A Parametric Competing Risks Regression Model with Unknown Dependent Censoring
Abstract: 

A typical situation in survival analysis is that there is only interest in one risk and some prior information about its distribution is available. At the same time, other risks are not of interest and no information about risk dependence is available. A parametric regression model with unknown dependent censoring would be suitable here, but existing approaches require restrictions on all marginal survivals, the censoring distribution or the degree of dependence. This article introduces a model without these restrictions. An application to employment duration demonstrates that it avoids sizable bias of the estimated gender effect on employment duration.

Artificial intelligence for Supply Chain Management: Disruptive Innovation or Innovative Disruption?
Abstract: 
This article examines the theoretical and practical implications of artificial intelligence (AI) integration in supply chain management (SCM). AI has developed dramatically in recent years, embodied by the newest generation of large language models (LLM) that exhibit human-like capabilities in various domains. However, SCM as a discipline seems unprepared for this potential revolution, as existing perspectives do not capture the potential for disruption offered by AI tools. Moreover, AI integration in SCM is not only a technical but also a social process, influenced by human sensemaking and interpretation of AI systems. This article offers a novel theoretical lens called the AI Integration (AII) framework, which considers two key dimensions: the level of AI integration across the supply chain and the role of AI in decision-making. It also incorporates human meaning-making as an overlaying factor that shapes AI integration and disruption dynamics. The article demonstrates that different ways of integrating AI will lead to different kinds of disruptions, both in theory and practice. It also discusses the implications of AI integration for SCM theorizing and practice, highlighting the need for cross-disciplinary collaboration and sociotechnical perspectives.

Behavioral Agency Model and Corporate Social Irresponsibility: Uncovering the Implication of Fairness in CEO Compensation
Abstract: 
Behavioral agency model (BAM) posits that executive risk preferences are influenced by losses to their current option wealth relative to gains from their prospective option wealth. Accordingly, current option wealth attenuates risk-taking while prospective option wealth amplifies risk-taking. In the context of corporate irresponsible behaviors, this study attempts to advance the BAM by theorizing how the presence of conditions that give rise to distributive and procedural injustice in CEO compensation can further amplify the positive effects of CEO prospective option wealth on risk-taking, thereby destroying stakeholder value. Our findings, based on a longitudinal cross-sectional sample of 8,669 firm-year observations for the period 2001 to 2018, support our theorization that CEO perceptions of unfairness in compensation amplify excessive risk-taking, thereby increasing the likelihood of corporate social irresponsibility. Our study has important implications for advancing the BAM and for the study and design of executive compensation.

Board Political Ideological Diversity and Information Exposure as Antecedents to Value Creation and Value Appropriation
Abstract: 
Strategic emphasis is a critical decision reflecting a firm's relative proclivity toward value creation versus value appropriation. Despite the increasing role of the board in setting the strategic priorities of firms, there is a dearth of research examining board-level influences on strategic emphasis. Drawing on the cognitive perspective of corporate governance, we posit that exposure to external information via board interlocks provides competing incentives to pursue value creation and value appropriation strategies. We hypothesize that political ideological diversity among directors facilitates the utilization of external information for novel purposes, thus increasing firms' value creation focus. Combining data on directors' political ideologies with network analysis, we test these hypotheses in 584 large U.S. firms between 2000 and 2018. We find that political ideological diversity influences strategic emphasis both directly and in interaction with board interlock network centrality: politically ideological diverse boards exhibit a greater focus on value creation, and this effect is strengthened when the board is well connected to others. These results have implications for the director selection process, and for executives advocating for value creation strategies and the requisite R&D investments under differing conditions of board composition and information exposure.

ChainDiscipline: Towards a Blockchain-IoT-based Self-sovereign Identity Management Framework
Abstract: 
In today's complex Internet platform, online users need help to protect their online identity. Only sometimes, websites are very transparent about how user data will be collected, stored and processed by them. Sometimes Internet entities collect more online user information than required. These entities often share user identity-related data with third parties without consent. Existing traditional identity schemes need to be improved to stop and counter new ways of digital identity theft and fraud. Blockchain is a promising technology to strengthen the preservation of online users' digital identity due to its decentralised nature and robust data security features. In this paper, we proposed and implemented a generic blockchain- IoT-based self-sovereign identity management framework called ChainDiscipline. We have demonstrated the framework's oper- ability and functionality by implementing healthcare and smart home data management-based use cases.

Co-construction of Performance Indicators for a Circular City and Its Relation to a Local Action Net
Abstract:
Purpose
This study examines how circular economy (CE) performance indicators are constructed in an urban context characterised by a multitude of conflicting interests and visions of urban development. It explores the process of constructing a shared consensus about the performance indicators in conditions of low contractibility, where intervention objectives and outcomes are not easily quantifiable because the object is ambiguous and cannot be fully specified in advance.

Design/methodology/approach
The construction of performance indicators at the urban level is examined through the lens of an action net. Using group interviews, observations and documentary analysis, this study investigates the case of a CE initiative in the city of Milan.

Findings
The study demonstrates that in cases of low contractibility, the development of CE solutions requires actions that span across organisational boundaries, organised in an action net. As the action net unfolds, it is closely knotted with the construction of performance indicators, indicating a co-constitutive relationship between the two processes.

Originality/value
This interdisciplinary study contributes to the public sector accounting literature by exploring the complexity of performance indicator construction at the urban level. It further recognises performance measurement in cities as a dynamic and flexible process, in which the interconnected actions and involvement of multiple actants shape the composition of the indicators.

Co-creating Educational Consumer Journeys: A Sensemaking Perspective 
Abstract: 
To date, customer education has been framed in terms of one-way information provision, at odds with much of the literature on meaning co-creation. Drawing on an ethnography of a specialty coffee purveyor, we show how staff and consumers co-create educational consumer journeys through the deployment of seven practices: auditing, realignment, marrying competing logics, negotiating scripts, evangelizing, expanding collective knowledge, and impression management. These practices require staff and consumers to enact three different educational roles (educator, student, and peer), which are necessary for the co-creation and extension of consumer journeys. The roles, practices and the journeys themselves emerge iteratively through sensebreaking, sensegiving, and sensemaking processes among staff, consumers and the servicescape. Our findings frame customer education as a dynamic process in which meaning is co-created between participants. Furthermore, the cues and touchpoints needed for meaning-making shift as power relations between participants change. Managerially, these findings highlight the potential of co-created educational consumer journeys to expand established market categories.

Abstract: 
When foreign MNC subsidiaries commercialize their products and services on foreign markets, they oftentimes rely on new marketing approaches such as a new pricing model adapted to local customers and competitors. Since MNC subsidiaries typically suffer from “liabilities of foreignness”, they depend on skilled marketing professionals who possess a deep understanding of host country markets to implement these marketing innovations. However, the value that these individuals can create for MNC subsidiaries vis-à-vis domestic firms and under which host country market conditions their B2B marketing skills are most valuable is poorly understood. We integrate mechanisms from research on value creation through marketing innovation in MNC subsidiaries into strategic human capital theory and predict higher value creation to translate into salary premiums for these individuals compared to when they would work for domestic firms. Moreover, we argue that these salary premium effects depend on the innovativeness of the host country competition which challenges MNC subsidiaries and makes marketing innovation even more salient. We test and support our hypotheses using employer-employee data for 25,374 marketing professionals from 2010 to 2012 in Denmark. The findings have broad relevance for the management of strategic human capital management in the creation of marketing innovation.
 

Critical Success Factors in the FinTech World: A Stage Model
Abstract:
The financial sector is transforming while increasingly becoming crowded with FinTech firms. When operating in this sector, FinTechs must understand what factors contribute to success and in what way and when. This paper proposes a Critical Success Factor (CSF) stage model for FinTechs. The paper draws upon existing literature on success factors and insights from 18 interviews in the Danish FinTech sector. We identified nine CSFs: Funding, Networks, Responsiveness, Organizational Governance, Entrepreneurial Culture, Team, Internal Communication, Ease of Compliance, and Customer-Centricity. The first five factors are stage-specific, while the remaining four factors are stage-independent. Practically, our stage model may guide FinTechs to determine which factors to nurture for success during start-up, scale-up, or mature stage of development.

