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A multi-level organizational perspective on the role of HQ in cross-unit collaboration
(IE University, 2023-06-21) Nurse, Jeremy; Ketokivi, Mikko; https://ror.org/02jjdwm106
How complex corporations with multidimensional structures create value is a topic of enduring interest and relevance. What is missing from the published literature are in-depth examinations of the nuances found in complex corporate structures, their vertical layers, and particularly with respect to multi-level headquarters (HQ) structures. To fill this gap, this dissertation presents the analysis of a multiple case study in the Massy Group, a large multidivisional, and multinational corporation that operates in the Caribbean, Latin America, and the United States. My research focuses specifically on how corporate parents seek to create value, particularly in relation to how organizational integration is sought in complex corporate structures. Through in-depth interviews with a total of 55 Massy Group insiders as informants across five strategic initiatives that involved different kinds of cross-unit collaboration, I sought insight into two research questions: 1) What is the role of multiple HQ levels in supporting cross-unit collaboration? and 2) How do multiple HQ levels deploy integrative devices to support cross-unit collaboration? In my research, I concluded that both management and oversight at multiple HQ levels are crucial for enabling cross-unit collaboration and elaborated on how the theoretical concepts of integrative devices can manifest as HQ roles. More specifically, the study highlights how the use of authority, communication, and cross-unit structure are important integrative devices that support collaboration within this organizational context. Overall, the findings of this research contribute to a better understanding of the roles and mechanisms through which multiple HQ levels can facilitate cross-unit collaboration in large, diversified multinational firms.
A Study of Advertising Effectiveness, Media Synergy across Product Categories and Changing Customer Mix during Economic Cycles
(IE University, 2017-07-03) Nayak, Abshishek Shashikant; Seifert, Matthias; Seifert, Matthias; https://ror.org/02jjdwm75
Esta tesis se basa en la confluencia de dos temas principales a saber en la comercialización. el consumo de los medios de comunicación orientado al consumidor y la sinergia dinámica y la mezcla de clientes. Por un lado, en un análisis multi- categoría investigamos las diferencias en el consumo de medios a través tanto de alta implicación y la participación de categorías bajas. Además, se analiza el impacto de la sinergia orientada al consumidor sobre el comportamiento de compra del consumidor y cómo cambian con los ciclos económicos es decir, entre los tiempos económicos estables y recesión. Por otra parte investigamos si la mezcla de clientes de un fuego en sí cambia junto con los ciclos económicos. Ambos temas son igualmente importantes desde el punto de vista como la comprensión de los medios de comunicación el comportamiento de consumo en diferentes categorías de un vendedor Les permite formular una estrategia que tenga en cuenta la vista de los consumidores sobre el consumo de medios de comunicación y el lado no sólo la del vendedor.
An Empirical Investigation of Rationality and Intuition in Strategic Decision-Making Processes in Colombia
(IE University, 2023-06-19) Téllez Orrego, Carlos; Seifert, Matthias; https://ror.org/02jjdwm96
Esta tesis doctoral presenta una investigación empírica de cuatro factores contextuales identificados en el corpus de conocimiento actual como predictores de racionalidad e intuición en procesos de toma de decisiones estratégicas: las características ambientales externas, las características estratégicas propias de la decisión, las características internas de la compañía y las características específicas del decisor. A efectos de este análisis, se han utilizado datos de 51 decisiones estratégicas de idéntico número de compañías privadas de Colombia, en Sudamérica. Los resultados que se presentan en este documento refuerzan las conclusiones de las investigaciones previas en lo que respecta a la Incertidumbre Ambiental, una variable que pertenece a la dimensión de las características externas del entorno, y la Incertidumbre de la Decisión, que corresponde a la dimensión de las características propias de la decisión estratégica, como predictores del uso de la Intuición Experiencial en los procesos de toma de decisiones. Este estudio también encontró pruebas de que el Tamaño de la Compañía, una variable que pertenece a la dimensión de las características internas de la compañía, es un predictor significativo del uso de la Racionalidad Procedimental en estos procesos. Se presenta un examen empírico del efecto de mediación de la Incertidumbre de la Decisión en la relación entre Incertidumbre Ambiental y los procesos de toma de decisiones estratégicas, Racionalidad Procedimental e Intuición Experiencial. Esta indagación apoya las formulaciones teóricas en torno a esta relación compleja, además de considerar la asociación de la Incertidumbre Ambiental como un antecedente de la Incertidumbre de la Decisión. Por último, el presente estudio contribuye a la comprensión del papel del estilo de pensamiento de un decisor como predictor de las conductas intuitivas observadas en el proceso de la toma de decisiones estratégicas. La última parte de este documento presenta un resumen de los principales hallazgos, así como contribuciones a la teoría existente. También incluye varias limitaciones de este estudio y vías para futuras investigaciones. En atención a la naturaleza de este estudio, a los participantes en la investigación y a las motivaciones del autor para acometer este proyecto, este documento presenta un conjunto detallado de implicaciones prácticas derivadas de los hallazgos para directivos y gerentes. This doctoral thesis presents an empirical investigation of four contextual factors identified in the available body of knowledge as predictors of rationality and intuition