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Article
Publication date: 15 August 2016

Yi Yang, Tianxu Chen and Lei Zhang

From the attention-based view, the purpose of this paper is to examine how structural autonomy of a corporate venture capital (CVC) program influences its CVC managers’ investment

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Abstract

Purpose

From the attention-based view, the purpose of this paper is to examine how structural autonomy of a corporate venture capital (CVC) program influences its CVC managers’ investment decisions with regard to investment portfolio diversification.

Design/methodology/approach

This study collects data from VentureXpert, Compustat, and the US Patent Office. The final sample consists of 868 CVC portfolio-year observations from 1990 to 2004. Panel linear regressions and hierarchical linear regressions are used in the analysis.

Findings

The major finding of this study reveals that that structural autonomy of a CVC program is significantly related to its investment portfolio diversification. In addition to the direct effect, the authors also find that CVC structure autonomy moderates the relationship between corporate investor’s strategic attention and its CVC portfolio diversification. Specifically, when the autonomous level of a CVC program is high, the negative relationship between its parent’s relative growth potentials and CVC portfolio diversification will become positive, and the positive relationship between its parent’s business diversification and CVC portfolio diversification will become negative.

Originality/value

The CVC literature has suggested the impact of CVC portfolio diversification on value creation for corporate investors (e.g. Yang et al., 2014), however, few studies have investigated why some corporate investors diversify their portfolio of venture companies while others do not. To fill such a gap, this study identifies antecedents of CVC portfolio diversification such as CVC structural autonomy and corporate investor’s strategic attention as well as their interactive impacts. The finding also provides valuable managerial implications on CVC program designs.

Details

Journal of Strategy and Management, vol. 9 no. 3
Type: Research Article
ISSN: 1755-425X

Keywords

Book part
Publication date: 21 November 2014

Alex Bryson, John Forth and Minghai Zhou

All that we know about the Chief Executive Officer (CEO) labour market in China comes from the studies of public listed companies and State-owned Enterprises (SOEs). This is the…

Abstract

All that we know about the Chief Executive Officer (CEO) labour market in China comes from the studies of public listed companies and State-owned Enterprises (SOEs). This is the first attempt to examine the operation of the CEO labour market across all industrial sectors of the Chinese economy. We find that the influence of the State extends beyond SOEs into many privately owned firms. Government is often involved in CEO appointments in domestic firms and, when this is the case, the CEO has less job autonomy and is less likely to have pay linked to firm performance. Nevertheless, we find that incentive schemes are commonplace and include contracts linking CEO pay directly to firm performance, annual bonus schemes, the posting of performance bonds, and holding company stock. The elasticity of pay with respect to company performance is one or more in two-fifths of the cases where CEOs have performance contracts, suggesting many face high-powered incentives. We also show that State-owned and domestic privately owned firms are more likely than foreign-owned firms to use incentive contracts.

Details

International Perspectives on Participation
Type: Book
ISBN: 978-1-78441-169-5

Keywords

Article
Publication date: 27 April 2020

Maísa Gomide Teixeira, Silvia Morales de Queiroz Caleman and Jean Carlos da Silva Américo

This study aims to analyze how multirational management relates to cooperatives’ corporate governance.

Abstract

Purpose

This study aims to analyze how multirational management relates to cooperatives’ corporate governance.

Design/methodology/approach

A typology of agricultural cooperatives’ potential for multirational management in relation to corporate governance is proposed. Coordinates based on data from assembly participation and separation of ownership and control are used to map cooperatives among these typologies. Four case studies representing each typology were conducted, allowing analysis of propositions.

Findings

By mapping the cooperatives from Mato Grosso do Sul, a reduced potential for multirational management is noted. By analyzing the four case studies, coded as Coop 1, 3, 13 and 16, this study found convergence with P1, P2 and P3. “Coop 1” shows signs of adopting exploitation practice. In “Coop 3,” evidence points to avoidance practice and, analyses of “Coop 13” indicates adoption of tolerance practice. In Coop 16, however, P4 could not be confirmed. Instead of polarizing practices, there is evidence of avoidance practice. Therefore, a positive relation between corporate governance and multirational management can partially be observed.

