ownership and governance of firms in the US personal finance industry between the early nineteenth century and the Great Depression. It focuses, in particular, on mutual savings banks and their role in the development of the intermediated market for savings accounts. While I find some evidence in support of transaction cost theories of organisational form, I also find that entrepreneurial and socio-political factors played crucial roles in the choice of ownership and governance structures; mutual savings banks predominated in the early years of the industry because the form offered entrepreneurial advantages over investor-owned corporations and because in some states they benefitted from regulatory and political advantages that joint-stock companies lacked. Their relative decline by the early twentieth century was the result of increasing competition in the market for savings deposits, the loosening of regulatory barriers to entry, and changes in public policy that reduced the transaction, innovation and regulatory advantages that the mutual savings bank form had once held. The article draws out the theoretical implications for our understanding of the historical role of nonprofit and mutual firms.     

Measuring Corporate Citizenship in Two Countries: The Case of the United States and France

Based on an extensive review of the literature and field surveys, the paper proposes a conceptualization and operationalization of corporate citizenship meaningful in two countries: the United States and France. A survey of 210 American and 120 French managers provides support for the proposed definition of corporate citizenship as a construct including the four correlated factors of economic, legal, ethical, and discretionary citizenship. The managerial implications of the research and directions for future research are discussed.     

The relationship between prior and subsequent new venture creation in the United States: A county level analysis

Minniti [Minniti, M., 2004. Entrepreneurial alertness and asymmetric information in a spin-glass model. Journal of Business Venturing 19 (5), 637-658; Minniti, M., 2005. Entrepreneurship and network externalities. Journal of Economic Behavior & Organization 57 (1), 1-27] argues that new venture creation decisions are interdependent and that the non-pecuniary network externalities and path dependencies of such decisions influence the geographic concentration of venturing activities. We apply her framework at the county level to study the association between prior and subsequent new venture creation in the U.S. Our findings indicate that there is a non-linear relationship between prior new venture creation and subsequent new venture creation, with venturing activities increasing at an increasing rate based on the amount of prior new venture creation.     

中国商法国际化的制度困境和发展路径——以民法典编纂中的国际化得失为镜鉴

商法国际化是对经济全球化下商法国际趋同的制度回应,亦是商法自我发展和民商法体系内部完善的客观要求。受限于商法传统,中国在过去商法国际化的过程中出现了立法理念错位、法律移植障碍和国际化效果欠佳的制度困境,而当前民法典的编纂则进一步加剧了商法国际化所面临的复杂环境。民法典国际化立法所引发的体系矛盾、司法障碍、立法滞后等问题值得商法所镜鉴。在此背景下,构建商法国际化的发展路径应围绕法体系、法理念、法技术三个角度,体系上通过《商法通则》立法来弥补现有民商法体系中商事一般法的缺位问题,理念上通过强调商法的自治属性来为国际化立法提供指导理念,技术上通过拓宽法律移植的对象范围来实现商法移植技术的转型。     

Cash,credit, or phone? An empirical study on the adoption of mobile payments in the United States

The purpose of this study is to investigate the effects of consumer factors on behavioral intention to adopt mobile payments. We focus on the proximity mobile payment, which is made feasible by the near-field communications (NFCs) technology. Building upon the theory of reasoned action and technology acceptance model (TAM), a behavioral intention model was established consisting of enhanced cognitive antecedents as well as affective and social antecedents. Cognitive antecedents encompass the factors including relative advantage, perceived usefulness and ease of use in the TAM, and technology characteristics (e.g., responsiveness and mobility); affective antecedents focus on positive and negative emotions associated with using NFC mobile payments. Both antecedents are expected to affect attitudes. In addition, social antecedents examine subjective norms and the influence of network externalities. Data were collected from 394 adult nonusers of NFC mobile payments in the United States via an online survey. The research model was tested using structural equation modeling. The results showed that all three antecedents significantly affected individual consumers’ intention to adopt NFC mobile payments, explaining a significant amount of variance. Both theoretical and marketing implications are discussed in the context of NFC mobile payments.     

