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Abstract: India has embarked on the path of self-reliance with no clear road map. This paper highlights the need to demystify the concept and argues that any path to self-reliance would require creating new productive capabilities that would be determined not by what the country can produce but what it can export. Following the “product-space” perspective, promoted by Ricardo Hausmann and others at the Growth Lab of Harvard University stating that a country’s capacity to add new capabilities depends strongly on the existing ones, I assess India’s export performance since 1988 along three dimensions: growth, diversification, and upgrading, with the objective to understand how well India is prepared to achieve the goal in this globalised world and recommend developing a well-informed export strategy.
Journal: Economic and Political Weekly
Published: January 2022
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Contact CBS researcher: Aradhna Aggarwal
Abstract: Der redegøres for købelovens (kbl.) nye regler om forbrugerkøb efter implementeringen af varedirektivet og direktivet om digitalt indhold i dansk ret pr. 1. januar 2022 på grundlag af de fyldige lovbemærkninger. De to direktiver udvider loven, så den også gælder forbrugerkøb af digitalt indhold og digitale tjenester med en række særregler til følge for sådanne aftaler. Også reglerne om mangler og parternes forpligtelser ved ophævelse af forbrugerkøbet er ændret.
Journal: Erhvervsjuridisk Tidsskrift
Published: May 2022
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Contact CBS researcher: Peter Arnt Nielsen
Abstract: This article examines the role of law in the global economy of care. Drawing upon decolonial theory, transnational labour law, and scholarship in International Political Economy (IPE), it develops the concept of legal borderlands and applies it to an analysis of outsourcing domestic care work to female migrant workers in the Danish au pair scheme. The article argues that law constructs liminal legal subjects with limited rights who are ambiguously situated at the intersection of different legal regimes by differentiating between public/private, work/non-work, and citizen/migrant. These differentiations displace legal subjects outside the scope of labour law protection. The case reflects broader labour market trends of increasing flexibility and deregulation, and the complex transnational interplay of law and migration policies. Legal borderlands is a transnational space of socio-legal relations sitting at the intersection of, and in frictions between legal regimes and hierarchies of oppression, including race, gender, and migrant status.
Journal: Transnational Legal Theory
Published: May 2022
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Contact CBS researcher: Maj Grasten
Abstract: An advocacy coalition of trade unions, churches and NGOs had been trying for a long time to mobilise domestic media and politicians in order to re-regulate the German meat industry. The meat industry’s low-cost business model, using employee posting and subcontracting on a massive scale, has led to extreme forms of unsafe working and poor living conditions for large numbers of Central and Eastern European workers. But it is only in the wake of the COVID-19 pandemic that the German government decided to ban subcontracting, posting and temporary work in this industry. Why did COVID-19 make a difference? In an industry in which the livelihoods of local communities in Germany’s pig belt and in deprived rural parts of Romania have become structurally dependent on subcontracting, institutional change would not have happened without the pre-existing mobilisation of the above-mentioned advocacy coalition. But COVID-19 created a ‘perfect storm’ that empowered this coalition by helping reframe the meat industry issue away from a ‘narrow’ employment regulation problem into a ‘broader’ public health threat. Indeed, after becoming a virus hotspot, the meat industry was no longer just a threat to the livelihoods of its own workers, but to those of the wider local community.
Journal: Transfer: European review of Labour and Research
Published: February 2022
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Contact CBS researcher: Cornel Ban
Abstract: In this study, we investigate the effect of IFRS adoption on pay-performance sensitivity (PPS) in the European Economic Area (EEA) and show that the documented positive effect is driven by one country: Germany. In pooled country tests, we explore the effect of individual institutional attributes and find that differences between IFRS and local GAAP, as well as proxies for different types of enforcement, moderate the IFRS effect. However, these findings are contingent on including Germany in the sample. This raises the possibility that the studied institutional attributes proxy for Germany, and that it is the unique combination of institutional attributes in Germany that explains the increase in PPS at the time of IFRS adoption. Our findings suggest that researchers should be careful when generalising results from multi-country studies or attributing the IFRS effects to individual institutional variables.
Journal: Accounting and Business Research
Published: June 2022
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Contact CBS researcher: Jesper Banghøj, Thomas Plenborg
Journal: Long Range Planning
Published: April 2022
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Contact CBS researcher: Johannes Luger
Abstract: Markets in which similar goods of different qualities are sold suffer from information asymmetries and their negative consequences. Dealers have established themselves, and mediate these markets through their use of quality signals. While these signals help to mitigate information asymmetries, these markets still function well below their optimum: a large share of goods sold are overpriced, and most of the benefits are reaped by intermediaries. In this paper we build on prior research that proposes the use of blockchain as an enabler for trusted, decentralized asset documentation. Applying a socio-technical lens, we describe how blockchain-enabled multi-party certification affords dealers the action potential to send signals that are more closely correlated to the unobservable quality of the underlying good (i.e., signals with a higher fit) than the signals they send today. We then both theorize and experimentally explore the market effects of the two types of signals. Using data from a laboratory market experiment with 210 participants, we find empirical evidence that multi-party certification affords dealers the action potential to send signals of significantly higher fit than those sent by intermediaries alone, leading to a reduction in information asymmetries, a more efficient allocation of goods, and an increase in market fairness.
Journal: Journal of Management Information Systems
Published: 2022
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Contact CBS researcher: José Parra Moyano
Abstract: This paper develops a theory of fiscal transparency aimed at highlighting the potential contribution of independent fiscal councils to fiscal responsibility. In a political economy model with electoral competition, voters care about the candidates’ competence to supply valuable public goods and about their congruence (subjective sense of proximity). Voters observe candidates’ congruence but must form views about their competence based on the expected amount of public goods they could provide, and on other random signs about competence, public debt and the state of the economy. More transparency reduces noise around these relevant considerations. The model exhibits a bias towards excessive public debt for both “partisan” (myopia) and “opportunistic” (signaling competence through additional spending) motives so that institutional arrangements mitigating the debt bias carry welfare gains. While transparency about public debt itself is irrelevant, clearer signals about competence raise public debt if the incumbent enjoys a sufficiently large electoral advantage but reduce debt otherwise. Increased transparency about the state of the economy raises debt and is less valued by voters and the incumbent than greater transparency about competence. The latter is preferred by all players if the incumbent does not hold too large an electoral advantage. Otherwise, the incumbent and the public may have diverging preferences regarding greater transparency. Our analysis reveals the ambiguity about the potential contribution of independent fiscal councils (IFCs) to fiscal responsibility through increased transparency, and points to the inherent fragility of the political backing for such institutions.
Journal: European Economic Review
Published: June 2022
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Contact CBS researcher: Roel Beetsma
Abstract: We derive bounds on the causal effect of belief-dependent preferences (reciprocity and guilt aversion) on choices in sequential two-player games without data on the (higher-order) beliefs of players. We show how informative bounds can be derived by exploiting a specific invariance property common to those preferences. We illustrate our approach by analyzing data from an experiment conducted in Denmark. Our approach produces tight bounds on the causal effect of reciprocity in the games we consider. These bounds suggest there exists significant reciprocity in our population — a result also substantiated by the participants' answers to a post-experimental questionnaire. On the other hand, our approach yields high implausible estimates of guilt aversion — participants would be willing, in some games, to pay at least 3 Danish crowns (DKK) to avoid letting others down by one DKK. We contrast our estimated bounds with point estimates obtained using data on stated higher-order beliefs, keeping all other aspects of the model unchanged. We find that point estimates fall within our estimated bounds, suggesting that elicited higher-order belief data in our experiment is weakly (if at all) affected by various reporting biases.
Journal: Review of Economic Studies
Published: May 2022
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Contact CBS researcher: Alexander C. Sebald
Abstract: Technological developments such as Cloud Computing, the Internet of Things, Big Data and Artificial Intelligence continue to drive the digital transformation of business and society. With the advent of platform-based ecosystems and their potential to address complex challenges, there is a trend towards greater interconnectedness between different stakeholders to co-create services based on the provision and use of data. While previous research on digital transformation mainly focused on digital transformation within organizations, it is of growing importance to understand the implications for digital transformation on different layers (e.g., interorganizational cooperation and platform ecosystems). In particular, the conceptualization and implications of public data spaces and related ecosystems provide promising research opportunities. This special issue contains five papers on the topic of digital transformation and, with the editorial, further contributes by providing an initial conceptualization of public data spaces' potential to foster innovative progress and digital transformation from a management perspective.
