编者按：
《金融顶刊追踪》栏目旨在追踪当前国内外金融经管类顶级期刊最新发表动向，每月定期发布中、英文刊物目录各一期。
本期特别整理了8月份部分英文期刊的文章目录及内容提要，以飨读者。
《Quarterly Journal ofEconomics》
Volume 139, Issue 3
目录
1. New Frontiers: The Origins and Content of New Work, 1940–2018
2. The Ant and the Grasshopper: Seasonality and the Invention of Agriculture
3. Worker Beliefs About Outside Options
4. The Role of the Ask Gap in Gender Pay Inequality
5. Discrimination in Multiphase Systems: Evidence from Child Protection
6. Dentifying Prediction Mistakes in Observational Data
7. Digital Collateral
8. The Mortgage Piggy Bank: Building Wealth Through Amortization
9. How the 1963 Equal Pay Act and 1964 Civil Rights Act Shaped the Gender Gap in Pay
10. Answering the Call of Automation: How the Labor Market Adjusted to Mechanizing Telephone Operation
11. Land Security and Mobility Frictions
12. Understanding Markets with Socially Responsible Consumers
内容提要
01. New Frontiers: The Origins and Content of New Work, 1940–2018
作者：David Autor and others
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摘要
We answer three core questions about the hypothesized role of newly emerging job categories (“new work”) in counterbalancing the erosive effect of task-displacing automation on labor demand: what is the substantive content of new work, where does it come from, and what effect does it have on labor demand? We construct a novel database spanning eight decades of new job titles linked to U.S. Census microdata and to patent-based measures of occupations’ exposure to labor-augmenting and labor-automating innovations. The majority of current employment is in new job specialties introduced since 1940, but the locus of new-work creation has shifted from middle-paid production and clerical occupations over 1940–1980 to high-paid professional occupations and secondarily to low-paid services since 1980. New work emerges in response to technological innovations that complement the outputs of occupations and demand shocks that raise occupational demand. Innovations that automate tasks or reduce occupational demand slow new-work emergence. Although the flow of augmentation and automation innovations is positively correlated across occupations, the former boosts occupational labor demand while the latter depresses it. The demand-eroding effects of automation innovations have intensified in the past four decades while the demand-increasing effects of augmentation innovations have not.
02. The Ant and the Grasshopper: Seasonality and the Invention of Agriculture
作者：Andrea Matranga
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摘要
The Neolithic revolution saw the independent development of agriculture among at least seven unconnected hunter-gatherer populations. I propose that the rapid spread of agricultural techniques resulted from increased climatic seasonality causing hunter-gatherers to adopt a sedentary lifestyle and store food for the season of scarcity. Their newfound sedentary lifestyle and storage habits facilitated the invention of agriculture. I present a model and support it with global climate data and Neolithic adoption dates, showing that greater seasonality increased the likelihood of agriculture’s invention and its speed of adoption by neighbors. This study suggests that seasonality patterns played a dominant role in determining our species’ transition to farming.
03. Worker Beliefs About Outside Options
作者：Simon Jäger and others
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摘要
Standard labor market models assume that workers hold accurate beliefs about the external wage distribution, and hence their outside options with other employers. We test this assumption by comparing German workers’ beliefs about outside options with objective benchmarks. First, we find that workers wrongly anchor their beliefs about outside options on their current wage: workers that would experience a 10% wage change if switching to their outside option only expect a 1% change. Second, workers in low-paying firms underestimate wages elsewhere. Third, in response to information about the wages of similar workers, respondents correct their beliefs about their outside options and change their job search and wage negotiation intentions. Finally, we analyze the consequences of anchoring in a simple equilibrium model. In the model, anchored beliefs keep overly pessimistic workers stuck in low-wage jobs, which gives rise to monopsony power and labor market segmentation
04. The Role of the Ask Gap in Gender Pay Inequality
作者: Nina Roussille
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摘要
The gender ask gap measures the extent to which women ask for lower salaries than comparable men. This article studies its role in generating wage inequality, using novel data from an online recruitment platform for full-time engineering jobs: Hired.com. To use the platform, job candidates must post an ask salary, stating how much they want to make in their next job. Firms then apply to candidates by offering them a bid salary, solely based on the candidate’s résumé and ask salary. If the candidate is hired, a final salary is recorded. After adjusting for résumé characteristics, the ask gap is 2.9%, the bid gap is 2.2%, and the final offer gap is 1.4%. Further controlling for the ask salary explains the entirety of the residual gender gaps in bid and final salaries. To further provide evidence of the causal effect of the ask salary on the bid salary, I exploit an unanticipated change in how candidates were prompted to provide their ask. For some candidates in mid-2018, the answer box used to solicit the ask salary was changed from an empty field to an entry prefilled with the median bid salary for similar candidates. I find that this change drove the ask, bid, and final offer gaps to zero. In addition, women did not receive fewer bids or final offers than men did due to the change, suggesting they faced little penalty for demanding comparable wages.
05. Discrimination in Multiphase Systems: Evidence from Child Protection
作者：E Jason Baron and others
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摘要
We develop empirical tools for studying discrimination in multiphase systems and apply them to the setting of foster care placement by child protective services. Leveraging the quasi-random assignment of two sets of decision-makers—initial hotline call screeners and subsequent investigators—we study how unwarranted racial disparities arise and propagate through this system. Using a sample of over 200,000 maltreatment allegations, we find that calls involving Black children are 55% more likely to result in foster care placement than calls involving white children with the same potential for future maltreatment in the home. Call screeners account for up to 19% of this unwarranted disparity, with the remainder due to investigators. Unwarranted disparity is concentrated in cases with potential for future maltreatment, suggesting that white children may be harmed by “underplacement” in high-risk situations.
06. Identifying Prediction Mistakes in Observational Data
作者：Ashesh Rambachan
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摘要
Decision makers, such as doctors, judges, and managers, make consequential choices based on predictions of unknown outcomes. Do these decision makers make systematic prediction mistakes based on the available information? If so, in what ways are their predictions systematically biased? In this article, I characterize conditions under which systematic prediction mistakes can be identified in empirical settings such as hiring, medical diagnosis, and pretrial release. I derive a statistical test for whether the decision maker makes systematic prediction mistakes under these assumptions and provide methods for estimating the ways the decision maker’s predictions are systematically biased. I analyze the pretrial release decisions of judges in New York City, estimating that at least 20% of judges make systematic prediction mistakes about misconduct risk given defendant characteristics. Motivated by this analysis, I estimate the effects of replacing judges with algorithmic decision rules and find that replacing judges with algorithms where systematic prediction mistakes occur dominates the status quo.
07. Digital CollateralGe
作者：Paul Gertler and others
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摘要
A new form of secured lending using “digital collateral” has recently emerged, most prominently in low- and middle-income countries. Digital collateral relies on lockout technology, which allows the lender to temporarily disable the flow value of the collateral to the borrower without physically repossessing it. We explore this new form of credit in a model and a field experiment using school-fee loans digitally secured with a solar home system. Securing a loan with digital collateral drastically reduced default rates (by 19 percentage points) and increased the lender’s rate of return (by 49 percentage points). Using a variant of the Karlan and Zinman (2009) methodology, we decompose the total effect on repayment and find that roughly two-thirds is attributable to moral hazard, and one-third to adverse selection. In addition, access to digitally secured school-fee loans significantly increased school enrollment and school-related expenditures without detrimental effects on households’ balance sheets.
08. The Mortgage Piggy Bank: Building Wealth Through Amortization
作者：Asaf Bernstein and Peter Koudijs
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摘要
In 2013, the Dutch government mandated that new conforming mortgages must fully amortize. Within a difference-in-differences design, we estimate that the marginal wealth accumulation from amortization is close to one, even five years later. Households purchasing after the reform primarily cut consumption and leisure over other savings, leading to a rise in wealth. This holds if we use life events to instrument for the timing of home purchase. Estimates are similar for seemingly unconstrained households and movers, suggesting a broad applicability of our results. Consistent with a simple model, we find lower estimates for households that appear less financially sophisticated or willing to adjust short-term consumption. Mortgage amortization schedules are among the largest savings plans in the world, and our results highlight their critical importance for household wealth building and macroprudential policies.