Developing Innovation Capability in the Hotel Industry, Who and What is Important? A Mixed Methods Appraoach
Abstract:
This study employs a sequential mixed methods design to examine the dynamic roles of leadership, customer orientation, and customer collaboration on the innovation capability and performance of Malaysian hotels. An exploratory qualitative assessment based on semi-structured interviews was conducted to provide a comprehensive understanding of the contextual environment and establish a robust conceptual framework. A confirmatory survey among Malaysian hotel managers allowed for the empirical testing of the hypotheses. The results suggest that customer orientation is a key element that directly promotes hotels' innovation capabilities. The results further show that the influence of customer collaboration on innovation can be enhanced by a transformational leader. Improvements in innovation capabilities have lasting effects on hotel performance, underscoring their strategic importance in the dynamic hospitality sector. These findings offer important implications for top management and decision-making personnel seeking to leverage innovation as a means of improving performance and gaining a competitive edge.

Disconnective Action: Online Activism Against a Corporate Sponsorship at WorldPride 2021
Abstract:
Disconnective action, this article argues, is an important supplement to the logic of connective action, which enables social movements to organize informally online. Through the (threat of) disconnection, members may (re)assert their agency in relation to social movement organizations. In conducting a case study of LGBTI+ community members’ protests of a corporate sponsorship of WorldPride 2021, we establish disconnective action as a particular form of within-movement activism that relies both on social media affordances and the conditions of possibility of hybrid media ecologies. Thus, we explore how individual members of the LGBTI+ community were able to influence the formal organization of WorldPride 2021, as the threat of community members’ disconnection from the event led the organizers to terminate a corporate sponsorship. On this basis, we conceptualize disconnective action as a central means for individual activists to shape the movements of which they are part.

Double Machine Learning and Automated Confounder Selection: A Cautionary Tale
Abstract:
Double machine learning (DML) has become an increasingly popular tool for automated variable selection in high-dimensional settings. Even though the ability to deal with a large number of potential covariates can render selection-on-observables assumptions more plausible, there is at the same time a growing risk that endogenous variables are included, which would lead to the violation of conditional independence. This article demonstrates that DML is very sensitive to the inclusion of only a few “bad controls” in the covariate space. The resulting bias varies with the nature of the theoretical causal model, which raises concerns about the feasibility of selecting control variables in a data-driven way.

Entangled Chains of Global Value and Wealth
Abstract:
In recent decades multinational enterprises have developed ways to reorganize production and trade through Global Value Chains (GVCs), and to manage assets and liabilities through Global Wealth Chains (GWCs). This co-evolution has permitted the hyper-extraction of labor and natural resources through financial and legal technologies, entangling value creation and wealth accumulation. While scholars have separately acknowledged the role that GVCs and GWCs play in generating distributional outcomes, entanglements of production, trade, finance, and law are now so extensive that we need a sharper analytical lens to understand their interrelations. In pursuit of such a lens, we propose a research agenda focused on chain entanglements. We argue that GVCs and GWCs are not governed by firms as separate or even sequenced processes, but rather that value creation and wealth accumulation strategies are imbricated in ways that merit careful study. We develop a framework for analyzing entangled chains based on two dimensions: 1) the relative importance of intangible versus tangible assets; and 2) the orientation of firm strategy towards value creation or wealth accumulation activities. Drawing on sector-level examples, we see a general trend in GVC-GWC entanglements towards activities that leverage intangible value and assets for wealth accumulation. We also note how labor and civic activism can highlight the failures of extant regulatory and fiscal systems and intervene on distributional struggles along entangled chains.

Entrepreneurial Identity and Response Strategies in the Informal Economy
Abstract:
While entrepreneurs generally confront many challenges in running their businesses, those in the informal economy must do so in a state of constant environmental change outside the boundaries and support of formal institutions. We explore how the identity of such underdog entrepreneurs shapes their response strategies to situations of adversity that characterize the informal economy. Through an exploratory study of informal entrepreneurs in Ghana, we uncover four entrepreneurial identities (guardians, survival entrepreneurs, canvassers, and growth-oriented entrepreneurs) and discuss how these are closely related to three key response strategies (succumb, improvise, and push new boundaries). These findings show how resource scarcity and uncertainty shape underdog entrepreneurial behavior. We discuss the theoretical and practical implications of these findings.

Entrepreneurship as Emancipation: Ruth Handler and the Entrepreneurial Process ‘in Time’ and ‘over Time’, 1930s–1980s
Abstract:
We take a historical approach to the concept of ‘entrepreneurship as emancipation’ by exploring the entrepreneurial process of Ruth Handler, co-founder of the toy company Mattel and inventor of the iconic Barbie doll. Focussing on the link between Ruth Handler’s evolving self-­narratives and her entrepreneurial process between the 1930s and the 1980s, we show how her entrepreneurial emancipatory agency was contextualised and socially embedded ‘in time’ as well as an evolutionary and cumulative process ‘over time.’ We explore how the entrepreneur engaged with the industry context of the toy industry, and how she linked her social identity to interpretations of past, present, and future. We base our analysis on autobiographical accounts from Handler’s personal archival collection at the Schlesinger Library and secondary sources.

Equilibrium Arrivals to a Last-come First-served Preemptive-resume Queue
Abstract:
We consider a queueing system which opens at a given point in time and serves a finite number of users according to the last-come first-served discipline with preemptive-resume (LCFS-PR). Each user must decide individually when to join the queue. We allow for general classes of user preferences and service time distributions and show existence and uniqueness of a symmetric Nash equilibrium. Furthermore, we show that no continuous asymmetric equilibrium exists, if the population consists of only two users, or if arrival strategies satisfy a mild regularity condition. For an illustrative example, we implement a numerical procedure for computing the symmetric equilibrium strategy based on our constructive existence proof for the symmetric equilibrium. We then compare its social efficiency to that obtained if users are instead served on a first-come first-served (FCFS) basis.

Everyday Talk on Twitter: Informal Deliberation About (Ir-)responsible Business Conduct in Social Media Arenas
Abstract:
Recent research has damped initial promises for democratic deliberation in social media arenas. Empirical studies find only low degrees of direct reciprocal interaction among participants, a lack of consensus orientation, and accelerated forms of communication that fail to meet traditional ideals of deliberation. In line with recent literature, we argue that traditional deliberative ideals are too narrow to embrace the potential contribution of social media for deliberation about (ir-)responsible business conduct. Instead, we propose to conceptualize social media as arenas for everyday talk, that is, everyday communication practices through which participants informally discuss and express opinions about current issues, thereby contributing to a broader deliberative system. In adopting this lens, we ask: How can everyday talk in social media contribute to deliberation about (ir-)responsible business conduct? Drawing on the latest insights from online deliberation studies, we develop a framework for evaluating everyday talk and propose that its deliberative quality depends on social media appropriate forms of justification, interactivity, equality, and civility. We apply this framework with an analysis of 260,224 tweets about the role of business in climate change. Based on our findings, we critically discuss how everyday talk in social media can contribute to deliberation at the intersection of business and society.

Expectations, Competencies and Domain Knowledge in Data- and Machine-driven Finance
Abstract: 

Expectations about the economy and financial markets are often cast as figments of imaginaries of the future. While the sociology of finance have predominantly dealt with expectation formation in relation to calculative devices used in practices of valuation and prediction, this paper concerns the expectations finance professionals form about their work in data- and machine-driven finance. We examine how high-skilled professionals reflexively form expectations about their work and argue that techno-centric imaginaries of the future of finance tend to create an emphasis on domain-independent data science skills over financial domain knowledge. However, we show that such imaginaries do not necessarily perform the work-related expectations of financial professionals, but are instead challenged and nuanced in reflections about the value of practice-bound domain knowledge and expertise.

