In recent years, there has been an increasing interest in the development of well-founded conceptual models for Service Management, Accounting Information Systems and Financial Reporting. Economic ex- changes are a central notion in these areas and they occupy a prominent position in frameworks such as the Resource-Event Action (REA) ISO Standard, service core ontologies (e.g., UFO-S) as well as financial stan- dards (e.g. OMG’s Financial Industry Business Ontology - FIBO). We present a core ontology for economic exchanges inspired by a (...) recent view on this phenomenon. According to this view, economic exchanges are based on an agreement on the actions that the agents are committed to perform. This view enables a unified treatment of economic exchanges, regardless the object of the transaction. We ground our core ontology on the Unified Foundational Ontology (UFO), discussing its formal and conceptual aspects, instantiating it as a reusable OntoUML model, and confronting it with the REA standard and the UFO-S service ontology. (shrink)

In recent years, there has been an increasing interest in thedevelopment of ontologically well-founded conceptual models for Information Systems in areas such as Service Management, Accounting Information Systems and Financial Reporting. Economic exchanges are central phenomena in these areas. For this reason, they occupy a prominent position in modelling frameworks such as the REA (Resource-EventAction) ISO Standard as well as the FIBO (Financial Industry BusinessOntology). In this paper, we begin a well-founded ontological analysisof economic exchanges inspired by a recent ontological (...) view on the nature of economic transactions. According to this view, what counts asan economic transaction is based on an agreement on the actions thatthe agents are committed to perform. The agreement is in turn based on convergent preferences about the course of action to bring about. This view enables a unified treatment of economic exchanges, regardless the object of the transaction, and complies with the view that all economictransactions are about services. In this paper, we start developing our analysis in the framework of the Unified Foundational Ontology (UFO). (shrink)

This wide-ranging book examines the new dynamics of corporate social responsibility and the impact they have had on the transformation of business corporations. Written by an international group of distinguished experts in management and organization studies, economics and sociology, the book leads one to theoretically and practically rethink CSR, a movement that has developed into a strong and rich institutional domain since the mid 1990s. Through 14 chapters, the book shows the complexity, diversity and progression of the institutional work performed (...) by a large number of individual and organizational actors in specialized networks to develop this strategic field. Central to this book are: the core issues associated with the field of CSR; recent advances in the development, dissemination and implementation of public and private standards of social responsibility; the pressing challenges of developing sustainable strategies of value creation in the face of global warming and underdevelopment; and finally, examples of how CSR has been implemented and institutionalized within business organizations with special attention to the role played by a variety of social actors in organizational change. Conceived as a movement, corporate social responsibility spearheads a transformation project challenging traditional and outmoded forms of corporate governance that frequently pose troublesome ethical issues. From this standpoint, Corporate Social Responsibility and Corporate Change will serve as a reference point for academics, researchers, managers and practitioners. (shrink)

ObjectiveThe Spatial Learning Task of Lhermitte and Signoret is an object-location arbitrary associative learning task. The task was originally developed to evaluate adults with severe amnesia. It is currently used in populations where the memory system either is not yet fully developed or where it has been compromised (e.g. epilepsy, traumatic brain injury, electroconvulsive therapy, cerebrovascular disease and dementia). Normative data have been published for paediatric cohorts and for older adults, however no data exist for the intervening adult years.MethodHere, we (...) address this gap, collecting normative data from 101 adults aged 18–45.ResultsOur data indicate that performance on the Spatial Learning Task is not influenced by age, gender, level of education or overall IQ. Less than 10% of the variance in learning scores is associated with variability in verbal memory. Ninety percent of participants achieved perfect scores on two successive trials (T2Cr) within five or fewer trials on the Spatial Learning Task. A T2Cr score of 6 is suggestive of impairment and a T2Cr score of 7 or more is statistically abnormal.ConclusionThese data expand the clinical utility of the Spatial Learning Task in the adult population. Future work should examine performance in lower IQ cohorts, including intellectual disability, and explore sensitivity to disease factors such as laterality of mesial temporal lobe damage. (shrink)

The present paper explores, theoretically, and empirically, whether compliance with the International Code of marketing of breast-milk substitutes impacts on financial performance measured by stock markets. The empirical analysis, which considers a 20-year period, shows that stock markets are indifferent to the level of compliance by manufacturers with the International Code. Two important issues emerge from this result. Based on our finding that financial performance as measured by stock markets cannot explain the level of compliance, the first issue (...) refers to what alternative types of mechanisms drive manufacturers who comply the least with voluntary codes such as the International Code. Conversely, from our finding that stock markets do not reward the most compliant, the second issue raised is an inherent weakness of stock markets to fully incorporate social and environmental values. (shrink)

This study examines the relationship between salespeople's moral judgment and their job performance. Results indicate a positive relationship between moral judgment and job performance when certain characteristics are present. Implications for sales managers and sales researchers are provided. Additionally, directions for future research are given.

