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We develop a theoretical model providing a new rationale for venture capitalist (VC) syndicate formation and empirically test our model predictions. An entrepreneur obtains financing and two different value-adding inputs from a single VC or from two different VCs, each operating in his area of expertise. We characterize the entrepreneur’s equilibrium choice between contracting with a single VC, individually with multiple VCs, or with a VC syndicate. We show that syndicates mitigate VCs’ moral hazard problem in value addition. We also analyze the dynamics of VC syndicate composition. The results of our empirical analysis are consistent with our model’s predictions.
Emotions are central to social life and thus they should be central to organization theory. However, emotions have been treated implicitly rather than theorized directly in much of organization theory, and in some literatures, have been ignored altogether. This Element focuses on emotions as intersubjective, collective and relational, and reviews structuralist, people-centered and strategic approaches to emotions in different research streams to provide one of the first broad examinations of emotions in organization theory. Charlene Zietsma, Maxim Voronov, Madeline Toubiana and Anna Roberts provide suggestions for future research within each literature and look across the literatures to identify theoretical and methodological considerations.
As a source of competitive advantages for firms, innovation has boosted scholars’ interest in the identification of its main determinants from the perspective of organizational culture. However, there is a lack of research on innovation cultures in the context of emerging markets. Based on survey data from 433 manufacturing firms (331 Chinese firms and 102 Vietnamese firms), this study addresses this research gap using a hierarchical regression analysis to explore the impact of organizational innovation culture on firms’ new product performance and to examine the moderating effects of institutional environments and organizational cohesion on this relationship. We find that there are positive relationships between organizational innovation culture and firms’ new product performance. In contrast to recent research on organizational cohesion, we report that organizational cohesion has both a direct, positive effect on new product performance and a positive moderating role in organizational innovation culture and firms’ new product performance. Furthermore, regarding the institutional environment in the context of emerging markets, we find that the effects of organizational innovation culture on firms’ new product performance are stronger in China than in Vietnam. Therefore, this paper enriches organizational culture research by providing a multidimensional theoretical framework and extends institutional theory in the context of emerging markets by examining the moderating effect of institutional environments on the relationship between organizational innovation culture and firms’ new product performance in both China and Vietnam.
This paper explores teaching business students research methods using a psychogeographical approach, specifically the technique of dérive. It responds to calls for new ways of teaching in higher education and addresses the dearth of literature on teaching undergraduate business students qualitative research methods. Psychogeography challenges the dominance of questionnaires and interviews, introduces students to data variety, problematizes notions of success and illuminates the importance of observation and location. Using two studies with undergraduate students, the authors emphasize place and setting, the perception of purpose, the choice of data, criteria of success and the value of guided reflection and self-reflection in students’ learning. Additionally the data reflect on the way students perceive research about management and the nature of management itself. The paper concludes that the deployment of psychogeography to teach business research methods although complex and fraught with difficulty is nevertheless viable, educationally productive and worthy of further research.
Does the content of a physically dangerous job affect the moral permissibility of hiring for that job? To what extent may employers consider costs in choosing workplace safety measures? Drawing on Kantian ethical theory, this article defends two strong ethical standards of workplace safety. First, the content of a hazardous job does indeed affect the moral permissibility of offering it. Unless employees need hazard pay to meet basic needs, it is permissible to offer a dangerous job only if prospective employees have a reason other than hazard pay to choose this job instead of safer alternatives. Second, employers typically cannot justify omitting expensive safety measures by paying employees more, even if employees prefer higher pay to greater safety. Employers offering dangerous jobs must meet these two standards to avoid treating their employees merely as means.
