This paper explores whether customers' stock price crash risk affects their suppliers' investment efficiency. Using a supply-chain sample of Chinese A-share listed firms from 2009 to 2020, we find that suppliers' investment inefficiency is positively associated with their customers' stock price crash risk. Moreover, the impact of customers' stock price crash risk is more pronounced for suppliers with lower investment efficiency, weaker bargaining power, weaker innovation capability, and fewer investment opportunities. Our results suggest that information asymmetry along supply chains deteriorates the investment decision making of upstream firms from the perspective of capital market.
The International Journal of Entrepreneurship and Innovation, Ahead of Print. The recent health crisis has particularly affected small- and medium-sized enterprises (SMEs). Some have had to temporarily close their doors. Others chose to innovate by developing new products to take advantage of the situation and survive. However, innovation is a risky strategy, so there are many failures. Innovation collaboration is one way of limiting these failures and increasing the chances of project success. Nevertheless, little is known about SMEs’ innovation collaboration practices in the context of a crisis, and even before the pandemic, and further research is needed. This study aims to understand the innovation process and the collaboration practices adopted by SMEs for their product innovation projects to cope with the pandemic, by comparing their pre-pandemic practices with those implemented at the start of the pandemic. Based on four successful product innovation projects in two different SMEs, our results show that, at the start of the pandemic, collaborations included a larger number of partners, involved in more stages of the innovation process, in order to accelerate the new product development and commercialization, rapidly provide the necessary resources and response to customer needs.
The International Journal of Entrepreneurship and Innovation, Ahead of Print. The literature presents entrepreneurial alertness (EA)—a cognitive resource—as an antecedent of entrepreneurial opportunity identification, although empirical evidence is lacking. The aim of this study is to test this relationship and explore the influence of entrepreneurial orientation (EO), which provides a mobilizing vision for leveraging firm's resources, as a mediating mechanism for this relationship. Using data collected from 152 French entrepreneurs, our results empirically confirm the relationship between EA and entrepreneurial opportunity identification. Furthermore, we find a positive relationship between EA and each of the three dimensions of EO (i.e. innovativeness, proactiveness, and risk-taking propensity). However, only one dimension of EO—proactiveness—has a significant relationship with entrepreneurial opportunity identification. Our results highlight the mediating role of proactiveness in the relationship between EA and the identification of entrepreneurial opportunities and also confirm the interest in further research on this critical dimension of EO.
South African Journal of Psychology, Volume 53, Issue 3, Page 377-388, September 2023. The psychological processes contributing to emotional distress among university students in South Africa have not been extensively researched. The current study sought to examine the mediating role of repetitive negative thinking on the relationship between experiential avoidance and student emotional distress. A convenience sample of 419 students from a large public university in South Africa participated in this study. The results indicated that experiential avoidance and repetitive negative thinking positively predict emotional distress. Furthermore, repetitive negative thinking partially mediates the interaction between experiential avoidance and emotional distress. These findings highlight the importance of targeting experiential avoidance and repetitive negative thinking in the alleviation and management of emotional distress among students in the South African higher education environment.
This study examines the ability of crowdsourced employee opinions about their workplace to reveal value-relevant information about corporate culture. We investigate the employee-friendly (EF) corporate culture values that are strongly associated with firm value and operating performance using a unique social media dataset of approximately 250,000 crowdsourced employee reviews to evaluate 18 distinct characteristics of a firm's corporate culture. The explainable machine learning model is used to examine the nonlinear associations and relative importance of employee-friendly cultural values. We find that several employee-friendly corporate culture features are associated with firms' value (Tobin's Q) and operating performance (ROA). Our findings reveal two features whose association is clearly superior to other EF culture variables in our explainable machine learning model: pride in the company for Tobin's Q and job security for ROA. Based on the SHAP values, their effects are positive, significant, and relatively linear.
This study investigates the effect of political ranking in hierarchy on the probability that a firm will receive comment letters in China. We find that state-owned enterprises (SOEs) are less likely to receive comment letters compared to non-SOE firms, and the probability of receiving a letter is even lower for central government-controlled firms. These results demonstrate that political hierarchy is a significant factor in determining the receipt of comment letters. In addition, alternative proxies for political ranking yield similar findings. Lastly, our further analysis suggest that the level of marketisation and media coverage can significantly influence the results, indicating that a highly developed market may alleviate the negative effect of political ranking.
Business Perspectives and Research, Ahead of Print. Herding can cause stock market volatility and its presence among foreign institutional investors (FIIs) can severely affect the equity market. Therefore, this research endeavors to estimate the industry-level herding by FIIs. Further, repercussions of trading volume, industry returns, and conditional volatility on herding have been analyzed in the study. In addition, the level of FIIs herding has been estimated during upswing and downswing markets, rising and falling trading volume, and conditional volatility market states. Herding was estimated using a count-based herd ratio after the global meltdown period. The empirical findings are based on the daily data from January 2010 to December 2019. The results confirmed herding in the Indian equity exchange. The outcomes revealed that buy-side herding was more predominant than sell-side herding in all industries. These findings indicate that the Indian security market is a lucrative investment destination for FIIs. The research disclosed that industrial returns are a vital parameter to derive FII herding. Therefore, this research can be used for price discovery at the industry level. Trading volume and conditional volatility demonstrate an inverse relationship with FIIs herding. Furthermore, the research also reveals that herding was more severe before the structural break period except for the construction sector.
Business Perspectives and Research, Ahead of Print. Teaching demands educators to be both caretakers and educators, leading to significant cognitive and emotional strain. The pandemic has worsened these challenges, requiring teachers to seek psychological and professional support. Online teaching has added to these difficulties, with educators having to adapt to new technologies while managing virtual classrooms and addressing the unique needs of students in remote learning environments. This present study sought to understand the relationship between work cognition (WCog) and subjective well-being (SWB) among female professional educators during the COVID-19 pandemic. The study also examines the moderating effect of Resilience (RSL) on the association between WCog and SWB. Using a purposive sampling technique, data was collected through an online survey from 181 female professional educators in India. Female professional educators reported moderate levels of WCog, high levels of RSL, and high levels of SWB, which indicates that the female professional educators faced cognitive and emotional strain during online teaching but demonstrated resilience and maintained positive well-being. RSL moderated the relationship between WCog and SWB, highlighting its influence on educators’ cognitive management and well-being during online teaching. These insights have implications for support system to enhance the well-being of educators and promoting their professional development.
