British Journal of Management最新文献_第10页

The New Tokenomics of Crowdfunding 众筹的新代币经济学

IF 5.6 2区管理学

British Journal of Management Pub Date : 2023-10-26 DOI: 10.1111/1467-8551.12772

Carol Alexander, Michael Dakos

{"title":"The New Tokenomics of Crowdfunding","authors":"Carol Alexander, Michael Dakos","doi":"10.1111/1467-8551.12772","DOIUrl":"10.1111/1467-8551.12772","url":null,"abstract":"Whether proxied by the amount raised or the probability that this amount exceeds the soft cap, the factors driving the fundraising success of token offerings have changed considerably over the past 4 years. Possible factors include target market capitalization for the token, genuine signals of the venture's public credibility, price and momentum of ether, domicile of the venture and distribution of the token. There is a large previous literature on this topic, rooted in the entrepreneurial finance and crowdfunding literature, with numerous hypotheses based on signalling theory in its broadest sense. But due to substantial differences in samples, which end before 2020, the results are not only mixed but out of date. We have built the largest and most complete dataset on token offerings, spanning 2017 and 2022. The determinants of the amount raised were robust to different subsamples until the market virtually disappeared during the Covid pandemic. But it resumed in early 2021 and within 12 months had reached an all-time high in terms of number if not market capitalization of new offerings. During this period the market changed completely, with success now depending mostly on the type of token offering and the choice of launchpad platform.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2023-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.12772","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134906439","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

The Governance Role of Minority State Ownership in Non-state-owned Enterprises: Evidence from Corporate Fraud in China 国家少数股权在非国有企业中的治理作用：中国企业欺诈的证据

IF 4.5 2区管理学

British Journal of Management Pub Date : 2023-10-26 DOI: 10.1111/1467-8551.12771

Liguang Zhang, Liao Peng, Xinyu Liu, Zhe Zhang, Yunchen Wang

引用次数: 0

Reading In-Between: How Women Engage with Messages of ‘Superstar’ Business Role Models 介于两者之间的阅读：女性如何接触 "超级明星 "商业榜样的信息

IF 4.5 2区管理学

British Journal of Management Pub Date : 2023-10-20 DOI: 10.1111/1467-8551.12768

Maria Adamson, Elisabeth K. Kelan

{"title":"Reading In-Between: How Women Engage with Messages of ‘Superstar’ Business Role Models","authors":"Maria Adamson, Elisabeth K. Kelan","doi":"10.1111/1467-8551.12768","DOIUrl":"10.1111/1467-8551.12768","url":null,"abstract":"With role models being seen as central for developing women as leaders, recent research has been critical of messages that contemporary elite businesswomen role models promote. But how do women actually relate to female business ‘superstar’ role models’ messages? We argue that the implicit assumption that role models’ effects may be understood through exploring exclusively the kind of messages they send is problematic. Through introducing active audience theory, specifically de Certeau's concepts of ‘tactics’ and ‘strategy’, to analyse interviews with women who read autobiographies of business celebrity role models, we identify three key tactics in which female role aspirants engage with role models’ messages: tactics of confirmation, namely a selective adoption of intended messages; tactics of challenge, namely a contestation of messages; and tactics of change, through which unscripted meanings of collective consciousness and support for other women emerge. In doing so, the paper offers a novel way of theorising the influence of distant role models – as emerging from a process of co-creation in the ‘in-between’ space. We argue that theorising the role of models’ influence as co-creation allows us to systematically incorporate role aspirants’ perceptions into the role-modelling process and to further understand the unscripted and unforeseen effects of role models.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.12768","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135615960","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