Journal: Electronic Markets
Published: May 2022
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Contact CBS researcher: Christiane Lehrer
Abstract: We examine the relationship between pre-grant patent disclosure and analyst forecast accuracy. We take advantage of the passage of the American Inventor’s Protection Act (1999), which mandates the pre-grant public disclosure of all information in patent application documents within 18 months of the initial filings. We find that, on average, the pre-grant patent disclosure of corporate inventions significantly improves the accuracy of analyst forecasts about the patenting firm and this improvement is greater for firms with higher research and development intensity. Nevertheless, improvements in the accuracy of analysts’ forecasts are smaller when firms issue more original and scientifically broader patents. Also, this effect is weaker for firms in states without legal protection for trade secrets.
Journal: Management Science
Published: April 2022
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Contact CBS researcher: Ali Mohammadi
Journal: Journal of Church and State
Published: May 2022
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Contact CBS researcher: Trine Bille
Abstract: Artiklen argumenterer for, at man bør være opmærksom på behovet for investeringer i driftsaktiver og arbejdskapital som forudsætninger for den i terminalværdien anvendte vækst. Behovet for investeringer til at understøtte væksten vil afhænge af afkastet af de nye investeringer. Med udgangspunkt i en antagelse om dette fremtidige afkast kan behovet for investeringer opgøres, og terminalværdien beregnes korrekt. Der argumenteres ligeledes for, at de fleste virksomheder på et tidspunkt vil have et afkast af nye investeringer, der svarer til WACC. Så er terminalværdien ikke følsom overfor den anvendte vækstprocent. Med henvisning til makroøkonomisk model anvendes den risikofrie rente som forventning til samfundets nominelle vækst. Der vises eksempler på, at manglende sammenhæng mellem vækst, investeringer og afkast giver forkerte terminalværdier.
Journal: Finans/Invest
Published: June 2022
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Contact CBS researcher: Søren Bjerre-Nielsen
Abstract: In this essay, I examine and discuss the relationship between the market and the masses in light of recent retail-driven surges in the stock prices of firms like GameStop and AMC. Using two historical snapshots, I draw out similarities and differences between the way the collective power and rationality (or lack thereof) of the masses was portrayed in late-nineteenth and early-twentieth-century market literature and in recent debates about retail investor inclusion and social media or social trading platform-driven market volatility. The main difference between the historical discourse and the present situation is that the new digital market-expanding technologies enable effective retail investor mobilization and thus, increase the retail swarms’ market-moving powers, which were previously less agile and forceful. However, this eased and widened market access also transforms digital life into alternative data that is subjected to age-old strategies of market exploitation.
Journal: Finance and Society
Published: 2022
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Contact CBS researcher: Kristian Bondo Hansen
Abstract: Machine learning (ML) models are gaining traction in securities trading because of their ability to recognize and predict patterns. This study examines how ML is transforming automated trading. Drawing on 213 interviews with market participants (including 94 with people working at ML-employing firms) as well as ethnographic observations of a trading firm specializing in ML-based automated trading, we argue that ML-based (‘second-generation’) automated trading systems are different to previous (‘first-generation’) automated trading systems. Where first-generation systems are based on human-defined rules, second-generation systems develop their trading rules independently. We further argue that the use of such second-generation systems prompts a rethinking of established concepts in economic sociology. In particular, a Weberian notion of social action in markets is incompatible with such systems, but we also argue that second-generation automated trading calls for a reconsideration of the notion of the performativity of financial models.
Journal: Economy and Society
Published: May 2022
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Contact CBS researcher: Christian Borch, Bo Hee Min
Abstract: This article discusses the financial turmoil unleashed by the COVID-19 pandemic in March 2020. It argues that the market mayhem in which prices plummeted cannot be fully explained by real-economic factors such as uncertainty about the future global economy. Instead, I suggest analysing the events as a manifestation of financial contagion in which the mimesis of market participants becomes an independent explanatory force. In making this argument, the article returns to late nineteenth-century ideas about mimesis and social contagion as well as discussions about the collective mimesis – constitutive of a mimetic turn – that may result from social avalanches.
Journal: CounterText
Published: April 2022
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Contact CBS researcher: Christian Borch
Abstract: Works councils provide an essential mechanism for worker participation in decision-making. While the literature has extensively explored their impact on worker and establishment outcomes, the negotiation process between works council representatives and their employer has remained largely unexplored. This article contributes to filling this gap by investigating wage discrimination towards works councilors in Germany. Fixed effects models leveraging panel data show that councilors receive a wage premium that positively correlates with the sectoral coverage of collective bargaining. In the manufacturing sector, where the tradition of bargaining is heavily entrenched, employers positively discriminate councilors. In contrast, in the service sector, where the culture of bargaining is weak, employers penalize works councilors. In both sectors, partisan and unionized works councilors are the most affected. The most likely hypothesis to explain these results is that employers strategically discriminate these councilors in order to bypass the traditional constraints of establishment-level participation. This article therefore questions the quality of industrial democracy in Germany.
Journal: Industrial Relations
Published: May 2022
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Contact CBS researcher: Clément Brébion
Abstract: Sagsøgere, der ikke har hjemting i Danmark, kan på sagsøgtes begæring pålægges at stille sikkerhed for sagsomkostninger (cautio judicatum solvi). Retsplejelovens § 321 fastlægger dog to undtagelser til dette: nemlig dels sagsøgere, der har bopæl eller hjemsted i Det Europæiske Økonomiske Samarbejdsområde, dels sagsøgere, der har bopæl eller hjemsted i et land, hvor en sagsøger, der har bopæl eller hjemsted i Danmark, er fritaget for at stille sikkerhed for sagsomkostninger. Som en tredje undtagelse gælder, at krav om sikkerhedsstillelse i særlige tilfælde kan være afskåret på andet grundlag. I artiklen fastlægges den nærmere afgrænsning af disse tre undtagelser.
Journal: Ugeskrift for Retsvaesen
Published: 2022
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Contact CBS researcher: Peter Arnt Nielsen
Journal: Journal of Economic Dynamics and Control
Published: April 2022
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Contact CBS researcher: Kathrin Schlafmann
Abstract: We document substantial variation in the effects of a highly-effective literacy program in northern Uganda. The program increases test scores by 1.4 SDs on average, but standard statistical bounds show that the impact standard deviation exceeds 1.0 SD. This implies that the variation in effects across our students is wider than the spread of mean effects across all randomized evaluations of developing country education interventions in the literature. This very effective program does indeed leave some students behind. At the same time, we do not learn much from our analyses that attempt to determine which students benefit more or less from the program. We reject rank preservation, and the weaker assumption of stochastic increasingness leaves wide bounds on quantile-specific average treatment effects. Neither conventional nor machine-learning approaches to estimating systematic heterogeneity capture more than a small fraction of the variation in impacts given our available candidate moderators.
Journal: Journal of Econometrics
Published: May 2022
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Contact CBS researcher: Julie Buhl-Wiggers
Abstract: The allocation of financial resources to entrepreneurial initiatives in subsidiaries of multinational corporations is crucial to their realization. When allocating resources to these initiatives, senior headquarters managers face uncertainty that they attempt to address using various heuristics, which may bias allocation. Name-based heuristics—cognitive shortcuts based on names associated with a decision-making situation—have been shown to influence financial decisions ranging from food purchase to stock investment. Yet little is known about name-based heuristics in the allocation of financial resources to entrepreneurial initiatives. We analyze 1308 resource allocation decisions made by 109 senior managers in an experiment in which we vary subsidiary country and subsidiary manager names. We find that psychic distance to the subsidiary country is negatively related to resource allocation when subsidiary managers’ names express a potential expatriate status. In contrast, this relationship is positive when subsidiary managers’ names express a potential local status. We contextualize our results by interviewing senior managers and discuss how reliance on name-based heuristics to infer the context of an initiative or the interests and competences of subsidiary managers can lead to biased decisions
Journal: Journal of Management Studies
Published: May 2022
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Contact CBS researcher: Phillip C. Nell
Abstract: Traditionally, when companies needed assistance regarding internal controls, they turned to an external auditor (EA). However, now, due to an ongoing tightening of legal requirements and practices regarding the independence of EAs, this assistance has been restricted. As an alternative, companies are increasingly requesting internal audits to deliver this support. Even though internal audit function (IAF) are an important player in internal control, however, there is little academic knowledge about their impact. Based on a single-case study in a large financial institution, this paper explores to what extent and how IAF affect internal controls. Furthermore, it assesses whether IAF add value to the company. The results suggest that the management letter process, including a step-by-step settlement of interactions, leads to a joint problem solving, an acceptance of all IAF's recommendations and a value-adding outcome improving the level of internal controls.
