The transition from novice to serial crowdfunders: behavioral antecedents and well-being drivers

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Kalanit Efrat ◽  
Andreas Wald ◽  
Shaked Gilboa
Keyword(s):  
Chief Executive Officers ◽  
Chief Executive ◽  
Well Being ◽  
Content Type ◽  
Serial Entrepreneurs ◽  
Stage Process ◽  
Executive Officers ◽  
And Behavior ◽  
First Time ◽  
Rational Process

PurposeSerial crowdfunders are vital to the advancement of crowdfunding, either by launching subsequent campaigns or by mentoring novice (first-time) crowdfunders. However, research on crowdfunders’ drivers has focused on either novice crowdfunders’ motivations or the factors contributing to serial crowdfunders’ success. The present study aims to complement existing knowledge on serial crowdfunders by exploring behavioral and well-being aspects that drive novice crowdfunders to become serial crowdfunders.Design/methodology/approachData on crowdfunders were retrieved through in-depth interviews with 42 novice and 17 serial crowdfunders on a list provided by the largest crowdfunding platform in Israel. Complementary data were collected from interviews with the chief executive officers (CEOs) of two leading rewards and donations platforms in Israel and from the contents of the pages of crowdfunding campaigns. A four-stage process of content analysis was applied.FindingsNovice and serial crowdfunders follow different logics. While novice crowdfunders’ motivations and behavior can mostly be explained by the theory of planned behavior (TPB) and follow a more rational process, serial crowdfunders’ motivations and behavior are guided by aspects of well-being.Originality/valueThe findings show that the more rational process described by the TPB and the dimensions of well-being interacts in a circular way to motivate serial operations by crowdfunders. Well-being is also manifested in the maintenance of social ties and the development of social capital, which are crucial for serial entrepreneurs.

Good times, bad times: the stock market performance of firms that own high value brands

2016 ◽  
Vol 50 (5/6) ◽  
pp. 670-694 ◽  
Author(s):  
Kevin Voss ◽  
Mayoor Mohan
Keyword(s):  
Chief Executive Officers ◽  
Stock Price ◽  
Ad Hoc ◽  
Chief Executive ◽  
Share Price ◽  
Content Type ◽  
Price Performance ◽  
Stock Market Performance ◽  
Using Data ◽  
Executive Officers

Purpose The purpose of the this paper is to correct a deficiency in the published literature by examining the share price performance of firms that own high-value brands in uptrending, downtrending and sideways markets. Design/methodology/approach The authors examined stock price performance for an index of firms that owned brands in the Interbrand list of the “Best Global Brands” from 2001 through 2009 using the Fama-French method. Findings The authors’ index outperformed the Standard & Poor’s 500 when the market was up or downtrending, but not when it moved sideways. Research limitations/implications The authors find that an index of firms that own the produced better returns than the Standard & Poor’s 500 market index. Owning highly valued brands may be a marketplace signal to the investing community regarding the firm’s management acumen. Practical implications Owning high-value brands seems to influence share price performance, a metric used to judge chief executive officers. Thus, brand investments align with the shareholders’ interest. The authors help alleviate the perception (Challagalla et al., 2014) that marketing managers make investments on an ad hoc basis. Originality/value For the first time, the authors evaluate the effect of owning one or more of the world’s most valuable brands on the market value of common stock using data from downtrending, uptrending and no-trend periods. This research is also among the first to introduce volatility into the Fama-French method and it is an important explanatory variable. This paper’s approach has interesting comparisons to other papers taking a similar analytical approach.

