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The purpose of this paper is to study corporate governance restructuring strategies of companies to adapt to new market conditions following conversion into a for-profit structure. It focuses on the changes in the composition of the board of directors.

The paper conducts a field experiment using stock exchanges, which have become more international over time, and many of which have been forced to demutualize and convert to for-profit structures to compete more efficiently. The paper does a fine-grained analysis of restructuring in the composition of the board using the ANOVA technique. The paper also examines the impact of this board composition restructuring on the reputation of the exchanges using a regression technique.

The authors find that the stock exchanges restructured board composition and refocused them to create better value. Results suggest that the conversion of a company to a for-profit structure brings efficiencies when accompanied by changes in the governing bodies. The authors also find that converting to for-profit firms had a positive impact on the reputation of the exchanges. The positive impact was even greater when accompanied by changes in board composition.

A stronger focus on the corporate governance dimension to understand the successful demutualization of stock exchanges is needed.

The authors analyze the corporate governance dimension during demutualization processes of an under examined sector. The financial performance of the stock exchanges the authors study significantly improved after their conversion to for-profit organizations and provide an example of successful corporate governance restructuring.

This paper examines how the institutional distance between immigrants' country of residence and country of origin, as well as the regulative and normative aspects of institutions in immigrants' country of residence, social context variables and individual psycho-behavioural factors, condition immigrants' entrepreneurial motivation (i.e. mainly by necessity, by a combination of necessity and opportunity, or mainly by opportunity), which is in contrast to the previous literature on immigrant entrepreneurship that mainly focuses on micro-level factors.

By using hierarchical linear regression models to test our hypotheses, the authors analyse 468 first-generation immigrant entrepreneurs settled in 31 European countries using data from the European Working Conditions Survey (6th EWCS; Eurofound, 2015 database) combined with other datasets to derive the macro-level variables (i.e. the Doing Business Project; Hofstede et al., 2010).

The authors find that distance in the normative aspects of institutions harms entrepreneurial opportunity motivation. At the same time, however, opportunity motivation is likely to benefit from both the normative aspects of institutions that reduce locals' opportunity motivation and the distance in the regulative aspects of institutions.

This article analyses immigrant entrepreneurship in Europe, which has been under-examined in the extant literature, and takes into account the micro-, meso- and macro-level factors affecting the entrepreneurial motivation of immigrants in Europe. This analysis responds to the need already highlighted by previous research to include not only micro-level factors but also meso- and macro-level factors in the analysis of immigrant entrepreneurship (Aliaga-Isla and Rialp, 2013).

The purpose of this paper is to examine the impact of classroom interdisciplinary diversity, a type of classroom diversity that has been under-examined by previous literature, on the formation of university students’ entrepreneurial intentions (EI).

Based on Ajzen’s theory of planned behaviour and the interactionist model of creative behaviour by Woodman et al. (1993), this paper provides empirical evidence demonstrating that classroom interdisciplinary diversity is important in the formation of university students’ EI at early educational stages using a cross-sectional study design and survey data on first-year business school students and partial least squares analysis.

Classroom interdisciplinary diversity is important in the formation of university students’ EI through its positive impact on entrepreneurial perceived behavioural control (PBC) (self-efficacy), a key antecedent of EI.

The results have important implications for educational practice as well as for both public and private organisations willing to promote entrepreneurial activity, in particular, the positive effects of combining people with different profiles and career fields of interest on entrepreneurial PBC (self-efficacy).

This study contributes to the scant literature on early university experiences in entrepreneurship education and their influence on EI. It studies the impact of an under-examined dimension of diversity (classroom interdisciplinary diversity) on the formation of students’ EI.