All organizations must cope with future uncertainties. These uncertainties affect the strategic choices they make. They must commit scarce organizational resources to future outcomes which they have little assurance will come into being. Marcus explores how decision makers in the energy industry made choices in the face of such uncertainties, specifically examining two major uncertainties they confronted in the 2012–18 period - price volatility and climate change. Marcus tells the story of how different companies in the integrated oil and natural gas sector and in the motor vehicle sector responded to these uncertainties. In the face of these challenges, companies in the energy industry hedged their bets by staking out paradoxical or contrasting positions. On the one hand, they focused on capturing as much gain as they could from the world's current dependence on fossil fuels and on the other hand they made preparations for a future in which fossil fuels might not be the world's dominant energy source.
Since Falun Gong was suppressed in the People's Republic of China in 1999, its activities have centred on communities of practitioners located around the world who are mainly expatriate Chinese. Since 1999, followers of the founder, Li Hongzhi, have engaged in political activity, agitating for the rights of their Chinese co-religionists in detention and pressuring the Chinese government to ease restrictions on practitioners. In the last decade, Falun Gong has developed new means of publicizing its message. Along with surveying its suite of websites, broadcast and print media organs, this chapter will examine a new manifestation: its song and dance performances by three New York-based troupes that tour Europe, the Americas, Asia and the Pacific annually. Marketed as ‘classical Chinese dance’, they claim to preserve traditional Chinese culture. This alignment of Falun Gong with the glories of the Chinese past is a significant development in their propaganda war with the Chinese government
Keywords: Falun Gong, Shen Yun, performance, ritual, Chinese religions, new religions
More than a decade has now passed since Falun Gong was suppressed by the Chinese government in July 1999. Until the suppression, Falun Gong's activities were largely confined to China itself. Any overseas presence that the movement had was, in a sense, accidental, the result of informal expansion amongst expatriate Chinese or, very rarely, amongst westerners who had come into contact with it through friends in China or overseas. The homeland of the movement was China, the cultural universe of Falun Gong doctrine was Chinese, and the language of the scriptures was Chinese. After 1999, however, this situation changed. Now based in the New York area, Falun Gong became a diasporic organization, a collection of co-religionists scattered around the globe who were prevented from returning to their homeland. This literal de-centring of the movement changed the status of the previously relatively insignificant number of overseas practitioners of Falun Gong. They have now become an international network of communities of loyal activists engaged in a range of activities such as lobbying for the Falun Gong cause with their host governments, keeping the message of the brutality of the suppression alive and at the forefront of the minds of the foreign media, as well, of course, as maintaining their cultivation practice.
This chapter will focus on Sekai Kyūsei Kyō in South Korea, which is known as one of the religions having many offshoots, and will attempt to analyse the reasons for offshoots by applying a management perspective to religious organizations. After a discussion of ‘management studies of religion’, the chapter previews the current situation of Japanese religions in South Korea, and then outlines the development of Sekai Kyūsei Kyō there. The management system of the organization is explored, then the formation of offshoots from Sekai Kyūsei Kyō, with particular reference to the ‘management of secrets’.
Keywords: Sekai Kyūsei Kyō, South Korea, Japanese new religions, management studies of religion, secrecy in organizations, capital, religious offshoots
Sekai Kyūsei Kyō [Church of World Messianity] (hereafter SKK) is well known as a Japanese new religion from which many offshoots have sprung. The religious organizations arising from SKK, and those religious organizations strongly affected by SKK, are often referred to as the ‘Sekai Kyūsei Kyō lineage (kei)’ organizations. The incidence of new groups branching off is common to both new and old religious organizations. To make an effective study of this process of schism it is very important to explore religions like SKK from which many offshoots have originated. This chapter will focus on SKK in South Korea, and will attempt to analyse the reasons for the formation of these offshoots from the perspective of management studies of religion.
Firstly, I will discuss ‘management studies of religion’, and give an overview of the current situation of Japanese religions in South Korea, and the development of SKK there. Then, I will explore the management system of the organization and the formation of offshoots from Kyūsei Kyō with particular reference to the ‘management of secrets’.
What is ‘management studies of religion’?