in strategic decision-making processes: External environmental characteristics, Strategic decision-specific characteristics, Internal firm characteristics, and Decision-maker specific characteristics. Data from 51 strategic decisions, from an equal number of privately-owned companies in Colombia, South America, served for this analysis. Results presented in this document support findings from previous research regarding the significance of Environmental Uncertainty, a variable from the dimension of external environmental characteristics, and Decision Uncertainty, a variable from the dimension of strategic decision-specific characteristics, as predictors of the use of Experiential Intuition in decision-making processes. This study also found evidence supporting that Firm Size, a variable in the dimension of internal firm characteristics, is a significant predictor of Procedural Rationality in these processes. An empirical examination of the mediation effect of Decision Uncertainty in the relationship between Environmental Uncertainty and strategic decision-making processes, Procedural Rationality and Experiential Intuition, is presented. This exploration yields support to theoretical formulations around this complex relationship, and regarding the association of Environmental Uncertainty as an antecedent of Decision Uncertainty. Finally, this study contributes to the understanding of the role of the thinking style of a decision-maker as a predictor of intuitive behaviors observed in the process of making strategic decisions. The final part of this document summarizes the main findings and contributions to theory, as well as several limitations of this investigation and paths for future research. In attention to the nature of this study, the characteristics of participants in this exploration, and the motivations of the author to pursue this endeavor, the document presents a detailed body of practical implications for managers and practitioners.
Análisis exhaustivo de los Fondos de Inversión: una investigación empírica: El caso Colombiano
(IE University, 2020-01-31) Montoya Moreno, Iván Andrés; Gómez López, Juan Pedro; https://ror.org/02jjdwm75
This study uses the most comprehensive dataset ever prepared to study investment fund performance in Colombia in terms of both number of funds and number of attributes. In the Colombian market, we empirically study i) the performance of investment funds and the style classification, ii) the link between management fees and performance among investment funds, and iii) the factors that may explain the differences in performance across these funds. We seek to understand whether i) investors have the right information to evaluate fund performance and ii) investment advisor compensation is determined according to the level of performance or some other set of determinants. We provide useful benchmarks for evaluating relative past performance, and the methodology employed is a useful descriptor of fund styles and performance. We find that investment funds adopt styles that do not deviate markedly from passive benchmarks and that few take significant positions away from the index. We provide evidence that the local classification provided either by the company advisory or even by the regulator has relatively little power in explaining differential fund performance. No evidence exists that argues that advisory companies in Colombia intentionally present higher alphas that result in more value added. However, we realize that all of the information that provides a consistent view of investment decisions in Colombia needs to be systematically collected by the regulator. We provide new evidence on products offered by company advisors in this market. In particular, our results on the distribution of fund styles suggest that overall investment funds tilt toward money market investing, which might be a reason that, historically and on average, funds cannot beat the market after costs. From the standpoint of an investor, drifts in style with poor past performance introduce variability that deserves monitoring. Our empirical evidence extends the current finance literature for non-U.S. funds because we find a positive relationship between fees and performance. Relatively sophisticated investors in Colombia appear to penalize funds for poor performance. The elasticity of demand or performance sensitivity for investment funds in Colombia seems to influence the determinant of fees. In our investigation, we encountered common determinants of investment funds¿ performance according to previous research but also found some important differences. This analysis will also help governments and regulators formulate their policies because the effect of incentives on riskadjusted performance should have important policy implications.
Application of Lean Six Sigma in a knowledge industry : a case study of the audit business.
(IE University, 2020-03-18) Brashaw, Nigel Paul; Salvador, Fabrizio; https://ror.org/02jjdwm117
This dissertation explores the application and associated challenges of applying Lean Six Sigma in a knowledge work context, using the US asset management audit practice of a large professional services firm as a large-scale case study. This environment is significantly different from the manufacturing and services repetitive operations use-cases hitherto explored by the academic literature and process improvement practitioners.We explore the specific implementation challenges, or ‘restricting factors’ associated with the audit industry: high turnover/long-cycle times, significant seasonality and team composition, and then present the results of a two-part experimentation involving 97 engagement teams. Our results demonstrate that LSS can meaningfully improve efficiency while maintaining quality. In addition to the efficiency improvements observed, we identify ancillary benefits through the adoption of improvement initiatives. This study also discusses the implications of technology change – in particular Robotic Process Automation and the impact of this developing technology on the relevancy of Lean Six Sigma.