Journal: International Journal of Auditing
Published: May 2022
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Contact CBS researcher: Leif Christensen
Abstract: Notwithstanding its sectoral importance to wealth creation and employment, research on the role of management accounting in small and medium-sized enterprises (SMEs) is limited. This paper first examines the perceptions of chief financial officers (CFOs) on the impact of information technology (IT) tools on management accounting practices (costing, budgeting, and performance management). Secondly, it examines how CFOs perceive these management accounting practices are affecting the performance of their SMEs. The study is based on a survey of CFOs in Irish SMEs. We propose a conceptual model of these relationships. We use partial least squares (PLS) to analyse the data from the 109 participating CFOs. The results show a significant positive relationship between IT tools and all three management accounting practices, along with significant partial support for how CFOs perceive management accounting practices impacting the performance of their SMEs.
Journal: Accounting, Finance & Governance Review
Published: May 2022
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Contact CBS researcher: Catherine Batt
Abstract: Self-tracking devices and applications have become popular in recent years and changed user behaviour. Previous research has primarily focused on the adoption of self-tracking devices and their effects on self-assessment. As adoption increases, user engagement becomes prominent for the continuous use of the devices and the applications. In this study, we focus on user engagement with activity tracking applications, e.g., Fitbit Flex and Jawbone Up that offer data on user performance. We collected data from semi-structured interviews with 54 participants. We propose a process model comprising four stages which involve distinct user interactions with data: review, react, reflect, and respond. We advance research in this domain by the proposed process model that explicates user engagement in two cases: when the user encounters satisfactory or unsatisfactory results. In the latter case, we depict four response tactics when users are confronted with unsatisfactory results.
Journal: European Journal of Information Systems
Published: May 2022
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Contact CBS researcher: Ioanna Constantiou, Matthias Trier
Abstract: Homeownership, though it brings both private and social benefits, entails substantial fixed costs. Standard personal financial advice suggests that homeownership should only be undertaken when one's job situation is stable and job movement is not likely in the near future. Little research has asked whether this advice is followed. Our goal is to rectify that omission. To test this hypothesis, we employ detailed information on workers and housing decisions from Danish administrative data. We construct a measure of job mismatch and find evidence suggesting that homeowners are indeed better matched at their jobs than renters, and that an improved match leads renters to become homeowners. An examination of job durations suggests that homeownership is correlated with longer job duration both because of a direct causal effect and also due to an indirect effect through selection into homeownership.
Journal: Real Estate Economics
Published: June 2022
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Contact CBS researcher: David Jinkins
Abstract: Den officielle pensionsalder vokser og vokser, og unge mennesker kan se frem til en pensionsalder på den anden side af 70 år. De mange ekstra år åbner for muligheden for at indbetale mindre til pension eller til at udskyde opbygningen af pensionsopsparingen. Denne artikel slår til lyd for, at de mange ekstra år bør bruges på en langsommere opbygning af pensionsformuen. Derved frigives der midler i de unge år, som kan være med til at gøre det nemmere for unge mennesker at stifte familie og komme ind på boligmarkedet mv. Artiklen foreslår forskellige alternative måder at opbygge pensionsopsparingen på, så der i stedet for faste pensionsbidrag på f.eks. 12% eller 15% af lønnen betales bidragsprocenter, der er stigende med alderen. Konkret foreslås en model med pensionsbidrag, der er faste over 10-årige intervaller, og som først er fuldt indfaset fra alder 55.
Journal: Finans/Invest
Published: June 2022
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Contact CBS researcher: Henrik Ramlau-Hansen
Abstract: Research Summary
Transaction cost economics (TCE) holds that multinational corporations (MNCs) should select governance modes based on associated transactional hazards. However, MNCs often adopt theoretically misaligned governance modes. Applying a prospect theory (PT) perspective, we use the context of business-process offshoring to explore why firms choose misaligned governance modes. We argue that theoretically misaligned governance modes are regarded as riskier than aligned governance modes, and we suggest that prior experiences of failure in an international context—especially in business functions that are relevant for the internationalization of a firm—prompt decision-makers to choose theoretically misaligned governance modes. We enhance discussions on governance-mode decisions with important behavioral perspectives on how such decisions materialize.
Managerial Summary
Experience with underperforming investments provides decision-makers with an important motivation to search for riskier, nontraditional solutions, such as governance modes that do not necessarily comply with conventional logics. We show that such decisions, which have traditionally been conceived as managerial mistakes, are driven by behavioral insights found in the fields of human and organizational psychology. While we explore this idea in the context of international governance-mode decisions, we believe such a behavioral perspective on international decision-making is generalizable to other relevant contexts.
Journal: Global Strategy Journal
Published: June 2022
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Contact CBS researcher: Marcus Møller Larsen
Abstract: The rise of omni-channel retailing poses challenges for e-marketplace platforms. To retain third-party sellers in the face of competitive pressure from rivals, e-marketplace platforms are compelled to provide support for online-offline channel integration (OOCI). However, the provision of OOCI support can adversely affect an OOCI-enabled platform's product sales growth by encouraging consumers to switch to brick-and-mortar stores operated by third-party sellers. To ascertain how the OOCI-enabled platform can outperform under such circumstances, we analyzed data on sales of 51,409 products on a dominant Chinese e-marketplace platform as well as inter-platform function usage difference across 209 third-party sellers. Combining propensity score matching with hierarchical linear modeling, we discovered that informational OOCI (e.g., concurrent availability of a product on both online and offline channels) negatively influences the OOCI-enabled platform's product sales growth, whereas the effect of physical OOCI (e.g., the option of store pickup for online purchases) is not significant. Additionally, we found that the three constituent sub-dimensions of third-party sellers' inter-platform function usage difference (i.e., volume difference, category orientation specialization, and uniqueness) moderate the impact of OOCI on the OOCI-enabled platform's product sales growth differently. Findings from this study thus yield actionable guidelines for e-marketplace platforms pursuing omni-channel retailing strategies.
Journal: Journal of Operations Management
Published: June 2022
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Contact CBS researcher: Chee-Wee Tan
Abstract: Policymakers, commentators, and academics have called for a Great Reset, a deep-seated overhaul of the organization of the global economy. Some suggest that management theory needs a reset of its own. We argue that Great Reset proponents fail to appreciate the power of markets to bring about desirable social outcomes and are overly sanguine about what governments can do to alleviate alleged market failures. These views also drive the increasing enthusiasm for stakeholder governance, an increased government role in innovation, and the call for new metrics for assessing outcomes, all part of the Great Reset narrative. And yet, concentrating more decision power in the hands of governments, implementing diffuse metrics, and diluting effective ownership can hamper the functioning of markets, encourage crony capitalism, and reduce the resources that are available for dealing with grand challenges. Existing management theory provides powerful tools for understanding the benefits and costs of alternative institutional arrangements; abandoning these tools will push management theory to the sideline in policy debates.
Journal: Scandinavian Journal of Management
Published: September 2022
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Contact CBS researcher: Nicolai J. Foss
Abstract: Purpose:
Motivated by the need for research on the relationship between health app usage and health-related outcomes in the form of health status and life satisfaction, this study builds on self-regulation theory to construct a research model for elucidating how health app quality affects health information literacy, health app usage and physical activity.
Design/methodology/approach:
To empirically validate the proposed research model, a large-scale questionnaire survey on health app usage was administered on a sample of 6,948 respondents recruited from a university in China. Structural equation modeling was employed for data analysis.
Findings:
Empirical findings demonstrate that health app quality positively affects self-regulation with respect to health app usage, health information literacy and physical activity. Taken together, these self-regulated behaviors drive health-related outcomes for health status and life satisfaction.
Originality/value:
This study advances extant literature on health app usage through the application of self-regulation theory to investigate the effects of technological interventions in healthcare. Findings offer practical implications for how health apps can be leveraged to realize positive health-related outcomes.
Journal: Internet Research
Published: May 2022
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Contact CBS researcher: Chee-Wee Tan
Abstract: This article proposes an empirically derived method, Slow Storytelling, to construct and articulate value propositions, as a contribution to Business Model Innovation. Organizational actors and customers must be clear on what value an enterprise, product or service offers. This is increasingly important for products and services that leverage social, cultural, and environmental values. However, few existing models provide the framework and method to facilitate business articulation of value proposition for stakeholders. Our participatory ethnographic study conducted before and during COVID-19 in craft micro-enterprises in Uzbekistan addresses this gap. We co-created a novel method, ‘Slow Storytelling’, to innovate, enhance and articulate value propositions, by mobilizing and communicating the social, cultural, and environmental values; for example, by explaining the lived and sustainable history of the product. The method consists of eight steps to elicit consumers’ emotional connection with craft producers and trigger attention towards their social and environmental impact. Slow Storytelling can be adopted beyond our craft setting, to support the construction and articulation of value propositions.
