ERN: Other Organizations & Markets: Formal & Informal Structures (Topic)最新文献

{"title":"The Effect of Strategic Leadership Competences on Dynamic Capabilities and Firm Performance: An Empirical Evidence from MNCs’ Manufacturing Subsidiaries in Indonesia.","authors":"R. Pasaribu, Budi W Soetjipto, A. Widjaja, Ignatius Heruwasto","doi":"10.2139/ssrn.2614317","DOIUrl":"https://doi.org/10.2139/ssrn.2614317","url":null,"abstract":"Research on FDI mostly take the perspective of the headquarters of the multinational companies (Frost, Birkinshaw & Ensign, 2002), while this research will study from the perspective of their subsidiaries. Specifically, the purpose of this research is to investigate the effect of strategic leadership competences on dynamic capabilities (Teece, Pisano & Shuen, 1997) of MNC’s subsidiary, and thus, its performance, in the context of manufacturing activities in Indonesia.However, some scholars argue that strategic leadership is one of the key roles in searching for competitive advantage in strategic management (Ireland & Hitt, 2005), and in turn plays very important influence to firm performance (Ireland & Hitt, 2005; Hitt & Ireland, 2002; Barnett, Greve, & Park, 1994), specifically MNCs’ subsidiaries in this study (Bartlett & Ghoshal, 1986). This study examines the influence of subsidiary’s strategic leadership competences on subsidiary performance, being moderated by subsidiary’s external environment, mediated by its dynamic capabilities, and influenced by its parent MNC, which this research framework has not been thoroughly explored. This research has its context on MNCs’ subsidiaries in their manufacturing activities in Indonesia.With an empirical study of 115 MNCs’ manufacturing subsidiaries in Indonesia, this study finds that subsidiary’s strategic leadership competences, moderated by the influence of external environment, while its parent MNC has a role as antecedent on dynamic capabilities, significantly do positive effect on its dynamic capabilities, and in turn influence subsidiary performance.","PeriodicalId":352730,"journal":{"name":"ERN: Other Organizations & Markets: Formal & Informal Structures (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116804900","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Credit Markets with Ethical Banks and Motivated Borrowers","authors":"F. Barigozzi, P. Tedeschi","doi":"10.2139/ssrn.1928503","DOIUrl":"https://doi.org/10.2139/ssrn.1928503","url":null,"abstract":"This paper investigates banks’ corporate social responsibility. Two different competitive credit markets do exist: one for standard projects and one for ethical ones. Ethical projects have also a social profitability, but a lower (positive) expected revenue with respect to standard ones. Ethical projects are financed by ethical banks and undertaken by motivated borrowers. These borrowers obtain additional benefit (a social responsibility premium) from accomplishing ethical projects when trading with ethical banks. If the expected profitability of ethical project is sufficiently close to that of standard ones and/or the social responsibility premium of motivated borrowers is sufficiently high, the market for ethical projects is active and the credit market is fully segmented. This result holds true irrespective of the information structure: only moral hazard on the borrower side, moral hazard and screening on the borrower side, moral hazard on the borrower side and screening on the lender side. The optimal contract in our set-up is always a debt contract. However, its precise form and welfare properties depend on the information structure.","PeriodicalId":352730,"journal":{"name":"ERN: Other Organizations & Markets: Formal & Informal Structures (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133684817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Modern Corporation and Private Property – 80 Years Later","authors":"Miroslav Nedelchev","doi":"10.2139/SSRN.2609560","DOIUrl":"https://doi.org/10.2139/SSRN.2609560","url":null,"abstract":"The events that took place since 2007 raised new challenges to the economy. The traditional approaches to the corporate governance and to the private property are reshaped. The interests of the society and of the national economy win the upper hand against the interests of the company. The participants and the instruments of the corporate governance are surrounded by a new reality.","PeriodicalId":352730,"journal":{"name":"ERN: Other Organizations & Markets: Formal & Informal Structures (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122076935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Hierarchical Structure of Dynamic Capabilities and Evolutionary Fitness of the Firm","authors":"M. Pohjola, Pekka Stenholm","doi":"10.2139/ssrn.2075255","DOIUrl":"https://doi.org/10.2139/ssrn.2075255","url":null,"abstract":"This study introduces and validates a model of the hierarchical structure of dynamic capabilities. The hierarchical aspect has mostly seen conceptual theorizing while empirical evidence on the complex relationship between the different levels and firm performance is still scarce. Our findings reveal the complex relationships between dynamic capabilities and the evolutionary fitness of the firm. Our results drawn