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Human resource flexibility is important in entrepreneurial ventures that need to respond to the changing challenges of growing the new business. This research investigates the impact of previously well-known people (strong ties) as entrepreneurial team members on the human resource flexibility of new ventures. Data collected from German founding entrepreneurs in technology-oriented, incubator-based firms shows that choosing a well known individual to join the entrepreneurial team increases the founder's ability to modify the team member's work role, but complicates asking the team member to leave the team if required. Hence, strong ties both increase and reduce human resource flexibility. However, the effect of strong ties on role modifiability is statistically significant only with novice entrepreneurs. These research findings counsel founders to discuss role modification and exit during partnership and entrepreneurial team membership negotiations. 相似文献
2.
Teemu Pennanen 《Finance and Stochastics》2011,15(1):57-83
This paper presents a stochastic model for discrete-time trading in financial markets where trading costs are given by convex
cost functions and portfolios are constrained by convex sets. The model does not assume the existence of a cash account/numeraire.
In addition to classical frictionless markets and markets with transaction costs or bid–ask spreads, our framework covers
markets with nonlinear illiquidity effects for large instantaneous trades. In the presence of nonlinearities, the classical
notion of arbitrage turns out to have two equally meaningful generalizations, a marginal and a scalable one. We study their
relations to state price deflators by analyzing two auxiliary market models describing the local and global behavior of the
cost functions and constraints. 相似文献
3.
Activity-based costing diffusion across organizations: an exploratory empirical analysis of Finnish firms 总被引:1,自引:0,他引:1
This study aims to explain what drives innovation diffusion in management accounting during its various phases. Based on Abrahamson [Abrahamson, E. (1991). Managerial fads and fashions: the diffusion and rejection of innovations. Academy of Management Review, 16, 586–612], four perspectives with potential to explain the diffusion of accounting innovations are identified: the efficient-choice, forced selection, fad and fashion perspectives. The diffusion of activity-based costing (ABC) in Finland provides an empirical context to study how these four perspectives apply to management accounting innovation. Data comes from a set of four surveys (total n=490, response rate 39.5%, 114 ABC cases), from interviews of consultants, academics and software industry employees, and from archival sources. The study proposes that the driving forces behind innovation diffusion in management accounting change over the course of diffusion. Efficient choice may explain the earliest adoptions, whereas fashion-setting organizations exert considerable influence in the take-off stage. Later on, the influence of fashion setting organizations diminishes. Further diffusion is explained both by mimetic behaviour and efficient-choice. 相似文献
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Budgets are used widely but criticized, mainly for performance evaluation reasons. We find that organizations regard budgets as more important for planning and control than evaluation, thus proposing a rationale for their continued use irrespective of evaluation‐based criticisms. This finding is also important, because most extant budget research focuses on evaluation, suggesting a potential disconnect between budget research and practice. We also find that rolling forecasts are used in tandem with the annual budget in most organizations, and for the same reasons. This was unexpected, as coexistence suggests their adoption for different reasons. 相似文献
6.
This paper develops duality theory for optimal investment and contingent claim valuation in markets where traded assets may be subject to nonlinear trading costs and portfolio constraints. Under fairly general conditions, the dual expressions decompose into three terms, corresponding to the agent’s risk preferences, trading costs and portfolio constraints, respectively. The dual representations are shown to be valid when the market model satisfies an appropriate generalization of the no-arbitrage condition and the agent’s utility function satisfies an appropriate generalization of asymptotic elasticity conditions. When applied to classical liquid market models or models with bid–ask spreads, we recover well-known pricing formulas in terms of martingale measures and consistent price systems. Building on the general theory of convex stochastic optimization, we also obtain optimality conditions in terms of an extended notion of a “shadow price”. The results are illustrated by establishing the existence of solutions and optimality conditions for the nonlinear market models recently proposed in the literature. Our results allow significant extensions including nondifferentiable trading costs which arise, e.g., in modern limit order markets where the marginal price curve is necessarily discontinuous. 相似文献
7.
This article presents empirical results on different managers’ viewpoints regarding the sources and management of project portfolio uncertainty. As a key result, this study demonstrates the versatility of uncertainties experienced by managers, the limited degree of perceived control over them, the use of an almost complete management control package in managing uncertainties, and the necessity of managers’ cooperation in the skilled use of the management control package when managing uncertainties. In addition, a further research agenda is proposed. 相似文献
8.
This article investigates the impact of perceived age norms on the formation of entrepreneurial intentions in the third age.
Age norms refer to those social norms that determine whether establishing and running a business are considered appropriate
behavior for a mature individual. An empirical analysis of Finnish individuals finds that norms perceived as permissive of
enterprising activity in the third age exert a significant positive influence on entrepreneurial intentions in this segment,
even when controlling for the general level of entrepreneurship in the municipalities. This influence is partially mediated
by whether the individual has a positive attitude toward entrepreneurship, by how the individual perceives their own ability
to start and run a business, by the extent of support from their family and friends they perceive and by the importance of
that support to them. Thus, if policy aims to increase enterprising activity in the third-age segment, the portfolio of instruments
should include measures that address people’s general awareness of third-age entrepreneurship as a viable, positive and attractive
late-career option. 相似文献
9.
Previous research on age and entrepreneurship assumed homogeneity and downplayed age-related differences in the motives and aims underlying enterprising behaviour. We argue that the heterogeneity of entrepreneurship influences how the level of entrepreneurial activity varies with age. Using a sample of 2,566 respondents from 27 European countries, we show that entrepreneurial activity increases almost linearly with age for individuals who prefer to only employ themselves (self-employers), whereas it increases up to a critical threshold age (late 40s) and decreases thereafter for those who aspire to hire workers (owner-managers). Age has a considerably smaller effect on entrepreneurial behaviour for those who do not prefer self-employment but are pushed into it by lack of alternative employment opportunities (reluctant entrepreneurs). Our results question the conventional wisdom that entrepreneurial activity declines with age and suggest that effective responses to demographic changes require policy makers to pay close attention to the heterogeneity of entrepreneurial preferences. 相似文献
10.
We investigate whether access to bond markets affects acquisition activity of the European firms between 1999 and 2014. Our study provides insight into the effect that the growing European bond market has on corporate investment activity. We find that access to the bond markets, measured by the existence of a credit rating, has a significant effect on the tendency of firms to make acquisitions. The effect is strongest in Continental Europe and during times of high acquisition activity. We further find that consistent with prior U.S. evidence, bond market access has an inverse effect on abnormal returns generated by the acquisitions. That finding suggests that firms with superior access to financing pursue targets of lesser quality. 相似文献