For many years, researchers and practitioners have sought out meaningful indicators of sales performance. Yet, as the concept of performance has broadened, the understanding of what makes up a successful seller, has become far more complicated. The complexity of buyer-seller relationships has changed therefore as the definition of sales performance has expanded, cultivating a growing interest in ethical/unethical actions since they could potentially have impacts on sales performance. Given this environment, the purpose of (...) this study is to explore the impact of moral judgment on sales performance and sellers engaging in a customer-oriented selling approach. Specifically, by utilizing a sample of 345 business-to-business salespeople, this study examines the relationships between moral judgment, customer-oriented selling, and outcome and behavior based performance. Results, managerial implications, and opportunities for future research are provided. (shrink)

. This study measures social desirability bias (SD bias) by comparing the level of discipline sales managers believe they would administer when supervising unethical selling behavior with the level of discipline they perceive other sales managers would select. Results indicate the presence of SD bias; the sales manager respondents consistently claimed that they would be stricter while their peers would be more lenient. Using an analytical technique that takes social desirability bias into account, it appears that (...) class='Hi'>sales managers use of discipline is affected by the sales performance of the salesperson being disciplined resulting in more lenient discipline for top sales performers. In addition, the more lenient treatment for top sales performers persists even when there is a pattern of a prior ethical infraction and the existence of an explicit organizational policy proscribing the act in question. Sales managers believe that, like themselves, others would be stricter when an unethical act is committed for the second time but not as strict as they personally would be. A within-subjects interaction effect indicates more SD bias under the condition of the unethical act being committed for the second time. (shrink)

For many years, researchers and practitioners have sought out meaningful indicators of sales performance. Yet, as the concept of performance has broadened, the understanding of what makes up a successful seller, has become far more complicated. The complexity of buyer–seller relationships has changed therefore as the definition of sales performance has expanded, cultivating a growing interest in ethical/unethical actions since they could potentially have impacts on sales performance. Given this environment, the purpose of (...) this study is to explore the impact of moral judgment on sales performance and sellers engaging in a customer-oriented selling approach. Specifically, by utilizing a sample of 345 business-to-business salespeople, this study examines the relationships between moral judgment, customer-oriented selling, and outcome and behavior based performance. Results, managerial implications, and opportunities for future research are provided. (shrink)

For many years, researchers and practitioners have sought out meaningful indicators of sales performance. Yet, as the concept of performance has broadened, the understanding of what makes up a successful seller, has become far more complicated. The complexity of buyer–seller relationships has changed therefore as the definition of sales performance has expanded, cultivating a growing interest in ethical/unethical actions since they could potentially have impacts on sales performance. Given this environment, the purpose of (...) this study is to explore the impact of moral judgment on sales performance and sellers engaging in a customer-oriented selling approach. Specifically, by utilizing a sample of 345 business-to-business salespeople, this study examines the relationships between moral judgment, customer-oriented selling, and outcome and behavior based performance. Results, managerial implications, and opportunities for future research are provided. (shrink)

Findings from prior research show that there is a general tendency to discipline top sales performers more leniently than poor sales performers for engaging in identical forms of unethical selling behavior. In this study, the authors attempt to uncover moderating factors that could override this general tendency and bring about more equal discipline for top sales performers and poor sales performers. Surprisingly, none were found. A company policy stating that the behavior in question was unacceptable nor (...) a repeated pattern of unethical behavior offset the general tendency to treat top sales performers more leniently than poor sales performers. In an attempt to dig deeper to find a significant moderating effect, two follow-up experiments were conducted. In the first follow-up experiment, a specific training program designed to communicate top management's desire to treat ethical matters equally based on the severity of the act had no effect on equalizing the discipline between top sales performers and poor sales performers. In the second follow-up experiment, a stronger company policy that specified a prescribed level of punishment also failed to equalize the discipline. A superior sales performance record appears to induce more lenient forms of discipline, despite the presence of other factors and managerial actions that are specifically instituted to produce more equal forms of discipline. The answer to the question posed in the article title is, "apparently very strong!". (shrink)

While previous literature provides evidence of the positive relationship between ethical climate and job satisfaction, the possible mechanisms of this relationship are still underexplored. This study aims to enhance scholars’ and practitioners’ understanding of the ethical climate–job satisfaction relationship by identifying and testing two of the possible mechanisms. More specifically, this study fills an existing research gap by examining social and interpersonal mechanisms, referred to in this study as workplace isolation of colleagues and salesperson’s teamwork, of the ethical climate–job satisfaction (...) relationship. This is vital for the selling profession because job satisfaction is known to drive higher levels of salespeople’s performance. The arguments for such mechanisms are built on the foundations of social/psychological contract theory and ethical climate literature. Empirical testing using a large sample of salespeople shows higher levels of ethical climate to decrease workplace isolation and increase teamwork. Findings support hypothesized model where ethical climate positively relates to job satisfaction as partially mediated by workplace isolation and teamwork. Ethical climate is negatively related to workplace isolation and positively to teamwork. Further, findings indicate negative effect of workplace isolation on teamwork and sales performance. Job satisfaction is found to be key factor in driving performance of salespeople. (shrink)

Researchers have studied marketing ethics from several perspectives. Few studies, however, have analyzed supervisory reactions to unethical behavior by salespeople. The results of this study using a 2 × 3 factorial design showed that the performance level of the salesperson and the consequences of the salesperson's actions influenced some types of discipline used by a sample of 246 sales managers. The findings both support and contradict prior research on how sales managers respond to unethical sales force (...) behavior. (shrink)

