We introduce the implied value premium (IVP), the difference between the implied costs of capital of value and growth stocks, to predict time variation in the ex post value premium. During 1977–2023, IVP is the strongest predictor of the ex post value premium. It also predicts the investment premium, consistent with the Investment CAPM. However, IVP’s ability to predict the difference in cumulative abnormal returns around quarterly earnings announcements of value and growth stocks suggests that mispricing may also play a role. Overall, our results suggest that recent value underperformance reflects cyclical variation rather than a permanent shift.

According to the conventional wisdom among business ethicists, the “Business Judgment Rule” gives corporate leaders the discretion needed to abide by the firm’s moral obligations. In the first part of the paper, I challenge this view: managers have compelling reasons to believe that the Business Judgment Rule (and corporate law more generally) allows corporate leaders to pursue ethically motivated decisions only when these decisions are expected to be profit-enhancing. This is problematic because it instrumentalizes ethics, pushes ethically motivated corporate leaders to dissemble, and corrupts the quality of our public discourse. In response, I propose that corporate law should incorporate ethics into the Business Judgment Rule, explicitly giving managers discretion to make ethically motivated decisions that are profit-sacrificing. After responding to concerns about implementing such a rule, I contend that such a rule would be an important step to put corporate ethics in its proper place.

Organizational ethical culture, though widely studied, lacks conceptual clarity and precision with levels of analysis. To diagnose the specific conceptual and levels limitations, we assess the state of the science of ethical culture by analyzing 155 articles. Analysis revealed conceptual disorganization, confusion between the conceptual domain and nomological network, and imprecise treatment of levels of analysis. These limitations have resulted in downstream problems with building and testing theory; existing research is affected by unfalsifiable hypotheses, conceptual invalidity, contamination among measures, and incorrect levels-based inferences. To help overcome these limitations, we present a revised definition that integrates the dynamic model of organizational culture with the concept of ethical affordances. We present a multilevel model and describe potential interactions that determine how and under what conditions ethical culture manifests at relevant levels. We conclude with recommendations that will help future research move past these limitations.

Many small and medium enterprises (SMEs) are managed by owners, founders, or small leadership teams. The UK government’s Help to Grow Management Programme (HtGM) aims to improve SME growth through leadership and management skills training to increase firm level productivity. The government’s independent evaluation reports for the HtGM programme show that its aims were broadly met, but there is no empirical research that has reviewed the programme. To address this gap, 46 HtGM programme completers were interviewed on their perception of the HtGM outcomes. Data were analysed using thematic analysis and compared to the government’s evaluation reports. This study’s findings show that a variety of programme activities developed skills, knowledge, and management practices, resulting in improved confidence to lead and drive growth. The analysis adds depth to our understanding how this was achieved from the programme, highlighting the benefits of mentoring, networking and cross-collaboration. Follow-up support is recommended for the growth action plan (GAP).

The focus of existing research on perceived organizational support (POS) has largely been concentrated at the individual-level, leaving an understudied gap at a higher unit-level of analysis. This study aims to fill this gap by examining the multilevel relationship between employee POS and job satisfaction, emphasizing the moderating role of unit-level POS. We hypothesize, based on POS theory and social comparison theory, that unit-level POS serves as a contextual moderator for the relationship between individual-level POS and job satisfaction. Additionally, at the unit-level, we identify clan culture values and unit-satisfaction as correlates of unit-POS. We test our hypotheses using a Bayesian Multilevel Structural Modeling approach on 45 work units and 317 employees. The results show that at low levels of unit-level POS, individual-level POS is more important for employees’ job satisfaction. We furthermore found support for a positive association between unit-level POS, unit-clan culture, and unit satisfaction. Our results, and their notable theoretical and practical implications, are discussed.

This article studies the flow of payout funds in the financial system. Using various data sources and empirical strategies, it provides evidence that a significant portion of payouts enters the banking sector as deposits, which are then intermediated to bank borrowers. The findings highlight an important channel through which corporate payout policies shape capital allocation in the economy and suggest that policies aimed at restricting payouts may distort this process by limiting the flow of funds from large and profitable corporations to small, bank-dependent firms and households.

We investigate whether judges’ political ideology affects corporate tax behaviors. We find that firms engaging in less aggressive tax planning when Circuit Court judges are more liberal. Cross-sectionally, the deterrent effect of liberal judge ideology is more pronounced for firms that engage in judiciary-sensitive tax strategies, face higher enforcement risk from the Internal Revenue Service (IRS), or have larger reputational costs from tax disputes. Our findings further suggest that liberal judge ideology reduces firms’ R&D investments and market value by constraining tax planning. Overall, our evidence highlights the importance of judge ideology for firm behavior in the context of corporate tax planning.

The frequency and severity of disasters are increasing, and promoting the adoption of digital technologies could enhance the agility, reach, and resilience of humanitarian supply chains. Global patterns of digital innovation in humanitarian supply chains are examined through a systematic quantitative literature review and bibliometric analysis of 4,780 Scopus-indexed documents (2015–2025). Combined with targeted qualitative syntheses, co-word analysis, co-citation mapping, and bibliographic coupling, the analysis reveals digitalisation as an expanding technology-led field, dominated by response-phase applications. Dominant clusters centre on: artificial intelligence-driven forecasting, emerging logistics optimisation, last-mile operations, and data analytics platforms. We interpreted these patterns through the Technology–Organisation–Environment model. It is found that digital technologies are necessary and applicable throughout disaster management phases. A conceptual framework reconfigures Technology–Organisation–Environment domains reflecting the context-driven dynamics of humanitarian supply chains, emphasising resilience. Future research should focus on longitudinal, co-designed case and action research into digital adoption, integration challenges, and community-based knowledge in fostering innovation.