Advances in strategic marketing and the advancement of the marketing discipline: the promise of theory

ABSTRACT

Hunt (2018, Advancing marketing strategy in the marketing discipline and beyond: From promise, to neglect, to prominence, to fragment, (to promise?). Journal of Marketing Management, 34, 16–51. doi:10.1080/0267257X.2017.1326973) provides a synthesis and critical review of over 100 years of marketing literature organised into four eras. In his prognosis of the outlook for Era V, Hunt notes that there are reasons to be optimistic about the prospects for both the marketing discipline, broadly, and the field of strategic marketing, specifically. However, he also draws attention to the concerns voiced by a number of marketing scholars regarding the current state of the field and the future outlook for the field. Hunt argues that the prospects for the marketing discipline and the field of strategic marketing are closely intertwined, and that the health of the latter contributes significantly to that of the former. Against this backdrop, this commentary focuses on the promise of theory for advances in strategic marketing and the advancement of the marketing discipline.     

论内地与香港食品安全合作法律机制的构建——一种跨行政区域软法治理的思路

内地与香港食品安全合作的有序推进需要相应法律机制的保障。这一法律机制应立足于两地食品安全合作法律实践的现状,从组织机构、表现形式和内容三方面予以构建。内地与香港食品安全合作法律机制的组织机构建设应依托于两地合作的整体性机构安排,革新和完善现有的磋商交流机制;两地食品安全合作法律机制的表现形式主要是行政协议。行政协议在法律性质上属于软法;在内容上,这些行政协议至少应涵盖四类规则:食品安全信息交流制度、食品安全标准协调制度、食品安全能力建设制度和食品安全突发事件协处制度。     

Factors Related to the Cognitive Moral Development of Business Students and Business Professionals in India and the United States: Nationality, Education, Sex and Gender

This research focuses on the similarities and differences in the cognitive moral development of business professionals and graduate business students in two countries, India and the United States. Factors that potentially influence cognitive moral development, namely, culture, education, sex and gender are analyzed and discussed. Implications for ethics education in graduate business schools and professional associations are considered. Future research on the cognitive moral development of graduate business students and business professionals is recommended.     

Chinese foreign direct investment in the United States: Location choice determinants and strategic implications for the State of Indiana

Identifying the unique U.S. state-level factors that more often give rise to Chinese firm-led investment is the central focus of this article. Looking at Chinese investment in the United States between 2007 and 2011, this article (1) explores the determinants underlying the locational choices of Chinese firms, (2) seeks to understand why some U.S. states receive relatively greater amounts of investment from China, (3) assesses whether prior trends are likely to continue into the future; and—perhaps most importantly—(4) seeks to identify what (if anything) the state of Indiana can do to better position itself to capture greater amounts of Chinese investment moving forward. We recommend the following actions for the state of Indiana: (1) firm targeting—Indiana is a prime FDI target for private, firm-led, greenfield investment; (2) differentiation— Indiana has distinct advantages over other locations in the Midwest; (3) promotions—trade missions and overseas office locations are investments, not costs; (4) investments in relationships—cultural sensitivity and friendship make the difference.     

Relationship Commitment and Ethical Consumer Behavior in a Retail Setting: The Case of Receiving Too Much Change at the Checkout

In this study, we conducted two experiments to examine the effect of relationship commitment on the reaction of shoppers to receiving too much change, controlling for the amount of excess change. Hypotheses based on equity theory, opportunism and guilt were set up and tested. The first study showed that, when the less committed consumer is confronted with a large excess of change, he/she is less likely to report this mistake, compared with a small excess. Conversely, consumers with a high commitment towards the retailer are more likely to tell when they receive too much change, especially when the amount is large. The second experiment provided an explanation for these findings: the less committed consumer is driven by opportunism, whereas guilt-related feelings play an important role in a high commitment relationship. These results have several implications for both retail management and future research.