The three Cs for cultivating organizational culture in a hybrid world

For years we have known that effective organizational culture is critical to ensuring revenue growth, employee retention, and even stock price acceleration. Yet, culture change is hard. Today, in the hybrid world, most employees still spend the majority of their time working within small work teams, but team members are often remote from one another. These employee interactions are essential to sharing and modeling the norms and behaviors necessary to cultivate the desired culture. Combining behavioral data with the use of organizational network analysis helps to overcome these limitations and provides a deeper understanding of the employee cultural experience—even in the hybrid context. In our research, we evaluated 10 attributes critical to an organization’s culture from more than 50,000 employees across three years. Using passive data, we also re-constructed the employee network based on primary interactions. Our research highlighted three critical cultural patterns that will help to more deeply evaluate culture in a hybrid context, but even more importantly,help target local solutions that can be quickly implemented. We call these the three“C’s” of cultivating culture. We show that organizational culture clusters in the employee network, is contagious among employees, and is contextually dependent.We discuss our key insights on the three C’s, concluding with practical applications for leaders applying these insights in their organization.     

Allocating a hybrid retailer's assortment across retail stores: Bricks-and-mortar vs online

This paper develops an IP model to determine item allocation for a hybrid retailer's store network, comprising bricks-and-mortar and online stores. Products with low carrying costs are distributed between the bricks-and-mortar stores and the online store. Products with high carrying costs can be withdrawn from the bricks-and-mortar stores and made available exclusively at the online store where the inventory carrying costs are comparatively lower. This strategy assists the hybrid retailer to not only improve the profitability of its bricks- and-mortar stores but also to retain the custom of the market segment that is loyal to the items withdrawn from the traditional stores. In this framework, the online channel complements rather than competes with traditional channels. This model is used to conduct an extensive simulation study to analyze the impact of important business factors on system profitability.     

How do standards committees affect the success of a standard? Comparative analysis of RCS and VoLTE and proposed hybrid standards development model of open and bandwagon approaches

Standards have become enablers of complex digital systems that provide a foundation for the present-day digital economy. While existing literature analyzes the factors behind the dominance of one standard over another, there has been little focus on the standards committees that define the standards. This study comparatively analyzes the case of the Rich Communication Services (RCS) and Voice over LTE (VoLTE) standards to examine the characteristics of standards committees. The findings provide lessons learned for standards committees, including non-tiered open membership, and sufficient depth of specifications. Most importantly, a new model is proposed for standards development, based on which the standards committee focuses on technical specifications with open membership, while industry consortia focus on commercial profiling of the technical specifications with the lead of influential players. The new model is expected to resolve the tradeoff between the development speed and stability of communications standards.     

Coherent identities and roles? Hybrid professional managers’ prioritizing of coexisting institutional logics in differing contexts

This article explores how hybrid professional managers relate to coexisting institutional logics in their everyday work. It examines coherence between the logic that informs managers’ identity and that prioritized in their role. By comparing interview data from managers in two settings, a faith-based hospital and a religious organization, this article analyses primary and secondary identities and roles. Findings show that experiences of coexisting logics differ according to the organizational context. Hospital managers identify with a managerial logic in both their identity and role. A professional logic informs church managers’ identity, yet they prioritize a managerial logic in their role. The article proposes a model that links hybrid professional managers’ identities and roles with a framework of coexisting logics proposed earlier.     

基于新兴古典经济学、交易成本经济学的产业集群演进机理探析

新兴古典经济学认为,在专业化经济和交易成本之间总是存在着非常复杂的两难冲突,交易效率的改进将会扩大分工经济与交易成本折衷的范围,从而提高生产者的专业化生产程度。交易成本经济学认为,不确定性、交易频率和资产专用性决定了经济活动主体的治理结构安排,随着三个变量水平的变化,其治理结构由于节约交易成本的原因,将经历市场、企业、网络组织的三种形态变化。文章运用新兴古典经济学与交易成本经济学思想,考察了劳动分工、交易效率与产业集群演进的互动关系,认为产业集群的形成与发展是一个劳动分工深化、交易效率提高(交易成本降低)的过程。在此基础上,文章对杨小凯的基于专业化经济的劳动分工模型进行了拓展和深化,以便对产业集群的演进机制进行深入分析,并通过模型分析支持了本文的观点。因此,产业集群的形成与发展有其自身的内在规律。当前,政府更为紧迫的任务是要注重产业集群软环境的建设,以此降低交易费用,促进产业集群的持续、健康发展。     