Explaining the Outcomes of Social Gamification: A Longitudinal Field Experiment
Abstract: 

Social gamification, which allows technology users to interact with each other in gamified tasks, has drawn increasing interest due to its effectiveness in facilitating users’ game engagement and task efforts. In social gamification, users can compete or cooperate with other users or teams to complete game tasks and achieve game goals. However, it remains unclear how various social interaction mechanisms (SIMs), such as cooperation, interpersonal competition, and intergroup competition, influence gamification outcomes when they are separately or jointly implemented. In addition, the effects of SIMs on experiential and instrumental gamification outcomes have not been well differentiated. In this study, we systematically investigate the influences of these fundamental SIMs, as well as the possible interaction effects among them, on fitness app users’ game engagement and fitness behavior. Using a fitness app custom-developed for the Chinese market, Fitness Castle, we conducted a longitudinal field experiment to test our proposed model and hypotheses. The results indicate that when separately implemented, cooperation and interpersonal competition can lead to differential instrumental gamification outcomes in the fitness context. We also systematically compare the differential gamification outcomes when cooperation, interpersonal competition, and intergroup competition are combined in various coopetition settings. Our study offers a theory-based framework and design principles for social gamification. Our findings help practitioners better design SIMs in their gamified technologies with the purpose of achieving optimal experiential and instrumental gamification outcomes simultaneously.

Extremists Not on Board: Labor Market Costs to Radical Behavior in Elected Office
Abstract: 

Board appointments represent highly lucrative career opportunities for former politicians. We investigate how board service relates to the strength of ideological partisanship for former members of Congress. We find that strong ideological partisanship is associated with a lower likelihood of being appointed to a board after Congress and that this holds for both liberals and conservatives. In addition, we use a difference-in-differences design to show that when the supply of senators willing to accept a directorship increases, firms become less likely to appoint ideological extremist senators to their boards. The results show that extremist legislators are effectively shut out of one of the most lucrative postelective career paths, placing a cost on radical behavior.

EY and KPMG Merger: How Strong are Relationships among Board Members and their Audit Partners? A Network Perspective
Abstract: 

This study investigates the avenue of outcomes that followed up the process of joining the operations between two audit firms in Denmark—Klynveld Peat Marwick Goerdeler (KPMG) and Ernst & Young (EY)—in 2014, under the EY label. In this research, we study clients’ behavior to audit staff defection in the auditor selection context to identify the impact of the change that occurred in the market for audit services on engagement partner selections. Company behaviors to the newly formed situation are examined against the tendency toward each of the following three behavioral patterns: (a) staying with the same audit firm, (b) following the engagement partner’s switch to another audit firm, and (c) selecting a third auditor. Utilizing the cutting-edge methodology for social network analysis called exponential random graph models (ERGMs), we study the relevant reactions in the period from 2012 to 2017. Results show that, at the audit firm level, earlier KPMG clients preferred to stay with the newly established KPMG. On the contrary, at the audit partner level, former KPMG clients had a strong tendency to follow their incumbent partners who had decided to switch to EY. Finally, those KPMG clients that decided to rotate audit firms did not commit this rotation to follow their incumbent partners.

Geographies of Dissociation: Informality, Ethical Codes and Fragmented Labour Regimes in the Sri Lankan Apparel Industry
Abstract: 

In this article, I use the emerging concept of geographies of dissociation to examine fragmented labour regimes in global production networks (GPNs). The article takes informality in the Sri Lankan apparel industry and the application of ethical codes as a case example. Using qualitative research methods, I provide a critical analytical lens through which the concept of dissociation makes visible what has been obscured through much of the debate on ethical codes. In so doing, the article makes three contributions to the debate on ethical codes and dissociation. First, I illuminate uneven geographies of ethical codes manifested through highly fragmented workplaces where some workers are excluded from the protection of ethical codes. In so doing, the article challenges the notion of homogenous workplaces, in which, dialectics of inclusion and exclusion of ethical codes often go unnoticed. Secondly, by illustrating bifurcated and inequal labour regimes, I argue that both association and dissociation practices can co-exist in the same workplace at the same time. This is in contrast to the existing works that mostly frame places of dissociation as distant and hidden from the association places. Third, I advance the concept of dissociation beyond its current framing to argue for a notion of collective dissociation emerging from fluid and complex social relations of multi-scalar actors. I argue that in GPNs, such collective practices of dissociation are possible and even necessary given the complex ways firms and non-firm actors are connected to each other from the global scale to the workplace.

Health Analytics in Business Research: A Literature Review
Abstract: 

Technological advances have enabled the collection of large quantities of valuable data for health-related use. Particularly, a growing number of scholars are paying attention to the application of health analytics to business topics. A comprehensive analysis of health analytics application in business research is necessary to realize the commercial value of health analytics. In this article, we summarize peer-reviewed articles that have been published in business journals, with an eye toward formulating a roadmap for applying health analytics across multiple business domains. First, we demonstrate how health-related data can be harnessed to inform business research. Second, we endeavor to consolidate the available datasets and analytical techniques commonly employed to explore health analytics in business domains. Finally, we discuss the practical challenges confronting scholars in health analytics, as well as future research opportunities. Insights from our study yields insights that can be leveraged by business scholars interested in health analytics research.

Hedonic Objects and Utilitarian Experiences: The Overriding Influence of Hedonism in Driving Consumer Happiness
Abstract: 

The experience recommendation prescribes a disadvantage to material purchases, suggesting that spending on experiential rather than material purchases makes people happier. This study challenges this idea by examining the hedonic/utilitarian nature of purchases. The results of a qualitative study and four experiments (one preregistered) show that the happiness advantage of experiential (vs. material) purchases is contingent on pronounced hedonic properties. Our results indicate that hedonism asymmetries override the distinction between purchase type, such that there is no happiness advantage in buying experiences over material objects when purchases are equally (non)hedonic. Importantly, we find that hedonism is more instrumental for material purchases and that hedonic materials are equally effective as experiential purchases, altogether, and even outperform utilitarian experiences in eliciting happiness. Our findings encourage consumers to focus on the properties, rather than the type, of purchases to increase purchase-related happiness. Our results further suggest that marketers of material goods, in particular, can considerably increase customer value by using design components, product features, and brand imagery that leverage hedonic qualities.

How Do Interest-only Mortgages Affect Consumption and Saving over the Life Cycle?
Abstract: 

Using a unique data set with detailed information on Danish households and their mortgages, we show that young and old households are more likely to use interest-only (IO) mortgages compared with middle-aged households. Young households use IO mortgages because they expect higher future income and old households because IO mortgages allow them to circumvent an otherwise binding liquidity constraint. Through different channels, IO mortgages thus facilitate consumption smoothing for young and old households. Our detailed data also allow us to examine how households with IO mortgages differ from households with repayment mortgages in terms of leverage, debt and asset composition, and pension contributions.

How Flexible Electrification Can Integrate Fluctuating Renewables
Abstract: 

To phase out fossil fuels, energy systems must shift to renewable electricity as the main source of primary energy. In this paper, we analyze how electrification can support the integration of fluctuating renewables, like wind and PV, and mitigate the need for storage and thermal backup plants. Using a cost-minimizing model for system planning, we find substantial benefits of electricity demand in heating, transport, and industry adapting to supply. In Germany, flexible demand halves the residual peak load and the residual demand and reduces excess generation by 80%. Flexible operation of electrolyzers has the most significant impact accounting for 42% of the reduction in residual peak load and 59% in residual demand. District heating networks and BEVs also provide substantial flexibility, while the contribution of space and process heating is negligible. The results are robust to restrictions on the expansion of the transmission grid.

