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The Business Cycle and Profitability of Trading Strategies
business cycle, investor preference, January effect, lottery-type stock, trading strategy
Recent studies show that investor participation in the stock market rises during economic expansion and drops in economic recession. When investor participation is high, investors’ cognitive and behavioral biases are likely to have a strong influence on stock prices. We consider four trading strategies that are based on well-known market anomalies and examine their profitability under different economic conditions. For all four strategies, the portfolios that are formed in the months when the economy is expanding obtain significant profits, whereas the portfolios formed in economic recession months are not profitable. This finding is robust to different ways of classifying recession months.
The Performance of Chinese Private Firms in Coping with a Global Financial Crisis: Who Is Best Positioned?
crisis, flexibility, industrial diversification, geographic expansion, political connections, Chinese private firms
Using organizational flexibility as a research lens, we investigate how private firms, especially SMEs, in China cope with the 2008 financial crisis. Testing data from a large sample of private firms (N=3,459) by difference-indifferences analysis, we find that firms with industrial diversification, geographic expansion and political connections perform better during the crisis than those without. These results are less affected by self-selection problems (as the abrupt crisis provides a natural experiment) and hold up against endogeneity and several nberg, 2008). Perceived leadership effectiveness, job-satiportant implications for researchers, business owners, policy makers and future research.
Incorporating Pay Basis into Pay Comparison: The Relationships among Over/Underpayment, Pay for Performance and Pay Level Satisfaction
pay basis, pay comparison, pay level satisfaction, pay for performance
Drawing on the discrepancy model, we re-examine the impact of pay comparison on employees’ pay level satisfaction by taking pay basis and pay program into account. Actual pay data from 382 Chinese employees, along with their self-reported pay level satisfaction, provides support for our research model. Specifically, results show that the positive effect of over/underpayment on pay level satisfaction is more robust than that of internal pay standing, indicating the importance of pay basis for pay satisfaction perception. In addition, the positive relationship between internal pay standing and pay level satisfaction is weaker among employees who are in a pay program of high pay-for-performance intensity. We conclude by discussing the theoretical and practical implications of these findings.
Volunteer High Performance Work Systems and Service Performance: An Empirical Study of Beijing Olympic Volunteers
Olympic volunteers, high performance work system, service performance, psychological empowerment, transformational leadership
This study examines the key human resources factors that affect volunteers’ service performance from the perspectives of volunteers and managers in the Beijing Summer Olympic Games of 2008. Survey data were collected from 1,727 volunteers and 243 managers at the Beijing Olympics test events held at 10 venues between November 2007 and April 2008. Regression analyses and a moderation test were combined to test the hypotheses. A set of high performance work systems (HPWS) for volunteers in the Beijing Summer Olympic Games were developed which include performance management, training, recognition, teamwork and volunteer participation. Volunteer HPWS were positively related to psychological empowerment, which was in turn positively related to service recovery performance. Moreover, transformational leadership moderates the relationship between volunteer HPWS and psychological empowerment in such a way that the relationship is stronger when transformational leadership is at a higher level than when it is at a lower level. Implications and limitations were also discussed.
Followers’ Innovative Behavior in Organizations: The Role of Transformational Leadership, Psychological Capital and Knowledge Sharing
innovative behavior, transformational leadership, psychological capital (PsyCap), knowledge sharing
This study develops and tests a conceptual model of followers’ perceptions of transformational leadership as an antecedent to their innovative behavior in organizations. Specifically, we hypothesize that followers’ innovative behavior can be directly and indirectly influenced by their perceptions of transformational leadership. Knowledge sharing has a mediating effect and followers’ psychological capital has a moderating role in the relationship between transformational leadership and followers’ innovative behavior. A total of 212 employees from a diverse range of industries filled out questionnaires. Hierarchical linear modeling is used to analyze the relations. Results reveal that transformational leadership produces positive and significant impacts on followers’ innovative behavior and this relationship is fully mediated by knowledge sharing. Results also indicate that the positive relationship between transformational leadership and followers’ innovative behavior is enhanced only when followers possess high psychological capital. This paper adds to innovation literature by empirically testing the moderating role of psychological capital and the mediating role of knowledge sharing on the link between transformational leadership and followers’ innovative behavior. Implications of the findings for theory, research, and practice are discussed.
Organizational Ambidexterity and Innovation Performance: The Moderating Effect of Entrepreneurial Orientation
organizational ambidexterity, entrepreneurial orientation, innovation performance, moderating effect
The influence of organizational ambidexterity on innovation and the growth of enterprises has gradually become an important research topic in the field of strategic management and organization theory. This paper builds up a theoretical framework of the relationship between organizational ambidexterity and innovation performance with regards to corporate entrepreneurship orientation. We select 175 companies from high and new technology industries in China’s three large cities, Beijing, Tianjin and Dalian, as samples to carry out an empirical test. We find that the balance and complement of organizational ambidexterity are positively correlated with the innovation performance of enterprises; a corporate entrepreneurial orientation has a significantly moderating effect on the relationship between the balance dimension of organizational ambidexterity and innovation performance, yet it has no significant positive moderating effect on the relationship between the combined dimension of organizational ambidexterity and innovation performance.