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Capital Market Scrutiny and Strategic Distinctiveness of the Firm: Evidence from a Natural Experiment 资本市场审查与公司的战略独特性：来自自然实验的证据
IF 5.6 2区 管理学
British Journal of Management Pub Date : 2024-07-18 DOI: 10.1111/1467-8551.12857
Jingoo Kang, Yungu Kang
{"title":"Capital Market Scrutiny and Strategic Distinctiveness of the Firm: Evidence from a Natural Experiment","authors":"Jingoo Kang, Yungu Kang","doi":"10.1111/1467-8551.12857","DOIUrl":"https://doi.org/10.1111/1467-8551.12857","url":null,"abstract":"Several streams of strategy literature emphasize firms’ distinctive strategy as being key to sustainable competitive advantage. Using a unique natural experiment setting, we examine how increased scrutiny and pressure from short‐sellers affect the strategic distinctiveness of the firm. We find that increasing short‐selling pressure reduces the strategic distinctiveness of the firm and that this negative effect is more pronounced for more visible and underperforming firms. Our findings suggest that removing restrictions on short‐selling can have an unintended side‐effect of reducing the strategic distinctiveness of firms.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141746337","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 Dynamics of Investor Sentiment Impacts in Equity Crowdfunding: Unveiling the When 股权众筹中投资者情绪的动态影响：揭示何时
IF 5.6 2区 管理学
British Journal of Management Pub Date : 2024-07-17 DOI: 10.1111/1467-8551.12854
Thang Nguyen, Jiaqi Guo, Daniel Dao, Thanh Nguyen, Bao To
{"title":"The Dynamics of Investor Sentiment Impacts in Equity Crowdfunding: Unveiling the When","authors":"Thang Nguyen, Jiaqi Guo, Daniel Dao, Thanh Nguyen, Bao To","doi":"10.1111/1467-8551.12854","DOIUrl":"https://doi.org/10.1111/1467-8551.12854","url":null,"abstract":"Expanding upon the known impact of investor sentiment on crowdfunding contributions, we delve deeper to pinpoint specific conditions under which sentiment influences investor choices. Grounded in psychological theory, we assert that sentiment's influence thrives at the peak of investor attention, primarily on a campaign's first day and among projects with greater uncertainty. Our empirical study, based on 447 campaigns with 17,244 daily observations from the United Kingdom's Crowdcube platform, substantiates our claim. Our research enhances the comprehension of equity crowdfunding investors and provides practical insights for its proponents.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141741375","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
Cheap Talk? Strategy Disclosure Intensity, Corporate Risk‐Taking and Financial Performance 廉价言论？战略披露强度、公司风险承担和财务业绩
IF 4.5 2区 管理学
British Journal of Management Pub Date : 2024-07-15 DOI: 10.1111/1467-8551.12853
Wenjing Cai, Wei Shi, Fuxiu Jiang
{"title":"Cheap Talk? Strategy Disclosure Intensity, Corporate Risk‐Taking and Financial Performance","authors":"Wenjing Cai, Wei Shi, Fuxiu Jiang","doi":"10.1111/1467-8551.12853","DOIUrl":"https://doi.org/10.1111/1467-8551.12853","url":null,"abstract":"Corporate risk‐taking is key to a firm's ability to achieve competitive advantages. Drawing on the attention‐based view and the information‐processing perspective, we argue that firms with higher strategy disclosure intensity (i.e. greater frequency of ‘corporate strategy’ mentions in a firm's public disclosure) will allocate more attention to corporate strategy and develop stronger information‐processing capacities, enabling them to undertake more intensive risk‐taking. This is particularly true when investment opportunities are more abundant and the environment is more dynamic. In addition, corporate risk‐taking will lead to better financial performance when firms exhibit stronger strategy disclosure intensity. Findings from 3190 firms support our arguments. Overall, this study advances strategic management research by demonstrating that strategy disclosure intensity provides important insights into a firm's risk‐taking decisions and performance.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141645972","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 表彰评审员的服务
IF 4.5 2区 管理学
British Journal of Management Pub Date : 2024-07-09 DOI: 10.1111/1467-8551.12843
{"title":"Recognising the Service of our Reviewers","authors":"","doi":"10.1111/1467-8551.12843","DOIUrl":"10.1111/1467-8551.12843","url":null,"abstract":"","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141576275","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
HRM Algorithms: Moderating the Relationship between Chaotic Markets and Strategic Renewal 人力资源管理算法：调节混乱市场与战略更新之间的关系
IF 5.6 2区 管理学
British Journal of Management Pub Date : 2024-07-03 DOI: 10.1111/1467-8551.12852
Yancy Vaillant, Ferran Vendrell‐Herrero, Oscar F. Bustinza, Yijun Xing
