Search results

The purpose of this paper is to examine the association between company reputation and dividend policy.

In this study, sample of 98,809 firm-year observations from 22 countries covering 2005–2016 were used.

Firm reputation concerns are associated with higher propensities to pay dividends and payout ratios. Further, this positive effect is more pronounced for firms with high free cash flows, high information asymmetry and low institutional monitoring. The results are robust to an instrumental variable approach, propensity score matching and the Heckman two-stage correction approach while addressing endogeneity concerns.

These findings have significant implications for various stakeholders, such as existing and potential investors, managers, policymakers and regulators, by providing insights into the relationship between corporate reputation and firm dividend payout decisions. Corporate reputation is highlighted as crucial for accessing finance, emphasizing the role of national regulators and policymakers in facilitating firms' efforts to improve their reputation. The study highlights the dynamics of corporate reputation and dividend payout, calling for proactive engagement from regulators and policymakers. Crafting policies conducive to reputation-building can enhance firms' financial prospects, indicating the need for strategic interventions at managerial, regulatory and policy levels. Understanding the influence of economic context is crucial for firms to tailor reputation management strategies and optimize funding opportunities in different economic environments.

Overall, results suggest that reputation serves as a disciplining mechanism, where firms will pay dividends to maintain their reputations.

This study aims to identify the political alignment and political activity of the 11 Presidents of Britain’s most important scientific organisation, the Royal Society of London, in its early years 1662–1703, to determine whether or not the institution was politically aligned.

There is almost no information addressing the political alignment of the Royal Society or its Presidents available in the institution’s archives, or in the writings of historians specialising in its administration. Even reliable biographical sources, such as the Oxford Dictionary of National Biography provide very limited information. However, as 10 Presidents were elected Member of Parliament (MP), The History of Parliament: British Political, Social and Local History provides a wealth of accurate, in-depth data, revealing the alignment of both.

All Presidents held senior government offices, the first was a Royalist aristocrat; of the remaining 10, 8 were Royalist or Tory MPs, 2 of whom were falsely imprisoned by the House of Commons, 2 were Whig MPs, while 4 were elevated to the Lords. The institution was Royalist aligned 1662–1680, Tory aligned 1680–1695 and Whig aligned 1695–1703, which reflects changes in Parliament and State.

This study establishes that the early Royal Society was not an apolitical institution and that the political alignment of Presidents and institution continued in later eras. Furthermore, it demonstrates how the election or appointment of an organisation’s most senior officer can be used to signal its political alignment with government and other organisations to serve various ends.

This study investigates the influence of nonfinancial 8-K disclosures released during the earnings announcement window on the abnormal trading activities of individual investors.

We employ regression analysis in this empirical study to examine the impact of nonfinancial 8-K filings on individual investors' abnormal trading activities.

Our results reveal that individual investors exhibit higher levels of abnormal trading activities when firms release nonfinancial 8-Ks during the (0,1) window of earnings announcements. This effect is observed for both buyer-initiated and seller-initiated transactions and is particularly pronounced for firms reporting an operating loss. Negative sentiment in 8-Ks significantly intensifies such effect. Additionally, we find that buy-sell consensus increases significantly with concurrent nonfinancial 8-Ks. This suggests that 8-Ks may reduce information noise, leading individuals to trade with greater conviction.

Our study examines the joint influence of nonfinancial 8-Ks and earnings announcements on individual investors' trading activities, thereby providing a novel perspective on the mechanisms through which 8-K filings affect individual investors' trading behaviors.

The purpose of this paper is to identify entrepreneur mentor benefits and challenges as a result of entrepreneurship mentoring in higher education (HE).

An entrepreneurship mentoring scheme was developed at a UK university to support prospective student entrepreneurs, with mentors being entrepreneurs drawn from the local business community. A mentor-outcomes framework was developed and applied to guide semi-structured interviews.

Results supported the broader applicability of our framework, with a revised framework developed to better represent the entrepreneur mentor context. Alongside psychosocial and personal developmental outcomes, mentors benefitted from entrepreneurial learning, renewed commitment to their own ventures and the development of additional skills sets. Enhanced business performance also manifested itself for some mentors. A range of challenges are presented, some generic to the entrepreneur setting and others more specific to the higher education (HE) setting.

The framework offered serves as a starting point for further researchers to explore and refine the outcomes of entrepreneur mentoring.

The findings serve to support those considering developing a mentor programme or including mentoring as part of a formal entrepreneurship education offer, specifically in a university setting but also beyond.

