Business Perspectives and Research, Ahead of Print.
The COVID-19 pandemic had a tremendous impact on the energy sector because of demand factor. Volatility has emerged as a major concern in the energy industry and COVID-19 has cast a dark shadow over this characteristic. We predict the symmetrical and asymmetric volatility of energy market in India and USA during COVID-19 outbreak tenure. The energy market is proxied by crude oil and natural gas of these two countries. For an empirical estimation, standard generalized autoregressive conditional heteroscedasticity (s-GARCH) and exponential GARCH (e-GARCH) are employed based on daily observations spanning from March 25, 2020 to January 31, 2022. The result reveals that new information is captured and there is volatility persistence in both Indian and US energy markets. The conditional volatility decays over the time of these markets since it is backed by mean reversion and Indian energy market decays fast comparatively. Additionally, it depicts that there is no leverage effect in both Indian and US energy markets. This study furnishes an insight to the investors and portfolio managers with respect to risk prediction considering impact of good and bad news.
Strategic entrepreneurship: Mapping the field and charting a path for future research
The International Journal of Entrepreneurship and Innovation, Ahead of Print.
Despite its growing relevance, research on strategic entrepreneurship has been dispersed and fragmented. This study attempts to fill this gap and analyze the state-of-the-art of strategic entrepreneurship, identifying, and systematizing the main themes found in the literature and pointing to future research paths that researchers in the future can explore. To build a solid foundation and facilitate the development of this field, we reviewed and synthesized 85 key articles published to date with resources on bibliometric techniques. Our study provides a comprehensive field mapping and grouping of the literature into four main themes: entrepreneurship and strategic management, entrepreneurial orientation, corporate entrepreneurship, and exploitation and exploration. In addition, we identify key research gaps and promising areas for future research.
Despite its growing relevance, research on strategic entrepreneurship has been dispersed and fragmented. This study attempts to fill this gap and analyze the state-of-the-art of strategic entrepreneurship, identifying, and systematizing the main themes found in the literature and pointing to future research paths that researchers in the future can explore. To build a solid foundation and facilitate the development of this field, we reviewed and synthesized 85 key articles published to date with resources on bibliometric techniques. Our study provides a comprehensive field mapping and grouping of the literature into four main themes: entrepreneurship and strategic management, entrepreneurial orientation, corporate entrepreneurship, and exploitation and exploration. In addition, we identify key research gaps and promising areas for future research.
Emergence of Hybrid CSR Models as a Conflict‐Driven Communicative Process in a Nordic Welfare State
Abstract
This paper offers an understanding of how hybrid models of corporate social responsibility (CSR) – models combining society-centric mandatory (implicit) and business-centric voluntary (explicit) approaches to CSR – are communicatively constructed through institutional struggles over the roles and responsibilities of business in society, in the context of a Nordic welfare state. We develop a model of hybridization as a dialectical process of communicative activity, framing and counter-framing, in which conflict and contestation over normative understandings about CSR drive the process. The model explains the emergence of hybrid models of CSR in terms of gradually evolving issue development and frame changes that are driven by discursive struggles over moral obligations of business in society, appropriate configuration of legitimacy relationships, and appropriate institutional arrangements for CSR governance. In contrast to prevailing accounts, which tend to theorize hybridization as resulting from isomorphic, mimetic, and normative pressures, our account explicitly attends to the politics of hybridization.
Overconfident CEOs in Dire Straits: How Incumbent and Successor CEOs’ Overconfidence Affects Firm Turnaround Performance
Abstract
As a well-studied executive bias, CEO overconfidence usually has negative connotations – although empirical evidence of its performance effects remains inconclusive. By theorizing on CEO overconfidence in a turnaround situation, we propose that CEO overconfidence can either help or hinder turnaround performance, depending on whether the overconfident CEO is the incumbent who steered the firm into dire straits, or a successor hired during decline. Our empirical findings suggest that overconfidence in an incumbent CEO damages turnaround performance; replacing overconfident incumbents improves turnaround performance and overconfident successors hired during decline enhance turnaround performance. Exploratory post-hoc analyses further suggest that these effects are driven by the divergent ways in which overconfidence biases incumbent and successor CEOs’ assessment of organizational decline. Comprehensive implications for research and practice on CEO overconfidence are discussed.
Determinants of Buffer Capital for Banks in India
Management and Labour Studies, Volume 48, Issue 4, Page 548-559, November 2023.
