Search results for "Institution"

Foreign institutional investors and dividend policy: Evidence from China

2017

Abstract This study examines whether foreign institutional investment influences firms’ dividend policies. Using data from all domestically listed nonfinancial firms in China during the period of 2003–2013, we find that foreign shareholding influences dividend decisions and vice versa. Furthermore, changes in dividend payments over time positively affect subsequent changes in foreign shareholding, but the opposite is not true. Our study indicates that foreign institutional investors do not change firms’ future dividend payments once they have made their investment choices in China. Moreover, they self-select into Chinese firms that pay high dividends. Our evidence suggests that in an instit…

The Institutional Determinants of Private Equity Involvement in Business Groups: The Case of Africa

2018

This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered institutional-theoretic perspective in rationalizing institutional voids and the advantages of maintained governance by both business angels (BA) and venture capital (VC) private equity. Our findings reveal private equity retain higher post-IPO ownership in business group constituents compared to unaffiliated firms and that this is inversely moderated in the context of improving institutional quality – w…

The effect of entrepreneurial orientation on firm performance: a multigroup analysis comparing China, Mexico, and Spain

2020

Abstract This article analyzes firm entrepreneurial orientation across different contexts. In the light of the existing literature on entrepreneurship and institutional theory, it departs from the hypothesis that the context in which firms operate determines the importance of each dimension comprised in the multidimensional concept of entrepreneurship orientation, thus moderating its effect of on firm performance. The sample for this study is composed of both small and medium-sized firms from three countries: China, Mexico, and Spain. In the means of testing our hypothesis and thus quantifying the moderating effect of context, a structural equation model PLS-SEM technique and, specifically,…

The influence of institutions development in venture creation decision: A cognitive view

2016

Abstract This study seeks to provide new evidence on the way men and women process information in venture creation decision (VCD) and on the differences that may arise when taking this decision depending on the level of development of countries and their institutions. To reach this objective, this study carries out an experiment and identifies 120,536 people from 25 countries. Results indicate that institutions are necessary but not sufficient to achieve quality entrepreneurship, and that information processing is different between men and women, because women, regardless of the level of institutional development, process information similarly, whereas men do not.

Employee tenure and staff performance: The case of a social enterprise

2022

Abstract The literature on social enterprises has largely examined tradeoffs at the organizational level. In this study, we examine tradeoffs at the employee level. By analyzing the case of an Ecuadorian microfinance institution, we show that the tenure of social enterprise employees affects individual social and financial performance differently: the relationship between tenure and social performance is positive, whereas the relationship between tenure and financial performance is an inverted U-shape. Furthermore, our results suggest that social enterprise employees with the longest tenure are the least inclined to experience tradeoff tensions.

Delegation and Institutional Design in Health-Care Rationing

2011

The delegation of decision-making powers to nonmajoritarian, independent agencies has become a significant phenomenon in more and more policy areas. One of these is the health-care sector, where decisions on the range of services covered within public systems have, in most developed countries, been delegated to specialized bodies. This article offers an analytical framework that seeks to grasp the empirical variety and complexity of delegative processes and appointed institutions. The framework is used to describe decision-making processes and institutions in six countries: Austria, Germany, Norway, Sweden, New Zealand, and the United Kingdom. We find that, although constrained by preexisti…

2020

Abstract We contribute to the research on internationalization of state-owned enterprises (SOEs) by studying the coevolution of state governance of SOEs and SOEs’ evaluation of international venture opportunities during a shift in dominant institutional logic from state to market logic. Using a novel digital historical method to study Telecom Finland, we argue that as state governance mechanisms change due to a logic shift, rationales underlying SOEs’ internationalization can significantly change and impact SOEs’ geographical and partner preferences. However, a logic shift also affords SOEs significant influence over the formation of new state governance policies under the new dominant logi…

Creating value through product-service-software systems in institutionalized ecosystems – The case of autonomous ships

2021

Abstract Introducing product-service-software systems (PSSS) to the market requires forming an enabling ecosystem, which can be largely based on incumbent business ecosystems. Creating value through PSSS with autonomous capabilities will likely encounter numerous challenges related to the lock-ins in current ecosystem structure. We use institutional theory as a lens and autonomous ships as the case to shed some light on types and impacts of these barriers. We identify a set of institutional barriers pertinent to regulatory, normative and cultural-cognitive pillars of institutions. We further analyze how institutional barriers affect creating, delivering, and capturing value of autonomous sh…

With great power comes great responsibilities – Examining platform-based mechanisms and institutional trust in rideshare services

2023

From the perspective of female passengers, much remains unknown about institutional or platform trust and the sharing economy. The present study was conducted in an emerging economy context to comprehend the significance of institutional trust. The study aimed to develop a dynamic theoretical model incorporating the perceived effectiveness of platform-based institutional structures (PEPIS) as a dependent variable in sharing economy platforms, examine the antecedents of PEPIS and determine how PEPIS affects female passengers' trust in the institution or platform. Different strata of female passengers were targeted using a quota-cum-purposive sampling method. In total, 413 useable responses t…

A multi-parametric evolution strategies algorithm for vehicle routing problems

2007

Vehicle routing problems are at the heart of most decision support systems for real-life distribution problems. In vehicle routing problem a set of routes must be determined at lowest total cost for a number of resources (i.e. fleet of vehicles) located at one or several points (e.g. depots, warehouses) in order to efficiently service a number of demand or supply points. In this paper an efficient evolution strategies algorithm is developed for both capacitated vehicle routing problem and for vehicle routing problem with time window constraints. The algorithm is based on a new multi-parametric mutation procedure that is applied within the 1 + 1 evolution strategies algorithm. Computational …