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The authors propose to estimate a varying coefficient panel data model with different smoothing variables and fixed effects using a two-step approach. The pilot step estimates the varying coefficients by a series method. We then use the pilot estimates to perform a one-step backfitting through local linear kernel smoothing, which is shown to be oracle efficient in the sense of being asymptotically equivalent to the estimate knowing the other components of the varying coefficients. In both steps, the authors remove the fixed effects through properly constructed weights. The authors obtain the asymptotic properties of both the pilot and efficient estimators. The Monte Carlo simulations show that the proposed estimator performs well. The authors illustrate their applicability by estimating a varying coefficient production frontier using a panel data, without assuming distributions of the efficiency and error terms.

The role of chief executive officer (CEO) personal characteristics in shaping corporate policies has attracted increasing academic attention in the past two decades. In this review, the authors synthesize extant research on CEO attributes by reviewing 232 articles published in 29 journals from the accounting, finance and management literature. This review provides an overview of existing findings, highlights current trends and interdisciplinary differences in research approaches and identifies potential avenues for future research.

To review the literature on CEO attributes, the authors manually collected peer-reviewed articles in accounting, finance and management journals from 2000 to 2021. The authors conducted in-depth analysis of each paper and manually recorded the theories, data sources, country of study, study period, measures of CEO attributes and dependent variables. This procedure helped the authors group the selected articles into themes and sub-themes. The authors compared the findings in various disciplines and provided direction for future research.

The authors highlight the role of CEO personal attributes in influencing corporate decision-making and firm outcomes. The authors categorize studies of CEO traits into three main research themes: (1) demographic attributes and experience (including age, gender, culture, experience, education); (2) CEO interactions with others (social and political networks) and (3) underlying attributes (including personality, values and ideology). The evidence shows that CEO characteristics significantly affect a wide range of specific corporate policies that serve as mechanisms through which individual CEOs determine firm success and performance.

CEO selection is one of the most crucial decisions made by corporations. The study findings provide valuable insights to corporate executives, boards, investors and practitioners into how CEOs’ personal characteristics can impact future firm decisions and outcomes that can, in turn, inform the high-stake process of CEO recruitment and selection. The study findings have significant practical implications for corporations, such as contributing to executive training programs, to assist executives and directors attain a greater level of self-awareness.

Building on the theoretical foundation of upper echelons theory, the authors offer an integrated theoretical framework to consolidate existing empirical research on the impacts of CEO personal attributes on firm outcomes across accounting and finance (A&F) and management literature. The study findings provide a roadmap for scholars to bridge the interdisciplinary divide between A&F and management research. The authors advocate a more holistic and multifaceted approach to examining CEOs, each of whom embodies a myriad of personal characteristics that comprise their unique identity. The study findings encourage future researchers to expand the investigation of the boundary conditions that magnify or moderate the impacts of CEO idiosyncrasies.

The integration of social media and e-commerce has resulted in a rising phenomenon among individual content providers (ICPs), who used to offer free content, to provide consumers with paid content, such as online courses, Q&As or consultations. Despite the prevalence of ICPs’ content monetization, empirical research has rarely studied its underlying mechanism. This paper examines how the characteristics of free content contributed by ICPs on social media platforms influence their paid content sales, focusing on the perspective of human brand.

The empirical setting is an online knowledge exchange platform, where users are allowed to provide free content (e.g. answers) on the social media platform and launch paid content (e.g. lectures) on the e-commerce platform. A machine learning technique is employed to construct measures for the characteristics of free content, and fixed-effects estimation is presented to confirm which factors have a significant influence on the sales of paid content.

The empirical results show that the quality, diversity and expertness of free content have a significant positive impact on the sales of the ICP-paid content, with the brand popularity of ICP playing a mediating role.

This study is the first attempt to demystify the relationship between content contribution and ICPs’ content monetization from the perspective of human brand. The findings validate the effectiveness of the “Selling by Contribution” strategy and provide valuable insights for ICPs and social media platforms.