Reflecting or ruminating: listening to the regrets of life science leaders

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Helen Mary Meldrum
Keyword(s):  
Chief Executive Officers ◽  
Life Science ◽  
Negative Emotion ◽  
Chief Executive ◽  
Positive Influence ◽  
Lessons Learned ◽  
Business Leaders ◽  
Content Type ◽  
The Usa ◽  
Executive Officers

PurposeThe overwhelming frequency of failure in trying to bring a safe and effective biotech, pharmaceutical or medical device product to market is truly astounding. This research synthesizes industry leaders' insights on lessons learned from reflecting on professional disappointments.Design/methodology/approachThis research used a qualitative approach to learning from the Chief Executive Officers (CEOs), Chief Scientific Officers (CSOs) and Chief Medical Officers (CMOs) of the most successful life science firms in the USA. A total of 45 industry leaders were interviewed regarding their lingering regrets about their career misadventures.FindingsRegrets were unavoidable because there were opportunity costs for every choice each leader made. Commentary about wisdom gained comprised themes regarding valuable time lost, strategies that could have been enacted, products that failed and essential personnel who were not managed optimally. Contrary to expectations, there was little mention of money that was squandered.Originality/valueNot felt as a solely negative emotion, regrets were recognized by these leaders as a potentially positive influence on their future decisions. Not felt as a solely negative emotion, regret was recognized by these leaders as a potentially positive influence on their future decisions. This exploratory study suggests that learning from retrospective and anticipated regrets benefits life science leaders in gaining clarity of thought regarding their current business challenges. Because prior research on the value of psychological regrets has mostly relied on limited samples, this inquiry contributes a new vantage point by examining a unique population of senior business leaders, thus providing broader applicability to the organizational literature.

CEO statements on racial inequity – (how) do they matter to shareholders?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Pyemo Afego ◽  
Imhotep Alagidede
Keyword(s):  
Chief Executive Officers ◽  
Social Issues ◽  
Chief Executive ◽  
Future Research ◽  
Research Approach ◽  
Content Type ◽  
Racial Injustice ◽  
Communication Decisions ◽  
Executive Officers ◽  
The Impact

Purpose The purpose of this study is to explore how citizen protests against perceived acts of racial injustice impact on share prices of companies who weigh in on the protests. In particular, corporate statements that directly address the issues around the protests are identified and possible mechanisms underlying how these may impact shareholder value are discussed. Design/methodology/approach The authors first use a qualitative research approach of content and sentiment analysis to track how companies or their chief executive officers (CEOs) present their stance against racial injustice, as represented by their use of linguistic markers. Then, the authors use an event study methodology to assess the response from stock market participants. Findings The findings suggest that CEOs primarily convey their stance using language that is emotive and empathic. In addition, shareholders earn a significant abnormal return of 2.13%, on average, in the three days following the release of the statements. Research limitations/implications This study considered only US-listed companies. The sample size, also, is relatively small. Institutional and cultural differences across countries may also vary. Thus, future research could explore the extent to which the findings generalize to other contexts. Practical implications Results provide insights to top managers who communicate with various stakeholders on emotionally charged social issues. Findings also offer insights on the timing of trades for investors and arbitrageurs. Social implications Findings contribute to the understanding of corporate behaviour in times of social upheaval. Insights from the study may also be used to inform corporate communication decisions about important social issues. Originality/value This study brings into focus the role that affective appeal and moral emotion can play in evoking motivation for corporate activism, and the impact that this has on investor opinions’ formation process.

scholarly journals An empirical analysis of construction organisations’ competitive strategies and performance

2015 ◽  
Vol 5 (4) ◽  
pp. 417-431 ◽  
Author(s):  
Luqman Oyekunle Oyewobi ◽  
Abimbola Oluwakemi Windapo ◽  
Rotimi Olabode Bamidele James
Keyword(s):  
South Africa ◽  
Financial Performance ◽  
Chief Executive Officers ◽  
Chief Executive ◽  
Research Approach ◽  
Competitive Strategies ◽  
Content Type ◽  
Study Results ◽  
Financial Performance Measures ◽  
Executive Officers