Humanistic Approaches to Change: Entrepreneurship and Transformation
Abstract: 

Social transformation is core to the idea of entrepreneurship, yet it plays a minor role in entrepreneurship research. We explore humanistic approaches to change by building on the Schumpeterian perspective of transformation/creative destruction and expanding it in three critical ways. First, we argue that entrepreneurship and history should engage methodologically with transformation ‘as a perspective’ taken by the researcher or observer. Second, we contend that to explore the process of entrepreneurial transformation historically, it is necessary to engage in a broader conceptualisation of temporality. Third, we posit that to fully grasp transformation, we ought to study not just the reconfiguration of material resources that Schumpeter has proposed but also the immaterial (intellectual and imaginative) re-evaluations that trigger social transformation, thus focussing on the semantics of transformation. The articles in this Special Issue explore entrepreneurship and transformation through these three lenses, making social transformation more central to historical entrepreneurship research.

Improving Trust in a (Trans)National Invoicing System: The Performance of Crash vs. Byzantine Fault Tolerance at Scale
Abstract: 

Crash fault tolerance describes the capability of a distributed system to maintain its proper function despite the occurrence of crashes or failures in one or more of its components. When a distributed system possesses crash fault tolerance, it can be further fortified to achieve Byzantine fault tolerance. Byzantine fault tolerance empowers a distributed system to establish consensus among participants, even when faced with faulty or malicious behavior. Consensus plays a critical role in various tasks, including determining the accurate value of a shared variable, electing a leader, or validating the integrity of a business transaction. Compared to crash fault tolerance, Byzantine fault tolerance instills greater trust because it enables consensus even in the presence of malicious entities. This paper focuses on the performance evaluation of two blockchain solutions that exhibit Byzantine fault tolerance, in contrast to a blockchain solution that demonstrates crash fault tolerance. Specifically, the paper investigates the additional performance requirements associated with the enhanced trust resulting from Byzantine fault tolerance in e-business trading on both national and transnational scales. We analyze the resources needed to operate a business-to-business/business-to-government (B2B/B2G) compliance framework in two distinct geographic scenarios. The first examines the national scale, using Denmark as an example, which is the eleventh largest European country by GDP. The second scenario considers the scale of the European Union (EU) with its 27 member states (plus the United Kingdom).

Innovation Ecosystems in Ports: A Comparative Analysis of Rotterdam and Valencia
Abstract: 

The term ‘innovation ecosystem’ has become popular among stakeholders involved in innovation. The core idea is that innovation does not thrive through isolated actions of individual companies, but rather depends on a broad array of interrelated actors, institutions and policies. In this paper, we apply the concept of innovation ecosystems to ports by first providing a theoretical overview of its components and then comparing the efforts to build such an ecosystem in the port cities of Rotterdam and Valencia. Our main findings are as follows. First, the importance of innovation for the ability of ports to continue to create ‘value for society’ is widely acknowledged. Second, research and development (R&D) activities in both Rotterdam and Valencia are relatively limited and the dominant innovation challenge is the early application of new technologies developed outside the ports industry. Third, a ‘systemic approach’ is required to understand the innovation ecosystem in ports, given the strong interrelations among companies in the port and the need for broad coalitions to implement new technologies. Fourth and fifth, human capital formation and research cooperation, respectively, play a central role in improving the port innovation ecosystem. Finally, the ecosystem in Rotterdam is ‘distributed and connected’ while Valencia is more centralised.

Labour Market Hierarchies between Intra-EU Migrants: Why do Mobile Workers from the EU-West Obtain Better Jobs and Wages than those from the EU-East?
Abstract: 

This article examines hierarchies of recent intra-EU migrants from EU-West (EU15) and EU-East (New Member States 13) countries in Western European labour markets. We use data from the European Labour Force Survey 2014 special module on migrants and their descendants to analyse how different skill levels, reasons for migration and, concurrently, different job-search strategies shape hierarchies in labour market outcomes as captured by wages and occupational status. Our analyses reveal that recent EU-West migrants have jobs with higher wages and higher occupational status than recent EU-East migrants. The former are more likely to be highly skilled and more often had already found employment before migrating through job ads or direct employer contacts. EU-East migrants, by contrast, are more often medium skilled and found employment after migrating by using social networks. Different skill levels, migration motives and job-finding methods account for differences in wages and occupational status between the two groups. However, even when all of these factors – as well as individual and labour market factors – are controlled for in the regression analyses, labour market hierarchies remain significant, indirectly indicating discrimination. Overall, our results show that free labour mobility creates new hierarchies between mobile EU-West and EU-East workers in Western Europe.

Lagging behind: The Hysteresis of Austerity
Abstract: 

This paper investigates the role of hysteresis in the long-term transmission of consolidations in a panel of 17 OECD countries. The evidence supports that the hysteresis of the labour market is the main driver of consolidations’ long-term effects: an increase in the rigidity of the labour market exacerbates and prolongs the contraction following tax-based consolidations, while it mutes the expansion following expenditure-based consolidations. In contrast, the response of productivity is irrelevant to the presence of the long-term scars.

Limiting Flexibility in Nonparametric Efficiency Evaluations: An Ex Post K-centroid Clustering Approach
Abstract: 

An attractive feature of standard data envelopment analysis (DEA) is that decision-making units (DMUs) are put in their best possible light. This is accomplished by not imposing any restrictions on how the inputs and outputs can be weighted together. Unfortunately, this flexibility also has drawbacks. The underlying best practice production structure is typically very complex, which can make it difficult to understand efficiency evaluations. This flexibility may also motivate DMUs to pick specialized input‒output combinations simply to appear more efficient, particularly in applications where they are rewarded based on their DEA performance. In this paper, we therefore propose an approach that retains the fundamental principles of DEA while reducing flexibility in the evaluations. Our approach entails performing ex post k-centroid clustering of DMUs according to their input‒output mix patterns. The resulting mixed-integer programming problem seeks to put the centroids (as prototypes of their generated clusters) in their best possible light. This clustering enables us to work with a less complex underlying technology, which simplifies the evaluations and enhances their interpretability. Furthermore, it limits the possibility of DMUs inflating their performance by selecting extreme input‒output combinations. We demonstrate our approach with a simple numerical example and a complex data set involving Brazilian electricity distribution companies, providing clear and realistic illustrations of its application.An attractive feature of standard data envelopment analysis (DEA) is that decision-making units (DMUs) are put in their best possible light. This is accomplished by not imposing any restrictions on how the inputs and outputs can be weighted together. Unfortunately, this flexibility also has drawbacks. The underlying best practice production structure is typically very complex, which can make it difficult to understand efficiency evaluations. This flexibility may also motivate DMUs to pick specialized input‒output combinations simply to appear more efficient, particularly in applications where they are rewarded based on their DEA performance. In this paper, we therefore propose an approach that retains the fundamental principles of DEA while reducing flexibility in the evaluations. Our approach entails performing ex post k-centroid clustering of DMUs according to their input‒output mix patterns. The resulting mixed-integer programming problem seeks to put the centroids (as prototypes of their generated clusters) in their best possible light. This clustering enables us to work with a less complex underlying technology, which simplifies the evaluations and enhances their interpretability. Furthermore, it limits the possibility of DMUs inflating their performance by selecting extreme input‒output combinations. We demonstrate our approach with a simple numerical example and a complex data set involving Brazilian electricity distribution companies, providing clear and realistic illustrations of its application.

Markets, States or Transnational Networks? Explaining Technology Leverage by Latecomer Firms in Industrializing Countries
Abstract: 

The market versus state debate still shapes teaching and scholarly work on how latecomer firms acquire capabilities to become internationally competitive in industries new to their country. However, the developmental state approach underestimates the importance of firms as key actors in the articulation of economies into global markets and overestimates the role of the government. Industry studies filled this gap by showing how firms responded to government industrial policies, by identifying the mechanisms of technology leverage, and by underscoring the importance of aligned interests between foreign and domestic firms. Yet, we do not know under which conditions technology leverage happens and how the absorptive capacity of latecomer firms to leverage technology is generated in the first place. This article presents an explanation of the origins of absorptive capacity of latecomer firms based on a systematic analysis of the experience of domestic firms in East Asia. The framework emphasizes the role of transnational networks linking foreign and domestic firms as well as foreign firms’ business strategies. The article then applies this framework to explain the emergence of an apparel export industry in Mauritius in the 1970s, an exceptional success case in the African region, drawing on original empirical data.