Apportioning slices of a growing pie : examining the influence of Top Management Team (TMT) credentials on firm value creation and its distribution between the firm's shareholders and it's TMT
(IE University, 2021-10-02) Cecil, Timothy Lewis; Kock, Carl; Kock, Carl; https://ror.org/02jjdwm79
The role of the top management team (TMT) demands that executives be able to apply their skills, knowledge and experiences to create value for shareholders and in turn be rewarded for their results. Executive pay has grown exponentially over the last 30 years with CEO pay at large United States (U.S.) headquartered companies growing over 500% since 1990 (Bachelder, 2018) and from 1980 to 2015 the multiplier of CEO to worker pay has increased from 40 times to more than 335 times (Hermalin and Weisbach 2017). Although management literature today presents an abundant amount of research on value creation (Datta and Iskandar-Datta, 2014, Boyd, Bergh and Ketchen, 2010) executive compensation and firm performance, there is a gap in the literature addressing how the value that is created is then subsequently apportioned between the TMT and shareholders of the firm and to what extent TMT member human and social capital characteristics, such as work experience and education, may contribute to this value creation (Qian et al., 2017). This limitation makes it difficult for the board to determine whether or not the TMT members of an organization are compensated for the value that they have created for shareholders and whether or not TMT compensation plans are aligned properly with shareholder value.In response to this limitation, this study examines whether TMT’s with elite credentials (as defined by having education from top tier institutions or prior experience from top tier companies) are compensated more highly and/or create larger profits and the moderating effects that the degree of internationalization of the firm may have on this rent premium. I then extend the findings to examine whether TMT credentials influence the board and whether these TMT, in turn, receive a rent premium at the expense of shareholders when value is created (positive excess returns) and/or when valued is destroyed (negative excess returns). This dissertation draws on upper echelon, the resource-based view and absorptive capacity theories to extend the literature on top management team contribution to firm performance through consideration of causal ambiguity and the signaling effects that TMT member credentials have on the board’s distribution of rewards for performance. Detailed hypotheses are presented in the dissertation.To empirically investigate these research questions, detailed biographical information is coded for a large sample of top management teams by individual and byivcollective teams for a sample of S&P 1500 financial services US firms over a 20-year period (2000 - 2019) to identify differentiated educational and work experience credentials that are indicative of skills which could lead to the creation of value. This dataset is developed using a combination of third-party data available from Center for Research in Security Prices (CRSP), Compustat, BoardEX, Bloomberg, S&P and SEC Filings. Ordinary Least Squares (OLS) multi-variate regression analyses are used to assess the relationship between firm performance, compensation and TMT credentials.The findings are discussed in detail followed by an in-depth consideration of implications for both management literature and management practice. This dissertation contributes to management practice by shedding light on the effect which TMT credentials have on TMT compensation, TMT performance and the distribution of profits between TMT members and shareholders.
Balancing facets of workplace creativity: a holistic view of individual regulatory focus, idea generation paths and the interplay with the context.
(IE University, 2020-05-04) Deuschel, Till Nicolas; Paine, Jill Waymire; https://ror.org/02jjdwm75
This dissertation addresses challenges presented by increasingly complex creativity research. In three chapters, it aims to synthesise several complexities of workplace creativity, including the output, the processes and interaction with the context. The first chapter is theoretical and offers a model of why and how employees create solutions with differing facets of novelty and usefulness. It draws on regulatory focus theory to discuss and distinguish between individual differences in promotion and prevention focus and introduce three self-regulation paths in the creative process. Further, the theoretical model accounts for interacting factors at the contextual level—and distinguishes their effect on creativity based on the degree of alignment with an employee’s goal-orientation strategy. The second chapter is empirical and focuses on the core psychological processes preceding creative output. Its findings suggest that the impact of promotion focus on creativity is mainly on the novelty side of creativity, while prevention focus in itself has no relation to either creativity facet. The final study investigates when and how the organizational context boosts or hinders employee creativity. It argues that the match between an individual and his/her organization’s collective regulatory focus orientation influences the individual´s ability to explore or exploit ideas. In two studies, the chapter shows that the regulatory fit to the perceived and actual (collective) organizational regulatory focus influences an employee’s ability to become creative. Together, the three chapters contribute to creativity literature in several ways. By offering a theoretical model of workplace creativity, articulating the emotional-cognitive processes, it answers the call for theoretical work that specifies how diverse antecedents jointly affect creativity. Second, by examining the manner in which the different regulatory foci of individuals affect novelty and usefulness, it offers a refined view of emerging research on workplace creativity comprised of two distinct dimensions. Finally, by offering an organisational framework to help understand the underlying mechanisms of the creative behavior of individuals in organizations, this dissertation contributes to future empirical research investigating the mechanisms of interacting factors.