How does issuing contingent convertible bonds improve bank's solvency? A Value-at-Risk and Expected Shortfall approach

This paper examines how issuing an innovative financial instrument called contingent convertible bond (CoCo) may enhance bank's solvency in comparison to issuing a conventional bond. CoCos convert automatically into common equity or have a principal write-down when bank's regulatory capital fails to meet a predetermined level. They have been invented and put into legislation with an objective to absorb losses thus preventing institutions from bankruptcy. From the standpoint of an issuer CoCos bring about two counter effects regarding his solvency: on one hand they recapitalize a bank approaching insolvency on the other hand CoCos pay much higher coupon comparing to conventional bonds. In our model a bank has two funding alternatives: either to issue CoCos or conventional bonds. We measure issuer's default risk using the concept of Value-at-Risk (VaR) and Expected Shortfall (ES). We conclude that CoCos have the potential to strengthen the resilience of the issuer on the condition that the probability of conversion triggering is higher than the VaR's significance level. Our findings can be helpful to the policymakers and banks to better understand the impact of CoCos on issuer's solvency.     

Independent travelers’ niche hotel booking motivations: the emergence of a hybrid cultural society

This study attempts to examine travel motivations from a hybrid cultural perspective in the context of Chinese niche hotels. Using an in-depth netnographic methodology, the paper analyzed 659 online reviews on 12 niche hotels from 6 travel websites to identify the motivations of Chinese independent travelers’ hotel selection. The research findings revealed that travelers’ motivations include the following: attractive environment, quality, uniqueness, spiritual well-being, traditional architecture, family togetherness, foreign style offerings and service, luxury amenities, and entertainment. These motivations can be classified into modern Chinese culture oriented motivations, traditional Chinese culture oriented motivations and foreign culture oriented motivations. The study identifies the characteristics of the market segment of Chinese independent travelers and offers valuable insights into the role of this emergent travel group. The theoretical implications suggest a hybridization effect of culturally oriented motivations showing that hotel choice and perhaps domestic tourism destination choice are driven by both Chinese and Western cultures. Management implications are discussed, and marketing suggestions are made to better understand what attracts this growing market segment in China.     

我国混合动力客车产业发展对策研究——基于SWOT的分析

混合动力客车(HEB)作为节能环保的新型交通工具已成为客车产业的发展趋势。在我国混合动力客车的发展还处于成长阶段。采用SWOT分析方法,分析研究我国的混合动力客车产业发展,并针对现状提出相关建议。     

NYSE execution quality subsequent to migration to hybrid

In October 2006, the NYSE began rolling-out phase three of a four-phase plan initiate its new Hybrid trading mechanism. The results show that this new trading platform introduced a much larger proportion of electronic transactions relative to floor auction transactions. This migration to electronic transactions is further evidenced by a mirror shift in price discovery from floor trades to trades marked for automatic electronic execution. In addition, the move to Hybrid trading introduced a significant decrease in inventory control costs, as well as a noticeable increase in trade persistence. Finally, the new trading platform has increased the speed with which orders are met, and has also decreased the proportion of executed shares which receive price improvement.

The affine Heston model with correlated Gaussian interest rates for pricing hybrid derivatives

In this article we define a multi-factor equity–interest rate hybrid model with non-zero correlation between the stock and interest rate. The equity part is modeled by the Heston model and we use a Gaussian multi-factor short-rate process. By construction, the model fits in the framework of affine diffusion processes, allowing fast calibration to plain vanilla options. We also provide an efficient Monte Carlo simulation scheme.