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The authors measure the cost of equity to earnings yield differential for a sample of 2,035 non-financial firms. In a series of Logit and Tobit regressions, the authors examine if the cost of equity to earnings yield differential is related to dividend policy in the manner predicted by agency theory.

Agency theory says a firm's optimal dividend policy is partially determined by the relationship between the earnings yield and the cost of equity capital. When the cost of equity is higher (lower) than the earnings yield, firms are motivated to (not) pay dividends as this reduces the cost of capital and holding other things constant, increases corporate valuations. The authors test whether managers set dividend policies to maximize the value of the firm.

The study’s findings show that when the cost of equity is higher (lower) than earnings yield, firms are more (less) likely to be dividend payers and the payouts are higher (lower). The results are robust to the inclusion of share repurchases as an alternative to cash distributions. The study’s findings support the cost of equity hypothesis and are consistent with alternative dividend theories.

The study’s findings support the cost of equity hypothesis and are consistent with alternative dividend theories. To the authors’ knowledge, this is the first paper testing the cost of equity hypothesis.

This conceptual, multi-voiced paper aims to collectively explore and theorize family entrepreneuring, which is a research stream dedicated to investigating the emergence and becoming of entrepreneurial phenomena in business families and family firms.

Because of the novelty of this research stream, the authors asked 20 scholars in entrepreneurship and family business to reflect on topics, methods and issues that should be addressed to move this field forward.

Authors highlight key challenges and point to new research directions for understanding family entrepreneuring in relation to issues such as agency, processualism and context.

This study offers a compilation of multiple perspectives and leverage recent developments in the fields of entrepreneurship and family business to advance research on family entrepreneuring.

The purpose of this paper is to investigate whether sentiment and mood, which are distinct theoretical concepts, can also be distinguished empirically.

Using a sample of German small-cap stocks and linear techniques, the effect of sentiment and mood on short-term abnormal stock return following earnings announcements is tested separately.

Mood tends to be a positive factor in predicting short-term abnormal stock return, as its biologically based impact uniformly affects the risk aversion of all market participants. Notably, negative mood influences stock return significantly negatively. Sentiment is no factor, however, as its cognitively based impact affects only unsophisticated investors, namely, their cash-flow expectations.

As the sample is restricted to small-cap stocks from a single stock market and only two proxies of sentiment and mood, respectively, are used, the findings should be generalized with caution. Future research might investigate other markets and employ different proxies of sentiment and mood.

Market participants should be aware of the different effect of sentiment and mood on stock return and adjust investment strategies accordingly.

As sophisticated investors are likely to profit from the irrational behavior of unsophisticated investors, who are prone to sentiment, the financial literacy of retail investors should be enhanced.

This paper is unique in distinguishing between sentiment and mood, both theoretically and empirically. Such distinction was largely ignored by related past research.

This article aims to explore the potential of feminist phenomenology as a conceptual framework for advancing women’s entrepreneurship research and the suitability of interpretative phenomenological analysis (IPA) to the proposed framework.

The article critically examines the current state of women’s entrepreneurship research regarding the institutional context and highlights the benefits of a shift towards feminist phenomenology.

The prevailing disembodied and gender-neutral portrayal of entrepreneurship has resulted in an equivocal understanding of women’s entrepreneurship and perpetuated a male-biased discourse within research and practice. By adopting a feminist phenomenological approach, this article argues for the importance of considering the ontological dimensions of lived experiences of situatedness, intersubjectivity, intentionality and temporality in analysing women entrepreneurs’ agency within gendered institutional contexts. It also demonstrates that feminist phenomenology could broaden the current scope of IPA regarding the embodied dimension of language.

The adoption of feminist phenomenology and IPA presents new avenues for research that go beyond the traditional cognitive approach in entrepreneurship, contributing to theory and practice. The proposed conceptual framework also has some limitations that provide opportunities for future research, such as a phenomenological intersectional approach and arts-based methods.

The article contributes to a new research agenda in women’s entrepreneurship research by offering a feminist phenomenological framework that focuses on the embodied dimension of entrepreneurship through the integration of IPA and conceptual metaphor theory (CMT).

The purpose of the article is to analyze how physicians and nurses, as the two major health care professions, experience psychological empowerment for managerial work.

The study was designed as a qualitative interview study at four primary care centers (PCCs) in Sweden. In total, 47 interviews were conducted, mainly with physicians and nurses. The first inductive analysis led us to the concept of psychological empowerment, which was used in the next deductive step of the analysis.

The study showed that both professions experienced self-determination for managerial work, but that nurses were more dependent on structural empowerment. Nurses experienced that they had competence for managerial work, whereas physicians were more ignorant of such competence. Nurses used managerial work to create impact on the conditions for their clinical work, whereas physicians experienced impact independently. Both nurses and physicians experienced managerial work as meaningful, but less meaningful than nurses and physicians' clinical work.