Journal: Journal of Business Research
Published: October 2022
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Contact CBS researcher: Marta Gasparin
Abstract: Research summary:
The strategic management and international business fields have followed, in some respects, quite similar intellectual trajectories, as reflected in the push for a field of “global strategy.” However, a key distinction in the strategy literature—namely, Williamson's distinction between “strategizing” and “economizing”—has not been explicitly recognized in the international business/global strategy fields. We argue that progress can be made in global strategy by recognizing this distinction and exploring the interaction between “strategizing” and “economizing.” To lend credence to this claim, we offer a simple model of the entry decision which highlights both economizing and strategizing aspects of this decision. We also offer recommendations on economizing-strategizing research in global strategy.
Managerial summary:
Multinational enterprises gain competitive advantage either by improving the efficiency with which they operate (by having unique resources, lowering costs, or improving managerial practices) or by exercising their market and bargaining power. Most research has emphasized the former source of competitive advantage. However, in actuality, the two sources are intertwined. We detail how they are intertwined by means of a simple numerical example of the entry decision facing a company that can choose between competing or collaborating with the local firm. We show that strategizing plays into the entry decision in this case.
Journal: Global Strategy Journal
Published: May 2022
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Contact CBS researcher: Christian Geisler Asmussen, Nicolai J. Foss
Journal: Revue de l'Entrepreneuriat
Published: 2022
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Contact CBS researcher: Rasmus Koss Hartmann
Abstract: Machine learning (ML) models are gaining traction in securities trading because of their ability to recognize and predict patterns. This study examines how ML is transforming automated trading. Drawing on 213 interviews with market participants (including 94 with people working at ML-employing firms) as well as ethnographic observations of a trading firm specializing in ML-based automated trading, we argue that ML-based (‘second-generation’) automated trading systems are different to previous (‘first-generation’) automated trading systems. Where first-generation systems are based on human-defined rules, second-generation systems develop their trading rules independently. We further argue that the use of such second-generation systems prompts a rethinking of established concepts in economic sociology. In particular, a Weberian notion of social action in markets is incompatible with such systems, but we also argue that second-generation automated trading calls for a reconsideration of the notion of the performativity of financial models.
Journal: Harvard Business Review Digital Articles
Published: April 2022
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Contact CBS researcher: Christoph Grimpe
Abstract: We propose a simple dynamic model for estimating the relative contagiousness of two virus variants. Maximum likelihood estimation and inference is conveniently invariant to variation in the total number of cases over the sample period and can be expressed as a logistic regression. We apply the model to Danish SARS-CoV-2 variant data. We estimate the reproduction numbers of Alpha and Delta to be larger than that of the ancestral variant by a factor of 1.51 [CI 95%: 1.50, 1.53] and 3.28 [CI 95%: 3.01, 3.58], respectively. In a predominately vaccinated population, we estimate Omicron to be 3.15 [CI 95%: 2.83, 3.50] times more infectious than Delta. Forecasting the proportion of an emerging virus variant is straight forward and we proceed to show how the effective reproduction number for a new variant can be estimated without contemporary sequencing results. This is useful for assessing the state of the pandemic in real time as we illustrate empirically with the inferred effective reproduction number for the Alpha variant.
Journal: Econometrics Journal
Published: March 2022
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Contact CBS researcher: Peter Reinhard Hansen
Abstract: As Western-led institutions of global governance adapt to global power shifts, the question of which countries dominate, and how, increasingly animates scholarship. Yet while attention has shifted from ‘Great’ to ‘Rising’ Powers, the underlying focus on market power has changed little. In this article, we shift the focus to alternative forms of power that developing countries can wield in global governance, specifically in highly technical transnational negotiations. Reconceptualising the notion of ‘regulatory capacity’, we argue that states can overcome limited market power through socio-technical resources: expertise and professional networks. These resources form the basis through which policy claims become authoritative and they enable emerging state coalitions to influence policy-making. To demonstrate this, we analyse developing countries’ involvement in standard-setting for international corporate taxation. Specifically, we study the newly established G20/OECD Inclusive Framework, an experiment where more than 140 jurisdictions participate in negotiations that were previously the preserve of OECD states. Based on unique attendance data and interviews with dozens of participants, we perform a detailed analysis of specific policy decisions, interrogating the extent and sources of developing countries’ influence. We find that socio-technical resources allow individuals from lower-income countries to achieve narrow yet significant successes, punching above their weight in global governance.
Journal: Review of International Political Economy
Published: May 2022
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Contact CBS researcher: Rasmus Corlin Christensen
Abstract: Data Envelopment Analysis (DEA) based cost norms are widely used to regulate natural monopolies like water, electricity, and gas networks. In the typical application, demand is considered fixed and non-controllable (non-discretionary), and the challenge is to incentivize the monopoly to provide the demanded services at the lowest possible costs. In this paper, we investigate the incentives of a DEA based regulation when some of the demand dimensions, the cost drivers, can, in fact, be controlled by the monopoly. In such cases, the classical DEA based regulation may lead to suboptimal incentives. Specifically, we examine both analytically and numerically the impacts of including a discretionary quality indicator in the benchmarking model used to regulate Danish water firms. We show that the catch-up period allowed in this regulation gives strong incentives to reduce costs since the firms can keep possible cost reductions for several years before the cost norm fully internalizes the cost reduction potentials. However, on the other hand, this scheme also provides weak quality incentives since it takes several years before the extra cost of increasing quality is fully internalized in the cost norm.
Journal: Decision Analytics Journal
Published: June 2022
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Contact CBS researcher: Peter Bogetoft
Abstract: Neoliberal economics has reshaped societies. How did this doctrine ascend? While existing explanations emphasize a variety of factors, one neglected aspect is intellectual rivalry within the US economics profession. Neoliberalism had to attain prestige against the grain of the intelligentsia prior to becoming a force to organize political power. Using qualitative and quantitative evidence, we examine key rivals in US economics from 1960 to 1985: the Chicago School of Economics, neoliberal pioneers and the ‘Charles River Group’ (Harvard University and the Massachusetts Institute of Technology), the mainstream Keynesian stronghold. We identify socialization mechanisms from historical accounts, which suggest forms of social cohesion between elite professors and their students. We measure social cohesion and network structure from salient relations within and between generations, using a new dataset focused on elite economics professors and their graduate students. What differentiated the Chicago School from Charles River was its fostering of social cohesion and its effective transmission of value orientations across generations.
Journal: JournalSocio-Economic Review
Published: May 2022
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Contact CBS researcher: Lasse Folke Henriksen, Leonard Seabrooke
Abstract: Despite growing interest in the impacts of both forest certification and networks in effective natural resource management, there is little literature that brings these two lines of inquiry together. Combining longitudinal remote sensing and village-level forest governance network data, we estimate Cox proportional hazard models predicting the risk of forest loss within 100-square meter forest plots in areas that eventually came under Forest Stewardship Council certification. Our models indicate Forest Stewardship Council certification substantially reduces deforestation, despite that the system is not explicitly designed to do so. While villages with ties to civil society organizations also tend to experience reduced deforestation, those with ties to private sector organizations experience more forest loss. Further, we find that forest loss declines as the share of closed triangles in villages’ governance networks increases. Our results indicate network structure may complement Forest Stewardship Council certification’s impact on forest cover and account for some reduction in deforestation previously attributed to certification itself.
Journal: Social Networks
Published: March 2022
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Contact CBS researcher: Lasse Folke Henriksen
Abstract: This research investigates the role of parents in explaining the surprisingly low presence of women among inventors despite their increase among graduates from science, technology, engineering and mathematics (STEM) subjects. With Danish registry data on the population born between 1966 and 1985 and an experimental setting crafted on siblings’ gender composition, we find that the transmission of inventorship from parents to children disfavors daughters if they have a (second-born) brother. We complement this analysis with evidence about the role of parental factors at different stages of children’s education. Overall, our results confirm that parental role models matter for children’s education, especially at early stages and, through this, increase the probability of a child’s becoming an inventor. However, the direct transmission of inventorship that favors boys much more than girls seems to be affected by gendered expectations developed by parents about daughters’ and sons’ returns from inventorship. Our study contributes to explaining who becomes an inventor and why by adding an important boundary condition to the literature: Parents are intermediaries who, based on their own interpretation of external information about inventive jobs, contribute to create or limit opportunities for their children.