Originality/value

There are no records of a paper that has explored the relation of governance and multirational management. Therefore, this research broadens the understanding of how corporate governance can function in the context of cooperative organizations. As well, insight is given on how different mechanisms of corporate governance can influence organizations to adopt explicit or implicit and monorational or multirational methods of dealing with multiple rationalities.

Details

Corporate Governance: The International Journal of Business in Society, vol. 20 no. 4
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 7 July 2020

Ji “Miracle” Qi, Sijun Wang and Michael A. Koerber, Jr

Drawing from the social exchange theory, the job demands-resources theory and the employee–organization relationship framework, this article aims to investigate underlying…

Abstract

Purpose

Drawing from the social exchange theory, the job demands-resources theory and the employee–organization relationship framework, this article aims to investigate underlying mechanisms through which organizational resources impact frontline service employees’ (FLEs) core service performance and customer-oriented organizational citizenship behavior (OCB).

Design/methodology/approach

An empirical study was conducted based on a multi-source data from 211 employee–customer pairs, with structural equation modeling used to test hypotheses.

Findings

FLE felt gratitude toward the firm fully mediates the impacts of supervisory guidance and employee-oriented relationship investment in influencing employees’ service performance and customer-oriented OCB. The study further finds that when the perceived job autonomy is low, providing supervisory guidance is more effective in eliciting employee gratitude than employee-oriented relationship investments. In contrast, when the perceived job autonomy is high, employee-oriented relationship investment elicits higher employee gratitude than supervisory guidance.

Research limitations/implications

First, as cross-sectional pair data were used to test the proposed hypotheses, a stronger case might be made for the use of longitudinal data. Second, the current study uses a large variety of industries to study the phenomenon of employee gratitude and customer-oriented performance. Third, given recent globalization trends, it is increasingly important for researchers to address how the knowledge gained within an US context is applicable on a global scale. Finally, the two types of organizational resources included in the study are both positive resources.

Practical implications

The findings offer insights about how firms can strategically invest organizational resources to favorably influence FLE gratitude and customer outcomes as well as how job autonomy plays a role in leveraging the impacts of those resources.

Originality/value

This study is one of the few to advance our understanding of how FLE felt gratitude serves as an intervening mechanism through which functional and social resources invested by service organizations lead to desirable customer outcomes. In addition, this study explores the moderating role of FLE perceived job autonomy, suggesting the contingent nature of organizational resources in affecting customer-oriented FLE behaviors, which was rarely attended in previous research.

Article
Publication date: 1 February 2016

George Apostolakis, Frido Kraanen and Gert van Dijk

This study aims to explore the views of pension beneficiaries and fund managers regarding greater involvement and investment autonomy and the attitudes toward diverse responsible…

1977

Abstract

Purpose

This study aims to explore the views of pension beneficiaries and fund managers regarding greater involvement and investment autonomy and the attitudes toward diverse responsible investment criteria. The conventional form of investing is usually vulnerable to high financial market volatility events and financial crises, and most importantly, it has proven insufficient in addressing important social issues. A newly introduced investment culture known as impact investing strives for social gains in the long term rather than the maximization of financial returns by aiming to tackle social problems. However, some in the field claim that implementing such investment policies compromises the fiduciary responsibility of pension funds’ trustees to manage trust funds in the best interest of beneficiaries.

Design/methodology/approach

This study uses qualitative methods to explore the perception of proposed pension policies, such as beneficiaries’ greater involvement in determining pension investment policies that can have a positive long-term impact on their lives and on the provision of investment autonomy. For this purpose, the study investigates beneficiaries’ positions regarding responsible investment criteria from a freedom-of-choice perspective. The study sample consists of members and managers of a Dutch pension administrative organization with a cooperative structure. Three semi-structured, homogeneous discussions with focus groups containing between seven and nine participants each are conducted. The data are coded both deductively and inductively, following the framework approach, which is a qualitative data analysis method.

Findings

Participants demonstrate positive attitudes toward greater involvement and freedom of choice. However, the findings also indicate that members and pension fund managers have different views regarding responsible investment criteria. Members have more favorable attitudes toward responsible investment than do managers.

Research limitations/implications

This research is limited to focus group discussions with managers and members in the Dutch healthcare sector.

