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  • Shy, Oz; Stenbacka, Rune (2017)
    The paper constructs an overlapping generations model to evaluate how different bank rescue plans affect banks’ risk-taking incentives. For a non-competitive banking industry, we find bailout with tax imposed on the old generation or equity bail-in to be efficient policies in the sense that they implement socially optimal risk-taking. In a competitive banking sector, no-bailout implements the socially-optimal risk-taking. Bailout policies financed by a tax imposed on the young generation always induce excessive risk-taking.
  • Saastamoinen, Jani; Ojala, Hannu; Pajunen, Kati; Troberg, Pontus (2017-12-21)
    While inputs used in analysts’ valuation models have been documented (Brown et al. 2015), it has not been studied how analysts’ personal characteristics are associated with their level of critical perception regarding agency conflict manifested in published financial statements. This is important because analysts are, to some extent, substitutes for industry‐specialised auditors in monitoring financial reporting (e.g., Sun and Liu 2011). To address this shortcoming, we investigate analysts’ level of critical perception concerning current goodwill accounting standards, which provide significant reporting latitude. We use data from a survey of Nordic financial analysts and examine this data with statistical methods, including factor analysis and structural equation modelling. We find two latent constructs, one which reflects a critical attitude to the current goodwill accounting standards and one which reflects an uncritical attitude to the current standards. Our structural equation model suggests that having a background in auditing, as well as general experience and exposure to different industries, is associated with a higher degree of critical perception of current standards. In contrast, having a basic (low) level of formal business (accounting) education is associated with a more uncritical perception than having a high level of education.
  • Einarsen, Kari; Salin, Denise; Einarsen, Ståle Valvatne; Skogstad, Anders; Mykletun, Reidar Johan (2019-04-01)
    Purpose Drawing on the resource-based view, the purpose of this paper is to examine the extent to which the level of the organization’s human resource management (HRM) practices, perceived financial resources and organizational size predict the existence of a well-developed ethical infrastructure against workplace bullying. Design/methodology/approach The human resource (HR) managers or the main health and safety representatives (HSRs) in 216 Norwegian municipalities responded to an electronic survey, representing some 50 percent of the municipalities. Findings The level of high-quality HRM practice predicted the existence of an ethical infrastructure against workplace bullying, particularly informal systems represented by a strong conflict management climate. Perceived financial resources did not predict the existence of such ethical infrastructure. Organizational size predicted the existence of policies and having training against bullying. Practical implications This study informs practitioners about organizational resources associated with organization having a well-developed ethical infrastructure against workplace bullying. A high level of high-quality HRM practices seems to be more important for the existence of a well-developed ethical infrastructure against workplace bullying compared to financial resources and organizational size, at least as perceived by HR managers and HSRs. Originality/value This study provides empirical evidence for the importance of having a high level of high-quality HRM practices as predictors of the existence of ethical infrastructure to tackle workplace bullying. An essential finding is that the existence of such an infrastructure is not dependent on distal resources, such as organizational size and perceived financial resources.
  • Shy, Oz; Stenbacka, Rune (2018-07-28)
    We analyze competition for experienced workers among wage‐setting firms. The firms can design poaching offers with higher wages to workers who switch from rivals relative to wages paid to their own existing employees. We evaluate the profit and welfare effects of anti‐poaching agreements that eliminate poaching offers as a recruiting method. Anti‐poaching agreements increase industry profits, whereas workers are made worse off. We show that the effects of anti‐poaching agreements on total welfare are determined by the magnitude of workers' switching costs and the productivity change associated with switching employers.
  • de Boise, Sam; Hearn, Jeff (2017)
    Sociological research, influenced by feminist and other critical perspectives, has noted how men’s emotional inexpressiveness was influenced, and supported, by patriarchal privilege. Such approaches have argued that ‘inexpression’ needs to be broken down in order to build gender equality and improve men’s own wellbeing. Emerging research has, however, challenged the argument that men are ‘emotionally inexpressive’ on two main premises: that, as a result of feminist critiques, many men now practise ‘softer’ or ‘more emotional’ forms of masculinity; second, that emotions always influence social action and so need to be better incorporated into sociological accounts of men’s behaviour. Yet these approaches entail some conceptual confusion as to what emotions are, how they link to social action and whether men’s emotions are inherently transformative for gender relations. This article first details how emotions and masculinity have been theorized in feminist-inspired approaches. It outlines recent work on emotions, men and masculinities before arguing for an understanding of emotions that engages with both physiologically grounded and postconstructionist debates. It finally suggests incorporating a material-discursive approach to men’s emotions, through feminist work on affect, which is attentive to the political dimensions of ‘increasing emotionality’ in order to contribute to a developing field of sociological research.