Journal: Management Science
Published: May 2022
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Contact CBS researcher: Karin Hoisl, H.C. Kongsted
Abstract: In this paper, we explore the politics of trust in alternative organizations, understood as counter-hegemonic collectives characterized by an equal commitment to individual autonomy and collective solidarity. Although trust is rarely theorized in studies of alternative organizations, it is frequently claimed to be the glue that holds such collectives together. The main purpose of the paper is to substantiate this claim theoretically. Drawing eclectically on Niklas Luhmann and Ernesto Laclau, we argue that trust serves at least two functions in alternative organizations. First, trust serves as an object of identification for people who long for an alternative to the current state of affairs. Such identification rests on the creation of an antagonistic frontier between the organization and its constitutive outside. Here, trust is understood as a way of establishing alternatives by providing space for individual autonomy. We refer to this as the political function of trust. Second, trust serves as a mechanism that renders possible the reconciliation of otherwise irreconcilable interests and identities. Trust fulfils this function by suspending the temporal distance between present and future, thereby creating an extensive ‘moment of undecidability’ in which competing interpretations of what it means to be alternative may coexist. Here, trust is understood as a way of maintaining alternatives by cultivating solidarity between diverse individuals. We refer to this as the depoliticizing function of trust. Combined, these two functions allow people to be ‘different together’, which is often claimed to be the sine qua non of alternative organizing. In conclusion, we hypothesize that both functions of trust may be operative in mainstream organizations as well, although the depoliticizing function is clearly more prevalent.
Journal: Organization Theory
Published: May 2022
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Contact CBS researcher: Emil Husted, Sine Nørholm Just
Abstract: The article examines changes in the role and position of experts in policy making in the EU member states and four additional West European mature democracies during the Covid-19 pandemic. Unique survey data is employed to establish fit with competing theoretical understandings of policy learning from three distinct approaches of historical institutionalism: path dependency, punctuated equilibrium and ideational change. Despite the gravity of the crisis and institutional variation in sample countries, surprisingly strong support for path dependency is observed.
Journal: Public Organization Review
Published: May 2022
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Contact CBS researcher: Mads Dagnis Jensen
Abstract: Queer parrhesia is an activist mode of speaking truth to power that destabilizes dominant societal positions and their opposition. We develop this concept and illustrate one of its registers, parodic paranoia, through a close reading of the whistleblower and transactivist Chelsea Manning’s bid to run for U.S. Senate in the 2018 Democratic primaries. Hacktivism and transactivism, we show, constitute rhetorical manoeuvres by which Manning performs (as) a subject position that combines an ethics of paranoia with an aesthetics of parody to enact politics as unusual. Beginning from Manning’s parodic paranoia, we conceptualize queer parrhesia as an inherently transgressive political style and discuss its performative potential for dismantling current social orders and imagining less orderly alternatives. The productive potential of queer parrhesia, we conclude, can only be realized when the subject position of the parrhesiastes is put at risk, gaining strength from its performative vulnerability and, indeed, failure.
Journal: Culture and Organization
Published: May 2022
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Contact CBS researcher: Sine Nørholm Just
Abstract: The dataset provides comprehensive cross-cultural data on individuals’ value priorities, risk perceptions, attitudes, and behavioral intentions to spend on experiences in the post-Corona crisis. The questionnaire was designed to incorporate several theoretical concepts around cultural psychology, tourism, and public health as well as specific questions about tourists’ behavioral intentions suggested by practitioners from the experience economy sector. The survey sample was collected based on quota sampling representative in terms of age, gender, and geography (gross sample) in the respective countries: China, Denmark, Italy, and Japan. The target sample was set as males and females the age of 18 years old or above in each country who have traveled abroad (either leisure or business) at least once within the past three years. The survey was conducted for the period between the 10th and 24th of July 2020 and collected a total of 4,172 respondents divided into the four nationalities: Chinese (n=1,019), Danish (n=1,028), Italian (n= 1,014), and Japanese (n= 1,111). Analyzed data are presented with mean, standard deviation, the minimum and maximum range of responses for the scale-based questions, and frequencies and proportions for the categorical questions. Raw data are accessible in ‘sav’ and ‘csv’ formats.
Journal: Data in Brief
Published: June 2022
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Contact CBS researcher: Fumiko Kano Glückstad
Abstract: The negative impacts of grades on students’ approach to learning and well-being have renewed the interest in gradeless learning in higher education, with the current literature focusing on the positive outcomes for students, including the advancement of student learning, reduced stress, increased motivation, and enhanced performance. While the idea of freeing students from the weight of grades sounds promising, grades are so integral to the educational system that the effects of learning without grades may not provide the relief intended. In this article, we present a qualitative case study of how business and management students experienced having gradeless learning in their first year of an undergraduate program. Our data show that students felt true ambivalence about learning without grades. Although gradeless learning was associated with less pressure, higher motivation, and a more collaborative approach to learning, it also engendered feelings of identity loss and uncertainty among students about their own performance and future opportunities. Our study contributes to previous studies on the impact of grades by revealing the ambivalence experienced by students when learning without the well-known metric of grades in a performance culture. Moreover, it provides new empirical insights into how business and management students experience gradeless learning.
Journal: Management Learning
Published: June 2022
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Contact CBS researcher: Annemette Kjærgaard, Elisabeth Naima Mikkelsen, Julie Buhl-Wiggers
Abstract: Building on studies of transnational policing, security and digitization, we develop an assemblage-theoretical framework to explore perceptions of time in contemporary policing efforts. We use the concepts of techno imaginaries and policing assemblage to examine the articulation of temporality and multi-scalar connections between humans and non-humans in policing, which has become increasingly pluralised and digitised. We draw on documentary research on Europol to analyse anticipatory governance in transnational police work, including the linkages between humans and machines and identify a shift from post-crime towards pre-crime interventions. We critically discuss the significance of this shift for the character and robustness of expected future risks and threat assessments. Our reflections on the interplay between time and techno imaginaries contribute to critical analyses of the ways in which decision-making and interventions shape and are shaped by transnational assemblages in anticipatory governance.
Journal: Global Society
Published: April 2022
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Contact CBS researcher: Hans Krause Hansen, Julie Uldam
Journal: Revision & Regnskabsvæsen
Published: May 2022
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Contact CBS researcher: Mogens Kühn Pedersen
Abstract: BSOs are large research organizations established purposefully to address fundamental and complex scientific research challenges that cannot be addressed in isolation by individual universities, research institutes, or even government agencies. Unlike universities and other national research institutes, BSOs are unique scientific organizations by virtue of their sheer size, level of complexity, and uncertainty with respect to the outcomes of research and development. BSOs involve large networks of suppliers and collaborators in science, government, and business, constituting a complex system with permeable boundaries that offer opportunities for technology transfer, knowledge accumulation, and business creation. Hence, BSOs are influential players within complex systems of innovation, learning, and business creation. Despite their important role for national and international economies as well as society at large, our current understanding of their management and impact is underdeveloped in both theory and practice. We know less about the challenges and opportunities for innovation and entrepreneurship in a context of changing economic, technological, and societal environments that arise in the broader ecosystem surrounding BSOs.
To address this void of research, we made this special issue to focus on innovation and entrepreneurship around BSOs to create a richer foundation for future conceptual and empirical research on science management and innovation. The work included in this special issue offers some new insights regarding innovation and entrepreneurship in the context of BSOs. To embed these individual findings into existing research, we provide a comprehensive overview regarding innovation involving BSOs capturing the full picture of the fundamental issues in this regard. Thus, this introduction of the special issue offers an overview on the innovation ecosystem around BSOs as a common reference point for the fundamental mechanisms of innovation in relation to BSOs and relevant stakeholders.
Journal: Technovation
Published: March 2022
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Contact CBS researcher: Wolfgang Sofka
Abstract: This paper addresses learning and development processes in online platform work. Specifically, it proposes a new instrument to survey and analyze self-regulated workplace learning in crowdwork, a type of online platform labor in which a global pool of workers are matched with clients through digital platforms to carry out remunerated tasks. Although workplace learning practices of workers in traditional, organisationally embedded jobs have been studied extensively, the findings cannot be transferred to describe and explain learning behaviors within crowdwork, which is fundamentally different from traditional work in that it is autonomous, radically distributed, and no organisationally provided training opportunities exist in crowdwork. To advance the understanding of workplace learning in crowdwork we reviewed the literature on workplace learning, platform work, and self-regulated learning to develop the Workplace Learning in Crowdwork Questionnaire, which we subsequently validated with 992 crowdworkers from six European countries on three crowdwork platforms. The instrument can be used by researchers to study the nature of (self-directed) workplace learning in online labor platforms. It can also be used by crowdworkers to self-reflect on their learning and development.
