Sibling rivalry: implications for the family business succession process

This paper deals with sibling rivalry dynamics and their impact on the succession outcome within family enterprises. While sibling rivalry plays a critical role in the succession process, there is only limited literature that addresses this important subject. This theoretical study reveals valuable insights on this topic and contributes to the existing literature. Particular attention is placed on parental behavior and attitude during childhood, sibling characteristics and the perception of parental fairness by the successors, which we advocate are the principal factors conducive not only to the emergence of rivalry among heirs but also to influencing the effectiveness of the succession outcome.     

Content vs. Process in the HRM‐Performance Relationship: An Empirical Examination

This study investigates the impact of a human resource management (HRM) system, which integrates both content and process of human resource (HR) practices, on organizational performance, through collective employee reactions. The analysis is based on a sample of 1,250 Greek employees working in 133 public‐ and private‐sector organizations, which operate in the present context of severe financial and economic crises. The findings of the structural equation modeling suggest that content and process are two inseparable faces of an HRM system that help to reveal a comprehensive picture of the HRM–organizational performance relationship. Based on the findings that collective employee reactions mediate the HRM content (i.e., organizational performance relationship) and HRM process moderates the HRM content (i.e., employee reactions relationship), the study has several theoretical and practice implications. © 2014 Wiley Periodicals, Inc.     

Binary response panel data models with sample selection and self‐selection

We consider estimating binary response models on an unbalanced panel, where the outcome of the dependent variable may be missing due to nonrandom selection, or there is self‐selection into a treatment. In the present paper, we first consider estimation of sample selection models and treatment effects using a fully parametric approach, where the error distribution is assumed to be normal in both primary and selection equations. Arbitrary time dependence in errors is permitted. Estimation of both coefficients and partial effects, as well as tests for selection bias, are discussed. Furthermore, we consider a semiparametric estimator of binary response panel data models with sample selection that is robust to a variety of error distributions. The estimator employs a control function approach to account for endogenous selection and permits consistent estimation of scaled coefficients and relative effects.     

Information effect of entry into credit ratings market: The case of insurers' ratings

The paper analyzes the effect of competition between credit rating agencies (CRAs) on the information content of ratings. We show that a monopolistic CRA pools sellers into multiple rating classes and has partial market coverage. This provides an opportunity for market entry. The entrant designs a rating scale distinct from that of the incumbent. It targets higher-than-average companies in each rating grade of the incumbent's rating scale and employs more stringent rating standards. We use Standard and Poor's (S&P) entry into the market for insurance ratings previously covered by a monopolist, A.M. Best, to empirically test the impact of entry on the information content of ratings. The empirical analysis reveals that S&P required higher standards to assign a rating similar to the one assigned by A.M. Best and that higher-than-average quality insurers in each rating category of A.M. Best chose to receive a second rating from S&P.     

Facebook Content Strategies and Citizens’ Online Engagement: The Case of Greek Local Governments

This paper analyzes the communication strategies used by Greek local governments through the utilization of Web 2.0 technologies, specifically Facebook, and the effectiveness of these strategies in relation to citizens’ online engagement. More specifically, it examines Facebook communication strategies and levels of citizens’ engagement. For this purpose, we conducted a content analysis on the active and official Facebook pages of local municipalities in Greece from January 2017 until the end of September 2017. Our results suggest a rise in the percentage of active Facebook pages maintained by local governments in comparison to our 2014 study. Our results also show that local governments in Greece are using Facebook in a predominantly top-down manner to promote events organized by the municipality and to push one-way information to citizens about their services and actions. Local authorities have, however, made significant progress in relation to posts that support transparency and accountability and that enhance or mobilize citizens’ participation. Our evaluation of local government Facebook strategies indicates that marketing the municipality to external public, such as tourists, and providing information about services are effective strategies that drive citizens’ online attitude expression (liking), engagement (commenting), and advocacy behavior (sharing). According to our analysis, local governments in Greece prefer the strategies that we found to be the least engaging. In addition, our study provides interesting details of how specific characteristics and modes of Facebook messages (photos, videos, URLs, hashtags, and mentions) impact on citizens’ engagement. Finally, our results provide valuable insights for social media managers in local government who aim to increase the impact of their municipal Facebook pages.     