{"title":"HRM Algorithms: Moderating the Relationship between Chaotic Markets and Strategic Renewal","authors":"Yancy Vaillant, Ferran Vendrell‐Herrero, Oscar F. Bustinza, Yijun Xing","doi":"10.1111/1467-8551.12852","DOIUrl":"https://doi.org/10.1111/1467-8551.12852","url":null,"abstract":"HRM algorithms can profoundly impact organizations in the digital economy era. In the face of turbulent and complex market conditions, strategic renewal is regarded as one of the most important organizational mechanisms for dealing with market uncertainty and a turbulent environment. However, the existing research remains elusive about the relationship between market‐level conditions and firm‐level strategic renewal. Our paper addresses this important gap by examining the potential enhancement of agile strategic renewal in high‐uncertainty environments through the implementation of HRM algorithms. Drawing on Chaos Theory, we argue that HRM algorithms have the potential to support the self‐organization capacity of a workforce, supporting better alignment with changing environments. Using covariance‐based structural equation modelling on a survey of over 500 Spanish firms, our findings provide partial support for the modelled hypotheses by showing that the use of HRM algorithms positively moderates the relationship between market turbulence and strategic renewal, but does not appear to moderate the relationship between market complexity and strategic renewal. The study contributes to our understanding of the importance of adopting internal business analytics systems to stimulate agility and align the workforce more effectively with changing environments, but also highlights their less substantive role in deciphering complex external factors.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141548502","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
On the Right Side of the Faultline: Effects of Subgroups and CEO Inclusion on CEO Compensation 在断层线的右侧：子集团和首席执行官包容性对首席执行官薪酬的影响
IF 5.6 2区 管理学
British Journal of Management Pub Date : 2024-07-03 DOI: 10.1111/1467-8551.12851
Charlotte Antoons, Alana Vandebeek
{"title":"On the Right Side of the Faultline: Effects of Subgroups and CEO Inclusion on CEO Compensation","authors":"Charlotte Antoons, Alana Vandebeek","doi":"10.1111/1467-8551.12851","DOIUrl":"https://doi.org/10.1111/1467-8551.12851","url":null,"abstract":"This study examines how subgroup formation resulting from group faultlines can affect corporate boards’ CEO compensation‐setting process. Group faultlines are hypothetical dividing lines that can split the board into subgroups based on directors’ diversity characteristics. Using a sample of US firms for the period 2007–2019, we find that if the CEO demographically belongs to the same faultline‐based subgroup as corporate directors who are members of the compensation committee, strong faultlines lead to higher CEO compensation. Furthermore, we show that joint tenure of directors and the CEO strengthens this relationship. Our results are robust to endogeneity concerns and a battery of sensitivity tests. Our findings make important contributions to the literature on CEO compensation, corporate governance and faultlines, as we consider not only the existence of faultlines in the board context but also how the composition of identity‐based subgroups affects CEO compensation.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141548503","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
Environmental Regulation and Access to Credit 环境监管与获得信贷
IF 5.6 2区 管理学
British Journal of Management Pub Date : 2024-07-03 DOI: 10.1111/1467-8551.12848
Viet A. Dang, Ning Gao, Tiancheng Yu
{"title":"Environmental Regulation and Access to Credit","authors":"Viet A. Dang, Ning Gao, Tiancheng Yu","doi":"10.1111/1467-8551.12848","DOIUrl":"https://doi.org/10.1111/1467-8551.12848","url":null,"abstract":"We show that climate priorities codified in regulations significantly impact firms’ access to credit, especially long‐term credit, an important financial resource required for achieving business viability and sustainability goals. Following the implementation of a prominent cap‐and‐trade programme aimed at controlling nitrogen oxides (NO<jats:sub>x</jats:sub>) in the United States (the NO<jats:sub>x</jats:sub> Budget Trading Program, NBP), manufacturers experienced decreased debt maturity structures, driven by reduced access to long‐maturity debt, but did not alter their use of short‐term debt or trade credit. The NBP's effect on long‐term credit is more pronounced for firms with higher degrees of electricity intensity, financial constraints, information frictions or rollover risk. It ultimately led to deteriorating firm value and operating performance. Increased energy costs and elevated operating leverage explain firms’ reduced access to long‐term credit. Our findings highlight the potential unintended consequences of policy instruments designed to boost a specific aspect of sustainability and the complex nature of managing corporate financial and sustainability goals.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141548501","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
Bank Competition, Loan Portfolio Concentration and Stock Price Crash Risk: The Role of Tone Ambiguity 银行竞争、贷款组合集中度与股价暴跌风险：语气模糊的作用
IF 5.6 2区 管理学
British Journal of Management Pub Date : 2024-07-02 DOI: 10.1111/1467-8551.12850
