路演中董事长面部表情与IPO后公司业绩变脸

投资者是否可以利用“软”信息来识别公司的真实价值?社会心理学理论认为人在提供虚假信息(如撒谎)的时候会流露出负面情绪,进而反映到面部表情上。论文以2009年至2014年在创业板上市的公司为样本,分析公司上市后的业绩变脸幅度与其董事长在IPO路演讲话时的负面情绪水平之间的关系。为了提高结论的可靠性,本研究首先基于实验室实验方法设计欺骗行为实验,检验了Facereader软件测量面部表情给出的负面情绪值与欺骗行为之间的相关性。本研究指出可以利用董事长在IPO路演讲话的面部表情来识别公司的真实价值,该结论为保护投资者利益提供了一条新的途径。     

Role of Leaders as Agents of Negotiation for Counterbalancing Cultural Dissonance in the Middle East and North Africa Region

This study provides a unique perspective in the field of cross-cultural management by exploring the relationship between “cultural dissonance”—the gap between cultural values and actual practice—and effective leadership attributes in the Middle East and North Africa (MENA) region. Incorporating cultural dissonance into implicit leadership theory, the study uses measurements of dissonance on nine cultural dimensions to identify particular leadership preferences in seven MENA countries. The overall findings suggest that societies prefer leaders who counterbalance cultural dissonance by allowing space for negotiations by members of society to reduce disparities between cultural values—“the way things should be”—and actual practices—“the way things are.” The greater the disparity between cultural values and practices, the greater the citizens' desire that leaders act as agents of change by creating space for negotiation.     

Institutional voids,international learning effort and internationalization of emerging market new ventures

Much of the existing scholarly works portray institutional voids (IVs) in emerging economies as impeding forces against the development of new ventures. However, little attention has been paid to how such voids generate positive outcomes in emerging market new ventures. Drawing on the institutional theory, we propose IVs as crucial enablers of new venture internationalization. In addition, we investigate both how and when IVs enhance the degree to which new ventures internationalize by examining international learning effort (ILE) as a mediator and two domestic market environmental factors (i.e., environmental dynamism and competitive intensity) as important contingencies. We test our moderated mediation model using primary data gathered from 211 new ventures from Ghana. We found that ILE mediates the relationship between IVs and new venture internationalization and that both environmental dynamism and competitive intensity moderate the indirect relationship between home-country IVs and new venture internationalization. We discuss the theoretical and practical implications of this study.     

基于消费者显著性偏好的双边平台转换成本和定价策略研究

针对消费者对转换成本和价格属性具有显著性偏好的实际情况，基于显著性理论对垄断双边平台企业的转换成本和定价策略问题进行了研究。研究发现：1)在显著性偏好非对称型市场上，对价格敏感的一方收取的价格最低，对高转换成本的一方收取的价格最高，而在显著性偏好对称型市场上，平台的最优价格位于非对称型市场之间，但是对价格敏感型市场收取的价格低于转换成本敏感型市场的价格。2)在高转换成本的市场，平台利润最低；低转换成本市场平台利润最高，而混合型情况的最优利润位于这两者之间。该研究结论说明平台企业应该采取措施来降低用户加入平台的转换成本，从而增加利润，这与现实的案例研究结论相吻合。     

政府奖惩机制下药品安全质量监管三方演化博弈及仿真分析

药品安全关乎人民群众生命健康、经济发展、社会稳定和国家安全，一直以来都是政府和全社会关注的热点问题之一。但是，近年来频发的各类药品安全事件，揭露了政府监管缺失、药品检测机制不完善、公众投诉失效等诸多问题。本文考虑了药品检测中存在寻租现象，构建了药品生产企业、第三方药品检测机构和政府监管部门之间的三方演化博弈模型，分析了各参与方策略选择的演化稳定性，探讨了各要素对三方策略选择的影响关系，进一步分析了三方博弈系统中均衡点的稳定性。研究结果表明：1)政府增强奖励、惩罚力度均有助于促进企业生产高药效药品、第三方药品检测机构拒绝寻租的规范行为，但是增大奖励力度将不利于政府自身履行监管职责；2)政府设定合理的奖惩机制必须符合对各方的奖惩之和大于其投机收益的条件，才能保障演化稳定市场环境下的药品安全；3)上级政府对监管部门失职的问责对增强企业生产高药效药品的稳健性具有重要意义；4)提升企业的药品销售收益、增加企业寻租成本也是避免企业生产低药效药品的有效途径。最后，利用Matlab 2020b进行了仿真分析，为政府完善药品监管机制提出了对策与建议。     