Journal: International Journal of Training and Development
Published: May 2022
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Contact CBS researcher: Anoush Margaryan, Timothy Charlton-Czaplicki
Abstract: Finansministeriet udstedte i perioden november-december 2008 30-årige fastforrentede danske statsobligationer i flere omgange for i alt 87,6 mia. kr. Disse lån er efterfølgende blevet kritiseret for at have været dyre for staten. Det førte i august 2021 til et ønske fra Statsrevisorerne om en rapport fra Rigsrevisionen både om lånoptagelsen i 2008 og om Finansministerens svar i samråd i Folketingets Finansudvalg i 2017 om disse udstedelser og deres begrundelse. I april 2022 kom en rapport fra Rigsrevisionen med Statsrevisorernes bemærkninger. Der var stærk kritik af de sidste lånoptagelser, omfattende i alt 27,6 mia. kr. Kritikken gik både på selve lånoptagelserne og på manglende begrundelser for optagelse af disse lån. I denne artikel anlægger vi en lidt anden synsvinkel på forløbet end Rigsrevisionen og Statsrevisorerne. Vi mener, at ATP, Finansministeriet og Nationalbanken også fortjener betydelig ros.
Journal: Finans/Invest
Published: June 2022
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Contact CBS researcher: Michael Møller, Niels Christian Nielsen
Abstract: Current research relates multiple control practices as packages, systems, or accumulations. This relationship signifies that management control practices exist as multiplicities and interact in various ways. These interactions strengthen management control practices. However, this generalisation misses the when of relations, which is a problem, as management control practices are not always related, for example, because they often have their own domain attached to an organisational entity’s tasks. This paper reports on a study of a firm’s (Automaker) management control of its supply chain. This was organised as two types of concern – risk and performance management – that were delegated to two organisational entities each having its associated management control practices. This organisation was a delegation of responsibilities, decision rights and control practices. The study draws on Michel Callon’s distinction between framing and overflow to analyse the framing activity involved in upholding this separation and the overflows stemming from the difficulties of upholding strong framings. In effect, the paper discusses when risk and performance management practices are related, un-related and re-related and concludes that the when helps explain how the relation works to rearrange the importance of the framings and via overflows to introduce completely new framing devices.
Journal: Management Accounting Research
Published: June 2022
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Contact CBS researcher: Jan Mouritsen, Sof Thrane
Abstract: Research shows that much of the blame for waste and lost resources can be traced to the design phase. The implementation of Circular Economy (CE) has the potential to reduce waste by encouraging reuse of resources in a closed loop. Given that designers are involved in the design process, this paper investigates whether they are properly equipped to take responsibility for the shift toward CE. A group of professional designers from the field of retail design were therefore interviewed, with a view to discovering and understanding impediments to the implementation of CE; the study presents a snapshot of these designers' knowledge of CE. It identifies categories of drivers and barriers to CE, as seen from the designer's perspective; shows conflicting interests within these categories; describes the interaction of collaborators; and, finally, suggests roles that each of these players might be expected to play in an eventual transition to CE. Findings suggest that while designers understand their responsibility in accomplishing this transition, they lack tools and confidence to engage in the recycling process. Despite being enthusiastic about CE and recognizing the need for change, they do not reckon themselves capable of leading that transition.
Journal: Journal of Cleaner Production
Published: August 2022
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Contact CBS researcher: Sönnich Sönnichsen, Jesper Clement
Abstract: The purpose of this paper is to examine the extent to which the intrapreneurial environment within Microfinance institutions hereafter referred to as MFIs can enhance innovation. It hypothesizes that an improvement in the level of the intrapreneurial environment will lead to increased levels of innovation in a given MFI. The challenge is, despite the dynamic environment in which MFIs operate, little is known how the concurrent internal environment here in referred to as the intrapreneurial environment enhances innovation which is a critical factor for business’ growth.
The paper is extracted from a wider study that mixed quantitative and qualitative methods. The results presented in this paper are based on the quantitative approach. The wider study was anchored in the componential theory of innovation and resource based theory to understand how and the extent to which the intrapreneurial environment influences performance. This paper’s arguments are based on the componential theory. The paper also examines the levels of the intrapreneurial environment and innovation in the studied MFIs.
From the results presented in this paper, it is concluded that MFIs need to nurture an environment that allows them to continuously innovate. This requires support of top management for innovative ideas to flow from all units of their organization. Innovation should not be a one off activity in some areas of the organization but should be embedded within the overall organizational vision. There should be support, recognition and reward of innovative ideas through promotion of an intrapreneurial environment. Such reorientation will enable cope with the ever changing dynamic environment.
Journal: Journal of Innovation Management
Published: 2022
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Contact CBS researcher: Søren Jeppesen
Abstract: The reform of the power sector is one of the widely pursued energy policy in developing economies with core objectives around improving socio-economic outcomes. The empirical evidence, however, has not quantified the reform impacts separating the effects of common factors such as drivers of reforms among reforming countries. This is the first study in the reform literature to investigate the socio-economic impacts of power sector reforms accounting for cross-sectional dependence. We focus on the 18 non-OECD Asian economies, which includes member countries of important economic regions of the ASEAN and the SAARC for the period 1990–2018. The findings of our study suggests that power sector reforms have generated positive economic impacts and social welfare such as human development and income inequality. Electricity reforms have also contributed to reducing network energy losses and operational efficiency improvements. Our results are robust to alternative model specifications that consider interaction effects among power sector reforms. We conclude that power sector reform has been an enabler to achieve interrelated sustainable development goals such as achieving economic growth and reducing income inequality in developing economies.
Journal: Energy Policy
Published: August 2022
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Contact CBS researcher: Tooraj Jamasb
Abstract: Accurate models of pro-environmental behaviour can support environmental sustainability. Previous studies identifying the psychological predictors of pro-environmental behaviour rarely accounted for environmental impact. We studied the greenhouse gas emissions of clothing purchasing across four countries. Clothing purchasing is responsible for 2–3% of global emissions and severe, local environmental degradation. We found, using multiple regression analyses, that psychological factors like attitudes and personal norms strongly predicted a common self-reported behaviour scale of clothing purchasing but only weakly predicted clothing-related greenhouse gas emissions. This result challenges widespread inferences using pro-environmental behaviour scales and suggests that psychological factors may be a poor predictor of clothing-related environmental impact.
Journal: Nature Sustainability
Published: May 2022
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Contact CBS researcher: Wencke Gwozdz
Abstract: Privacy concerns are an important aspect of business-to-business customers' adoption decision of advanced product—service systems and a significant inhibiting factor. However, empirical evidence on its effect is scarce and anecdotal. Based on the observation that customers assess the “privacy vs. service/benefit” trade-off in a calculative way, this study examines how customers' privacy concerns affect their price sensitivity and in turn, the provider's profitability. Specifically, we propose value-based selling as an approach for providers to alleviate the potential negative effects of customers' privacy concerns. The results of a sample of 250 US firms confirm value-based selling's power to disable the privacy concerns–price sensitivity mechanism and mitigate the negative effect of price sensitivity on product-service system provider profitability. However, value-based selling's positive impact on performance is dependent on the level of contract specificity. Thus, value-based selling and contract specificity are complementary arrangements.
Journal: Industrial Marketing Management
Published: August 2022
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Contact CBS researcher: Michel Van der Borgh
Abstract: Daniel Beunza’s Taking the Floor: Models, Morals, and Management in a Wall Street Trading Room is a carefully and well written book. It is clearly argued, and the ethnographic description flows nicely. Nevertheless, this is a book that left this reader thinking how one should understand it. This text expands on that puzzle. It asks what does this book do? The answer unfolds in three sections, the first explores what this book does in terms of its argument, the second does it in terms of its writing, and the third inspects the particular dramatization this book stages.