Problem Directors and Corporate Risk-Taking 问题董事与公司风险承担

IF 4.5 2区管理学

British Journal of Management Pub Date : 2023-10-20 DOI: 10.1111/1467-8551.12770

Md. Borhan Uddin Bhuiyan, Jia Liu, Ashraful Alam

{"title":"Problem Directors and Corporate Risk-Taking","authors":"Md. Borhan Uddin Bhuiyan, Jia Liu, Ashraful Alam","doi":"10.1111/1467-8551.12770","DOIUrl":"10.1111/1467-8551.12770","url":null,"abstract":"This study investigates the impact of a ‘problem director’ on the risk-taking propensity of a firm and its consequences for firm value. Analysing a sample of US companies, we find that corporate risk-taking propensity increases when a firm appoints a problem director. Our results are of economic significance, indicating that a one standard deviation increase in problem director's score leads to a 2.33% to 4.17% increase in corporate risk-taking. Mediation analysis reveals that a problem director increases firm risk-taking through reducing financial reporting quality. Further, a firm's risk-taking increases when a new problem director joins the board, and the damaging effect persists even after the problem director has left. Moreover, if a chief executive officer (CEO) is a problem director, s/he displays a greater predisposition for risk-taking. Moreover, when a problem director also sits on a board led by a problem CEO, we determine that the former will have an even greater propensity to take risks. Further analysis determines that the presence of problem directors damages long-term firm value in the aftermath of risk-taking behaviour. Overall, this study provides fresh evidence revealing a web of connections between a problem director, ineffective corporate governance and a decline in firm value.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.12770","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135615958","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

The Speed of the Effects of Publicly Funded Research on Business R&D, Innovation and Innovation Behaviour: Evidence from UK Firms 公共资助研究对企业研发、创新和创新行为的影响速度：来自英国公司的证据

IF 4.5 2区管理学

British Journal of Management Pub Date : 2023-10-18 DOI: 10.1111/1467-8551.12767

Christos Dimos, Felicia M. Fai, Philip R. Tomlinson

{"title":"The Speed of the Effects of Publicly Funded Research on Business R&D, Innovation and Innovation Behaviour: Evidence from UK Firms","authors":"Christos Dimos, Felicia M. Fai, Philip R. Tomlinson","doi":"10.1111/1467-8551.12767","DOIUrl":"10.1111/1467-8551.12767","url":null,"abstract":"This study contributes to the understanding of the speed of the effects of publicly funded research – R&D grants – on firm R&D, innovation and innovation behaviour. We argue that while the speed of the positive effects on R&D (i.e. input additionality; IA) tightly relates to public support programmes’ requirement of private contribution in R&D spending, the positive effects on innovation (i.e. output additionality; OA) and innovation behaviour (i.e. behavioural additionality; BA) are temporally delayed, linked to the explorative nature of learning associated with publicly funded projects and obstacles to changes in the innovation behaviour of firms. We empirically test our theoretical framework for a sample of R&D-intensive UK firms to find that while IA occurs in the year following receipt of R&D grants, BA takes 3 years after receipt of R&D grants to occur. We do not find that grants have a positive effect on either product or process innovation. In measuring BA, we employ a ‘classical’ treatment and control group evaluation without relying on firms’ perceptions of how the receipt of grants affected their innovation behaviour. Our findings have significant implications for both management practice and policy.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.12767","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135888547","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

Digitalization, Resource Mobilization and Firm Growth in Emerging Industries 新兴产业的数字化、资源调动和企业增长

IF 5.6 2区管理学

British Journal of Management Pub Date : 2023-10-12 DOI: 10.1111/1467-8551.12769

David B. Audretsch, Maksim Belitski

{"title":"Digitalization, Resource Mobilization and Firm Growth in Emerging Industries","authors":"David B. Audretsch, Maksim Belitski","doi":"10.1111/1467-8551.12769","DOIUrl":"10.1111/1467-8551.12769","url":null,"abstract":"While most firms do not grow, a small number of firms grow and enhance their equity and debt capital intensity. Researchers, managers and policymakers question the role that digital technologies play in propelling firm growth and resource mobilization. Using a longitudinal dataset from emerging industries in the United Kingdom during 2010–2019, we distinguish three types of firms and examine their growth and resource mobilization. First, we find that digitally advanced firms grow faster and enhance equity capital intensity while reducing debt capital intensity. Second, we find that the relationship between digitally advanced firms and firm growth is mediated by equity capital intensity. Third, firm size positively moderates the effect of digitally advanced firms on firm growth. Firm age does not moderate this relationship. Other firm-level characteristics, such as number of digital tools, firm productivity, accelerator experience and stage of growth, may either impede or facilitate a firm's growth and resource mobilization. This study helps policymakers and firm managers in emerging industries better understand the role of digitalization and resources in firm growth.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2023-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.12769","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136014555","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

Going the Extra Mile, Now or After a While: The Impact of Employee Proactivity in Retail Service Encounters on Customers’ Shopping Responses 多走一英里，现在还是以后？零售服务中员工的主动性对顾客购物反应的影响

