We provide a meta-analytic examination of the CEO overconfidence–firm performance relationship. Our results support a positive relationship between these focal variables. Drawing from trait activation theory and national cultural differences literatures, we find that cross-cultural effects moderate the focal relationship. More specifically, we find that the CEO overconfidence–firm performance relationship is stronger in high assertive, low institutional collectivistic, low in-group collectivistic, high future-oriented, high gender egalitarian, high performance-oriented, low power distance, and low uncertainty avoidance cultures. Consistent with the resource orchestration literature, we also find that entrepreneurial orientation mediates the focal relationship between CEO overconfidence and firm performance. Taken together, our results present a more nuanced picture of the CEO trait–firm performance relationship. In the future, researchers may consider examining additional CEO traits as well as additional contextual factors including internal, as well as environmental, factors.

I very much appreciate that Brittany Farr, Katie Moore, and Sharon Murphy took the time to write thoughtful and constructive responses to my essay. Collectively, their work spans three centuries and covers law, money, race, violence, financial institutions, and the social experiences of economic processes, and they approached my proposal for a new variety of capitalism from a set of shared interest and expertise in the histories of economic life. They reach drastically different conclusions on the historiographical trend known as the new history of capitalism (NHOC) generally, and martial capitalism, specifically.

My comment highlights the key contributions and promising directions for future research of Lindsay Schakenbach Regale’s essay in this volume. While in agreement with Schakenbach Regele’s call for more specificity for different times and places, I argue that we also ought to be able to answer the question of what makes a variety of capitalism, well, capitalist. To do that, we need to delimit the theoretical and historical bounds of capitalism itself.

We examine the role of peer (e.g., Lipper manager indices) versus pure (e.g., S&P 500) benchmarks in fund manager compensation. We model their impact on manager incentives and then test those predictions using novel data. We find that 71% of managers are compensated based on peer benchmarks. Consistent with the model, peer-benchmarked fund managers exhibit higher effort generating higher gross performance and collect higher fee income. Analyzing advisors’ choice between benchmark types, we show that peer-benchmarking advisors cater to more sophisticated and performance-sensitive investors, and are more likely to sell through direct channels, consistent with investor heterogeneity and market segmentation.

This study advances a coopetition perspective to argue that an intangibility gap, defined as the difference in intangible asset intensity between industry-frontier foreign firms and local firms, generates both competitive threats and cooperative opportunities for local firms. Thus, an intangibility gap may affect local firms’ internal research and development (R&D) efforts beyond a linear, catching-up way of thinking. Using a sample of manufacturing firms in China, we find that intangibility gap has an inverted U-shaped relationship with the internal R&D intensity of local firms such that a moderate intangibility gap is more likely to stimulate local firms’ R&D than a small or large intangibility gap. Moreover, the results show that export intensity and state ownership of local firms serve as two boundary conditions under which the inverted U-shaped relationship becomes less and more pronounced, respectively.

Although practitioners and scientists agree that user adoption of new technologies is a key success factor in digital transformations, little is known about how specific management factors are related to user behavior. In particular, the temporal nature of digital transformation projects is largely neglected. Therefore, we propose a systematic, theory-based framework for the management of digital adoption (MDA) and derive specific process-oriented hypotheses for content-, process-, and context-related management factors, their relationships to user adoption, and underlying psychological processes (e.g., performance expectancy or social influence). We applied the MDA framework in the context of a large digital transformation project in a logistics company in a two-wave research design. We tested the process-oriented hypotheses based on latent change score analysis among 1,095 users. The results support the assumption that changes in management factors, largely mediated by changes in the psychological processes, lead to changes in user behavior.

This article uses Statoil (Equinor since 2018) as a prism to explore some key features and concerns of Western oil companies’ evolving human rights awareness from the mid-1990s to the early 2000s. This period saw the first human rights lawsuits brought against oil companies and a gradual change in their human rights awareness. The article uses insights from the business history literature and new archival material from the oil industry to explain why business ethicists and legal scholars are wrong to argue that the relationship between business and social responsibility, on the one hand, and business and human rights, on the other, are inherently problematic and profoundly disparate due to their divergent historical origins. In so doing, the article offers a historical take on the so-called debate between business human rights (BHR) and corporate social responsibility (CSR), and it repudiates the argument that a so-called minimal understanding of human rights has hindered business from undertaking proactive human rights initiatives. Mapping onto both the business history literature and the BHR–CSR debate, the article aims for a richer understanding of the experiences and ideas that incentivized oil companies to “get serious” about human rights.

