European Journal of Management and Business Economics最新文献

{"title":"The interplay between firms’ capabilities and ownership in explaining environmental performance","authors":"B. Forés, César Camisón-Zornoza, J. Fernández-Yáñez","doi":"10.1108/ejmbe-09-2022-0272","DOIUrl":"https://doi.org/10.1108/ejmbe-09-2022-0272","url":null,"abstract":"PurposeThis study empirically assesses the effects of two key types of organizational and managerial capabilities—dynamic capabilities, and coordination and cohesion capabilities—on environmental performance, considering the moderating effect of family ownership. By applying the tenets of the natural resource-based view and the dynamic capabilities theory, this paper offers new insights into the topic.Design/methodology/approachThe article presents empirical evidence from a survey of 1,019 firms operating in the Spanish tourism sector analyzed using multiple linear regression.FindingsOverall, our results show that both dynamic capabilities and coordination and cohesion capabilities have direct and synergetic positive effects on environmental performance. In addition, the results confirm recent studies that report conflicting evidence on how family ownership affects environmental performance: family ownership is found to exert a distinct direct effect on environmental performance and on the development and application of the capabilities required to improve such performance.Originality/valueThis article sheds light on the conceptual frontiers between the different types of capabilities, as well as provides practical ways of measuring them. The article also brings evidence to bear on the debate concerning the direct and moderating effect that family ownership exerts on the relationship between both types of capabilities over environmental performance. The results of this analysis confirm the complexity of the family ownership effect on this aspect, and provide important insights for both business practitioners and academics.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48313302","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 “industrial halo” and its impact on the assessment of corporate reputation","authors":"Emilio Calvo-Iriarte, María Victoria Esteban-González, Arturo Rodríguez-Castellanos","doi":"10.1108/ejmbe-02-2022-0028","DOIUrl":"https://doi.org/10.1108/ejmbe-02-2022-0028","url":null,"abstract":"Purpose The gap that this research attempts to fill is to analyse the explanatory factor “industry” when assessing the reputation of a corporate group. In other words, this research attempts to demonstrate the impact of the “industrial halo” on the assessment of corporate reputation, given that, to date, the academic literature has not considered industry as an explanatory variable in the assessment of the reputation of private companies. Design/methodology/approach A sample of 43 Spanish companies was used to analyse the relationship between the reputation of firms as measured by the Merco Empresas index, and the industries to which they belong, after controlling for company performance, size, turnover, public recognition of their leadership, and corporate responsibility. This involved conducting a cross-sectional analysis of the relationship between the variables for each year in the time period from 2005 to 2016. The available data were taken from the firms' annual financial reports and websites, as well as from the Merco. Findings The paper shows the existence of industrial halos that account for the corporate reputation of businesses in Spain. It is also shown that industrial halos are not permanent over time, and that they tend to occur in years of crisis. Research limitations/implications It would have been desirable for this study to have had sufficient data to include other industries, but this was not possible. As for possible extensions, in addition to expanding the period considered, other analytical techniques, such as panel data models, could be applied to allow comparison with the results obtained here. Practical and social implications The results of this study have some practical implications. Firstly, firms that publish corporate reputation rankings should be aware of the distortion that the industrial halo can produce, especially in times of uncertainty, and seek to correct for it in their measurements. And secondly, corporate groups themselves should assume that the reputation of the industry affects their individual reputation, and consequently, they should see the other companies in the industry not only as competitors but also as “reputational allies”. They should therefore make collective efforts to improve in this respect, especially in the face of reputational crises. Originality/value This paper provides a better understanding of the relationship between the reputation of a company and the industry to which it belongs, and of its permanence over time. This relationship has been little studied in the Spanish market to date.