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Gen Z @ work : how the next generation is transforming the workplace
A generations expert and author of When Generations Collide and The M-Factor, teams up with his seventeen-year-old son to introduce the next influential demographic group to join the workforce--Generation Z. At 72.8 million strong, Gen Z (born between 1995 and 2012) is about to make its presence known in the workplace in a major way, and employers need to understand the differences that set them apart. They're radically different than the Millennials, and yet no one seems to be talking about them--until now. This generation has an entirely unique perspective on careers and how to succeed in the workforce. Based on the first national studies of Gen Z's workplace attitudes; interviews with hundreds of CEOs, celebrities, and thought leaders on generational issues; cutting-edge case studies; and insights from Gen Zers themselves, Gen Z @ Work offers knowledge today's leaders need to get ahead of the next gaps in the workplace and how best to recruit, retain, motivate, and manage Gen Zers.
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Business group heterogeneity and the internationalization-performance relationship: Evidence from Indian business groups
Business groups, the dominant organizational form in many Asian markets, have expanded their operations into international markets. We combine the resources-based view with the institutional perspective to highlight the costs and benefits of business groups’ internationalization, rather than business groups’ affiliated firms’ internationalization, and consider how ownership heterogeneity among business groups influences the internationalization-performance relationship. Three ownership types—family, domestic financial institution, and foreign corporate—serve as distinguishing characteristics of business groups and potential moderators of this relationship. In a sample of 185 Indian business groups examined over more than a decade (2000–2010), we find that these three ownership types have a differential impact on the internationalization-performance relationship¸ depending on the level of internationalization of the business group. Specifically¸ we find that at lower levels of internationalization, family and foreign corporate ownership has a positive moderating effect whereas domestic financial institutional ownership has a negative moderating effect. Conversely¸ at higher levels of internationalization, family and foreign corporate ownership has a negative moderating effect, while domestic financial institutional ownership positively moderates the internationalization-performance relationship.
Journal Article
Trust and Envy: the Political Economy of Business Groups in Developing Countries
Diversified business groups play a major role in the economies of many developing countries. Business group members, often from the same communal, ethnic, or tribal group, have or develop interpersonal relations that make it easier to obtain information and monitor compliance related to transactions that require a strong measure of trust. This in-group cohesion facilitates profitable and productive economic activity. However, it can create resentment among other members of society who are barred from membership in a group that is, of necessity, exclusive. This envy can fuel a self-reinforcing cycle of societal hostility and group protectiveness that can deprive society of the economic benefits the groups can provide. There are several possible reactions such as “affirmative action” programs that can slow or stop the cycle of envy and group vulnerability.
Journal Article
A Multilevel Analysis of the Performance Implications of Excess Control in Business Groups
A central premise of business groups is that controlling shareholders seize disproportionate control in excess of their ownership as a means of becoming and remaining competitive. We reexamine this axiom by exploring the relationship between excess control rights and performance outcomes in business groups. Using a sample of 106 Taiwanese business groups, we confirm that the effects of excess control in business groups are double edged, such that group-level excess control exhibits an inverted U-shaped relationship with group performance. At the same time, results show that when group-level excess control is high, there is a stronger negative relationship between firm-level excess control and firm performance. Moreover, the study indicates that the detrimental effect of excess control is less pronounced in business groups that are governed by family members or by professional managers. Findings offer a far deeper view than previously proposed on the excess control phenomenon in business groups, and the need to distinguish firm performance from group performance.
Journal Article
Internalization advantage and subsidiary performance
We extend internalization theory by examining the contingencies associated with market internalization and its impact on foreign subsidiary survival. Based on a sample of 6170 subsidiary–year observations in 63 countries belonging to 292 MNCs from Korea during 1995–2013, we find that greater product and labor market internalization have weaker impacts on the survival of subsidiaries operating in countries with more developed institutional environments but stronger for subsidiaries of MNCs affiliated with business groups. The impact of business group affiliation is further dependent on host country institutional development, and the diversification and size of the business group.
Journal Article
State capitalism and performance persistence of business group-affiliated firms
Business groups emerged in developing economies through direct or indirect support from the state in order to overcome a variety of institutional voids and/or to further state objectives of economic growth. However, the efficacy of this organizational form and its associated governance structures have been debated given the dual possibility of business groups to allocate resources among its affiliates for cross-subsidization or winner-picking. We argue that elements of the institutional environment comprising of the state’s approach to organizations and the political context of these interactions vary across countries, thereby influencing business groups’ resource allocation strategies and affecting the persistence of affiliated firms’ superior performance. Contrasting the types of state capitalism in China and India, we develop and test our hypotheses. We find that the effect of business group affiliation on firms’ superior performance persistence is stronger in a state-led system of state capitalism (e.g., China) than in a co-governed system (e.g., India) and that this divergence of the business group effect is weakened as affiliated firms internationalize. Our findings have implications for understanding business groups across institutional contexts and the influence of diversity in the types of state capitalism on organizational strategies.
Journal Article
Beyond institutional voids: Business groups, incomplete markets, and organizational form
We extend the \"institutional voids\" perspective on business groups by examining the value-adding potential of two of the characteristic features of business groups: their diverse portfolio and multientity organizational form. We maintain that portfolio diversity affords affiliates privileged access to opportunities hidden by incomplete strategic factor markets. We hypothesize that the multientity organizational form enables superior sensing and seizing of these growth opportunities by affiliate firms. We further suggest that, in the context of institutional reforms, these characteristics strengthen business group affiliates' ability to capitalize on the expanded set of opportunities made available by the reform program. Empirical analyses on a sample of Indian firms over the period 1994-2010 support our hypotheses. Implications for theory and future directions are discussed.
Journal Article
Business groups and the study of international business
This paper harmonizes the business group literature in international business and across relevant fields within a unified theoretical framework. Business groups (firms under common control but with different, if overlapping, owners) are economically important in much of the world. Business groups’ economic significance co-evolves with their economies’ institutions and market environments, patterns of particular interest to international business scholars. The vast literature on business groups raises discordant perspectives. This paper first proposes a unifying definition and provides a list of stylized historical observations on business groups across different parts of the world. It then develops a Coasean framework to harmonize seemingly disparate views from the literature by building on recent surveys and the stylized historical patterns of business groups. We enlist two concepts – fallacies of composition/decomposition and time inconsistency – to harmonize these perspectives. This yields a theoretical framework for understanding business groups that mobilizes concepts long-used to understand multinational enterprises: the economy’s market and hierarchical transaction costs, openness, and their dynamic interactions. We then apply this framework to globalization and business group internationalization. This work leads to an overarching research agenda encompassing seemingly inconsistent prior work.
Journal Article
Business group affiliation in resource-scarce locations
Business groups are sets of firms tied together by a centralized control mechanism, and they represent the most common form of business organization worldwide. Business groups have internal labor and capital markets that help them overcome institutional voids. Despite the abundant literature on the location of business groups across countries, little is known about the factors that explain the choice of a location of firms affiliated with (or controlled by) business groups within a country. Building on business group literature and agglomeration economics, we propose in this study that more firms are affiliated with business groups in regions with limited access to strategic resources, finance, and labor. Empirical results based on a large sample of privately held French firms support the idea that business group affiliation is more common in regions with limited access to the workforce. However, we could not find any evidence in support of the argument that the degree of regional financial development influences the likelihood of a business group affiliation. Overall, the study provides evidence that the way businesses are organized, for instance, as business groups, depends on the degree of resource scarcity of the locations in which firms are created.
Journal Article