Purpose – The essence of strategy formulation is to assist an organisation obtain a strategic fit with its environment and help enhance organisational continuous improvement in achieving performance excellence. The purpose of this paper is to investigate the type of competitive strategies used by construction organisations in attaining their strategic goals in South Africa. Design/methodology/approach – The study employs an inductive research approach using a well-structured questionnaire to elicit information from large construction organisations based in South Africa. Findings – The research identifies five strategic attributes that could assist organisations to grow their businesses and enhance their returns. It reveals that all Porters’ generic competitive strategies are significantly related to organisational financial performance measures except focus strategy. The research found that three generic competitive strategies are positively related to non-financial performance and that differentiation and cost-leadership strategies are capable of assisting organisations’ achieve their financial performance goals. Practical implications – The study results will be of immense benefit to chief executive officers as well as managers of construction organisations in growing their businesses and enhancing their corporate performance. Originality/value – The paper contributes both theoretically and empirically to the current discussion and findings on competitive strategy and its relationship with organisational performance. The results presented in the paper have important implications for the implementation of competitive strategies in construction companies and future studies in the area of strategic management.

The two sides of CEO pay injustice

2018 ◽  
Vol 16 (1) ◽  
pp. 3-30 ◽  
Author(s):  
Herman Aguinis ◽  
Geoffrey P. Martin ◽  
Luis R. Gomez-Mejia ◽  
Ernest H. O’Boyle ◽  
Harry Joo
Keyword(s):  
Normal Distribution ◽  
Power Law ◽  
Chief Executive Officers ◽  
Risk Sharing ◽  
Chief Executive ◽  
Return On Assets ◽  
Content Type ◽  
Ceo Pay ◽  
Executive Officers ◽  
Two Sides

Purpose The purpose of this study was to examine the extent to which chief executive officers (CEOs) deserve the pay they receive both in terms of over and underpayment. Design/methodology/approach Rather than using the traditional normal distribution view in which CEO performance clusters around the mean with relatively little variance, the authors adopt a novel power law approach. They studied 22 industries and N = 4,158 CEO-firm combinations for analyses based on Tobin’s Q and N = 5,091 for analyses based on return on assets. Regarding compensation, they measured the CEO distribution based on total compensation and three components of CEO total pay: salary, bonus, and value of options exercised. Findings In total, 86 percent of CEO performance and 91 percent of CEO pay distributions fit a power law better than a normal distribution, indicating that a minority of CEOs are producing top value for their firms (i.e. CEO performance) and a minority of CEOs are appropriating top value for themselves (i.e. CEO pay). But, the authors also found little overlap between CEOs who are the top performers and CEOs who are the top earners. Implications The findings shed new light on CEO pay deservingness by using a novel conceptual and methodological lens that highlights systematic over and underpayment. Results suggest a violation of distributive justice and offer little support for agency theory’s efficient contracting hypothesis, which have important implications for agency theory, equity theory, justice theory, and agent risk sharing and agent risk bearing theories. Practical implications Results highlight erroneous practices when trying to benchmark CEO pay based on average levels of performance in an industry because the typical approach to CEO compensation based on averages significantly underpays stars and overpays average performers. Originality/value Results offer new insights on the extent of over and underpayment. The findings uncover an extremely large non-overlap between the top earning and top performing CEOs and to an extent far greater in magnitude than previously suggested.

Legitimacy building of digital platforms in the informal economy: evidence from Indonesia

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Eko Heru Prasetyo
Keyword(s):  
Informal Economy ◽  
Chief Executive Officers ◽  
Business Models ◽  
Chief Executive ◽  
Sharing Economy ◽  
Bottom Of The Pyramid ◽  
Content Type ◽  
Digital Platforms ◽  
Executive Officers ◽  
Start Ups

Purpose This study aims to investigate how digital entrepreneurs develop platforms business models under an unregulated market and what approach they take to address informal economy (IE) activities. Design/methodology/approach The author used a qualitative method by interviewing sixteen respondents, including founders, Chief Executive Officers, and managers of digital-driven start-ups in Indonesia. I then analysed the interviews into several codes and themes for further discussion. Findings This study reveals distinctive approaches performed by startups within three-level institutions, namely, users, market and regulation. Each level represents digital entrepreneurs’ unique behaviour, which the author described as collective, narrative and compliant. Research limitations/implications This paper demonstrates that digital entrepreneurs leveraging informal sectors contribute to the process of formalisation. However, the author emphasise less on how it impacts informality and who receives incentives. Practical implications This study suggests appropriate strategies for entrepreneurs who build and develop a platform beyond immature setting and unveils different directions to comprehend their legitimacy building. Social implications This study also elucidates political implications such as how the dynamics between regulators’ response and entrepreneurs’ reaction shape the new regulative environment. An idea of self-regulate – entrepreneurs as actors instead of a subject of regulation – might be suitable to reflect how they overcome the bottom of the pyramid using technology innovation. Originality/value While previous studies focused primarily on sharing economy, this study provides a different array of discussion on the digitalisation of the informal economy in emerging markets.