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136177123","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 mediating effect of job satisfaction between inclusive leadership and commitment to change: evidence from Brazil and Spain","authors":"Alfonso J. Gil, Gabriela Mosegui, Rosana Zenezi Moreira, Mauro J. Eguizabal","doi":"10.1108/ejmbe-09-2022-0288","DOIUrl":"https://doi.org/10.1108/ejmbe-09-2022-0288","url":null,"abstract":"Purpose In the current context of change, leadership is significant in developing employees' commitment to change. In this work, the authors analysed the relationship between inclusive leadership and commitment to change and the mediating effect of job satisfaction between inclusive leadership and commitment to change. Design/methodology/approach Through a questionnaire, 256 employees from Brazil and Spain were interviewed. The hypotheses were tested through structural equations. Findings The results indicated that inclusive leadership is related to individuals' commitment to change and that job satisfaction mediates the relationship between leadership and commitment to change. Originality/value This research contributes to the literature on organisational change behaviour and the relationship between two critical contents – leadership and commitment to change – and points out the role of job satisfaction in this relationship. In addition, this work incorporates the variable country culture into the analysis model; however, it is not found to be statistically significant.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135434760","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 directional spillover effects and time-frequency nexus between stock markets, cryptocurrency, and investor sentiment during the COVID-19 pandemic","authors":"Hayet Soltani, Jamila Taleb, Mouna Boujelbène Abbes","doi":"10.1108/ejmbe-09-2022-0305","DOIUrl":"https://doi.org/10.1108/ejmbe-09-2022-0305","url":null,"abstract":"PurposeThis paper aims to analyze the connectedness between Gulf Cooperation Council (GCC) stock market index and cryptocurrencies. It investigates the relevant impact of RavenPack COVID sentiment on the dynamic of stock market indices and conventional cryptocurrencies as well as their Islamic counterparts during the onset of the COVID-19 crisis.Design/methodology/approachThe authors rely on the methodology of Diebold and Yilmaz (2012, 2014) to construct network-associated measures. Then, the wavelet coherence model was applied to explore co-movements between GCC stock markets, cryptocurrencies and RavenPack COVID sentiment. As a robustness check, the authors used the time-frequency connectedness developed by Barunik and Krehlik (2018) to verify the direction and scale connectedness among these markets.FindingsThe results illustrate the effect of COVID-19 on all cryptocurrency markets. The time variations of stock returns display stylized fact tails and volatility clustering for all return series. This stressful period increased investor pessimism and fears and generated negative emotions. The findings also highlight a high spillover of shocks between RavenPack COVID sentiment, Islamic and conventional stock return indices and cryptocurrencies. In addition, we find that RavenPack COVID sentiment is the main net transmitter of shocks for all conventional market indices and that most Islamic indices and cryptocurrencies are net receivers.Practical implicationsThis study provides two main types of implications: On the one hand, it helps fund managers adjust the risk exposure of their portfolio by including stocks that significantly respond to COVID-19 sentiment and those that do not. On the other hand, the volatility mechanism and investor sentiment can be interesting for investors as it allows them to consider the dynamics of each market and thus optimize the asset portfolio allocation.Originality/valueThis finding suggests that the RavenPack COVID sentiment is a net transmitter of shocks. It is considered a prominent channel of shock spillovers during the health crisis, which confirms the behavioral contagion. This study also identifies the contribution of particular interest to fund managers and investors. In fact, it helps them design their portfolio strategy accordingly.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45063817","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":"Genetic algorithm modeling of European Union firms' competitive advantage","authors":"Alexandre Teixeira Dias, H. Martins, Valdeci Ferreira dos Santos, Pedro Verga Matos, Greiciele Macedo Morais","doi":"10.1108/ejmbe-11-2021-0314","DOIUrl":"https://doi.org/10.1108/ejmbe-11-2021-0314","url":null,"abstract":"PurposeThis research aims to identify the optimal configuration of investment which leads firms to their best competitive positions, considering the degree of concentration in the market.Design/methodology/approachThe methodology was quantitative and based on secondary data with samples of 124, 106 and 90 firms from competitive environment classified as perfect competition, monopolistic competition and oligopoly, respectively. Proposed models' parameters were estimated by means of genetic algorithms.FindingsAdjustments on firm's investment are contingent on the degree of competition they face. Results are in line with existing academic research affirmation that the purpose of investments is to create and exploit opportunities for positive economic rents and that investments allow firms to protect from rivals' competitive actions and reinforce the need for investment decision makers to consider the environment in which the firm is competing, when defining the amount of investment that must be done to achieve and maintain a favorable competitive advantage position.Originality/valueThis research brings two main original contributions. The first one is the identification of the optimal amount of capital and R&D investments which leads firms to their best competitive positions, contingent to the degree of concentration of the competitive environment in which they operate, and the size of the firm. The second one is related to the use of genetic algorithms to estimate optimization models that considers the three competitive environments studied (perfect competition, monopolistic competition and oligopoly) and the investment variables in the linear and quadratic forms.