Modularization of the Front-end Logistics Services in E-fulfillment
Abstract: 

This study exploits service modularity in front-end logistics services in e-fulfillment, from a customer-centric approach, particularly in order management, delivery, and return. Through an online survey of UK customers, the service priorities of 494 respondents via AHP (Analytic Hierarchical Process) were analyzed. Extracting customers' service priorities, ordering behavior, and demographic information as input data, the clustering algorithm KAMILA (KAy-means for MIxed LArge data sets) was further applied. The three identified customer clusters (multichannel shoppers, infrequent shoppers, and online fans) provide preliminary evidence on how commonality and variability aspects of service modularity in front-end logistics services can optimize the number of service options and their performance levels. Therefore, our study, building on value co-creation and modularity, proposes a systematic way of exploiting service modularity for the customer segmentation process that addresses heterogeneous customer preferences cost-efficiently and uncomplicatedly. Furthermore, we provide a framework for the governance of front-end logistics services, guiding outsourcing decisions. Accordingly, it reveals the implications of customer priorities and service decomposition logic choices on value creation. Finally, the propositions formulated aim to develop theoretical foundations for explaining how the heterogeneity in customer priorities for logistics services can be managed with modularity, creating value both for customers and retailers.

Museernes økonomiske værdi for den danske befolkning
Abstract: The purpose of this article is to assess and discuss the economic value of the Danish museums as valuated by the general Danish population. The museums are largely financed by public funds, and they form a central part of cultural policy in Denmark as well as in most other countries. According to the Museums Act, museums must collect, register, preserve, research and disseminate - popularly called the 5 pillars of the Museums Act.
The applied method used is Contingent Valuation (CVM), which is suitable for economic valuation of public goods and non-market values. The method has been widely used in cultural economic research, and there exists a number of international studies where the method has been used on museums. This is the first time the method is applied to Danish museums. The article is based on data collected in a large questionnaire survey to 4,450 representative Danes in May 2020. 2,003 responded to the questionnaire, corresponding to a response rate of 45. Subsequently, data from the questionnaire have been merged with register data from Statistics Denmark at the level of the individual level in the form of information on income, employment, gender, age, family status etc. This makes it possible to shed light on interesting differences in the perception of values across different population groups.
Despite the limitations of the method, which are primarily due to the fact that the answers are hypothetical, the results in this article show that the method gives plausible results and that the museums have significant non-market value and importance for the non-users. In particular, the museums’ activities in the form of collecting, registering, preserving and researching represent non-market values such as existence values and bequest values, which also the non-users of museums can benefit from, and which significant proportion of the non-users/infrequent users seem to value. This is important information when it comes to assessing the extent to which public support to the Danish museums is in line with the population's preferences. The results can represent useful information for the museums, cultural managers and politicians, as they can provide an indication of why the population attaches value to museums and how big these values are in economic terms.

NoC-based Hardware Software Co-design Framework for Dataflow Thread Management
Abstract: 

Applications running in a large and complex manycore system can significantly benefit from adopting the dataflow model of computation. In a dataflow execution environment, a thread can run only if all its required inputs are available. While the potential benefits are large, it is not trivial to improve resource utilization and energy efficiency by focusing on dataflow thread execution models (i.e., the ways specifying how the threads adhering to a dataflow model of computation execute on a given compute/communication architecture). This paper proposes and implements a hardware-software co-design-based dataflow threads management framework. It works at the Network-on-Chip (NoC) level and consists of three stages. The first stage focuses on a fast and effective thread distribution policy. The next stage proposes an approach that adds reconfigurability to a 2D mesh NoC via customized instructions to manage the dataflow thread distribution. Finally, a 2D mesh and ring-based hybrid NoC is proposed for better scalability and higher performance. This work can be considered a primary reference framework from which extensions can be carried out.

Opening Up Early or Late? The Effect of Open Innovation Before and After Product Launch on New Product Market Performance
Abstract: 

Despite a growing literature on open innovation in new product development (NPD), little is known about when openness is most beneficial during the innovation process. This study investigates the effectiveness of opening up NPD projects early or late, or before or after product launch, leading to four intertemporal NPD strategies: closed-closed, closed-open, open-closed, and open-open. Utilizing novel data of product innovation and market performance of 536 digital games, the authors study the effects of intertemporal NPD strategies on new product market performance under moderating effects of technological capability, marketing capability, and project complexity. The results indicate that the early open (open-closed) NPD strategy outperforms the late open (closed-open) strategy. Furthermore, the positive effect of open NPD strategies is stronger when technological capability is high, but weaker when marketing capability is high and when projects are complex. This study contributes to the literature by proposing a typology of NPD strategies that conceptualizes open innovation before and after product launch, and by demonstrating that NPD benefits from early openness, although firms decide to close the NPD project after launch. Managerially, this study offers empirical evidence that open NPD strategies with a consideration of project contingencies are important predictors of new product success.

Operating in the Middle-power Position: Conceptualising the Role of Regional Headquarters Through Loaned and Owned Power
Abstract:
This conceptual paper argues that the role and development of regional headquarters (RHQ) is dependent on and determined by intense power relations and political interactions with interdependent actors in the multinational enterprise (MNE). We demonstrate how studies to date on the RHQ have focused on exploring its bridging function as either administrative or entrepreneurial in managing trade-offs between global and local contexts. Equally, we suggest that research on MNE power and politics has concentrated on understanding the power dynamics that exist in the corporate headquarters (CHQ)-subsidiary relationship. By combining and enriching these disparate works of literature, we conceptualise how the RHQ role shapes, and in turn is shaped by, political struggles, diverging interests, and conflictual tensions at critical interfaces across the MNE. A novel contribution from our paper is the development of a typology that conceptualises how RHQ role variations are defined by the RHQ’s loaned power over subsidiaries as well as its owned power over CHQ.

Organizing for Transformation: Post-growth in International Political Economy
Abstract:
The global political economy is organized around the pursuit of economic growth. Yet scholars of International Political Economy (IPE) have been surprisingly slow to address its wide-ranging implications and, thus, to advance debates about post-growth alternatives. The premise of the article is that for IPE to deepen its grasp of the escalation of contemporary socioecological crises both analytically and normatively, it needs to put the growth question front and center. To problematize the pursuit of economic growth from an IPE perspective, we bring together research on green growth, post-growth/degrowth, sustainability transitions and socioecological transformation. More specifically, we develop an analytical framework that revolves around four pathways of reorganization toward socioecological sustainability: (1) modification, (2) substitution, (3) conversion and (4) prefiguration. We use illustrative examples from the plastics and food sectors to show how the post-growth pathways of conversion and prefiguration could interact to trigger change for sustainability. Notably, our discussion reveals that conversion, which requires a strong state for developing post-growth institutions, is the least traveled pathway in both sectors. This insight points to a strategic priority for post-growth proponents and an urgent research agenda for IPE scholars.

Paradoxes Within the Management of Volunteers
Abstract:
While scholars of management have extensively discussed paradoxes, scholars of volunteer management have given them little systematic attention. This special issue brings together the field of paradox studies with the research field of volunteer management. While many studies highlight paradoxes between different “missions” and mandates within volunteer-involving organizations, this introduction suggests using a “dramaturgical” approach that highlights the interplay between different actors, audiences, instruments for communication and action, and the broader moral, institutional frameworks in which the organizations operate. We review the field of paradox studies in management, then connect it to volunteer management, and then suggest ways that the dramaturgical approaches might help systematize some of the paradoxes that scholars have found in organizations that use volunteers. Next, the introduction summarizes this issue’s articles. Finally, we suggest that paradoxes take a more prominent role in studies of volunteer management.