The vast majority of entrepreneurship mentoring studies focus on the benefits to the mentee. By focusing on benefits and challenges for the entrepreneur mentor, this study extends our knowledge of the benefit of entrepreneurship mentoring. It offers an empirically derived entrepreneur mentor outcomes framework, as well as offering insights into challenges for the entrepreneur mentor within an HE setting.

The purpose of this study is to provide evidence to support an emerging theory that interpersonal conflict is the primary cause of workplace stress among a self-selected sample of Irish construction managers.

Eighteen construction managers working in Ireland were recruited for this study. Using semi-structured interviews and interpretative phenomenological analysis as the research methodology, the causes of their workplace stress were investigated.

Participants reported that the principal cause of their workplace stress was high levels of interpersonal conflict between colleagues. The effects of this interpersonal conflict included avoidance behaviour, ill health, absences from the workplace and loss of productivity issues. Deadlines, penalty clauses, lack of appreciation, cliques, costs, communication, temporary contracts and delays were also reported stressors.

A limitation of the study is the small sample of 18 construction managers and the limited geographical area.

The social implications of this study could be to clearly identify that interpersonal conflict may be under reported in the construction industry, and there is a possibility that it is being misclassified as other workplace behaviours such as bullying, harassment and workplace violence. If this is so, this could aid future researchers in addressing this challenging workplace behaviour.

The current consensus in the literature is that the three main causes of workplace stress are bullying, harassment and violence. However, the role and importance of interpersonal conflict as reported in this study, with the exception of North America and China, is not reflected in the wider health and safety research literature. In addition, interpersonal conflict and its reluctance to be reported is largely absent from construction safety research. The findings of this study may be explained if the workplace stress research community is currently misclassifying interpersonal conflict as a manifestation of bullying, harassment or violence. If this is the case, interpersonal conflict needs further research. This is to establish if this cause of construction-related workplace stress needs to be reconsidered as a standalone phenomenon in the wider family of challenging workplace behaviours.

Avoided emissions refer to greenhouse gas emission reductions that are a result of using a product or are emission removals due to a decision or an action. Although there is no uniform standard for calculating avoided emissions, market actors have started referring to avoided emissions as “Scope 4” emissions. By default, making a claim about Scope 4 emissions gives an appearance that this Scope of emissions is a natural extension of the existing and accepted Scope-based emissions accounting framework. The purpose of this study is to explore the implications of this assumed legitimacy.

Via a desktop review and interviews, we analyse extant Scope 4 company reporting, associated accounting methodologies and the practical implications of Scope 4 claims.

Upon examination of Scope 4 emissions and their relationship with Scopes 1, 2 and 3 emissions, we highlight a dynamic and interdependent relationship between quantification, commensuration and standardization in emissions accounting. We find that extant Scope 4 assessments do not fit the established framework for Scope-based emissions accounting. In line with literature on the territorializing nature of accounting, we call for caution about Scope 4 claims that are a distraction from the critical work of reducing absolute emissions.

We examine the implications of assumed alignment and borrowed legitimacy of Scope 4 with Scope-based accounting because Scope 4 is not an actual Scope, but a claim to a Scope. This is as an act of accounting territorialization.

The research aims to investigate how digital transformation (DT), entrepreneurial orientation (EO) and socioemotional wealth (SEW) impact the financial performance of family firms in uncertain business environments. Drawing from existing literature, we propose that DT and EO drive firm performance. Additionally, we suggest a new role for SEW, which positively moderates this relationship in family firms, especially in terms of risk behavior and innovation for survival.

We used the STEP Consortium’s 2020–2021 database, derived from a global survey that explored how family businesses responded to environmental shocks. Following STEP’s definitions, we proposed three hypotheses and tested two models using structural equation modeling.

The findings show that EO significantly enhances the impact of DT on family firm performance. Family businesses exhibit a notable willingness to take strategic venture risks to protect their SEW. These findings align with conclusions drawn in related literature, supporting all hypothesized relationships proposed.

The study has made an applied contribution by challenging the misconception that family firms are outdated and provides insights into supporting their approach to entrepreneurship, innovation and transgenerational entrepreneurship. Furthermore, it provides business families and consultants with a new view of SEW as a strategic asset.

Our study adds to the literature by showing how entrepreneurial orientation catalyzes the positive impact of digital transformation on firm financial performance. We also highlight the contextual influence on family firm decision-makers' risk propensity, which affects SEW development and firm outcomes. This context dependency of SEW can hinder or enhance performance, offering new research and support avenues for family firms.

