Under Attack! CEO Implicit Motives and Firm Competitive Responses Following Short Seller Activism

2021 ◽  
Author(s):  
Wei Shi ◽  
Mark R. DesJardine
Keyword(s):  
Corporate Governance ◽  
Stock Price ◽  
Implicit Motives ◽  
Conscious Awareness ◽  
Upper Echelons ◽  
Competitive Intensity ◽  
External Threats ◽  
External Threat

We investigate how CEOs’ implicit motives can shape firms’ competitive intensity in response to external threats. We examine this phenomenon in the context of short seller activism, which occurs when an activist short seller publicly denounces a firm to drive down its stock price. Implicit motives are motivational dispositions that operate outside of an individual’s conscious awareness. We find that CEOs’ implicit needs for achievement and power are associated with a decrease in competitive intensity following short seller activism, implying that implicit motives can lead CEOs to avoid behaviors that they fear may result in failure or the exposure of weakness in the wake of an external threat. This study contributes to research on external threats and corporate governance by highlighting the role of CEOs’ implicit motives in shaping firms’ responses to activists. We emphasize the importance of integrating implicit motives into upper echelons research.

scholarly journals CEO resistance: The role of BOD dependence/independence and CEO profile

2015 ◽  
Vol 13 (1) ◽  
pp. 652-662 ◽  
Author(s):  
Pouya Seifzadeh
Keyword(s):  
Corporate Governance ◽  
Boards Of Directors ◽  
Stewardship Theory ◽  
Upper Echelons ◽  
The Relationship ◽  
Do So

The relationship between boards of directors and CEOs has been at the center of attention in the literature on Corporate Governance. However, little has been done to identify sources of friction and possible outcomes in this relationship. In this paper, drawing on the literature on Agency/Stewardship Theory, Upper Echelons perspective, and Corporate Governance, I have addressed this gap. To do so, this paper recognizes the distinction between founder and non-founder CEOs and dependent and independent boards of directors. I have hypothesized that founder CEOs will demonstrate higher resistance than non-founder CEOs in the presence of independent boards of directors and lower than non-founder CEOs in the presence of dependent boards of directors to takeover proposals.

scholarly journals RESPON PASAR ATAS PENGUNGKAPAN EMISI KARBON DI INDONESIA : BAGAIMANA PERAN TATA KELOLA PERUSAHAAN?

2021 ◽  
Vol 8 (2) ◽  
pp. 151
Author(s):  
Amrie Firmansyah ◽  
Pramuji Handra Jadi ◽  
Wahyudi Febrian ◽  
Eta Fasita
Keyword(s):  
Corporate Governance ◽  
Carbon Emissions ◽  
Stock Prices ◽  
Financial Services ◽  
Firm Value ◽  
Stock Price ◽  
Secondary Data ◽  
The Public ◽  
Sustainability Disclosure

<em>Positive responses from investors indicate the company's success in providing information to the public. It reflects the stock prices increase in the capital market. Information that is responded to positively provides investor confidence that it contains decision-making usefulness, and managers can ensure its sustainability in the future. This study aims to examine the association of carbon emissions disclosure with firm value in Indonesia. In addition, this study also examines the role of corporate governance in the association between carbon emissions disclosure and firm value. This study employs secondary data sourced from financial statements available at <a href="http://www.idnfinancials.com">www.idnfinancials.com</a> and stock price data from <a href="http://www.finance.yahoo.com">www.finance.yahoo.com</a>. The sample employed in this study is a manufacturing company from 2016 to 2019. By using purposive sampling, the sample obtained in the study is 260 observations. The data were analyzed using multiple linear regression for panel data. This study concludes that the carbon emissions disclosure is negatively associated with firm value. In addition, corporate governance has not succeeded in strengthening the positive effect of carbon emission disclosures on firm value. This study suggests that the Indonesia Financial Services Authority (OJK) should re-examine the regulation on sustainability disclosure, which includes carbon emissions, which is one of the current dynamic issues in the world. In addition, companies need to improve the quality of disclosure of information related to sustainability to the public.</em>

scholarly journals Corporate Board and Upper Echelons: The Case of the American Most Admired Firms

2018 ◽  
Vol 13 (4) ◽  
pp. 245 ◽  
Author(s):  
Karima Dhaouadi
Keyword(s):  
Corporate Governance ◽  
Top Management Team ◽  
Demographic Characteristics ◽  
Upper Echelons ◽  
Corporate Board ◽  
Strategic Role ◽  
Contractual Approach ◽  
Demographic Attributes ◽  
The Relationship

The purpose of the paper is to study the effect of board effectiveness on the Top Management Team demographic characteristics of 274 American firms. The research mobilizes theoretically the upper echelons, the agency and the cognitive theories and empirically the clustering and the discriminating analysis. The results indicate that the TMT demographic attributes are not tied systematically to the board efficiency according to contractual approach of corporate governance. The relationship between the board characteristics and the TMT traits is not linear. The study contributes to corporate governance knowledge by highlighting the strategic role of the boards dealing with the TMT choice.

