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We examine how the net share purchases of top executives of acquiring firms, specifically the Chief Executive Officer (CEO) and the Chief Operating Officer (COO), can impact shareholder perceptions of a merger and acquisition (M&A) around the announcement time.

Regression tests using the post-announcement cumulative returns as the dependent variables, and CEO and COO net purchases as independent test controlling for the net purchases of all other insiders, COO and CEO ownership, exercised options, unexercised exercisable options, merger type, pre-announcement firm size, past performance, industry growth, industry instability, year and industry fixed effects. The regression tests are used for various sub-samples (i.e. non-contemporaneous events, duality, operational complexity, economic conditions).

We find that overall shareholders value the COO's net purchases before the announcement but not those of the CEOs. If the COO is also the CEO, then executive buy-ins appear to have a negative reaction from the shareholders. When the firm has many business segments or when the announcement is made in an economic recession, the COO's net purchases do not have a positive influence on the shareholders.

We are the first to provide evidence that investors pay attention to the COO around M&A announcements. In the age of celebrity CEOs, who can instantaneously change the stock price with one press release, having another executive that can shape the opinion of investors can diversify the agency risk.

The purpose of this paper is to use insights from role congruity theory to explore how organizational context moderates the relationship between the representation of women on boards and corporate social performance (CSP).

The hypotheses are tested using a panel of S&P 500 firms observed from 2001 to 2011. The authors utilize the generalized estimating equations technique with Heckman’s two-stage approach to correct for endogeneity.

The findings reveal that four firm-level variables – voluntary initiative membership, deviation from prior financial performance, internationalization and product diversification – moderate the relationship between the representation of women on boards and CSP. These findings suggest that women directors have the ability to prioritize and advocate for social issues in the boardroom to a greater extent when firms provide a context that values their communal orientation. In contrast, the relationship between women directors and CSP weakens when the context encourages a focus on the bottom line.

This study reconciles mixed findings from previous research and contributes to a better understanding of the relationship between women directors and social performance by providing a theory-driven perspective of the circumstances under which women directors have a stronger or weaker impact on CSP. The authors extend role congruity theory by integrating contextual factors that may either diminish or amplify the effects of the expected directors’ gender roles on their behavior and decision making.

The purpose of this study is to understand the effect of governance structure alignment, property rights protection, and reputation in generating efficiency in dairy agro-industrial system in Paraná, Brazil, and Midi-Pyrénées, France.

Descriptive qualitative research, comprising semi-structured interviews with producers, processors and key agents of the dairy agrindustrial system in Brazil and France, in 2016/2017.

As a result, it was identified that measurement generates information about transacted dimensions and when it is shared can generate affect reputation in transactions that leads to system improvement. It was also observed that, in the dairy agro-industrial system, reputation acquired does not reduce all the measurement costs, as the product requires measurement in each all collection, regardless of the reputation created.

As a limitation of the study, there is a difference in the moments when the interviews were done. In 2016, in France, the context was low prices, while in 2017, in Brazil, there was a rise in prices. This difference could have influenced some responses to the interviews, mainly about efficiency by producers.

Reputation, protecion of property rights by measurement and information sharing allows reduction costs (transaction, measurement and negotiation costs). This efficiency implies improvement to the system, in cases of milk producers and processors.

Improvements in the dairy system can have repercussions on several other improvements such as better distribution of income among agents in the chain; better-paid producers, which implies the improving quality of lives of these people; better products offered to consumers.

From a complementary perspective of transaction cost economics and measurement cost economics, reputation and protection of property rights are discussed with a focus on efficiency. Empirically, the paper contains heterogeneous data collected from two countries: Brasil and France.

The purpose of this paper is to describe how an academic library at one of the most diverse universities in the country responded to the 2016 election through the newly formed Inclusion and Equity Committee and through student outreach.

This paper details the context of the 2016 election and the role of social justice in librarianship. It offers ideas for how library diversity committees can address professional development, recruitment and retention efforts and cultural humility. It highlights student outreach efforts to support marginalized students, educate communities and promote student activism. Finally, it offers considerations and suggestions for librarians who want to engage in this work.

This paper shows that incorporating social justice, diversity, equity and inclusion requires individuals taking action. If institutions want to focus on any of these issues, they need to formally include them in their mission, vision and values as well as in department goals and individual job descriptions. The University of Nevada, Las Vegas University Libraries fully supports this work, but most of the labor is done by a small number of people. Unsustainable practices can cause employee burnout and turnover resulting in less internal and external efforts to support diversity.

Most of the previous literature focuses either on internal activities, such as professional development and committees, or on student-focused activities, such as outreach events, displays and instruction. This paper is one comprehensive review of both kinds of activities.