Born Under Punches: Crisis Conditions and Institutional Slack in Architecture Practice
(IE University, 2018-06-04) Goodman, David Jeffrey; Carmona, Salvador; https://ror.org/02jjdwm75
Esta tesis analiza las organizaciones en contextos de crisis y transición ambiental. Mi planteamiento es que las normas y las presiones institucionales pueden relajarse en tales climas, y que las organizaciones pueden explotar tal laxitud desviándose de los estándares de las prácticas legítimas, comunes y aceptables sin exponerse necesariamente a los peligros que conlleva la inconformidad. La teoría institucional plantea que las organizaciones de un determinado campo institucional propenderán a parecerse entre sí (DiMaggio y Powell, 1983), y que las empresas corren el riesgo de parecer ilegítimas si se alejan de las lógicas y los modelos institucionales establecidos (Meyer y Rowan, 1977; Deephouse, 1999). Las investigaciones previas plantean que estas presiones de conformidad pueden ser especialmente acusadas en campos profesionalizados. En los estudios que figuran aquí planteo que estas normas pueden acarrear un menor peso cuando el entorno se encuentra en una situación inestable, y que, en lugar de eso, ciertos modos de inconformidad o insubordinación pueden tolerarse y recompensarse en tales contextos. Exploro este fenómeno por medio de una combinación de métodos cualitativos y cuantitativos, incluyendo un estudio longitudinal del número total de los 3.882 estudios de arquitectura del área de Chicago existentes entre 1928 y el año 2000. La práctica de la arquitectura es un contexto de gran utilidad para poner a prueba un modelo institucional, dado que el diseño y la construcción del entorno edificado es, por regla general, dependiente de fuerzas sociales y económicas de mayor magnitud para la contratación y financiación del trabajo (Blau, 1984). En muchos casos, pues, la práctica de la arquitectura es un epifenómeno de la macroeconomía (Tafuri, 1980; Jameson, 1991) y, sin embargo, la disciplina cultural y artística de la arquitectura en sí se basa en ideales y principios internos que pueden estar desvinculados de las fuerzas que en última instancia edifican y pagan el trabajo arquitectónico. Esta tensión entre la arquitectura como disciplina autónoma y la práctica de la arquitectura como instrumento de desarrollo opera como el trasfondo de cada uno de los estudios aquí contenidos. Mis hallazgos indican que ciertas presiones de conformidad institucional pueden remitir o desaparecer por entero durante periodos de transformación ambiental esencial (Haveman, 1992), y que en ciertas circunstancias las nuevas compañías pueden beneficiarse de una inconformidad inicial en su visión estratégica. Plantearía que este fenómeno puede estar vinculado con la relación de una empresa con su cliente primario o tipos de clientes. Considero que las empresas especializadas en ciertos clientes o tipos de cliente son más proclives a desarrollar semejanzas estructurales y estratégicas con sus clientes que las que adoptan un enfoque generalista, y que esta tendencia isomórfica estuvo vinculada positivamente a la reducción de las tasas de riesgo, y a una probabilidad mayor de obtener un reconocimiento profesional por medio de publicaciones y premios. También examino el diseño y planificación en EEUU en relación con la Segunda Guerra Mundial, y advierto que los individuos en el seno de las organizaciones pueden explotar el caos y el estrés vinculado a los plazos ¿a vida o muerte¿ pasando por alto o saltándose las normas de la conducta organizativa legítima y las cadenas formales de mando. Planteo que este tipo de insubordinación no se deriva necesariamente de la resistencia a los objetivos organizativos, sino que puede aflorar cuando los individuos consideran que les resulta tanto posible como necesario desestimar las normas de la organización para alcanzar objetivos organizativos de importancia. Como resultado de esto, las extremadas presiones temporales en lo tocante a un plazo de entrega ¿a vida o muerte¿ pueden
Business Resource Groups: supporting organizational and individual performance outcomes through the development of social capital & self-efficacy
(IE University, 2022-06-23) Dua, Sanjay; Lorenzo Ochoa, Oswaldo; https://ror.org/02jjdwm119
Business Resource Groups (BRGs) are social networks within organizations, that provide support and networking opportunities for their employees. Established in part to promote an inclusive work environment, BRGs look to deliver the core mission and objectives of the organization, by drawing upon the diversity of its member base. (Kaplan, et.al, 2009). BRGs provide fundamental performance opportunities for their members. Performance opportunities come in two forms, individual and organizational. The individual performance opportunities are through career and leadership development (Friedman & Craig, 2004), volunteering through community outreach, and delivering cultural awareness within the company. The organizational performance opportunities come in the form of some combination of new business development, multicultural marketing, and top-line business growth. There has been minimal empirical research on BRGs, their efficacy on individual members, or their impact on organizations (Welbourne & McLaughlin, 2013). The purpose of this study is to fill this gap in research by demonstrating how BRGs can affect organizational and individual performance. This research demonstrates how BRGs, through the development of social capital, can act as mediators, bridging the relationship between internal and external stakeholders. The development of confidence through self-efficacy (Bandura, 1978) underscores the value gained for the BRG team members. This study follows an Asian Pacific American (APA) BRG within a Multi-National Company (MNC), chronicling their approach to enhancing individual and organizational performance. In this context, organizational performance is synonymous with business growth (i.e., sales, volume, gross profit) within the company. Individual performance is synonymous with attaining confidence through on-the-job learning and task accomplishments. The research methods used in this study were through a mixed method design. From a qualitative perspective, a Participative Action Research (A/R) design was used. As the direct leader and the primary researcher, I played a change catalyst role within the BRG, by partnering with internal and external stakeholders to influence, observe, and reflect on the process to achieve organizational performance. Grounded Theory was also used to convert the participant’s sentiments into emerging themes drawn from the A/R experience. From a quantitative methods perspective, a quasi-experimental design was used. Key business performance measures are used to demonstrate before and aftereffects the development of social capital may have both inside and outside of the organization. This mixed method approach provides a powerful and compelling view of how BRGs can impact organizational and individual performance.