Practical implications

How little the current pension system matches people’s investment preferences is a matter of concern, and the main implications of this research thus center upon designing a more democratic pension system for the future. Greater involvement by pension fund beneficiaries, whose roles are currently limited, would help legitimize responsible investing. This research implies that pension policies should be designed to align with the preferences of pension fund beneficiaries and be accompanied by diverse intervention strategies.

Social implications

Pension reforms that encourage pension beneficiaries to exert greater influence in determining pension policy will help shrink the democratic deficit in collective pensions.

Originality/value

This study contributes to the literature on pension fund governance and long-term responsible investing by examining the attitudes toward impact and sustainable investments and by making suggestions for future research. To the best of the authors' knowledge, this study is the first to investigate the attitudes of pension fund participants toward targeted impact investments.

Details

Corporate Governance: The International Journal of Business in Society, vol. 16 no. 1
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 20 April 2012

Yi Yang

The purpose of this paper is to investigate impacts of governance characteristics and bilateral inter‐organizational learning on performance in the context of corporate venture…

1811

Abstract

Purpose

The purpose of this paper is to investigate impacts of governance characteristics and bilateral inter‐organizational learning on performance in the context of corporate venture capital (CVC) activity.

Design/methodology/approach

Based on a dataset of 232 CVC investments, the author examined how characteristics such as autonomy, incentive scheme, and broad representation of a CVC program and the knowledge inflows and outflows of the corporate investors impacted the corporate investor's innovativeness and the portfolio company's performance.

Findings

The results show that knowledge outflows from corporate investors can help enhance their portfolio companies' performance. In addition, incentive scheme and autonomy may facilitate knowledge inflows from portfolio companies to corporate investors, and influence the performance of both corporate investors and portfolio companies.

Originality/value

The paper's findings contribute to the inter‐organizational learning literature by empirically analysing the mutual learning processes in the context of corporate venturing. The paper extends corporate venturing literature by linking governance characteristic to the underlying mechanism of inter‐organizational learning between the corporate investors and the portfolio companies, as well as their performance.

Details

Management Research Review, vol. 35 no. 5
Type: Research Article
ISSN: 2040-8269

Keywords

Article
Publication date: 5 July 2018

Marco Bisogno, Beatriz Cuadrado-Ballesteros, Serena Santis and Francesca Citro

The purpose of this paper is to investigate budgetary solvency (BS) as a part of the financial condition of local governments (LGs), considering that the growing demand for public…

Abstract

Purpose

The purpose of this paper is to investigate budgetary solvency (BS) as a part of the financial condition of local governments (LGs), considering that the growing demand for public services is primarily affecting this variable.

Design/methodology/approach

The study investigates a sample of 132 Italian LGs with more than 50,000 inhabitants for the period 2005–2014. The authors obtain a set of indicators as proxies of BS, which serve as the dependent variable of a regression model aimed at testing several independent variables which the authors are interested in, namely, financial autonomy, current equilibrium, level of indebtedness and investments.

Findings

BS, as well as its three indicators—sustainability, flexibility and vulnerability—are positively related to financial autonomy and current equilibrium and negatively related to the level of indebtedness and investments.

Practical implications

To cover citizens’ demands for public services guaranteeing sound financial management, policymakers are advised to control both the balance between current revenue and expenses and the level of indebtedness while preserving financial autonomy from external sources.

Originality/value

This study adds fresh insight to the literature on financial health, emphasising the relevance of public financial management.

Details

International Journal of Public Sector Management, vol. 32 no. 2
Type: Research Article
ISSN: 0951-3558

Keywords

Article
Publication date: 18 April 2016

Felipe Mendes Borini, Sidney Costa and Moacir de Miranda Oliveira Junior

– The purpose of this paper is to determine the antecedents of reverse innovation.

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Abstract

Purpose

The purpose of this paper is to determine the antecedents of reverse innovation.

Design/methodology/approach

Data were collected through an online survey administered using telephone assistance and sent to the 1,000 largest (in terms of revenue) foreign subsidiaries in Brazil. The responding companies numbered 167. For the data analysis, the authors chose the statistical technique of structural equation modeling.

Findings

The paper shows that reverse innovation is related to headquarters’ support, autonomy, and integration. Specifically, the authors consider the power of strategic integration between headquarters and subsidiaries as one of the important antecedents of reverse innovation.