Researchers have studied marketing ethics from several perspectives. Few studies, however, have analyzed supervisory reactions to unethical behavior by salespeople. The results of this study using a 2 × 3 factorial design showed that the performance level of the salesperson and the consequences of the salesperson''s actions influenced some types of discipline used by a sample of 246 sales managers. The findings both support and contradict prior research on how sales managers respond to unethical sales force (...) behavior. (shrink)

Delaware case law has rendered the tender offer obsolete as a method for purchasing a company whose directors oppose the acquisition. A potential acquirer facing target opposition today must run an insurgent director slate, in the expectation that its directors are more likely to sell. The Delaware courts have not justified their preference for elections over markets as the preferred vehicle for implementing changes in control. Informal scholarly analyses ask transaction cost questions, such as whether proxy contests are more costly (...) than takeovers. This article attempts to break new ground by asking whether there are systematic differences in the performance of elections and markets in the corporate context. Recent models of voting processes, we argue, strongly suggest that elections are inferior to markets. Proxy contest elections sometimes can be won by incumbent managements when a transfer of control would be efficient, a conclusion consistent with the sparse data; and the proxy election process aggregates information regarding the sale decision less well than markets do, thereby implying that proxy voters are less well-informed. Theory and data thus suggest, at the least, that the intellectual burden of proof should change: the task now is to justify using elections to transfer control despite their apparent deficiencies. The article briefly considers the policy implications of this change in perspective. (shrink)

While competition has become increasingly fierce in organizations and in the broader market, the research on competition at an individual level is limited. Most existing research focuses on trait competitiveness. We argue that employee competitiveness can be state-like and can be demonstrated as an attitude toward and behavior representative of competition. We therefore propose a dynamic model with two separate components: competitive attitude and competitive behavior. Drawing upon self-determination theory and the person-environment interaction perspective, we examine how employee competitive attitude (...) and competitive behavior can be influenced by both personal characteristics and team climate, which in turn leads to different work outcomes, as demonstrated in two studies. Study 1 developed measures for competitive attitude and competitive behavior. Study 2 collected data from salespeople in a large insurance company in three waves. The results showed that employee competitive attitude and behavior could be predicted by personality. Moreover, employee competitive attitude and behavior were related to sales performance in differential ways via job crafting, and these mediated relationships could be moderated by team climate. These findings support the two-component dynamic model combining competitive attitude and behavior, which helps promote understanding of the dynamics of competition and its consequences at the individual level. Theoretical and practical implications are also discussed. (shrink)

Termination in international contracts is considered a harsh sanction that harms international trade for each breach of contract or its provisions. The interest of international trade is fulfilled in maintaining and completing performance of contract, even if with a breach rectifiable by remedy. The termination destroys the contract and results in returning goods after their dispatch in addition to the accompanying new freight and insurance expenses and administrative and health procedures necessary for the entry and exit of goods and (...) to pay then refund the price. Moreover, the goods are exposed again to damage and perishing risks. Furthermore, the international sale contract is inherently associated with other international contracts such as goods transport contract, insurance contract and documentary credit through which the price is paid. If the sale contract is terminated, its effect will apply to all other associated contracts, if not performed, which produces many issues and hardships. (shrink)

This paper revisits the issue of gender stereotypes in sales professions given new views of what makes for effective sales performance and sales management. Women's continued disadvantaged position in the sales profession is documented, and the role of gender role stereotypes in sustaining this situation in the profession is examined. The paper then turns to the newly emerging, ostensibly "pro-female", view of sales. This emphasises the importance of building and sustaining relationships – qualities that (...) women have traditionally been stereotyped as "good" at. Despite the positive emphasis accorded to women's skills in this new sales landscape, the ethical problems which arise from constructing this debate around the issue of gender are explored. In particular, the extent to which the view of women as "good at relationships" constitutes a stereotype is examined, and the value of this stereotype for redressing women's disadvantaged position from the perspectives of justice and utility is set out. In the final part of the paper we look at potential avenues for future theory and research which may help bring into focus a new view of gender role stereotypes in sales. (shrink)

On December 30, 2003, the FDA announced that it will publish a rule banning sales of ephedra - a dietary supplement often utilized for weight loss, increased energy, and enhanced athletic performance - because it poses an unreasonable health risk.The ban will be issued under the auspices of the Federal Food, Drug, and Cosmetic Act and the Dietary Supplement Health and Education Act of 1994, in response to a process that began in June of 1997, when the FDA (...) first proposed a mandatory warning statement on dietary supplements containing ephedra. FDAs analysis of the scientific evidence has led it to conclude that dietary supplements containing ephedrine alkaloids present an unreasonable risk of illness or injury and are therefore adulterated under Section 402 of the Federal Food, Drug, and Cosmetic Act? (shrink)

This article investigates the effects of Machiavellianism (MACH) on sales performance. Results indicate that those who possess high Machiavellian traits are more productive but received lower overall managerial ratings. Findings suggest that Machiavellianism may in certain circumstances, be somewhat advantageous for long-term sales performance.

