F?rdern aktienkursbasierte Vergütungsinstrumente langfristig orientierte Unternehmensentscheidungen? Lehren aus der Kreditkrise

The question whether stock-based management incentives encourage long-term oriented management decisions is the topic of a controversial public debate. Also, the existing academic literature provides no clear picture, mainly due to endogeneity problems. In this paper, we reexamine the issue in the context of the recent credit crises, which allows us to solve the endogeneity problem. In the empirical analysis we find that firms, which have awarded stock-based incentives to their executives prior or during the financial crises, face substantially lower cuts in investment spending. These firms also show higher levels of R&D investments during the financial crises. Overall, our results suggest that stock based long-term incentives promote long-term oriented management decisions.     

Strategic leadership in organizational crises: A review and research agenda

Of all actors involved in managing an organizational crisis, strategic leaders play a particularly central role. However, the growing scholarship on the impact of strategic leaders in crisis situations is characterized by a high degree of fragmentation, considerably hindering the generation of parsimonious theory and practically useful insights. To address this issue, we conduct a systematic multidisciplinary literature review that spans the research streams on strategic leadership and organizational crises. For each type of strategic leader—Chief Executive Officer (CEO), top management team, and board of directors—we identify the different applied theoretical lenses and highlight commonalities and differences between studies and their insights. We use our review to derive an integrative conceptual framework that guides future research. Our exploratory review unveils that, while each type of strategic leader plays a significant role in a crisis context, the perspectives taken and the resulting evidence vary: as for the CEO, research focuses on social evaluations—for instance, based on the CEO's appearance—as well as agency-theoretic considerations—particularly, financial incentives. Regarding the top management team, research mostly adopts a managerial and organizational cognition lens, focusing on characteristics such as personality and human capital. Lastly, for the board of directors, agency-theoretic considerations again dominate the scholarly conversation, especially studies of board independence. Overall, we review and organize a rich but patchy research landscape, and we derive ample opportunities for novel theoretical and empirical inquiries into strategic leaders and their role in managing organizational crises.     

软预算约束、银行危机与金融监管

本文利用不完全信息动态博弈模型,探讨了金融危机、监管者的软预算约束与银行道德风险之间的关系.研究发现:金融危机愈高,监管者的软预算约束愈大,因此,消除软预算约束是降低金融危机最重要的监管措施;建设性模糊策略能够有效消除金融机构对软预算约束的预期心理;随着银行的道德风险上升,金融危机也会升高.     

SYSTEMIC AND IDIOSYNCRATIC SOVEREIGN DEBT CRISES

The theoretical literature on sovereign defaults has focused on adverse shocks to debtors' economies, suggesting that defaults are of an idiosyncratic nature. Still, sovereign debt crises are also of a systemic nature, clustered around panics in the financial center, such as the European Sovereign Debt Crisis in the aftermath of the US Subprime Crisis in 2008. Crises in the financial centers are rare disasters and, thus, their effects on the periphery can only be captured by examining long episodes. In this paper, we examine sovereign defaults from 1820 to the Great Depression, with a focus on Latin America. We find that 63% of the crises are of a systemic nature. These crises are different. Both the international collapse of liquidity and the growth slowdown in the financial centers are at their core. These global shocks trigger longer default spells and larger losses for investors.     

Hybridizing logistic regression with product unit and RBF networks for accurate detection and prediction of banking crises

As the current crisis has painfully proved, the financial system plays a crucial role in economic development. Although the current crisis is being of an exceptional magnitude, financial crises are recurrent phenomena in modern financial systems. The literature offers several definitions of financial instability, but for our purposes we identity financial crisis with banking crisis as the most common example of financial instability. In this paper we introduce a novel model for detection and prediction of crises, based on the hybridization of a standard logistic regression with product unit (PU) neural networks and radial basis function (RBF) networks. These hybrid approaches are fully described in the paper, and applied to the detection and prediction of banking crises by using a large database of countries in the period 1981–1999. The proposed techniques are shown to perform better than other existing statistical and artificial intelligence methods in this problem.     