09. How the 1963 Equal Pay Act and 1964 Civil Rights Act Shaped the Gender Gap in Pay
作者：Martha J Bailey and others
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摘要
In the 1960s, two landmark statutes—the Equal Pay and Civil Rights Acts—targeted the long-standing practice of employment discrimination against U.S. women. For the next 15 years, the gender gap in median earnings among full-time, full-year workers changed little, leading many scholars to conclude that the legislation was ineffectual. This article revisits this conclusion using two research designs, which leverage (i) cross-state variation in preexisting state equal pay laws and (ii) variation in the 1960 gender gap across occupation-industry-state-group cells to capture differences in the legislation's incidence. Both designs suggest that federal antidiscrimination legislation led to striking gains in women's relative wages, which were concentrated among below-median wage earners. These wage gains offset preexisting labor market forces, which worked to depress women's relative pay growth, resulting in the apparent stability of the gender gap at the median and mean in the 1960s and 1970s. The data show little evidence of short-term changes in women's employment but suggest that firms reduced their hiring and promotion of women in the medium to long term. The historical record points to the key role of the Equal Pay Act in driving these changes.
10. Answering the Call of Automation: How the Labor Market Adjusted to Mechanizing Telephone Operation
作者：James Feigenbaum and Daniel P Gross
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摘要
In the early 1900s, telephone operation was among the most common jobs for American women, and telephone operators were ubiquitous. Between 1920 and 1940, AT&T undertook one of the largest automation investments in modern history, replacing operators with mechanical switching technology in over half of the U.S. telephone network. Using variation across U.S. cities in the timing of adoption, we study how this wave of automation affected the labor market for young women. Although automation eliminated most of these jobs, it did not reduce future cohorts’ overall employment: the decline in operators was counteracted by employment growth in middle-skill clerical jobs and lower-skill service jobs, including new categories of work. Using a new genealogy-based census-linking method, we show that incumbent telephone operators were most affected, and a decade later more likely to be in lower-paying occupations or no longer working.
11. Land Security and Mobility Frictions
作者：Tasso Adamopoulos and others
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摘要
Frictions that impede the mobility of workers across occupations and space are a prominent feature of developing countries. We disentangle the role of insecure property rights from other labor-mobility frictions for the reallocation of labor from agriculture to nonagriculture and from rural to urban areas. We combine rich household and individual-level panel data from China and an equilibrium quantitative framework featuring sorting of workers across locations and occupations. We explicitly model the farming household and the endogenous decisions of who operates the family farm and who potentially migrates, capturing an additional channel of selection in the household. We find that land insecurity has substantial negative effects on agricultural productivity and structural change, raising the share of rural households operating farms by over 40 percentage points and depressing agricultural productivity by more than 20%. Comparatively, these quantitative effects are as large as those from all residual labor-mobility frictions. We measure a sharp reduction in overall labor-mobility barriers over 2004–2018 in the Chinese economy, all accounted for by improved land security, consistent with reforms covering rural land in China during the period. JEL Codes: O11, O14, O4, E02, Q1.
12. Understanding Markets with Socially Responsible Consumers
作者：Marc Kaufmann and others
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摘要
Many consumers care about climate change and other externalities associated with their purchases. We analyze the behavior and market effects of such “socially responsible consumers” in three parts. First, we develop a flexible theoretical framework to study competitive equilibria with rational consequentialist consumers. In violation of price taking, equilibrium feedback nontrivially dampens the impact of a person’s consumption on aggregate consumption, undermining the motive to mitigate. This leads to a new type of market failure, where even consumers who fully “internalize the externality” overconsume externality-generating goods. At the same time, socially responsible consumers change the relative effectiveness of taxes, caps, and other policies in lowering the externality. Second, since consumer beliefs about and preferences over their market impacts play a crucial role in our framework, we investigate them empirically via a tailored survey. Consistent with our model, consumers are often consequentialist, and many believe that they have a dampened impact on aggregate consumption. Inconsistent with our model, however, we also find many respondents who expect to have a one-to-one impact on aggregate consumption. Third, therefore, we analyze how such “naive” consumers modify our theoretical conclusions. They consume less than rational consumers in a single-good economy, but may consume more in a multigood economy with cross-market spillovers. A mix of naive and rational consumers may yield the worst outcomes.
《Academy of Management Annals》
VOLUME 18, ISSUE 2
目录
1. Technology Use for Nonwork Purposes at Work: A Behavior-Focused Integrative Review
2. Reconsidering the Moral Dimension of Managerial Authority: A Review and an Integrative Research Agenda
3. Reeling in the Slack: An Integrative Review to Reinstate Slack as a Central Theoretical Construct for Management Research
4. An Integrative Review of Management Research on Caste: Broadening Our Horizons
5. Entrepreneurial Pitching: A Critical Review and Integrative Framework
6. Theories of Performance: A Review and Integration
7. Judgment in Business and Management Research: Shedding New Light on a Familiar Concept
8. Heuristics in Organizations: Toward an Integrative Process Model
9. Understanding How People React to Change: A Domain of Uncertainty Approach
10. Purpose in Management Research: Navigating a Complex and Fragmented Area of Study
11. Standardization: Research Trends, Current Debates, and Interdisciplinarity
12. New Venture Governance: An Integrative, Multidisciplinary Review
内容提要
01. Technology Use for Nonwork Purposes at Work: A Behavior-Focused Integrative Review
作者：Matthew B. Perrigino，Roshni Raveendhran
and Ji Woon Ryu
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摘要
Technology use for nonwork-related purposes at work—defined as technology-facilitated behaviors primarily unrelated to job tasks that occur during working hours—is a prevalent phenomenon. However, the study of these behaviors is fragmented across three communities: counterproductive work behaviors (i.e., “cyberslacking”); recovery (i.e., “microbreaks”); and a descriptive category that equates behaviors with constructs (e.g., “social media use”). Our review of 135 studies reveals the same behaviors are studied across all three communities but with critical shortcomings: distinctive areas of focus within each community, including theoretical divides; overlapping conceptualizations with ambiguous measurements; insufficient consideration of nuances in use behaviors; and an underexplained parity of positive and negative effects on key work and nonwork outcomes. Given these shortcomings, we identify five review-driven themes centered around the emergence of a 2 × 2 framework that pinpoints concrete behaviors as ranging from passive to active (i.e., how much effort is associated with use) and intrapersonal to relational (i.e., how much interpersonal interaction is involved). Our framework provides guidance for future research and practice on how best to identify precise patterns and situations regarding when specific use behaviors occur and whether they result in positive or negative outcomes.
02. Reconsidering the Moral Dimension of Managerial Authority: A Review and an Integrative Research Agenda
作者：Caleb Bernacchio and Nicolai J. Foss
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摘要
Managerial authority is a fundamental concept within organizational and management research, often understood as a defining feature of organizations. However, far-reaching questions have been raised about its legitimacy as well as its effectiveness as a mechanism of coordination under modern productive conditions. Moreover, there are substantial disagreements concerning its function, characteristic activities, and basis of legitimacy, yet no comprehensive review of this notion exists. We perform such a review, focusing especially on issues of legitimacy and function and how they are related to the moral dimension of managerial authority. In our review, we identified two distinct approaches to managerial authority, namely bureaucratic theories and efficiency-based theories, each involving several variations (five and three, respectively). Drawing together themes from our review, we argue further that, given the many challenges facing managerial authority in a contemporary context, there is a need for an integrative theory of authority that both identifies complementarities between the differing dimensions of authority and attributes a fundamental role to the moral dimension. We outline such a theory and a related research agenda.
