British Journal of Management最新文献

Hedge Fund Performance, Classification with Machine Learning, and Managerial Implications 对冲基金业绩、机器学习分类和管理启示

IF 5.7 2区管理学

British Journal of Management Pub Date : 2025-09-01 DOI: 10.1111/1467-8551.70011

Emmanouil Platanakis, Dimitrios Stafylas, Charles Sutcliffe, Wenke Zhang

{"title":"Hedge Fund Performance, Classification with Machine Learning, and Managerial Implications","authors":"Emmanouil Platanakis, Dimitrios Stafylas, Charles Sutcliffe, Wenke Zhang","doi":"10.1111/1467-8551.70011","DOIUrl":"https://doi.org/10.1111/1467-8551.70011","url":null,"abstract":"Prior academic research on hedge funds focuses predominantly on fund strategies in relation to market timing, stock picking and performance persistence, among others. However, the hedge fund industry lacks a universal classification scheme for strategies, leading to potentially biased fund classifications and inaccurate expectations of hedge fund performance. This paper uses machine learning techniques to address this issue. First, it examines whether the reported fund strategies are consistent with their performance. Second, it examines the potential impact of hedge fund classification on managerial decision-making. Our results suggest that for most reported strategies there is no alignment with fund performance. Classification matters in terms of abnormal returns and risk exposures, although the market factor remains consistently the most important exposure for most clusters and strategies. An important policy implication of our study is that the classification of hedge funds affects asset and portfolio allocation decisions, and the construction of the benchmarks against which performance is judged.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"36 4","pages":"1835-1858"},"PeriodicalIF":5.7,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.70011","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145196421","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Market Reactions to Cryptocurrency Regulation: Risk, Return and the Role of Enforcement Quality 市场对加密货币监管的反应：风险、回报和执法质量的作用

IF 5.7 2区管理学

British Journal of Management Pub Date : 2025-07-25 DOI: 10.1111/1467-8551.70002

Douglas Cumming, Johannes Fuchs, Paul P. Momtaz

引用次数: 0

Posting on Social Media: Influences of Positive Managerial Information Disclosures on Subordinate Proactive Behaviour and Manager–Subordinate Relationship 社交媒体发帖：积极管理信息披露对下属主动行为和上下级关系的影响

IF 5.7 2区管理学

British Journal of Management Pub Date : 2025-07-10 DOI: 10.1111/1467-8551.70000

Shengming Liu, Jih-Yu Mao, Zhang Yue, Maoyu Zhang

{"title":"Posting on Social Media: Influences of Positive Managerial Information Disclosures on Subordinate Proactive Behaviour and Manager–Subordinate Relationship","authors":"Shengming Liu, Jih-Yu Mao, Zhang Yue, Maoyu Zhang","doi":"10.1111/1467-8551.70000","DOIUrl":"https://doi.org/10.1111/1467-8551.70000","url":null,"abstract":"Social media is an important communication medium. It enables subordinates to follow their managers’ activities outside of formal work spaces. However, knowledge about the effects of managers’ social media posts on subordinates is rather limited. Drawing on social information processing theory, we propose that manager positive information disclosures on social media affect subordinates’ work behaviour and relationship with their manager. We distinguish manager work-related from life-related information disclosure on social media in a pilot study. Results from the main study (a multi-time survey study) suggest that manager positive work-related information disclosure on social media has a positive effect on subordinate proactive behaviour through subordinate organizational identification, and that manager positive life-related information disclosure on social media has a positive effect on manager–subordinate relationship through perceived manager friendliness. Moreover, subordinate attention to social media strengthens the positive effects of manager positive information disclosures. Study implications and limitations and future research directions are discussed.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"36 4","pages":"1802-1815"},"PeriodicalIF":5.7,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145196725","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

Speed of Institutional Reforms, Competitive Dynamics, and Cross-border Acquisitions: Evidence from Emerging Economies 制度改革速度、竞争动态和跨国收购：来自新兴经济体的证据

