E.K. Zavyalova, D.G. Kucherov, S.V. Kosheleva, R.R. Fisyuk, V.S. Tsybova, A.I. Alsufyev. Human Resource Management in Successful European Multinational Enterprises during the Economic Crisis. Working Paper #1(E)–2016.
Graduate School of Management, St. Petersburg State University: SPb, 2016.
Key words and phrases: human resource management, performance, multinational enterprise, economic crisis.
Abstract: The main goal of the present research is to identify the specific features of human resource management in successful European multinational enterprises during the economic crisis. In this study the differences in human resource management among European multinational enterprises depending on their performance during the economic crisis were analyzed. In addition, the relationship between human resource management characteristics and performance of multinational enterprises in the crisis period were studied. The results of the study revealed the specific features of human resource management in the most successful multinational enterprises during the economic crisis.
E. Aleksandrova, O. Verkhovskaya. Motivations to Start Businesses: Institutional Context. Working Paper #2(E) – 2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords: Necessity-driven entrepreneurship, institutional environment, Global Entrepreneurship Monitor survey (GEM)
Abstract: This preprint is the second part of the Necessity-driven Entrepreneurship: a cross-country Analysis project.
This paper takes institutional environment’s perspective on entrepreneurship in general, on necessity-driven entrepreneurship in particular, therefore incorporating its multidimensional nature and enabling more detailed understanding of interaction between entrepreneurial motivation and institutional arrangements.
The main content of this research determines the significant factors in the regulatory, normative, and cognitive pillars of the institutional environment. Using the databases of World Bank, the International Labour Organization, the Global Entrepreneurship Monitor survey, the Doing Business, and the World Economic Forum the set of the variables of the institutional environment was defined. These data are from 2009 to 2014, and range across 70 countries.
Our research shows that different institutional factors influence the total level of entrepreneurial activity and motivation structure differently.
I. V. Berezinets, L. A. Bulatova, Y. B. Ilina, M.V. Smirnov. How Stock Market Reacts to Dividend Surprises: Russian and Indian Experience. Working Paper #3(E) - 2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: Dividend surprise, stock market reaction, emerging markets, event study analysis, abnormal return
Abstract: This paper empirically investigates average reaction of emerging markets of Russia and India to dividend surprises on the post-crisis period 2010-2014. Traditionally, unexpected dividend component has been measured in relation to the “naïve” model, which assumes that the next period expected dividend level equals the previously paid dividend. The study proposes different, rarely applied in the dividend announcements literature analysts’ expectations-based approach to measure unexpected component of a dividend announcement. As a proxy for dividend surprise the difference between the actual dividend and the consensus analyst forecast is used. The research was conducted using event study methodology on the sample of Russian and Indian public companies, which regularly pay dividends. Obtained results of the study provide the grounds to make conclusions about the fact that Russian market on average reacts negatively to both good and bad dividend surprises; good dividend surprises on average trigger positive abnormal returns on Indian stocks, whereas bad and no surprises are associated with negative reaction of Indian market. In this research the results are discussed from the perspective of signaling theory of dividends, markets efficiency, behavioral finance, economic and legal issues. The results of the study could provide market players with an instrument of investments decision-making. For companies it is important to take into account market reaction when deciding upon dividend payments and improvement their dividend policies.
A. Bukhvalov, O. Alekseeva. International Joint Venture Acquisition by a Foreign or Local Partner. Working Paper, # 4 (E) - 2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: international joint venture (IJV); IJV acquisition by one of the partners; determinants of IJV acquisition by one of the partners.
Abstract: managing on international joint venture post-formation is a critical decision for both foreign and local managers. Reviewing the literature in international and strategic management, the authors discuss recent findings of research on international joint venture acquisition by a foreign or local partner over the past 15 years. In doing so, the authors provide an in-depth review of theoretical foundation of IJV acquisition by one of the partners, the dominant determinants and a framework of research on IJV acquisition by a foreign or local partner. This proposed framework groups eight determinants and integrates the antecedents of IJV formation – described by complementary assets between partners and previous experience of a foreign and local partner, initial IJV characteristics influence – described by ownership structure, control and bargaining power, shifts of IJV characteristics – by three previous determinants and IJV performance, moderators – uncertainty, learning and new experience influences, and the decision of IJV acquisition by one of the partners. As a conclusion, the authors provide several recommendations for future research.
