Kenneth Bartunek, Jeff Madura and Alan L. Tucker
Acquisitions of bankrupt firms can be beneficial because the bankrupt targets may be more receptive to acquisition offers for the purpose of survival, courts can override any…
Abstract
Acquisitions of bankrupt firms can be beneficial because the bankrupt targets may be more receptive to acquisition offers for the purpose of survival, courts can override any resistance that may occur, information on the target is disclosed within the formal reorganization plan, acquirers can accrue tax benefits, and acquirers may assume favorable debt contracts. However, two disadvantages of acquiring a bankrupt firm are higher costs of completing the conversion and the high degree of uncertainty about the target's future cash flows. Results of our analysis suggest that firms announcing acquisitions of bankrupt targets experience favorable wealth effects. Thus, the market appears to anticipate that the present value of future cash flows derived from the target will exceed the cost of the acquisition. Our analysis also found that acquisitions of bankrupt firms yield more favorable wealth effects than acquisitions of healthy firms. The acquisitions of bankrupt firms were especially well received by the market when the acquirer was the sole bidder and when the target's business was closely related to that of the acquirer.
Kenneth S. Bartunek and Mustafa Chowdhury
In this paper we compare three types of forecasts of the volatility of equity returns series. The first is an historical estimate based on a simple sample standard deviation. A…
Abstract
In this paper we compare three types of forecasts of the volatility of equity returns series. The first is an historical estimate based on a simple sample standard deviation. A second is an estimate found by implying the volatility using the Black‐ Scholes formula. Finally, the third is an estimate obtained by forecasting with an estimated generalized autoregressive conditional heteroscedasticity (GARCH) model.
An appreciation of the legal environment becomes more important with each passing year for anyone involved in corporate finance. A casual glance at the morning newspaper will…
Abstract
An appreciation of the legal environment becomes more important with each passing year for anyone involved in corporate finance. A casual glance at the morning newspaper will usually provide a quick reminder of just how much the two areas are interrelated. The current debate in the United States concerning health care legislation may well result in a package that has a tremendous impact on many companies and industries. Tax issues have been in the news recently as well. There have been a number of significant changes in tax regulations during the past decade, including the legislation just passed by the U. S. Congress in 1993. Smoking continues to generate considerable controversy, and one result has been courtroom battles between tobacco companies and local governments over antismoking ordinances. During the last year, the DuPont Corporation has been defending itself in court over charges that one of its products caused substantial damage to farm crops. Guilty or not, the risk and expense from product liability is an enormous problem confronting almost all companies today. Texaco settled a lawsuit with Pennzoil in 1988 for $3 billion in damages stemming from a battle for the control of Getty Oil. Texaco won that battle, but suffered a very serious setback in the courtroom.
Using Cointegration Tests, Granger‐Causality Tests, and OLS, this study empirically investigates the determinants of the rate of return on savings and loan assets over the…
Abstract
Using Cointegration Tests, Granger‐Causality Tests, and OLS, this study empirically investigates the determinants of the rate of return on savings and loan assets over the 1965–1991 period. It is found that it is determined by the mortgage rate, the capital/asset ratio, the price of imported crude oil, the cost of deposits, and the ceiling on federal deposit insurance.
David B. Szabla, Elizabeth Shaffer, Ashlie Mouw and Addelyne Turks
Despite the breadth of knowledge on self and identity formation across the study of organizations, the field of organizational development and change has limited research on the…
Abstract
Despite the breadth of knowledge on self and identity formation across the study of organizations, the field of organizational development and change has limited research on the construction of professional identity. Much has been written to describe the “self-concepts” of those practicing and researching in the field, but there have been no investigations that have explored how these “self-concepts” form. In addition, although women have contributed to defining the “self” in the field, men have held the dominant perspective on the subject. Thus, in this chapter, we address a disparity in the research by exploring the construction of professional identity in the field of organizational development and change, and we give voice to the renowned women who helped to build the field. Using the profiles of 17 American women included in The Palgrave Handbook of Organizational Change Thinkers, we perform a narrative analysis based upon the concepts and models prevalent in the literature on identity formation. By disentangling professional identity formation of the notable women in the field, we can begin to see the nuance and particularities involved in its construction and gain deeper understandings about effective ways to prepare individuals to work in and advance the field.
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David L. Cooperrider, David L. Cooperrider and Suresh Srivastva
It’s been nearly 30 years since the original articulation of Appreciative Inquiry in Organizational Life was written in collaboration with my remarkable mentor Suresh Srivastva …
Abstract
It’s been nearly 30 years since the original articulation of Appreciative Inquiry in Organizational Life was written in collaboration with my remarkable mentor Suresh Srivastva (Cooperrider & Srivastva, 1987). That article generated more experimentation in the field, more academic excitement, and more innovation than anything we had ever written. As the passage of time has enabled me to look more closely at what was written, I feel both a deep satisfaction with the seed vision and scholarly logic offered for Appreciative Inquiry (AI), as well as well as the enormous impact and reverberation. Following the tradition of authors such as Carl Rogers who have re-issued their favorite works but have also added brief reflections on key points of emphasis, clarification, or editorial commentary we have decided to issue a reprint the early article by David L. Cooperrider and the late Suresh Srivastva in its entirety, but also with contemporary comments embedded. To be sure the comments offered are brief and serve principally to add points of emphasis to ideas we may have too hurriedly introduced. My comments – placed in indented format along the way – are focused on the content and themes of furthermost relevance to this volume on organizational generativity. In many ways I’ve begun to question today whether there can even be inquiry where there is no appreciation, valuing, or amazement – what the Greeks called thaumazein – the borderline between wonderment and admiration. One learning is that AI’s generativity is not about its methods or tools, but about our cooperative capacity to reunite seeming opposites such as theory as practice, the secular as sacred, and generativity as something beyond positivity or negativity. Appreciation is about valuing the life-giving in ways that serve to inspire our co-constructed future. Inquiry is the experience of mystery, moving beyond the edge of the known to the unknown, which then changes our lives. Taken together, where appreciation and inquiry are wonderfully entangled, we experience knowledge alive and an ever-expansive inauguration of our world to new possibilities.
