Telling and selling the value of diversity and inclusion—External consultants' discursive strategies and practices

On the basis of a qualitative study of a subgroup of diversity professionals, external diversity and inclusion (D&I) consultants, we explore D&I consultants' discursive strategies and practices situated within organisational structures, relations, and interactions of power and knowledge. Theoretically, the research reveals how D&I consultants' own discursive strategies interact with existing organisational and societal discourses of diversity, incrementally shaping their continual evolution. A classification is developed, which sets out four approaches taken by consultants with regard to their discursive strategies in relation to clients. The findings suggest that HR practitioners need to work in tandem with external consultants to develop strategies to improve the status and legitimacy of diversity work if the field is to progress the organisational D&I agenda.     

Information asymmetry and the speed of adjustment: debasements in the mid‐sixteenth century

This article examines the impact of information asymmetry on the movement of London–Antwerp exchange rates against the backdrop of the Great Debasement of 1544–51. The case of the revaluation of gold coins in the Habsburg Netherlands in 1539, about which the sovereign and the public possessed similar information, is used as the benchmark to judge how far the speed of adjustment was affected by information asymmetry. This article is also part of the recent literature that estimates the degree of financial market integration in late medieval and early modern Europe. In the framework of the threshold autoregressive model, the speed of adjustment and the transaction costs associated with arbitrage are estimated, and the results are judged using the speed of communication as a benchmark since the flow of information played a critical role in financial arbitrage. The results reveal that the sixteenth‐century London–Antwerp exchange markets were already as integrated as that during the late nineteenth century, but information asymmetry severely disturbed the effectiveness of exchange arbitrage.     

HOW DO RATING AGENCIES’ DECISIONS IMPACT STOCK MARKETS? A META‐ANALYSIS

The purpose of this study is to examine how credit rating agencies’ decisions impact the stock market using a systematic and quantitative review of existing empirical studies. Specifically, we employ a meta‐regression analysis (MRA) to investigate the extent and nature of the effect of rating agencies’ decisions on the stock market. We survey 62 studies published between 1978 and 2015. Our first finding is that the cumulative average abnormal returns calculated from this empirical literature are affected by publication bias. After controlling for publication bias, the main findings of our meta‐analysis indicate that negative rating decisions cause statistically significant negative abnormal returns. This evidence suggests an informational effect. Our results also indicate that positive rating decisions do not have a significant effect. Finally, the MRA results reveal the importance of several factors related to primary study design, as well as to the nature of the data.     

Consequences of Debt Forgiveness: Strategic Default Contagion and Lender Learning

I use a unique data set of loans to small business owners to examine whether lenders face adverse consequences when they grant debt forgiveness to borrowers. I provide evidence consistent with borrowers communicating their debt forgiveness to other borrowers, who then more frequently strategically default on their own obligations. This strategic default contagion is economically large. When the lender doubles debt forgiveness, the default rate increases by 10.9% on average. Using an exogenous shock to the lender's forgiveness policy, my findings suggest that as the lender learns about the extent of borrower communication the lender tightens its debt forgiveness policy to mitigate default contagion.     

Organizational mindfulness,mindful organizing,and environmental and resource sustainability

The research theorizes that environmental vulnerability can be minimized through mindfulness‐based strategies, and redesigning organizing processes, so that richer thinking is activated more quickly among greater number of people all of whom try to update their knowledge regardless of the knowledge source. It empirically evaluates the effects of organizational mindfulness and mindful organizing on resources and environmental sustainability. The model was tested in a very appropriate setting—Saudi Arabia, where increasing demand for and supply of energy culminates in unsustainable resources utilization and rise in greenhouse gas emissions and other environmental vulnerabilities. Data were collected from Saudi firms operating in the oil and gas sector and analyzed using SmartPLS software. The measurement and structural models were evaluated. The measurement model exhibits adequate model fit. The tests for the structural models show that four (of five) dimensions of organizational mindfulness (viz., commitment to resilience, deference to expertise, preoccupation with failure, and reluctance to simplify interpretations) and mindful organizing are significantly related at 5% significance level. Sensitivity to operations has no significant relationship with mindful organizing. Mindful organizing is significantly related to environmental and resources sustainability. Moreover, mindful organizing fully or partially mediates in the relationship between some of the dimensions of organizational mindfulness and environmental and resources sustainability. The study is one of the first to integrate mindfulness‐based approaches to sustainability and environmental research.     

Evidence of Place: Becoming a Region in Rural Canada

The purpose of this article is to investigate whether place is emerging in practice as a critical dimension in the development of Canadian rural regions. Recently, Jones and Paasi set regional researchers the task of better understanding how regions ‘become'. In researching this question, we are particularly interested in the definition and expression of place‐based identity as a mobilizing force for regionalism. Our findings suggest that, while identity plays a critical role in fostering regional development processes, it is either too emergent or actively resisted within our research sites to be a significant force for place‐based regional development.     

IMPACT ON FIRMS OF THE USE OF KNOWLEDGE EXTERNAL SOURCES: A SYSTEMATIC REVIEW OF THE LITERATURE

This study summarizes the main conclusions from a systematic review of the empirical literature regarding the impact on firms of the use of knowledge external sources (universities, research institutes and knowledge intensive business services). With the aim to organize the literature, we classify the different works according to the research question addressed: (i) which firms use knowledge external sources?; (ii) Do firms using knowledge external sources achieve better results?; And (iii) which firms benefit the most from using knowledge external sources? Stylized facts are that larger, more R&D intensive and high tech firms are more likely to use knowledge external sources and that use of knowledge external sources is associated to firms higher technical results. Less attention has been paid to the third question and evidence is not conclusive. Several recommendations for future research emerge. First, to take in greater consideration methodological issues so that potential biases in the results caused by sample selection and endogeneity are handled properly. Second, to pay more attention to heterogeneous outcomes. Third, to use continuous indicators of depth and breadth of links allowing for non‐linear relationships and fourth, to extend evidence for developing countries and service industries.     

Has the CSR engagement of electrical companies had an effect on their performance? A closer look at the environment

Even though electrical companies attain a top ranking in the publication of CSR reports, they are often accused of 'green‐washing' due to their bad environmental reputation. The current economic crisis is testing their real CSR commitment more than ever, especially when this goes beyond its economic consequences. Based on a worldwide sample of electrical companies, we are going to study why companies are being socially responsible. We wish to know if it is due to the impact on the firms' performance or whether there are other motives (legitimation, improving their reputation) that lead companies to carry out these practices. We will also consider if it changes across the kind of CSR action considered. The results show that there is an economic justification beyond the socially responsible behaviour of the electrical companies. Additionally, most kinds of CSR action (community, diversity, corporate governance, product responsibility) are also carried out looking for economic rewards. However, the CSR actions oriented to the environment are mainly motivated by their need to improve their image and reverse their negative impact. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment     

Who should sell stocks?

Never selling stocks is optimal for investors with a long horizon and a realistic range of preference and market parameters, if relative risk aversion, investment opportunities, proportional transaction costs, and dividend yields are constant. Such investors should buy stocks when their portfolio weight is too low and otherwise hold them, letting dividends rebalance to cash over time rather than selling. With capital gains taxes, this policy outperforms both static buy‐and‐hold and dynamic rebalancing strategies that account for transaction costs. Selling stocks becomes optimal if either their target weight is low or intermediate consumption is substantial.