Information asymmetry about the employee's state of health means that workers may decide to work (or not) when they are sick, which turns presenteeism into a principal-agent relationship. From this new perspective, presenteeism can be explained by some distinct and original factors such as implicit incentives related to motivation and a sense of autonomy (empowerment, job usefulness, and recognition) and explicit incentives given by wages and other non-economic benefits (training and career prospects). In a sample of European workers using multilevel (by country) Tobit models, we find that short-term incentives and workers' empowerment increase presenteeism, while long-term incentives reduce it. As expected, supervision is ineffective in controlling presenteeism, while relationships based on trust have a positive impact. Finally, we propose several practices related to incentives, training, monitoring, occupational health and safety and job design specifically intended to manage presenteeism and its consequences in six areas of the human resources function.

Care has increasingly been promoted as an element of successful management practice. However, an ethic of care is a normative theory that was initially developed in reference to intimate relationships, and it is unclear if it is an appropriate normative standard in business. The purpose of this review is to bridge the social scientific study of care with philosophical understandings of care and to provide a theoretical justification for care as a managerial value. We review the three different forms of care advanced by the ethics literature: caring relations, organizational care, and care as a virtue. We compare these forms of care to the management litertature. In doing so, we integrate what has previously been a scattered, yet growing, body of research on care. Our review of the literature reveals that care has increasingly been studied in management in relation to an ethic of care. Yet, many of the properties of care have also played a role in other established research domains (e.g., leadership). We discuss and critique the management and ethics literatures on care, paying attention to areas of agreement or disagreeement between the two. We go on to provide a normative justification of care as a value in business. Finally, we close by suggesting directions for future research.

Globally, organizations have little insight into mechanisms that enable them to leverage their resources and capabilities successfully. In that endeavor, this study demonstrates that organizations can achieve competitive advantages through resource transformation and capability reinforcement. Using a conceptual framework grounded in the resource-based view and the dynamic capabilities theory in combination with Miles and Snow typology, we show how different types of organizations can succeed in the currently evolving competitive landscape by developing mechanisms that match the strategic performance measures of the organizations, such as return on assets or Tobin's Q. Notably, analyzing data obtained from 114 firms with seemingly unrelated regression, the findings reveal central roles of alternating mechanisms that drive differential organizational performance and enable the organizations to successfully deploy resources and capabilities.

We show that merger announcement returns account for virtually all of the measured size premium. An empirical proxy for ex ante takeover exposure positively and robustly relates to cross-sectional expected returns. The relation between size and expected returns becomes positive or insignificant, rather than negative, conditional on this takeover characteristic. Asset pricing models that include a factor based on the takeover characteristic outperform otherwise similar models that include the conventional size factor. We conclude that the takeover factor should replace the conventional size factor in benchmark asset pricing models.

We consider the problem of moral disjunction in professional and business activities from a virtue-ethical perspective. Moral disjunction arises when the behavioral demands of a role conflict with personal morality; it is an important problem because most people in modern societies occupy several complex roles that can cause this clash to occur. We argue that moral disjunction, and the psychological mechanisms that people use to cope with it, are problematic because they make it hard to pursue virtue and to live with integrity. We present role coadunation as a process with epistemic and behavioral aspects that people can use to resolve moral disjunction with integrity. When role coadunation is successful, it enables people to live virtuous lives of appropriate narrative disunity and to honor their identity-conferring commitments. We show how role coadunation can be facilitated by interpretive communities and discuss the emergence and ideal features of those communities.

We document a new empirical phenomenon in which the aggregate positions of money managers, who are sophisticated speculators in the commodity futures market, as disclosed by the Disaggregated Commitments of Traders reports, can predict the cross section of commodity producers’ stock returns in the subsequent week. We employ a number of cross-sectional methods, including calendar-time regression analysis, single-sort, double-sort, and Fama–MacBeth regressions, to confirm the predictability results. The results are more pronounced in firms with higher information asymmetry. We thus add more empirical evidence to the literature on costly information processing, which leads to gradual information diffusion across asset markets.

This study examines Chinese corporations’ responses to a sudden natural disaster in terms of their philanthropic donations. We apply Polanyi's double movement perspective to argue that rapid market expansion in an emerging economy causes social problems such as large-income disparities and environmental degradation. This calls forth counterforces advocating social responsibility and sustainability. Such countermovements can be strengthened by a major disaster, especially in the domain of corporate philanthropy. The resulting increase in corporate philanthropy persists long after the disaster, especially for those firms with large intra-firm pay disparities, operating in socially contested industries and located in regions with more social foundations. Using the context of China's 2008 Wenchuan earthquake, we find support for these arguments in a sample of Chinese public firms.

Employee performance attainment is a pervasive issue in the workplace and is increasingly becoming an important problem for effective human resource management. A review of the extant literature on perceived organizational support (POS) and performance suggests that there is a dearth of research aimed at examining the underlying mechanisms and the boundary conditions of the relationship between POS and performance. One of the objectives of this study is to examine the mediating role of psychological capital on the relationship between POS and performance. Furthermore, this study investigates the moderating role of organizational justice perception in said indirect relationship. Study 1 included a sample of 465 employees from both large private life insurance and telecom organizations. Study 2 was conducted on a sample of 216 employees from a large steel manufacturing firm. Findings suggest that psychological capital mediated the relationship between POS and performance. The indirect relationship of POS and performance via psychological capital was moderated by organizational justice. However, there is a counter-intuitive finding in this research. It was observed that at a high level of organizational justice, it had a smaller effect on performance in contrast to low level of organizational justice. Finally, theoretical contributions and managerial implications are discussed.