Crisis financiera, respuesta organizativa y calidad de la información contable
(IE University, 2016-09-29) Imperatore, Claudia; Trombetta, Marco; https://ror.org/02jjdwm75
La asociación entre la calidad de los datos contables y los mercados financieros a lo largo del tiempo ha sido investigado en la literatura contable. El objetivo de la tesis es doble. En primer lugar, se investiga si y cómo la transparencia mitiga el efecto negativo de la crisis financiera en la financiación de las empresas. En según lugar, se analiza si las empresas modifican sus prácticas de información financiera a causa del deterioro de las condiciones del mercado financiero. Al contrario de las obras anteriores que únicamente se enfocaban en la presencia u ausencia de turbulencias financieras, considero explícitamente la dinámica de los mercados financieros, centrándome en la intensidad de las turbulencias financieras. Además pongo la atención sobre las diferencias entre los tipos de crisis, distinguiendo entre la crisis de los mercados bursátiles y la crisis bancaria. En particular he creado un indicador de la crisis de los bancos y de los mercados bursátiles basado en los países para captar las diferencias por lo que se refiere a la intensidad y los tipos de crisis en todos los países. La tesis muestra que las empresas más transparente antes de la crisis aprovechan más la financiación de la deuda y menos la financiación del capital durante la crisis financiera. Esto es menos probable cuando las empresas utilizan la deuda de obligaciones. Asimismo demuestro que las empresas cambian sus decisiones contables a medida que varian las condiciones del mercado financiero. En particular, existe una asociación en forma de U entre la manipulación de los datos contables y la crisis financiera. Las empresas manipulan menos los beneficios económicos a medida que la turbulencia financiera aumenta debido al mayor monitoreo y control externo. Sin embargo, cuando la crisis alcanza un pico, las empresas se preocupan por su supervivencia y harán todo lo posible para salvar la empresa. Por lo tanto, serán más favorables a manipular los balances financieros y parecer rentables para facilitar el acceso a la financiación. Por último, la evidencia empírica sugiere que las empresas maquillan más los beneficios netos como reacción a la crisis bancaria (en lugar de crisis del mercado bursátil). Las dificultades para obtener una fuente clave de financiación (es decir, préstamos bancarios) impulsa las empresas de disparo a buscar sustitutos. Esto genera un incentivo a las empresas a que maquillen los beneficios netos para parecer menos arriesgadas y facilitar el acceso a fuentes alternativas de financiación. El incentivo es más fuerte en los países con un contexto institucional más fuerte, donde la sustitución a favor de tipos alternativos de financiación es más factible.