  • Grönroos, Christian (Sage publications, 2019)
    Relationship marketing (RM) has become a prevalent approach to marketing. According to the Nordic School of marketing thought, RM cannot be undertaken within a conventional marketing framework. RM has to break traditional marketing borders and permeate large parts of the organization. It cannot be managed by a separate marketing department. It is a larger thinking that requires cross-functional support within the organization. Based on the promise theory and related management approach, an RM grid, which enables the analysis of a firm's readiness for RM, is developed. It is argued that we need to analyse a firm's readiness for RM by addressing two important questions: 'Does the firm know its customers' processes as well as its own processes?' and '"Does the firm understand what its customers' consider good quality versus what's their own perspective of the quality of its offerings?'
  • Fellman, Johan (2017-12-20)
    In the 19th century, a series of international statistical congresses began that were important for population studies, including twin research. The introduction of common rules for the national demographic registers enabled scientists to contribute to the genesis of statistical research. The congress in St. Petersburg in 1872, in particular, focused on the movements of the population, and how they should be registered. Among the facts to be recorded were in multiple births the sex and number of children born alive or still-born, whether legitimate or illegitimate, and the age of the mother at the date of the births. During the history of twin research Hellin´s law (1895) has played a central role because it is an approximately correct association between the rates of multiple maternities. It has been mathematically proven that Hellin´s law does not hold as a general rule. Analyses show divergences from the law that are difficult to explain and/or eliminate. Varying improvements of this law have been proposed. The majority of all studies of Hellin´s law are based on empirical rates of multiple maternities, ignoring random errors. Such studies can never confirm the law, but only identify errors with respect to Hellin´s law that are too large to be characterised as random. It is of particular interest to note and explain why the rates of higher multiple maternities are sometimes too high or too low when Hellin´s law is used as a benchmark. Studies have shown that there have been investigators before Hellin who have contributed substantially to Hellin´s law. In this paper, we re-examine some old data sets and contributions in which Hellin´s law has been evaluated and also analyse recent data.
  • Cooper, Ilan; Fraga Martins Maio, Paulo (2018)
    We show that recent prominent equity factor models are to a large degree compatible with the Intertemporal CAPM (ICAPM) framework. Factors associated with alternative profitability measures forecast the equity premium in a way that is consistent with the ICAPM. Several factors based on firms’ asset growth predict a significant decline in stock market volatility, thus being consistent with their positive prices of risk. The investment-based factors are also strong predictors of an improvement in future economic activity. The time-series predictive ability of most equity state variables is not subsumed by traditional ICAPM state variables. Importantly, factors that earn larger risk prices tend to be associated with state variables that are more correlated with future investment opportunities or economic activity. Moreover, these risk price estimates can be reconciled with plausible risk-aversion parameter estimates. Overall, the ICAPM can be used as a common theoretical background for recent multifactor models.
  • Badshah, Ihsan; Frijns, Bart; Knif, Johan; Tourani-Rad, Alireza (2016-12)
    This study investigates the asymmetry of the intraday return-volatility relation at different return horizons ranging from 1, 5, 10, 15, up to 60 min and compares the empirical results with results for the daily return horizon. Using data on the S&P 500 (SPX) and the VIX from September 25, 2003 to December 30, 2011 and a Quantile-Regression approach, we observe strong negative return-volatility relation over all return horizons. However, this negative relation is asymmetric in three different aspects. First, the effects of positive and negative returns on volatility are different and more pronounced for negative returns. Second, for both positive and negative returns, the effect is conditional on the distribution of volatility changes. The absolute effect is up to five times larger in the extreme tails of the distribution. Third, at the intraday level, there is evidence of both autocorrelation in volatility changes and cross-autocorrelation with returns. This lead-lag relation with returns is also very asymmetric and more pronounced in the tails of the distribution. These effects are, however, not observed at the daily return horizon.