K. Golovacheva. When Consumers Activate Persuasion Knowledge: Review of Antecedents and Consequences. Working Paper #5(E)–2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: marketing stimuli; influence tactics; persuasion knowledge; consumer response.
Abstract: The article aims to complexly examine the role of persuasion knowledge activation in consumer response. To handle the purpose, the author reviews the related studies published since 1994 when the term “persuasion knowledge“ was introduced to scientific discourse. The literature review shows that persuasion knowledge activation is mainly associated with negative consequences for firms resulting in a more critical assessment of marketing stimuli by consumers, less favorable judgements and behavior in relation to firms and brands. Besides, there is empirical evidence that consumers can activate persuasion knowledge even in the absence of firms’ persuasion intent. Ultimately, the effect of persuasion knowledge activation on consumer response to marketing stimuli is dependent upon a variety of moderating factors and intrinsic characteristics of the phenomenon addressed in a particular study. The study contributes to persuasion knowledge literature by combining conceptual theorizations articulated in the seminal article by Friestad and Wright with empirical evidence appeared afterwards, so the theory is enriched and clarified.
M. Fomin. Business Cycles and Acquisition Policy: Analysis of M&A Deals of Metallurgical Companies. Working Paper #6(E)–2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: mergers and acquisitions, M&A, business cycle, metal prices, metallurgical industry, emerging markets
Abstract: Business and management literature pointed out on the existence of business cycles and on the importance of conducting countercyclical mergers and acquisition policy. However, according to the merger wave theory in practice acquisitions are likely to be procyclical because of real and behavioral factors. The majority of empirical papers finds positive link between M&A activity and state of the cycle, suggesting that acquisitions are procyclical. This paper tests whether M&A deals of metallurgical companies in China, Russia and India are procyclical. The results show that deals are indeed procyclical, but only at a glance. Introducing intermediate state of valuation in the metal market indicates that the majority of acquisitions were made when prices where close to the neutral state. As the result, acquisition policy can be characterized as neutral to the state of the cycle.
M. Latukha, A. Veselova, L. Selivanovskikh, E. Artukh, E. Mitskevich. Re-thinking the Role of Talent Management in a Firm’s Performance: Talent Management Practices and Absorptive Capacity. Working Paper #7(E)–2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: absorptive capacity, talent management, firm’s performance, Brazil, Russia, India, China
Abstract: This work aims to provide an overview of new per-spectives of talent management research linked to investigation of the relationship between talent management (TM) practices, absorptive capacity (AC), and a firm’s performance. We review the current theories in TM and provide the understanding of AC through TM lens. We discuss emerging market context as a setting for our study whereas Brazilian, Russian, Indian and Chinese firms will be analyzed to provide the link between TM and AC.
L. Ermolaeva. Negative or Positive: Which Experience Matters for International M&A Initiation Stage? Working Paper #7(E)–2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: Russian MNEs, absorptive capacity, M&A initiation stage, prior experience, institutional environment.
Abstract: This study aims to uncover the initiation stage of international M&A and indicate what type of experience affect the successful completion of this stage. Besides different types of experience are analyzed in different formal and informal institutional settings in order to reveal how institutional environment can moderate firm’s absorptive capacity implementation on M&A initiation stage.
In the study sample of 509 international M&A deals initiated by Russian MNEs in the period of 2000-2012 is empirically tested by mean of logistic regression analysis. The empirical analysis indicates that prior experience in certain market always increases the probability of M&A deal announcement irrespectively the degree of proximity with formal and informal institutions of the host country. However firm’s negative experience impedes further internationalization especially if institutional environment is dissimilar. Positive M&A experience may as increase probability of M&A deal announcement as decrease it depending on familiar-ity with institutional environment.