Through a resource-based theoretical lens, we elucidate conditions under which family business culture (FBC) amplifies the positive effects of high-performance work systems (HPWS) intensity and exacerbates the negative effects of low human capital uniqueness (HCU) on firm performance. By doing so, we answer the call for more research on the conditions under which FBC influences firm outcomes.

The present study sampled 226 small business owners across the USA, who provided their responses to online survey questions. Hypotheses were assessed via path analysis in MPlus 8.8, using maximum likelihood estimation.

FBC, HPWS intensity and HCU were positively associated with firm performance. Further, the HPWS intensity – firm performance and HCU – firm performance links were moderated by FBC. Specifically, increased levels of HPWS intensity were associated with greater firm performance when FBC was high, and firms with low levels of HCU tended to have particularly decreased levels of firm performance when FBC was low.

Consistent with the resource-based view, firms' unique resources and competitive advantage may be tied to the extent to which they have an established FBC. High levels of FBC, which are characterized by shared values, loyalty, proud involvement and care toward the organization, can play a significant role in enhancing organizational performance. Family business leaders should prioritize cultivating an enhanced FBC alongside investments in HPWS and unique human capital.

This study contributes to understanding the theoretical underpinnings of FBC and its relationship with firm performance by examining FBC’s interaction with HPWS intensity and HCU. We highlight FBC as a valuable intangible resource that can enhance or diminish the effectiveness of other strategic resources in family firms, further extending the application of resource-based view theory in family business research.

Scholars have underscored the importance of organizational authenticity, but it is unclear how it influences the links among market strategy, and nonmarket strategy (NMS) and firm performance. This study addresses this gap in the literature.

A survey of 294 managers in firms based in the United States investigates configurations among competitive strategy (e.g. cost leadership or differentiation), political and social nonmarket strategy (NMS), authenticity, and firm performance.

Cost leaders tend to engage in political nonmarket strategy (PNMS), but the interaction does not necessarily improve firm performance. Differentiators are more likely to pursue social nonmarket strategy (SNMS) and perform better, but neither market-nonmarket strategy configuration is inherently optimal.

The results support market-nonmarket strategy configurations but do not prescribe optimal combinations. However, the sample is cross-sector and employs self-reports for firm performance.

Political and social authenticity can enhance firm performance, but nonmarket activity can compromise a firm’s ability to be politically and socially authentic. Authenticity can drive performance, but a firm’s nonmarket activity can compromise its ability to be politically and socially authentic. Firms should view a prospective loss in authenticity as a potential cost of nonmarket activity.

This paper investigates how a firm’s emphasis on market (competitive) strategies, political and social nonmarket strategies, and political and social authenticity impact financial and non-financial performance. It also tests the veracity of two market-nonmarket configurations, cost leadership with political NMS and differentiation with social NMS.

Social value creation (SVC) is the primary emphasis for unifying the various issues in contemporary social entrepreneurship (SE) literature and practice since it highlights the fundamental problem of sustainability in SE business. Accordingly, SVC as an outcome of SE represents the primary drive of social entrepreneurs (SEs). However, SEs encounter multi-dimensional challenges as they work to build their SE businesses and create social value. In the current context of digitally transforming entrepreneurship scenario, this study investigates the role of SE compassion and digital learning orientation (DLO) for SVC ability of SEs.

The study utilized a quantitative survey approach for primary data collection from social entrepreneurs in Saudi Arabia. A total of 158 valid replies from social entrepreneurs were obtained for the study. Using SmartPLS (3.0), partial least square structural equation modeling was used to analyze the data.

The results validated a model of SVC in which the SE compassion and DLO positively impact the SVC ability in SEs. However, the impact of DLO in moderating the SE compassion - SVC relationship in SEs was not proven.

The study established the role of SE compassion in explaining the distinctive SVC ability in SEs. Meanwhile, given the expanding necessity for SEs to leverage digital technologies for SE missions, the study provides implications for nurturing positive outcomes in terms of SE compassion and DLO outcomes among SEs. This organized knowledge can help entrepreneurs, educators and policymakers better incorporate these concerns in SE education, and social enterprises and entrepreneurs’ developmental initiatives.

This work is pioneering in that it conceptualizes and tests a theoretical framework that links SE compassion, DLO, and SVC in SEs. Meanwhile, the study is the first to operationalize the DLO in entrepreneurs. The study thus generates fresh insights about SVC in SE amid the digitally transforming entrepreneurship scenario.