Crisis leadership in economic recession: A three-barrier approach to offset external constraints

An economic recession is a type of crisis originated from external factors that may imperil an organization’s survival depending on the intensity and duration of the crisis. In peripheral European countries, such as Portugal, the recent financial crisis had devastating effects on various business activities. As a result, Portugal represents an important case study in examining how some corporate leaders have handled the economic recession successfully. I interviewed 20 corporate managers to capture their perceptions of the leadership traits and behaviors exhibited by their CEOs in guiding their companies through the recession. In economic recessions, negative constraints do not affect the most effective leaders, who instead erect barriers against the high-pressure conditions to create a supportive, positive work environment. In order to achieve maximum effectiveness, leaders must act as blocking agents against the negative social impacts of the economic crisis, including the fragility of trust in organizational life (i.e., a barrier against distrust), uncertainty of the future (i.e., a barrier against uncertainty), and toxic emotions (i.e., a barrier against toxic emotions).     

Khat-chewing in liminal leisure spaces: British-Somali youth on the margins

Khat-chewing, a controversial leisure activity within the Somali diaspora in Britain, has received little attention within the academic field of Leisure Studies. This paper reports on ethnographic research to provide insights into the unique locations where young British-Somali men chew khat, exposing the liminal qualities of such localities. The paper begins with an overview of the contentious position khat-chewing occupies within Somali communities in Britain, highlighting reasons why young British-Somali men hide their association with the leisure practice. The discussion that follows considers how young male khat users conceptualise spatial environments, exposing how these locations temporarily produce a dual sense of privacy and sociality. The ambiences of such temporary leisure spaces remain open to the prospect of discovery, resulting in the use of discretionary tactics to maintain a sense of secrecy. In this context, we discuss how khat-chewing offers a sense of cultural identity and belongingness while also marking young British-Somali men as outsiders – even within their own communities.     

Monitoring the foreign exchange rate benchmark fix

ABSTRACT

We develop a Manipulation Index (ManIx) that captures the potential manipulation intention of dealers during the World Markets/Reuters (WMR) benchmark (London Close) period at 4 pm London time through a unique algorithm and simulation. The application of this model (using a dataset with dealers’ identities) can identify banks that are prone to potential manipulative behavior. The results concerning the identified banks are validated by the regulatory investigations. Implementation of this algorithm allows regulators better direct their limited resources towards more targeted in-depth investigation.     

PITFALLS IN CROSS‐SECTION STUDIES WITH INTEGRATED REGRESSORS: A SURVEY AND NEW DEVELOPMENTS

In cross‐section studies, if the dependent variable is I(0) but the regressor is I(1), the true slope must be zero in the resulting “unbalanced regression.” A spuriously significant relationship may be found in large cross‐sections, however, if the integrated regressor is related to a stationary variable that enters the DGP but is omitted from the regression. The solution is to search for the related stationary variable, in some cases the first difference of the integrated regressor, in other cases, a categorical variable that can take on limited number of values which depend on the integrated variable. We present an extensive survey, new developments, and applications particularly in finance.     

我国“一带一路”沿线地区风险投资时空分布及影响因素研究

深入分析我国“一带一路”沿线地区风险投资时空格局及影响因素，有助于促进创新创业与企业发展、提高区域科技创新水平。运用空间分析方法和空间计量模型，对2003-2018年我国“一带一路”沿线139个城市风险投资的时空分布特征及影响因素进行分析，结果表明：①沿线地区的风险投资发展具有不均衡性，呈现为沿海高、西部低的分异格局；②风险投资的全局自相关系数均为正，呈现出明显的空间集聚特征；③风险投资机构数、国家高新区数量、风险投资退出、政府引导基金发展、财政科技支出对区域风险投资具有显著促进作用，环境污染对风险投资有一定抑制作用。随着ESG投资理念逐渐获得认可，沿线地区可以通过提升绿色发展水平促进风险投资发展。     

Shareholder Activism and Voluntary Disclosure Initiation: The Case of Political Spending

Demand for disclosures on environmental, social, and governance (ESG) issues has increased dramatically. Using corporate political spending disclosures as our setting, we conduct a detailed inquiry of 541 political spending‐related shareholder proposals from 2004 to 2012 to highlight the role of shareholder activism as a mechanism to motivate ESG disclosure. Unlike earlier studies, we examine both proposals that went to a vote and proposals that were withdrawn by the activist, allowing us to assess more comprehensively the success of shareholder activism. We find that 20 percent of firms targeted by disclosure proposals begin disclosing in the subsequent year, although implementation rates vary by proposal type—8 percent for proposals subject to a vote versus 56 percent for proposals withdrawn. The sponsor is also important: unions and public pension funds are less likely than other activists to target firms with agency problems and are less successful in having proposals withdrawn, and the implementations they obtain are viewed more negatively by the broader investor base. Our findings highlight shareholder proposals as one mechanism through which investors can successfully express their preferences for corporate disclosure policies. Given activists' long‐standing interest in environmental and social disclosure policies, we believe our findings generalize to a broader set of ESG disclosures.     

Coping with coopetition—Facing dilemmas in cooperation for sustainable development: The case of the Dutch smart grid industry

This paper is amongst the first to examine coopetition strategy for sustainable development at the network level. Companies who want to successfully implement complex innovative technologies that support sustainable development need to collaborate with other actors of the innovation ecosystem, including their competitors, so that they can develop standards, interoperable products, pool knowledge, and resources and bundle forces to compete against other technologies. Collaboration with competitors brings benefits, but also many risks. We investigated how firms cope with these risks when establishing an innovation ecosystem to implement a new technology in society. We conducted research in the Dutch smart grids sector and explored how these firms minimize inherent risks of coopetition. We found that system‐building actors in the Dutch smart grid field not only minimize inherent risks, but from the start of their collaboration they implement so‐called enablers to prevent these risks upfront.     

Policy capturing in small‐group decision making: Using linear programming to assign factor weights for the NCAA Selection Committee's ranking decisions in the 2016 through 2018 men's basketball tournaments

We present a general approach for applying policy capturing to small‐group decision making and demonstrate the approach with the NCAA Selection Committee's rankings of the 68 teams in the three most recent Division I Men's Basketball Tournaments. We develop a linear programming model that minimizes the extent to which the evaluation of a lower‐ranked team exceeds that of a team ranked immediately above it. The result is a set of linear weights that approximates a group decision when the decision itself is demonstrably internally inconsistent in that a group ranks some teams higher than others despite a lower implied evaluation.     

Lobbying as a potent political marketing tool for firm performance: A closer look

This study endeavors to enhance political marketing literature about the impact of lobbying on firm performance. Our sample is composed of 140 U.S. firms and spans the years 2007–2014 to encompass the 2007–2009 recession and the subsequent recovery period. Our findings indicate that lobbying expenses positively contribute to firm performance. Also, government contracts in both ways, dollar amount and number of government contracts, act as mediators between lobbying expenses and firm performance. In addition, organizational slack moderates the relationship between lobbying expenses and government contracts. The managerial implications suggest that lobbying expenses can be leveraged as a potent tool for firm performance. Firms with larger lobbying efforts acquired both, higher dollar amounts and a greater number of government contracts.