Performance and learning in an ambiguous environment: A study of cryptocurrency traders

We investigate the performance and learning ability of traders in an environment governed by ambiguity, such as the cryptocurrency market. Using a profit decomposition methodology, we find significant cross-sectional and temporal heterogeneity in performance. Traders do not learn to progressively increase the magnitude of returns; however, they are able to improve on their ability to realise profits as a mechanism of adaptation to survive through ambiguity. This adaptation increases as traders progress through their career. Moreover, we find evidence in support of the gambler’s fallacy. We argue that learning in ambiguous environments has limitations, allowing traders primarily to survive.     

高管团队异质性、团队冲突与企业绿色绩效——差异化CEO领导风格调节下的整合分析框架

基于高阶梯队等理论，从高层管理团队异质性等要素整合分析视角切入，在探讨高层管理团队驱动企业绿色绩效作用机制的基础上，尝试构建差异化CEO领导风格调节下高管团队（TMT）异质性、团队冲突与企业绿色绩效的理论模型；通过层次回归分析、Bootstrap等方法实证检验异质性高层管理团队的作用机理和边界。研究结果显示：①TMT异质性、任务冲突能显著提升企业绿色绩效，且任务冲突在TMT异质性与企业绿色绩效的关系中起部分中介效应，而关系冲突显著降低企业绿色绩效。多元化构成的高层管理团队拥有更多差异化思想，这些观点通过高层管理团队成员不断分析整合后作用于绿色绩效，而成员间“对人不对事”的关系冲突会弱化该过程，进而对绿色绩效产生负向影响；②变革型CEO领导风格负向调节任务冲突与企业绿色绩效的关系，表明CEO适度简政放权，指导、关怀和保障高管团队成员充分表达观点非常重要。交易型CEO领导风格负向调节关系冲突与企业绿色绩效的关系，说明CEO通过奖惩激励，降低高层管理团队情绪冲突，提升团队凝聚，是推动绿色转型的重要举措。     

创业导向对创新绩效的影响:顾客授权与开放式创新视角

开放经济下企业往往利用开放式创新范式进行技术创新。从开放式理论视角探讨创业导向对创新绩效的作用机制,重点探讨顾客授权的调节作用。以开放式创新为中介变量,以顾客授权为调节变量,构建一个被调节的中介作用模型。采用259家制造业企业的调查问卷数据检验研究假设,结果表明:开放式创新部分中介了创业导向与创新绩效间关系,顾客授权正向调节创业导向与开放式创新间关系以及开放式创新与创新绩效间关系,顾客授权与创新绩效呈正相关关系。最后,提出了管理建议和未来研究方向。     

Post-privatization speed of state ownership relinquishment: Determinants and influence on firm performance

This study investigates the potential determinants of speed of state ownership relinquishment, measured by the annual decrease in the percentage of ownership by the government, as well as its impact on corporate performance. Several country- and firm-level determinants affecting the speed of the government ownership withdrawal are documented. Likewise, the initial positive relation between the speed of government ownership relinquishment and performance is reported. However, beyond a certain level, if the governments increase the annual percentage of ownership relinquishment, the performance could be inferior. In other words, a nonlinear relation with an inverted U-shape is detected.     

环境不确定下企业孵化网络治理机制对治理绩效影响研究

从企业孵化网络本身以及环境视角分析了企业孵化网络治理绩效的影响因素,通过企业孵化网络治理机制对治理绩效关系的实证分析,验证了环境不确定下企业孵化网络的契约治理机制、管理治理机制对治理绩效的影响。结果表明:企业孵化网络治理机制中的契约治理机制、关系治理机制对治理绩效具有正向调节作用;环境不确定性会扩大或缩小治理机制对治理绩效的作用强度。企业孵化网络在高市场不确定性环境下,采用关系治理机制的绩效较好;在高技术不确定性环境下,采用契约治理机制的绩效较好。     

How and when do firms translate slack into better performance?

Many studies have tested the impact of organizational slack on performance, and yet little is known about how managers make use of slack, and in what circumstances it is most beneficial. We show that the managers of firms with higher levels of slack tend to overinvest, which will have a negative impact on performance, but at the same time they may innovate, which will subsequently have a positive impact. Our results also indicates slack is more beneficial when the firm has many profitable investment opportunities. We show that different types of slack influence performance differently, the total effect of available slack on performance being positive, whereas that of recoverable slack on performance being negative.     

Critical success factors for the sustainability of Kaizen event human resource outcomes: An empirical study

Kaizen events have been widely reported to produce positive change in business results and human resource outcomes. However, sustaining or improving upon the results of a Kaizen event over time can be difficult for many organizations and has received limited empirical research attention to date. This paper identifies the factors that most strongly influence the sustainability of work area employee attitudes and commitment to Kaizen events based on a field study of 65 events in eight manufacturing organizations. The findings also present guidelines for organizations and areas for future research.     

The international diversification-performance link in Spain: Does firm size really matter?

This study provides new insights into the link between international diversification and firm performance in a sample of large manufacturing firms and SMEs based in Spain for the 1994–2008 period. Specifically, the focus is on how the nature and shape of this relationship may vary over time with firm size. The results show the existence of a horizontal-S curve when the whole sample of firms is considered in the empirical analysis. However, major differences are found between SMEs and large firms, and even within the actual group of SMEs. Strong support is found in large firms for the existence of a horizontal-S curve. Within the group of SMEs, there are small firms with a linear and negative relationship, whereas medium-sized firms record a U-shaped form. These findings suggest that as the international diversification-performance link is size-dependent, future research should explicitly consider firm size in order to better understand the nature of this relationship.     

The Post-entry Performance of Cohorts of Export Starters in German Manufacturing Industries☆

This paper investigates four cohorts of firms from German manufacturing industries that started to export between 1998 and 2002, and follows them for five years after the start. Export starters are a rare species and small in Germany. Around 30–40% of those starters studied became continuous exporters. The share of total exports contributed by export starters of a cohort is tiny in the start year, and it remains so over the years that follow. Contrary to the market selection hypothesis, there is no evidence that productivity in the start year is systematically related to survival in the export market. There is no evidence of a negative impact of a smaller firm size in the start year on the chance of surviving in the export market. Starting with a higher share of exports in total sales, however, tends to increase the probability of continuing to export.