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Prior research finds that firms disclosing a focus on corporate social responsibility (CSR) experience less negative reactions following a corporate misstep. We predict that this “insurance effect” is limited to cases of ordinary failures (i.e., failures not directly related to the social or environmental impacts of the firm) and may provide no protection when a failure is directly related to CSR. Further, we hypothesize a potential “backfire effect,” where investors react more negatively to a CSR-focused firm in the case of a CSR-related failure than to a traditional firm experiencing the same failure. In-keeping with attribution theory and expectancy violations theory, our results support the predicted limitation of the insurance effect. In addition, we find that the limited insurance effect is mediated by reputational assessments. Although directionally consistent, the proposed backfire effect is not statistically significant. Overall, our results suggest that CSR is not a panacea for dampening the penalties associated with business missteps, and managers seeking to benefit from CSR engagement should be diligent in monitoring their firms' future CSR performance.

This paper aims to explore the development of the US steel industry from the 19th to the 20th century by applying the Schumpeterian perspective on the concept of creative destruction. It introduces Game Theory as a means to describe patterns of strategic situations and entrepreneurial decision-making in an emerging industry.

Based on a narrative literature review of Schumpeter’s concept of creative destruction, four historical case studies have been designed. These historical case studies build the basis for game-theoretically analysis and evaluation. In doing so, the authors identify games with different payoff matrices that take place while an industry emerges, reflecting different layers of creative destruction.

Emerging industries, as this paper highlights, go through several stages of development until they reach full maturity. With Schumpeter, these stages can be studied through an entrepreneurial lens, highlighting different patterns of decision-making in each respective stage. This paper adds to a better understanding of emerging industries. Furthermore, this paper provides a methodological repertoire that can also be applied to other cases as well, such as the emergence of contemporary digital industries.

The paper provides a horizontal overview of how Game Theory can be applied to analyze industrial epochs and how the concept of creative destruction works in industry and transforms industry. It introduces Game Theory to management and business history as a sound methodological base to analyze and evaluate strategic situations and entrepreneurial decision-making.

The paper presents a comprehensive method to act in the different stages of an industrial epoch and how to act. The games applied in the particular layers of creative destruction give an insight into the analysis of strategic situations and strategic decision-making in the industry.

This paper provides a horizontal perspective on strategic games that can be used as an analysis methodology in the field of entrepreneurship and applied in contemporary industries. It connects historical cases out of the US steel industry with Schumpeter’s concept of creative destruction and Game Theory.

This study examines the relationship between Environmental, Social and Governance (ESG) practices and financial distress in times of uncertainty.

Thomson Reuters ESG database, Compustat and Center for Research in Security Prices (CRSP) were used to derive a final sample size of 1,572 firms and 11,618 firm-year observations from 2003 to 2022. Fixed-effects regression was used to analyze the data.

It was found that increasing ESG involvement leads to an increase in Z score (i.e. lower financial distress), and this impact was more profound during the COVID-19 period and also when firms' innovativeness increased. However, during the COVID-19 period, increases in capital expenditures weaken the positive effect of ESG on financial distress.

This study contributes to the growing body of literature on the impact of ESG performance on financial distress and the nature of this relationship during times of uncertainty such as COVID-19.

This study offers insights to managers and practitioners when developing their corporate financial strategies, particularly financial distress management, showing the potential benefits of innovativeness and capital intensity during turbulent times similar to COVID-19.

Little knowledge exists on how ESG engagement helps weather financial distress during periods of uncertainty due to external shocks (e.g. COVID-19). This paper looks at the effect of ESG engagement on financial distress and how capital intensity and innovativeness could influence this relationship while giving fresh insights into the impact of COVID-19.

Recognising the value of sustaining virtuous values in family business across generations, this paper aims to provide a conceptual framework and propose a mediated-moderated mechanism through which family members’ traits, such as family size and parenting style, influence the extent to which family business’s virtuous values transfer across generations.

The paper is based on systematic literature that was conducted using specific keyword searches in the business source databases of Emerald, ProQuest, ScienceDirect, EBSCOhost and SpringerLink.