The Philippine government has been relentless in its counterinsurgency campaigns. From the colonial wars that vilified as insurgents and bandits the honored heroes of today, up to the anti-communist and anti-secessionist civil and military efforts of the postcolonial regimes, these campaigns have not only rolled out large state resources but also cost lives of innocent civilians. Patterned after the United States (US) of America’s principle of low-intensity conflict aimed at countering Marxist and anti-imperialist movements (Reed 1986), counterinsurgency campaigns have unleashed (...) a warfare that indiscriminately target its supposed opponents, including unarmed activists. In 2007, the United Nations Special Rapporteur Philip Alston examined the horrible political situation of the Philippines – characterized by political killings, abductions, and tortures – and identified how state elements, under the blanket protection of waging a counterinsurgency campaign, were responsible for the political repressions then (Sales 2009). Today, under the murderous Duterte regime, the counterinsurgency campaign has reached an unprecedented level of ferocity as it is waged through a militarist whole-ofnation approach composed by multi-level government and multi-agency responses. -/- Being greatly influenced by the US, counterinsurgency campaigns in the Philippines follow the paranoiac and hysterical communist witch-hunt of McCarthyism (Hutchins-Viroux 2008). The hysteria’s contemporary and local expression is the phenomenon called red- or terror-tagging.1 Terror-tagging is the systematic process of maliciously naming or identifying an individual or group as a communist and/or terrorist by its association with a supposed communist and/or terrorist group. Being a systematic process, it is initiated and sustained by state elements with the view of maligning or defaming political activists. Terror-tagging is aimed against activists, dissenters, and even the political opposition. The social activist Rhoda Dalang (2014) has noted how terror-tagging has been deployed by the Philippine state in its counterinsurgency efforts, from the Marcos up to the then Aquino regime. And until the previous Duterte regime, yet with increased intensity and fatality, terror-tagging continued to defame and liquidate activists. As terror-tagging has not received enough academic attention, this chapter aims to fill this gap by providing a preliminary analysis of it. The chapter will be doing a critical discourse analysis. It will take off from a revealing study done by Don Kevin Hapal and Raisa Serafica of Rappler, a media outlet in the Philippines. Through a separate discourse analysis of Facebook posts of the National Task Force to End Local Communist Armed Conflict (NTFELCAC),2 the chapter will also identify aspects of terror-tagging. The discussion will further be theorized using the Marxist analysis of the State and informed by interviews of Atty. Maria Sol Taule and Cristina Palabay. They are both human rights workers who have worked with terror-tagged activists and are themselves subjected to terror-tagging. (shrink)

Over the past thirty years, academic debate over pornography in the discourses of feminism and cultural studies has foundered on questions of the performative and of the word's definition. In the polylogue of Droit de regards, pornography is defined as la mise en vente that is taking place in the act of exegesis in progress. (Wills's idiomatic English translation includes an ‘it’ that is absent in the French original). The definition in Droit de regards alludes to the word's etymology (writing (...) by or about prostitutes) but leaves the referent of the ‘sale’ suspended. Pornography as la mise en vente boldly restates the necessary iterability of the sign and anticipates two of Derrida's late arguments: that there is no ‘the’ body and that performatives may be powerless. Deriving a definition of pornography from a truncated etymology exemplifies the prosthesis of origin and challenges other critical discourses to explain how pornography can be understood as anything more than ‘putting (it) up for sale’. (shrink)

This article investigates whether increased female representation on a board improves firm performance in terms of electric vehicle (EV) sales in China when government subsidies are available. The increase in EV sales in China is a direct result of the sustainability efforts spearheaded by the various levels of local and state governments. This area is of importance due to the rising Chinese footprint in global EV sales, the increasing role of subsidies, and a transformation from State-Owned (...) Enterprises (SOEs) to market-driven firms that are more likely to pay attention to corporate governance issues such as board diversity. Using the instrumental variable (IV) approach, we estimate a two-stage least squares (2SLS) regression to control for more women representation on EV boards using firm-level data. The results indicate that board gender diversity (BGD) positively impacts firm performance in terms of EV sales. Furthermore, the effect amplifies in the presence of government subsidies. The insights provide valuable contributions to bridge the critical literature gap on how board diversity impacts firm performance in the presence of subsidies and offer valuable insights into corporate governance and policymaking. (shrink)

This article analyzes organizational mechanisms, and their contexts, leading to gender inequality among stockbrokers in two large brokerages. Inequality is the result of gender differences in sales, as both firms use performance-based pay, paying entirely by commissions. This article develops and tests whether performance-support bias, whereby women receive inferior sales support and sales assignments, causes the commissions gap. Newly available data on the brokerages’ internal transfers of accounts among brokers allows measurement of performance-support bias. (...) Gender differences in the quality and quantity of transferred accounts provide a way to measure gender differences in the assignment of sales opportunities and support. Sales generated from internally transferred accounts, controlling for the accounts’ sales histories, provide a “natural experiment” testing for gender differences in sales capacities. The evidence for performance-support bias is women are assigned inferior accounts and women produce sales equivalent to men when given accounts with equivalent prior sales histories. (shrink)

