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Autonomy is a primary motive, as well as source of satisfaction, for those who start and run their own business. Autonomy is not inherent to business ownership – owner/founders must make concentrated efforts to achieve and maintain autonomy. This study aims to increase our understanding of autonomy by investigating how it is experienced, the factors that affect it, and the actions that business owners take to attain and retain it. We study these topics in the setting of an emerging market – Russia – and compare the outcomes with a similar study conducted in the Netherlands. Our cross-cultural comparison reveals that the way autonomy is experienced and attained can be viewed as an expression of survival values in Russia and of self-expression values in the Netherlands. We posit an underlying structural similarity by theorizing the level of experienced entrepreneurial autonomy to be the outcome of the balance of power and dependencies.
This article studies what I describe as “state-coordinated investment partnerships,” an investment modality central to the deployment of China's Belt and Road Initiative (BRI). These partnerships bring together state and business actors to export overcapacity and address infrastructural demands in underdeveloped markets. To do so, they require accumulation and sovereignty regimes that mirror, in contingent ways, similar social arrangements within China. The superposition of such regimes and the interests and social imaginaries of local actors produces forms of uneven and combined development and shapes the contours of the BRI's emerging developmental and geoeconomic footprints. The BRI exports also an elite development paradigm which promotes urbanization, connectivity and economic growth over participatory approaches. This paradigm projects a depoliticized version of China's present into the BRI's future to justify social and environmental dislocations, and shields Chinese firms from civil society scrutiny. My analysis rejects this elite perspective and favors a labor-centric approach that unearths the social foundations of the BRI. From this perspective, despite relevant differences in format, the BRI's quintessential investment modality is closely aligned to a contemporary global current of public-private partnerships endeavored to mobilize public resources and state power for the expansion of capitalist social relations.
This paper extends the work of Thompson, Beauvais, and Lyness (1999, Journal of Vocational Behavior, 54, 392–415) on work–family culture by considering the role co-workers play. The proposed extended measure encompasses non-work spheres beyond the family as it has been established that much of the extant research does not include a large part of the workforce – those without childcare responsibilities (Kelliher, Richardson & Boiarintseva [2019, Human Resource Management Journal, 29, 101]). The extended measure constitutes Thompson et al.'s (1999) three original dimensions plus two additional dimensions: co-worker involvement (support and consequences) and gender expectations. Two quantitative studies confirmed that the extended measure is robust for different types of workers (part- and full-time, males and females). The co-worker dimensions were significantly associated with several outcome measures; however, the gender expectation dimensions added little additional variance in relation to employee outcomes. The results support the inclusion of co-workers as an important dimension of the workplace environment that supports work and life balance.
We study the effects of market incompleteness on speculation, investor survival, and asset pricing moments when investors disagree about the likelihood of jumps and have recursive preferences. We consider two models. In a model with jumps in aggregate consumption, incompleteness barely matters because the consumption claim resembles an insurance product against jump risk and effectively reproduces approximate spanning. In a long-run risk model with jumps in the long-run growth rate, market incompleteness affects speculation and investor survival. Jump and diffusive risks are more balanced regarding their importance, and therefore the consumption claim cannot reproduce approximate spanning.
Constructing Crisis was conceived and executed under the assumption that ideas have consequences, that how we think helps shape how we act. The goal throughout has been to prompt a rethinking of the notion of crisis, with particular focus on the relationship between leaders and their claims of urgency.
Whether as members of a group, employees of an organization, or citizens of a country, we face numerous and varied claims on our attention by leaders. Focus on this, we are urged. Ignore that. Constructing Crisis advocates for a deliberative, critical response to all such claims. Crises are not things to be managed; they are claims to be appraised thoughtfully and critically.
The uncertainty and information asymmetry that surround initial public offering firms (IPOs) often introduce difficulties for potential investors to discern organizational value, thereby leading to ‘underpricing’. Using the signaling theory, we investigate the role of organizational reputation in the underpricing of IPOs. We analyze 463 initial public offerings in China from the period of 2010 to 2016 and find that being known for quality and generalized favorability dimensions of reputation are negatively related with underpricing on the first day of trading. In addition, we find that the negative effects of organizational reputation on underpricing are mediated by investor attention.