Designing an effective financial planning and control system

This article addresses the problems to be found in the design of financial planning and control systems. The primary purpose of an effective planning and control system is to minimize the possibility of management crises and to accomplish this, management must plan for the development of such systems as it would plan for plant expansion or new product development, recognizing the changing needs of the system as the company evolves.     

Organizational change and rigidity during crisis: A review of the paradox

When and how do existential crises, threatening business continuity, stimulate organizational change or cause the opposite—rigid preservation of established business practices? This question remains unresolved, despite three decades of deliberations in the academic literature, which still yields contradicting theoretical arguments and empirical results. One view argues and finds support for the hypothesis that posits an amplified propensity to change within threatened organizations. The other view supports the threat-rigidity thesis, implying reinforcing habitual practices. In this paper, we provide a novel holistic typology of organizational crises and then review the literature on the topic, summarizing existing insights within a theoretical framework comprising three interrelated sequential processes: organizational cognition, decision-making, and implementation. We analyze the gaps in the field's knowledge within each process and propose a research agenda to address these voids.     

基于动态因子Copula模型的行业间系统性风险分析

国际金融市场间的相关关系以及系统性风险受到很多学者的重视，本文则以我国股市的行业指数作为研究对象进行实证研究。通过构建动态因子Copula模型，文章对行业的日收益率数据进行了动态相关性分析，并基于风险预期占比度量了我国行业之间系统性风险的溢出效应。本文分析了2006年1月4日至2016年7月1日的28个行业指数数据，基于GAS动态负荷因子的变化路径来刻画其相关关系，通过风险预期占比来研究行业间的风险溢出效应。研究表明，各个行业指数收益率之间存在较强的关联性。就单个行业来说，化工行业与其他行业关系最为不稳定。就金融与非金融行业而言，金融行业对非金融行业的影响较大且较为平稳。本文所得研究结果可以为投资者和风险管理者在进行决策时提供一定的指导。     

Stemming the downturn: How ambidexterity and public policy influence firm performance stability during economic crises

A key question confronting policy makers during economic crises is how they can support firms to maintain their performance levels until the economic storm has passed. The present study bridges insights from the ambidexterity and public policy literatures to examine how firm-internal responses (that is, ambidexterity) and external public policy incentives (that is, demand-pull policies) affect the stability of firms’ performance in a recessionary economic context. Using data from private German renewable energy firms at a time following the global financial crisis, we find that only firms with low ambidexterity achieve performance stability in light of demand-pull policies. This research draws attention to the relevance of stability as a policy-relevant performance measure during times of economic crises. Further, we suggest that greater insight into the interplay of managerial and political factors is necessary to enable policy makers to support the stability of certain industries during crises.     

The board advisory tasks in small firms and the event of crises

In this article we examine what affects the board of directors’ involvement in the advice to management, with emphasis on the influence of crises on the board advisory tasks performance. Based on a survey of 881 small Norwegian firms, we analyse responses from CEOs in order to determine whether and to what extent the board is actively involved in the governance process during crises through providing advice. The study has two major contributions to board research in general and research of into small firms in particular. The first is the go beyond the “usual suspects” of board size, CEO duality, and board independence when looking for determinants of board involvement in advice. The second contribution is a clearer understanding of board involvement during crises. Our results show that board member diversity becomes particularly important during crises, since this provides the CEO and firm access to a more diverse pool of competences and experiences. We also find that crises moderate the effects of incentive on the board’s involvement in advice. This evidence sheds new light on the determinants of directors’ involvement in board tasks, suggesting that directors’ incentive to perform certain board tasks vary according to the contingent situation the firm is experiencing.     