Briefly ‘management studies of religion’ in the context of this chapter is the study of the administration and operations of a religious system. I have chosen not to refer to the existing studies of religion or the sociology of religion. Rather, by fundamentally re-grasping the word, ‘management’, we can combine findings from management studies and religious studies, including how they interact with each other.
With the progress of globalization, value strategies once accepted in Japan are no longer accepted. This is a problem for religious groups, but it can also become an opportunity for them to develop new value strategies in the context of globalization. This chapter will examine some characteristics of peace movements associated with Japanese religious organizations in the post-war period, focusing on the World Conference on Religion and Peace (WCRP) as the main example. These peace movements, sponsored by religious organizations and backed by the tradition of national religious cooperation, have developed alongside a strong nationalism. The chapter traces the ways in which these movements have benefited from the influence of globalization and, through this, have developed into international movements.
Keywords: WCRP, peace movements, Nikkyō Niwano, Risshō Kōseikai, religious cooperation, Japan Religion Federation
Post-war peace movements and religious groups
Religious groups expand their management and power in relation to the value consciousness of the general public. In the era when the borders of the Japanese nation state were firmly established, the strategies pursued by religious groups developed in relation to national values: either by going along with values promoted by the nation while evading state control, or by pursuing an independent course, and proclaiming their own religious values distinct from national values. This is an issue of the value strategies of religious groups. With the progress of globalization, however, value strategies once accepted in Japan are no longer accepted. This is a problem for religious groups, but it can also become an opportunity for them to develop new value strategies in the context of globalization. In the process of developing these value strategies, religious groups have addressed issues that are also now faced by secular organizations in the course of globalization. If we consider that many aspects of the management strategies of religious groups in Japan have developed ahead of similar developments in business enterprises, it is perhaps to be expected that the same can be observed with the value strategies of religious groups.
In this chapter, I will examine some characteristics of the peace movements associated with Japanese religious groups after WWII, focusing primarily on the World Conference on Religion and Peace (WCRP) as an example.
This chapter delineates the context and aims of the volume as a whole. We begin by reviewing recent literature on religion and marketing, and the globalization of religion, and situate this within the broader context of theories of globalization. We then proceed to suggest the insights that may be drawn from re-examining religious organizations from the perspectives of the disciplines of management and marketing, and consider some of the ways in which the categories of ‘religion’ and ‘business’ may become blurred. In this volume, these issues are explored with reference to globalizing Asian religions, both new and established. This chapter also gives a summary outline of the structure of the volume, and the main points covered by the subsequent chapters.
Keywords: globalization, management, marketing, Asian religions, new religious movements
Religious organizations have long been at the forefront of the global movement of people and ideas (Rudolph and Piscatori 1997: 3). Missionary activity has preceded or accompanied trade and political domination across continents since well before the beginning of the Christian era, alongside less organized forms of dissemination of religious belief. Even today, religion is a key element in the development and intensification of globalization (Beyer 1994: 3).
The conceptualization of this process also has its own more recent intellectual history, which has become the object of academic scrutiny. The term ‘world religion’ only appeared in European writings towards the end of the nineteenth century, and initially in association with the universalizing claims of Christianity (Masuzawa 2005: 23). By the early twentieth century, the term was taking on an expanded meaning to include a number of other religions that are now widely listed under this heading.
The category of ‘world religion’ has oftentimes been conceptualized to mean large, established world religions with universal claims to relevance, in contrast to locally based religions. This assumed division has not gone unchallenged. Masuzawa (2005: 20-21) explains that this system of classification tends to operate within an Orientalist discourse, and elides specificities of locality and power relations among the so-called world religions. Another aspect of the dominant discourse of ‘world religions’ is that global relevance is seen as a marker of authenticity and status in the religious sphere.
