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Into the realm of organizational folly: A poem, a review, and a typology of organizational stupidity
No full textInternational audienceThis ‘Provocation essay’ is aimed at triggering reflection and fostering renewed research into organizational stupidity and its intersections with management learning. It opens with a critical poem evoking diverse aspects of our daily encounters with the idiocy, nonsense, and absurdity that pervades organizations. It continues with a more comprehensive review of the still diffuse research literature to reveal a typology of three approaches to studying organizational stupidity (systemic-mechanistic, critical-sociological and cultural-functionalist). It closes with a discussion of how stupidity detracts from reflexivity but can also play useful roles in organizations, which ultimately invites more management learning research on the topic
What do we know about startup-valuation drivers? A systematic literature review 1
No full textInternational audienceStartup-valuation is a critical area of research within entrepreneurial finance, but research on this topic is less consistent and thorough than overall valuation research. Peer-reviewed studies express a range of divergent views and approaches, and the focus varies widely. To bring clarity to this fragmented field, we conduct a systematic literature review, examining 87 peer-reviewed studies published between 1985 and 2020. We analyze these publications in detail and identify 36 startupvaluation drivers and cluster them into five macro-themes: Entrepreneur Characteristics; Firm Characteristics; Investor Characteristics; Market Conditions; and Deal Conditions. We then describe the valuation-impact of these drivers on startups. The range of drivers identified in the literature gives rise to construction of an integrative meta-model based on the macro-themes, placed into appropriate chronological position in the valuation process Our study also identifies key research-gaps and highlights promising directions for exploring the startup-valuation field
Predicting energy futures high-frequency volatility using technical indicators: The role of interaction
No full textInternational audienceIn this paper, we investigate the predictability of technical indicators on energy futures volatility from the highfrequency and high-dimensional perspectives. We show that the technical indicators have significant impacts on crude oil and natural gas futures volatility based on in- and out-of-sample analysis. Further, we analyze the impacts of interactions among predictor variables on future volatility. Based on an improved conditional sure independence screening model, we find that the interactions contribute to the out-of-sample predictive power significantly. The improved model has robust and better forecasting performance relative to extant popular dimension reduction methods, forecast combination methods, and regularization methods. Moreover, we show that the out-of-sample predictability is robust during various periods. Finally, we show that technical indicators improve economic value in the crude oil market but the economic increment is not significant in the natural gas market
Confidence in China’s political system was linked to perception of Covid infection risk, Covid health threat, and attitudes toward dynamic Zero-Covid policy
No full textInternational audienceAbstract How was Chinese people’s confidence in the political system linked to their perception of Covid infection risk, perception of health threat of Covid infection, lockdown experience, and attitudes toward the dynamic Zero-Covid policy? Using 2 waves of online surveys conducted in 2020 and 2022, we investigated how these factors were related. Individuals who were more supportive of the Zero-Covid policy were more confident. Those who were less supportive of the Zero-Covid policy were from areas with more severe Covid infections and experienced a longer lockdown as well; these individuals also perceived higher Covid infection risk and health threat. As such, their confidence in the political system was also more likely to drop from 2020 to 2022. In sum, these findings suggest that Chinese people’s confidence in the political system was linked to their Covid infection risk perception, perceived Covid threat to health, lockdown experience, and attitudes toward the Zero-Covid policy. These findings were corroborated with the severity of Covid infections in the province and individual’s political beliefs and orientation
Efficiency of government policy during the COVID-19 pandemic
No full textInternational audienceWe introduce country-month indices of efficiency of government policy in dealing with the COVID-19 pandemic. Our indices cover 81 countries and the period from May 2020 to November 2021. Our framework assumes that governments impose stringent policies (listed in the Oxford COVID-19 Containment and Health Index) with the single goal of saving lives. We find that positive and significant correlates of our new indices are institutions, democratic principles, political stability, trust, high public spending in health, female participation in the workplace, and economic equality. Within the efficient jurisdictions, the most efficient ones are those with cultural characteristics of high patience
On disclosure of participation in innovation contests: a dominance result
No full textInternational audienceThis paper examines the effects of disclosing the actual number of participants in innovation contests with endogenous stochastic entry. We model innovation contests as a two-bidder allpay auction with complete information, but in which each bidder has to incur a private cost to participate. The contest organizer observes solvers' participation decisions ex post and can commit ex ante to either fully disclosing or concealing the number of participating solvers. We characterize the equilibrium behavior of the solvers and compare the performances of the disclosure policies by four criteria. We find that full concealment dominates full disclosure in terms of expected total bid and expected winner's bid. Full concealment is dominated by full disclosure in terms of prize allocation efficiency and solvers' welfare. These findings are in sharp contrast to those under exogenous entry
Do spot market auction data help price discovery?
No full textInternational audienceThis paper contributes to the price discovery literature by establishing, for the first time, the role of commodity spot market auction data. Using the New Zealand whole milk powder market as an example, we show that auction-level data explain the price discovery dynamics above and beyond determinants previously identified as being relevant to spot and futures market price formation. In particular, the price discovery of the futures market rises with the volume of dairy products traded at the auction, signaling that the volume auctioned induces a change in the trading strategies of futures market participants. The whole milk powder discovery process is found to primarily take place in the spot market, which aligns well with the auction predating the introduction of the futures market, its higher volume, and lower trading costs
Beyond the nexus family – business: introducing the family business service ecosystem
No full textInternational audiencePurpose-Extant family business research focuses on the understanding of value creation through the binary interactions between the family and its business (the familybusiness nexus). This article addresses this issue by expanding the understanding of value creation beyond the family-business nexus to that of value creation among a wider set of stakeholders (the family business service ecosystem). It recognizes the multi-faceted nature of family businesses and conceptualizes a value creation process through a broader scope of internal and external stakeholders. Design/methodology/approach-This research theoretically connects Business Model Innovation (BMI) and Service dominant logic (SDL) as foundations of an ecosystem approach of value creation established through collaboration, coproduction and co-creation based on Value in Use (ViU). The authors then present the FB Service Ecosystem BM. Findings-This research generates an overarching model of value creation and integration that reflects and enacts the purpose of the family firm's project through interactions with ad hoc internal and external actors as possible Third Avenue of value creation, transcending the family versus business paradox. Termed FB Service Ecosystem, this overarching model can be at the forefront of economic, ecological and societal transition, by tacitly transmitting such BMs through their networks of stakeholders. The FB Service Ecosystem is important because it can support the transition of economies and societies based on service, collaboration and meeting multiple stakeholder needs. Originality/value-This research addresses the dichotomy between financial and non-financial outcomes and between agency and stewardship. It transcends this paradox to offer an inclusive value creation perspective considering a wider set of internal and external stakeholders based on reciprocal service provision and co-creation of mutual value, foundations of service dominant logic, among actors of a service ecosystem federated by and around the family business, termed Family Business Service Ecosystem
The impact of moderately incongruent rap music endorsers on luxury brand personality and brand coolness
No full textInternational audienceLuxury brand personality relies heavily on positive spillover effects from celebrity endorsers. However, the extent to which surprising or even moderately incongruent endorsements might either help a luxury brand’s personality to enrich its current brand perception towards not-yet-considered brand personality attributes or deteriorate an existing luxury brand personality is not yet fully exploited. Against this background, here we present insights from research based on two experiments on the impact of urban rap music artists on key dimensions of luxury brand personality and brand coolness. Our findings provide important managerial as well as theoretical insights—typically for luxury brands that regularly need to expand their brand personality dimensions in order to capture more consumers and remain attractive for new and younger consumer groups
Managing natural resource prices in a geopolitical risk environment
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