Antecedents of growth through mergers and acquisitions: Empirical results from Belgium

This paper empirically investigates the antecedents of growth through mergers and acquisitions (M&As) in a typical continental European country, Belgium. The article reports on a study using data on 484 private and listed bidders engaging in 990 M&As during 1997-2007, and matches this sample with companies that did not pursue any external growth. By analyzing firm characteristics, industry, and aggregate financial market variables, the study can also discern the motives that are important in the decision to acquire. The results show that neither the firm's cash position nor its cash-generating abilities influence its choice to grow externally. Yet, intangible assets affect the M&A decision positively, whereas ownership concentration and bank loans have a negative effect. In industries where incumbents are operating at a lower scale and in more highly concentrated industries, the odds of firms participating in M&As are larger. Industry deregulation, industry growth, and financial market conditions have no influence. These findings are largely comparable across listed and private firms. Yet, the data do reveal that the operating scale of industry incumbents and industry concentration matter only in horizontal and domestic takeover decisions.     

Journeys for Experiences: Japanese Independent Travelers in Scotland

Summary

This paper reviews the motives of Japanese independent travelers and offers a conceptualization-Journeys for Experiences. A desegregation of the independent traveler market is broken down into the three effected segments: Careerists, Collectors andMainstreamers. These segments are compared to generic segments of the Japanese market, and the effectiveness of Japanese tourism policy reviewed in terms of this segmentation. Also identified is the need for target marketing and image differentiation in promotion, in order to match the differential importance of motives by each segment toward the product offered both in terms of perceived and consumed experiences.     

心理契约视角下知识型员工激励系统的优化

心理契约是联系员工和组织的心理纽带,是正式劳务合约的有益补充。它改变了传统经济学从"自私自利"的角度研究雇员,把经济契约和心理契约有机结合,有利于提高雇员的积极性,促进组织的高效率。以知识型员工作为研究对象,结合知识型员工及其心理契约的特点,提出优化知识型员工心理契约激励系统的路径。     

Corporate philanthropy, attitude towards corporations, and purchase intentions: A South Korea study

This study proposes a model integrating attributions about perceived motives of corporation philanthropy (CP), attitude towards the corporations conducting CP, and subsequent purchasing intention. The model is tested in South Korea where the culture and business environment are different from that in North America. Data are collected from two different stakeholder groups of South Koreans (127 managers and 229 consumers: total sample of 356). The results based on the total sample indicate that only when corporations are perceived as conducting CP for public-serving (altruistic) motives, the CP significantly influences attitude towards the corporations. When the sample is divided into the two different stakeholder groups, non-identical patterns of relationships between motives and attitudes are observed. Managers show favorable relationships between motives and attitude, while consumers become skeptical for the reactive motive. The functional relationships between motives and attitude proposed in the model are partially supported with the South Korean data.     

员工援助计划在我国的发展及建议

近年来,员工援助计划逐渐引入我国,但是由于文化观念,管理模式等方面的问题,在发展过程中遇到了一些困难。本文介绍了员工援助计划的概念,回顾了其在中国的发展历程,提出了员工援助计划的实施步骤,总结了当前存在的主要问题,并给出了未来的发展建议。     

The role of economic and normative signals in international prosocial crowdfunding: An illustration using market orientation and psychological capital

Entrepreneurs in emerging nations are increasingly seeking microloans on international crowdfunding platforms composed of prosocial lenders primarily seeking non-monetary returns. Drawing on signaling theory, we posit that economic signals (as illustrated by market orientation) and normative signals (as illustrated by psychological capital) embedded within borrower narratives will influence funding time. A Computer-Assisted-Text-Analysis (CATA) of 130,964 profiles across 49 countries suggests that borrower cues of customer orientation, competitor orientation, long-term focus, profitability focus, confidence, and optimism are positively associated funding time, while cues of coordination, hope, and resilience are negatively associated with funding time. Prosocial lenders seem less inclined to lend to borrowers that exhibit a desire for economic success or normative expectations for positive outcomes in the future, while they seem to lend more rapidly to those exhibiting current hardship or a concern for people. A discussion of these findings and their implications for poverty alleviation concludes the study.     

Fueling the intrapreneurial spirit: A closer look at how spiritual leadership motivates employee intrapreneurial behaviors

This study enriches the hospitality literature by testing a theoretical model on the direct and indirect (via psychological empowerment) relationships between spiritual leadership and intrapreneurial behaviors among hotels' frontline employees. The study also tests the moderating role of work centrality in these relationships. Using time-lagged data from 204 employees and 48 supervisors in 48 hotels, our results show that spiritual leadership is positively associated with frontline employees' psychological empowerment, which in turn increases intrapreneurial behaviors. We also find evidence that work centrality increases the strength of these positive relationships. Our results thus provide new insights on how spiritual leadership motivates hotels’ frontline employees to depart from customary ways of performing their jobs, towards seeking new opportunities to create value for the organization. We suggest that managers, through their vision, altruistic love and faith, can indeed inspire feelings of empowerment among frontline employees and encourage them to engage in intrapreneurial behaviors.     

Linking inward/outward FDI and exploitation/exploration strategies: Development of a framework for SMEs

The purpose of this paper is to examine the relationships between exploitation/exploration strategy and foreign direct investment (FDI) involving small and medium-sized enterprises (SMEs). Drawing on qualitative data collected from 45 FDI projects reported by 38 SMEs in a small open economy (SMOPEC), we develop an empirically grounded framework and research propositions that suggest inward FDI (into the SME) is associated with exploration driven by a strategic asset-seeking motive, and outward FDI (by the SME) is associated with exploitation driven by market and efficiency-seeking motives. Further, for the SMEs in this study, ambidextrous exploration and exploitation appear complementary and co-occur either simultaneously through an inward FDI project, or sequentially through separate inward and outward FDI projects, respectively. Our findings, however, reveal a lack of clear sequencing between inward and outward FDI, in contrast to previous research that has conceptualised inward FDI as a strategic means to achieve outward FDI. Implications for theory, practice and policy are discussed.     

When does breach not lead to violation? A dual perspective of psychological contract in hotels in times of crisis

Implicit psychological contract (PC) represents the dynamic employee–employer relationship, and unlike explicit human resource (HR) practices, PC is an underexplored topic in the crisis management literature. By capturing the dual perspective of hotel employers and employees through interviews, this study investigates the content of PCs and breaches of PCs during the COVID-19 pandemic crisis. The study identifies salient dimensions of employer obligations such as safety assurance and of employee obligations such as personal protection. While employees emphasized the transactional contracts to protect their individual interests, the employers tried to balance the transactional and relational contracts. The study proposes a dynamic PC breach model that indicates contract breaches lead to varied responses through a complex interpretation process. In general, the study suggests that ensuring mutual consideration is the best way for hotel employees and employers to pull through a crisis.     

When rich pictorial information backfires: The interactive effects of pictures and psychological distance on evaluations of tourism products

Using data from five studies (i.e., a pilot study and four experiments), we examine the interactive effects of pictures and psychological proximity on consumers' evaluation of tourism products. The extant literature has suggested that providing rich pictorial information or construing a psychologically proximal tourism product can independently increase consumers’ generation of mental images and render a positive attitudinal judgment. However, our findings on the effectiveness of these two strategies in combination are mixed. Specifically, we find that if the tourism product is a psychologically distal one, consumers evaluate it more favorably when rich pictorial information is provided than when the information is not available. If the product is a psychologically proximal one, the reverse is true. Our findings, therefore, suggest an important situation that might be intriguing to both tourism product managers and advertisers --when rich pictorial information backfires.