Investment communities: Behavioral attitudes and economic dynamics

Using a real-world data set encompassing the daily portfolio holdings and exposures of complex investment funds, we derive a set of quantitative attributes to capture essential behavioral features of fund managers. We find the existence and stability of three investment attitudes, namely the conservative, the reactive, and the pro-active profiles, defining communities that respond differently when facing external shocks. The conservative community has behavioral similarities that tend to decrease due to external shocks, the reactive community members greatly increase their activity level especially during turmoil phases, while delegated investors in the pro-active community are more resilient to turbulence and counterbalance the impact of the events by adjusting their portfolio exposures in advance. We show that exogenous shocks only temporarily perturb the behavioral traits of the communities which then go back to their original states once the distress is embedded.     

Are they lonely at the top? Social relationships and social support among Australian managers

This research tested the possibility that managers may be lonely at the top. A total of 572 Australian managers responded to a questionnaire-based survey. Results showed that social support was more frequently available from non-work relationships than from work relationships. The support available from work and non-work sources was also qualitatively different. Workplace relationships offered mainly distraction, whereas non-work sources also offered care, acceptance, and consolation. Within the workplace, co-workers were the primary source of support. Moreover, support for work stressors was received from within the workplace, or from a spouse or partner. However, support was seldom received from within the workplace for non-work stressors. Concerns about social relationships also contributed to most of the nominated stressful situations.     

The manager's role in employees' successful return to work following back injury

Abstract

This study reports on the short-term effects of an educational programme for immediate supervisors on employees' back pain problems. The course was designed to help supervisors more efficiently deal with employees returning to work after being treated for back pain. Forty-seven supervisors who had personnel either undergoing treatment for back pain problems or were candidates for this treatment were invited to attend a one-day course. This educational package consisted of information about back pain and stressed specific behaviours which supervisors could use to help their employees successfully return to work. The results showed that 78% of the supervisors found the course to be satisfactory enough to recommend it to a colleague without hesitation. Furthermore, independent ratings made by the supervisors and their employees suggested that supervisors complied with the recommended programme. Returning employees, moreover, gave their supervisors significantly higher ratings of support than a control group whose supervisors had not attended the educational programme. It was concluded that an educational programme which alters specific supervisory behaviours may be an effective method of assisting employee return to work after treatment for back pain. Further research is needed to determine the long-term effects of such a programme on absenteeism due to illness.     

How managers’ risk perceptions affect their willingness to blame advisors as scapegoats

Managers spend considerable amounts of corporate money to hire consultants. The research proposes two potential benefits of consultants' advice: increasing decision accuracy and sharing responsibility with the advisor. In contrast to previous research, which has predominantly focused on factors influencing decisional accuracy, this paper evaluates the sharing of responsibility in the form of using an advisor as a scapegoat. We conduct an online experiment with 175 managers from German-speaking countries in an investment setting. We find that the presence of a potential scapegoat positively affects advice utilization in an economic boom but negatively affects such utilization in an economic crisis due to managers' varying risk perceptions. Managers' risk perceptions are the main drivers of scapegoating as a form of managerial blame avoiding decision-making. We contribute to management research and highlight managers’ opportunistic motives behind consulting (costly) advice.     

When does part-time employment allow managers with family responsibilities to stay on the career track? A vignette study among German managers

The present study examines the specific conditions under which part-time (PT) arrangements in managerial jobs allow parents with childcare responsibilities to stay on the career track. By integrating economic signaling theory and gender role congruity theory, a vignette study among German managers revealed that substantial PT hours, flexible working schedules, and flexible childcare arrangements positively influence decision makers’ personal promotion decisions. Further, we found a significant fatherhood bias with male PT managers receiving less favorable promotion decisions than female PT managers. The study further reveals that decision makers’ evaluations of managers’ levels of advancement motivation mediate several significant relationships. The paper discusses practical impactions and future research directions.     

欧洲各国人力资源经理的培养与教育及对我国的启示

人力资源管理的重要作用在很大程度上依赖于从业人员的素质、所受的教育和培训以及他们的专业技能和水平。本文运用文献研究法,简要回顾了欧洲人力资源管理职业化过程,通过大量的调查数据,对欧洲各国人力资源管理专业人员的教育和培训情况进行了介绍和分析,对从业人员的学历水平、所学专业、在职培训及各种不同组织雇用人力资源管理专业人员的情况作了详细分析。最后,对我国人力资源管理专业人员的培养提出了建议。     

管理人员工作压力与工作效率的影响研究——以国有企业与民营企业为例

本文对我国国有与民营企业管理人员工作压力对工作效率的影响进行了研究。结果显示,民营企业管理人员工作压力对工作效率的影响值明显高于国有企业管理人员。通过对两类企业管理人员工作压力对工作效率影响比较发现,国有企业管理人员由于工作压力较低,从而导致工作效率也较低;民营企业管理人员工作压力较高,而且带来的工作效率也较高。进一步研究发现,民营企业管理人员的工作压力相对于国有企业管理人员来说比较高,但是也没有达到“临界值”,从而使管理人员工作效率没有得到最大程度的发挥。因此,在目前的状况下,为了提高管理人员的工作效率,两类企业完全有增加其工作压力的必要。     

Reflections of the Other: images of women in the Polish business press

After the fall of state communism, the business press in Poland has become an active image designer for people involved in management. Shaping the stereotypes about the market, enterprises and management, it also has an effect on gender related stereotypes and images. A study of a widespread Polish business magazine reveals a pretty flat picture: women managers are typically portrayed in traditional female social roles and the images of men are stripped of feelings and individuality. However, a trend toward the emergence of some variety can be noticed and perhaps the presence of women can contribute to a major change in management?     

Do nonprofessional investors value the assurance of integrated reports? Exploratory evidence

Using an experimental design, this explorative study provides unique empirical evidence of the effects of an integrated reporting assurance (IRA) on nonprofessional investors’ (NPIs) financial decision-making in a laboratory experiment. For this purpose, two independent experiments were carried out, one relying on a sample of Master’s students, and one focusing on managers of large corporations. In line with our agency theoretical reasoning, we find that students value an IRA positively, evidenced through significantly higher investments, while, contrary to expectations, an IRA has the opposite effect for managers. The results reveal that, dependent on the empirical model, an IRA has either no, or even an investment-decreasing, impact on executives. In order to assess the sense-making process underlying this conundrum, subsequent interviews with the managers were carried out which revealed three dimensions that shape practitioners’ critical attitudes towards assurance engagements. First, managers expressed a general disbelief in the decision usefulness of integrated reporting (IR) to (nonprofessional) investors. Second, interlocutors referred to negative practical experiences with audit and assurance engagements and had technical doubts specific to IRA. Third, managers voiced emotional caveats regarding the audit and assurance profession. These findings indicate a prevailing divergence between the extolled theoretical contribution of an IRA to report credibility and its actual nature in practice. In the further course of the investigation, we also find that the assurance provider (Big 4 auditor versus specialized consultant) does not affect investment decisions, but that a higher assurance level leverages investments among students. The results of this study add to the growing, albeit still small, IRA research body and deliver valuable insights for research, regulators, and practice.     

机构投资者优化企业资本结构选择研究

公司治理与资本结构相互作用,机构投资者作为股东与管理者存在利益冲突,在资本结构方面也有所表现。本文主要分析机构投资者与管理者利益冲突的原因及其在资本结构中的表现,并提出了解决策略,最后本文对中国上市公司资本结构选择得出相关启示。