03. Reeling in the Slack: An Integrative Review to Reinstate Slack as a Central Theoretical Construct for Management Research
作者：Matthew P. Mount，Gokhan Ertug，Korcan Kavusan，Gerard George and Tengjian Zou
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摘要
Slack is a prominent construct in management research, and has been shown to be relevant for a wide range of phenomena. Yet, despite slack’s prominence and breadth of application, our review reveals a lack of clarity and consistency in the categorization, theorizing, and measurement of various types and forms of slack. This has led to differences in the characterization and treatment of seemingly identical kinds of slack, which prevents full exploitation of the conceptual depth of the slack construct and thus the creation of robust knowledge about slack resources. Based on a review of 229 studies that explicitly theorized about slack, we identify two fundamental dimensions of the slack construct—availability and fungibility—that allow us to: (a) systematize and integrate past research about slack and its implications for organizations, (b) enrich and expand theorizing on slack by advancing a novel typology for understanding slack resourcing decisions and orchestration in organizations, and (c) reinvigorate and open new directions for future research on slack.
04. An Integrative Review of Management Research on Caste: Broadening Our Horizons
作者：Hari Bapuji, Snehanjali Chrispal, Pardeep Singh Attri, Gokhan Ertug and Vivek Soundararajan
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摘要
Even though management research on caste is growing, it is not yet on a clear trajectory to realize its vast potential due to varying terminology and framing of caste, the limited incorporation of directly relevant work from proximate disciplines, and the narrow and selective usage of the attributes of caste. To remove these obstacles, we review 259 scholarly works on caste (216 articles and 43 books and research reports) and develop an integrative framework to (a) clarify the contemporary manifestations of caste as being a graded hierarchy, an inherited membership, and a set of socially enforced practices; and (b) summarize the outcomes of caste at individual, occupational, organizational, and societal levels, while also consolidating the mechanisms through which caste influences these outcomes. Additionally, to position management scholarship on this topic for greater impact, we develop a research agenda that reflects contemporary interests in management research and the world at large about inclusion in organizations and societies. The caste system has practical significance for a large portion of the global population.
05. Entrepreneurial Pitching: A Critical Review and Integrative Framework
作者：Sai Gayathri Kalvapalle, Nelson Phillips and Joep Cornelissen
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摘要
Over the past three decades, research on entrepreneurial pitching has grown significantly, with an increasing number of scholars in management, entrepreneurship, and other social science disciplines studying the communication and decision-making processes that surround a pitch. Despite the considerable progress made, research remains scattered across different literatures with little integration so far to explain the pitching process, its key determinants and mechanisms, and its effects. To address this lack of integration, we reviewed 252 papers published on entrepreneurial pitching since 1986, synthesizing the work to date. We found the existing literature bifurcated across two distinct vantage points—one that conceptualizes pitching as driven by the entrepreneur, and the other as primarily shaped by the actions and decisions of the investor. This focus on different actors as causal agents has led pitching scholarship to become largely restricted to one-sided studies and to a proliferation of separate theories focused on isolated processes and effects. As a result, the broader communicative process of pitching, and the mechanisms through which it is constituted, remains undertheorized and underexamined. To aid future research, we integrate existing research into a comprehensive communicative framework and elaborate on the implications of this framework for future research. We conclude the paper by discussing the ways in which theory and research on pitching can better inform pedagogy and practice.
06. Theories of Performance: A Review and Integration
作者：Jason D. Marshall, Herman Aguinis and Jose R. Beltran
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摘要
Performance is a critical construct across micro and macro management subfields (e.g., organizational behavior, entrepreneurship, strategic management). However, there is little consensus on how performance should be conceptualized. There are parallel and siloed research streams addressing firm- and individual-level performance, and a never-ending search for seemingly novel theories without satisfactory progress toward integrating them. To address these challenges, we systematically integrated performance-related theories. We reviewed 15,535 journal articles published in 44 journals from 1946 to 2022 and uncovered 239 unique performance-related theories that we integrated through six meta-theoretical constructs: firm-level (1) capabilities, (2) structures, and (3) transactions; and individual-level (4) knowledge, skills, abilities, and other characteristics, (5) roles, and (6) relationships. Moreover, we discovered that these meta-theoretical constructs are isomorphic across levels, which resulted in the CORE model of performance applicable at both levels of analysis: Performance (P) = Capacity (C) + Opportunity (O) + Relevant Exchanges (RE). We describe how the CORE performance model will enable researchers to stop working in theoretical silos, aiming for illusory theoretical contributions and thinking dichotomously about performance as processes or outcomes, and to start considering “the big picture” of performance, exploring the performance system, and considering how performance processes affect performance outcomes (and vice versa).
07. Judgment in Business and Management Research: Shedding New Light on a Familiar Concept
作者：Haridimos Tsoukas, Demetris Hadjimichael, Anup Karath Nair, Igor Pyrko and Sarah Woolley
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摘要
Judgment is an important concept in business and management research and related to several subfields, ranging from staff appraisal and entrepreneurship to strategic decision-making and business ethics. The popularity of the concept has given rise to a diversity of understandings, which, in some instances, lack theoretical precision or conceptual clarity. Our review offers a comprehensive overview and consolidates existing research on judgment in business and management research by identifying three perspectives: variance, prediction, and wisdom. We show how these perspectives converge by highlighting shared characteristics of judgment, such as it being evaluative, personal, and key to coping with uncertainty. In addition, our theoretical synthesis demonstrates how the three perspectives diverge along four central characteristics—theoretical inspiration, purpose, onto-epistemological orientation, and mode of reasoning—that shape how judgment is conceptualized and operationalized in business and management research. By developing a theoretical platform that configures judgment research into three distinct perspectives, our review opens up pathways for assessing the conceptual coherence and methodological implications of each perspective. Building on the latter, we explore how the three perspectives can complement each other and conclude by proposing future directions for the advancement of judgment research.
08. Heuristics in Organizations: Toward an Integrative Process Model
作者：Natalia Vuori, Barbara Burkhard, Tomi Laamanen and Christopher Bingham
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摘要
Heuristics play an important role in organizational decision-making. Although management and organizational scholars have contributed significantly to our understanding of heuristics in organizations over the past seven decades, the literature has become fragmented over time. Three parallel streams of research—(1) heuristics and biases, (2) fast-and-frugal heuristics, and (3) simple rule heuristics—have emerged with somewhat conflicting views on the origins, use, and implications of heuristics. Despite their shared focus, these research streams tend to ignore or decry one another and operate in isolated camps. The purpose of our review is to integrate three largely disconnected streams to provide a more holistic view of heuristics in organizations. To do so, we review and synthesize the literature and put forward an integrative process model of heuristics in organizations. The model suggests that management and organizational researchers should pay closer attention to (a) the emergence of individual-level heuristics, (b) the conversion of individual-level heuristics to the organizational level, and (c) the evolution of an organization’s portfolio of heuristics. Based on this novel process model, we set forth a fresh agenda for future research.
09. Understanding How People React to Change: A Domain of Uncertainty Approach
作者：Yidan Yin, Jennifer Mueller and Cheryl Wakslak
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摘要
Change is ubiquitous in people’s daily work and life experiences. While a sizable body of research has examined individuals’ reactions to change, different literatures have remained largely siloed. In this review, we integrate research on people’s reaction to change in seven research clusters (marketing, macro-organizational change, micro-organizational change, creativity, technological innovation adoption, voice, individual adaptation), through a domain of uncertainty (DOU) framework. We identify that the uncertainties associated with change fit into four domains, reflected in the questions people ask about change: conceptual uncertainty (What is the change?), functional value uncertainty (What is the value of the change?), process uncertainty (How will the change come about?), and impact uncertainty (What is the broader impact of the change?). The DOU framework integrates the existing research through the common lens of uncertainty, thus allowing specific communities of practice studying individuals’ reactions to change to better engage in a dialogue with other nonoverlapping communities. By identifying two central levers—people’s goals and the change features of novelty and ambiguity—that impact the relevance of the uncertainty domains and the ways people reduce uncertainties within those domains, the DOU framework further helps scholars better determine the factors that are important to an individual’s reaction to change.