Undoing gender through performing the other

ABSTRACT

Following the perspective of gender as a socially constructed performance, consumer research has given light to how individuals take on, negotiate, and express a variety of gender roles. Yet the focus of research has remained on gender roles themselves, largely overlooking the underlying process of gender performativity and consumers’ engagement with it in the context of their everyday lives. Set within a performance methodology and the context of crossplay in live action role-playing games, this paper explores how individuals undo gender on a subjective level, thus becoming conscious and reflexive of gender performativity. The study suggests that individuals become active in undoing gender through engaging in direct, bodily performance of the gender other. Such performance does not challenge or ridicule norms, but pushes individuals to actively figure out for themselves how gender is performed. As a result, individuals become aware of gender performativity and become capable of actively recombining everyday performance.     

Financing of Firms,Labor Reallocation,and the Distributional Role of Monetary Policy*

We analyze monetary policy in a model with heterogeneous firms, where constrained firms finance operations through external financing and unconstrained firms use internal funds. We show that expansionary monetary policy increases the relative employment of constrained firms, while positive productivity shocks increase that of unconstrained firms. Our results agree with recent empirical findings, emphasizing the role of the monetary authority in reallocating resources across sectors with different financing capabilities. We also show that if the relative productivity of constrained firms is low, then expansionary monetary policy tilts resources towards less productive firms, which decreases the effectiveness of the policy in stimulating aggregate output.     

The determinants and valuation effects of classification choice on the statement of cash flows

In this paper we exploit the choice allowed by International Financial Reporting Standards (IFRS) regarding the presentation of interest payments on the cash flow statement to answer two related questions: First, whether the classification choice is explained by firm reporting incentives and second, whether it is value relevant. Using a UK sample, we find that firms reporting losses, with a greater proportion of their debt stemming from public sources, with CFO-based covenants and greater increases in leverage in the year of adoption are less likely to report interest payments in cash flows from operating activities (CFOA). Results also suggest that the incentive to meet or beat analyst CFO forecasts decreases, but strong corporate governance increases the probability of including interest payments in CFOA. Based on the assumption that the decision not to classify interest payments in CFOA captures lower disclosure quality or poor future expected performance, we posit that these firms should also exhibit lower valuations. Results obtained after correcting for self-selection bias confirm this assertion. We conclude that managers’ decision not to classify interest payments in CFOA is consistent with the opportunistic use of the choice allowed by IFRS.     

Human resource management systems and organizational performance: a test of a mediating model in the Greek manufacturing context

This paper investigates the relationship between systems of HRM policies and organizational performance. The research is based on a sample of 178 organizations operating in the Greek manufacturing sector. A mediation model is tested to examine the link between HRM and organizational performance. The results of this study support the hypothesis that the relationship between the HRM systems of resourcing–development and reward–relations, and organizational performance, is mediated through the HRM outcomes of skills and attitudes. The paper not only supports the theory that HRM systems have a positive impact on organizational performance but also explains the mechanisms through which HRM systems improve organizational performance.     

Do Immigrants Trust Trade Unions? A Study of 18 European Countries

Migrants form growing proportions of national workforces in advanced capitalist societies. Yet little is known about their attitudes towards the principal agents of worker representation in their host countries, the trade unions, much less via cross-national research. Using European Values Survey data, we redress this imbalance by examining migrants’ levels of trust in unions, compared to native-born. We find higher levels of trust in unions by migrants (compared to native-born) in general and especially by migrants during their first decades after arrival and whose countries of origin are characterized by poor quality institutions. These findings have significant implications for unionization strategies towards migrants, especially given received wisdom portraying migrants as indifferent or distrustful towards unions.