Globally, the largest Japanese expatriate community is found in Brazil. As a consequence, Brazil may be host to the largest number of Japanese religions which show a diversity, not only in terms of doctrinal orientation, but also their size and geographic spread of membership. For instance, some have been re-exported transnationally from a Japanese Brazilian base. Research on the transplantation of these religions to alien, that is non-Japanese, communities and societies has indicated various elements that affect their chances for survival and growth, such as the demand for new spiritual alternatives and the degree of legal and social openness in the host societies, or the prior existence of a body of teachings that favours proselytization. Based on some case studies of Japanese religions in Brazil, this chapter argues that there can be no single explanation for the success of a religion in an alien society. We need a ‘multifactor’ explanation, in which extrinsic and intrinsic factors are interdependent and complementary. Especially in a globalized world the role of charismatic and strategically smart leadership is a crucial element in the growing phenomenon of religious transnationalization.
Keywords: Japanese religions, globalization, religious transnationalization, leadership, Brazil
From the second half of the nineteenth century to the end of WWII, the expansion of Japanese religions abroad depended firstly on the Japanese politics of expanding the frontiers of its empire throughout Asia and the Pacific Islands and secondly, on the emigration of labourers to places such as Hawaii, California, Brazil, Peru and others.
Analysing the diffusion of Japanese new religions in Brazil, Korea, Thailand and the United States, Shimazono (1991) focuses on two general variables: (1) the conditions of receiving societies (for example social and legal tolerance toward foreign religions, or the demand for new creeds as a result of socioeconomic change); and (2) specific features and appeal of expanding religions (for example straightforward magical practices, practical life ethics, systematic/logical statements, positive approach to religious pluralism).
In the following sections I expand Shimazono's approach to explain the missionary success of some Japanese religions abroad. I divide my argument into two large blocs based on data from the Brazilian context.
This chapter discusses the effects of globalization and new information technologies on religious activities in Japan, with reference to both modern new religions that developed in the course of Japan's modernization, and to more recently formed ‘new new’ religions that have arisen in the era of globalization, and have been influenced by globalization and new information technologies from their inception. The chapter argues that one consequence of this changing social context is the formation of new forms of religion that might be termed ‘hyper-religions’, which show little continuity with older domestic religious traditions, and do not hesitate to incorporate aspects of religious traditions from other cultures, psychology, or even science fiction.
Keywords: globalization, Japanese religion, new information technologies, modern new religions, ‘new new’ religions, hyper-religions
Concept of ‘modern new religion’
In this chapter I discuss the ways in which globalization and information processes have affected religious activities in Japan from two perspectives. Firstly, the response of modern new religions to globalization and information processes, and secondly the appearance of new types of religious groups that have formed on the basis of globalization and the information age.
I explain the concept of ‘modern new religion’ and the reason why I use this term instead of ‘new religion’, which is the term most commonly used to indicate new movements in modern Japan. I apply the term ‘modern new religion’ to new movements that have the following two characteristics: a deep connection with Japanese traditional religions in terms of ritual and teachings which were widely accepted in society before the modernization of Japan, and a new method of organization to correspond to social changes caused by the modernization process. Tenrikyō, Reiyūkai, Sōka Gakkai, Risshō Kōseikai, Sekai Kyūsei Kyō are typical examples of modern new religions. In fact, most groups usually referred to as ‘new religions’ are included in the category ‘modern new religion’.
One of the reasons I am advancing this idea is that some scholars of new religions have the view that a new type of new religion has appeared since the 1970s, and since the 1980s these have been called ‘new new religions’, ‘neo new religions’, and other similar terms (Inoue 1997).
This study exploits a new long-run data set of daily bid and offered exchange rates in spot and forward markets from 1919 to the present to analyze carry returns in fixed and floating currency regimes. We first find that outsized carry returns occur exclusively in the floating regime, being zero in the fixed regime. Second, we show that fixed-to-floating regime shifts are associated with negative returns to a carry strategy implemented only on floating currencies, robust to the inclusion of volatility risks. These shifts are typically characterized by global flight-to-safety events that represent bad times for carry traders.