Cultivating a sustainable future: an implementation case study of permaculture and digital technologies in managed farm services context
(2024) Thampy, Sarin; Valogianni, Konstantina; https://ror.org/02jjdwm75
Industrial agriculture's detrimental environmental impact and the growing global demand for food necessitate sustainable agricultural practices. The current study aims to investigate the economic performance and sustainability outcomes of implementing permaculture practices and digital technologies in a managed farm services context in India (two distinct farm types: agroforestry and lifecentric farms), contributing to the growing body of knowledge on sustainable agriculture and highlighting the potential of different implementation approaches to transform the agricultural sector. A mixed-method sequential research design is used, beginning with qualitative interviews conducted with five experts associated with the single case study organization, Hosachiguru, a leading Indian farming company offering managed farm services, followed by quantitative surveys with 208 farmers (108 from agroforestry and 100 from lifecentric farms). Findings reveal that implementing permaculture practices like rainwater harvesting (mean = 4.64) and water management systems (mean = 4.63), alongside digital technologies like IoT-based moisture management (mean = 4.48) and drip irrigation (mean = 4.52), enhances both economic performance and sustainability outcomes according to the farmers. Notably, lifecentric farmers received higher benefits from certain permaculture practices (e.g., mulching, with a statistically significant difference of p < 0.001) and the MyFarm mobile app (p < 0.01) compared to agroforestry farmers. Moreover, farmers prioritized non-price factors like concept representation (mean = 4.25), amenities & facilities (mean = 4.08) and developer reputation (mean = 4.05) when purchasing managed farm services, over price (mean = 3.13). The study’s findings underscore the transformative potential of integrating permaculture and digital technologies in diverse farming contexts. Policymakers and educators should develop supportive policies and training for sustainable and digital farming. The study also provides future research directions such as effect of tailored approaches for sustainable agriculture and the need for a longitudinal study to track improvements over time among others
Dark side of good behaviors: essays on helping, thanking and apologizing
(IE University, 2022-02-09) Li, Shike; Jain, Kriti; https://ror.org/02jjdwm85
This dissertation examines the negative outcomes of three widely-studied prosocial behaviors: helping, thanking and apologizing, and aims at providing a broader understanding of when and why these behaviors fail to serve a prosocial function. Chapter 1 differentiates the effect of proactive (i.e., unsolicited) help vis-à-vis reactive (i.e., solicited) help on the helper’s subsequent selfish behaviors, and investigates a novel mechanism—perceived cost of helping—underlying such relationship. In three experimental studies, I demonstrate that after providing reactive help (vis-à-vis proactive help), the helpers are more likely to engage in selfish behaviors for selfbenefits, and this is because the disruptiveness of providing reactive help makes the helpers to perceive the cost of help (i.e., time, effort and resources invested in help) as higher, the effect of which is strengthened when helpers are more intolerant of under-reward. Chapter 2 investigates a ubiquitous yet unstudied phenomenon: when a benefactor solicits gratitude expression from a beneficiary after offering help, namely, gratitude expression solicitation. Based on the results from one pilot study and three experimental studies, I demonstrate the real-life instances of gratitude expression solicitation, how soliciting gratitude expression is different from soliciting other monetary and non-monetary resources in social exchanges, and how it can lead the beneficiary to avoid the benefactor more through perceived benefactor arrogance. I also examine the moderating effect of whether gratitude has been expressed before it is solicited, which jointly contribute to an in-depth understanding of soliciting gratitude expression. Last, in Chapter 3, I explore when apology may impair reconciliation process by exploring the situation when the alleged transgressor does not perceive any wrongdoing but still apologizes. Adopting a transgressor-centric approach and using a mixed-approach design, I investigate the nature and the prevalence of apologizing with no felt transgression at the workplace, demonstrate its related affective and reconciliation outcomes from the transgressor’s perspective, and illustrate the role of organizational conflict cultures in influencing employees’ restoration efforts upon apologizing with no felt transgression.
Decision making under social interactions: processes and outcomes.
(IE University, 2021-05-26) Guha, Sreyaa; Seifert, Matthias; https://ror.org/02jjdwm95; Sinha, Shameek
In my dissertation I study two different types of decision making processes in the presence of social interactions. The first decision making process is investigated under uncertainty where I examine pricing decisions under an impending regime shift. Impending regime shifts representan uncertainty in the underlying state of the world that is susceptible to change. In such situations, decision makers must make probabilistic judgments of the change to arrive at the pricing decisions (i.e., willingness to pay/accept) for insurance and assets. I examine whether there is a gap between willingness to pay (WTP) and willingness to accept (WTA) and if the gap can be mitigated using social learning. To this end, a model is built integrating prospect theory with the system neglect hypothesis in chapter 1. Model predictions regarding WTA and WTP are validated using data collected through four controlled experiments. Based on this model, in chapter 2, two additional studies are conducted to examine the gap between WTP and WTA. To observe the effect of social learning on this gap, buyers-seller dyads are allowed to reveal their pricing decisions to each other over a multi period trading game. While a significant gap between WTA and WTP is observed, the effect of social learning on this gap is found to be insignificant. The second decision making process, outlined in chapter 3, is investigated under certainty (i.e., no risks involved) where I examine social interaction based choice formation for commodities. I analytically derive the average choice equilibrium of a socially interacting group using an expectation based choice model that incorporates group influences on individual decisions. Furthermore, I study if the equilibrium changes when firm actions (to influence individual choices) are introduced. Findings show that with firm actions, scenarios emerge where the choice equilibrium is self-defeating for the firm, specifically when decision makers are either privately indifferent between buying and not buying or they privately prefer not buy and only non-reference groups are present.