Nikolaos C. Gkoumas, George N. Leledakis, Emmanouil G. Pyrgiotakis, Ion Androutsopoulos
{"title":"Bank Competition, Loan Portfolio Concentration and Stock Price Crash Risk: The Role of Tone Ambiguity","authors":"Nikolaos C. Gkoumas, George N. Leledakis, Emmanouil G. Pyrgiotakis, Ion Androutsopoulos","doi":"10.1111/1467-8551.12850","DOIUrl":"https://doi.org/10.1111/1467-8551.12850","url":null,"abstract":"We examine the association between loan portfolio concentration, competition and stock price crash risk in the US banking industry. We find that during economic downturns, banks with poorly diversified loan portfolios that operate in competitive markets are more likely to crash. Importantly, we show that this link is channelled through aggressive earnings management and ambiguous annual reports. Therefore, managerial ambiguity can serve as an early warning signal of information obfuscation, which can eventually lead to stock price crashes. As a quasi‐natural experiment, we use the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act in 2018. This policy lowered the regulatory requirements and oversight for a specific group of large banks. The results of a difference‐in‐differences analysis support our baseline findings and add to the ongoing debate on the roots of the 2023 banking crisis. Therefore, our findings can be informative to market participants, regulators and policy makers.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141522159","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
Alliance Partner Choice and CEOs’ Facial Structure 联盟合作伙伴的选择与首席执行官的面部结构
IF 5.6 2区 管理学
British Journal of Management Pub Date : 2024-06-27 DOI: 10.1111/1467-8551.12847
Ribuga Kang, Jingoo Kang, Andy Y. Han Kim, Yoonhee Choi
{"title":"Alliance Partner Choice and CEOs’ Facial Structure","authors":"Ribuga Kang, Jingoo Kang, Andy Y. Han Kim, Yoonhee Choi","doi":"10.1111/1467-8551.12847","DOIUrl":"https://doi.org/10.1111/1467-8551.12847","url":null,"abstract":"We examine how CEOs’ facial width‐to‐height ratio relates to their firm's alliance partner choice. Using a sample of 2627 alliances of 184 US firms in high‐technology industries between 1993 and 2020, we find that firms led by CEOs with a greater facial width‐to‐height ratio are more likely to ally with new and unfamiliar partners. This tendency is more pronounced when the partner firm is larger or more central in the alliance network than the focal firm. We also find that this tendency is strengthened when the focal firm's performance is below aspirations. Our findings suggest that wider‐faced CEOs are more inclined to take risks and seek status in their alliance partner choice. Our paper bridges upper echelons theory and strategic alliance literature by examining the role of an important but understudied physical attribute of executives in the context of strategic alliances.","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141502891","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
Towards a Synergistic Multi-stakeholder Approach to CSR in Crisis: Learning from Large Global Firms’ Responses to COVID-19 危机中的企业社会责任的多利益相关方协同方法：从全球大型企业应对 COVID-19 的措施中学习
IF 4.5 2区 管理学
British Journal of Management Pub Date : 2024-06-24 DOI: 10.1111/1467-8551.12844
Vassiliki Bamiatzi, Steven A. Brieger, Stephan Manning, Shiqianbao Shi, Tahir Islam
{"title":"Towards a Synergistic Multi-stakeholder Approach to CSR in Crisis: Learning from Large Global Firms’ Responses to COVID-19","authors":"Vassiliki Bamiatzi,&nbsp;Steven A. Brieger,&nbsp;Stephan Manning,&nbsp;Shiqianbao Shi,&nbsp;Tahir Islam","doi":"10.1111/1467-8551.12844","DOIUrl":"10.1111/1467-8551.12844","url":null,"abstract":"<p>Firms are increasingly expected to engage in corporate social responsibility (CSR) in reaction to external crises. Yet, we still know little about how they do it. This study discusses what we can learn from how large global firms responded to the COVID-19 pandemic. Employing a cluster analysis on Fortune Global 500 firms, our findings reveal that to meet both institutional and economic pressures posed by the crisis, global firms adopted what we call a synergistic multi-stakeholder approach by addressing the needs of multiple stakeholder groups simultaneously through transferable response strategies. These strategies varied by firm, ranging from donations and educational initiatives to collaboration and minimal support. We discuss the characteristics and potential drivers of each strategy. Our findings suggest that synergistic CSR strategies combine (social) value creation with operational efficiencies across stakeholder groups, with critical implications for how firms may respond to future disasters and crises.</p>","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":null,"pages":null},"PeriodicalIF":4.5,"publicationDate":"2024-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.12844","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141502928","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
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