10. Purpose in Management Research: Navigating a Complex and Fragmented Area of Study
作者：Nathania Chua, Christof Miska, Johanna Mair and Günter K. Stahl
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摘要
Management research on “purpose” is dispersed. This is because scholars apply different perspectives on purpose, each associated with distinct approaches to its study. We find that one perspective views purpose as embedded in the business–society context or as embodied within organizations. A second perspective looks at the purpose of the organization and its purpose to specific stakeholders. We reviewed management literature on purpose conducted over the past two decades to unearth this fragmentation further and uncover possibilities for integration. We identify four themes that anchor the disjointed literature: identity, performance, objectives, and change. In addition, we organize the literature across six dimensions of purpose as a concept. Each dimension surfaces existing dichotomies in research: property, scope, stability, materiality, motive, and rationality. Both the anchoring themes and conceptual dimensions establish the groundwork for a programmatic agenda for future research, aimed to support purpose research as a distinct area of study in management.
11. Standardization: Research Trends, Current Debates, and Interdisciplinarity
作者：Filippo Grillo, Paul Moritz Wiegmann, Henk J. de Vries, Rudi Bekkers, Stefano Tasselli, Amin Yousefi and Geerten van de Kaa
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摘要
Standards are ubiquitous in contemporary society and play a clear role in technological development, organizational functioning, and business success. Standards are very diverse and often boundary crossing in terms of stakeholders and impact, but are such diversity and range reflected by academic studies? We take stock of standardization research over the past decade, considering the full interdisciplinary breadth of this growing field. We use bibliometrics and network analysis to map emergent trends, and conduct an in-depth review of the literature. In doing so, we find that management science, along with economics, is at the core of work on standardization, bridging academic disciplines, and leading theoretical development. Technical disciplines, such as engineering and computer science, supply the largest body of literature, but rarely cross disciplinary boundaries and remain rather isolated. Building on our review, we discuss current debates and controversies and distill four interpretative perspectives on the recent and current developments of standardization research. Finally, we propose a research agenda for standardization research and practice for the years to come.
12. New Venture Governance: An Integrative, Multidisciplinary Review
作者：Palash Deb, Vipin Sreekumar, Prothit Sen, Augustine Duru and David L. Brannon
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摘要
Based on 259 articles published in the entrepreneurship, management, and finance literatures during 1990–2022, we provide an integrative review and synthesis of governance in new ventures. We structure our review around the formal contract between the new venture and its investors, and discuss the governance approaches of various pre-initial public offering investors across the three stages of the investment cycle: pre-contractual, contract design, and post-contractual. Pre-contractual governance and contract formation are explained using a signaling theory lens. To capture the intricacies of post-contractual governance, particularly for late-stage investors such as venture capitalists and private equity firms that have conflicting interests, multiple identities, and overlapping governance roles, we relax the core tenets of agency theory to direct academic inquiry toward a more sophisticated framework—multiple agency theory—that better reflects the complexities of post-contractual governance. Given the limitations of formal contracting in resolving the ambiguities of start-up governance, we integrate our narrative by using a complementary social embeddedness theory lens that highlights the importance of informal governance embedded in personal and social ties in creating implicit obligations based on trust, reciprocity, and reputation. Finally, we discuss how governance breakdowns can cause start-ups to fail, especially in their later stages.
《Journal of Public Economics》
Vol 237,Sep 2024
目录
1. The impact of group size on giving versus demand for redistribution
2. The intergenerational effects of welfare transfers among single mothers: Evidence from an Israeli welfare reform
3. The impact of police shootings on gun violence and civilian cooperation
内容提要
01. The impact of group size on giving versus demand for redistribution
作者：Johanna Mollerstrom,Avner Strulov-Shlain and Dmitry Taubinsky
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摘要
We report the results of an online experiment studying preferences for giving and preferences for group-wide redistribution in small (4-person) and large (200-person) groups. We find that the desire to engage in voluntary giving decreases significantly with (perceived) group size. However, voting for group-wide redistribution is precisely estimated to not depend on group size. Moreover, people’s perceptions of what constitutes the relevant group are malleable, and affect their desire to give. These results suggest that government programs, such as progressive tax-and-transfer systems, can help satisfy other-regarding preferences for redistribution in a way that creating opportunities for voluntary giving cannot.
02. The intergenerational effects of welfare transfers among single mothers: Evidence from an Israeli welfare reform
作者：Yannay Shanan
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摘要
This paper examines the intergenerational effects of a welfare reform that increased welfare benefits generosity and eased eligibility requirements for single mothers in Israel. Using large-scale restricted administrative data and a difference-in-differences design, I find that the rise in single mothers’ welfare participation rates following the reform had a significant impact on their children’s long-term economic outcomes. Girls exposed to the reform in childhood were likelier to be on welfare themselves as young adults, while boys experienced a long-lasting increase in labor earnings. The results suggest that generous welfare programs can have beneficial consequences for boys growing up in single-parent households.
03. The impact of police shootings on gun violence and civilian cooperation
作者：Maya Mikdash and Reem Zaiour
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摘要
This paper studies the effect of police-involved shootings on gun violence and civilian cooperation with police, as proxied by crime reports made via 911 calls. To distinguish between crime reporting and crime incidence, we use administrative data on 911 calls and ShotSpotter data from Minneapolis. Exploiting the variation in the timing and the distance to these incidents, we show that exposure to a police shooting increases gun-related crimes by 5–6 percent, and decreases shots reported by 1–2 percent. Taken together, this implies police shootings reduce civilian crime reports to police by 6–7 percent.
《Academy of Management Review》
VOLUME 49, ISSUE 3
目录
1. The Moralization of Intrinsic Motivation: Opportunities and Perils
2. A Promise Not (Yet) Fulfilled: Entrepreneurship, Opportunity Underexploitation, and the Reproduction of Inequality via Consumer Markets
3. What We Do While Waiting: The Experience of Vulnerability in Trusting Relationships
4. The Role of Human Managers within Algorithmic Performance Management Systems: A Process Model of Employee Trust in Managers through Reflexivity
5. After the Collapse: Spontaneous Institutionalization and the Emergence of Market Institutions
6. The Art of Blending Stakeholders: “Bootlegger and Baptist” Coalitions in Corporate Constituency-Building
7. When the Principal Is the Firm’s Problem: Principal Costs and Their Corporate Governance Implications
8. Cooperation Among Strangers: Algorithmic Enforcement of Reciprocal Exchange with Blockchain-Based Smart Contracts
内容提要
01. The Moralization of Intrinsic Motivation: Opportunities and Perils
作者：Mijeong Kwon and Laura Sonday
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摘要
Scholars have traditionally treated motivation as a value-neutral state divorced from normative considerations. Yet, research across the social sciences suggests a growing moral imperative to love work, which carries with it the social expectation of intrinsic motivation. This normative pressure stems from the moralization of intrinsic motivation, wherein enjoyment of work is converted into a virtue. While research and practice emphasize positive work outcomes associated with intrinsic motivation, we argue that the moralization of intrinsic motivation is not wholly beneficial. Normative pressure to do what you love can encourage people to pursue and cultivate highly satisfying work for themselves and others. At the same time, however, it can lead to the neglect of security-related concerns (e.g., stable employment) and uninteresting tasks. Moreover, it can elicit discriminatory behavior against those who are presumed to lack intrinsic motivation or who exhibit other viable forms of motivation, impacting overall cohesion and conflict within organizations. Our framework explains how intrinsic motivation becomes morally laden, and the opportunities and perils it presents at intrapersonal, interpersonal, and organizational levels.