Detecting and explaining systemic risks of mortgage banks—evidence from the subprime crisis

In recent history, financial markets worldwide experienced severe turmoil due to the subprime crisis originating from the practice of US mortgage banks to securitize loans given especially to subprime borrowers. In the same crisis, several distressed banks were bailed out by states with even more banks receiving financial aids from governments. Using a unique data sample of 100 announcements of US mortgage banks between 2006 and 2009, this paper provides empirical evidence that isolated failures of US mortgage banks caused significant contagion effects in the US financial system. Conversely, especially the bailouts of Fannie Mae and Freddie Mac led to significant positive valuation effects at rival banks. In the cross-sectional analyses, contrary to previous studies in the literature on past financial crises, we find evidence for pure contagion effects following the failures of US mortgage banks. Furthermore, we analyze the reactions of the CDS spreads of several large US banks to the announcements of mortgage banks using a novel mixture copula model. The results show that the contagion effects were limited to the stock market thus underlining the notion of an irrational response of (stock) market participants. The results from our cross-sectional and CDS data analyses in turn indicate that several of the failures of US mortgage banks during the subprime crisis caused irrational contagion in the US financial system thus justifying government intervention. Finally, we rule out the possibility that the contagion effects limited to the US stock market were caused by a herding of investors.     

股票市场微观结构噪声、跳跃、流动性关系分析

在金融高频数据研究领域,学者们关于不同类型风险的内在关系并未深入探讨。从高频数据角度,本文首次对市场微观结构噪声、波动率跳跃之间的关系进行了理论分析。估计出微观结构噪声方差,通过构造新的跳跃分离方法,分离出波动中跳跃成分,给出流动性度量指标,并以上证综合指数为例,对微观结构噪声、跳跃、流动性三者关系进行实证分析。结果表明噪声越大指数发生跳跃的可能性越高;流动性越强指数的噪声越小,并且发生跳跃的可能性越低,并对此现象给出相应的解释。     

Disrupting Management Research? Critical Reflections on British Journal of Management COVID-19 Research and an Agenda for the Future

Research interest in extreme contexts was growing before the COVID-19 pandemic and has intensified since. The climate crisis, significant geo-political conflict, political polarization and upheaval, and economic/financial crises that present existential challenges to organizations have all contributed to rising interest in extreme-context research. COVID-19 itself has generated an enormous body of research across all sub-fields of management. However, the substantive, methodological and conceptual implications of this large volume of research remain unclear. In this introduction to the British Journal of Management COVID-19 Online Virtual Issue, we describe and analyse COVID-19 research so far published in the British Journal of Management. The Journal was proactive in seeing the profound implications of COVID-19 for management research and practice, issuing an early call for contributions, and publishing several exploratory commentaries as early as July 2020. In this paper, we situate COVID-19 research within the broader extreme-context research, analyse contributions made so far, and build upon an extended taxonomy of extreme contexts to suggest ways for future research to generate further impactful insights.     

Global Financial Crisis, Public Administration and Governance: Do New Problems Require New Solutions?

A financial crisis, or any crisis, is likely to produce a variety of responses from governments. This article discusses the range of responses that may be possible, pointing out that diametrically opposite answers may be made to the common problem. The analysis points to the persistence of many dichotomies in our thinking about public administration and public policy. These varied responses to crises are investigated in several political systems including the Baltic States and the European Union.     

绿色金融与经济增长质量：带有资源环境约束的一般均衡模型构建与实证检验

深入认识绿色金融对经济发展质量的影响机制、实证检验二者的关系,是科学引导绿色金融体系构建、助力高质量发展的基础,但该领域的理论研究和实证证据都十分有限。本文从绿色金融研究的理论脉络入手,构建了带有资源环境约束和金融部门的一般均衡模型。在模型中,自然资源的“公共物品问题”导致经济增长路径偏离最优水平,而绿色金融机构能够通过优化资本配置,改善经济增长路径,降低稳态中的环境损害水平,提高经济增长的质量。基于理论模型,本文使用2005年至2017年的省级面板数据检验了绿色金融活动与经济增长质量之间的关系,实证证据有力地支持了理论模型的推论。据此,本文指出,发展绿色金融的核心是“绿化”金融机构的运营理念和投资决策,从改善经济体的资源配置状况入手,促进经济的绿色发展。此外,本文的理论模型将绿色金融的研究与经济增长理论结合起来,也为绿色金融的理论体系构建提供了参考。     