Domestic sources of alliances and alignments: the case of Egypt, 1962–73

1991 ◽  
Vol 45 (3) ◽  
pp. 369-395 ◽  
Author(s):  
Michael N. Barnett ◽  
Jack S. Levy
Keyword(s):  
Empirical Literature ◽  
Security Threats ◽  
Alliance Formation ◽  
External Threats ◽  
Trade Offs ◽  
External Threat ◽  
The Government ◽  
Domestic Instability ◽  
The Impact

The theoretical and empirical literature on international alliances has tended to support the realist view that the pursuit or tightening of external alignments stems predominantly from external security threats. Consequently, the role of domestic factors has generally been ignored or downplayed. This article begins with the observation that leaders confronted with external threats make trade-offs between the pursuit of external alignments and the mobilization of domestic resources. It then argues that the choice of strategy depends on a combination of systemic and domestic factors, including the perceived degree of external threat to state security, the perceived degree of domestic instability and threat to the government, and the constraints that derive from the domestic political economy. The analysis of Egypt's alignment behavior during the period from 1962 to 1973 underscores the impact of domestic and economic political constraints on the choice of domestic mobilization or alliance formation and the central role of alliances in providing resources for confronting domestic as well as foreign threats.

Convergence of Corporate Governance Models

2004 ◽  
pp. 129-140 ◽  
Author(s):  
M. Tretyakov
Keyword(s):  
Corporate Governance ◽  
Institutional Environment ◽  
Driving Forces ◽  
Commodity Markets ◽  
Legal Systems ◽  
National Institutions ◽  
Governance Models ◽  
Changing Role

The article focuses on the analysis of the process of convergence of outsider and insider models of corporate governance. Chief characteristics of basic and intermediate systems of corporate governance as well as the changing role of its main agents are under examination. Globalization of financial and commodity markets, convergence of legal systems, an open exchange of ideas and information are the driving forces of the convergence of basic systems of corporate governance. However the convergence does not imply the unification of institutional environment and national institutions of corporate governance.

Peranan Whistleblowing Dalam Meningkatkan Integriti Anggota Polis Diraja Malaysia (Pdrm): Kajian Ke Atas Kontinjen Perak

Sains Insani ◽  
2018 ◽  
Vol 2 (1) ◽  
pp. 17-27
Author(s):  
Megat Ayop Megat Arifin ◽  
Abd. Halim Ahmad
Keyword(s):  
Quantitative Analysis ◽  
Demographic Factors ◽  
Positive Perception ◽  
External Threats ◽  
Positive Practices ◽  
The Impact ◽  
The Relationship

Whitsleblowing is one of the positive practices in organizations that are able to raise the level of integrity among the members of an organization. However, the roles of whistleblowing also inevitably invites a response, especially among members of the organization itself. This is because such practices are viewed as one factor that may be detrimental to the organization in addition to revealing the reporter (whistleblower) to some external threats and intimidation of discrimination within the organization. This paper is an attempt to examine the relationship between perceptions of members of the Royal Malaysian Police (RMP) Contingent of Perak through the role of whistleblowing practices to increase the perception of the integrity of the members. Next, identify the purpose of the whistleblowing and its effect on the integrity of the members of the organization. This study used a descriptive quantitative analysis to identify patterns of relationship that exists between the perception of whistleblowing practices with perceptions of increased integrity based on three basic variables of demographic factors, response to whistleblowing and the impact of making the report. The results showed that members of the Perak’s police have a positive perception of whistleblowing practices which are seen to be done in improving the integrity of the members.Keywords: whistleblowing, perception, RMP members, culture, integrity, organization, influence. ABSTRAK: Whitsleblowing merupakan salah satu amalan positif dalam organisasi yang mampu untuk meningkatkan tahap integriti ahli-ahli dalam sesebuah organisasi. Namun begitu, amalan whistleblowing juga turut tidak dapat mengelak daripada mengundang pelbagai respon khususnya dalam kalangan ahli organisasi itu sendiri. Amalan sebegini turut dilihat sebagai salah satu faktor yang boleh memudaratkan organisasi di samping mendedahkan pelapor (whistleblower) kepada beberapa bentuk ancaman ugutan dari luar dan diskriminasi dalam organisasi. Kertas ini merupakan satu upaya untuk melihat perkaitan antara persepsi anggota Polis Diraja Malaysia (PDRM) Kontinjen Perak melalui peranan amalan whistleblowing terhadap persepsi peningkatan integriti anggota. Seterusnya, mengenalpasti maksud whistleblowing dan pengaruhnya terhadap tahap integriti anggota dalam organisasi. Kajian ini menggunakan analisis kuantitatif berbentuk deskriptif bagi mengenalpasti corak hubungan yang wujud antara persepsi terhadap amalan whistleblowing dengan persepsi terhadap peningkatan integriti berdasarkan tiga pembolehubah asas iaitu faktor demografi, tanggapan terhadap whistleblowing dan kesan daripada tindakan membuat laporan. Dapatan kajian menunjukkan bahawa anggota PDRM Perak mempunyai persepsi yang positif terhadap whistleblowing yang mana ianya dilihat perlu dilaksanakan dalam meningkatkan integriti anggota.Kata kunci: whistleblowing, persepsi, amalan, anggota PDRM, budaya, integriti, organisasi, pengaruh.  

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