02. A Promise Not (Yet) Fulfilled: Entrepreneurship, Alexander C. Lewis, Garry D. Bruton and Dean A. ShepherdOpportunity Underexploitation, and the Reproduction of Inequality via Consumer Markets
作者：Martin Eichenbaum,Miguel Godinho de Matos,Francisco Lima,Sergio Rebelo, and
Mathias Trabandt
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摘要
In this paper, we offer a theory of opportunity underexploitation that explains how consumer disadvantage is coupled to the entrepreneurial process such that market inefficiencies disproportionately affect consumers from marginalized groups. We define opportunity underexploitation as a shortfall in entrepreneurial activity given an opportunity’s potential value and the availability of resources in a system. We theorize that the social closure encountered by entrepreneurs from marginalized groups, the segregation of marginalized groups from non-marginalized groups, and the stereotyping of marginalized consumer groups all produce shortfalls in both the number of entrepreneurs seeking to exploit an opportunity and the resources they mobilize to do so. In turn, these shortfalls increase the prices marginalized consumer groups pay and reduce the availability of products marginalized consumer groups desire relative to what would be expected had markets been more efficient, in addition to reinforcing feedback loops. With this theory, we interrogate the Weberian ideal of neutral markets and identify breakdowns in the process of opportunity exploitation that, when remedied, will reduce inequality through increases in the efficiency of consumer markets.
03.What We Do While Waiting: The Experience of Vulnerability in Trusting Relationships
作者：Gary A. Ballinger, F. David Schoorman and Kinshuk Sharma
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摘要
We explore changes in the emotions of hope and fear in the time between a decision to take a risk based on trust and the time at which that trust is validated or betrayed. We term this period the vulnerability phase and propose that relationships comprise many of these. Blending motivation theories on self-regulation and goal-related behavior, we propose a view of trustors as information processors throughout a vulnerability phase. Trustors evaluate new information on the ability, benevolence, and integrity of the trustee, and their reactions to the implications of these data for goal progress drives changing levels of hope and fear in the phase. These reactions are moderated by the trustor’s perception of how important the resources are to reaching their goals, their regulatory focus, and the strength of the relationship at the time the new information is received. We also discuss the unique role of time in driving levels of fear. We propose that significant changes in these emotions trigger the trustor to engage in a self-focused approach, or avoidance behaviors such as monitoring, looking for alternate partners, and curiosity-based inquiry aimed at preserving progress toward goals that may prematurely bring a vulnerability phase to an end.
04. The Role of Human Managers within Algorithmic Performance Management Systems: A Process Model of Employee Trust in Managers through Reflexivity
作者：Keith Leavitt, Christopher M. Barnes and Debra L. Shapiro
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摘要
The introduction of algorithmic performance management has generated significant concern with regard to employee trust in organizations. Although algorithms may be viewed as sources of organizational control (and thus inhibit employee trust), we argue that the role of human managers within algorithmically managed workplaces remains undertheorized. Drawing from structuration theory and the integrated model of trust in organizations, this paper centers managers within algorithmic performance management systems to create a process model of human managers as foci and creators of trust. We articulate three heretofore overlooked properties of algorithmic performance management systems that differentiate them from other human–algorithm augmentations, including the goal of aligning third-party (i.e., employee) behavior, the tension between algorithmic accuracy and alternative logics for managing performance, and limitations of user expertise or access leading to corrective actions outside of (rather than within) the algorithm. We describe how managers may fill two roles, as translators and augmenters of algorithms, while noting challenges specific to each role (i.e., challenges of inscrutability; performance paradoxes that create logics contrary to predictive accuracy). We theorize that by engaging in reflexive behaviors within these roles, managers can increase employee perceptions of their own ability, benevolence, and integrity, despite sharing agency with algorithms.
05. After the Collapse: Spontaneous Institutionalization and the Emergence of Market Institutions
作者：Ilir Haxhi, Miguel Rivera-Santos and Carlos Rufín
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摘要
We explore how, and under which conditions, market institutions can spontaneously arise after an institutional collapse. Drawing on emergence theory, we develop a multilevel model of institutional emergence after an extreme collapse, where only the individuals’ memories remain from pre-collapse institutions. We start with individuals seeking to transact, looking to decrease cost and increase trust in their transactions. At the micro level, the multiplication of transactions can trigger processes of amplification–convergence and cancelation, through an activity- and a cultural cognitive-based driver of institutionalization. At the meso level, these processes result in the spontaneous emergence of legitimacy and power, organized agents shaping emergence, and the institutionalization of transaction attributes. At the macro level, the amalgamation of compatible institutionalized attributes leads to the emergence of market institutions, with nine possible institutional infrastructures, which are shaped by the initial conditions of emergence. Our study contributes to the literature by isolating the role of spontaneous processes in institutional dynamics, by identifying the initial conditions necessary for the emergence of market institutions, and by showing how legitimacy and power can spontaneously emerge. We illustrate our reasoning with reference to refugee economies.
06. The Art of Blending Stakeholders: “Bootlegger and Baptist” Coalitions in Corporate Constituency-Building
作者：Maurice J. Murphy, Edward Walker and Nan Jia
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摘要
Constituency-building is an important corporate political strategy that expands the scope of conflict by mobilizing stakeholders to pressure policymakers. Although prior studies of constituency-building have highlighted how enlisting stakeholders in political battles creates unique opportunities and risks, what has been overlooked is the importance of firms assembling “strange bedfellows” of economically and morally motivated constituents, sometimes called “bootlegger-and-Baptist” coalitions. Drawing on theories developed in research on regulatory economics, political processes, social movements, and corporate political strategy, we advance a theoretical framework to examine the trade-offs of firms creating blended coalitions consisting of parties who each have distinct economic and moral motives as opposed to uniform coalitions. We argue that blended coalitions often generate greater benefits by increasing policymakers’ support. However, we highlight higher costs at each of four key stages in blending coalitions—searching for partners, coordinating with partners, mobilizing partners, and monitoring partners—and discuss mitigation strategies. We further develop theory on how to implement blended coalitions, including formulating messages for constituents and choosing policymakers to target. We develop propositions to advance theory development on constituency-building, linked to stakeholder mobilization and social movement approaches. We offer wide-ranging real-world examples to provide guidance for empirical research.
07. When the Principal Is the Firm’s Problem: Principal Costs and Their Corporate Governance Implications
作者：Edward J. Zajac and Maria Goranova
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摘要
While agency theory has long dominated corporate governance research, we suggest that the common transplanting of the dyadic principal–agent problem into the corporate context has blurred key differences between principals and the firm as an entity. We redress this imbalance by advancing a conceptual framework of principal costs vis-à-vis the firm. We first show how principal costs can exist even in the single-principal corporate context, based on owner consumption and competence characteristics, which allows us to also distinguish principal costs from both agency costs and principal–principal expropriation costs. We then extend our principal costs theory to the multi-principal context, in which we highlight how principal costs, including private benefits of influence, can exist even in corporations with no controlling shareholder enjoying private benefits of control. In this latter context, we redirect the agency theoretic lens of incentive and informational concerns toward active minority shareholders whose actions generate principal costs vis-à-vis the firm, as well as passive shareholders who fail to constrain such principal costs. We conclude with a discussion of the broader implications of our theory for current and future corporate governance research, practice, and public policy.
08. Cooperation Among Strangers: Algorithmic Enforcement of Reciprocal Exchange with Blockchain-Based Smart Contracts
作者：Robert Wayne Gregory, Roman Beck, Ola Henfridsson and Niam Yaraghi
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摘要
Enhancing cooperation among strangers is challenging. Strangers, who lack previous interactions and trust, cannot rely on human reciprocity as they engage in social and economic exchange. They have a tendency to defect for maximizing individual interests rather than to cooperate for benefiting each party in the exchange. Blockchain-based smart contracts come with the promise of solving this dilemma of cooperation. In this paper, we trace this promise to a new mechanism of cooperation, programmed reciprocity, defined as coded instructions for automatically returning good for good (positive reciprocity) and ill for ill (negative reciprocity). Programmed reciprocity is rooted in the algorithmic enforcement capability of blockchain networks, defined as the ability to guarantee the execution of the rules of an exchange agreement without a central authority and the possibility of human interference by either of the involved parties. We propose that algorithmic enforcement capability positively affects the viability of cooperation among strangers on the blockchain through programmed reciprocity. This is contingent on the level of contract complexity and blockchain confidence. Our proposed framework extends the nascent literature on blockchain governance with a novel explanation of how programmed reciprocity can enhance cooperation among strangers. In doing this, it also addresses a significant yet unresolved problem in the literature on cooperation in social and economic exchanges.