G. Shirokova, T. Beliaeva, E. Gafforova. Strategic Orientations During Economic Crisis: Stay Focused or Adopt a Broader Strategic Direction? Working Paper #9 (E) -2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: Strategic orientations, entrepreneurial orientation, market orientation, learning orientation, economic crisis, small and medium-sized enterprises, Russia
Abstract: While there is a growing interest in management literature towards exploring multiple strategic orientations, their interactions and influence on firm performance, most research has been conducted in stable economic environments and developed countries. Taking into consideration the contemporary economic instability and its effect on business operations, it is timely to develop an understanding of strategic directions which may help firms create proper behaviors for managing their way through economic crises. In this study, we examine the role of entrepreneurial, market, and learning orientation in mitigating the negative effects of economic crisis and sanctions on firm’s operations. Based on the dataset of 612 Russian small and medium-sized enterprises collected during the crisis period in 2015-2016, the results indicate that firms with a broader strategic direction are more affected by the unfavorable economic conditions compared to firms which are focused on a particular strategic orientation.
A. Bordunos, S. Kosheleva. High Involvement Work System from Organizational and Individual Perspective. Working Paper #10(E)-2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: HIWS, HCM, SHRM, engagement, resilience, strategic advantage
Abstract: This paper contributes to the search of suitable and sustainable strategy for managing corporate Human Capital. Drawing on the Self-determination theory, current research differentiates HCM strategies by resulting causality orientations of employees. In particular, the research focuses on the High Involvement-based Work System (HIWS), which is usually favored to create supportive environment for employees' engagement into Innovative Work Behavior. It implies high level of Autonomous Orientations.
In result of quantitative analysis, it turned out that HIWS is still a black box for many organizations: despite high importance of autonomy and relatedness for employees, the question about competence became a challenge. Furthermore, for top management and HR managers even question about relatedness was challenging. Thus, the research revealed that this strategic approach is still new for CIS countries: it increases employees' motivation, however does not lead to the increased engagement into Innovative Work Behavior or creativity development.
The research accounts for a contextual specificity of emerging markets and individual characteristics, and corresponds to such fields as SHRM, HRD, M&A, change management.
L. Kokoulina, L. Ermolaeva. Championing Processes and the Emergence of Industrial Symbiosis: Case of Yandex Data Center in Finland. Working Paper #11(E)–2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: Industrial symbiosis, Champion, Championing, Regional development.
Abstract: We combine championing and industrial symbiosis perspectives with an ultimate goal to uncover the underlying mechanisms of industrial symbiosis. To study this emergent topic, we conduct single in-depth case study of industrial symbiosis between Russian company, Yandex, and local district heating provider in Mäntsälä, Finland.
Growing concerns about the environment and rising demand for IT services add to this re-search practical importance. That is the fact because there is lack of research on how data center creators could decrease an environmental footprint through collaboration with other organizations such as municipalities, NGO, and other commercial firms.
We rely on existing (yet sparse) theoretical understanding of industrial symbiosis and championing processes and conduct semi-structured and in-depth interviews of championing of industrial symbiosis on both organizational and individual levels. Overall 15 interviews were conducted with representatives of 5 organizations.
G. Shirokova, A. Laskovaia, O. Osiyevskyy. Planning Still Matters: Exploring the Association between Venture Cognitive Logic and Performance in Different Institutional Contexts. Working Paper #12(E) - 2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: effectuation, causation, institutions, GUESSS, ease of doing busi-ness, financial market development index
Abstract: Strategic management and entrepreneurship literature traditionally pay substantive attention to rational decision-making processes with clear formalized plans and analytical procedures. Despite all the advantageous of planning-based logic, some scholars prefer alter-native approaches to making decisions. In entrepreneurship field, the effectuation theory rose to prominence, emphasizing analogical rather than analytical reasoning. While prior effectua-tion research focused primarily on studying personal characteristics of entrepreneurs, this pa-per is intended to reach a new level in examining macro-level factors that may influence the efficiency of entrepreneurial cognitive processes. Particularly, we investigate how formal institutions shape the relationship between venture cognitive logic of 4413 student entrepreneurs and performance of their ventures. We demonstrate that this relationship is to a large extent shaped by the characteristics of the country-level institutional environment (particularly, level of financial market development and generalized index of the ease of doing business).
К.П. Яблонский, Ю.В. Федотов. Оценка эффективности деятельности организаций: случай медицинских учреждений здравоохранения Санкт-Петербурга. Научный доклад #13(R) - 2016. Высшая школа менеджмента, Санкт-Петербургский государственный университет: СПб, 2016.
