{"title":"Socially Responsible Mutual Fund Exit Decisions","authors":"Mercedes Alda, Fernando Muñoz, María Vargas","doi":"10.1111/beer.12253","DOIUrl":"https://doi.org/10.1111/beer.12253","url":null,"abstract":"This paper studies, for the first time, socially responsible (SR) mutual fund exits. We analyse a sample of 534 U.S. SR equity mutual funds in the period 2003–2017, in which 182 exit events occurred (53 liquidations, 109 mergers within the same family, and 20 mergers across different families). The results obtained indicate that both liquidations and mergers are more likely among smaller funds that suffer net money outflows in the previous year to the event. At the family level, mergers are more frequent in outperforming families with a larger number of funds, whereas liquidations occur in families with a lower number of funds. When comparing mergers within the same family with mergers across different families, we observe that the former share more drivers with liquidations than the latter. In addition, we observe that religious and environmental funds are more likely to suffer exit events than other SR fund types. Finally, other interesting findings point out that mergers financially benefit investors in merged SR mutual funds and the financial outcomes of acquiring fund investors are not jeopardized.","PeriodicalId":385792,"journal":{"name":"POL: Other Strategy & Social Policies (Topic)","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127677466","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}
Maria J. Sanchez‐Bueno, Fernando Muñoz‐Bullón, J. Galán
{"title":"Socially Responsible Downsizing: Comparing Family and Non‐Family Firms","authors":"Maria J. Sanchez‐Bueno, Fernando Muñoz‐Bullón, J. Galán","doi":"10.1111/beer.12244","DOIUrl":"https://doi.org/10.1111/beer.12244","url":null,"abstract":"This study seeks to investigate whether family firms are more likely to downsize their workforce than their non‐family counterparts. Drawing on socioemotional wealth approach, we first explore the effect of family presence on workforce downsizing. Furthermore, we examine the moderating role of R&D activity on the family presence–downsizing relationship. Our sample covers a panel of manufacturing SMEs in Spain over the 1993–2014 period. We find that family firms are less likely to downsize than non‐family firms. Our results also reveal a negative association between R&D activity and workforce downsizing. Finally, the relationship between family presence and downsizing is contingent upon R&D activity, that is, family firms engaged in R&D activities are less likely to downsize than non‐innovative family firms.","PeriodicalId":385792,"journal":{"name":"POL: Other Strategy & Social Policies (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128299076","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":"How Far Can Brands Go to Defend Themselves? The Extent of Negative Publicity Impact on Proactive Consumer Behaviors and Brand Equity","authors":"Hongjoo Woo, Sojin Jung, B. Jin","doi":"10.1111/beer.12246","DOIUrl":"https://doi.org/10.1111/beer.12246","url":null,"abstract":"Negative publicity, defined as the public disclosure of a problematic incident associated with a brand, is a critical issue for fashion brands, as it vitiates the image of targeted brands and drives consumers’ voice and exit behaviors. Despite the impact of negative publicity, few studies have compared the impact of product‐related versus personnel‐related negative publicity, or explored the extent to which brands’ coping strategies can prevent consumers’ anti‐brand behavioral intentions and recover brand equity. This study used multivariate analyses of variance to analyze responses from 594 American consumers, which revealed that when negative publicity is about a product‐related issue, none of the brand's different recovery efforts are effective in decreasing consumers’ voice and exit intentions and protecting brand equity. However, for a personnel‐related issue, functional and informational recovery strategies were effective in decreasing consumer voice and exit intentions, and affective, functional, and informational recovery strategies positively impacted most domains of brand equity (brand judgement, brand feelings, and brand resonance). The following analysis of variance and post hoc analyses revealed the comparative effectiveness of specific recovery types. Discussions and implications of the findings are provided.","PeriodicalId":385792,"journal":{"name":"POL: Other Strategy & Social Policies (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128557569","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":"Institutional Investors as Stewards of the Corporation: Exploring the Challenges to the Monitoring Hypothesis","authors":"Mila R. Ivanova","doi":"10.1111/beer.12142","DOIUrl":"https://doi.org/10.1111/beer.12142","url":null,"abstract":"The study explores the challenges UK-based institutional investors face when trying to monitor investee companies and influence their social, environmental and governance practices. Consistent with previous research, I find that misalignment of interests within the investment chain and dispersed ownership are factors which inhibit investor activism. However, other underexplored challenges include lack of investee company transparency and investor experience in activism, as well as low client demand for engagement and internal conflicts of interest. The results contribute to the literature on institutional investor activism by using direct empirical evidence to systematically discuss the challenges to stewardship. Given the intensification of media and regulatory attention on shareholders in the post-global financial crisis era, coupled with investors’ growing awareness and practice of stewardship, the research opens new avenues for enquiry which go beyond the on-going debate about the monitoring versus short-termism roles of institutional investors.","PeriodicalId":385792,"journal":{"name":"POL: Other Strategy & Social Policies (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130068993","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":"Engaging with Environmental Stakeholders: Routes to Building Environmental Capabilities in the Context of the Low Carbon Economy","authors":"P. Baranova, M. Meadows","doi":"10.1111/beer.12141","DOIUrl":"https://doi.org/10.1111/beer.12141","url":null,"abstract":"The transition to a low carbon economy demands new strategies to enable organizations to take advantage of the potential for “green” growth. An organization's environmental stakeholders can provide opportunities for growth and support the success of its low carbon strategies, as well as potentially acting as a constraint on new initiatives. Building