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Internationalization and Private Equity Partnerships: Legal Origin Heterogeneity and Fund Performance 国际化与私募股权合伙:法律渊源、异质性与基金绩效
IF 6.1 1区 管理学
International Business Review Pub Date : 2025-09-05 DOI: 10.1016/j.ibusrev.2025.102509
Geoffrey Wood , Giorgos Papagiannakis , Marilou Ioakimidis , Jens Martin
{"title":"Internationalization and Private Equity Partnerships: Legal Origin Heterogeneity and Fund Performance","authors":"Geoffrey Wood ,&nbsp;Giorgos Papagiannakis ,&nbsp;Marilou Ioakimidis ,&nbsp;Jens Martin","doi":"10.1016/j.ibusrev.2025.102509","DOIUrl":"10.1016/j.ibusrev.2025.102509","url":null,"abstract":"<div><div>This study examines the impact of heterogeneity in legal origin between partners on the performance of Private Equity (PE) funds. Using a dataset of 3658 buyouts from 2000 to 2016, we show that internationalized PE partnerships, where Limited Partners (LPs) and General Partners (GPs) are from different legal systems, underperform compared to those within a single legal regime. We attribute this effect to challenges in contract enforcement and monitoring. Interestingly, while GP experience does not mitigate this negative effect, LP experience seems to intensify it, possibly due to overconfidence. We further find that funds with civil law GPs and common law LPs perform worse in terms of IRRs and MOIC, whereas the opposite combination only shows a decrease in MOIC. We explore potential explanations for these patterns, including the role of institutional differences, and discuss their implications for theories of PE internationalization and avenues for future research.</div></div>","PeriodicalId":51352,"journal":{"name":"International Business Review","volume":"35 1","pages":"Article 102509"},"PeriodicalIF":6.1,"publicationDate":"2025-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145004972","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Communication Strategies in Hospitality: A Study on Michelin Green Star Sustainable Restaurants 酒店业的沟通策略:以米其林绿色之星可持续餐厅为例
IF 13.4 1区 管理学
Business Strategy and The Environment Pub Date : 2025-09-05 DOI: 10.1002/bse.70184
Mirko Olivieri, Ginevra Testa, Luca Giraldi
{"title":"Communication Strategies in Hospitality: A Study on Michelin Green Star Sustainable Restaurants","authors":"Mirko Olivieri, Ginevra Testa, Luca Giraldi","doi":"10.1002/bse.70184","DOIUrl":"https://doi.org/10.1002/bse.70184","url":null,"abstract":"This research examines the sustainability communication strategies employed by Michelin Green Star award‐winning restaurants. The present study utilised qualitative content analysis of textual data from Michelin Guide descriptions for 182 restaurants, thereby highlighting six core communication themes: sustainable technologies, diversified culinary offerings, community‐focused initiatives, sustainable supply chains, entrepreneur values and sustainability certifications. The findings emphasise authenticity, transparency, local community engagement, waste valorisation, circular economy innovations and entrepreneurial passion as key drivers of sustainability communication strategies in the hospitality sector.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"64 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145003147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Evaluation of Services Provided During Three Major Earthquakes in Türkiye: A Phenomenological Study 台湾三次大地震服务评价:现象学研究
IF 2.2 3区 管理学
Journal of Contingencies and Crisis Management Pub Date : 2025-09-05 DOI: 10.1111/1468-5973.70078
Galip Usta, Saime Şahinöz
{"title":"Evaluation of Services Provided During Three Major Earthquakes in Türkiye: A Phenomenological Study","authors":"Galip Usta,&nbsp;Saime Şahinöz","doi":"10.1111/1468-5973.70078","DOIUrl":"https://doi.org/10.1111/1468-5973.70078","url":null,"abstract":"<div>\u0000 \u0000 <p>The aim of this study is to compare the services provided after three major earthquakes in Türkiye (Gölcük, Van, Elazığ) to examine in depth from the perspective of earthquakes and to present policy recommendations. The phenomenological design was adopted in the study. The study was conducted with 30 people who experienced the earthquakes between 07.04.2021 and 14.06.2021. In the study, theft and looting were the most frequently coded common features in the Gölcük and Van earthquakes. One of the most frequently coded common features in the Van and Elazığ earthquakes was that nothing was done about CBRN. In both earthquakes, it was found that the telephone outage that occurred after the earthquake was commonly coded. It was observed that there were problems in terms of information, guidance and awareness of assembly areas. It was evaluated that there were traffic problems after the earthquakes. While the lack of psychosocial support services was mentioned in the Gölcük earthquake, it was evaluated that the provision of psychosocial support services began to become evident in the subsequent