Data mining, as an essential part of artificial intelligence, is a powerful digital technology, which makes businesses predict future trends and alleviate the process of decision-making and enhancing customer experience along their digital transformation journey. This research provides a practical implication – a case study - to provide guidance on analyzing information and predicting repairs in home appliances after sales services business. The main benefit of this practical comparative study of various classification algorithms, by using the Weka tool, is (...) the analysis of information and the prediction of repairs in the home appliances after sales services business. The comparison of algorithms is performed considering different parameters, such as the mean absolute error, root mean square error, relative absolute error and root relative squared error, receiver operating characteristic area, accuracy, Matthews’s correlation coefficient, precision-recall curve, precision, F-measure, recall and statistical criteria. Five classification algorithms such as the Naive Bayes, J48, random forest, K-Nearest Neighbor, and logistic regression were implemented in the dataset. J48 has proved to provide the best accuracy and the lowest error among the other examined algorithms applied to a home appliances after sales services dataset to predict repairs based on product guarantee period. The extracted information and results of an after sales services business by using data mining techniques prove to alleviate the process of streamlining decision-making and provide reliable predictions, especially for the customers, as well as increase businesses’ efficiency along their digital transformation journey. (shrink)

A growing public concern regarding ethical business conduct has stimulated marketing research in the ethics area. This study is the first empirical research to investigate the relationship between a code of ethics and sales force behavior. The findings present preliminary evidence that a well communicated code of ethics may be related to ethical sales force behavior. Furthermore, it appears that a sales force that is employed in such an environment can be profiled as being relatively high in (...) job performance and receiving equally high satisfaction from their positions. Suggestions are made for future research and recommendations are offered for marketing practitioners. (shrink)

Sixty-eight stores of a retail chain were used for testing a model in which perceived authentic leadership predicts stores’ sales achievement through the mediating role of perceived store virtuousness and perceived store potency. Employees reported AL, store virtuousness, and store potency. Sales achievement over a period of four consecutive months subsequent to data collection was considered as dependent variable . The main findings are the following: AL predicts store potency through the mediating role of store virtuousness; store virtuousness (...) predicts sales achievement through the mediating role of store potency; AL predicts sales achievement via the mediating role of both store virtuousness and store potency. By focusing on three positive constructs, whose interrelations have scarcely been explored, and relating them to store performance, the study enriches the Positive Organizational Scholarship movement, and suggests that AL and virtuousness are good in themselves and also potential facilitators of group success. (shrink)

Prior research suggests that corporate credibility is associated with firm financial performance in developed countries. This article examines whether corporate credibility is related to firm performance using Economic Observer's rating of corporate credibility in China, the largest emerging market in the world. Based on a four-stage valuation model, we find that more reputable and credible firms outperform those with low ratings by almost 20% in 3-year stock returns and have better 3-year net profit margins, return on equity, and (...) sales growth. This study is the first to directly examine the relationship between corporate credibility and firm performance in emerging markets such as China, and our results confirm that firms with high credibility exhibit better financial and market performance at least in the following 3 years. (shrink)

With the development of the digital economy, the emerging marketing strategy of the e-commerce flash sales has been changing the traditional purchasing habits of customers. This imposes new decision-making challenges for companies involved in flash sales. It is important for companies to build the accurate product demand forecast analysis focusing on the characteristics of the flash sales and customer behaviors. In this paper, VIPS is taken as a case study with the key focus on how sentiment factors (...) in customer reviews affect product demand in flash sale platforms. The paper adopts two sentiment analysis methods based on emotional dictionaries. The method with a higher evaluation index is adopted to integrate the emotional factors into the autoregressive model for product demand and assessment. The experiments prove that the autoregressive model for integrating the sentiment factors demonstrates better forecasting performances than the models without sentiment factors. The experiments further confirm that when product demand for the previous two weeks and customer review sentiment factors in the previous week are taken into consideration, demand forecast effects are most accurate. (shrink)

Corporate social responsibility (CSR) is more and more important in the supply chain. Drawing from the stakeholder theory and channel relational reciprocity literature, we develop and empirically support a theoretical framework. Our framework predicts that CSR reciprocity between buyer and seller firms in a supply chain affects channel tie intensity and channel sales performance (main effects) and that market competition may amplify these influences (moderated effects). The framework reveals important implications regarding the role of reciprocal CSR for channel (...) relationship management. (shrink)

Issues of social justice underlie the clamour for greater gender balance in top-management. The present study reveals that pursuit of such social justice is also value-enhancing in relation to the longer-run performance of initial public offerings stocks, especially where female board members are unencumbered by family-connection with other directors. This study examines the economic benefits of board gender diversity for state- and privately controlled firms in the Hong Kong IPO market. Gender board diversity is much less common in state-run (...) IPO firms. Within the subset of privately controlled IPO firms, distinction exists between entities that accommodate family-connected board officers and those that do not. Specifically, this study focuses on family-ties between board members. This issue allows for finer-grained assessment of family influence on firm performance. Stronger post-listing stock, return-on-assets and sales-on-assets performance arise in privately controlled firms without family-connected board members and in state-run entities. Gender diversity thus serves as a positive, but only when female director presence is untrammelled by family associations between directors. However, there is little evidence of a link between female board representation and IPO underpricing. Relative to state-backed issuers, privately controlled firm boards accommodate more women, younger officers and a broader mix of nationalities, but appear more-inclined to unify CEO and chair positions. Board duality, the fraction of independent directors and directors’ age and nationality exhibit little relation with initial and aftermarket stock returns. In prescriptive terms, minority investors gain from the inclusion of female directors, especially when IPO firm directors are unencumbered by family-affiliation with other board members. Results therefore add to the clarion of calls for greater female board presence. (shrink)