This study has examined the impact of bank-specific indicators on the buffer capital of banks in India. The impact of key variables return on assets, credit deposit ratio, return on equity and the ratio of non-performing loans to total loans on buffer capital has been examined for banks in India. Using dynamic panel data regression, the results reveal that non-performing loans to total loans, return on assets and return on equity have a positive impact on buffer capital. It is revealed that the banks keep extra capital cushion with an increase in risk elements. Also, the credit deposit ratio is having a negative but significant impact on buffer capital. The results further reveal persistency in buffer capital across all models. The role of the cost of capital in the determination of buffer capital has also been examined. The results can be used by bank policymakers in the formulation of various reformation packages.
This study has examined the impact of bank-specific indicators on the buffer capital of banks in India. The impact of key variables return on assets, credit deposit ratio, return on equity and the ratio of non-performing loans to total loans on buffer capital has been examined for banks in India. Using dynamic panel data regression, the results reveal that non-performing loans to total loans, return on assets and return on equity have a positive impact on buffer capital. It is revealed that the banks keep extra capital cushion with an increase in risk elements. Also, the credit deposit ratio is having a negative but significant impact on buffer capital. The results further reveal persistency in buffer capital across all models. The role of the cost of capital in the determination of buffer capital has also been examined. The results can be used by bank policymakers in the formulation of various reformation packages.
Why has inequality in the Philippines declined? A two-stage hierarchical inequality decomposition analysis by location and education
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Coordinated Interdependence: How Patterning Governs Flexibility in a Routine Cluster
Abstract
Adopting a routine dynamics perspective, we use an ethnography of agile project work to explore how emergent and effortful performances of single routines influence dynamics within a cluster of interdependent routines. We find that emergent accomplishments in single routines constrain cluster-level dynamics, thereby inhibiting flexibility. However, effortful accomplishments in single routines facilitate cluster-level dynamics, thereby enhancing flexibility. We make three contributions to the literature on routine dynamics and process studies. First, we show how coordinated interdependence based on chaining, orchestrating, and reflecting creates and maintains clusters of routines, and uncoordinated interdependence based on stumbling, irritating, and detaining endangers clusters of routines. Second, we analyse how cluster-level flexibility results from maintaining a stable pattern across routines, despite pressures to vary routines. Finally, our findings contribute to practice and process studies by analysing interdependence and coordination together as ‘(un)coordinated interdependence’.
Regional spillover of housing (un)affordability: an empirical study on the residential housing markets for first-time buyers in the U.K
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Do Hybrid Goals Pay off? Social and Economic Goals in Academic Spin‐Offs
Abstract
New ventures often pursue both economic and social goals, known as goal hybridity. Yet, we know less about how organizational goal hybridity influences the performance and governance of new ventures. Goal hybridity is common among academic spin-offs (ASOs) seeking to commercialize scientific research from universities. We hypothesize that ASOs’ goal hybridity influences their subsequent performance and their governance structure. We also hypothesize that ASOs who enrol multiple stakeholders with investment goals aligned with their hybrid goals outperform the ASOs who do not. By combining several data sources, we follow Norwegian ASOs longitudinally and find that goal hybridity explains their subsequent performance differences, such that ASOs relying on both economic and social aspects of their business when formulating their goals outperform those who rely purely on economic or social goals. We also find that ASOs with hybrid goals outperform when they enrol multiple stakeholders who are aligned with their hybrid goals. Our findings have implications for theorizing in hybridity, stakeholder enrolment, and the organizational goals literatures. We also provide a fuller understanding on performance heterogeneity of ASOs, and we offer a set of practice and policy implications to academic entrepreneurship and public-private partnership literatures.
Competitive Actions under Analyst Pressure: The Role of CEO Time Horizons
Abstract
Leveraging upper echelons theory and the Awareness-Motivation-Capability (AMC) framework of competitive dynamics, we investigate the moderating influence of CEO time horizons on the relationship between negative analyst recommendations and the temporal patterning of competitive actions. We argue that negative recommendations are associated with less intensity but greater irregularity in competitive actions. Moreover, CEO time horizons weaken these effects, such that CEOs with longer time horizons are less influenced by such recommendations. Results from a longitudinal study of 296 CEOs from 2004 to 2015 support these arguments. Our study contributes by underscoring CEO time horizon as a critical contingency in studying the impact of analyst pressures.