earthquakes. It was determined that the number of teams and personnel in the search and rescue efforts in the Gölcük earthquake were insufficient. It was evaluated that training and drill activities have an important place in minimizing the problems experienced after earthquakes. It is seen that no radical work has been done to protect domestic or street animals after the earthquakes. As a result, it is recommended that disaster plans be prepared comprehensively, psychosocial support services be developed, training and drill activities be emphasized, critical facilities be strengthened, the infrastructure system be prepared for disasters, the communication system be strengthened, and security procedures be implemented effectively, using the lessons learned from the earthquakes.</p>\u0000 </div>","PeriodicalId":47674,"journal":{"name":"Journal of Contingencies and Crisis Management","volume":"33 3","pages":""},"PeriodicalIF":2.2,"publicationDate":"2025-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144990755","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Impact of Financial Development on the Circular Economy: Empirical Evidence From the European Union 金融发展对循环经济的影响:来自欧盟的经验证据
IF 13.4 1区 管理学
Business Strategy and The Environment Pub Date : 2025-09-05 DOI: 10.1002/bse.70168
Sisi Chen, Mohamed Elheddad, Neetu Sharma, Chi Keung Marco Lau
{"title":"Impact of Financial Development on the Circular Economy: Empirical Evidence From the European Union","authors":"Sisi Chen, Mohamed Elheddad, Neetu Sharma, Chi Keung Marco Lau","doi":"10.1002/bse.70168","DOIUrl":"https://doi.org/10.1002/bse.70168","url":null,"abstract":"In the context of growing environmental degradation and unsustainable resource use, the transition to a circular economy (CE) has become central to policy and academic discourse. While financial development is increasingly recognized as a potential enabler of sustainability, its empirical linkage to CE outcomes remains underexplored. This study investigates the relationship between financial development—measured by domestic credit to the private sector (% of GDP)—and municipal waste generation per capita across 28 European countries from 2000 to 2020. Using a robust empirical strategy that includes fixed effects, instrumental variables (IV) estimation, and panel quantile regression, we assess whether access to credit supports or undermines CE performance. Municipal waste per capita serves as an inverse proxy for CE, capturing material inefficiencies and the persistence of linear economic models. Results consistently show a positive and significant association between financial development and waste generation, suggesting that, in the absence of environmental targeting, expanded credit may reinforce consumption‐driven waste. The findings underscore the importance of aligning financial sector growth with sustainability objectives through green finance instruments and regulatory incentives. This paper contributes to the emerging literature at the intersection of finance, environmental strategy, and circular economic transition.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"27 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145003100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Trojan horse of international entrepreneurship in the MENA region: Locus of control and the export of corruption 中东和北非地区国际创业的特洛伊木马:控制点和腐败的输出
IF 8.8 1区 管理学
Journal of World Business Pub Date : 2025-09-04 DOI: 10.1016/j.jwb.2025.101677
Ahmad Al Asady , Sergey Anokhin
{"title":"The Trojan horse of international entrepreneurship in the MENA region: Locus of control and the export of corruption","authors":"Ahmad Al Asady ,&nbsp;Sergey Anokhin","doi":"10.1016/j.jwb.2025.101677","DOIUrl":"10.1016/j.jwb.2025.101677","url":null,"abstract":"<div><div>This study explores the under-theorized relationship between international entrepreneurship and the likelihood of corrupt entry in the MENA region. It argues that entrepreneurs' locus of control regarding corruption may increase the likelihood of engaging in corrupt activities in a new business environment. Institutional factors such as the perceived level of corruption in the host economy also affect this relationship. The paper aims to enrich the understanding of international business by examining corruption at an individual level and to provide a nuanced view of international entrepreneurship, often viewed positively, but potentially having a darker side.</div></div>","PeriodicalId":51357,"journal":{"name":"Journal of World Business","volume":"60 6","pages":"Article 101677"},"PeriodicalIF":8.8,"publicationDate":"2025-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144988869","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Public Administration Country Study: Kazakhstan—Post‐Soviet Legacy, Modernisation, and Hybridity 公共行政国家研究:哈萨克斯坦-后苏联遗产,现代化和混合
IF 8.3 1区 管理学
Public Administration Review Pub Date : 2025-09-04 DOI: 10.1111/puar.70030
Colin Knox, Serik Orazgaliyev