This article addresses all of the issues involved in the debate about whether or not bioethicists should be paid by private biomedical companies to perform consultations. These issues include the following: differentiation of this role from bioethicists' other roles, an analysis of to whom bioethicists owe a duty, consideration of what bioethicists are “selling,” whether bioethicists should be allowed to get paid, when payment becomes problematic, and whether consulting fee arrangements should be regulated. The author often compares bioethicists' relationship to (...) the companies to bioethicists' other relationships, as well as to professional relationships in other fields, such as law and accounting. (shrink)

This study examines the relationships between a company''s emphasis on discretionary social responsibility, environment, and firm performance. It tests the proposition that environmental munificence and dynamism moderate the relationship between discretionary social responsibility and financial performance. Social responsibility was measured with a three-item scale in a sample of 62 firms using a questionnaire. Environmental munificence and dynamism were measured using archival sources as was financial performance (return on assets and return on sales). The results of moderated (...) regression analyses and subgroup analyses found a significant moderating effect of environment on the social responsibility-firm performance relationship. Discretionary social responsibility contributes to firm performance in environments that are dynamic and munificent. (shrink)

Despite the recognition of the importance of philosophy-based management in recent Japanese management practices, there has been little effort to systematically examine this topic from a normative view. With a sample of 152 electrical machinery companies, this study attempts to identify the underlying value orientations incorporated in the normative statement of corporate management philosophy and furthermore examines the complex relationships between corporate value orientations and various performance indexes. The article shows that although the adoption of a corporate management philosophy (...) does not contribute to corporate financial performance directly, some value orientations might contribute to non-financial performance and long-term performance potentials. Especially, CSR environmental performance might be contributed by customer orientation and harmony; human resource management performance is associated with partner orientation and harmony; growth potential might be related with global orientation, entrepreneurship, and honesty. Furthermore, the negative relationship between increase of sales effort and CSR environmental performance also implies that it deserves careful consideration and attention for a company to balance the interests of various stakeholders. (shrink)

Recent events and popularized stereotypes call into question the ethics of salesperson behaviors. Although prior research demonstrates that salespeople’s emotional exhaustion can have negative consequences for several job outcomes, little is known about the factors that can mitigate such relationships—particularly the relationship between emotional exhaustion and ethical behavior. To remedy this knowledge gap, we draw from self-control theory to propose a novel theoretical framework and develop hypotheses. These hypotheses are tested on a unique dataset consisting of survey data collected from (...) 123 matched business-to-business salesperson–manager dyads. The findings reveal that emotional exhaustion is negatively associated with sales performance, emotional exhaustion is negatively associated with ethical behaviors, ethical behaviors are positively associated with sales performance, ethical behaviors mediate emotional exhaustion’s negative effect on sales performance, perceived supervisor support attenuates the negative association between emotional exhaustion and ethical behaviors, and contrary to expectations, grit strengthens the negative association between emotional exhaustion and ethical behaviors. As we show here, perceived supervisor support may attenuate the undesirable effects of emotional exhaustion on ethical behaviors and sales performance. The article’s broader contribution thus lies in its suggestion that managers pay special attention to these factors. Moreover, factors such as grit can have unexpected and undesirable influences; therefore, we draw attention to the importance of scrutinizing these interactions, even when the factors involved are almost universally touted as beneficial. Theoretical and practical implications of the research are discussed. (shrink)

Research suggests that international assignment experience enhances awareness of societal stakeholders, influences personal values, and provides rare and valuable resources. Based on these arguments, we hypothesize that CEO international assignment experience will lead to increased corporate social performance (CSP) and will be moderated by the CEO's functional background. Using a sample of 393 CEOs of S&P 500 companies and three independent data sources, we find that CEO international assignment experience is positively related to CSP and is significantly moderated by (...) the CEO's functional background. Specifically, CEOs with international assignment experience and an output functional background (e.g., marketing and sales) are positively associated with greater CSP. (shrink)

Using panel data of 4,244 company years, we examine whether and how corporate social performance (CSP) affects a firm’s capacity to achieve profitable sales in foreign markets. Based on our extension of instrumental stakeholder theory into the international arena, we hypothesized a U-shaped relationship between CSP and multinationality. Results supported our contention that multinational enterprises (MNEs) need to be substantially committed to social performance objectives if they are to recoup the cost of their CSP investments, and improve (...) their capacity to compete in foreign markets. MNEs engaged in intermediate levels of CSP achieve lower levels of multinationality than firms operating at either anchor of the social performance continuum. In addition, this study demonstrates that CSP moderates a well-established relationship in international business literature – the relationship between R&D investment and a firm’s multinationality. Implications for research and practice are discussed. (shrink)

