Johannes A. Barg, Wolfgang Drobetz, Sadok El Ghoul, Omrane Guedhami, Henning Schröder
{"title":"Board Ancestral Diversity and Voluntary Greenhouse Gas Emission Disclosure","authors":"Johannes A. Barg, Wolfgang Drobetz, Sadok El Ghoul, Omrane Guedhami, Henning Schröder","doi":"10.1111/1467-8551.12778","DOIUrl":"10.1111/1467-8551.12778","url":null,"abstract":"<p>This paper examines the relationship between board diversity and firms’ decisions to voluntarily disclose information about their greenhouse gas (GHG) emissions. We focus on board ancestral diversity as a relatively new dimension of (deep-level) board structure and document that it has a positive and statistically significant effect on a firm's scope and quality of voluntary GHG emission disclosure. The effect goes beyond the impact of more common (surface-level) dimensions of board diversity and remains robust after addressing endogeneity concerns. In line with the theoretical conjecture that diversity enhances a board's advising and monitoring capacity, we find that the impact of diverse boards is stronger in more complex firms and in firms with low levels of institutional ownership. Overall, our findings provide evidence for board diversity being a relevant governance factor in corporate environmental decision making.</p>","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"35 3","pages":"1512-1529"},"PeriodicalIF":4.5,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.12778","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138530242","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}
{"title":"Early Patent Disclosure and R&D Investment in Family Firms","authors":"Katrin Hussinger, Wunnam Basit Issah","doi":"10.1111/1467-8551.12777","DOIUrl":"10.1111/1467-8551.12777","url":null,"abstract":"<p>This paper shows that the American Inventor's Protection Act, which introduced the disclosure of patent applications after 18 months, that is, before a grant decision is taken and, hence, before it is known whether the respective technology will receive legal protection, is associated with a reduction of family firms’ research and development (R&D) investment. This suggests that early disclosure of patent applications is perceived as a threat to family firms’ innovation activity and discourages their R&D investment. This finding deserves our attention because family firms account for a large share of the US economy, and a reduction in their R&D investment can have long-term consequences.</p>","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"35 3","pages":"1580-1591"},"PeriodicalIF":4.5,"publicationDate":"2023-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.12777","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136346994","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}
Mohammed Benlemlih, Mohammad Bitar, Imane El Ouadghiri, Jonathan Peillex
{"title":"Financial Analyst Coverage and Corporate Environmental Disclosure","authors":"Mohammed Benlemlih, Mohammad Bitar, Imane El Ouadghiri, Jonathan Peillex","doi":"10.1111/1467-8551.12776","DOIUrl":"10.1111/1467-8551.12776","url":null,"abstract":"<p>Consistent with the monitoring function played by financial analysts, we find that greater analyst coverage leads to the same extent of improvement in the quantity and quality of environmental information disclosed by the firm. This result is remarkably robust after conducting a difference-in-differences analysis that exploits brokerage closures and mergers as an exogenous decrease in analyst coverage, as well as using an instrumental variable approach. The positive influence of analyst coverage on corporate environmental disclosure is particularly evident for firms that cause high environmental damage, firms with low information asymmetry and those followed by analysts with superior experience, accuracy and reputation. Taken together, our empirical findings provide new insights into the bright side effect of analyst coverage on corporate environmental-related activities.</p>","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"35 3","pages":"1609-1631"},"PeriodicalIF":4.5,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135681998","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}
{"title":"Matter and Method: The Quest for a New-Materialist Methodology in Management Studies","authors":"Angelo Benozzo, Marco Distinto, Vincenza Priola","doi":"10.1111/1467-8551.12775","DOIUrl":"10.1111/1467-8551.12775","url":null,"abstract":"<p>This paper offers methodological and theoretical contributions to the field of management at the so-called ‘turn to matter’ postulated within new materialist perspectives. It discusses more-than-human perspectives in management research and provides some methodological directions to support new materialist empirical investigations. Theoretically grounded on new materialism and posthumanism, the paper applies the assemblage approach that focuses on understanding the redistribution of agency to the network of people, things and discourses. In developing three exemplars of assemblages, it shows how it is possible to methodologically encompass the entanglement of the material, the organic, the human and the more-than-human to explore a phenomenon such as working from home. The paper concludes by reflecting on what new materialist qualitative research in management could become in order to generate new ways of imagining management, organizations and working lives, as more-than-human entanglements.</p>","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"35 1","pages":"86-98"},"PeriodicalIF":5.6,"publicationDate":"2023-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.12775","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135774719","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}