IF 5.7 2区管理学

British Journal of Management Pub Date : 2025-07-06 DOI: 10.1111/1467-8551.70001

Manish Popli, Mehul Raithatha, Ajai Gaur

{"title":"Speed of Institutional Reforms, Competitive Dynamics, and Cross-border Acquisitions: Evidence from Emerging Economies","authors":"Manish Popli, Mehul Raithatha, Ajai Gaur","doi":"10.1111/1467-8551.70001","DOIUrl":"https://doi.org/10.1111/1467-8551.70001","url":null,"abstract":"This study examines how variations in the speed of institutional reforms across emerging economies shape the strategic internationalization responses of domestic firms, particularly through cross-border acquisitions (CBAs). We argue that a faster pace of reforms intensifies competitive pressures – both from global entrants and domestic challengers – prompting incumbent firms to pursue CBAs as a means of adapting to heightened uncertainty and preserving strategic advantage. Building on the awareness–motivation–capability framework, we further theorize how firm-level factors moderate this baseline relationship. Specifically, we find that negative performance feedback, higher levels of technological and marketing resources, and greater financial slack amplify the likelihood of CBAs in the face of rapid reforms. Our findings, based on a large multi-country dataset of 12,251 unique firms from 35 emerging economies between 1995 and 2021, support these predictions. This research presents an integrative impact of the institutional and firm-level factors as antecedents of aggressive internationalization by firms in emerging economies.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"36 4","pages":"1816-1834"},"PeriodicalIF":5.7,"publicationDate":"2025-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.70001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145196589","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Top Management Team Characteristics and Skilled Migrant Hiring in the Conservative Political Climate 保守政治气候下高层管理团队特征与技术移民招聘

IF 5.7 2区管理学

British Journal of Management Pub Date : 2025-06-14 DOI: 10.1111/1467-8551.12927

Eunbi Kim

{"title":"Top Management Team Characteristics and Skilled Migrant Hiring in the Conservative Political Climate","authors":"Eunbi Kim","doi":"10.1111/1467-8551.12927","DOIUrl":"https://doi.org/10.1111/1467-8551.12927","url":null,"abstract":"Corporate elites are expected to be favourable towards skilled migrant hiring due to their comfort with the profit motive. Theoretical and empirical evidence, on the other hand, shows that employers engage in discriminatory hiring practices against foreign workers due to their personal biases and preferences. As the level of macro-political conservatism increases, it is important to further explore the relevance and importance of corporate leaders’ political ideology with regard to skilled migrant hiring. We investigate the impact of top management teams’ ideology on skilled migrant hiring, moderated by their international work experience and a macro-political shift. Using a dataset of S&P 1500 firms and their H-1B visa sponsorships between 2009 and 2021, we find that top management teams’ political conservatism negatively affects skilled migrant hiring. Such a negative impact is positively moderated by top management teams’ international work experience and negatively by a conservative national political climate. This paper contributes to the upper echelons literature by examining how top management team characteristics interfere with important managerial actions such as hiring in response to macro-environmental changes.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"36 4","pages":"1767-1784"},"PeriodicalIF":5.7,"publicationDate":"2025-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145196796","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

The Effects of Business Experience on Discouraged Borrowing and Efficiency in the Credit Market 商业经验对信贷市场中不鼓励借贷和效率的影响

IF 5.7 2区管理学

British Journal of Management Pub Date : 2025-06-11 DOI: 10.1111/1467-8551.12933

Stuart Fraser, Thao Nguyen

{"title":"The Effects of Business Experience on Discouraged Borrowing and Efficiency in the Credit Market","authors":"Stuart Fraser, Thao Nguyen","doi":"10.1111/1467-8551.12933","DOIUrl":"https://doi.org/10.1111/1467-8551.12933","url":null,"abstract":"While asymmetric information causes discouraged borrowing, understanding of how firm-side learning and cognitive bias affects discouraged-borrowing dynamics is limited. We therefore develop and test a dynamic Bayesian-learning model of firm-borrowing decisions incorporating cognitive bias. We show while credit-rejection experiences increase discouragement probabilities, this effect is nonhomogeneous over firm life cycles. The effect of rejection on discouragement initially decreases with age but increases among older businesses suggesting confirmation bias affects learning (as increasing pessimism with age causes over-weighted rejection experiences). Discouragement also increases with age as businesses learn prior rejection-probability beliefs were over-optimistic. Moreover, discouraged borrowers have, on average, the same approval probability as loan applicants, and this probability does not decrease with age. Thus, while experiential learning reduces asymmetric information, we show firm-side learning neither reduces discouraged borrowing nor improves credit-market efficiency.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"36 4","pages":"1785-1801"},"PeriodicalIF":5.7,"publicationDate":"2025-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.12933","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145196742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Friendships to Perish and Friendships to Cherish: Corporate Political Tactic and Earnings Management Method 友谊的消亡与友谊的珍惜：企业政治策略与盈余管理方法