environmental capabilities through engagement with environmental stakeholders is conceptualized as an important aspect for the success of organizational low carbon strategies. We examine capability building across a range of sectors affected by the sustainability agenda, including construction, rail, water, and health care. We identify a number of emergent environmental stakeholders and explore their engagement with the development of environmental capabilities in the context of the transition toward a low carbon economy. Our conceptual framework offers a categorization of environmental stakeholders based on their position in relation to a focal organization and the potential for the development of environmental capabilities.","PeriodicalId":385792,"journal":{"name":"POL: Other Strategy & Social Policies (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131079520","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 Management of Nanotechnology: Analysis of Technology Linkages and the Regional Nanotechnology Competencies","authors":"N. Islam, Sercan Ozcan","doi":"10.1111/radm.12161","DOIUrl":"https://doi.org/10.1111/radm.12161","url":null,"abstract":"This study maps the linkage of nanotechnologies and their clusters, identifies emerging and mature technologies and links to their application fields, and examines the profiles of the regional nanotechnology competencies. A model is proposed to assist with the analyses. The patent data were retrieved from the Thomson Innovation database, which were subsequently analysed with the Thomson Data Analyser. The results show technological linkages using the proposed linkage model, for example, the linkage between the cluster of nanotubes‐nanowires‐polymers and the cluster of nanowires‐semiconductors‐optical identifies a nanoelectronics domain. In the Techno‐Economic Network framework, the result shows that the United States maintains its position in the Science and Technology poles, revealing its strong competitiveness, while the nanotechnological competencies in Japan have lost strength significantly in recent years. Asian giants such as South Korea and China appear to be the most likely contenders for catching up with the United States. The theoretical contribution of this study is the theoretical framework that has been adapted and tested in this research. Practical contributions consist of descriptive and analytical findings based on actors' performances and the regions' competencies. The research offers a useful insight for academic and research practitioners on how an emerging field such as nanotechnology can be analysed, and a way forward for materialising science and technology policies in this field.","PeriodicalId":385792,"journal":{"name":"POL: Other Strategy & Social Policies (Topic)","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114465860","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":"When Deeds Speak, Words are Nothing: A Study of Ethical Leadership in Colombia","authors":"Iliana Páez, E. Salgado","doi":"10.1111/beer.12130","DOIUrl":"https://doi.org/10.1111/beer.12130","url":null,"abstract":"Using a sample of 124 managers and 248 subordinates, this study examines the mediating effect of subordinates’ job satisfaction in the relationship between ethical leadership and subordinate organizational citizenship and counter‐productive work behaviour in the Colombian context. We additionally analyse the effect of ethical leadership on subordinates’ perception of leaders’ performance. Factor analyses of the ethical leadership scale revealed two factors, ethical person (EP) and ethical guidance (EG), which were differentially associated to the outcomes. We offer an explanation from three cultural dimensions (in‐group collectivism, institutional collectivism, and power distance) by which Colombian employees seem to be more willing to follow leaders’ ethical example as a way to strengthen their membership to the leader's group, than leaders ethical disciplining by which norms are imposed. These findings have a number of implications for organizations and managers who aim to improve their employees’ behaviour. Our advice to them is that leaders’ deeds have a greater impact than their ethical words.","PeriodicalId":385792,"journal":{"name":"POL: Other Strategy & Social Policies (Topic)","volume":"210 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"118835342","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":"Alerting a Campus Community: Emergency Notification from a Public's Perspective","authors":"Stephanie Madden","doi":"10.1111/1468-5973.12074","DOIUrl":"https://doi.org/10.1111/1468-5973.12074","url":null,"abstract":"Emergency notification systems have become an essential part of campus security since the 2007 Virginia Tech shooting in the United States. This study explored how a public‐centred perspective can inform campus‐alerting practices. In particular, this study provided depth to two independent variables of the situational theory of publics: constraint recognition and level of involvement. Additionally, this study proposed the development of a subcategorisation of hot‐issue publics called transient publics.","PeriodicalId":385792,"journal":{"name":"POL: Other Strategy & Social Policies (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121226528","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":"Experimental Economics as a Method for Normative Business Ethics","authors":"P. Francés‐Gómez, L. Sacconi, Marco Faillo","doi":"10.1111/beer.12096","DOIUrl":"https://doi.org/10.1111/beer.12096","url":null,"abstract":"We advance the thesis that the method of experimental economics can make significant contributions to normative, as opposed to descriptive, business ethics. We contend that there are two basic ways in which experimental economics may make this contribution, and we exemplify these ways by pointing to experimental support of social contract theory as rational foundation for business ethics. These two ways are: (1) adding psychological realism; and (2) testing some quasi‐empirical assumptions present in normative theory. In order to make good our methodological claim, we first describe the methodological rules of experimental economics, distinguishing this method from other behavioral business ethics approaches. We also contemplate the possible objection that empirical methods cannot bear on normative ethics because there is no way of bridging the gap between descriptive theory (how people behave) and normative theory (how people ought to behave).","PeriodicalId":385792,"journal":{"name":"POL: Other Strategy & Social Policies (Topic)","volume":"121 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120014437","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}