Practical implications

Integration has an important role to reverse innovation. In order to stimulate integration, the executive of a subsidiary can make such efforts as invest in the mechanism of the relationship and exchange knowledge with headquarters. For example, it is recommended to encourage travel to the headquarters to more accurately align perceptions of parent and subsidiary executives and to utilize expatriates from headquarters to provide knowledge to subsidiaries about the main processes of the company and to promote subsidiary innovations.

Originality/value

Literature contains some articles discussing and relating some cases of reverse innovation. However, this paper shows the organizational structure necessary for reverse innovation.

Details

International Journal of Emerging Markets, vol. 11 no. 2
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 23 January 2023

Hannah Forsyth

This paper explores the economic and social effects of human capital investment in the 20th century. As well as drawing on census data and statistical yearbooks in Australia and…

Abstract

Purpose

This paper explores the economic and social effects of human capital investment in the 20th century. As well as drawing on census data and statistical yearbooks in Australia and Aoteoroa/New Zealand, the paper develops its argument by an intersection of scholarly work in sociology, economics and the history of education to consider the effects of increased human capital investment on economic growth but also on the experiences of childhood, work discipline and the present climate crisis.

Design/methodology/approach

This paper considers the implications of what economic historian Claudia Goldin has described as the “human capital century” for the history of school and university education. By reconsidering education in the settler colonies, especially Australia and Aoteoroa/New Zealand, as “stimulus”, this helps explain key aspects of contemporary human capital investment, which the paper argues should be understood as constituted by children's and young people's free labour at school, university and across the economy.

Findings

This research argues that children's and young people's free labour, performed in educational institutions, constitutes a large portion of Australia and Aoteoroa/New Zealand's national investment in human capital. At key points, this investment has acted as an economic stimulus, promoting surges of profitability. The effects were not confined to young people. Systematised, educational expansion also became the foundation of environmental degradation, labour market exploitation and a relentless increase in service-sector productivity that is worn on professional bodies. Productivity increases have been associated with reduced professional autonomy as a managerial class coerced professionals into working harder, though often under the guise of working “smarter” – a fiction that encouraged or coerced even greater personal investment in collective human capital. This investment of personal time, effort and selfhood by children and the professionals they grew into can thus be seen, in Marxian terms, as a crucial vector of capitalist exploitation in the 20th century.

Practical implications

The paper concludes by suggesting that a reduction of managerial influence in educational settings would improve learner and professional autonomy with improved labour and environmental conditions.

Originality/value

The paper makes a unique contribution to the history of education by exploring education as stimulus as a key component of education’s role in 20th and 21st century capitalism. It interrogates exploitative aspects of human capital investment, especially in the midst of environmental catastrophe and the recent COVID crisis.

Details

History of Education Review, vol. 52 no. 1
Type: Research Article
ISSN: 0819-8691

Keywords

Open Access
Article
Publication date: 30 April 2021

Dau Thi Kim Thoa and Vo Van Nhi

The purpose of this study is to examine the financial autonomy that affects the financial accounting information quality of public organizations. This study also tests the impact…

6973

Abstract

Purpose

The purpose of this study is to examine the financial autonomy that affects the financial accounting information quality of public organizations. This study also tests the impact of the financial autonomy on support from leadership. How this impact has affected elements of accounting information systems such as hardware, software, communications technology and chief accountant to support providing the quality of the financial accounting information.

Design/methodology/approach

The research model is in the SEM form and measurement models are reflective scales so this study applies the PLS-SEM analysis technique on the Smart PLS 3.2.7 software to test the research hypotheses. Analytical data is collected through survey questionnaires with observed variables measured using the typical 7-point Likert scales. The result obtained after cleaning the data includes 164 Vietnamese public organizations with the different levels of the financial autonomy.

Findings

This research has three primary findings: firstly, FA has a positive direct effect on FAIQ and SL. Secondly, SL influences FAIQ through four mediate variables including AM, HW, SW and CN. Finally, SL also acts as a mediate variable in the relationship of FA and FAIQ.

Originality/value

This is one of the first empirical studies to examine the role of financial autonomy in leadership support to improve the quality of the accounting information in the public sector in the context of the Vietnamese government is promoting the financial autonomy of public organizations.

Details

Journal of Asian Business and Economic Studies, vol. 29 no. 1
Type: Research Article
ISSN: 2515-964X

Keywords

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