IF 5.7 2区管理学

British Journal of Management Pub Date : 2025-06-11 DOI: 10.1111/1467-8551.12931

Antonios Kallias, Konstantinos Kallias, Jia Liu, Kamran Malikov, Song Zhang

{"title":"Friendships to Perish and Friendships to Cherish: Corporate Political Tactic and Earnings Management Method","authors":"Antonios Kallias, Konstantinos Kallias, Jia Liu, Kamran Malikov, Song Zhang","doi":"10.1111/1467-8551.12931","DOIUrl":"https://doi.org/10.1111/1467-8551.12931","url":null,"abstract":"Critical of a literature which examines corporate political connections with scant attention to their dynamic nature, we blend political theory with inter-organizational exchange research to propose and test a framework based on which firms’ earnings management (EM) method can vary predictably with their political tactic. Using hand-collected data on political money spent by US firms, we reveal an unknown dichotomy. Firms taking a transactional approach to politics tend to use the least costly EM method, substituting accruals-based EM (AEM) for real EM (REM). Conversely, firms following a relational approach, concerned that possible detection may alienate career-focused politicians, substitute REM for AEM. Consistent with the goodwill trust in the firm–politicians relationship moderating the EM trade-off, firms revert to AEM when the trust is impaired and they no longer perceive the need to insulate politicians from reputational damage. Notwithstanding the firm's political tactic, the total EM remains unaffected, suggesting perfect substitution. As a refined and dynamic lens for examining firm–politicians exchanges, our framework reconciles the conflicting evidence of prior studies on how political connections affect reported earnings and is generalizable to other third-party affiliations that may have important reputational stakes but no monitoring capacity over the production of financial information.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"36 4","pages":"1653-1673"},"PeriodicalIF":5.7,"publicationDate":"2025-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.12931","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145196721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Why and When Consumers Post Complaint Messages on Social Media? Conceptualizing Social Voice as a Distinct Complaining Behaviour 消费者为何以及何时在社交媒体上发布投诉信息？将社会声音概念化为一种独特的抱怨行为

IF 5.7 2区管理学

British Journal of Management Pub Date : 2025-06-02 DOI: 10.1111/1467-8551.12928

Swapan Deep Arora, Anirban Chakraborty, Gopalakrishnan Narayanamurthy

{"title":"Why and When Consumers Post Complaint Messages on Social Media? Conceptualizing Social Voice as a Distinct Complaining Behaviour","authors":"Swapan Deep Arora, Anirban Chakraborty, Gopalakrishnan Narayanamurthy","doi":"10.1111/1467-8551.12928","DOIUrl":"https://doi.org/10.1111/1467-8551.12928","url":null,"abstract":"Whereas extant literature treats social voice, that is, complaining via brand-managed social media pages, as a mere channel for existing consumer complaining behaviours (CCBs), like voice and negative word of mouth, this research aims to assess it as a distinct CCB. We draw from CCB theory and its associated taxonomies towards this goal. To identify the unique palette of motives and antecedents of social voice, we adopt a mixed-method research design by extracting archival social voice posts and interviewing social voicers across four sub-studies. Our analysis reveals the motives, CCB process stage, antecedents and other peculiarities associated with social voice, thereby demarcating it from other CCBs. Further, social voice is identified as a predominantly secondary-stage CCB, triggered by a blend of constructive and vindictive motivations. This work is among the few examining social voice from a consumer viewpoint and attempts to place it within the overall CCB framework as divergent from its standalone assessments. We thus pave a foundation for examining behavioural changes implied by the Internet and social media within the CCB landscape and provide managerial guidelines towards reducing primary social voice while optimizing its secondary-stage incidence.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"36 4","pages":"1746-1766"},"PeriodicalIF":5.7,"publicationDate":"2025-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145196370","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

Recognising the Service of Our Reviewers 认可我们审稿人的服务

IF 4.5 2区管理学

British Journal of Management Pub Date : 2025-06-02 DOI: 10.1111/1467-8551.12929

引用次数: 0

Managerial Mood Work: Generating Coordination in Creative, Time-Pressured Settings 管理情绪工作：在创造性的、时间紧迫的环境中产生协调

IF 5.7 2区管理学

British Journal of Management Pub Date : 2025-06-02 DOI: 10.1111/1467-8551.12926

Maja Korica, Yoann Bazin

{"title":"Managerial Mood Work: Generating Coordination in Creative, Time-Pressured Settings","authors":"Maja Korica, Yoann Bazin","doi":"10.1111/1467-8551.12926","DOIUrl":"https://doi.org/10.1111/1467-8551.12926","url":null,"abstract":"Much of the literature on coordination engages it as a phenomenon driven by presence of certain facilitating structures, like plans or roles, or arising from members’ past work. In some contexts, however, supplementary mechanisms may be required. We argue that in creative, time-pressured settings, generating coordination relies on managers’ purposeful emotion-based manipulation of group moods, which we term managerial mood work. Our argument builds on the observation of stage preparation of Paris fashion shows. We see such shows as particularly valuable empirical exemplars, in that they include time-pressured technical preparations with both creatively complex and simple outcomes, enabling comparison. This allows us to show how managers purposefully generate coordination in creative, time-pressured settings via three mechanisms: countering the group mood to trigger coordination, calibrating the group mood to progress coordination forward and settling the group mood to signal temporary resolution to coordination. Our contribution is a conceptualization of managerial mood work as a supporting mechanism for coordination in creative, time-pressured settings, adding to understanding of the role of emotions and group moods in coordination, and of managers as their facilitators.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"36 4","pages":"1674-1693"},"PeriodicalIF":5.7,"publicationDate":"2025-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145196371","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