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The purpose of this paper is to provide an understanding of how backward intelligence and forward-looking intelligence interact and impact decision making in the context of acquisitions. Past experiences provide essential information used for decision making, however, the ex ante nature of premiums, which require forward-looking intelligence, can change how experience is utilized.

The authors utilize a fixed effects model to examine acquisitions conducted by US public firms during the period of 1993–2015.

The authors find that as past acquisition returns increase, acquirers are likely to adopt a backward-looking perspective of past performance that leads to higher premiums, as opposed to a forward-looking perspective of consequences. The relationship between past performance and premium is moderated by differences in the target's industry and the target's slack levels relative to the acquirer. The study findings suggest that forward-looking intelligence can alter attention and ultimately behavior based on backward-looking intelligence. By focusing on how these two contrasting perspectives interact, our findings extend research on the tension between backward-looking and forward-looking logics of decision making.

Unlike extant literature of acquisition premiums that have mainly focused on the valence and magnitude of experience, the authors focus on how backward-looking decision behavior changes when the firm's expectations of the future are incorporated. The authors empirically demonstrate how a lower acquisition premium is achieved when the decision of how much to pay is an interaction of the past and the future.

The purpose of this paper is to develop and test theoretical propositions explaining why and under what circumstances highly self-efficacious employees experience victimization at work and how task interdependence leads to the situation that employee victimization emerges.

To test hypotheses, the authors collected the data from four organizations, which are private company, public enterprise, medical institution and government office in Gyungbuk province, South Korea. The final sample for analyses was 209 employees.

Contrary to the prediction, high self-efficacy did not show a statistically significant relationship with victimization. However, task interdependence is related to victimization and functions as an important situational contributor to exacerbate highly self-efficacious employees’ victimization.

The findings have research implications by exploring victimization of the employees with high self-efficacy, which is an underdeveloped area in the victimization literature and showing that task interdependence is the critical factor to trigger and aggravate employee victimization. Despite these implications, this study should be evaluated in light of several limitations such as the data from single source for all variables and the use of cross-sectional data.

Managers need to be aware that highly self-efficacious employees can be vulnerable to victimization at work, where there is high task interdependence. The evidence suggests that managers may take safeguards to deter employee victimization, when tasks are closely related among members.

This paper contributes to expand the understanding of employee victimization by examining the roles of self-efficacy and task interdependence to crystalize antecedents and boundary conditions of victimization at workplace.

One problem in studying quality circles (QCs) is the shortage of objective measures of success. Another is the fact that many previous studies have been longitudinal but based on only one site. Presents results of a large sample of over 5,000 QCs which capture some longitudinal aspects of quality circle development and relate them to several objective and subjective measures of success. Contrary to previous small, longitudinal studies which have been reported in the literature, this study found no evidence at the level of organizational QC programmes to support the role of top and middle management in QC success, except for the need for management representation on steering committees. Data suggest that organizations with TQM have more successful QC programmes and (weakly) that older QC programmes are more successful.

Purpose: The emotions that accompany failure, in and of organizations, and their consequences have been researched in multiple domains of management, but comparative approaches have seldom been attempted. The failure of organizations to survive has been a common occurrence over centuries, particularly in the modern era of start-ups, innovation, and political, economic, and environmental turbulence. With the advent of the COVID-19 pandemic, failure at many levels of society, including the organizational and individual, has increased significantly and produced even more intense emotions. Study Design/Methodology/Approach: For this conceptual chapter, literature from many disciplines was consulted on failure in organizations, and the emotions it elicit, including studies on the process of failure as well as its outcomes. Findings: Failing and failure are likely to evoke negative emotions, with negative consequences for the actor. However, positive emotions can also occur, and a matrix of emotional valence and consequences presents an intriguing set of possibilities. The dimensions of emotions (valence, intensity, duration, and frequency) interact with a wide range of contributing factors (salience, personality, identity, emotional intelligence, emotional regulation, prior experience of failure, and context) in producing the emotions of failure and their consequences. Originality/Value: This chapter contributes to the literature by explicating the types of emotions that emanate during and after failure across many domains of management research, their dimensions and contributing factors, and the consequences for the individual actor. The model of the emotions of failure that is presented here assembles a wider variety of elements than prior research has offered. We indicate avenues for further research as we approach an era of even more demanding challenges.