Journal: Sociologica
Published: 2022
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Contact CBS researcher: José Ossandón
Abstract: Recent technological advances allow artificial intelligence (AI) to perform tasks that require high warmth, such as caring, understanding others’ feelings, and being friendly. However, current consumers may be reluctant to accept AI for such tasks. This research investigates the impact of required warmth to conduct a task on consumer acceptance of AI service and the moderating role of AI-human collaboration. A series of choice-based conjoint experiments and one survey yield two main findings. First, consumers tend to refuse AI for tasks that require high warmth due to the low perceived fit between AI and the task at hand. Second, an AI-human collaboration of AI supporting a human employee increases consumer acceptance of AI service for tasks that require high warmth. This is not the case for AI-human collaboration in which AI performs a task that is supervised by a human employee. Theoretically, this study increases our understanding of how consumer acceptance of AI service varies across tasks and how AI-human collaboration can advance AI acceptance. These findings provide insightful suggestions for managers regarding designing AI service and framing AI-human collaboration.
Journal: International Journal of Information Management
Published: October 2022
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Contact CBS researcher: Felix Eggers
Abstract: Research summary
Negative performance feedback in offshoring service activities entices firms to undertake geographical reconfiguration of their global value chains (GVCs) as a substitute for, or complement to, change of governance modes, decomposition of offshored activities, or shift of local service providers. In this study, we build on performance feedback theory and the concept of problemistic search to examine the extent to which firms move offshored service activities to new countries when facing negative performance gaps. We also examine if these relocations take place within a search space limited by the managers' cognitive span. We formulate a set of hypotheses revolving around this idea of search within a limited space. Our hypotheses are supported when tested on a sample of global sourcing projects undertaken by 223 firms between 1995 and 2012.
Managerial summary
The essence of reconfiguration is the continuous search for efficient combinations of functions, local service providers (when functions are outsourced), governance modes, and—in our case—locations. Limiting the search for improved combinations to fewer locations entails a higher dependence on these locations maintaining the country-location-specific advantages that made them attractive in the first place. It is thus possible that multinational enterprise (MNE) managers who reconfigure their GVC in a geographically bounded way in the long run will struggle to compete with MNEs that search for optimality within a broader range of locations as possible remedies for the GVC operations that experience negative performance gaps.
Journal: Global Strategy Journal
Published: May 2022
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Contact CBS researcher: Bent Petersen
Abstract: It is common in moderation analysis that at least one of the target moderation variables is latent and measured with measurement error. This article compares six methods for latent moderation analysis: multigroup, means, corrected means, factor scores, product indicators, and latent product. It reviews their use in marketing research, describes their assumptions, and compares their performance with Monte Carlo simulations. Several recommendations follow from the results. First, although the means method is the most frequently used method in the review (95% of articles), it should only be used when reliabilities of the moderation variables are close to 1, which is rare. Then, all methods except the multigroup method perform similarly well. Second, the results support using the factor scores method and latent product method when reliabilities are smaller than 1. These methods perform best with parameter and standard error bias less than or equal to 5% under most investigated conditions. Third, specific settings can warrant using the multigroup method (if the moderator is discrete), the corrected means method (if moderation variables are single indicators), and the product indicators method (if indicators are nonnormally distributed). Practical guidelines and sample code for four statistical platforms (SPSS, Stata, R, and Mplus) are provided.
Journal: Journal of Marketing Research
Published: April 2022
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Contact CBS researcher: Constant Pieters
Abstract: Two of the dominant frameworks for criticizing capitalism and liberal democracy in contemporary political theory is Socialist republicanism, on the one hand, and radical democracy, on other hand. Whereas radical democratic thinkers have for decades criticized liberal democracy for being elitist, hierarchical and outright anti-popular, socialist republicans have for the last 10 years developed critiques of capitalism centred on the neo-republican idea of freedom as non-domination and proposed various arguments for workplace democracy and cooperative forms of ownership. Despite the common ambition of uncovering hierarchical relations of economic, political and social power, and creating new egalitarian and participatory modes of political organization, no systematic comparison of socialist republicanism and radical democracy exists. This paper fills this gap by comparing the different understandings of (a) institutions and (b) political action and (c) their diverging historical and political relations to socialism.
Journal: Philosophy & Social Criticism
Published: June 2022
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Contact CBS researcher: Benjamin Ask Popp-Madsen
Abstract: Committee seats endow holders with both policy influence and labor obligation. These benefits and costs present the organizational majority with an interesting choice: how many seats should it allocate to the opposition? We present a theoretical framework for understanding the allocation of committee seats by the majority coalition that incorporates both procedural and electoral concerns in the decision calculus and predict that when the majority is strong, the minority will be overrepresented on committees, but when the majority is weak, the minority will be underrepresented. Mechanistic, institutional, and contextual moderators to this choice framework are also discussed. We test our predictions by examining original data on the composition of over 2,000 committees across 98 American state and federal legislative chambers. The analysis yields strong support for our central predictions while suggesting interesting and intuitive contextual constraints on the majority’s tendency to exploit its position.
Journal: Journal of Politics
Published: May 2022
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Contact CBS researcher: David Fortunato
Abstract: The so-called “death valley curve” represents a crucial early phase of new ventures, when substantial work on a new enterprise has begun but no sufficient revenue has been generated. During this period, companies deplete their initial capital in their quest to establish the business. To help navigate this tricky time, the authors have created a matrix with four phases of new entrepreneurial ventures and the strategic challenges in each phase.
Journal: Harvard Business Review Digital Articles
Published: 2022
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Contact CBS researcher: Thomas Ritter, Carsten Lund Pedersen
Abstract: Many of today’s software systems are created by leveraging ecosystems consisting of heterogeneous “complementors” and “hub” firms. In fact, the reliance on ecosystems is prevalent in the enterprise resource planning (ERP) domain, where larger ERP vendors form collaborative relationships with smaller industry-specific vendors to co-create value for themselves and their customers. However, value creation and destruction processes are often intertwined. A key motivation for this study is to shed light on the behavioral contingencies and underlying mechanisms that might lead to value destruction over time instead of the initially intended value co-creation. Furthermore, although value co-creation in collaborative relationships associated with ecosystems is often highlighted, research has been scarce on offering an in-depth analysis of the challenges in these relationships that can destroy value. This study attempts to address this issue by uncovering the underlying mechanisms that lead a hub firm and its complementors toward value destruction. Our mixed-methods approach involves the use of a combination of interpretive case study and analytical modeling to highlight nuances and develop conceptual propositions about the conditions that can potentially lead to value destruction. Our context is a globally reputed information technology (IT) firm known for providing business solutions (SOFTCo, a pseudonym) and numerous relatively small, less powerful customer-facing service firms (PartnerCos, a pseudonym). Our findings show that opportunism, unjust appropriation of rents, shirking, exploitation of asymmetric power, and undue dependence can initiate a value destruction process. Furthermore, our study revealed an unexpected emergence of a “pack of wolves,” where resentful PartnerCos formed a collective to tackle the opportunistic behaviors of SOFTCo by starting to align with its competitor, further destroying value for SOFTCo’s ecosystem. Overall, this study contributes to the literature on value co-creation/destruction in IT ecosystems. It also offers an illustration of a mixed-methods study where seemingly incommensurable approaches are harnessed to develop a theoretical understanding.
Journal: Information Systems Research
Published: May 2022
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Contact CBS researcher: Niels Bjørn-Andersen
Abstract: “Phronesis” can be summarized as “wisdom in determining ends and the means of attaining them.” This unique article originated from comments made by scholars on a podcast hosted by Dr. Scott Allen titled “Phronesis: Practical Wisdom for Leaders.” Here, we propose 10 specific agendas focused on the future of scholarship in the field of leadership studies, authored by some of these scholars. Topics include how to think about effective leadership in “the age of emotion” where truth can seem up for debate; specific topical suggestions for expanded study—such as more comprehensively studying place and space, indigenous wisdom, equity issues, games that teach, and focusing more on lifespan perspectives; better integrating scholarship with professional settings where leading occurs; and more effectively framing what it even means to lead and follow.
Journal: Leadership
Published: May 2022
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Contact CBS researcher: Eric Guthey
Abstract: Recent theoretical developments tend to suggest that rare disaster risks enhance the persistence of uncertainty. Given this, we analyse the impact of climate risks (temperature growth or its volatility), as proxies for such unusual events, on the persistence of economic and policy-related uncertainty of the 50 US states in a panel data set-up, over the monthly period of 1984:03 to 2019:12. Using impulse response functions (IRFs) from a regime-based local projections (LPs) model, we show that the impact of an uncertainty shock on uncertainty itself is not only bigger in magnitude when the economy is in the upper-regime of temperature growth or its volatility, but is also, in line with theory, is more persistent. Our results have important policy implications.