In today’s complex selling environment, it is challenging for sales leaders to enhance the effectiveness of their sales teams. The aim of this study is to observe the impact of authentic leadership on salespersons’ internal and external behaviors under B2B selling context [i.e., transactive memory system, innovative work behavior, and customer-directed OCB] and their consequences in team selling performance. Respondents of our survey included salespersons and managers working in the sales departments of pharmaceutical companies. By using (...) structural equation modeling, the dyad responses from 348 matched salespeople–managers were analyzed. The findings disclose that authentic leadership behavior has a stronger relationship with the TMS, innovative work behavior, and customer-directed OCB. Our results also indicate that innovative work behavior and customer-directed OCB are potentially mediated between authentic leadership and team selling performance relationship. The theoretical implication of these results for managerial practice is also discussed. (shrink)

Managers often ask why their firm should have an ethics program, especially if no one has complained about unethical behavior. The pursuit of business ethics can cost money, they say. It can lose sales to less scrupulous competitors and can drain management time and energy. But as Harvard business professor Francis Aguilar points out, ethics scandals (such as over Beech-Nut's erzatz "apple juice" or Sears's padded car repair bills) can severely damage a firm, with punishing legal penalties, bad publicity, (...) and irreparably injured customer relations. Equally important if less obvious, unethical behavior can undermine a firm's organizational spirit. On the other hand, Aguilar argues, in a well run firm, ethical programs can actually enhance corporate performance, strengthening the company at every level and supercharging employee risk taking and innovation. In Managing Corporate Ethics, Aguilar shows managers how to create ethical programs within their organizations that not only discourage large-scale wrongdoing, but can contribute substantially to the achievement of corporate excellence. Aguilar's program is down-to-earth and comprehensive, and based on his extensive research on highly successful, ethical companies, both large and small. He recommends action on three fronts: first, get senior management to provide effective ethical leadership; second, set up an ethics program that promotes concern for the interests of people affected by the firm's operations and that provides safeguards against corrupting business pressures; and third, staff the company with ethical people and surround the organization with ethical advisors (including legal, financial, accounting, tax, and marketing consultants). To illuminate this three-step program, Aguilar incorporates the lessons learned in his in-depth study of ten prominent firms with proven successful ethics programs--among them Hewlett-Packard, Johnson & Johnson, Nucor Steel, Cray Research, ServiceMaster, and Texas Instruments. He examines Lincoln Electric's attention to compensation and job security to ensure quality products and to reduce the pressure or temptation to act unethically. He shows how General Mills, while pushing product line managers to compete aggressively, uses corporate staff units to guard against illegal or unacceptable claims (testing cake recipes, for example, to see if a product's quality fails under the less-than-perfect conditions of a normal kitchen). And he details how Armstrong World Industries uses pep talks, inspirational stories, role models, and ready access to management to promote ethical standards among employees. Throughout, Aguilar demonstrates convincingly that an ethical program pays dividends: that employees, suppliers, customers, and the community at large know when they are being treated in a positive and constructive manner, and are likely to respond in kind. Packed with real life examples of successful (and failed) ethical programs, Managing Corporate Ethics is a valuable roadmap to an often overlooked source of business success. (shrink)

We study behind-the-scenes investor activism promoting environmental, social, and governance improvements by means of a proprietary dataset of a large international, socially responsible activist fund. We examine the activist’s target selection, forms of engagement, impact on ESG performance, drivers of success, and effects on the targets’ operations and value creation. Target firms are typically large and visible, perform well, and have high liquidity and low ESG performance. Engagement induces ESG rating adjustments: firms with poor ex ante ESG ratings (...) experience a ratings increase after complying with the activist’s demands, whereas firms with high ex ante ESG ratings experience a ratings decrease following the revelation of their ESG problems. Activism that is focused on environmental and social issues is more likely to succeed if targets are ESG-sensitive. Successful engagements boost targets’ sales. Risk-adjusted excess stock returns of successful engagements outperform those of unsuccessful engagements by 2.7%. Results are especially strong for firms with low ex ante ESG scores. Specifically, targeted firms in the lowest ex ante ESG quartile outperform matched peers by 7.5% in the year after the end of the engagement. Our results thus suggest that the activism regarding corporate social responsibility generally improves ESG practices and corporate sales and is profitable to the activist. Taken together, we provide direct evidence that ethical investing and strong financial performance, both from the activist’s and the targeted firm’s perspective, can go hand-in-hand together. (shrink)

Stakeholder theory provides a framework for investigating the relationship between corporate social performance (CSP) and corporate financial performance. This relationship is investigated by examining how change in CSP is related to change in financial accounting measures. The findings provide some support for a tenet in stakeholder theory which asserts that the dominant stakeholder group, shareholders, financially benefit when management meets the demands of multiple stakeholders. Specifically, change in CSP was positively associated with growth in sales for the (...) current and subsequent year. This indicates that there are short-term benefits from improving CSP. Return on sales was significantly positively related to change in CSP for the third financial period, indicating that long-term financial benefits may exist when CSP is improved. (shrink)