  • Siekkinen, Jimi Ville-Pekka (2016-06-09)
    This paper examines whether audit quality and auditor independence have an impact on the information quality of fair values. It is assumed that higher audit quality and higher auditor independence decrease the incentives for managerial opportunism, thereby increasing investors' trust in book values. By analysing financial firms from 28 European countries, this study finds evidence that non-audit services have a positive association with the value relevance of Level 3 fair value assets. Furthermore, the more important the client is to the auditor, the lower is the value relevance of fair value estimates (Level 3). The association between a Big 4 auditor and the information quality of fair value estimates depends on the legal traditions in the firm's home country. The association is positive or non-existent in Northern and Western European countries and negative in Southern and Eastern European countries.
  • Koveshnikov, Alexei; Ehrnrooth, Mats; Wechtler, Heidi (2022-01-18)
    Purpose: Drawing on follower-centric leadership theory, the study examines the role of perceived homophily between the leader and the follower, follower's individual-level power distance orientation (PDO) and follower's perceived employability in moderating the effects of authoritarian and benevolent paternalistic leadership (BPL) on followers' turnover intentions. Design/methodology/approach: The study analyzes a sample of 403 white-collar Russian employees. Findings: Whereas both leadership styles generally decrease followers' turnover intentions, they operate differently. Authoritarian leadership (AL) is more effective among followers with higher follower-leader homophily and PDO, whereas BPL is effective only among followers with low perceived homophily and PDO, and more effective among followers with higher perceived employability. Originality/value: The study extends research on non-participative styles of leadership, their effects and boundary conditions
  • Shy, Oz; Stenbacka, Rune (2018-09-18)
    We construct an overlapping generations growth model, where young consumers choose how to allocate resources among real investment (deposits), acquisition of bank ownership, and young-age consumption. At old age, consumers sell bank ownership and collect their bank deposits to support consumption. The model shows that an increase in banks’ market power stimulates bank profit and bank value, thereby raising the resources required for young consumers to acquire bank ownership. This causes a crowding-out effect on real investment, the magnitude of which is amplified with higher endowment growth rate and real investment return. Finally, we conduct a welfare analysis of the investment crowding-out effect.
  • Ehrnström-Fuentes, Maria; Kröger, Markus (2017-12-27)
    This study examines the role of states in developing contemporary extractivism based on recent investments and project plans in industrial forestry in Uruguay. This sheds light on several unanswered questions related to the role of the state and civil society in the governance, politics, and political economy of extractivism. The role played by states in contemporary extractive investments is a topic that requires studies that do more than simply analyse whether that role is strong or weak. Instead the focus should be on how states promote such investments, and on the political and socio-economic consequences thereof. Our analysis shows that the multiple roles of states need to be better understood when explaining the role of states in endorsing and expanding extractivism and its effect on the broader societal governance of business conduct. Our analysis indicates severe and negative developmental and socio-economic outcomes of pulp investments in Uruguay, which are hard if not impossible to transform as corporations can now use the investment protection laws – created by the government to regulate the state conduct – to restrict the possibilities of civil society and state actions.
  • Siekkinen, Jimi Ville-Pekka (2017)
  • Blomkvist, Magnus; Friman, Teemu; Korkeamäki, Timo (2018-03-20)
    We investigate whether access to bond markets affects acquisition activity of the European firms between 1999 and 2014. Our study provides insight into the effect that the growing European bond market has on corporate investment activity. We find that access to the bond markets, measured by the existence of a credit rating, has a significant effect on the tendency of firms to make acquisitions. The effect is strongest in Continental Europe and during times of high acquisition activity. We further find that consistent with prior U.S. evidence, bond market access has an inverse effect on abnormal returns generated by the acquisitions. That finding suggests that firms with superior access to financing pursue targets of lesser quality.
  • Vesa, Mikko (2018-03-15)
    Timbuk3’s 1986 hit ‘The Future ‘s so bright, I gotta wear shades’ is perhaps an odd starting point for a book review in Organization Studies, but its reception marks a curious point; what was intended as a song about an impeding nuclear armageddon was interpreted as an optimistic gradu- ation theme song heralding a cheerful future. And indeed, tangential with the substance of the book at hand, it seems that as societies we enjoy an unstable relationship with our fears; be this the nuclear armageddon of the 1980s, the more contemporary climate warming or the currently strongly resurfacing artificial intelligence debate. Resonating with Bartunek (2018), Leodolter’s Digital Transformation is at first an unlikely volume to find its way into the pages of this journal; it is not seeking a dialogue with what we would consider contemporary anglo-saxonized organiza- tion theory. Instead, it charges between perspectives in a rather cavalier manner and it does not make an amazing eyebrow-furring companion for your choice indulgence on a stormy night. But despite its eclectic allowances the book attempts something quite brave; in a discourse dominated by distinctly aggrandized narratives about the, depending on your preference, soon-to-arrive artifi- cial intelligence dystopia or utopia, Leodolter attempts to guide his pen somewhere between the extremes and examine the question of the digital transformation confronting both the modern organization and its managers with at least a modicum of pragmatism.