Capitalist ideas of productivity became central to medicine under slavery. They shaped how physicians treated enslaved patients, crafted a scientific basis for medicine, and conceived of themselves as professionals. Between the late-eighteenth-century and the mid-nineteenth-century, white male physicians in Louisiana and Cuba distinguished themselves from other healers: first, by aligning with Spanish colonialism, and then, by making themselves essential to a new form of plantation management that used clock-time discipline, hierarchical divisions of labor, and complex accounting systems. These technologies helped planters track the hours and days each enslaved person spent working, eating, sleeping, birthing, suffering from sickness and injuries, and recovering. This in turn enabled precise interpretations of enslaved health in terms of productivity, which was primarily measured in work time and the number of commodities produced. Physicians, who were seeking a rigorous intellectual foundation for medical knowledge production, latched onto planter methods of calculating and controlling enslaved health. One of those methods was what planters and physicians called “sick time,” which was an allotment of time away from work intended to manage illness enough for enslaved people to return to work. However, as physicians used plantation management to cast an air of scientific accuracy over their knowledge, enslaved people reconfigured their own medical practices to make themselves less visible and countable. Fugitive practices involving trees, animals, and natural springs helped enslaved people to heal by taking their own forms of sick time.

We find that capital investment and net debt issuance of large firms are, on average, more sensitive to industry business cycles than those of small firms, in stark contrast to the effect of size on investment sensitivity to macroeconomic cycles. We theoretically examine the role of firm size on firms’ responses to industry shocks. Consistent with our theoretical predictions, we find that large firms exhibit greater sensitivity to industry cycles than small firms in their investment and net debt issuance only in industries with low cyclical variability of markups and production growth, high fixed cost intensity, high market-to-book, and high markups.

A novel arbitrage-free model of nominal U.S. Treasuries that decomposes yields into frictionless expected rates, frictionless term premiums, and liquidity premiums produces four key results from Jan. 1987 to Aug. 2023. First, liquidity loadings are larger than for the slope and higher-order principal components. Second, the countercyclicality of required nominal Treasury returns owes to liquidity, if anything, not frictionless term premiums. Third, Federal Reserve large-scale asset purchases generally work through expected rates and frictionless term premiums, not liquidity premiums. Fourth, given similar estimates using TIPS, inflation expectations are less moored around the Federal Reserve’s price objectives than other models say.

This rejoinder responds to a commentary (Horak et al., 2023) on our article ‘De-Linking from Western Epistemologies: Using Guanxi-Type Relationships to Attract and Retain Hotel Guests in the Middle East' (2022). We thank the authors for engaging with our work and are grateful to the editor for the chance to respond. Firstly, we do not accept the central assertion that we imposed the Chinese concept of guanxi on a Middle Eastern context. Some aspects of guanxi extend beyond China, and we consider it part of our role as researchers to explore universal behavioral aspects that transcend specific cultural settings. While we described guanxi to introduce the variables, we drew a clear distinction between guanxi itself and guanxi-type relationships, and provided on page 859 an explicit statement about what we meant by the term ‘guanxi-type relationships’, i.e. the networks of interpersonal ties found in the Middle East. While this distinction could have been more clearly emphasized in places, we consider that the article as a whole made it abundantly clear.

Although studies pay increasing attention to how organizational citizenship behavior (OCB) affects work–family conflict, most research ignores the boundary conditions and underlying mechanisms of this relationship. Drawing on goal interdependence theory and conservation of resources theory, this research sees two types of goal interdependence as important boundary conditions of how helping behavior affects work–family conflict. We use a combination of quantitative and qualitative methods to test our theoretical model. Specifically, using two-wave survey data collected from 386 employees and 90 supervisors in a manufacturing company, our quantitative study shows that the interaction of helping behavior with cooperative goal interdependence is positively associated with work–goal progress, whereas its interaction with competitive goal interdependence is negatively associated with work–goal progress. In turn, work–goal progress is negatively associated with work–family conflict. The results further reveal that the indirect effect of helping behavior on work–family conflict via work–goal progress is positive and significant only when the level of competitive (cooperative) goal interdependence is high (low). We use 196 employees from the same organization to conduct our qualitative study, the results of which further substantiate and extend the findings from our quantitative study. Finally, we discuss the theoretical and practical implications of our findings.