Pension Funds and Financial Stability: The Case of the UK Gilt Crisis
Abstract:
While macroprudential policy has mostly focused on the role of banks, we argue that pension funds are also important for financial stability. Drawing on previous research on pension funds, we explain how their actions can have a vital impact on other financial institutions as well as on households and firms. Using the UK gilt crisis as a case in point, we recommend widening the scope for macroprudential policy to reflect the significance of pension funds for financial stability.

Poverty, Partisanship, and Vote Buying in Latin America
Abstract:
Electoral contests in Latin America are often characterized by attempts by political parties to sway the outcome of elections using vote buying—a practice that seems to persist during elections throughout the region. This article examines how clientelist parties’ use of vote buying is jointly shaped by two voter traits: poverty and partisanship. We hypothesize that clientelist parties pursue a mixed strategy, broadly targeting their core voters but also poor swing voters. While most of the existing evidence comes from single-country studies, this study adds cross-national evidence from multilevel regressions of survey data from 22 Latin American countries. Empirically, we find that poverty matters mainly for swing voters. For partisans, the effect of poverty on vote buying is weaker. These results suggest that poverty plays an important role in vote-buying strategies—but also that partisanship moderates clientelistic parties’ vote-buying strategies during electoral campaigns.

Price Bands and Their Effects on Equity Markets: Evidence from a Natural Experiment
Abstract:
We exploit a unique experiment, where the intraday price moves of Indian IPO listings are restricted within a narrow band, to examine the consequences of price bands for stock prices, investor trading behavior, and stock market liquidity. Based on difference-in-differences estimations, we find that price bands lead to a significant reduction in the price variability of IPO stocks. The decrease in variability is accompanied by increases in post-IPO selling by individual investors, the price impact of trades, and IPO expected returns. Bid-ask spreads remain similar. The findings provide new evidence on the effects of intraday price bands on equity markets.

Reforming Work Patterns or Negotiating Workloads? Exploring Alternative Pathways for Digital Productivity Assistants through a Problematization Lens
Abstract:
Digital trace data can be used to capture organizational practices in granular detail and enable the automation of a wide range of managerial tasks. One example is Digital Productivity Assistants (DPA) that harness digital trace data about knowledge workers’ performance and make targeted suggestions for how to improve and optimize their work patterns. Previous research shows that despite benevolent intentions to increase workers’ wellbeing, DPA tend to introduce novel forms of exploitation and control. Inspired by Michel Foucault’s philosophical strategy of ‘problematization,’ which emphasizes how practices are constructed in the form of problems that subsequently shape certain solutions, this paper takes a critical yet constructive view of DPA. Specifically, we conduct a genealogical reading of the DPA tool, Microsoft MyAnalytics, to investigate the problematics that have structured its emergence, as well as how its uses imply certain discursive commitments to philosophical and ethical questions. In the prevailing discourse, DPA cast digital trace data as a learning opportunity and thereby commit to individualizing the responsibility for handling the paradoxical nature of increasingly fluid work arrangements. Conversely, in our account of the history of MyAnalytics, we uncover a ‘lost discourse’ committed to trace data as a resource that can help knowledge workers negotiate excessive workloads. We propose the problematization lens as a way critically to articulate alternatives and speculate about instantiations of digital technology that today seem ‘unthinkable’.

Resilience: Easier Said than Done – But it Can be Done!
Abstract:
The globalization of supply chains is both the enabler and the effect of the globalized economy. Recently, it has become clear that the high level of efficiency of tight global supply chains came with a cost as turbulence and resulting supply chain disruptions have become more frequent and common. A greater level of resilience in the global supply chain stands out as the main mechanism to mitigate challenges. While achieving resilience without doubt is challenging for companies, we suggest that it can be done and we discuss a selection of initiatives companies can take in this regard.

Revisiting the EU's New Mobility Regime: The Impact of Mobility and Policies on Labour Market Hierarchies within and across the EU
Abstract:
This paper serves as the introduction for a special issue investigating the current status of the new EU mobility regime close to 20 years after the first eastward enlargement. Our main claim is that EU labour mobility is shaped by and has created multiple hierarchies across the EU and within EU countries, as is evident in the unequal labour market outcomes of different groups of mobile EU workers. The EU migration regime has grown more complex and diversified over the years, but underneath this complexity remain strong hierarchies that structure the patterns and consequences of mobility. We therefore propose the concept of ‘hierarchized mobility’ to grasp the complex yet unequal mobility opportunities of workers within the EU. Moreover, we argue that to understand this hierarchised mobility, both socio-economic factors and regulation should be studied. On the one hand, enduring hierarchies between national labour markets shape EU labour mobility and transform these hierarchies into hierarchies within national labour markets. On the other hand, both national and EU policies regulate and shape mobility and the hierarchies it creates. The interaction between EU rules that shape different categories of mobile workers and national social and labour market regulation can counteract or reinforce the trend towards hierarchised mobility.

Rules and Practice Governing Exemptions under Article 34 of Utilities Directive 2014/25/EU: SŽ-Tovorni promet v Commission (T-575/20) on the Rail Freight Sector in Slovenia
Abstract:
This case concerns an unsuccessful application for exemption from the Utilities Directive 2014/25 under art.34 of that Directive,2 which allows exemption for activities carried out in competitive markets. The case confirms that the assessment to be made is case-by-case, implying that applicants cannot rely on previous Decisions on exemption. Further, the case confirms that the burden of proof is significant and is on the applicant. It also establishes that the Commission’s assessment must be based on the current conditions in the market and not on expectations of future developments (unless documented). Thus, a future application could have another result.

Social Informedness and Investor Sentiment in the GameStop Short Squeeze
Abstract:
We examine investor behavior on social media platforms related to the GameStop (GME) short squeeze in early 2021. Individual investors stimulated the stock market via Reddit social posts in the presence of institutional investors who bet against GME’s success as short sellers. We analyzed r/WallStreetBets subreddit posts related to GME’s trading patterns. We performed text-based sentiment analysis and compared the social informedness of posting users for GME trading on two social media platforms. The short squeeze occurred due to coordinated trading by individual investors, who discussed trading strategies on the platforms and drove collective social informedness-based trading behavior. Our findings suggest that the valence and number of submissions influenced GME’s intraday transaction volumes and precursors for irrational trading behavior patterns to have emerged. We provide a theoretical interpretation of what occurred and call for tighter monitoring of social news platforms. We also encourage effort to create an in-depth understanding of the observed patterns and the linkages between them and the larger equity markets.

Sustainable Behaviour at Work: How Message Framing Encourages Employees to Choose Electric Vehicles
Abstract:
This paper explores the application of message framing as a management practice to promote change in employee behaviour for corporate sustainability. We conduct a field experiment in a German automotive company to test the effects of three different frames (emotional, normative and gain) on pro-environmental actions in relation to electric vehicle choices of 170 employees. The frames are applied via two communication channels: first, via emails to remind employees about ordering a new car and second, via pop-up notifications appearing in the online system where employees complete their orders. We find that the interventions applied in emails, but not in pop-up notifications, have significant positive effects on electric vehicle adoption. Yet, the durability of the effects is limited. Overall, gain framing in the form of cost saving information has the longest and most powerful impact on electric car choices. Our findings have implications for workplaces where employees might not yet possess strong pro-environmental beliefs, showing that employee sustainable behaviour can be enhanced by emphasising complementary gain motives.

Temporary Refugee Protection and Labor-market Outcomes
Abstract:
We study a Danish reform in 2002 that lowered the ex-ante probability of refugees receiving permanent residency by prolonging the period before they were eligible to apply for such residency. Adherence to the new rules was determined by the date of the asylum application, and the reform was implemented retroactively. Using registry-based micro data, we study the effects on labor-market outcomes and investments in education. While proponents of temporary protection regimes argue that stronger incentives to qualify for residency based on labor-market attachment will speed up the labor-market integration, we find no evidence of positive effects on labor-market outcomes.

