A model of retail job characteristics,employee role ambiguity,external customer mind-set,and sales performance

Based upon findings from the sales, retailing, marketing, management, and organizational behavior literatures, the authors develop and test a model of retail employee sales performance that differs from previous efforts by utilizing multi-dimensional conceptualizations of potential antecedents as well as a promising yet previously unexamined employee job attitude–external customer mind-set. The results indicate that the characteristics of the retail employee’s work environment, with one exception, are directly associated with enhanced job attitudes and reduced ambiguity. The exception is that greater amounts of job autonomy are associated with increased levels of ambiguity. Retail employee ambiguity regarding customers and external customer mind-set are both associated with sales performance.     

Is reversal of large stock‐price declines caused by overreaction or information asymmetry: Evidence from stock and option markets

The role of option markets is reexamined in the reversal process of stock prices following stock price declines of 10% or more. A matched pair of optionable and nonoptionable firms is randomly selected when their price declines by 10% or more on the same date. The authors examine the 1,443 and 1,018 matched pairs of New York Stock Exchange/American Stock Exchange (AMEX) and National Association of Securities Dealers Automated Quotations firms over the period from 1996 to 2004. It was found that the positive rebounds for nonoptionable firms are caused by an abnormal increase in bid–ask spread on and before the large price decline date. On the other hand, the bid–ask spreads for optionable firms decrease on and before the large price decline date. An abnormal increase in the open interest and volume in the option market on and before the large price decline date was also found. Overall, the results suggest that the stock‐price reversal neither is a result of overreaction nor can it be simply explained by the bid–ask bounce. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 29:348–376, 2009     

The Nature of Self-Reported Guilt in Consumption Contexts

This research uses consumer guilt narratives to identify a typology for consumption related guilt. Three major dimensions of guilt circumstances emerged involving other individuals, societal standards, and more specific situations related to oneself. The connection between categories of consumer guilt experience and the resulting consumer response is also explored, with resulting consumer actions involving amendment, rationalization, and/or denial to resolve guilt experienced. The findings are integrated into a general discussion of the theoretical and substantive implications and the potential avenues for future research in the area.     

The impact of the implicit theories of social optimism and social pessimism on macro attitudes towards consumption

People have substantially differing attitudes towards consumption. Anti-consumers are negative towards consumption. In contrast, pro-consumers view consumption in a positive light. We posit that people's attitudes toward consumption at the societal (macro) level are impacted by the implicit theories they hold about whether society can solve the problems it faces. We identify two different implicit theories consumers hold regarding how solvable larger societal problems are. Social optimists believe that we will solve the problems that are emerging as we evolve at the societal level. In contrast, social pessimists believe that societal evolution is creating problems too large to be solved. We developed a macro attitudes model where social optimism and pessimism were posited to impact people's macro attitudes towards consumption. We present the results of a study that found that social optimists have more positive attitudes towards consumption and social pessimists have more negative attitudes towards consumption. We also found that this model provided a superior fit in comparison to three other plausible models relating implicit theories and attitudes towards consumption. These findings have implications for anti-consumption research, consumer research on implicit theories, and social marketing designed to address problems associated with overconsumption.     

Nonprofit boards: Size,performance and managerial incentives

We examine relations between board size, managerial incentives and enterprise performance in nonprofit organizations. We posit that a nonprofit's demand for directors increases in the number of programs it pursues, resulting in a positive association between program diversity and board size. Consequently, we predict that board size is inversely related to managerial pay-performance incentives and positively with overall organization performance. We find empirical evidence consistent with our hypotheses. The number of programs is positively related to board size. Board size is associated negatively with managerial incentives, positively with program spending and fundraising performance, and negatively with commercial revenue, in levels and changes.     

Relating Environmental,Social, and Governance scores and sustainability performances of firms: An empirical analysis

Environmental, Social, and Governance (ESG) scores can act as an indicator for sustainability performance of organizations. This paper explores an empirical evidence for the relationship binding ESG scores and sustainability performances of firms. We observe and evaluate the ESG performance scores of 1,820 firms globally for 5 years, from 2014 to 2018 on 10 major themes and over 400 different indicators, as listed by Thomson Reuters and is captured from the Bloomberg terminal data. We posit five hypotheses to check the relations binding ESG scores and the total sustainability performances of firms. A Partial Least Square (PLS) analysis and standard bootstrapping using Smart PLS 3.0 software is used to observe the results and to evidence the direct and moderating effects among latent variables contributing to sustainability performances. We observe a significant and negative moderating effect of ESG performances, independently over the all direct relations, considering their relationship to ESG performances. One of the major implications of this research is in the direction of assigning priorities while considering environmental‐, social‐, and governance‐related themes in the implementation of any strategies or policies into practice.     

Distributing Start‐Up Equity: A Theoretical Foundation for an Emerging Practice

We use agency theory to model equity division in venture capital financing with three complementary value‐creation factors—the entrepreneur's effort, the venture capitalist's advising/monitoring service, and the investment amount. While considering that investors often base their funding decisions on gut feeling, even as they employ rational decision‐making processes, we derive closed‐form expressions for optimal ownership sharing. Our findings provide theoretical explanation to support the recent call for practitioners to allocate ownership equity based on the relative potential contributions of the entrepreneur and the venture capitalist to generate value for the new investment prospect.     

Mindfulness: Nurturing Global Mind‐set and Leadership

In this article, we attempt to explore global leadership and global mind‐set from the perspective of mindfulness. Through a synthesis of the literature on mindfulness and scholarship on global mind‐set and global leadership, this article explicates the importance of mindfulness in developing a global mind‐set and, thereby, acquiring global leadership competencies. Taking a task‐analytic approach to global leadership, we attempt to elaborate on how mindfulness can act as an important antecedent for global mind‐set and hence for global leadership. Implications for future research and managerial practice are highlighted. © 2015 Wiley Periodicals, Inc.     

CDS and the Resolution of Financial Distress

The dramatic growth of Credit Default Swaps (CDS)—contracts that allow creditors to hedge their default exposure or take leveraged credit positions—threatens to complicate the resolution of financial distress in ways that existing reorganization methods and institutions have yet to adapt to. CDS contracts undermine a major premise that underlies current reorganization methods—namely, that the holder of legal rights has, and is motivated by, corresponding economic interests. Because hedging in the CDS markets immunizes creditors from the debtor's financial condition, they effectively separate their legal rights and economic interests. In this article, the authors discuss the challenges this separation poses for the resolution of distress both in and out of bankruptcy, and consider ways in which “on‐ground” realities may be reconciled with the legal structure that underlies the resolution of distress. At a minimum, disclosure of CDS positions in times of financial distress—along the lines of the disclosures presently required of equity investors under the Williams Act—are an essential first step toward a solution.     

Factors influencing wealth creation from mergers and acquisitions: A meta-analysis

This study analyzes the empirical literature concerning the influence of various factors on shareholder wealth creation in mergers and acquisitions using a multivariate framework. Overall, results indicate that while the target firm's shareholders gain significantly from mergers and acquisitions, those of the bidding firm do not. Findings also indicate that the use of stock financing has a significant impact on the wealth of both the target and bidding firms' shareholders. The presence of multiple bidders and the type of acquisition influence the bidders' return, while regulatory changes and tender offers influence the targets' returns. The paper also provides a comparison of our findings with that of previous narrative reviews and discusses their implications from the viewpoint of managers and researchers.