Disclosure, use and interpretation of the financial information of governments: three essays
(IE University, 2021-03-11) Columbano, Claudio; Trombetta, Marco; https://ror.org/02jjdwm93
This dissertation offers three studies aimed at shedding new light on the disclosure, use and interpretation of the financial information released by governments. The first two chapters are based on a hand-collected data set covering the forecasts disclosed by European Union governments over the period 2001-2018. The third chapter is based on 27 interviews with sovereign rating personnel working at four credit rating agencies and on archival material. Thechapters contribute novel perspectives on the peculiar financing reporting problem that confronts governments. In particular, the first chapter shows that the transparency of governmental financial disclosures responds to a cost-benefit trade-off similar to that which characterizes corporations. Accordingly, governments’ disclosure choices are self-interested, but they are not always driven by opportunistic motives. The second chapter reveals that equity investorsare active users of government forecasts, although they interpret them heterogeneously. In particular, the credibility of government’s commitment appears to explain the emergence of differential interpretations among investors when governments issue optimistic forecasts. The third chapter documents that credit rating analysts, too, differ in their interpretation of the financial information released by governments and use their subjective judgment to make up for the short comings of automated valuation models. Collectively, the dissertation extends extant accounting research by providing new perspectives on theunderstudied financial reporting problem that characterizes governments.
Disentangling gender in social enterprises : from antecedents to venture outcomes.
(IE University, 2020-03-18) García Lomas Drake, Isabel; Gabaldón, Patricia; https://ror.org/02jjdwm84
This doctoral dissertation explores the role of gender in the creation and development of social enterprises. The first chapter establishes the need for research at the intersection of women entrepreneurship and social enterprises. The second chapter discusses the role of gender in social entrepreneurship’s research by providing a systematic overview of the literature. This chapter is useful in providing a guide for the remaining chapters in that it helps to understand how women, in terms of their gender, affect the development of social enterprises. This leads to the third chapter whereby means of a single-case study, we aim to examine the role and impact of women leading social enterprises. In order to gain a comparative perspective, the fourth chapter highlights the contextual factors affecting social entrepreneurs through a critical approach to the study of the interrelation between gender and social entrepreneurship. Finally, the last chapter develops the main conclusion of this dissertation: women make a difference in social forms, confirming that gender indeed influences entrepreneurial leadership in social ventures. This last chapter also lays the ground for future research and implications for practice.
Disentangling legitimacy: three essays on legitimacy perceptions
(IE University, 2020-05-04) Siraz, Sonia ; Castro, Julio de; https://ror.org/02jjdwm77
This dissertation seeks to add to the understanding of legitimacy and contributes to the organizational legitimacy and entrepreneurship literatures. To do so, this doctoral thesis adopts a legitimacy-as-perception approach from the perspective of evaluators within a multilevel framework of individual or micro level, and collective or macro level judgments. This work first seeks to clarify conceptually the range of legitimacy judgments at collective or macro-level in its first chapter before empirically examining the legitimacy judgment formation processes at individual or micro-level in the next two chapters. More specifically, the first chapter refines the continuum between legitimacy and illegitimacy and clarifies lack of legitimacy at macro level by proposing a typology of five legitimacy states along that continuum as well as indicates associated legitimation strategies. The second chapter explores the process of legitimacy judgment formation of evaluators by investigating how the relative weight of a series of validity cues affects legitimacy judgments and how that relationship is moderated by evaluators’ basic values in the context of a new venture. The third chapter further examines the process of legitimacy judgment formation of evaluators by investigating how validity cues in the form of stereotypes about gender and nationality affect legitimacy judgments about failed entrepreneurs and how that relationship is moderated by evaluators’ beliefs in a just world.
Do proxy advisors add value to firm investors? an ownership perspective
(IE University, 2023-04-23) Jiménez Fermández, Laura; Cruz, Cristina; https://ror.org/02jjdwm94
Proxy advisors (PAs), or information intermediaries that provide voting recommendations to investors, have gained visibility in the corporate governance landscape as external firm monitors. However, recent evidence suggests that the informational value of PAs is not the same across firms. Hence, their role in the shareholding voting process has come under increasing scrutiny. We advocate that the value of the PA as an external monitor cannot be assessed without considering the role of the other key internal monitor that participates in the shareholder voting process, that is, the Board of Directors, and without adopting an ownership perspective, as the Board voting advice will be largely influenced by who is the major owner of the company. Thus, we focus on family firms – a dominant group of concentrated firms with unique agency problems. We conduct three studies to understand how PAs help investors to evaluate the unique agency dynamics of listed family firms. In the first study, we examine the “PA-Board conflict” that arises when the PA recommendation is to vote differently from the Board; we also analyze its influence over investor dissent in listed family firms. In the second study, we explore the impact of the PABoard conflict over investor dissent in listed family firms that pay generous dividends to satisfy investors. Finally, in the third study, we investigate the influence of the “PA stamp” (i.e., when PAs recommend voting in the same way as the Board) over the value of concentrated firms, with a focus on listed family firms. Through the analysis of every voting proposal presented in Fortune 1000 firms; our studies provide insights into not only the role of the PA as an external firm monitor but also the value of the Board as an internal firm monitor. The studies also advance the understanding of the agency problems in listed family firms.