Over the last few years, the European Central Bank (ECB) has adopted unconventional monetary policies. These measures aim to boost economic growth and increase inflation through the bond market. The purpose of this paper is to study the impact of the ECB’s quantitative easing (QE) on the investor’s behavior in the stock market.

First, the authors theoretically identify the transmission channels of the QE shocks to the stock market. Then, the authors empirically assess the financial market’s responses to QE shocks in a data-rich environment using a factor augmented VAR (FAVAR).

The results show that the ECB’s unconventional monetary policy positively affects the stock market. A QE shock leads to an increase in stock prices and a drop in the realized volatility and the implied risk premium. The authors also suggest that the ECB’s QE is transmitted to the stock market through five main channels: the liquidity, the expectation, the portfolio reallocation, the interest rates and the risk premium channels.

The findings help to better understand the behavior of stock market assets in a data-rich economic context and guide investors and policymakers in the presence of unconventional monetary tools. For instance, decision-makers and investors should consider the short-term effect of the QE interventions and the changing behavior of the financial actors over time. In addition, high stock market returns can increase risk appetite. This can lead investors to underestimate the market risk. Decision-makers and market participants should take into consideration the impact of the large injection of money through the QE, which may raise the risk of a speculative bubble in the financial market.

To the best of the authors’ knowledge, this is the first study that incorporates a theoretical and empirical analysis to explore QE transmission to the stock market in the European context. Unlike previous studies, the authors use the shadow rate proposed by Wu and Xia (2017) to quantify the effect of the ECB’s QE in a data-rich environment. The authors also include two key risk indicators – the stock market risk premium and the realized volatility – to capture investors’ behavior in the stock market following QE shocks.

This study aims to investigate the influence of CEO’s only-child status on corporate social responsibility (CSR) practices. It seeks to extend the understanding of upper echelon theory by examining unexplored CEO characteristics and their impact on CSR decisions.

The paper uses manually collected CEO family information and Chinese Stock and Market Accounting Research data as a basis to examine the influence of CEOs’ early-life experiences on their engagement in CSR activities. The study applies attachment security theory from developmental psychology and uses upper echelon theory, particularly focusing on CEOs’ only-child status. A comparative analysis of philanthropic donations between CEOs who are only children and those who have siblings is conducted. The study also examines the moderating effects of corporate slack resources and CEO shareholdings.

Preliminary findings suggest that CEOs who are only children are more likely to engage in CSR compared to their counterparts with siblings. However, the difference in donation amounts between the two groups tends to attenuate with decreased slack resources and increased CEO shareholdings.

To the best of the authors’ knowledge, this research represents the first attempt to investigate being the only child in one’s family and the CSR-related decision of CEOs, which extends the upper echelon theory by introducing the family science theory into the management domain.

Korea’s Institute for Basic Science (IBS), the first research institute dedicated to basic science in Korea, started ten years ago as part of a science policy called the Science Belt. It is noteworthy that Korea, with a short history of basic science, established such a research institute exclusively for basic science within a short period of time and made it one of the representative institutions of basic science in Korea. This paper aims to uncover the impetuses and constraints surrounding the policy of Science Belt, centering on the IBS.

Kingdon’s stream theory is used to clarify the factors that acted as impetuses or constraints for the Science Belt. For the analysis, in-depth interviews with the active policy participants were conducted in addition to the thorough literature review. The interviews enabled an in-depth understanding of the underlying factors for the Science Belt and the actual procedures of the policy decision.

This study found that the most powerful impetus in the Science Belt policymaking process was the President and a small group composed of a few scientists who played a leading role in the political stream. The constraint of the Science Belt was that the participation of scientist experts and governmental officials, the so-called invisible participants of Kingdon, was insignificant. In particular, there was no system in place to select policy alternatives for basic science through discussion between scientists and governmental officials.

The temporal scope of this study was limited to policy formation, that is, until the establishment of IBS. Therefore, future studies shall conduct a research on the implementation of the actual policy, IBS’s achievements and IBS’s impact of Korea’s basic science community.

This study applied both a theoretical framework and in-depth interviews along with the literature overview to understand a policymaking process from various angles.