{"title":"Public Administration Country Study: Kazakhstan—Post‐Soviet Legacy, Modernisation, and Hybridity","authors":"Colin Knox, Serik Orazgaliyev","doi":"10.1111/puar.70030","DOIUrl":"https://doi.org/10.1111/puar.70030","url":null,"abstract":"Kazakhstan is a post‐Soviet upper middle‐income country which claims to be a leader in regional governance in Central Asia. A key component of its development strategy since independence in 1991 has been public administration reform. This paper examines the post‐Soviet public administration legacy, its features, and how Kazakhstan has attempted to modernize. The country study considers the transition process from the Soviet period, factors which shaped the change, and the extent to which Kazakhstan is now a “democratic unitary state.” Kazakhstan has made progress beyond a post‐Soviet model of public administration. However, it cannot be described as a “democratic unitary state” but rather practices hybrid governance reflecting the demise of the authoritarian bargain. The Kazakhstan country study illustrates how public administration reforms can gain traction in non‐democratic settings and challenges the liberal democratic bias in much public administration theory.","PeriodicalId":48431,"journal":{"name":"Public Administration Review","volume":"83 1","pages":""},"PeriodicalIF":8.3,"publicationDate":"2025-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144995381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Should your brand hire virtual influencers? How realism and gender presentation shape trust and purchase intentions 你的品牌应该雇佣虚拟网红吗?现实主义和性别呈现如何塑造信任和购买意愿
IF 13.1 1区 管理学
Journal of Retailing and Consumer Services Pub Date : 2025-09-04 DOI: 10.1016/j.jretconser.2025.104491
Vaibhav Shwetangbhai Diwanji
{"title":"Should your brand hire virtual influencers? How realism and gender presentation shape trust and purchase intentions","authors":"Vaibhav Shwetangbhai Diwanji","doi":"10.1016/j.jretconser.2025.104491","DOIUrl":"10.1016/j.jretconser.2025.104491","url":null,"abstract":"<div><div>Virtual influencers (VIs), a natural progression in the AI gold rush in marketing, are becoming increasingly humanlike thanks to the advancements in generative-AI and natural language processing (NLP). This study (<em>N</em> = 710), guided by an integrated framework combining the Technology Acceptance Model (TAM), Parasocial Relationships (PSR), and Extended Privacy Calculus Model (EPCM), explores how perceived realism (form and behavioral) of VIs influences consumers' trust, brand attitudes, and purchase intentions, with gender presentation moderating these effects. Findings reveal that form (visual) realism boosts perceived usefulness, while behavioral (communication) realism enhances perceived ease-of-use. These functional affordances, along with social factors (presence, cognition, enjoyment), influence trust in VIs. Privacy concerns negatively shape trust, which, in turn, impacts purchase intentions through brand attitudes. These effects are stronger for male VIs. Findings support the PSR-based perspective, highlighting that consumers treat VIs as social actors and apply human social norms in brand-specific interactions.</div></div>","PeriodicalId":48399,"journal":{"name":"Journal of Retailing and Consumer Services","volume":"88 ","pages":"Article 104491"},"PeriodicalIF":13.1,"publicationDate":"2025-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144988194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Crafting regenerative management skills through teaching of enterprise in place: Insights from an Irish regional university 通过企业就地教学培养再生管理技能:来自爱尔兰一所地方大学的见解
IF 7.4 2区 管理学
International Journal of Management Education Pub Date : 2025-09-04 DOI: 10.1016/j.ijme.2025.101268
Arthur Kearney, Sharon O'Brien, Felicity Kelliher
{"title":"Crafting regenerative management skills through teaching of enterprise in place: Insights from an Irish regional university","authors":"Arthur Kearney,&nbsp;Sharon O'Brien,&nbsp;Felicity Kelliher","doi":"10.1016/j.ijme.2025.101268","DOIUrl":"10.1016/j.ijme.2025.101268","url":null,"abstract":"<div><div>Contemporary sustainability concerns argue that the nature and role of traditional management skills in enterprise require reappraisal. One response to such reappraisal is to support investigation of the nature, role and impact of regenerative management skills (RMS) in contemporary enterprise. Central to such investigation is embeddedness of RMS and enterprise pedagogy in place.</div><div>Reporting on the pedagogic practices of two lecturers at a new Irish regional university, the study investigates: How does teaching of place develop RMS for future enterprise managers? Informed theoretically by the theory of pedagogic practices, a conceptual framework is developed from an illustrative case study. Six place-based pedagogic practices are shown to support the development of regenerative management skills, with lecturers required to embrace change, challenges and levels of decentring. Emotional intelligence of lecturers and capacity in boundary spanning are supportive of regenerative management skills development.