Does cash hoarding represent excessive conservatism or opportunism of CEOS in pre- and post- crisis of 2008?
(IE University, 2021-06-21) Blinder, Edward; Markarian, Garen; https://ror.org/02jjdwm91
The aim of this paper is to define and isolate the drivers of speculative cash hoarding phenomena in publicly traded non-financial American firms before and after the financial crisis of 2008. The model presented in this paper uses previous literature defined drivers of transaction and precautionary motives for holding cash as control variables, and introduces new measures for market endorsement and economic conditions, that were never used before in this context. Empirical results show that cash accumulation is prominent among profitable firms, and that cash accumulation in excess of ongoing and precautionary needs of companies was endorsed by the financial markets both before and after the financial crisis of 2008. Results also support previous findings that financially unconstrained firms have a lesser need for market endorsement for cash hoarding. The contribution of this paper to the body of literature related to cash management and cash hoarding is five-fold: (i) it provides empirical evidence of market-endorsed cash hoarding in the US non-financial companies; (ii) it extends the existing models of transaction-related cash holdings to include, formally define and test the drivers of precautionary cash accumulation in the non-financial sector; (iii) it formally defines and tests a metric for market sentiment related to cash hoarding before and after the financial crisis of 2008; (iv) provides empirical evidence that the crisis of 2008 was anticipated by the corporate sector as early as 2005, and recovery from the crisis was predicted as early as Q2:08; and (v) defines and quantifies the border separating the precautionary and speculative motives for cash accumulation.
El efecto disposición: un estudio longitudinal para inversores particulares e institucionales en el mercado belga en differentes condiciones de mercado
(IE University, 2017-12-04) Groot, Alexander Jaat de; Núñez Letamendia, Laura; https://ror.org/02jjdwm75
Empleando dos metodologías diferentes, el método Odean para algunas hipótesis y el análisis de supervivencia para otras, se ha estudiado el efecto disposición para cuatro categorías diferentes de inversores en base a una serie muy larga de datos de Bélgica, un país neutro a efectos fiscales en relación con las ganancias y pérdidas patrimoniales. Posteriormente se divide la serie de datos en periodos al alza y a la baja, y se realiza el mismo análisis en dichas condiciones diferentes de mercado. En general, nuestros resultados apoyan la existencia del efecto disposición en el mercado belga, aunque no todos los agentes financieros que participan en el mercado muestran el mismo grado de este sesgo de comportamiento: los particulares muestran un efecto disposición más fuerte que los inversores institucionales, pero no puede deducirse una clasificación real para las cuatro categorías distintas de inversores. Durante los mercados a la baja, este efecto disposición incluso parece agravarse. Para finalizar, mostramos que el género influye en el comportamiento de las inversiones y que la sofisticación de los inversores, aquí medida en base a su nivel educativo y tamaño comercial, no parece ejercer ninguna influencia en las decisiones comerciales.
Ensayos sobre Ética, Juicios y Toma de Decisiones
(IE University, 2017-12-15) Tzini, Konstantina; Seifert, Matthias; https://ror.org/02jjdwm75
La presente tesis examina la toma de decisiones y el juicio individuales en el campo de la ética y propone una intervención para frenar las intenciones de actuar de forma poco ética. En base a la idea de que los procesos automáticos prevalecen ampliamente en nuestra toma de decisiones y juicio morales, el primer capítulo examina una intervención ¿ la reflexión consecuente ¿ y su efecto en la toma de decisiones y el juicio morales. En cuatro estudios, muestro que la reflexión consecuente ¿ basada en el desembalaje de consecuencias de comportarse de forma poco ética ¿ frena las intenciones de caer en comportamientos poco éticos pero también da como resultado juicios más severos sobre el comportamiento poco ético de los demás. Se examinan diferentes formas de desembalar las consecuencias del comportamiento poco ético, y se explora el mecanismo mediante el que funciona la reflexión consecuente. La evaluación del desempeño, factor contextual importante para los empleados, es el foco del segundo capítulo. Particularmente, examino los efectos de un sistema popular, la evaluación del desempeño relativo, sobre la tentación exacerbada de comportarse de forma poco ética, así como sobre esperar que lo hagan otros. En tres estudios pongo a prueba esos efectos, mientras que en otros dos analizo la efectividad de la reflexión consecuente ¿ introducida en el primer capítulo ¿ en el contexto de la evaluación del desempeño relativo. Finalmente, en el tercer capítulo, presento tres estudios para examinar las condiciones marco de la reflexión consecuente y su efecto sobre el comportamiento poco ético. Muestro que el estilo de toma de decisiones individual preferido y la magnitud de las recompensas influyen en la efectividad de la reflexión consecuente. Además, comparo la reflexión consecuente con otra intervención popular, los códigos de honor.

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