from data comprising 532 firms show that the higher order, regenerative and renewing, capabilities have an indirect positive influence on firm’s evolutionary fitness. Further, the results show that regenerative capabilities are negatively associated with evolutionary fitness. The incremental capabilities have positive direct effect on the evolutionary fitness of the firm which supports the assumed mediating role of incremental capabilities in the relationship between higher order capabilities and firm’s evolutionary fitness.","PeriodicalId":352730,"journal":{"name":"ERN: Other Organizations & Markets: Formal & Informal Structures (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130980619","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Future of Organization Design","authors":"Jay R. Galbraith","doi":"10.7146/JOD.6332","DOIUrl":"https://doi.org/10.7146/JOD.6332","url":null,"abstract":"The type of organization design that I practice is strategic organization design. It has roots in Chandler's (1962) work which states, \"Structure follows strategy.\" It applies to organizing at the enterprise, business unit, region, or functional levels. It is a top-down design methodology. The alternative is a bottom-up design approach such as the socio-technical systems approach. Bottom-up design methodologies build and design an organization around the technology being utilized and are most applicable at lower levels of the organization.","PeriodicalId":352730,"journal":{"name":"ERN: Other Organizations & Markets: Formal & Informal Structures (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131799558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Revisiting the Illiquidity Discount for Private Companies: A New (and 'Skeptical') Restricted‐Stock Study","authors":"Robert Comment","doi":"10.1111/j.1745-6622.2012.00368.x","DOIUrl":"https://doi.org/10.1111/j.1745-6622.2012.00368.x","url":null,"abstract":"Data from restricted‐stock studies are routinely used by business‐valuation analysts and small‐business appraisers to estimate discounts for lack of marketability, or DLOMs, which are then applied in the valuation of private companies. The rationale for the use of such DLOMs is that, even after an investor is compensated for the risk associated with holding an asset, an asset held unwillingly (due to illiquidity) must be worth less than if the asset were held by choice. But the same rationale can also be applied to the DLOM on riskless assets (such as Treasuries), and the evidence is consistent with a DLOM on such assets of only about 2.5%. This in turn suggests that any DLOM larger than 2.5% amounts to a second round of discounting for risk (where the first round occurs in a DCF or similar core valuation). Discounting with conventionally measured DLOMs is likely to be redundant because liquidity or marketability is highly correlated with company size, and size is already an important determinant of discount rates. Existing evidence suggests that, before DLOMs are applied, real‐world valuations of small businesses typically include discounts of as much as 50% for lack of size. And given that restricted‐stock studies are routinely used to support DLOMs of 20% to 40%, the valuation discounts resulting from this procedure are likely to be much too large. In contrast to industry practice, the author's study of a large sample of private placements of equity produces evidence consistent with use of a DLOM no greater than 5% or 6%.","PeriodicalId":352730,"journal":{"name":"ERN: Other Organizations & Markets: Formal & Informal Structures (Topic)","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130349201","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Good Faith in Civil Law Systems – A Legal-Economic Analysis","authors":"E. Mackaay","doi":"10.2139/ssrn.1998924","DOIUrl":"https://doi.org/10.2139/ssrn.1998924","url":null,"abstract":"Good faith appears at once as a fundamental concept in all civil law systems, with a long history going back to Roman law, and yet as one whose nature and contents are ill-understood and controversial. The paper is an attempt to find out what new light the economic analysis of law can shed on it to help to clarify it. Good faith is used in two distinct senses, which traditional legal scholarship has identified as subjective and objective. In its subjective sense, good faith as justifiable ignorance of a relevant legal situation refers to having taken adequate precautions against such ignorance, the adequacy being a function of what is at stake and the likelihood of misapprehension. This is reminiscent of the logic of accident and accident prevention law developed in the economic analysis of tort or civil liability law. In the objective sense of not taking advantage, good faith is analysed as the exact opposite of opportunism. On opportunism there is a reasonably well-developed economic literature. Reciprocal gain, the founding concept of contract and of extensions such as the law of business enterprise, presupposes the absence of opportunism. Good faith in this sense may be said to underlie all of contract law. Yet human nature being what it is, individuals may be tempted by opportunistic acts and their potential victims are led to take costly precautions to guard against