IF 4.5 2区管理学

British Journal of Management Pub Date : 2023-10-02 DOI: 10.1111/1467-8551.12765

Tobias Otterbring, Jasenko Arsenovic, Peter Samuelsson, Suresh Malodia, Amandeep Dhir

{"title":"Going the Extra Mile, Now or After a While: The Impact of Employee Proactivity in Retail Service Encounters on Customers’ Shopping Responses","authors":"Tobias Otterbring, Jasenko Arsenovic, Peter Samuelsson, Suresh Malodia, Amandeep Dhir","doi":"10.1111/1467-8551.12765","DOIUrl":"10.1111/1467-8551.12765","url":null,"abstract":"Employee proactivity has been discussed as a key predictor of firm success and organizational performance. However, previous proactivity research has rarely focused on customers, and the few available proactivity studies from retail settings are either cross-sectional, solely based on subjective outcomes (e.g. customer satisfaction) or restricted to aggregated data of objective outcomes (e.g. profits per store). We investigate the causal effect of employee proactivity in retail service encounters on customers’ actual purchase behaviour and satisfaction ratings at the fine-grained level of individual customers. By integrating theories on social perception with prior proactivity findings, we find that employee proactivity positively predicts customers’ shopping responses. This finding extends from correlational to experimental designs across sample types and paradigms, is replicated in actual retail settings, and is mediated by customers’ perceptions of employee warmth and competence. Furthermore, the effect generalizes across several focal outcomes, including behavioural variables (spending and purchase likelihood), and is moderated by the time to employee-initiated contact in a way that goes against customers’ own beliefs. In sum, the present research quantifies the financial consequences of employee proactivity and indicates that in ordinary retail service encounters, high proactivity can compensate for delays, thus counteracting the aversive aspects of waiting.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.12765","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135899975","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

Founder's Financial Knowledge and the New Firm's Ability to Obtain Debt Financing 创始人的财务知识与新公司获得债务融资的能力

IF 4.5 2区管理学

British Journal of Management Pub Date : 2023-09-29 DOI: 10.1111/1467-8551.12766

Laurence Rijssegem, Ine Paeleman, Egle (Vaznyte) Hünermund, Petra Andries

{"title":"Founder's Financial Knowledge and the New Firm's Ability to Obtain Debt Financing","authors":"Laurence Rijssegem, Ine Paeleman, Egle (Vaznyte) Hünermund, Petra Andries","doi":"10.1111/1467-8551.12766","DOIUrl":"10.1111/1467-8551.12766","url":null,"abstract":"How does a founder's knowledge of debt financing influence his/her new firm's ability to obtain the amount of debt financing it desires? Building on the cognitive psychology literature, we propose that the depth of a founder's debt financing knowledge is positively associated with the new firm's ability to obtain debt financing as he/she will be better at selecting and acquiring relevant sources of debt financing. Integrating insights on entrepreneurial growth-oriented strategies, we further argue that this relationship will be more pronounced when the new firm internationalizes and innovates more. Using a Heckman full information maximum likelihood model, we analyse survey data on 1845 Flemish new firms. The first stage of the model estimates the new firm's probability of raising debt financing. The second stage tests the relationship between the founder's knowledge depth of debt financing and the new firm's debt financing ability, conditional on the decision to raise debt financing. We find that the founder's knowledge depth of debt financing is positively associated with the new firm's ability to obtain debt financing. This association becomes even more pronounced when the new firm internationalizes more. These findings extend the entrepreneurial finance, entrepreneurial strategy and cognitive psychology literature.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135247600","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

Homophily and Merger Dynamics 同质性与合并动态

IF 4.5 2区管理学

British Journal of Management Pub Date : 2023-09-28 DOI: 10.1111/1467-8551.12764

Stefano Bonini, Meghana Vaidya

引用次数: 0

How Does Foreign Acquirers’ ESG Misbehaviour Exposure Affect the Completion of Cross-Border Acquisitions? 外国收购方的环境、社会和治理不当行为风险如何影响跨国收购的完成？

IF 4.5 2区管理学

British Journal of Management Pub Date : 2023-09-17 DOI: 10.1111/1467-8551.12763

Shan Zhu, Jian Du, Jie Lu, Qiuxia Zheng

引用次数: 0