Many believe that any social media harms kids because of frequent use. This study aims to examine these assumptions. It proposes and tests a model that considers two alternative pathways – one negative and one positive – through which social media affects teens’ self-reported subjective well-being.

This research used Preacher and Hayes process modeling to conduct path analysis on data collected on 585 teenagers from across the USA.

Results showed that along a negative pathway, frequent social media use leads to greater risky social media engagement that ultimately diminishes adolescent’s sense of well-being. Also, and perhaps simultaneously, frequent social media use leads to socially-connected social media use that enhances adolescent’s sense of well-being.

The research recommends ways parents, policymakers and platforms can encourage teens to use social media to connect with friends while guiding them away from pathways exposing them to risky behaviors.

Findings show more social media use is not necessarily harmful, but more of some types is bad, while more of others is good.

Mindfulness is the human ability to be fully present, aware of where we are and what we're doing. This study explores on the impact of mindfulness on different elements of knowledge management, knowledge creation, knowledge sharing and knowledge hiding.

The authors undertake an inductive reasoning approach whereby they try to generate themes from specific observations and conceptualize the theory of mindfulness and knowledge transfer.

This study finds out that mindfulness critically facilitates an open environment and enhances the clarity of thought which aids in effective knowledge creation. Such a realistic understanding about the present scenario encourages employees to share knowledge and equips them to collaborate and effectively work in teams. Surprisingly, this study also finds that mindfulness increases the result orientation to the extent that employees tried to hide knowledge from their co-workers targeting certain self-desired outcomes. In other words, similar to knowledge creation and knowledge sharing, mindfulness increases agenda-based knowledge hiding.

The theory of mindfulness and knowledge transfer states that mindfulness increases knowledge creation, knowledge sharing and agenda-based knowledge hiding.

This paper aims to “identify,” “analyse” and “categorise” the readiness factors of lean sustainability in health-care organisation using total interpretive structural modelling (TISM).

To obtain the data, a closed-ended questionnaire was used in addition to a scheduled interview. To identify how the factors interact, the TISM approach was used, and the matriced’ impacts croise’s multiplication applique’e a UN classement (MICMAC) analysis was used to rank and categorise the lean sustainability readiness factors.

This study identified ten lean sustainability readiness factors for health-care organisation. The identified factors are resources utilization practice (F1), management commitment and leadership (F2), operational flexibility (F3), workforce engagement and time commitment (F4), sustainability motivational factors (F5), awareness of lean and sustainable practice (F6), hospital design (F7), energy efficiency practices in hospitals (F8), responsible autonomy (F9) and new system adoptability training (F10). The key/driving factors are identified in this study are operational flexibility, sustainability motivational factors, management commitment and leadership, new system adoptability training.

The study focussed primarily on lean sustainability factors for the health-care sector.

This research will aid key stakeholders and academics in the better understanding the readiness factors that influence lean sustainability in health-care organisation. This study emphasises the factors that must be considered when applying lean sustainable practices in health care as a real-world application in a health-care organisation. These readiness factors for lean sustainability can be used by an organization to comprehend more about the concept and the components that contribute to health-care lean sustainability.

This study proposes the TISM technique for health care, which is a novel attempt in the subject of lean sustainability in this sector.

Using a multilevel model, this study examined how paternalistic leadership behaviors, including authoritarianism, morality and benevolence, influence followers' performance.

A sample of 556 leader–follower dyads from 66 groups in a manufacturing firm in China was collected for analysis. Descriptive statistics and multi-level regression analyses were used to analyze the data.

The results indicated that group efficacy mediates the relationship between authoritarian leadership and followers' performance and that self-efficacy mediates the relationship between benevolent leadership and followers' performance. In addition, the positive relationship between self-efficacy and followers' performance is weaker when followers exhibit higher levels of group efficacy.

The data were collected in a manufacturing firm in China, it is difficult to generalize the results to other settings.

Managers should use their abilities and skills to interpret which paternalistic leadership styles their followers prefer, so as to improve their performance.

This study developed a multilevel model to examine the mediating processes of group efficacy and self-efficacy in the effect of PL behaviors, including authoritarianism, benevolence and morality, on followers' performance.