{"title":"What Makes Fund Managers Leave Their Jobs Faster?","authors":"Michail Karoglou, Jia Liu, Dimitrios Stafylas","doi":"10.1111/1467-8551.12773","DOIUrl":"10.1111/1467-8551.12773","url":null,"abstract":"<p>We examine fund managers’ mobility across different funds and the factors associated with their moving to new posts. Based on a comprehensive and unique dataset of open-ended funds of the booming Chinese mutual fund industry, we model the duration of a fund manager's service as a time-to-event counting process and examine how the prevailing market conditions, the manager's performance and the risk profile of the fund determine how long the manager will remain in post. Our study establishes that managerial performance and rising rather than falling markets are the two main factors that make managers less likely to remain in their posts. In contrast, the riskier the profile of the fund with respect to the market, the less likely it is that a manager will move. When all factors are considered, it appears that open-ended fund managers leave their posts when offered better employment prospects rather than when confronted by market adversity. Our study provides a novel insight into the optimization of investment decisions and encourages regulators to scrutinize the disclosure of appropriate information to investors regarding fund manager changes.</p>","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"35 3","pages":"1559-1579"},"PeriodicalIF":4.5,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8551.12773","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135371937","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}
{"title":"More Social, More Socially Responsible? The Impact of CEO Social Media Use on Corporate Social Performance","authors":"Jing Zhou, Silin Ye, Xiaming Liu","doi":"10.1111/1467-8551.12774","DOIUrl":"10.1111/1467-8551.12774","url":null,"abstract":"<p>Nowadays, more and more firm chief executive officers (CEOs) are using social media to join online conversations and interact with stakeholders. As this social media presence shows their social participation tendencies, such CEOs have been described as ‘social CEOs’. Building on an upper-echelon perspective of corporate social responsibility (CSR), this study examines whether social CEOs and the implications of their social media engagement have an impact on corporate social performance by developing a needs–affordances–consequences approach. Our approach explores the motives and ability of social CEOs, suggesting the positive influence of CEO sociability on CSR and also the moderating effect of CEOs’ social evaluation. Using data on Chinese publicly listed firms from 2009 to 2020, we find that firms with social CEOs have a higher level of social performance than firms without, and higher CEO status or better CEO reputation can further amplify the positive impact of CEO sociability on corporate social performance. This work makes important contributions to research on the determinants of CSR, as well as the social media and leadership literature.</p>","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"35 3","pages":"1592-1608"},"PeriodicalIF":4.5,"publicationDate":"2023-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134906453","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}
{"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":"<p>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.</p>","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"35 2","pages":"644-662"},"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}
Liguang Zhang, Liao Peng, Xinyu Liu, Zhe Zhang, Yunchen Wang
{"title":"The Governance Role of Minority State Ownership in Non-state-owned Enterprises: Evidence from Corporate Fraud in China","authors":"Liguang Zhang, Liao Peng, Xinyu Liu, Zhe Zhang, Yunchen Wang","doi":"10.1111/1467-8551.12771","DOIUrl":"10.1111/1467-8551.12771","url":null,"abstract":"<p>This study attempts to shed new light on how the state as a minority shareholder benefits stakeholders, by investigating its role in deterring corporate fraud in non-state-owned enterprises (non-SOEs). Through an analysis of publicly traded non-SOEs in China, this study reveals that minority state ownership negatively impacts firm fraud, and the results hold after alternative tests. The identified channels of this association are that minority state ownership mitigates tunnelling, enhances internal control, and alleviates the financial constraints of non-SOEs. Further analysis shows that this relationship is more pronounced in firms with weaker corporate governance, stronger fraud incentives, and lower levels of political connections. Overall, this study contributes to our understanding of the role of minority state ownership in emerging markets within the context of corporate fraud, highlighting the importance of critically evaluating the effects of government intervention in different contexts.</p>","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"35 3","pages":"1489-1511"},"PeriodicalIF":4.5,"publicationDate":"2023-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134905533","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}
{"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":"<p>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.</p>","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"35 3","pages":"1449-1467"},"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}
{"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":"<p>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.</p>","PeriodicalId":48342,"journal":{"name":"British Journal of Management","volume":"35 3","pages":"1530-1558"},"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}