it. Law can make itself useful by providing safeguards against opportunism that are less costly than what contracting parties themselves can come up with. Together, these safeguards have to be as wide-ranging as is opportunism itself, yet individually they have to be specific enough to ensure legal certainty. Good faith itself remains as a residual concept, to be applied sparingly, with which to tackle situations on which the specific concepts provide no proper grip. Yet at the same time good faith, being the quintessential anti-opportunism concept, underlies the more specific concepts one finds in the Codes and allows one to see their unity. On a different level, an understanding of opportunism focuses attention on acts and facts that may be relevant in concrete novel situations to be judged by a court, where opportunism may be an issue. Economic analysis of law allows one to make sense of good faith in a meaningful way. La bonne foi apparait a la fois comme un concept fondamental dans tous les systemes civilistes, avec une longue histoire remontant au droit romain, et comme une notion dont la nature et le contenu sont mal compris et controverses. Le present texte vise a explorer dans quelle mesure l'analyse economique du droit permet de jeter un eclairage nouveau sur ce concept et de le clarifier ainsi. Le concept de bonne foi est employe en deux sens distincts, que la doctrine traditionnelle identifie comme le sens subjectif et le sens objectif. En son sens subjectif, la bonne foi correspond a l'ignorance justifiee d'une situation juridique, en particulier une deficience de t","PeriodicalId":352730,"journal":{"name":"ERN: Other Organizations & Markets: Formal & Informal Structures (Topic)","volume":"70 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114122903","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Creeping Legitimacy of Corporate Social Responsibility","authors":"A. Maniruzzaman","doi":"10.14296/AC.V2011I85.1236","DOIUrl":"https://doi.org/10.14296/AC.V2011I85.1236","url":null,"abstract":"The article discusses the evolving international legal framework surrounding a company's ethical and social responsibilities.","PeriodicalId":352730,"journal":{"name":"ERN: Other Organizations & Markets: Formal & Informal Structures (Topic)","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132769050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Multinational Firms and Labor Market Pooling","authors":"Mario Larch, W. Lechthaler","doi":"10.1111/j.1467-9396.2011.00978.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2011.00978.x","url":null,"abstract":"In the presence of increasing specialization of workers it becomes more and more difficult for firms to find the most suitable workers. In such an environment a multinational enterprise (MNE) has an advantage because it can exchange workers between plants in different countries. Recruiting from the home and foreign plant leads to a larger labor market pool for an MNE, reducing the mismatch of its workforce. This paper analyzes the consequences of this advantage for production, employment, prices and wages. In line with recent empirical results, we find that the additional ability to recruit workers from the home and foreign labor market leads to lower mismatch, higher average productivity of workers, lower prices, higher output, and higher employment of a plant of an MNE as compared with a national firm, while the wage‐effects depend on firm productivity.","PeriodicalId":352730,"journal":{"name":"ERN: Other Organizations & Markets: Formal & Informal Structures (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123064381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Is Earnings Quality Associated with Corporate Social Responsibility?","authors":"Yongtae Kim, M. Park, Benson Wier","doi":"10.2308/ACCR-10209","DOIUrl":"https://doi.org/10.2308/ACCR-10209","url":null,"abstract":"Socially responsible firms are believed to behave in a responsible manner to restrict earnings management and thus deliver more reliable and transparent financial information to investors. We test this hypothesis by predicting a higher quality of financial reporting for socially responsible firms in the Korean market. The entire sample analysis provides evidence for the hypothesis in the use of discretionary accruals as proxy variables for the quality of financial reporting. However, our sub-sample analysis indicates that such weak support is driven by a group of environmentally sensitive firms and the affiliates of large family-owned conglomerates, or chaebol. Socially responsible firms are less likely to be involved with earnings management in the group of non-environmentally sensitive industries and non-chaebol affiliates. These firms provide a better quality of financial reporting in terms of both the use of discretionary accruals and real activity manipulations. In line with recent studies, our findings suggest that ethical concerns in producing high-quality financial reports rely significantly on firm characteristics.","PeriodicalId":352730,"journal":{"name":"ERN: Other Organizations & Markets: Formal & Informal Structures (Topic)","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124587176","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}