The meaning of work: American and Japanese paradigms

In this article it is argued that a fundamental difference exists between the Japanese view of the meaning of work and the American view of this construct. It is suggested that the American orientation is primarily environment-centered, and is based on a traditional stimulus-organism-response (S-O-R) model. In contrast, the Japanese orientation seems to be primarily person-centered, and is based on what might be called an organism-response (O-R) model. The reasons for this difference are explored and both the practical and theoretical implications are examined.In conclusion the author projects a revision of research methodology in the behavioural sciences leading to a more realistic appraisal of the transferability of Japanese management practices to the American environment.Portions of this paper were presented at the Pan Pacific Conference on Business and Technology, Honolulu, March, 1984. It was selected as the Best Paper in the Organizational Behaviour track. The author is indebted to Chuck Behling of Bowling Green State University and Ken Kim of The University of Toledo for their helpful suggestions and comments on an earlier version of this paper.     

Uncertainty and stress in an R&D project environment

Abstract
R&D project managers work in an environment in which the uncertainty and complexity of engineering development problems are an important source of episodic job stress. A study of the US. Navy's top major project R&D managers (N = 118) was conducted to test the use of various coping skills and social support as preventive stress management techniques for this population. It was found that perceived environmental uncertainty (PEU) had a direct, positive effect on psychological distress of these project managers while social support had a therapeutic effect on their experience of burnout. While problem focussed coping had a small, positive effect on burnout, neither coping skills nor social support were found to have a primary prevention effect upon perceived environmental uncertainty (PEU).
Engineering managers engaged in high technology R&D are confronted by a wide range of uncertainties, risks and changing demands that give rise to the stress response with its attendant physiological and psychological changes (Asterita, 1985). Adams (1980) has argued that an episodic versus chronic dichotomy of stressors is valuable because it distinguishes between intermittent stressors of finite duration (episodic) and ongoing stressors of indeterminant duration (chronic). This article reports the results of a study of uncertainty as an episodic work stressor for the U.S. Navy's high technology R&D project managers. The results suggest that R&D project managers should develop social support systems and structures to maintain well-being and avert distress and strain.     

Whither IPOs? Toward an Ecosystem Perspective on Corporate Financing: A Commentary

This commentary reviews the Canadian initial public offering (IPO) market and positions it within global capital market trends. Our views and comments reflect discussions with several market participants whom we have met over the years. Essentially, the falling number of IPOs in Canada during the last decade mimics trends in other developed countries such as the United States. In our view, five underlying factors underlie that decline. The picture that emerges is that capital markets are now widely viewed as a global integrated ecosystem where all actors are interconnected and an IPO represents but one way to raise capital.     

Managerial Response to the May 2003 Dividend Tax Cut

We survey 328 financial executives to determine the effects of the May 2003 dividend tax cut. We find that the tax cut led to initiations and dividend increases at some firms. However, executives say that among the factors that affect dividend policy, the tax rate reduction is less important than the stability of future cash flows, cash holdings, and the historic level of dividends. Tax effects have roughly the same importance as attracting institutional investors and the availability of profitable investments. We also find that press releases only occasionally mention the dividend tax cut as the reason for an initiation.     

Riding off into the Sunset: Organizational Sensegiving,Shareholder Sensemaking,and Reactions to CEO Retirement

We test hypotheses derived from resource dependence and sensemaking/sensegiving theoretical lenses in the context of CEO succession, focusing on an under‐researched yet prevalent type of executive turnover – CEO retirement. Using event study methodology and a sample of CEO retirements from S&P 1500 firms during the 2003–12 period, we find that, all else equal, shareholders’ perceptions of organizations’ capacity to serve their interests are adversely affected when a retirement related change occurs in the leadership structure. Specifically, in line with resource dependence theory, we find that CEO retirement disclosures typically generate negative abnormal returns. Furthermore, in line with the sensemaking perspective, we find that the magnitude of shareholders’ reactions is contingent on the lexical sensegiving cues contained in the organizational narratives that are released to capital markets via executive retirement announcements. Overall, our theory and results point to CEO retirement events as consequential in the eyes of shareholders, challenging an important assumption of extant succession research. Moreover, they suggest that shareholders’ interpretation of these events is influenced by organizational sensegiving, highlighting the important role of organizational communication around succession events.     

Corporate Philanthropy,Research Networks,and Collaborative Innovation

Using a unique data set of corporate philanthropic activities, we find that direct giving activities are positively associated both with higher levels of innovation and innovation that is more influential, collaborative, and original. Our results suggest that much of what is ostensibly promoted as philanthropy actually reflects research‐related networking activities. The effect of direct giving on innovation is more pronounced in more opaque firms and more innovative and competitive industries. These findings provide evidence of the distinct motives by which firms choose between direct giving and foundation giving. Our study suggests that firms can use direct philanthropy to expand firm‐boundaries by developing innovation with research partners.     

The role of value systems in translating environmental planning into performance

This study identifies the nature and extent of interdependencies among environmental strategic planning (ESP), environmental value systems, and firms’ environmental and economic outcomes. Findings are reported based on survey data collected from a cross-sectional sample of Australian firms. The results suggest that while ESP is positively associated with improved environmental performance, the emphasis of environmental value systems may not directly influence environmental performance outcomes. Furthermore, though environmental performance is positively associated with economic performance, the indirect association between ESP and economic performance through environmental performance is not absolute. Rather, this indirect association is conditional on the emphasis placed on environmental value systems. Specifically, the indirect association between ESP and economic performance is stronger for firms that employ formal and informal systems to promote shared environmental values and beliefs throughout the organisation.     

The Squam Lake Report: Fixing the Financial System*

In these excerpts from The Squam Lake Report, fifteen distinguished economists analyze where the global financial system failed, and how such failures might be prevented (or at least their damage better contained) in the future. Although there were many contributing factors to the crisis—including “agency” problems throughout the financial system and a bankruptcy code poorly suited for reorganizing financial firms—at the core of the problem is a potential conflict between the risk-taking proclivity of financial institutions and the interests of the economy at large that must be managed at least in part through more effective regulation. The Squam Lake Report provides a nonpartisan plan to transform the regulation of financial markets in ways designed to limit systemic risk while preserving—to the extent possible and prudent—the economies of scale and scope that justify the existence of today's large financial institutions. To reduce the risks that large banks will fail, the authors call for higher capital requirements based on more effective assessments of the risks of bank assets and liabilities, as well as a new systemic regulator that should be part of the central bank. To reduce the costs of failure when it occurs, the authors propose that banks be required to create “living wills” laying out their plan to sell assets or shut down operations in the event of financial trouble. As part of that plan, regulators are urged to “aggressively encourage” banks to issue “contingent” debt capital securities that convert into equity.