Journal: Economics Letters
Published: June 2022
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Contact CBS researcher: Oguzhan Cepni
Abstract: Firms frequently enter collaborations with other organizations for the purpose of innovating. In this paper, we argue that engaging in R&D collaboration can have the unintended consequence of increasing the mobility of highly skilled personnel. We investigate our research question using a representative dataset that combines information from the Swedish Community Innovation Survey (CIS) with employer–employee registry data. Our econometric analysis shows that R&D collaborations by firms are associated with higher levels of outgoing mobility among skilled employees, particularly among those with technical (“STEM”) education and master's or doctoral degrees. We also find support for the interpretation that R&D collaboration augments employees’ general human capital, subsequently increasing their outside employment options. We discuss important implications for firm collaboration strategies.
Journal: Research Policy
Published: September 2022
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Contact CBS researcher: Markus Simeth, Ali Mohammadi
Abstract: Traceability is an increasingly prominent research topic in decentralised technosocial systems in fields as diverse as health, sustainability, finance, and supply chain management. At the same time, traceability connotes different meanings and potentialities within each of these fields. This Glossary article homes in on “traceability” as a concept that is deceptively simple but fundamentally crucial in blockchain technologies. First, the entry provides an overview of the historical background of traceability within digital technologies. The entry then outlines the most critical dimensions of the concept by relating the term to questions about accountability, explainability, and speculation. Finally, emergent methodological and theoretical insights concerning traceability as a paradoxical concept in distributed technologies are highlighted.
Journal: Internet Policy Review
Published: 2022
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Contact CBS researcher: Nanna Bonde Thylstrup
Abstract: When a firm is accused of serious misconduct, its executives, even those who are nonculpable, are stigmatized by the firm's stakeholders, a phenomenon known as courtesy stigma. One research stream explores how executives’ social networks mitigate courtesy stigma, with an emphasis on the positive effect of social networks. From the perspective of a social network as an information pipe, we suggest that social networks are a double-edged sword in the context of courtesy stigma because of their distinctive insulation and exposure mechanisms. Our proposed hypotheses are supported via event history analysis using data collected from a Chinese sample of listed firms that demonstrated financial misconduct in the period 2007–2016. Our study contributes to the literature on social networks and courtesy stigma by revealing their complex links.
Journal: Management and Organization Review
Published: April 2022
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Contact CBS researcher: Peter Ping Li
Abstract: Entrepreneurship is often understood as an individualistic endeavour. This article investigates how cultural communities shape entrepreneurial activity through the process of envisioning competing imagined futures. By deploying a microhistorical approach, it explores a public debate about the transition from sail to steam in a late nineteenth-century Danish maritime community. In the debate, local actors evaluated and negotiated future entrepreneurial actions as embedded in existing norms, interpretations of the past, and socio-technical systems rather than independent, non-conformist ventures. The article demonstrates the potential role of community when we attempt to understand better how entrepreneurs construct and dispute over imagined futures.
Journal: Business History
Published: May 2022
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Contact CBS researcher: Morten Tinning
Abstract: We introduce a new volatility model for option pricing that combines Markov switching with the realized generalized autoregressive conditional heteroskedasticity (GARCH) framework. This leads to a novel pricing kernel with a state-dependent variance risk premium and a pricing formula for European options, which is derived with an analytical approximation method. We apply the Markov-switching Realized GARCH model to Standard and Poor's 500 index options from 1990 to 2019 and find that investors' aversion to volatility-specific risk is time-varying. The proposed framework outperforms competing models and reduces (in-sample and out-of-sample) option-pricing errors by 15% or more.
Journal: Journal of Futures Markets
Published: May 2022
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Contact CBS researcher: Peter Reinhard Hansen
Abstract: This note develops and implements a novel model to estimate managerial ability for different hotels over time. Our model is a dynamic Multiple Indicator Multiple Causes (MIMIC) model. We use Bayesian techniques organized around Markov Chain Monte Carlo and we perform detailed posterior sensitivity with respect to the prior. We propose estimating managerial ability using accounting data only, hence facilitating more studies and hypothesis testing in this area.
Journal: International Journal of Hospitality Management
Published: May 2022
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Contact CBS researcher: Florian Kock
Abstract: Although Jane Addams has long been recognized as a pioneer in North American pragmatism, efforts to develop her thought into a distinct research program have been limited. This article develops Addams’s work as a method of sociological inquiry by focusing on her notions of “perplexity,” “moral adjustment,” and “sympathetic understanding.” Emphasizing the essential role of language in moral conflicts and reconstruction, the article incorporates Charles Wright Mills’s concept of “vocabularies of motives.” Together, these notions offer a framework for exploring the moral dilemmas that care workers experience when responding to the imposition of standardization of their working practices. A case study demonstrates how care workers, while coping creatively with the effects of a service reform, develop motive vocabularies in defense of their professional ethics. Such situated creativity on “the shop floor” of social services remains relatively under-explored and under-theorized.
Journal: Qualitative Inquiry
Published: june 2022
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Contact CBS researcher: Kaspar Villadsen
Abstract: In many markets there is some form of regulation; and when new policy measures are introduced into a particular sector, the question of how to structure an adequate regulatory process arises. This paper contributes to the literature by describing the approach taken in the nursing home sector in the Netherlands, explaining all the steps needed for implementation and how regulatory challenges were addressed. These challenges involved making methodological choices and the integration of elements (incentives, quality, cost-efficiency, data validation, organizational commitment) into a consistent and credible regulatory framework. Drawing lessons for other sectors and countries, we particularly emphasize the usefulness of Data Envelopment Analysis as a flexible and adaptable regulatory tool for both learning and incentive provision. However, the scope and specification of the model must be consistent with costaccounting practices and quality definitions in order for DEA to be implemented effectively.
Journal: Decision Analytics Journal
Published: June 2022
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Contact CBS researcher: Peter Bogetoft
Abstract: The results of Entrepreneurship Education (EE) impact research have been equivocal, and one suggested explanation is the influence of contingencies such as the types of learning experiences, gender, and field of study. In this paper we aim to answer the question of which contingencies shape the outcome of EE by examining the outcome variables of entrepreneurial intentions (EI) and creative self-efficacy (CSE). Utilizing a quasi-experimental pre-post survey design, we surveyed 209 students from three universities who were exposed to three different learning experiences: writing a business plan, achieving proof-of-concept, and achieving proof-of-business. Through multi-value qualitative comparative analysis, we found six unique combinations associated with high levels of EI and CSE, respectively, after a learning experience. High EI and CSE are both associated with developing proof-of-concept and proof-of-business, but not with writing a business plan. Also, students’ fields of study play a role in high levels of EI regardless of the learning experience, while students’ prior work experience seems to play a role in EI and CSE.
Journal: Entrepreneurship Education and Pedagogy
Published: May 2022
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Contact CBS researcher: Giulio Zichella
Abstract: The presentation of a prototype is pervasive when technology entrepreneurs pitch to potential resource providers. Yet, we know little about how the fidelity of a prototype—the degree to which it approximates the final product—can affect funding decisions. We study the relationship between prototype fidelity and resource acquisition of nascent technology ventures in online crowdfunding. Based on the community logic under which crowdfunding operates and the diverse motivations of funders to participate, we develop the seemingly counterintuitive idea that moderate prototype fidelity is more effective in gaining support from funders than high prototype fidelity. Across our three empirical studies, we find support for the hypothesis that prototype fidelity has an inverted U-shaped relationship with crowdfunding performance. This relationship is moderated by the materiality of the offered rewards and the quality of the prototype presentation delivered through the online interface.
Journal: Journal of Business Venturing
Published: July 2022
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Contact CBS researcher: Michael Wessel
Abstract: Cross-border alliances expose firms to heightened risks, posing different governance and control challenges than domestic alliances. We examine the impact of differences in alliance partner countries' institutional environments. Analysis of survey data supports our contention that cross-border alliances involve a greater reliance on formal controls, particularly when firms collaborate with partners in countries with a weaker institutional environment. These relations exist regardless of governance structure (i.e., equity or non-equity alliance) that prior research considers a critical choice for addressing cross-border alliance risks. Additional analyses show that four subdimensions of institutional characteristics (voice and accountability, regulatory quality, rule of law, and control of corruption) and one subdimension of formal controls (behavior controls) are the main drivers in the association between institutional distance and reliance on formal controls. These findings demonstrate the distinct impact of institutional environment as a country-level determinant of alliance control choices.
Journal: Accounting Review
Published: May 2022
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Contact CBS researcher: Henri Dekker