When Stanford University’s Larry Diamond worried about a “crisis in the liberal democratic order,” he called attention to a “zeitgeist” in which “around the world, many democracies were hanging by a thread and aspiring autocrats were preparing more savage assaults on what remained of freedom.” Diamond’s argument was powerful and, perhaps to some, persuasive. But let’s face it. Zeitgeist is not a thing, not a material object. Like its first cousin, culture, zeitgeist is a conceptual shortcut for offering an interpretation of a prevailing spirit or mood. Deploying the term “zeitgeist” amounts to an attempt to amass the thoughts and behaviors of individuals into a coherent whole and then to proceed as if that whole was a real thing.
For leaders hoping to learn how to manage a crisis, any crisis, a robust crisis management industry exists offering just that kind of practical, step-by-step advice. As a sampling of such practical titles indicates, the emphasis is on packaging specific formulae to help guide a response to crisis events:
It’s an iconic moment from a classic fifties-era Broadway musical. The Music Man, con artist “Professor” Harold Hill, is about to arrive in the fictional town of River City, Iowa. His goal is to sell the locals something they neither want nor need: marching band instruments and uniforms. Now, he had no intention of delivering those goods. He is a con man, after all. The plan, instead, is to take the money and run. But Harold Hill has this nagging problem to solve first: how to create demand where there is none.
In the once-glorious-kingdom-under-threat master narrative, crisis is problematized as a “bad” situation. The crisis event is taken to be a threat, an attack, a disturbance, a storm, a panic, a failure, a loss, a disaster, some higher-order trouble, a horrific occurrence, a grave predicament, an existential danger, something unthinkable. All things to be avoided if possible and dealt with when necessary. If not managed effectively, after all, the potential outcomes are instability and damage, placing at risk the very existence of the unit. The leader’s job is to navigate the unit through the turmoil unleashed by the crisis and preserve the status quo. This is the dominating view of the crisis-as-event model.
ConstructingCrisis is about an idea, and that is the idea of crisis. What do we mean when we use or hear that term? What suggestions or thoughts are communicated when our leaders deploy the word? And how does that deployment impact the dynamics that unfold within our business organizations, our communities, and our societies?
Most usually, the idea of crisis conjures up images of threatening events, occurrences that present a serious risk. A business crisis, for instance, may take the form of a public revelation of maleficence on the part of key executives or flawed product design that led to injuries or deaths. Unwelcomed takeover bids and serious financial losses might also trigger what we refer to as a crisis. Will the business survive? In that way, we may understand crisis to be not just a risk but also an existential threat, placing the very future of the company in jeopardy.
When Colin Powell appeared before the UN Security Council to stake his reckless claim (plausible but inaccurate) that Iraq’s Saddam Hussein was amassing weapons of mass destruction, he brought with him a credibility built up over years of service to the US government and its military. It was precisely that credibility that President Bush intended to leverage into public, even global support for his war of choice against Iraq. But there was something else in play when Powell made his claim.
Powell told a good story, one with a compelling narrative, a frightening villain, and a heroic posse ready to charge in to save the day. Jenny McCarthy told a forceful story as well, one with evil, uncaring scientists relying on “bullshit” research to pose a threat to the children of America. There is nothing like a compelling narrative to help convey a claim to its intended audience.
Crises were made for leaders. Leaders were made for crises.
The crisis-as-event model is clear on that point. Leaders navigate their units through the turbulence wrought by crisis events. When companies face financial turmoil, the board hires a CEO to lead the organization to recovery and prosperity. Countries engulfed in war look to their leaders – think of the outsized roles played by Franklin Roosevelt and Winston Churchill during World War II – to offer guidance, strength, and a steady hand. These are the folks who determine success or failure, rejuvenation or death. Leaders and leadership sit front and center in the crisis-as-event model.