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The impact of board independence and foreign ownership on financial and social performance of firms: evidence from the UAE
No full textInternational audiencePurpose – This study examines the impact of two different types of foreign ownership—by Arab and non-Arab investors on firms’ financial and social performance. It then goes on to investigate how the degree of board independence affects the aforementioned relationship between these two types of foreign investors on firm performance.Design/methodology/approach – The sample for the study is a panel of all listed firms in the Dubai Financial Market (DFM) and the Abu Dhabi Securities exchange (ADX) from 2008 to 2012. Findings – Results indicate that while Arab foreign ownership affects firms’ financial and social performance negatively, non-Arab foreign ownership does so, positively. Further tests indicate that board independence weakens the negative relationship between firm financial and social performance with foreign Arab ownership and deteriorate the relationship between firm financial and social performance and non-Arab foreign ownership.Research limitations/implications – Future studies may extend the coverage of the study by including other countries in the region and other identities of the foreign investors.Practical implications – This study may help policy makers in the UAE to improve the implementation and enforcement of existing regulations concerning corporate social responsibility (CSR) and board independence. It also highlights the need to look into the monitoring role of independent board members.Originality/value – This is the first study to examine the role of board independence on the relationship between foreign ownership and firm’s financial and social performance. To the best of our knowledge, this is the first paper that attempts to enrich the understanding of foreign ownership by classifying it into Arab versus non-Arab
Corporates' strategic responses to economic policy uncertainty in China
No full textInternational audienceUsing a novel news‐based index of economic policy uncertainty, this paper studies the impact of economic policy uncertainty on corporate strategic positioning and corporate risk in China from 2009 to 2015. The study also investigates the impact of corporate strategic positioning on corporate risk. The results show that corporate strategic positioning and economic policy uncertainty have a significant positive impact on corporate risk. The results also explain that economic policy uncertainty increases the market risk of the firms irrespective of their corporate strategy. However, it increases the business risk of prospector firms and decreases the business risk of defensive firms. The study may help the firms to formulate and improve their strategic positioning while considering economic policy uncertainty. Our results are robust to alternate proxies of economic policy uncertainty and corporate risk
Technological capabilities and rent eroding battles: Scandinavia centric evidence on firm profitability
No full textInternational audienceThis paper furthers our understanding towards determinants of firm profitability using the data of listed firms from Scandinavia over theperiod from 2002 to 2015. Applying robust generalised method of moments (GMM) and ANCOVA techniques, we show that firm size, capitalintensity, leverage, and growth are the major drivers of firm profitability in Scandinavia. A predominantly positive effect of size over profitability is in line with the broader prior evidence while a simultaneous negative capital intensity-profitability relationship is in contrast with the evidence from rest of the Europe. This contrasting effect may potentially be explained as an outcome of a suboptimal deployment of technological investments and/or rent-eroding battle among the incumbent firms operating in Scandinavia. Our results are robust to reverse causality and alternate proxies of capital intensity
Enterprise social media usage: The motives and the moderating role of public social media experience
No full textInternational audienceEnterprise Social Media platforms have been adopted and deployed in the organizations with the aim of improving employees' work performance through facilitating internal communications, knowledge sharing, and collaboration. Even though public social media platforms, such as Facebook, are widely adopted, enterprise social media face engagement issues from employees. In this study, we investigate the motives of using enterprise social media and the moderating effect of employees' public social media experience. By surveying 157 employees who use enterprise social media in their organizations, we find that the motives of information sharing, social interaction, and entertainment positively affect employees' usage of enterprise social media. Employees' public social media experience negatively moderates the effect of information seeking. The study contributes to social media literature by examining the effect of employees’ public social media usage on enterprise social media usage. The findings offer insights on how to motivate employees to engage in enterprise social media
The role of supplier relationships in the development of new business ventures
No full textInternational audienceNew business ventures have rather limited resources, generally suffer from liabilities of smallness and newness and rely on external business relationships, typically with suppliers, for developing and acquiring necessary resources. Yet, to date, research on how new ventures develop initial relationships with suppliers and how these affect the nascent business has been limited. Taking the business network perspective and relating it to studies of supply chain and supplier involvement in product development, our study contributes to the rather limited body of knowledge on new ventures' supplier relationships. Empirically, we draw on a longitudinal, in-depth single-case study of the first two years of operation of a start-up. Our study shows that the development of the key initial supplier relationships starts from open-ended expectations of mutual future relational benefits and involves a stepwise ‘inter-definition’ of solutions in interaction between the parties. We observe that interdependences arise between the new venture and its key suppliers and these enable but also limit, the development paths of both partners. We argue that the key initial supplier relationships extend a new venture's resource and capability base and are an integral part of a new venture's business model
Unwelcome voices: The gender bias‐mitigating potential of unconventionality
No full textInternational audienceSubstantial evidence indicates that leaders are perceived through a lens of gender bias, but what mitigates such bias remains underexplored. Examining men and women in creative, project-based leadership roles, we integrate insights from role congruity and gender bias literatures to predict how project unconventionality and leader gender affect external perceptions of project quality. We argue that prejudice against female leaders is strongest for conventional projects due to the established presence of male-centric prototypical projects which induce bias, but that project unconventionality weakens this bias by distancing the project from these male-centric prototypes. We find support for this using a sample of 1,414 films by 32 major film studios (1990-2014) across three measures of perceived quality: moviegoer ratings, critic ratings, and film awards
Heterogeneous interconnections between precious metals: Evidence from asymmetric and frequency-domain spillover analysis
No full textInternational audienceWe examine the spillover characteristics of returns and volatilities of precious metals: gold, silver, platinum and palladium. We find evidence of homogenous and time varying asymmetric spillovers between the returns and volatilities of the precious metals suggesting similarities in their cyclical relationship with global and local fundamentals. Negative and positive shocks cause the asymmetric spillovers and are more pronounced in times of financial turmoil. The largest transmission of net spillovers is exerted by gold and silver. Silver in the short and long runs and in good and bad market conditions leads the spillover transmission. The pairs silver-gold and palladium-platinum display the largest directional spillovers. Lastly, while palladium and platinum act mainly as spillover receivers, gold and silver act mainly as transmitters of spillovers. Implications of the results are discussed
Power and Diffusion of Sustainability in Supply Networks: Findings from Four In-Depth Case Studies
No full textInternational audienceThis paper investigates how coercive and non-coercive power impacts on the successful diffusion of sustainability within supply networks. The paper reports on four in-depth case studies of the development of sustainability initiatives, each case based on data collection from focal companies and suppliers. The four case studies are based on 38 semi-structured interviews in total and supported by secondary data. The case studies indicate that both coercive and non-coercive power impact suppliers’ engagement in sustainability initiatives and its wider diffusion in supply networks. However, where the use of coercive power facilitates diffusion to immediate suppliers, the use of non-coercive (reward and expert) power leads to sustainability diffusion beyond the dyadic level into wider supply networks. The study provides rich insights into understanding sustainability diffusion in supply networks and the perceptions of multiple supply network actors on the role of different types of power on the diffusion process. We elaborate existing theory and formulate propositions to guide future research into the role and coexistence of different types of power in diffusing sustainability in supply networks