</div><div>The study contributes to an emerging literature on regenerative management skill development, through the lens of place-based teaching, and has implications for educators contemplating such development. Given the regional context of the university, a policy contribution informs how regenerative management can be developed in context.</div></div>","PeriodicalId":47191,"journal":{"name":"International Journal of Management Education","volume":"23 3","pages":"Article 101268"},"PeriodicalIF":7.4,"publicationDate":"2025-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144988689","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Unpacking Circular Economy Practices and Carbon Emissions Relationships: Co‐benefits and Legitimacy Perspectives 拆解循环经济实践与碳排放关系:共同利益与合法性视角
IF 13.4 1区 管理学
Business Strategy and The Environment Pub Date : 2025-09-04 DOI: 10.1002/bse.70157
Margherita Molinaro, Guido Orzes, Joseph Sarkis
{"title":"Unpacking Circular Economy Practices and Carbon Emissions Relationships: Co‐benefits and Legitimacy Perspectives","authors":"Margherita Molinaro, Guido Orzes, Joseph Sarkis","doi":"10.1002/bse.70157","DOIUrl":"https://doi.org/10.1002/bse.70157","url":null,"abstract":"Circular economy practices can provide co‐benefits beyond resource utilization that potentially result in climate mitigation. Drawing on co‐benefits theory and using a panel of 1599 manufacturing companies for the period 2014–2021, this study investigates the relationship between circular economy practices and carbon emissions, evaluating two hypotheses. The first hypothesis speculates a negative association between circular economy and Scope 1, Scope 2, and Scope 3 emissions—meaning greater circular practices relate to fewer emissions. We then turn to legitimacy theory to evaluate this relationship within sustainability‐<jats:italic>sensitive</jats:italic> and <jats:italic>non‐sensitive</jats:italic> industries. The results show that only the <jats:italic>product redesign</jats:italic> strategy is associated with lower levels of Scope 1 and Scope 2 emissions. No circular economy practice is related to improvements in Scope 3 emissions. Industry‐specific characterizations are also evaluated. The work provides interesting and sometimes counterintuitive results that require greater investigation to further understand the phenomena. From a theoretical perspective, the study contributes to the literature on organizational antecedents of carbon emission intensity and extends the application of co‐benefits theory to the firm level, linking it to a legitimacy theoretical perspective. Practically, the study provides managers with insights into the effects of individual <jats:sc>CE</jats:sc> practices on the three emissions scopes, complemented by industry‐contingent findings.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"22 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2025-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144995181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Spillover effects in mandatory environmental reporting 强制性环境报告的溢出效应
IF 2.2 3区 管理学
Journal of Accounting and Public Policy Pub Date : 2025-09-04 DOI: 10.1016/j.jaccpubpol.2025.107357
Siqi Chen , Wen Lin , Muzhi Wang , Yanhua Zhang
{"title":"Spillover effects in mandatory environmental reporting","authors":"Siqi Chen ,&nbsp;Wen Lin ,&nbsp;Muzhi Wang ,&nbsp;Yanhua Zhang","doi":"10.1016/j.jaccpubpol.2025.107357","DOIUrl":"10.1016/j.jaccpubpol.2025.107357","url":null,"abstract":"<div><div>This paper examines the spillover effects of mandatory standardized environmental reporting, which requires designated heavily polluting firms (HPFs) to include their pollution information in their financial reports. The list of HPFs is already publicly available elsewhere, which allows us to isolate and estimate the <em>incremental</em> spillover effects of including this information in financial reports. Exploiting the variation between industries in exposure to HPF designation, we document that the inclusion of pollution information in the HPFs’ financial reports encourages peer firms to release their environmental reporting voluntarily and to improve the quality of these disclosures. These positive spillover effects are more pronounced among peer firms with strong ex ante environmental performance. Evidence from stock-market reactions suggests that increased investor and stakeholder awareness of environmental risk in the same industry is a likely explanation for the observed spillover effects.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"54 ","pages":"Article 107357"},"PeriodicalIF":2.2,"publicationDate":"2025-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144997591","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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