Axl and MerTK regulate synovial inflammation and are modulated by IL-6 inhibition in rheumatoid arthritis.

The TAM tyrosine kinases, Axl and MerTK, play an important role in rheumatoid arthritis (RA). Here, using a unique synovial tissue bioresource of patients with RA matched for disease stage and treatment exposure, we assessed how Axl and MerTK relate to synovial histopathology and disease activity, and their topographical expression and longitudinal modulation by targeted treatments. We show that in treatment-naive patients, high AXL levels are associated with pauci-immune histology and low disease activity and inversely correlate with the expression levels of pro-inflammatory genes. We define the location of Axl/MerTK in rheumatoid synovium using immunohistochemistry/fluorescence and digital spatial profiling and show that Axl is preferentially expressed in the lining layer. Moreover, its ectodomain, released in the synovial fluid, is associated with synovial histopathology. We also show that Toll-like-receptor 4-stimulated synovial fibroblasts from patients with RA modulate MerTK shedding by macrophages. Lastly, Axl/MerTK synovial expression is influenced by disease stage and therapeutic intervention, notably by IL-6 inhibition. These findings suggest that Axl/MerTK are a dynamic axis modulated by synovial cellular features, disease stage and treatment

The Initial Survival of the Unicorns. A Behavioral Perspective of Snapchat

Unicorn companies, such as Facebook, Uber, and Airbnb, significantly impact our economies. This happens although they had a dramatic initial start – at least in terms of financial performance – that would have let any other “conventional” business close. In other words, Unicorns challenge the start-ups’ problems traditionally associated with early failure (liability of newness). This paper aims to understand what helps Unicorn firms initially survive despite huge losses. By adopting a behavioral lens, this historical case study article focuses on key strategic decisions regarding the famous social media Unicorn Snapchat from 2011 to 2022. The case combines secondary data and a thematic analysis of Snapchat founders’ and investors’ interviews/comments to identify the behavioral antecedents leading to Snapchat’s honeymoon. Snapchat network effect triggered cognitive biases of Snapchat founders’ and investors’ decisions, leading them to provide initial assets (i.e. beliefs/goodwill, trust, financial resources and psychological commitment) to the nascent Unicorn. Therefore, the network effect and biases resulted in significant antecedents for Snapchat’s honeymoon. The authors propose a general, theoretical framework advancing the possible impact of biases on Unicorns’ initial survival. The authors argue that some biases of the Unicorns’ founders and investors can positively support a honeymoon period for these new ventures. This is one of the first case studies drawing on a behavioral approach in general and on biases in particular to investigate the liability of newness in the Unicorns’ context

A Co-Evolutionary Analysis of Corporate Performance: From Fiat to Fiat Chrysler Automobiles

How do environmentally-driven and firm-specific factors influence business innovation and adaptation? How can the analysis of their co-evolutionary relationship help explain firm survival or failure over time? To address these key questions, this article focuses on the study regarding the 20-year performance (1997–2017) of the Fiat (later Fiat Chrysler Automobiles) group in the automobile industry. The analysis primarily deals with three historical phases: crisis (1997–2002), turnaround (2003–2007), and expansion (2008–2017). As a key contribution, the study combines elaborations from a robust dataset comprising both industry characteristics and executive team features, with historical events both at the environmental and the firm’s strategy levels. Results suggest that when executive team diversity and a wide breadth of product portfolio are concurrently present, they positively affect corporate performance

Executive profiles and performance of real estate services: Evidence of reverse causality from Europe

What executive profiles govern the industry of real estate services in Europe? Does heterogeneity emerge in these profiles if different industry sectors and/or geographical areas are considered? Ultimately, does this heterogeneity impact on their firms' performance? As a key component of the real estate value chain, real estate services are central to direct, properly support, and also guarantee the ex post sustainability of urban development projects. However, knowledge on what factors affect their performance is still absent. In light of this gap, in this study we draw on Upper Echelons Theory and analyze the socio-demographic features of key executives from a panel of listed European real estate service firms. We not only search for homogeneity/heterogeneity in these executives' profiles, but also for a potential connection with their firms' profitability. Results from our analysis show that, given their homogeneity, gender, age, and tenure do not apparently represent a catalyst for firm performance differential; in contrast, on the basis of their heterogeneity, advanced education and past industry experiences outside real estate can positively count. The theoretical contribution of our study, which proposes a model of inter-environment reverse causality, and implications for research and urban policy making are then presented

How can biases affect entrepreneurial decision making? Toward a behavioral approach to Unicorns

How can cognitive biases affect the birth and evolution of entrepreneurial ventures? In Entrepreneurial Decision Making (EDM), this lively research question remains largely unaddressed when the world of Unicorns, as a per se entrepreneurial species, is considered. Thus, through this conceptual article, we aim to contribute toward knowledge creation in this context. We start by proposing a conceptual framework of Unicorns’ EDM based on a behavioral approach. Through three propositions, this novel framework advances how the birth, transition, and consolidation of a Unicorn may be explained by the sequentially intertwined occurrence of biases, from which establishment and legitimization eventually emerge. We complement the framework with examples from the social media industry and then discuss its main implications for theory and practice