Traversing the storm: An interdisciplinary review of crisis leadership

An organizational crisis is a low-probability, high-impact event that threatens the survival of organizations and individuals, often with little warning. In response, people seek clarity, reassurance, and hope from organizational leaders. Yet, crises also vary in nature and impact (e.g., a product failure versus the COVID-19 pandemic), which presents diverse challenges to leaders and differing stakeholder perceptions. Based on a critical analysis of 69 empirical articles, we provide a comprehensive, systematic, interdisciplinary review of the crisis leadership literature. Our review utilizes the Coombs and Holladay (1996) crisis typology, where crises are categorized according to mutually exclusive attributional dimensions (i.e., internal–external and intentional–unintentional). We conduct a thematic analysis of crisis leadership within and across these four crisis categories and find that each is associated with a different leadership theme. We also examine the methodological quality and rigor of the qualitative and quantitative articles in our review. Based on our findings, we also offer suggestions to guide future crisis leadership research, and provide guidance for organizational leaders in how to respond to various crises.     

Financial Returns of Corporate Social Responsibility,and the Moral Freedom and Responsibility of Business Leaders

A number of theorists have proposed mechanisms suggesting that corporate social responsibility produces better financial results. Others subscribe to the theory that, realistically, less ethical means are necessary. This article contains an analysis of these perspectives drawing on observations from evolutionary game theory and nature. Based on these analyses, it is concluded that the financial returns of corporate social responsibility and irresponsibility (CSR and CSI) are equal on average. The explanation is that CSR and CSI aredriven to a state of equilibrium, because if one or the other were to offer higher profits, it would attract more players who would compete for the best opportunities until there was no difference in average profit. Existing empirical research generally shows a positive correlation between CSR as measured and corporate financial performance. It is argued that what is actually causing that finding is probably not CSR but management skill. More skillful managers, whether actually responsible or irresponsible, are able to obtain both higher profits and greater credit in imperfect measures of CSR. Next it is shown that this theory of equal returns implies greater moral freedom and therefore responsibility for business leaders. It is concluded that this insight can intensify the interest of decent business leaders in vigorously championing CSR.     

Strategic control: a problem looking for a solution

There are a number of complex issues surrounding strategic control and this article attempts to address some of the key aspects. Control as a generic concept and process is considered first. The main control elements of measurement, evaluation and feedback are equally relevant to both the short and the long term. Nevertheless specific questions or issues can vary for strategic and operational controls, and issues of particular relevance to strategic control are identified. Different types of strategic control are explored in a discussion of 'strategic momentum control' and 'strategic leap control'. The findings of some empirical research are discussed and barriers to strategic control identified. The article concludes by briefly looking at the problems associated with the use of financial measures for strategic control.     

A literature review and emotion-based model of age and leadership: New directions for the trait approach

Despite renewed interest in traditional trait approaches to leadership and despite recent demographic trends towards an aging workforce, research on leaders' age as a specific demographic trait variable has remained surprisingly sparse and fragmented. This article provides a comprehensive review of the empirical literature on this issue. Although a body of research relating leaders' age with their behaviors and outcomes has emerged, the existing findings exhibit little consistency and lack theoretical coherence. Integrating theories of emotional aging with research on emotions and leadership, we therefore develop a novel, emotion-based framework that explicates key mechanisms and boundary conditions underlying age–leadership linkages. Moreover, we outline opportunities for further theoretical extensions and provide recommendations for future empirical work. Overall, this article paves new ground for contemporary research on leadership traits by highlighting the relevance of leaders' age, summarizing current knowledge on this issue, and providing new theoretical and empirical directions.     

SOVEREIGNS VERSUS BANKS: CREDIT,CRISES, AND CONSEQUENCES

Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet and worries about the risks of lax fiscal policy. However, the two may interact in important and understudied ways. This paper examines the co‐evolution of public and private sector debt in advanced countries from 1870 to 2012. We find that in advanced economies financial crises are not preceded by public debt build‐ups nor are they more likely when public debt is high. However, history shows that high levels of public debt tend to exacerbate the effects of private sector deleveraging after financial crises. The economic costs of financial crises rise substantially if large private sector credit booms are unwound at times when the public sector has little capacity to pursue macroeconomic and financial stabilization.