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47648664","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":"Multi-frequency information transmission among constituents and global equity returns: a sustainable and conventional way of investing","authors":"Emmanuel Asafo-Adjei, A. Adam, Peterson Owusu Junior, C. Arthur, B. A. Seidu","doi":"10.1108/ejmbe-05-2022-0126","DOIUrl":"https://doi.org/10.1108/ejmbe-05-2022-0126","url":null,"abstract":"PurposeThis study investigates information flow of market constituents and global indices at multi-frequencies.Design/methodology/approachThe study’s findings were obtained using the Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise (I-CEEMDAN)-based cluster analysis executed for Rényi effective transfer entropy (RETE).FindingsThe authors find that significant negative information flows among sustainability equities (SEs) and conventional equities (CEs) at most multi-frequencies, which exacerbates diversification benefits. The information flows are mostly bi-directional, highlighting the importance of stock markets' constituents and their global indices in portfolio construction.Research limitations/implicationsThe authors advocate that both SE and CE markets are mostly heterogeneous, revealing some levels of markets inefficiencies.Originality/valueThe empirical literature on CEs is replete with several dynamics, revealing their returns behaviour for diversification purposes, leaving very little to know about the returns behaviour of SE. Wherein, an avalanche of several initiatives on Corporate Social Responsibility (CSR) enjoin firms to operate socially responsible, but investors need to have a clear reason to remain sustainable into the foreseeable future period. Accordingly, the humble desire of investors is the formation of a well-diversified portfolio and would highly demand stocks to the extent that they form a reliable portfolio, especially, amid SEs and/or CEs.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44105889","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":"Leadership style, knowledge sharing and audit quality","authors":"Ali Hassanzadeh Mohassel, R. Hesarzadeh, Mohammad Ali Bagherpour Velashani","doi":"10.1108/ejmbe-08-2022-0250","DOIUrl":"https://doi.org/10.1108/ejmbe-08-2022-0250","url":null,"abstract":"PurposeThis paper aims to examine how leadership style in audit firms influences audit quality. The paper further explores the mediating role of knowledge sharing in the relationship between leadership style and audit quality.Design/methodology/approachThe present paper studies the effects of transformational and servant leadership styles on audit quality through knowledge sharing. Data are collected from 396 Iranian external auditors via a questionnaire.FindingsThe results show that both transformational and servant leadership style significantly influence audit quality through knowledge sharing. Moreover, the impact of transformational leadership style is stronger than the impact of servant leadership style.Originality/valueIn audit quality literature, little attention has been devoted to both leadership style and knowledge sharing. This paper develops a parsimonious model which shows how leadership style improves audit quality, and how knowledge sharing strengthens the impact of leadership style on audit quality. The results have important implications particularly for audit industry.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42846361","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 interplay of servant leadership behaviors and Machiavellianism on perceived leader effectiveness: the role of team conflict management","authors":"Lin Xiu, Feng Lv, D. van Dierendonck","doi":"10.1108/ejmbe-09-2022-0281","DOIUrl":"https://doi.org/10.1108/ejmbe-09-2022-0281","url":null,"abstract":"PurposeThis paper aims to examine the influence of the interplay between servant leadership behaviors and Machiavellianism on leader effectiveness.Design/methodology/approachDrawing on trait activation theory and motivation to lead theory, the authors hypothesize that the effect of servant leadership behaviors on perceived leadership effectiveness is manifested differently in teams with high-Machiavellian vs. low-Machiavellian leaders. In teams with low-Machiavellian leaders, servant leadership behaviors are expected to be associated with a cooperative way of handling team conflicts, which enhances employees' leader effectiveness ratings. In contrast, in teams with high-Machiavellian leaders, this mediation role vanishes due to the incongruency between Machiavellian traits and the cooperative context. The authors conducted a two-wave survey-based study and tested the hypotheses with a matched supervisor-employee sample from 310 employees and their leaders in 91 teams.FindingsThe results showed that servant leadership behaviors positively impact leadership effectiveness and that this effect takes place through cooperative team conflict management (TCM) without controlling for leaders' Machiavellian trait. Further analysis shows this mediation mechanism is only strong and significant in teams led by low-Machiavellian leaders, but not high-Machiavellian leaders.Originality/valueTo the authors’ best knowledge, this is the first study that examines the interplay of servant leadership behaviors and Machiavellianism on perceived leader effectiveness.