The Social Effects of Entrepreneurship on Society and Some Potential Remedies: Four Provocations
Abstract:
A rapidly growing research stream examines the social effects of entrepreneurship on society. This research assesses the rise of entrepreneurship as a dominant theme in society and studies how entrepreneurship contributes to the production and acceptance of socio-economic inequality regimes, social problems, class and power struggles, and systemic inequities. In this article, scholars present new perspectives on an organizational sociology-inspired research agenda of entrepreneurial capitalism and detail the potential remedies to bound the unfettered expansion of a narrow conception of entrepreneurship. Taken together, the essays put forward four central provocations: 1) reform the study and pedagogy of entrepreneurship by bringing in the humanities; 2) examine entrepreneurship as a cultural phenomenon shaping society; 3) go beyond the dominant biases in entrepreneurship research and pedagogy; and 4) explore alternative models to entrepreneurial capitalism. More scholarly work scrutinizing the entrepreneurship–society nexus is urgently needed, and these essays provide generative arguments toward further developing this research agenda.

The Anatomo-politics of Affect: An Investigation of Affective Governmentality
Abstract:
The present inquiry concerns ‘affective governmentality’ and is guided by the following question: How did affects become intelligible objects of knowledge and what enabled a scientific conception of affect to turn into a distinctive government of affect? In answering this question, the article first outlines how a lineage of thinkers used the speculative tools of geometry to conceptualize and deduce human affects. Through an analysis of Spinoza’s Political Treatise, the article then investigates how this geometric conception of affect enabled a productive and indirect government of affect. The article’s contribution to the study of affective governmentality is twofold: First, it advances the methodological claim that the proper register to study affects in governmentality is anatomo-political rather than biopolitical. Second, the analysis of the Political Treatise exemplifies, nuances and substantiates our understanding of how desires and affects were reconceptualized geometrically to conceive a government of bodies and souls.

The Dark Side of Signals: Patents Protecting Radical Inventions and Venture Capital Investments
Abstract: 

Patents are an important signal of the unobserved quality of young, innovative firms. We study patents that protect radical inventions associated with high earnings potential but also a high risk of failure. These previously disregarded signals convey positive and negative information simultaneously, i.e., strong signals that have a dark side. We argue that whether firms that send such signals are attractive investment targets for venture capital (VC) investors depends on the characteristics of the investors. Reputable VC investors are attracted to the strong quality signals of patents protecting radical inventions and are better able than other VC investors to deal with the dark side of these signals through syndication. These effects are stronger in the first financing round than in follow-on rounds, as the (positive and negative) informational value of patents protecting radical inventions diminishes over time as information asymmetries between young firms and prospective VC investors are reduced. We test these predictions using a sample of 759 young life science firms and 555 VC investors. Econometric estimates from a matching model support our predictions.

The Heuristics and Biases of Top Managers: Past, Present, and Future
Abstract: 

Psychology-grounded research on heuristics and biases in decision making has become increasingly influential in the field of management studies. However, although this line of inquiry is recognized as a valuable perspective for advancing understanding of decision processes in the upper echelons of firms, extant research remains unbalanced, the bulk of previous endeavours having been focused on managerial overconfidence, with insights from more recent dual-process theory and ecological rationality conceptions of heuristics less explored. This introductory article to the special issue of the Journal of Management Studies, entitled ‘the heuristics and biases of top managers: Past, present, and future’, offers a reflective review of prior work addressing its focal theme and places the articles incorporated into the special issue within this broader context. In addition, it sets out a number of directions for future work, with a view to inspiring the continuing advancement of conceptual and empirical knowledge and management practice.

The Horizontal Governance of Environmental Upgrading: Lessons from the Prosecco and Valpolicella Wine Value Chains in Italy
Abstract: 

Much of the literature on environmental sustainability in global value chains (GVCs) focuses on how ‘lead firms’ (usually global buyers or retailers) can improve the environmental conditions of production among their various layers of suppliers. This approach focuses on the vertical governance dynamics of environmental upgrading along with GVCs. In our contribution, we emphasize the role of horizontal governance as a driver that underpins environmental upgrading processes. These horizontal elements include institutional support, pressure from civil society groups and political dynamics at the local level – which have been relatively overlooked in this literature so far. We examine environmental upgrading in Italian wine value chains, focusing on the fast-growing but environmentally-contested Prosecco and Valpolicella districts. Our analysis suggests that firms within the same industry may follow different processes of environmental upgrading – through certification, going ‘back to tradition’, technological innovation and/or as an articulation of local politics – also depending on their size. We conclude that horizontal governance is playing a more important role than previously thought in shaping environmental upgrading and provide some suggestions for future research in this realm.

The Impact Perceived Threat and Perceived Coping Efficacy on Individual Actions toward Biodiversity Conservation
Abstract: 

Biodiversity has decreased drastically over the last decades, posing an existential threat to all life on earth. Addressing this threat requires urgent actions to conserve biodiversity including changing the behavior of individuals to reduce their impacts on biodiversity. In the present research, we applied an emotion-based persuasion appeal model to biodiversity conservation, based on the Extended Parallel Process Model (EPPM), to examine how behavioral change can be best communicated and promoted. We tested the predictions of the EPPM that perceived threat (and related increases in fear) as well as coping efficacy (and related increases in optimism) interactively contribute to fostering behavioral change towards biodiversity conservation. To that end, we conducted an online experiment (N = 510) where participants read a text on the threatened status of bumblebees, a concrete example of the broader challenge of protecting ecosystems and wildlife, and subsequently performed a task where they could earn money to spend for the Bumblebee Conservation Trust. Results revealed no evidence for the assumptions of the EPPM, as neither manipulating perceived threat nor coping efficacy appraisal nor their interaction impacted consequential conservation behavior or self-reported conservation intention.

The Lost Value for Users of Cultural Institutions during the COVID-19 Pandemic: A Life Satisfaction Approach
Abstract: 

Studies related to the assessment of the non-market values of culture typically employ methods based on stated or revealed preferences. In this paper, we implement a new emerging non-market valuation technique, namely the life satisfaction approach. In particular, we quantify in monetary values, the additional utility that people benefit from cultural experiences, as well as the additional disutility suffered by cultural consumers specifically due to the closure of cultural organisations during the COVID-19 pandemic, as the pandemic provides a unique setting. Using a survey conducted in Denmark in the spring of 2020, we confirm the link between cultural participation and well-being by estimating a life satisfaction model, instrumenting for both income and cultural participation to avoid simultaneity problems. Furthermore, we show that fervent cultural consumers have experienced an additional welfare loss during the lockdown period, controlling for all other known life dimensions affected by the pandemic. Our results aim to highlight the role of cultural participation in sustaining life satisfaction and, consequently, to support a well-being evidence-based cultural policy that facilitate cultural accessibility as a mean to increase the individual well-being.

The Overnight Drift
Abstract: 

Since the advent of electronic trading in the mid 1990’s, U.S. equities have traded (almost) 24 hours a day through equity index futures. This allows new information to be incorporated continuously into asset prices, yet, we show that almost 100% of the U.S equity premium is earned during a 1-hour window between 2:00am and 3:00am (EST) which we dub the ‘overnight drift’. We study explanations for this finding within a framework a la Grossman and Miller (1988) and derive testable predictions linking dealer inventory shocks to high- frequency return predictability. Consistent with the predictions of the model, we document a strong negative relationship between end of day order imbalance, arising from market sell offs, and the overnight drift occurring at the opening of European financial markets. Further, we show that in recent years dealers have increasingly offloaded inventory shocks at the opening of Asian markets and exploit a natural experiment based on daylight savings time to show that Asian offloading shifts by one hour between summer and winter.