Dialogue
《The Economic Journal》
Volume 134, Issue 662,August 2024
目录
1. The Shale Revolution and the Dynamics of the Oil Market
2. Special Interest Groups Versus Voters and the Political Economics of Attention
3. Bundling Genetic and Financial Technologies for More Resilient and Productive Small-Scale Farmers in Africa
4. A Theory of Small Campaign Contributions
5. Sharing News Left and Right: Frictions and Misinformation on Twitter
6. Telementoring and Homeschooling During School Closures: a Randomised Experiment in Rural Bangladesh
7. Deceptive Features on Platforms
8. Immigration and The Short- and Long-Term Impact of Improved Prenatal Conditions
9. Accommodating the Rise in Urbanisation: Are New Towns a Good Solution?
10. Kinship Taxation as an Impediment to Growth: Experimental Evidence from Kenyan Microenterprises
11. Why High Incentives Cause Repugnance: a Framed Field Experiment
内容提要
01. The Shale Revolution and the Dynamics of the Oil Market
作者：Nathan S Balke and others
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摘要
We build and estimate a dynamic, structural model of the world oil market to quantify the impact of the shale revolution. We model the shale revolution as a decrease in shale production costs and find that the resultant increase in shale production lowers oil prices by 24% in the short run and 48% once the shale oil transition is complete. Current oil price volatility is lowered by 8% to 23% depending on the horizon. We also find that OPEC core acts to keep its market share constant in the face of the dramatic increase in shale production.
02. Special Interest Groups Versus Voters and the Political Economics of Attention
作者：Patrick Balles and others
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摘要
We investigate whether US House representatives favour special interest groups over constituents in periods of low media attention to politics. Analysing 666 roll calls from 2005 to 2018, we show that representatives are more likely to vote against their constituency’s preferred position the more special interest money they receive from groups favouring the opposite position. The latter effect is significantly larger when less attention is paid to politics due to distraction by exogenous newsworthy events like natural disasters. The effect is mostly driven by short-term opportunistic behaviour than the short-term scheduling of controversial votes in periods with high news pressure.
03. Bundling Genetic and Financial Technologies for More Resilient and Productive Small-Scale Farmers in Africa
作者：Stephen R Boucher and others
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摘要
Using a multi-year, spatially diversified randomised controlled trial spanning two African countries, this paper explores whether a complementary bundle of genetic and financial technologies can boost the resilience and productivity of small-scale farmers. The analysis shows that both moderate droughts and more severe yield losses undermine the resilience of control-group households, and that these shocks have long-lasting effects as farmers invest and produce less following shocks. Severe yield shocks also increase hunger and food insecurity. The genetic technology—drought-tolerant seeds—provides economically significant protection against mid-season drought and mitigates the long-term drop in farm productivity seen in the control group. The financial technology—satellite-based index insurance—offsets the long-term consequences of severe yield losses that are not mitigated by the drought-tolerant seeds. Finally, the analysis shows that treatment-group farmers who experienced shocks and saw the technologies in action subsequently increased their agricultural investment beyond pre-shock levels, an effect we call the resilience dividend. Unfortunately, this apparent experiential learning cuts both ways. Farmers who did not experience the efficacy of the risk management technologies backed away from using them. Our findings thus showcase how genetic and financial risk-mitigating technologies can offer farmers more complete protection, as well as the challenge of inducing sustained uptake of technologies that are midway between experience and credence goods and only infrequently reveal their benefits.
04. A Theory of Small Campaign Contributions
作者：Laurent Bouton and others
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摘要
Popular and academic discussions have mostly concentrated on large donors, even though small donors are a major source of financing for political campaigns. We propose a theory of small donors with a key novelty: it centres on the interactions between small donors and the parties’ fundraising strategy. In equilibrium, parties micro-target donors with a higher contribution potential (that is, richer and with more intense preferences) and increase their total fundraising effort in close races. The parties’ strategic fundraising amplifies the effect of income on contributions, and leads to closeness, underdog and bandwagon effects. We then study the welfare effects of a number of common campaign finance laws. We find that, due to equilibrium effects, those tools may produce outcomes opposite to intended objectives. Finally, we identify a tax-and-subsidy scheme that mutes the effect of income while still allowing donors to voice the intensity of their support.
05. Sharing News Left and Right: Frictions and Misinformation on Twitter
作者：Daniel Ershov and Juan S Morales
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摘要
On 20 October 2020, prior to the US presidential election, Twitter modified its user interface for sharing social media posts. In an effort to reduce the spread of misinformation on the platform, the new interface nudged users to be thoughtful about the content they were sharing. Using data on over 160,000 tweets by US news media outlets, we show that this policy significantly reduced news sharing, but that the reductions varied heterogeneously by political slant: sharing of content fell significantly more for left-wing outlets relative to right-wing outlets. Examining Twitter activity data for news-sharing users, we find that conservatives were less responsive to Twitter’s intervention. Lastly, using web traffic data, we document that the policy significantly reduced visits to news media outlets’ websites.
06. Telementoring and Homeschooling During School Closures: a Randomised Experiment in Rural Bangladesh
作者：Hashibul Hassan and others
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摘要
Using a randomised experiment in 200 Bangladeshi villages, we evaluate the impact of an over-the-phone learning support intervention (telementoring) among primary school children and their mothers during Covid-19 school closures. Post-intervention, treated children scored 35% higher on a standardised test, and the homeschooling involvement of treated mothers increased by 22 minutes per day (26%). We also found that the intervention forestalled treated children's learning losses. When we returned to the participants one year later, after schools briefly reopened, we found that the treatment effects had persisted. Academically weaker children benefited the most from the intervention that only cost USD20 per child.
07. Deceptive Features on Platforms
作者：Johannes Johnen and Robert Somogyi
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摘要
Many products sold on online platforms have additional features like fees for services, shipping, luggage, upgrades, and so on. We study when a two-sided platform shrouds additional features towards potentially naive buyers. We explore a novel mechanism according to which platforms shroud to manipulate network externalities between buyers and sellers. Exploring this mechanism, we argue the advent of online marketplaces led to less transparent markets. First, platforms have stronger incentives to shroud seller fees than sellers themselves. Second, platforms shroud their own fees less if they earn more revenue from sellers; so when sellers on the platform compete more fiercely, platforms—somewhat perversely—shroud more. We connect these results to many applications and the current debate on regulating online platforms.
08. Immigration and The Short- and Long-Term Impact of Improved Prenatal Conditions
作者：Victor Lavy and others
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摘要
This paper investigates the effects of immigration from a developing country to a developed country during pregnancy on offspring outcomes. We focus on intermediate- and long-term outcomes, using quasi-experimental variation created by the immigration of Ethiopian Jews to Israel in May 1991. Individuals conceived before immigration experienced dramatic changes in their environmental conditions at different stages of prenatal development depending on their gestational age at migration. We find that females whose mothers immigrated at an earlier gestational age have better educational outcomes. They also tend to work more as adults. In contrast, we do not find any effect among males.