The purpose of this study was to investigate the goal commitment and satisfaction of participants from two different cultures when given a compliance goal versus no goal. Using a sample of 104 Mexican and U.S. participants, we found significant differences in uncertainty avoidance but not power distance between the participants of the two cultures. In addition, uncertainty avoidance had a significant effect on both goal commitment and satisfaction regardless of the goal condition. Finally, there was a significant goal by country interaction, which shows that Mexican participants, rather than U.S. participants, were more committed and marginally more satisfied with a compliance goal than no goal. Despite differences between the cultures in uncertainty avoidance and a direct effect of uncertainty avoidance on individual reactions to goals, the interaction was not explained by uncertainty avoidance.

This study aims to examine how the amount and type of flexibility in work schedule (flextime) and work location (telecommuting) may be related to receiving fewer training and development opportunities. Given that under flextime, employees remain at the work location, while under telecommuting employees are removed from the regular work site and social system, the paper expects that as employees have more telecommuting flexibility, they will receive fewer training opportunities, which in turn will be associated with more negative job attitudes and behaviors.

Participants (n=298) were recruited from a healthcare and a software development firm. Employees provided self-report ratings of their intentions to quit and supervisor supportiveness. Supervisors rated employees' citizenship behaviors and the flextime, telecommuting and training and development practices for the job positions.

As employees possess greater flexibility to telecommute, they received fewer training and development opportunities, while employees with greater work schedule flexibility (flextime) actually received more training opportunities. Additionally, the paper finds that training and development mediates the negative relationship between telecommuting flexibility and organizational citizenship behaviors. Thus, as employees had greater telecommuting flexibility, they exhibited lower levels of organization citizenship behaviors.

This study provides evidence of how greater telecommuting flexibility that leads to decreased training and development opportunities may negatively influence employees' citizenship behaviors. The study also supports that flexibility to work away from the regular work location and not schedule flexibility, is the key antecedent. The findings suggest that supervisors should monitor the amount of training opportunities provided to employees with telecommuting flexibility.

This is one of the few studies to examine telecommuting flexibility: the extent to which employees can work at home and modify their schedule in order to do so. It is also one of the few studies to compare how work schedule and work location flexibility may be differentially related to training and development. The paper examines the potential trade-offs between this flexibility and receiving fewer training and development opportunities.

The case’s learning objectives to work on can vary according to the topic selected by the teacher. This case has been put forward with a particular interest in corporate strategy issues, specifically, on the joint management of businesses (in this case, academic programs). Therefore, students are expected to be able to understand the managerial dilemma on centralization and decentralization; recognize the peculiarities of a shared services center (SSC); and decide on which services to centralize in an SSC.

Centralizing or not centralizing is a frequent managerial dilemma. This is a challenge faced not only by business managers but also by corporate level areas responsible for jointly managing various businesses. Resources and capabilities allocation is an essential process for strategy execution, specifically in corporate strategy that must answer the question: How to jointly manage businesses? Sharing services is a collaborative strategy which aims to increase efficiency by centralizing some processes related to this joint business management. Mario, Dean of the Escuela de Administración in Medellín, Colombia, intends to optimize the school resource allocation processes so that there is more equitable support between the different academic programs. For this, he has thought of creating an SSC as it is a practice that he has seen in prominent companies in the city. His idea is to start operating the SSC in early 2018; however, the particular character of a management school leads him to ask himself: What to centralize and what not to centralize?

This case of decision (Ellet, 2007; Sánchez et al., 2013) can be used to promote student learning of strategy courses both at advanced undergraduate levels and in graduate programs. Likewise, it can be used in workshops with executives and administrative personnel of companies that face the centralize–decentralize dilemma. These types of topics are the subject of study by both corporate strategy theorists who address the question of how to jointly manage business (Menz et al., 2015; Michael Porter, 1987) and consultants (Deloitte, 2012). It is desirable, although not mandatory, that students have some knowledge or experience in strategic issues and challenges associated with the administration of companies made up of various businesses (multi-business firms).

Teaching Notes are available for educators only.

CSS 11: Strategy.

This study contributes to the understanding of the health effects of pesticides exposure and of how pesticides have been and should be regulated.

This study presents literature reviews for the period 2000–2013 on (i) the health effects of pesticides and on (ii) preference valuation of health risks related to pesticides, as well as a discussion of the role of benefit-cost analysis applied to pesticide regulatory measures.

This study indicates that the health literature has focused on individuals with direct exposure to pesticides, i.e. farmers, while the literature on preference valuation has focused on those with indirect exposure, i.e. consumers. The discussion highlights the need to clarify the rationale for regulating pesticides, the role of risk perceptions in benefit-cost analysis, and the importance of inter-disciplinary research in this area.

This study relates findings of different disciplines (health, economics, public policy) regarding pesticides, and identifies gaps for future research.