After World War II, Japan was severely degraded, and its people were generally devastated. For the country’s very survival, the beleaguered Japanese people sought to rebuild economically and reputationally. During this postwar period, Japanese business, union, and government leaders grappled with lagging progress and the necessary abandonment of prior transwar social and business arrangements. They sought new strategies to stimulate advancement in the wake of a governmental vacuum, labor unrest, and the threat of communism. In this context, Moral Re-Armament (MRA) took root in some areas of Japan during the period when Japan’s gross domestic product (GDP) grew from $102 billion in 1945 to $420 billion by 1961. MRA introduced Western-oriented societal values, intended to help nurture individual and societal change, including collaborative relations between unions and management. Of the first eight Japanese prime ministers after World War II, six either worked openly with or endorsed the MRA movement.

Drawing on the two-factor model of organizational justice and social exchange theory, this study investigates the mediating roles of procedural and distributive justice in the relationship between work locus of control (WLOC) and leader–member exchange (LMX). Using data collected from two cultural contexts – the United States and South Korea – this research further examines whether culture moderates the indirect relationship between WLOC and LMX through perceived justice. The findings indicate that subordinates with an internal WLOC tend to report higher-quality LMX relationships, and that both procedural and distributive justice partially mediate this relationship. Moderated mediation analyses reveal that the indirect effects of WLOC on LMX via justice perceptions are significantly stronger in the U.S. sample than in the Korean sample. These results contribute to the literature by identifying perceived justice as a key psychological mechanism linking individual traits to relational outcomes at work, and by highlighting how cultural values shape this process.

This article contributes to the understanding of why some management experiences of non-family CEOs (NF-CEOs) in privately owned family firms (POFFs) are successful, while others are not. It uses the flexible pattern-matching technique to examine seven case studies of POFFs with different experiences in recruiting NF-CEOs. Drawing on human capital specificity and heterogeneity, as well as socio-emotional wealth perspectives, our analysis suggests that NF-CEOs and owning families must invest time to gain knowledge of each other. Consequently, longer minimum tenures are required compared to non-FFs, making the alignment of NF-CEO and successor life cycles crucial for success. A cooperative and long-term-oriented personality of NF-CEOs is also relevant to fit the context of family businesses. This article is the first to adapt the specificity of human capital theory to the study of NF-CEOs.

We analyze the effects of limited investor attention on the stock market reaction to innovation announcements and develop a new measure of patents’ economic value. We hypothesize that, when some investors pay delayed attention to innovation announcements, there will be a post-announcement drift in addition to the announcement effect, with the former decreasing and the latter increasing in investor attention. Using media coverage and abnormal Google search volume as investor attention proxies, we find consistent evidence. Our new attention-weighted measure of patents’ economic value has greater predictive power for future firm performance than measures based on the announcement effect alone.

This study explores the relationships between board internationalization, board size, and strategic change of firms from emerging markets. Building upon resource dependency theory (RDT), this study proposes that board internationalization has a positive impact on strategic change. A higher level of nationality heterogeneity on the board of directors, an organization receives more diverse perspectives and experiences from foreign directors. This, in turn, influences firms to identify areas of improvement and engage in strategic change. In addition, conventional wisdom suggests that board size per se has a negative relationship with strategic change. However, this study proposes that large board sizes together with board internationalization can foster strategic change. In other words, board size and board internationalization can jointly counteract the inertial nature of a large board, resulting in strategic change. The analyses of 255 publicly listed firms from nine emerging countries for the 2013–2018 financial years confirm these predictions.

On the basis of signaling and trust theories, we explore the impact of focal firms’ environmental, social, and governance (ESG) performance on their collaborative innovation (co-innovation). We argue that high ESG performance serves as a positive signal that focal firms engage less in opportunistic behavior in the co-innovation process. This, in turn, makes it easier for focal firms to gain the trust of potential external innovation collaborators (collaborators) and ultimately increases the level of co-innovation in focal firms. Guided by signaling and trust theories, we further argue that heavy polluting firm attributes and historical co-innovation alter the impact of ESG signals on collaborators’ trust, which in turn leads to heterogeneity in the positive impact of ESG performance on firms’ co-innovation. Based on empirical data on A-share manufacturing companies listed in China from 2010 to 2021, we obtained empirical evidence to support the above theoretical arguments. This study provides new insights for a refined understanding of the innovation consequences of ESG performance and important implications for shareholders and policymakers to better encourage and guide firms in co-innovation.