Ключевые слова: измерение эффективности, медицинские организации, бенчмаркинг
Аннотация: Доклад посвящен проблемам измерения эффективности деятельности ме-дицинских организаций. Проанализированы порождаемые спецификой их деятельности требования, предъявляемые к измерению эффективности данного типа организаций. Рассмотрены общепризнанные в теории и практике менеджмента подходы к измерению организационной эффективности (SMART, метод ключевых показателей эффективности, сбалансированная система показателей, программа качества Болдриджа). Особое внимание уделено существующему порядку оценки эффективности деятельности стационарных медицинских организаций, утвержденному распоряжением Комитета по здравоохранению Санкт-Петербурга в 2013г. Он детально анализируется с точки зрения соответствия рассмотренным принципам и концепциям измерения эффективности. В целях мониторинга деятельности медицинских организаций, а также принятия Комитетом по здравоохранению Санкт-Петербурга управленческих решений, предлагается ис-пользовать подход к оценке эффективности деятельности, основанный на фронтальных методах анализа данных (Stochastic Frontier Analysis, Data Envelopment Analysis). Проанализированы полученные указанными методами оценки эффективности деятельности медицинских организаций Санкт-Петербурга в 2013–2015гг, показана непротиворечивость результатов оценивания.
L. Pakhomova. Competitive Priorities in Operations and Technology Management: Literature Review. Working Paper # 14(E) - 2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: competitive priorities, operations strategy, literature review, innovation
Abstract: These days an ability of a company to achieve operational excellence in multiple priorities is considered by researchers and practitioners as a source of company’s competitive advantage. However, the current state of knowledge does not have a consensus on how competitive priorities emphasis can be achieved. This paper is devoted to the literature review analysis on the topic of competitive priorities and their role in operations strategy and business performance. The analysis was based on the articles published in top-tier journals in Operations and Technology Management field during 1969-2015. On the basis of this analysis, the current state of competitive priorities concept in Operations and Technology Management has been described and suggestions for future research have been developed.
E. Blagov, K. Zhukova, A. Pleshkova. Knowledge Sharing Barriers at Administrative Level of Undergraduate Programs. Working Paper #15(E) - 2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: knowledge management, knowledge sharing, educational management, University
Abstract: It is widely recognized that knowledge is the critical asset to individual as well as organization to succeed in the increasingly competitive environment. The study of knowledge sharing is dominated by those focusing on knowledge sharing activity within the business organizations. However, the issue of knowledge sharing is equally important for a knowledge-based institution, such as a university, where knowledge production, distribution and application are ingrained in the institution. Though there is no direct way to measure the outcome of knowledge sharing in knowledge institutions, the impact of knowledge sharing could be larger than those created by the business organizations.
In this paper we explore the knowledge sharing barriers in the administrative processes of the undergraduate educational programs on an evidence of the Bachelor in Management program at one Business school. The study employs qualitative method, based on semi-structured in-depth interviews with the administrative personnel involved in the program’s management. On the basis of the interview results, recommendations regarding improving the program’s knowledge sharing environment are given, as well as the methodology of further quantitative research is developed, planning to expand the research to a statistically significant sample of educational programs at University as well as other educational institutions.
T. Brown, A. Panibratov, Foreign divestment decisions: a theoretical framework. Working Paper #16(E)–2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: Foreign Divestment, theory development, organization theory, decision-making, strategy
Abstract: Foreign Divestment (FD) over the last few decades have been generally viewed as a sign of failure or negative whether it is a voluntary business strategy or a last resort for an international company. The decision making process and execution of Foreign Divestment has been an in-creasing phenomenon which has been noted by researchers over the years as a very complicated decision, however a holistic theory has yet to be developed to address this issue. In this paper the author seeks to give insight based on Mintzberg and Walters 1985 “Of deliberate and emergent strategies” framework and organization theories which are used as the foundation of a model of FD decision and leadership. Subjective insight for the closest related organization theories are used to provide a framework from which divestment decisions and strategies are created.
