The Effect of Interpersonal Trust,Need for Cognition,and Social Loneliness on Shopping,Information Seeking and Surfing on the Web

This study contends that certain personality traits of e-consumers have an affect on their shopping, surfing and information seeking behaviors on the Web. Specifically, it is proposed that e-consumers who are low on interpersonal trust are less likely to shop on the Web due to their heightened concerns with Web security. Similarly, an argument is made that e-consumers who enjoy cognitively demanding processing tasks are more likely to use the Web for information search. Finally, it is posited that social loners will be selectively drawn to Web surfing. Findings from an empirical study are presented which support these assertions. Implications of this study for marketers and future researchers are discussed.     

Global talent management by multinational enterprises post-COVID-19: The role of enterprise social networking and senior leadership

Multinational enterprises' (MNEs') workforce is made up of people from diverse backgrounds and different locations around the globe. The cross-border transfer of knowledge, skills, and best practices among MNE employees is important to maintain global standards and competitiveness. In the post-COVID-19 period, there is a greater need to exchange knowledge in the changing business environment. The purpose of this study is to examine the issues related to MNEs' global talent management, post-COVID-19. The study investigates the use of enterprise social networking applications for better knowledge exchange and tries to understand the moderating role of senior leadership team support in facilitating the usage of enterprise social networks for cross-border collaboration and talent management. After reviewing the literature and relevant theories, we developed a conceptual model, which is then validated using the SEM technique with 347 respondents from 12 MNEs. The study reveals the importance of using enterprise social networks for cross-border knowledge exchange in the post-COVID-19 period.     

An Ongoing race: family CEOs vs. non-family CEOs

International Entrepreneurship and Management Journal - Recent studies have established that non-family CEOs invariably outperform family CEOs. In this paper, we argue that the case against family...     

The interactive effects of goal orientation and leadership style on sales performance

The authors develop and test a model depicting the moderating effects of different types of manager leadership styles on the relationship between salesperson goal orientations (i.e., performance orientation and learning orientation) and performance. The two surveys were set in retail work contexts in Brazil. Results from a multi-level hierarchical analysis demonstrate that (i) transactional leadership strengthens the positive link between learning orientation and sales performance, whereas (ii) transformational leadership weakens the positive association between learning orientation and performance. Our argument for the positive moderating effect of transactional leadership is built upon the path-goal theory and contingent reward mechanism. The justification for the negative effect of transformational leadership involves the follower-dependency logic and overdependence on supervisory cues.     

New directions in business cycle research and financial analysis

This paper serves as a partial introduction to and survey of the literature on Markov-switching models. We review the history of this class of models, describe their mathematical structure, and exposit the basic ideas behind estimation and inference. The paper also describes how the approach can be extended in a variety of directions, such as non-Gaussian distributions, time-varying transition probabilities, vector processes, state-space and GARCH models, and surveys recent methodological advances. The contributions of the other papers in this volume are reviewed. A final section offers conclusions and implications for policy. First Version Received: August 2001/Final Version Received: October 2001     

Foreign exchange exposure of “domestic” corporations

Unlike prior studies on foreign exchange risk that have focused on multinational companies, this paper documents that domestic companies face significant foreign exchange exposure. Indeed, we document that on average domestic company foreign exchange exposure is not significantly different from the exposures faced by multinational firms. As expected, the number of domestic firms with significant foreign exchange exposure increases with the exposure estimation horizon. More interestingly, the level of domestic firm exposure is significantly negatively related to firm size and asset turnover, and positively related to the market to book ratio and financial leverage. Our results have important implications for managers, policy makers, and accounting standards.     

The Forward Exchange Rate Bias Puzzle Is Persistent: Evidence from Stochastic and Nonparametric Cointegration Tests

An important puzzle in international finance is the failure of the forward exchange rate to be a rational forecast of the future spot rate. We document that even after accounting for nonstationarity, nonnormality, and heteroskedasticity using parametric and nonparametric tests on data for over a quarter century, U.S. dollar forward rates for the major currencies (the British pound, Japanese yen, Swiss franc, and the German mark) are generally not rational forecasts of future spot rates. These findings deepen the forward exchange rate bias puzzle, especially as these markets are the most liquid foreign exchange markets with very low trading costs.     

Markets and institutions in financial intermediation: National characteristics as determinants

Given the importance of financial intermediation and the rise of globalization, there is little prior research on how national preferences for financial intermediation (markets versus institutions) are determined by cultural, legal, and other national characteristics. Using panel analysis for data on a recent 8-year period for 30 countries, this paper documents that national preferences for market financing increase with political stability, societal openness, economic inequality, and equity market concentration, and decreases with regulatory quality and ambiguity aversion. We confirm with robustness tests that our result for regulatory quality is independent of differences in national wealth and that our result for political stability is independent of both wealth and political legitimacy. These results should be of much interest to managers, scholars, regulators, and policy makers.     

The week-of-the-month effect in stock returns: The evidence from the S&P Composite Index

Theweekend effect and theyearend effect are some of the seasonal anomalies in financial markets that have been widely discussed in the finance literature. In this paper, using weekly observations of the S&P Composite Index over the period from July 1962 through June 1990, plus several subperiods, the authors identify the presence of a thus far unknown seasonal anomaly in the form of aweek-of-the-month return pattern in the stock market. The results suggest the existence of a statistically different weekly return pattern for different weeks of a month. Specifically, the returns during the first week of a month tend to be significantly positive while the returns during the other weeks of a month are statistically indistinguishable from zero.     

An international study of persistence in output: Parametric estimates using the data dependent systems approach

This paper parametrically obtains estimates of persistence in output using Pandit's (1977, 1982) Data Dependent Systems approach for modelling autoregressive and moving average processes. The estimates are based on over a century of annual data for the rate of change of output in nine industrialized countries. The sensitivity of estimates to various model selection criteria is examined. While persistence in output is found to be sensitive to model selection criteria, the output of all countries including the United States is found to have a substantial degree of persistence if the ARMA models are chosen according to the Schwarz Bayesian Criterion, but excluding the ARMA models whose moving average roots are near the unit root (which involves pile-up phenomenon). Moreover, the parametric estimates of persistence are shown not to have the known upward bias problem commonly associated with parametric estimates of persistence relative to nonparametric estimates.