Effects of CEO duality and tenure on innovation

2019 ◽  
Vol 12 (4) ◽  
pp. 536-552
Author(s):  
Mengge Li ◽  
Jinxin Yang
Keyword(s):  
Chief Executive Officers ◽  
Boards Of Directors ◽  
Chief Executive ◽  
Monitoring And Control ◽  
Content Type ◽  
Upper Echelons Theory ◽  
Ceo Tenure ◽  
Executive Officers ◽  
Advance Theory ◽  
Exploratory Innovation

Purpose As the primary decision makers, chief executive officers (CEOs) play pivotal roles in firm innovation. However, little is known regarding how CEOs influence the exploitation and exploration paradox. To advance theory and research, the purpose of this paper is to investigate the joint effects of CEO tenure and CEO–chair duality on a firm’s shifting emphasis between exploitative and exploratory innovation. Design/methodology/approach This paper takes the approach of a longitudinal sample of 81 US pharmaceutical firms. Findings As CEOs’ tenure advance, their firms’ percentage of exploitative innovation increases. Furthermore, non-duality (separation of board chair and CEO) further strengthens the positive relationship between CEO tenure and the percentage of exploitative innovation. Research limitations/implications This study integrates upper echelons theory and behavioral agency theory to juxtapose the effects of CEOs on technological innovation. This study extends knowledge of strategic leadership and innovation by showing that CEOs influence the balance between exploitative and exploratory innovation. Furthermore, this study also contributes to the corporate governance literature by demonstrating that monitoring vigilance could inhibit capable CEOs from pursuing more exploratory innovation. Practical implications Boards of directors should allow CEOs to have greater discretion over innovation, and vigilant monitoring and control may force CEOs to focus less on exploration. Originality/value This is one of the few studies that explicitly investigate how CEO influences a firm’s emphasis on exploitative innovation and exploratory innovation.

The effects of global financial crisis on the relationship between CEO compensation and earnings management

2020 ◽  
Vol 28 (2) ◽  
pp. 389-408 ◽  
Author(s):  
Oheneba Assenso-Okofo ◽  
Muhammad Jahangir Ali ◽  
Kamran Ahmed
Keyword(s):  
Financial Crisis ◽  
Earnings Management ◽  
Chief Executive Officers ◽  
Ceo Compensation ◽  
Global Financial Crisis ◽  
Chief Executive ◽  
Content Type ◽  
Multivariate Tests ◽  
Executive Officers ◽  
The Relationship

Purpose This paper aims to examine the effects of global financial crisis (GFC) on chief executive officers’ (CEO) compensation and earnings management relationship. Specifically, the authors examine whether the recent financial crisis had moderated the relationship between CEO bonus and discretionary accruals. Design/methodology/approach The authors use panel data for 1,800 firm-year observations (over a period of six years from 2005 to 2010) and use univariate and multivariate tests to test their hypothesis. The authors divide the period into pre-crisis, during-crisis and post-crisis periods to examine how the different financial crisis periods affect the relationship between CEO compensation and earnings management. Various alternative tests including endogeneity test suggest that the results are robust. Findings The authors’ multivariate results indicate that the relationship between CEO’ compensation and earnings management changes because of the GFC. Practical implications The findings, therefore, justify more monitoring and scrutiny to limit the existence of opportunistic managerial behaviour and for the appropriate designing of CEO compensation packages during abnormal economic circumstances. Originality/value So far as the authors’ knowledge goes, this is the first study which examines the relationship between CEO compensation and earnings management during GFC.