For an effective health care system, structural changes in terms of positions, roles, and responsibilities can be an important route for especially nurses' psychological empowerment.

The qualitative method provided a complementary understanding of psychological empowerment on how psychological empowerment interacted with other factors. One such aspect was nurses' higher dependence on structural empowerment, but the most important aspect was that both physicians and nurses experienced that managerial work was less meaningful than clinical work. This implies that psychological empowerment for managerial work may only make a difference if psychological empowerment does not compete with physicians' and nurses' clinical work.

Over time, the role of followers within leadership discourse has gained greater status, leading to followers being acknowledged as significant actors in the leadership process. This has led to the development of follower-centric leadership studies, as well as the more emergent research area of followership, with followership research having the specific intention to find out about followers from the perspective of followers. In this paper, the authors provide a review of role-based followership approaches, and implicit leadership and followership theories as a basis to build a case for follower implicit followership theories (FIFTs) as a focus area for future research.

The authors conducted a review of seminal and current role-based followership literature, with a specific focus on FIFTs and followership studies conducted within the African context.

Implicit theories have been an area of leadership research that has added much value, and as such could do the same for development of followership research. FIFTs as a research area are nascent and, as such, should continue to be explored in order to expand our understanding of followership.

To the best of the authors' knowledge, this is one of the first literature reviews to have a specific focus on FIFTs, as well as on followership research conducted within the African context.

This study aims to identify institutional work mechanisms that public actors employ in market shaping.

The paper uses an abductive theorizing process, combining a literature review with an empirical exploration of three different market-shaping contexts.

The study identifies 20 granular mechanisms of institutional work that market-shaping public actors employ. These mechanisms are all potentially employable in creating, maintaining or disrupting markets. Institutional work vis-à-vis individual institutions may differ in direction from the institutional work vis-à-vis the market system. Public actors are not a homogeneous group but may have different values and support competing institutional logics even when operating in the same market.

The empirical data were limited to three cases in three small open economies. Data collected from other markets and with other methods would provide more rigorous insight into market-shaping public actors.

The findings revealed institutional work mechanisms that public actors can use to shape markets. Companies wanting to engage public actors in market shaping should be aware of the values and institutional logics that influence market-shaping public actors.

The paper unites and expands on the scattered knowledge regarding institutional work in market shaping. It illuminates and dissects the role of public actors in market shaping, challenging the reactive stance that is often assigned to them. The study provides a better understanding of how conflicting market views affect markets. It also brings insights into the interplay between market-shaping actions and the multiple levels of market systems.

The purpose of the paper is to describe and analyze differences in patients' quality perceptions of private and public primary care centers in Sweden.

The article explores the differences in quality perceptions between patients of public and private primary care centers based on data from a large patient survey in Sweden. The survey covers seven dimensions, and in this paper the measure Overall impression was used for the comparison. With more than 80,000 valid responses, the survey covers all primary care centers in Sweden which allowed for a detailed analysis of differences in quality perceptions among patients from the different categories of owners.

The article contributes with a detailed description of different types of private owners: not-for-profit and for profit, as well as corporate groups and independent care centers. The results show a higher quality perception for independent centers compared to both public and corporate groups.

The small number of not-for-profit centers (21 out of 1,117 centers) does not allow for clear conclusions for this group. The results, however, indicate an even higher patient quality perception for not-for-profit centers. The study focus on describing differences in quality perceptions between the owner categories. Future research can contribute with explanations to why independent care centers receive higher patient satisfaction.

The results from the study have policy implications both in a Swedish as well as international perspective. The differentiation between different types of private owners made in this paper opens up for interesting discussions on privatization of healthcare and how it affects patient satisfaction.

The main contribution of the paper is the detailed comparison of different categories of private owners and the public owners.

The purpose of this paper is to explore bricolage as the missing link in understanding how cross-sector social partnerships form and operate in response to grand challenges. It is proposed that the weaving together of resources employed by members of cross-sector social partnerships (CSSPs) is bricolage in action and can be linked to Gray's (1985) facilitating conditions for collaboration. While existing research examines bricolage primarily at the individual level, this research studies collective bricolage, as implemented by a cross-sector social partnership in its process to address a grand challenge.

The authors follow the evolution of a Midwestern initiative aimed at the grand challenge of generational poverty. The deductive case study approach identifies the mechanisms of bricolage being employed in the initiative's evolution and ties these to Gray's (1985) seminal paper on interorganizational collaboration.

This case study has implications for academics conceptually struggling to understand grand challenges and the role of entrepreneurial initiatives in the public and nonprofit sectors, as well as practitioners currently involved in collaborative efforts to address said challenges.

This study enriches the discussion and enhances the link between the CSSP literature and new notions of social entrepreneurship that embrace the collective as their unit of analysis. This is the first work of its kind to link bricolage to a nascent CSSP and demonstrate how the entrepreneurial concept of bricolage is an inherent part of CSSP formation and operation.