09. Accommodating the Rise in Urbanisation: Are New Towns a Good Solution?
作者：Gabriel Loumeau
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摘要
This paper studies the performance of New Towns, that is, planned large urban sub-centres, as a central tool to accommodate the global rise in urbanisation. A spatial quantifiable general equilibrium framework suitable to study large-scale urban master plans is presented. The framework is then used to investigate the equilibrium effects of five New Towns developed in the 1970s in Paris’s metropolitan area. By 2015, the development of New Towns appears to have increased metropolitan population (+18%), metropolitan gross domestic product (+11%) and reduced average commuting times (−6.9%). The results obtained for Paris’s metropolitan area are externally validated using a difference-in-differences approach on all 314 New Towns developed worldwide between 1992 and 2012.
10. Kinship Taxation as an Impediment to Growth: Experimental Evidence from Kenyan Microenterprises
作者：Munir Squires
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摘要
This paper documents strong pressure to share income faced by entrepreneurs in a developing country setting. This ‘kinship tax’ can distort productive decisions, including investment. A lab experiment with 361 Kenyan entrepreneurs reveals that a third of them face distortionary pressure to share income. This kinship tax is higher for men, and increasing in entrepreneurial ability. Using a pre-existing randomised cash transfer experiment, I find that only male entrepreneurs who do not face distortionary kinship taxation invest these transfers. Imposing some parametric assumptions, I estimate that kinship taxation decreases aggregate productivity among firms in this sample by one-quarter.
11. Why High Incentives Cause Repugnance: a Framed Field Experiment
作者：Robert Stüber
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摘要
Why are high monetary payments prohibited for certain goods, thereby causing shortages in their supply? I conduct (i) a framed field experiment with a general population sample and (ii) a survey experiment with this sample and with ethics committees. In the experiment, participants can prohibit others from being offered money to register as stem-cell donors. I document that, whereas the majority of participants do not respond to changes in the incentives (63%) or become more in favour of the offer with higher incentives (20%), a minority of 17% prohibit high incentives. I show that this minority wants to protect individuals who are persuaded by high incentives. I also show that a lottery scheme reduces their objections to high incentives. Finally, I document that the public is much more supportive of high incentives than are ethics committees.
《Contemporary Accounting Research》
Volume 41, Issue 2
目录
1. Credit information sharing and investment efficiency: Cross-country evidence
2. Prospective evaluation of a new audit standard: Expert rhetoric and flexibility in cost-benefit analysis
3. “The client can get caught out”: Tax structure maintainability and the intricacies of tax planning aggressiveness
4. Trading off managerial and investor uncertainty in firm disclosure: Evidence from R&D investments and management guidance
5. The effects and potential benefits of audit committee oversight in a strategic setting
6. Maintaining maintenance: The real effects of financial reporting for infrastructure
7. Sell-side analysts as social intermediaries
内容提要
01. Credit information sharing and investment efficiency: Cross-country evidence
作者：Fangfang Hou, Muhabie Mekonnen Mengistu, Jeffrey Ng, Janus Jian Zhang
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摘要
Credit information sharing allows creditors to obtain borrowers' relevant credit information, and it can improve borrowers' investment outcomes that are funded by debt. Using reforms to European countries' public credit registries (PCRs) to capture mandated information sharing among creditors, we examine the impact of such sharing on firms' investment efficiency. We find that information sharing enhances firms' investment efficiency, which we measure by their investment-q sensitivity. This finding is consistent with credit information sharing enabling creditors to better screen borrowers to mitigate adverse selection and enhancing borrower discipline to avoid a bad credit record, which leads to the borrower making more efficient investments. We also document that the information sharing effect is more pronounced when firms rely more on debt financing, when the shared credit information is more accessible, when firms' information environment is more opaque, and when there is a greater information monopoly in the banking system. We offer supplementary evidence that the effect is also more salient when PCRs have characteristics that suggest more effective credit information sharing. Overall, our paper offers new insight into whether and how information sharing in credit markets enhances firms' investment efficiency. More broadly, it highlights how making more borrower information available to creditors can have important economic spillover effects on firm outcomes.
02. Prospective evaluation of a new audit standard: Expert rhetoric and flexibility in cost-benefit analysis
作者：Stephanie Donahue, Bertrand Malsch
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摘要
The objective of this research is to better understand experts' contributions to the prospective evaluation of a new audit standard—in this case, key audit matter (KAM) reporting. To this end, we assisted the Canadian Auditing and Assurance Standards Board by leading its consultation of 22 expert financial statement users. The methodology employed to observe our participants' opinions and cognitive processes involves thought protocol and interviews. By analyzing the rhetorical base of experts' prospective analysis, we show that our participants' arguments are often laden with postulates and lack data points, leading to generalizations. Sounder arguments entail more nuanced views but lead to uncertainties. We therefore highlight a tension between the rhetorical content of experts' insights and the calculative rationality of a cost-benefit analysis. We also find that experts with less cognitive flexibility are less likely to be supportive of the adoption of a standard implying a change of habits in the way they process information. This tension and cognitive bias generate a significant interpretive challenge to determine a clear and dominant stance in the consultation. We discuss the implications of these findings for the legitimacy of prospective evaluations and the conduct of cost-benefit consultations with experts. We also contribute to the literature on KAMs by substantiating concerns about the value of extended auditor reports to users.
03. “The client can get caught out”: Tax structure maintainability and the intricacies of tax planning aggressiveness
作者：Maryse Mayer, Yves Gendron
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摘要
In this field study, we examine tax advisors' decision-making process when developing tax planning arrangements. Through interviews with 40 tax advisors, our analysis indicates that tax savings may come at a price in practice by unveiling adverse post-implementation experiences shared by tax partners. Partners find themselves in a tricky position at the time they form their recommendation as they cannot be certain that their client will be able to “live with their tax structure”—that is, maintain it and cope with the inherent risks once implemented. Their main concern is that their client may “get caught out” by a structure too aggressive or complicated for them, having no control over the client's behavior once the plan is implemented. This has significant implications in the tax planning decision-making process as these concerns shape how partners adapt their work to their client's perceived competency and possibly restrain corporate firms' tax aggressiveness. Following Feller and Schanz (2017, Contemporary Accounting Research, 34(1), 494–524), we conceive of this as the fourth hurdle of tax planning— whether a tax structure is maintainable, as perceived by tax advisors—and unpack how it operates. Interestingly, restraining the client's tax planning aggressiveness (and the corresponding potential tax savings) is not necessarily perceived by partners as detrimental to the client relationship. Our findings contribute to a better understanding of tax planning in action, highlighting how tax partners seek to influence their client's tax planning aggressiveness.
04. Trading off managerial and investor uncertainty in firm disclosure: Evidence from R&D investments and management guidance
作者：Svenja Dube
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摘要
Classic disclosure theory suggests that investor uncertainty increases the probability of discretionary disclosure, while managerial uncertainty decreases this disclosure. Because R&D projects are inherently risky, R&D-intensive firms face high managerial uncertainty as well as high investor uncertainty. This paper empirically examines how R&D intensity impacts the provision, horizon, and content of management earnings guidance. To address endogeneity concerns, state-level R&D tax credits serve as an instrumental variable for R&D intensity. I find that high R&D firms do not provide less earnings guidance than low R&D firms. However, they issue more quarterly guidance but less annual guidance. This substitution strengthens when there is high managerial uncertainty about the success of R&D projects. Consistent with litigation risk leading to asymmetric disclosure incentives, the decrease in annual earnings guidance is concentrated in positive guidance. Overall, the results imply that firms modify the horizon and content of their earnings guidance by substituting long-term positive guidance with short-term guidance when managerial uncertainty discourages the issuance of the former.
05. The effects and potential benefits of audit committee oversight in a strategic setting
作者：Evelyn R. Patterson, J. Reed Smith, Samuel L. Tiras
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摘要
Since the passage of the Sarbanes-Oxley Act of 2002, many notable frauds have been tied to ineffective audit committee (AC) oversight. As a result, AC oversight is of continuing interest, and regulators continue to debate this issue, garnering a growing body of research focused on the role played by the AC. But little theoretical research exists to guide analytical and empirical researchers investigating AC oversight. The purpose of this study is to provide theoretical guidance by examining AC oversight in a strategic setting. We focus on the AC's role in overseeing internal controls (ICs) and the impact of whether the AC relies on management in designing the controls. We characterize how the nature of control risk changes and how IC strength is associated with the amount of managerial fraud, expected probability of fraud detection (which, on average, equates to audit effort), and audit quality (assessed as 1 − audit risk) across two settings defined by the degree of AC oversight. As one example that highlights the need for theoretical guidance, we consider the literature's presumption that IC strength is negatively associated with audit effort. We find that this association may be positive or negative as IC changes, where the association varies with the degree of direct AC oversight and the change in payoff parameters.