This article presents a conceptual refiguration of action-research based on a “sociorationalist” view of science. The position that is developed can be summarized as follows: For action-research to reach its potential as a vehicle for social innovation it needs to begin advancing theoretical knowledge of consequence; that good theory may be one of the best means human beings have for affecting change in a postindustrial world; that the discipline's steadfast commitment to a problem solving view of the world acts as a primary constraint on its imagination and contribution to knowledge; that appreciative inquiry represents a viable complement to conventional forms of action-research; and finally, that through our assumptions and choice of method we largely create the world we later discover.
David Cooperrider, David Cooperrider and Suresh Srivastva
It’s been thirty years since the original articulation of “Appreciative Inquiry in Organizational Life” was written in collaboration with my remarkable mentor Suresh Srivastva…
Abstract
It’s been thirty years since the original articulation of “Appreciative Inquiry in Organizational Life” was written in collaboration with my remarkable mentor Suresh Srivastva (Cooperrider & Srivastva, 1987). That article – first published in Research in Organization Development and Change – generated more experimentation in the field, more academic excitement, and more innovation than anything we had ever written. As the passage of time has enabled me to look more closely at what was written, I feel both a deep satisfaction with the seed vision and scholarly logic offered for Appreciative Inquiry, as well as well as the enormous impact and continuing reverberation. Following the tradition of authors such as Carl Rogers who have re-issued their favorite works but have also added brief reflections on key points of emphasis, clarification, or editorial commentary I am presenting the article by David Cooperrider (myself) and the late Suresh Srivastva in its entirety, but also with new horizon insights. In particular I write with excitement and anticipation of a new OD – what my colleagues and I are calling the next “IPOD” that is, innovation-inspired positive OD that brings AI’s gift of new eyes together in common cause with several other movements in the human sciences: the strengths revolution in management; the positive pscyhology and positive organizational scholarship movements; the design thinking explosion; and the biomimicry field which is all about an appreciative eye toward billions of years of nature’s wisdom and innovation inspired by life.
This article presents a conceptual refigurationy of action-research based on a “sociorationalist” view of science. The position that is developed can be summarized as follows: For action-research to reach its potential as a vehicle for social innovation it needs to begin advancing theoretical knowledge of consequence; that good theory may be one of the best means human beings have for affecting change in a postindustrial world; that the discipline’s steadfast commitment to a problem solving view of the world acts as a primary constraint on its imagination and contribution to knowledge; that appreciative inquiry represents a viable complement to conventional forms of action-research; and finally, that through our assumptions and choice of method we largely create the world we later discover.
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Adrien B. Bonache and Kenneth J. Smith
This chapter combines quantitative studies of the connections between stressors and performance in accounting settings and identifies the mediators and moderators of…
Abstract
This chapter combines quantitative studies of the connections between stressors and performance in accounting settings and identifies the mediators and moderators of stressors–performance relationships. Using meta-analyses and path analyses, this research compiles 72 studies to investigate the relationships of stressors with accountant and auditor performance. As hypothesized, bivariate meta-analyses results indicate that work-related stressors negatively affect performance, and burnout and stress are negatively related to performance, whereas motivation is positively related to performance. Moreover, a meta-analytical structural equation modeling indicates that role stressors have significant direct and indirect effects (through burnout and stress) on job performance. Accumulation of multiple samples through meta-analysis bolsters statistical power compared to single-sample studies and thus reveals the sign of residual direct effects of role stressors on job performance in accounting settings.
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While qualitative work has a long tradition in the strategy field and has recently regained popularity, we have not paused to take stock of how such work offers contributions. We…
Abstract
While qualitative work has a long tradition in the strategy field and has recently regained popularity, we have not paused to take stock of how such work offers contributions. We address this oversight with a review of qualitative studies of strategy published in five top-tier journals over an extended period of 15 years (2003–2017). In an attempt to organize the field, we develop an empirically grounded organizing framework. We identify 12 designs that are evident in the literature, or “designs-in-use” as we call them. Acknowledging important similarities and differences between the various approaches to qualitative strategy research (QSR), we group these designs into three “families” based on their philosophical orientation. We use these designs and families to identify trends in QSR. We then engage those trends to orient the future development of qualitative methods in the strategy field.
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This chapter offers a dynamic model of authentic leadership that links authentic leadership to situational leadership theory and shows how dynamics in the academic environment…
Abstract
This chapter offers a dynamic model of authentic leadership that links authentic leadership to situational leadership theory and shows how dynamics in the academic environment, one of the most difficult settings that leaders face, can be addressed. Kindsiko and Vadi detail the concept of situational authenticity, which reveals how authentic leadership takes place via forms of sensing – sense-giving, sense-making, sense-breaking and sense-keeping – in work-related situations. The authors highlight questions for future research: Is sensing the key to success? Are situational ethics valid if they adapt to evolving circumstances? Are situational ethics, in effect, just another way of expressing relativism? If so, can that be reconciled with authentic leadership theory?