The wisdom and madness of crowds: How information networks and board cognition help or hinder firm performance across the business cycle

We know little of why a minority of firms pursue counter-cyclical strategies and consequently outperform competitors during recessions. Based on the theory of institutional isomorphism, we hypothesize that these firms avoid the mimetic and normative pressures that promote strategic convergence during uncertainty. We demonstrate these effects at the board-level in a sample of 1,615 U.S. firms. Mimetic processes are evident, with firms' connectedness in board interlock networks attenuating profitability and decreasing firm value during recessions—a reversal of the positive effects during expansions. Normative pressures arise from homogeneity in directors’ educational and professional experience, with greater consequences for long-term performance. Overall, recessionary performance is improved when firms occupy relatively isolated positions in informational networks and appoint directors from a range of backgrounds.     

Managing C-suite conflict: The unique impact of internal and external governance interfaces on top management team reflexivity

The ability of Top Management Teams (TMTs) to reflect critically on their own actions represents an important element of effective TMT decision making and governance effectiveness. This paper therefore examines how the TMT-board interface internal to the organization, as well as the TMT interface with the external supervisory authority, shape TMT reflexivity. Drawing from governance and psychological theories, we posit that cognitive conflict at the TMT-board interface can escalate by increasing levels of affective TMT-board conflict, and hereby, harm TMT reflexivity if not managed well. This proposition was tested in a multisource team-level data set collected in the field among TMTs (N = 111 TMT members) and their supervisory boards (N = 152 board members) of 56 Dutch insurance companies. The findings demonstrate that the link between cognitive and affective TMT-board conflict is mitigated by board membership influx. Yet in cases where conflict escalation does occur, its subsequent impact on TMT reflexivity hinges on the degree to which an external supervisory authority monitored TMT actions. The results illustrate that TMT decision making processes can be effectively influenced by internal and external TMT-governance interfaces, yet at different conflict stages, and through different governance actions.     

Technical Note – Pricing Below Cost Under Exchange‐Rate Risk

Pricing below cost is often classified as “dumping” in international trade and as “predatory pricing” in local markets. It is legally prohibited from practice because of earlier findings that it leads to predatory behavior by either eliminating competition or stealing market share. This study shows that a stochastic exchange rate can create incentives for a profit‐minded monopoly firm to set price below marginal cost. Our result departs from earlier findings because the optimal pricing decision is based on a rational behavior that does not exhibit any malicious intent against the competition to be considered as violating anti‐trust laws. The finding is a robust result, because our analysis demonstrates that this behavior occurs under various settings such as when the firm (i) is risk‐averse, (ii) can postpone prices until after exchange rates are realized, (iii) is capable of manufacturing in multiple countries, and (iv) operates under demand uncertainty in addition to the random exchange rate.     

前瞻型环境战略对企业绿色形象的影响研究

从自然资源基础观出发,研究前瞻型环境战略对企业绿色形象的影响.提出前瞻型环境战略会通过影响绿色核心能力、绿色产品创新与绿色过程创新,进而对企业绿色形象产生积极影响,并创建了相关关系模型.研究表明,前瞻型环境战略会提升企业绿色形象,绿色核心能力与绿色创新在前瞻型环境战略与企业绿色形象间存在链式中介作用.另外,对比了提升企业绿色形象的不同路径,为企业构建高区分度的企业形象提供了新的思路和建议.     

Effects of Remanufacturable Product Design on Market Segmentation and the Environment

Despite documented benefits of remanufacturing, many manufacturers have yet to embrace the idea of tapping into remanufactured‐goods markets. In this article, we explore this dichotomy and analyze the effect of remanufacturable product design on market segmentation and product and trade‐in prices by studying a two‐stage profit‐maximization problem in which a price‐setting manufacturer can choose whether or not to open a remanufactured‐goods market for its product. Our results suggest that it is optimal for a manufacturer to design a remanufacturable product when the value‐added from remanufacturing is relatively high but product durability is relatively low and innovation is nominal. In addition, we find that entering a remanufactured‐goods market in and of itself does not necessarily translate into environmental friendliness. On the one hand, the optimal trade‐in program could result in low return and/or remanufacturing rates. On the other hand, a low price for remanufactured products could attract higher demand and thereby potentially result in more damage to the environment. Meanwhile, external restrictions imposed on total greenhouse gas emissions draw criticism in their own right because they risk stifling growth or reducing overall consumer welfare. Given these trade‐offs, we therefore develop and compare several measures of environmental efficiency and conclude that emissions per revenue can serve as the best proxy for emissions as a metric for measuring overall environmental stewardship.