Resilient enterprises thrive under adverse conditions given their preparedness for crises. This study proposes that executives’ vigilant managerial cognition is essential for enhancing enterprise resilience. To measure this cognition, the study developed a textual index using machine learning methods and analyzed a sample of Chinese enterprises to assess the impact of executives’ vigilant managerial cognition on enterprise resilience. The findings indicate that this cognition is positively related to enterprise resilience, where the relationship is stronger in enterprises with robust internal controls. The primary contribution of this study is the conceptualization of vigilant managerial cognition and its established positive relationship with enterprise resilience. Furthermore, by introducing a novel quantitative measure of managerial cognition through textual analysis and machine learning, the study paves the way for future research on managerial cognition within firms.

This study examined the motivational factors influencing African immigrants in New Zealand to become entrepreneurs and the factors that ensured their business success. Data were collected from 117 participants through survey questions employing the Qualtrics platform and its link was sent to participants in the Auckland region. Auckland was decided on for data collection, being the most populated city and the business nerve centre of New Zealand. The research was conducted using a descriptive and quantitative approach. From the analysis, the study found that passion for business entrepreneurship, flexibility, financial independence, generic independence, autonomy, and being one’s own boss are the most highly motivational factors for influencing African immigrants in New Zealand to opt for business ownership. The study also found that the six highest-rated reasons for African immigrants’ entrepreneurial business success in New Zealand were readiness to make sacrifices to succeed, always giving the best in everything that had to be done, the importance of action, a belief that everything is possible if the entrepreneur believes he/she can do it, the challenge of taking on new projects, and learning lessons from past failure. These findings are the most important factors helping African immigrant business owners in New Auckland Zealand to attain entrepreneurial and business success. This research maintains that the results shed light on why African migrants adopt business entrepreneurship and gear themselves up for success in New Zealand.

We propose CTREND, a new trend factor for cryptocurrency returns, which aggregates price and volume information across different time horizons. Using data on more than 3,000 coins, we employ machine learning methods to exploit information from various technical indicators. The resulting signal reliably predicts cryptocurrency returns. The effect cannot be subsumed by known factors and remains robust across different subperiods, market states, and alternative research designs. Moreover, it survives the impact of transaction costs and persists in big and liquid coins. Finally, an asset pricing model that incorporates CTREND outperforms competing factor models, providing a superior explanation of cryptocurrency returns.

With China’s economy transitioning into a post-industrial phase focused on knowledge and technology, there has been a notable shift in the patterns of Chinese Outward foreign direct investment (OFDI). This change has led to the emergence of new research perspectives, underscoring the importance of organizing them systematically. To address this, our research presents a thorough analysis of eighty-eight publications examining Chinese OFDI in natural resource-rich (NRR) and technology-intensive (TI) locations across various global regions and countries. Based on the geographical scope and comprehensive coverage of studies published between 1998 and 2023, we summarize the major themes, theories, and methodologies used in this research area. Identifying three elements related to Chinese investment (antecedents and motives, operational strategies, and investment outcomes), we develop a matrix based on the discussion of Chinese firms’ investment behavior in the foreign environment in which they operate. We describe the theoretical distinctions between investments in NRR global regions, such as Africa and Central Asia, and TI regions, such as Europe and North America, with regard to technology acquisition, creation, co-creation, and transfer. We identify several research sub-themes (e.g., control and learning mechanisms, technology transfer, intellectual property, etc.) that remain under-investigated and suggest future research opportunities.

This study examines coronavirus disease 2019-related law-drafting using Finnish data. The impact assessments of 17 government bills are analyzed using content analysis. These 17 government bills have been selected based on their societal significance and are related to restrictions on fundamental rights under the Finnish constitution. The purpose of this study is to examine how ex ante impact assessments and the planning of forthcoming implementation and ex post impact assessments have been carried out in these regulatory projects. The results indicate that, based on the ex ante assessments presented in the government bills, it is not possible to conclude that the benefits of the proposed restrictions would exceed the costs. Despite the rush, uncertainty and the incompleteness of information caused by the pandemic, the government bills should clearly justify why the presented regulation is the preferred alternative. Furthermore, the subsequent ex post impact assessment measures have been planned to produce information only about the general development of the pandemic situation instead of the functionality of individual restriction regulations. In this respect, special attention should have been paid to the individual restriction measures.