06. Maintaining maintenance: The real effects of financial reporting for infrastructure
作者：Ryan P. McDonough, Claire J. Yan
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摘要
We use the adoption of General Accounting Standards Board Statement No. 34 (GASB 34) to examine whether disclosing information in states' financial reports influences their investment decisions. GASB 34 requires governments to report on general infrastructure assets and permits either the standard depreciation approach or the modified approach. The modified approach requires additional disclosures, a step which we argue promotes greater transparency about a government's infrastructure and can potentially facilitate infrastructure investment decisions. We find a robust positive association between the modified approach and investment in infrastructure maintenance. Additional evidence demonstrates a more pronounced effect when external monitoring is likely higher and government officials are likely better informed as a result of the increased disclosure. We further find that states using the modified approach are less likely to cut or divert funds intended for infrastructure maintenance. Our study suggests that disclosing information in governments' financial reports can have real effects, such as mitigating underinvestment in infrastructure maintenance, which governments often defer to future periods in violation of the interperiod equity principle and to the detriment of society.
07. Sell-side analysts as social intermediaries
作者：Guangyu Li, Crawford Spence, Zhong Chen
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摘要
Recent research on sell-side analysts emphasizes the centrality of social ties and social interactions to what they do. However, we know little about how analysts create or maintain relationships over both the short and long terms. We remedy that in this qualitative study by illustrating the microlevel processes that analysts engage in as part of developing a network of relations around them. Starting from the premise that economic actions are embedded in social relations and drawing on interviews with analysts, fund managers, and investor relations officers in China, we show how analysts forge both weak and strong social ties to create an infrastructure of social networks that is foundational to information intermediation. This perspective broadens our understanding of sell-side analysts as social, rather than solely information, intermediaries and highlights how information asymmetries often have a social basis.
《The Review of Economics and Statistics》
Volume 106, Issue 4
目录
1. Optimal Vaccine Subsidies for Epidemic Diseases
2. London Fog: A Century of Pollution and Mortality, 1866–1965
3. Hospital Allocation and Racial Disparities in Health Care
4. Alcohol, Violence, and Injury-Induced Mortality: Evidence from a Modern-Day Prohibition
5. The Effect of Incarceration on Mortality
6. A Year Older, A Year Wiser (and Farther from Frontier): Invention Rents and Human Capital Depreciation
7. Children’s Sleep and Human Capital Production
8. Fireside Chats: Communication and Consumers’ Expectations in the Great Depression
9. Monetary Policy, Markup Dispersion, and Aggregate TFP
10. A Structural Investigation of Quantitative Easing
11. The Evolution of Technological Substitution in Low-Wage Labor Markets
12. Exporting, Abatement, and Firm-Level Emissions: Evidence from China’s Accession to the WTO
13. The Effects of Transit Systems on International Trade
14. A Canonical Representation of Block Matrices with Applications to Covariance and Correlation Matrices
15. Reading the Candlesticks: An OK Estimator for Volatility
16. Do Universities Improve Local Economic Resilience?
17. Higher Education and Local Educational Attainment: Evidence from the Establishment of U.S. Colleges
18. Language Training and Refugees’ Integration
《Management Science》
Volume 70, Issue 8
目录
1. The Value of Robust Assortment Optimization Under Ranking-Based Choice Models
2. Does Bank Monitoring Reduce Corporate Misreporting? Evidence from Foreign Bank Entry in China
3. Do Physicians Improve More from Positive or Negative Feedback?
4. Stress Testing Spillover Risk in Mutual Funds
5. Batching and Optimal Multistage Bipartite Allocations
6. The Continuous-Time Joint Replenishment Problem: ϵ-Optimal Policies via Pairwise Alignment
7. Who Does the Talking Here? The Impact of Gender Composition on Team Interactions
8. Feature Misspecification in Sequential Learning Problems
9. Self-Preferencing and Search Neutrality in Online Retail Platforms
10. Social Preferences and the Informativeness of Subjective Performance Evaluations
11. Fast Delivery: B2B Field Experiments Amid COVID-19 Outbreak and New Normal
12. How Does Artificial Intelligence Shape Audit Firms?
13. Coopetition in Platform-Based Retailing: On the Platform’s Entry
14. Cancel the Deal? An Experimental Study on the Exploitation of Irrational Consumers
15. Adaptive Preference Measurement with Unstructured Data
16. Comment on “Salesforce Compensation with Inventory Considerations”
17. Prismatic Trust: How Structural and Behavioral Signals in Networks Explain Trust Accumulation
18. Shuffling as a Sales Tactic: An Experimental Study of Selling Product Rankings
19. Identity Disclosure and Anthropomorphism in Voice Chatbot Design: A Field Experiment
20. Common Ownership, Competition, and Corporate Governance
21. A New Model for the Joint Valuation of S&P 500 and VIX Options: Specification Analysis
22. Learning from Unknown Information Sources
23. Distributed Ledgers and Secure Multiparty Computation for Financial Reporting and Auditing
24. Are Short-Selling Restrictions Effective?
25. Global Sensitivity Analysis via Optimal Transport
26. Don’t Fake It If You Can’t Make It: Driver Misconduct in Last-Mile Delivery
27. Call for Papers—Management Science Virtual Special Issue on AI for Finance and Business Decisions
28. Double Marginalization Because of External Financing: Capacity Investment Under Uncertainty
29. Optimal Mechanism Design with Referral
30. Asset Pricing with Costly Short Sales
《Journal of Monetary Economics》
Volume 146, September 2024
目录
1. The consumption expenditure response to unemployment: Evidence from Norwegian households
2. Averaging impulse responses using prediction pools
3. (Trade) War and peace: How to impose international trade sanctions
4. Blended identification in structural VARs
5. Adverse selection and search congestion in over-the-counter markets
6. The Fed takes on corporate credit risk: An analysis of the efficacy of the SMCCF
7. Expectation-driven boom-bust cycles
8. Cross-border regulatory spillovers and macroprudential policy coordination
《Journal of International Economics》
Volume 152
目录
1. Trade agreements when profits matter
2. When are tariff cuts not enough? Heterogeneous effects of trade preferences for the least developed countries
3. FDI and superstar spillovers: Evidence from firm-to-firm transactions
4. Dollar reserves and U.S. yields: Identifying the price impact of official flows
5. Preparing for export opportunities
6. Escaping the trade war: Finance and relational supply chains in the adjustment to trade policy shocks
7. Corporate foreign bond issuance and interfirm loans in China
8. The widening of cross-currency basis: When increased FX swap demand meets limits of arbitrage
9. From carry trades to trade credit: Financial intermediation by non-financial corporations
10. Financial crises and the global supply network: Evidence from multinational enterprises
11. Dollar and government bond liquidity: Evidence from Korea
12. A tale of tier 3 cities
13. New dawn fades: Trade, labour and the Brexit exchange rate depreciation
14. How important are trend shocks? The role of the debt elasticity of interest rate
15. How important are trend shocks? The role of the debt elasticity of interest rate
16. Fly the unfriendly skies: The role of transport costs in gravity models of trade
17. The political economy of currency unions
18. Common trade exposure and business cycle comovement
19. Clustered sovereign defaults
20. Cross-country price dispersion: Retail network or national border?
21. The small open economy in a generalized gravity model
22. Does democracy shape international merger activity?
信息整理自中国知网、各期刊官网