Despite the number of articles over the past two decades mentioning the importance of the negotiation stage in the M&A process, there has been very limited theoretical development and empirical analysis emphasizing multiple factors critical to M&A negotiations. The purpose of our paper is twofold. First, we provide a review of the extant academic literature on negotiations in the M&A process. Then, drawing on the M&A process perspective and classical negotiation theory, we develop a framework to highlight major components of the M&A negotiation stage examined in existing studies and offer key insights of how this underdeveloped area of study is ripe with opportunities for future theoretical development and empirical research.

This paper aims to introduce eristic decision-making in entrepreneurship. A decision is eristically made when it utilizes eristics, which are action-triggering short-cuts that draw on hedonic urges (e.g. sensation-seeking). Unlike heuristics, eristic decision-making is not intendedly rational as eristics lead to decision-making without calculating or even considering the consequences of actions. Eristics are adaptive when uncertainty is extreme. Completely novel strategies, nascent venturing, corporate venturing for radical innovation and adapting to shocks (e.g. pandemic) are typically subject to extreme uncertainties.

In light of the relevant debates in entrepreneurship, psychology and decision sciences, the paper builds new conceptual links to establish its theoretical claims through secondary research.

The paper posits that people adapt to extreme uncertainty by using eristic reasoning rather than heuristic reasoning. Heuristic reasoning allows boundedly rational decision-makers to use qualitative cues to estimate the consequences of actions and to make reasoned decisions. By contrast, eristic reasoning ignores realistic calculations and considerations about the future consequences of actions and produces decisions guided by hedonic urges.

Current entrepreneurial research on uncertainty usually focuses on moderate levels of uncertainty where heuristics and other intendedly rational decision-making approaches pay off. By contrast, this paper focuses on extreme uncertainty where eristics are adaptive. While not intendedly rational, the adaptiveness of eristic reasoning offers theoretically and psychologically grounded new explanations about action under extreme uncertainty.

The search for methods of improving the efficiency and competitiveness of manufacturing industry in the UK has been intensified during the present recession and has led many managers to look to Japan as a model for economic prosperity. A prominent feature of the Japanese model is a form of employee involvement known in the West as Quality Circles. These are small groups who meet on a regular basis to select, analyse and solve problems in their work area. As they are obviously experts at the jobs they do, their knowledge and expertise can greatly enhance the running of their departments and they can at first hand suggest improvements to the quality of their working life. Hutchins claims that in Japan, quality circles are responsible for around 16 per cent of the profits in their manufacturing companies.

This chapter looks at the role the investment banks play in the acquisition process. The existing literature presents a conflicting account of the banks' advice on the performance of the acquiring firm. By distinguishing between two different types of investment banks – bulge bracket and boutique firms – the chapter shows that the acquirer's performance may be a function of the interaction between the acquirer's choice of the bank's type and the acquirer's experience. More specifically, it appears that while the inexperienced acquirers can benefit from the deeper acquisition expertise of the boutique banks, the experienced acquirers can benefit more from the broader information search capabilities of the bulge bracket banks.

This chapter focuses on how corporate entrepreneurs seize opportunities and deal with threats through resource acquisition, control, and use. When corporate entrepreneurs fail to gain control of preferred resources they must rely on their ability to optimize their use of resources on hand in order to avoid the typical limitations inherent in a constrained set of resources. However, control of resources, whether existing or supplementary, by itself is an insufficient basis for influencing performance. Performance also depends on an organization’s capacity to deploy resources in combination with strategically important organizational processes to affect a desired end. The way in which corporate entrepreneurs utilize their resources is likely to have a more significant effect on performance than is merely having control of them. The current research aims to elaborate on how corporate entrepreneurs can become more resourceful by using a vacillation approach to resource acquisition and utilization. In this context, vacillation is movement between exploration and exploitation, or knowledge acquisition and knowledge integration from a knowledge management perspective. Vacillation is distinguished from the “balance” hypothesis prevalent in the organizational ambidexterity literature. A balance hypothesis states that both exploration and exploitation may be pursued simultaneously either by creating structural or contextual organizational ambidexterity. Here, we explain how vacillation enables an organization’s corporate entrepreneurship posture to lead to improved performance. In this chapter, we first describe the extant literature and construct relationships between corporate entrepreneurship posture, organizational resource level, vacillation, and organizational performance. We then analyze the learning processes associated with vacillation and discuss the research and managerial implications associated with the proposed relationships.

This is the second of a series of three articles dealing with Quality Circle failures. The concept of organisational readiness and implementation issues were discussed in Part I, while in Part II we focus on operational issues and the problem of maintaining the long‐term viability of quality circles.