European SMEs and the Brazilian market

2014 ◽  
Vol 26 (4) ◽  
pp. 368-388 ◽  
Author(s):  
Elisa Salvador ◽  
Florence Pinot de Villechenon ◽  
Humberto López Rizzo
Keyword(s):  
Social Networks ◽  
Chief Executive Officers ◽  
Chief Executive ◽  
Barriers To Entry ◽  
Multiple Choice Questions ◽  
Information And Communications Technologies ◽  
Content Type ◽  
Business Opportunities ◽  
Path Dependent ◽  
Executive Officers

Purpose – This paper aims to investigate the importance of networking for Italian and French small and medium-sized enterprises (SMEs) in Brazil. Business opportunities in Brazil have attracted a significant amount of interest in recent years. The country is moving towards market orientation, and it has recently experienced higher growth rates. Furthermore, upcoming events, such as the FIFA World Cup in 2014 and the 2016 Olympic Games in Rio de Janeiro, are attracting a significant amount of attention given the emergence of potential business opportunities in several sectors. Nevertheless, European companies wishing to enter the Brazilian market should address several constraints, including high barriers to entry, an extensive bureaucracy and a culture quite different from those in Europe. In this context, networking seems to be vital for success. Design/methodology/approach – The data were gathered through a survey undertaken between June and August 2012. After the questionnaire was prepared, each company either received and responded to the questionnaire by e-mail or participated in a telephone interview. The questionnaire included multiple choice questions, most of which used a 5-point Likert scale. Some open-ended questions were included to collect insights from respondents. Representatives of 21 Italian and 24 French SMEs agreed to participate in the survey. Respondents were typically company presidents, chief executive officers or export department managers with experience in the Brazilian market. Findings – The results highlight the importance of social networks for the SMEs interviewed. The establishment of social networks is pivotal for successful business activities in Brazil, as they can help entrants decipher and understand how society and business work. In Brazil, social networks are built through a path-dependent process that requires time, patience and perseverance, as well as an ability to overcome liabilities of sameness. In this regard, a networking process that encompasses specific activities linked to the peculiarities of Brazil is essential, even if it seems to be a second-best solution, as in the case of the QWERTY keyboard. This process, which is the main characteristic of social networking in Brazil, necessitates not only the use of the Internet and information and communications technologies but also face-to-face contacts for building reputation, legitimacy and trust. Originality/value – This paper extends the extant literature by investigating the importance of networking for Italian and French SMEs in Brazil. Brazil serves as an interesting and useful case that can deepen our knowledge about this aspect of international business. As highlighted by Jack et al. (2008) and Ruzzier et al. (2006), the knowledge and understanding of the networking process still suffers from several limitations despite the increased attention paid to this phenomenon.

Corporate dispersion and tax avoidance

2019 ◽  
Vol 13 (3) ◽  
pp. 706-732 ◽  
Author(s):  
Kun Su ◽  
Bin Li ◽  
Chen Ma
Keyword(s):  
Internal Control ◽  
Chief Executive Officers ◽  
Tax Avoidance ◽  
Chief Executive ◽  
Corporate Tax ◽  
Content Type ◽  
Listed Firms ◽  
Corporate Governance Mechanisms ◽  
Executive Officers ◽  
The Impact

Purpose The purpose of this paper is to investigate the effects of corporate dispersion on tax avoidance from geographical and institutional dispersion perspectives by using evidence from China. Design/methodology/approach Using a panel data of Chinese listed firms during 2003-2015, this paper estimates with correlation analysis and multiple regression analysis. Findings Both geographical and institutional dispersion are negatively associated with the degree of corporate tax avoidance. Furthermore, corporate governance mechanisms and female chief executive officers can mitigate the negative relation between corporate dispersion and tax avoidance. The results also indicate that ineffective internal control is one of the channels through which corporate dispersion reduces tax avoidance. Originality/value This is the first paper about the impact of firm dispersion on the degree of tax avoidance, complementing the research content of diversification and corporate decision-making.

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