B. Pantic. Comparability of financial reports: a literature review of most recent Studies. Working Paper #17(E)–2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: Financial statements, comparability, IFRS, literature review
Abstract: Financial statement comparability has for a long time been one of the main points of interest of financial accounting research. Recent studies and particularly those that followed De Franco et al.’s (2011) influential paper were mostly focused on putting to use the results of the financial reporting process to measure the level of accounting comparability and thus the compa-rability of financial results between companies. This working paper makes a short survey of re-cent studies that measure comparability of financial statements. As such it describes and com-ments on four important studies that introduced measuring concept for this problem. Second part of the research deals with classification of recent different streams of literature in this field. In conclusion, It also sums up what has already been achieved in comparability research.
A. Ivakina, N. Zenkevich. Supply chain cooperative strategies: trends and gaps. Working Paper #18(E)–2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: supply chain cooperation, collaboration, supply chain management, financial supply chain management
Abstract: Supply chains (SC) are generally complex and are characterized by numerous activities spread over multiple functions and organizations, which bring up numerous challenges for efficient SC cooperation (SCC). To meet these challenges, SC members must work to-wards a unified system and cooperate with each other. The aim of the work is firstly to pro-vide a comprehensive literature review of the current trends in SCs cooperative strategies modeling and secondly to highlight the fruitful research avenues in this field. As a result, it was found, that in the previous years the research work on supply chain management has primarily focused on the study of materials and information flows and very little work has been done on the study of upstream and downstream flows of money. It is shown, that financial SCs are an integral component of SCs and yet there is very little research that specifically ad-dresses the strategy, implementation and performance of financial SCs. Thus, the further step ahead is development of models of collaborative supply chain networks in the field of financial supply chain management. In order to proceed to such a modeling financial supply chain management key elements are outlined and presented as a theoretical model from the perspective of long-term inter-organizational relationships.
K. Nefedov, A. Panibratov. Dimensions of global value chain analysis: new theoretical developments and methodological issues. Working Paper #19(E)–2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: Global Value Chains (GVCs), Global Commodity Chains (GCCs), Emerging multinationals (EMNEs), Institutional dimension of GVC analysis.
Abstract: In this paper we explore the dimensions of GVC approach to global economy by providing a detailed overview of the extant research in the field. This literature stream of Global Chain studies is particularly notable due to its multidisciplinary setting both in its origin and current state on the one hand and its methodological unity on the other. There was found a lack in studies applying GVC methodology to research institutional context and theoretical propositions were developed based on the existing literature.
G. Shirokova, L. Ivvonen. Performance of Russian SMEs during the economic crisis: The role of strategic entrepreneurship. Working paper #20(E)–2016. Graduate School of Management, St. Petersburg University: SPb, 2016.
Keywords and phrases: strategic entrepreneurship, exploration, exploitation, SME, firm performance, economic crisis, human capital, financial capital, Russia.
Abstract: This study examines how components of strategic entrepreneurship (exploration and exploitation) relate to Russian SMEs performance during the economic crisis and to what extent combinations of firm resources determine these relationships. In order to address these issues we surveyed 651 Russian private SMEs. Our results show that during the economic crisis exploitation is positively associated with SME’s performance. However, we found positive association of exploration with SME’s performance during the economic crisis instead of negative association. Our results also indicate that relationship between exploration as well as exploitation and firm performance is dependent on different combinations of firm resources.
K. Bogatyreva, G. Shirokova, O. Osiyevskyy. Intention-behavior translation in student entrepreneurship: an institutional perspective. Working Paper #21(E)–2016. Graduate School of Management, St. Petersburg State University: SPb, 2016.
Keywords and phrases: entrepreneurial intentions; intention-behavior link; formal institutions; GUESSS; student entrepreneurship
Abstract: Entrepreneurial behavior is usually initiated by formation of corresponding intention. At the same time, entrepreneurial intentions do not always materialize constituting in this way an intention-behavior gap in entrepreneurship. The environmental triggers of entrepreneurial intention-action translation remain to be understudied. With a piece of cross-country data derived from the GUESSS survey conducted in 2011 and 2013/2014, we study the entrepreneurial intention-action link among university students focusing on the essential context-specific moderators of this relationship. Namely, we reveal country financial market institutions and property rights protection system to impact the link between entrepreneurial intentions and further start-up activities.
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