This paper leads to a conceptual framework proposing a mediating relationship between family members’ traits and the transfer of virtuous values to the next generation. Further, two parallel mediators are proposed, moderated by traits of family members’ offspring, such as the age gap and gender of offspring.

This paper proposes a conceptual framework focusing on transferring virtuous values across generations in the family business. It investigates family members’ traits, such as the size of the family and parenting style, to comprehend the family members’ traits and the transfer of virtuous values relationship.

The proposed conceptual framework should form the basis of interventions adopted by family business members to enhance the transfer to virtuous values across generations by positively impacting their moral self-efficacy and affective commitment to virtuous values.

Prior research on family businesses has primarily explored transgenerational succession. However, sustaining virtuous values across generations is equally important to retain a business’s legacy. Very limited scholarly attention has focused on these virtuous values in family business.

This paper aims to further the understanding of the motivation to learn (ML) among an organisation’s older cohort of employees. It is proposed that age diversity climate (ADC) will positively impact ML by improving employees’ subjective age (SA) perception. Such a climate will indicate that the organisational climate is fair and inclusive regardless of the employee’s age.

Salaried Indian workers were administered a questionnaire on SA, ML and ADC.

ADC was positively related to ML, with SA acting as a mediator. The relationship is stronger for employees with higher chronological age (C.Age).

Policymakers and managers can draw from the findings and develop HR programs aimed at managing an age-diverse workforce and can incorporate measures that enhance the employability of the chronologically ageing but subjectively younger cohort to prevent premature departure from the labour market.

The present article contributes to the literature on work and ageing by investigating the subjective relationship of workers to their age. The findings also focus on successful ageing, thus contributing to the life span developmental theories.

This paper examines the relationship between a prime contractor's financial health and its mergers and acquisitions (M&A) spending in the defense industry. It aims to provide models that give the United States Department of Defense (DoD) indications of future M&A activity, informing decision-makers and contributing to ensuring competitive markets that benefit the consumer.

The study uses panel data regression models on 40 companies between 1985 and 2021. The company's financial health is assessed using industry-standard financial ratios (i.e. measures of profitability, efficiency, solvency and liquidity) while controlling for economic factors such as national productivity, defense budgets and firm size.

The results show a significant relationship between efficiency and M&A spending, indicating that companies with lower efficiency tend to spend more on M&As. However, there was no significant relationship between M&A spending and a company's profitability or solvency. These results were consistent with previous research and the study's hypotheses for profitability and solvency. However, the effect of liquidity was the opposite of the expected result, possibly due to the defense industry's different view on liquidity compared to previous research.

The paper provides insights into the relationship between a prime contractor's financial health and its M&A spending, a topic with limited research. The findings can inform policymakers and regulators on the industrial base's future M&A activity, ensuring competitive markets that benefit the consumer.

This review aims to investigate the impact of Industry 4.0 on talent development, emphasizing the need to redefine talent for the future of work. By exploring the evolving job requirements, the research seeks to map the competencies essential for success in Industry 4.0 and provide insights for developing talent to stay competitive in the digital era.

The review uses a comprehensive literature review to systematically trace the evolution of talent and identify the evolving competencies needed for Industry 4.0. Drawing upon established theoretical frameworks of resource-based view, human capital theory and organizational learning theory, this review identifies key factors influencing talent development and Industry 4.0 competencies.

The findings reveal that the emergence of automated technologies has altered the traditional understanding of jobs and highlights the importance of talent development aligned with Industry 4.0. By investing in developing Industry 4.0 competencies, organizations empower employees to navigate change and remain competitive. Effective talent management strategies contribute to retaining talented individuals and achieving sustainable competitive advantage for organizations.

This study has implications for educational institutions in guiding their curriculum, for organizations to identify the skills and talents necessary to adapt to Industry 4.0 and for the government to inform policy changes that contribute to the global economy and promote a skilled workforce.

This research contributes to the existing literature by comprehensively examining talent in the context of Industry 4.0. It offers a nuanced understanding of the role of talent management in the intersection of talent, competencies and changing technologies in future-proofing organizations.