How do CEO emotions matter? Impact of CEO affective traits on strategic and performance conformity in the spanish banking industry

Research on how managers influence firm outcomes has generated promising explanations of differences in organizational strategies and performance within a given industry, but has largely ignored the role of emotions in shaping managers' strategic choices. This article analyzes the influence of the affective traits of CEOs—their long‐term tendency to experience positive or negative moods or emotions—on strategy and performance conformity in a sample of Spanish banks and savings banks. Our results show that managers' negative affective traits are related to more conformist strategies and more typical performance, whereas positive affective traits seem to promote outcomes that deviate from the central tendencies of the industry. Results also show that strategic conformity mediates the relationship between CEO negative affective traits and typical performance. Copyright © 2009 John Wiley & Sons, Ltd.     

Stochastic Orderings of Convex-Type for Discrete Bivariate Risks

New classes of order relations for discrete bivariate random vectors are introduced that essentially compare the expectations of real functions of convex-type of the random vectors. For the actuarial context, attention is focused on the so-called increasing convex orderings between discrete bivariate risks. First, various characterizations and properties of these orderings are derived. Then, they are used for comparing two similar portfolios with dependent risks and for constructing bounds on several multilife insurance premiums.     

女性高管会提升旅游企业绩效吗?——来自旅游上市公司的经验研究

旅游业是女性就业较为集中的行业。近年来,我国旅游企业中女性高管不断增加,文章以2003-2016年期间我国旅游上市公司作为样本,基于高阶理论构建研究假设,并利用非平衡面板数据建立计量经济学模型,实证研究我国旅游上市公司中女性高管对企业绩效的影响。研究发现,旅游上市企业中女性高管对企业绩效具有显著促进作用;然而,对酒店行业的进一步分析表明,女性高管对酒店企业绩效的正向作用,会因为行业高度竞争压力的存在而受到抑制。研究结果丰富了现阶段女性研究相关文献,也为旅游企业管理决策提供了理论依据和经验支持。     

岷江上游地区文化资源的旅游价值评析和开发建议

岷江上游地区具有丰富多彩的文化资源,但对文化资源的旅游开发却较为薄弱,本文对岷江上游地区的文化资源从科学价值、文化价值、观赏及体验价值、知名度、独特性等几方面进行了旅游价值的评价,并在此基础上提出了开发旅游的一些建议。     

Bounding the generalized convex call price

The present article introduces the concept of generalized calls (options whose value at expiry can be any function of the difference between the price of the underlying security and the striking price) and presents some of the properties of such options through the use of absence of stochastic dominance arguments. It deals with bounding relations of call premium applied to generalized options of the convex type, i.e. nonlinear convex options. These relations are obtained from the hypothesis of absence of second-order stochastic dominance between comparable strategies and without any hypothesis on the underlying security's distribution. The article presents economic justification of this method, some classical lemmas about stochastic dominance, and some bounds for convex calls.     

Conceptualizing executive hubris: the role of (hyper‐)core self‐evaluations in strategic decision‐making

Researchers have long been interested in how an executive's self‐concept affects his or her behaviors, but have lacked a theoretically grounded, validated construct for conducting systematic inquires. The concept of ‘core self‐evaluation’ (CSE), which has been recently validated in the psychology literature, concisely encompasses and consolidates the common, overlapping portions of four previously unconnected personality dimensions: self‐esteem, self‐efficacy, locus of control, and emotional stability. CSE has great potential to provide substantial leverage for research on executive self‐concept. We review and reconcile prior research on related constructs in executive settings (including narcissism, hubris, and overconfidence) and argue that CSE should be adopted as a robust, well‐validated umbrella construct for research on executive self‐concept. Indeed, a very high level of CSE, or hyper‐CSE, aligns closely with what is often colloquially called ‘hubris.’ We anticipate that hyper‐CSE executives—who possess supreme levels of self‐confidence, self‐potency, and conviction that they will prevail—will manifest this trait in their job behaviors. We develop a set of integrated propositions that describe the implications of CSE for strategic decision processes, strategic choices, and organizational performance. Finally, we propose additional avenues for research. Copyright © 2005 John Wiley & Sons, Ltd.     

Corporate voluntary greenhouse gas reporting: Stakeholder pressure and the mediating role of the chief executive officer

The study sheds light on the extent to which various stakeholder pressures influence voluntary disclosure of greenhouse gas (GHG) emissions and how the impact is explained and moderated chief executive officer (CEO) characteristics of 215 FTSE 350 listed U.K. companies for the year 2011. The study developed a classification of GHG emission disclosure based on the guidelines of GHG Protocol, Department for Environment, Food and Rural Affairs, and Global Framework for Climate Risk Disclosure using content analysis. Evidence from the study suggests that some stakeholder pressure (regulatory, creditor, supplier, customer, and board control) positively impacts on GHG disclosure information by firms. We found that stakeholder pressure in the form of regulatory, mimetic, and shareholders pressure positively influenced the disclosure of GHG information. We also found that creditor pressure also had a significant negative relationship with GHG disclosure. Although CEO age had a direct negative effect on GHG voluntary disclosure, its moderation effect on stakeholder pressure influence on GHG disclosure was only significant on regulatory pressure.     

Why Do Firms Enter into a New Niche Market? An Integrated View of Objective and Subjective Antecedents of Strategic Decisions

This study is based on behavioral theories and has the purpose of determining the predictors and contingencies of strategic decision making within the strategic tripod framework and CEO age effect. Furthermore, we focus on the effect of the interaction of these aspects on strategic decisions. Multiple theories and concepts are applied in this paper, such as the institution-, industry-, and resource-based view, upper echelons theory, socio-emotional wealth, empathy, and so on. Specifically, we focus on why Chinese real estate firms decide to enter the aged housing market. By conducting an empirical study using panel data from 134 listed Chinese real estate companies, we make the following conclusions: Institutional pressure and competitor numbers positively affect, whereas slack harms, the likelihood of entry. Ceteris paribus, the resource effect is strongest when the institutional effect is the most significant. When facing institutional pressure, a firm with a CEO older than 50 is significantly more likely to enter the aged housing market than firms with a CEO that is younger.Relieving institutional pressure and avoiding cutthroat competition are helpful in making strategic decisions but not for digesting slack resources. The CEO makes strategic decisions by replying to institutional pressure but likely not from engagements in resource or competitive affairs.     

Determinants of executive beliefs: comparing functional conditioning and social influence

Executive beliefs influence strategic decision making in organizations, and thus they ultimately influence organization performance. The factors that might determine upper‐echelon executive beliefs, however, have received scant empirical attention; certainly, little is known about their relative influence. In contrast to the oft‐asserted influence of functional experiences, our results indicate that beliefs held by upper‐echelon executives are better explained with an alternate theoretical model based on social influence. Our pattern of results indicates support for the argument that beliefs are socially reproduced through interaction among executives. Copyright © 1999 John Wiley & Sons, Ltd.