Volume 11, Issue 1, January-December 2024
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Consumer buying behavior towards point-of-sale material of halal cosmetic products
A cross-country examination on the relationship between cash holding, dividend policies, and the moderating role of ESG ratings
Biometric-based self-service technology adoption by older adult: empirical evidence from pension fund sector in Indonesia
Decoding the complex relation of financial development and carbon emission using bibliometric analysis
Sustainability reporting and greenwashing: a bibliometrics assessment in G7 and non-G7 nations
Political costs and investors’ site visits: evidence from the section 301 investigation
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High-speed rail operations, the cross-regional mobility of highly skilled talent, and regional innovation—evidence from the Yangtze River delta in China
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Unraveling the impact of female CEOs on corporate bond markets
Abstract
Little is known about how executive gender shapes the inherent conflict of interest between shareholders and bondholders. Using a sample of almost 100,000 unique bond-year observations, this study investigates how the appointment of female chief executive officers (CEOs) lowers the default outlook. Our evidence indicates that bond yield and bond volatility are significantly lower after a female takes the helm at a firm. This executive gender effect remains highly statistically and economically significant across various robustness checks and after addressing endogeneity concerns. Female CEOs lower the default risk component of the bond yield but have no material impact on the liquidity component. Subsample analysis substantiates the conditional effect of female CEOs on bond yield and bond volatility. Our evidence indicates that female CEOs’ risk-averse attributes pass through the credit risk and information asymmetry channels.
How do New Ventures Thrive in Ecosystem Venturing: The Impacts of Alliance Strategy and Technology Interdependence
Abstract
New ventures in an innovation ecosystem can not only receive benefits, but also face challenges. It is important to examine defence mechanisms that new ventures can employ for their healthy development in the innovation ecosystem. Based on resource dependence theory, combining with arguments from innovation ecosystems literature, this paper proposes that new ventures’ technological alliances with core competitors of ecosystem investors can be used as a social defence in ecosystem venturing. Furthermore, we investigate the moderator effects of technological interdependence – technological similarity and technological complementarity on the impacts of such a defence mechanism. Using longitudinal information of 4903 investor-investee dyads in ecosystem venturing, we find that (1) technological alliances with core competitors of the ecosystem investor has a positive relationship to venture performance, and (2) such relationship is negatively moderated by technological complementarity. Our findings provide important implications for research on innovation ecosystems and resource dependence theory.