Although a number of studies have demonstrated that perceived ethical leadership engenders beneficial follower outcomes, there is a dearth of research on ethical leadership in the sales context. This is surprising given that salespersons constantly face ethical challenges in their work environment and ethical leadership could provide them with appropriate guidelines for navigating such challenges successfully. Focusing on the salesperson’s perspective and responding to calls for investigating underlying processes responsible for the effects of ethical leadership, this study proposes that (...) sales managers’ ethical leadership influences salespersons’ emulation intentions—i.e., their intentions to model or imitate the manager’s ethical behavior—which, in turn, influences both behavior and outcome performance. In addition, salespersons’ perceptions of the manager’s competence and gratitude toward the manager are examined as moderating mechanisms on the relationship between ethical leadership and salespersons’ emulation. Finally, three aspects of the ethical climate prevailing in the organization—ethical responsibility, peers’ unethical behavior, and unethical sales practices—are included as control variables. The proposed relationships are tested by using data from 290 business-to-business salespeople. Based on the findings, implications are offered for theory and practice. (shrink)

In general, the business ethics literature has treated the conceptual domains and outcomes of macro-level, meso-level, and micro-level ethical influence separately. However, this singular treatment ignores the synergies and tensions that can arise across these different types of ethical influence. Using sales as a research context, the current study argues that all three ethical frames of references are important in shaping employee behavior and performance and, as such, should be examined simultaneously. The findings show that industrial ethical climate (...) and salesperson moral equity are positively associated with salesperson customer orientation. In addition, industrial and organizational ethical norms have a stronger joint effect on customer orientation than either ethical climate alone. More specifically, a more ethical organizational climate enhances the positive effects of the industrial ethical climate on customer orientation. Furthermore, whereas salesperson moral equity is significantly associated with salesperson customer orientation, strong moral equity beliefs in situations requiring adaptive selling result in weaker sales outcomes. This study concludes with a set of theoretical and actionable implications, as well as a discussion of future research avenues. (shrink)

While the literature on the effective management of business and natural environment interfaces is rich and growing, there are still two questions regarding which the literature has yet to reach a definitive conclusion: (1) what is the interactive effect between internal and external drivers on a proactive environmental strategy (PES)? and (2) does a PES influence firm's performance? Drawing on the resource-based view for the internal drivers' perspective and institutional and legitimacy theories for the external drivers' perspective, this study (...) suggests that the effect of entrepreneurial orientation on a PES is moderated by the intensity of government regulations and customers' sensitivity to environmental issues. The authors also examine the relationship between the PES and a firm's performance in terms of sales and profit growth. Implications are discussed regarding the role of a PES in achieving a competitive advantage in the marketplace. (shrink)

The European Commission has recently proposed the introduction of legally binding quotas for women on corporate boards of European companies. This proposal has put the spotlight on the question of whether increasing female representation on the board brings economic benefits to the firm. In order to shed light on the issue, this study investigates the direct and indirect effects of women on the board on firm value. We use a simultaneous equation model to estimate the effects of women on the (...) board on firm value, financial performance, and compliance with ethical and social principles adopted by the firm. We find no evidence that a higher female representation on the board directly affects firm’s value. However, we find indirect effects. Women on the board are positively related with financial performance (measured in terms of return on assets and return on sales) and with ethical and social compliance, which in turn are positively related with firm value. The findings in this study suggest that greater female representation on corporate boards of large European firms can increase firm value indirectly. Further, part of the indirect effect comes from stronger compliance with ethical principles, something that is not captured by accounting-based financial performance. (shrink)

To meet the shifting needs and preferences of the contemporary sales workforce, sales organizations are deploying idiosyncratic deals (I-deals), or mutually beneficial individualized workplace arrangements between salespeople and the organization. However, research is lacking on how, and under what conditions, I-deals facilitate work engagement and performance among salespeople. In this study, based on analysis of data gathered from 221 business-to-business salespeople, we demonstrate that I-deals are positively related to two foci of salesperson work engagement (i.e., social engagement (...) and change engagement) and salesperson performance. Furthermore, we find that ethical self-leadership, which is driven by ethical leadership, functions as an internal self-governance mechanism that strengthens the impact of I-deals on salesperson work engagement. Based on these results, we delineate novel theoretical and practical implications on the role of I-deals in facilitating effective sales talent management. (shrink)

This study links corporate reputation, as measured byFortune magazine's Most Admired list, with firm financial performance. Seven measures of financial risk and return were collected for a sample of 149 firms from two time periods, 1981 and 1986. The mean score of four attributes from the 1993Fortune Most Admired list for the sample was then analyzed with the financial data through regression analysis. Two financial variables, Standard Deviation of the Market Return of the Firm and Return on Sales, (...) explained between 0.12 and 0.14 of subsequent reputation. The implication for management is that they can affect a firm's subsequent reputation by lowering financial risk and controlling costs. (shrink)

Using panel data of 4,244 company years, we examine whether and how corporate social performance affects a firm's capacity to achieve profitable sales in foreign markets. Based on our extension of instrumental stakeholder theory into the international arena, we hypothesized a U-shaped relationship between CSP and multinationality. Results supported our contention that multinational enterprises need to be substantially committed to social performance objectives if they are to recoup the cost of their CSP investments, and improve their capacity (...) to compete in foreign markets. MNEs engaged in intermediate levels of CSP achieve lower levels of multinationality than firms operating at either anchor of the social performance continuum. In addition, this study demonstrates that CSP moderates a well-established relationship in international business literature - the relationship between R&D investment and a firm's multinationality. Implications for research and practice are discussed. (shrink)