  • Sundvik, Dennis (2017-01-03)
    This study explores the link between earnings management and jurisdictional differences in book-tax conformity. A dataset of national reforms lowering the corporate tax rate is used to estimate the effect of conformity on private firm’s earnings management behavior when a specific incentive to manage earnings downward exists. Total and discretionary accruals are used to measure earnings management and a continuous measure is used to assess the level of book-tax conformity. Results suggest that changes in the statutory tax rate affect firms in jurisdictions with high book-tax conformity more than firms in jurisdictions with less book-tax conformity. However, more overall earnings management is attributed to firms in low conformity jurisdictions. These findings contribute to the ongoing debate on the appropriate level of book-tax conformity.
  • Berthon, Pierre R.; Pitt, Leyland (2018-02-01)
    In the past US election cycle, and mirrored by similar events in Europe, two trends have come to dominate social discourse: truthiness (the validity of something based on how it feels) and post-fact (taking a position that ignores facts). Human discourse has always contained elements of these, but the nature of the Internet and social media has pushed truthiness and post-facts to new levels. The purpose of this paper is to explore the complicated relationship brands have with fake news and discuss the implications for brand management of a post-truth world. We explore the complicated relationship brands have with fake news: Brands both fuel fake news and are burned by it. Next, we turn to the intellectual and instrumental roots of the post-truth world: postmodernism and its technological enablers, show how marketing became a purveyor of the postmodern worldview, and how brands have increasingly adopted truthiness and post-fact positions. We offer managers a way out of the postmodern cul-de-sac, discussing ways brands can be rethought and managed in a post-rational world.
  • Hilken, Tim; Heller, Jonas; Keeling, Debbie I.; Chylinski, Mathew; Mahr, Dominik; de Ruyter, Ko (2022-04-13)
    Many firms use augmented reality (AR) that projects lifelike product holograms into the physical environment to assist customers in bridging so-called “imagination gaps,” which can arise on their path to purchase. However, research has not yet studied whether and how AR might help customers address two pertinent sources of such imagination gaps: (1) increased cognitive load when evaluating multiple products together (e.g., in a bundle) and (2) extended physical distance to the point-of-sale (e.g., out-of-store, at home). Building on mental imagery theorizing, we explain how AR supports customers in bridging these gaps, and, through a series of field and experimental studies, we evidence effects on customer purchase intentions and behavior. Specifically, we show that AR-generated imagery of bundled (versus individual) products enhances intended and actual purchases at the point-of-sale. Furthermore, when deployed at distant points in the purchase funnel (out-of-store, at-home), AR increases purchases through improved self-projection, which we describe as the psychological mechanism customers use to mentally bridge distance to the point-of-sale. We qualify this mediating mechanism through an important moderating process, where the effect of AR-generated imagery on self-projection is suppressed for customers with a holistic (versus analytic) thinking style.
  • Wies, Simone; Hoffmann, Arvid Oskar Ivar; Aspara, Jaakko; Pennings, Joost M.E. (2019-05-02)
    Shareholder complaints put pressure on publicly listed firms, yet firms rarely directly address the actual issues raised in these complaints. The authors examine whether firms respond in an alternative way by altering advertising investments in an effort to ward off the financial damage associated with shareholder complaints. By analyzing a unique data set of shareholder complaints submitted to S&P 1500 firms between 2001 and 2016, supplemented with qualitative interviews of executives of publicly listed firms, the authors document that firms increase advertising investments following shareholder complaints and that such an advertising investment response mitigates a postcomplaint decline in firm value. Furthermore, results suggest that firms are more likely to increase advertising investments when shareholder complaints are submitted by institutional investors, pertain to nonfinancial concerns, and relate to topics that receive high media attention. The findings provide new insights on how firms address stock market adversities with advertising investments and inform managers about the effectiveness of such a response.