The Role of Organizational Structure in Senior Managers' Selective Information Processing
Abstract: 

CEOs' perceptions of the environment and the information processing shortcuts (or heuristics) they use to develop these perceptions are important to organizations. We study whether organizational structure, an important channel and filter for the flow of information in organizations, affects CEOs' perception gaps pertaining to the competitive environment. Perception gaps are defined as systematic deviations of subjective perceptions of the competitive environment from conceptions based on objective data. Studying 281 CEOs based in 216 firms, we find that functional structures are associated with wider environmental perception gaps, whereas divisional structures are associated with narrower gaps. To address endogeneity concerns, we control for firms' exposure to varied environments and only sample newly appointed CEOs, who, by definition, inherit predefined organizational structures exogenous to their own choices. Our study advances understanding of senior managers' information processing shortcuts by clarifying how organizational-level influences (i.e., organizational structure) affect CEOs' (mis)perceptions of the competitive environment.

The Systemic Risk Council in Denmark: Assessing Strengths and Weaknesses
Abstract: 

Like similar bodies in several other countries, the Systemic Risk Council in Denmark was established in response to the global financial crisis. This article first outlines the Council’s design and performance, and then discusses the need for changes to the Council’s remit, governance, powers, and communication with the public. While the design of systemic risk councils varies a lot across countries, and without a consensus on what constitutes an optimal design of a macroprudential policy framework, the Danish experience contributes to the literature on what works, and what does not, in relation to managing systemic risks.

The U.S.-China Trade War and Policy Resilience
Abstract: 

One can attribute the Trump administration’s pursuit of a trade war against the People’s Republic of China (prc) to a range of variables, including its re-election hopes, commitment to protectionism as an economic weapon, fears about Beijing’s pursuit of artificial intelligence, and broader strategic concerns about the global balance of power. This article argues that another explanation for President Donald J. Trump’s ability to change trade policy towards China was the structural weaknesses of the trade policy regime that emerged at the end of the 1990s when Congress adopted Permanent Normal Trade Relations as a designation for free trade in July 1998 and the prc joined the World Trade Organization in December 2001. Those weaknesses owed much to the ways in which the United States initially framed the new trade regime with the prc and the limited, only partially conclusive, character of the debate that took place at the time. Despite the growth and embedding of supply chains between China and the United States, these inbuilt weaknesses contributed to the progressive erosion of the trade policy regime during the years that followed. Within this context, few constituencies were ready to lobby for the prc after January 2017 and the Trump administration faced little opposition to its change of trade policy.

Udlodning i bankerne og konsekvenser af udlodningsrestriktioner
Abstract: 

Den seneste tid har igen rettet opmærksomhed mod robustheden af de danske banker. Denne artikel beskriver udviklingen i de danske bankers udlodninger siden årtusindeskiftet. Resultaterne viser, at bankerne gennem udbytter og aktietilbagekøb har betalt meget store beløb ud til aktionærerne. I forlængelse heraf betragtes effekten på bankernes aktiekurs af indgreb mod udlodningen i form af lovfæstede forbud eller henstilling fra Finanstilsynet. Resultaterne viser, at der for Finanstilsynets henstilling den 30. marts 2020 om, at bankerne undgik udlodninger, ikke kan aflæses en negativ reaktion på bankernes aktiekurs. På baggrund af disse resultater finder artiklen, at den ellers ofte fremførte klienteleffekt ikke er så stærk i danske banker, at den kan bruges som er argument mod eventuelle fremtidige udlodningsrestriktioner.

Unconscious Bias in the HRM Literature: Towards a Critical-reflexive Approach
Abstract: 

This article presents a systematic review of the human resource management (HRM) literature to document how the term “unconscious bias” is defined, theorized, and operationalized in a sample of 518 articles in the field. The review identifies four main thematic streams in which unconscious bias is commonly discussed: (1) the biased individual; (2) bias as binary; (3) bias in moments of decisions; and (4) bias as a fixable issue. Based on this thematic mapping of the literature, a critical-reflexive approach is outlined to shed light on and challenge taken-for-granted assumptions, interrogate how arguments are brought forth and open up new avenues for future research. This article contributes to the existing HRM literature in three ways. First, it shows patterns in existing theory, making explicit the inconsistencies and tacit assumptions in the ways in which unconscious bias is theorized in HRM research. Second, it presents a critical-reflexive approach to researching unconscious bias. Third, based on this approach, it suggests avenues for future research on how to move beyond these inconsistencies and assumptions.

Unveiling the Formation of Conspiracy Theory on Social Media: A Discourse Analysis
Abstract: 

Social media technology not only affords opportunities for digital activism and global liberation, but it also poses threats to the freewheeling of democracy. The emergence and prevalence of conspiracy theories on social media stem from communal processes of online political debate or social movements that degenerate into conspiracy beliefs. This study views the online formation of conspiracy theories as a socially emergent process. Subscribing to a social constructionist lens and synthesizing extant literature on social movements and social media affordances, we conducted discourse analysis on discursive data collected from Twitter for the 2020 U.S. Presidential Election Fraud Conspiracy Theory. Through the analysis, we delineate the formation of conspiracy theory into four stages and characterize each stage according to its mobilizing structure, participants, mode of interaction, content created, and discernible collective action. We also identify social media affordances facilitating the formation of conspiracy theories within and across stages. Findings of this study advance contemporary knowledge on conspiracy theories by not only extending our understanding of the role of social media in conspiracy theory formation, but they also aid practitioners in comprehending the formation process of conspiracy theory formation, the latter of which constitutes the foundation for devising appropriate prevention and mitigation strategies.

What’s in a Name? How Senior Managers use Name-based Heuristics to Allocate Financial Resources in Multinational Corporations
Abstract: 

The allocation of financial resources to entrepreneurial initiatives in subsidiaries of multinational corporations is crucial to their realization. When allocating resources to these initiatives, senior headquarters managers face uncertainty that they attempt to address using various heuristics, which may bias allocation. Name-based heuristics—cognitive shortcuts based on names associated with a decision-making situation—have been shown to influence financial decisions ranging from food purchase to stock investment. Yet little is known about name-based heuristics in the allocation of financial resources to entrepreneurial initiatives. We analyze 1308 resource allocation decisions made by 109 senior managers in an experiment in which we vary subsidiary country and subsidiary manager names. We find that psychic distance to the subsidiary country is negatively related to resource allocation when subsidiary managers’ names express a potential expatriate status. In contrast, this relationship is positive when subsidiary managers’ names express a potential local status. We contextualize our results by interviewing senior managers and discuss how reliance on name-based heuristics to infer the context of an initiative or the interests and competences of subsidiary managers can lead to biased decisions

Women Directors and Board Dynamics: Qualitative Insights from the Boardroom
Abstract: 

Despite increasing attention to gender diversity on corporate boards, we have only limited understanding of what occurs within the boardroom when women are present. Prior empirical research has used various theories to infer how board gender diversity may influence firm outcomes, but without identifying the theoretical mechanisms underlying women directors’ influence on the board. To address this gap, we conducted interviews with women and men who have collectively served as directors with over 200 publicly listed companies in the United States and Europe. While prior research has suggested that the diverse cognitive perspectives women directors bring influence board decision-making, our study reveals novel insights as to the underlying mechanisms. Specifically, we contribute to the board gender diversity literature with the finding that women behave in ways contrary to existing board norms. By coming to board meetings highly prepared, being willing to acknowledge that they do not know something, asking questions, and getting things on the table, women impact the dialogue and interactions in the boardroom. Thus, our study sheds light on how the presence of women influences board dynamics, which has implications for corporate governance. Our findings also challenge prevailing gender theories as to how women are likely to behave, in that we do not find that women conform to gender stereotypes. Yet, we also find impediments to women directors’ ability to gain influence, in that men directors may not always acknowledge them or afford them respect as equal board members.