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48063139","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":"Are gold and cryptocurrency a safe haven for stocks and bonds? Conventional vs Islamic markets during the COVID-19 pandemic","authors":"M. Widjaja, Shinta Amalina, Hazrati Havidz, ©. M. Widjaja","doi":"10.1108/ejmbe-05-2022-0135","DOIUrl":"https://doi.org/10.1108/ejmbe-05-2022-0135","url":null,"abstract":"PurposeThis study aims to identify the ability of gold and cryptocurrency (Cryptocurrency Uncertainty Index (UCRY) Price) as safe haven assets (SHA) for stocks and bonds in both conventional (i.e. stock indices and government bonds) and Islamic markets (i.e. Islamic stock indices and Islamic bonds (IB)).Design/methodology/approachThe authors employed the nonadditive panel quantile regression model by Powell (2016). It measured the safe haven characteristics of gold and UCRY Price for stock indices, government bonds, Islamic stocks, and IB under gold circumstances and level of cryptocurrency uncertainty, respectively. The period spanned from 11 March 2020 to 31 December 2021.FindingsThis study discovered three findings, including: (1) gold is a strong safe haven for stocks and bonds in conventional and Islamic markets under bearish conditions; (2) UCRY Price is a strong safe haven for conventional stocks and bonds but only a weak safe haven for Islamic stocks under high crypto uncertainty; and (3) gold offers a safe haven in both emerging and developed countries, while UCRY Price provides a better safe haven in developed than in emerging countries.Practical implicationsGold always wins big for safe haven properties during unstable economy. It can also win over investors who consider shariah compliant products. Therefore, it should be included in an investor's portfolio. Meanwhile, cryptocurrencies are more common for developed countries. Thus, the governments and regulators of emerging countries need to provide more guidance around cryptocurrency so that the societies have better literacy. On top of that, the investors can consider crypto to mitigate risks but with limited safe haven functions.Originality/valueThe originality aspects of this study include: (1) four chosen assets from conventional and Islamic markets altogether (i.e. stock indices, government bonds, Islamic stock indices and IB); (2) indicator countries selected based on the most used and owned cryptocurrencies for the SHA study; and (3) the utilization of UCRY Price as a crypto indicator and a further examination of the SHA study toward four financial assets.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48819246","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":"Board of directors and business transformation: a bibliometric analysis","authors":"Luis de Enrique Arnau, María José Pinillos-Costa","doi":"10.1108/ejmbe-10-2022-0338","DOIUrl":"https://doi.org/10.1108/ejmbe-10-2022-0338","url":null,"abstract":"Purpose This paper aims to analyze the thematic content of research addressing the relation between board of directors (BoD) and business transformation (BT) to obtain better understanding of status and to derive future areas of study.Design/methodology/approachThis paper reviews literature through a bibliometric analysis based on co-occurrence of articles published in Web of Science Core Collection ™ (WoS) between 1990 and 2022, identifying key concepts, setting network of relations and identifying the strategic importance of clusters of concepts. Findings and implications are discussed, future lines of research are presented and limitations are noted.Findings Thematic research on boards addressing transformation shifted from the analysis of individuals' traits to an organizational approach with majority of research centered on the role of boards under different theories and the consequences of strategic changes on firm's performance. Further research is around gender diversity, sustainability and the moderating role of ownership structure and business culture.Research limitations/implicationsSome limitations are also noted. This analysis considered articles indexed by WoS for Q1+Q2 publications as source of literature, while including others such as Scopus would increase knowledge base. Also, to identify main streams of research, the authors considered keywords with cumulative occurrence spanning from 30% to 40% while increasing this percentage would add terms that might improve precision to the connections among keywords. Other techniques could have been used such as co-citation or bibliographic coupling, although the authors find these as better suited to investigate the basic structure behind the foundational knowledge of the topic while the authors’ intention was to understand the positioning of study fields regarding the degree of research progress.Practical implicationsThis paper presents some practical implications for future researchers. Those who wish to leverage previous evidence to address new research questions might look into principal themes covering BoD dynamics and composition to exert CG, and the relation between strategic decisions and performance measured by different variables. Those who wish to position their research as new findings to shed light on dilemmas, might find opportunities in the fields of climate change-sustainability, R&D for growth and innovation under the perspective of intangible assets.Originality/value This paper, is the first to the best of the authors’ knowledge, to identify research clusters for the intersection of boards and transformation and to determine their stage of development.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49156492","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}