The powerful outburst in Hercules A

The radio source Hercules A resides at the center of a cooling flow cluster of galaxies at redshift z = 0.154. A Chandra X-ray image reveals a shock front in the intracluster medium (ICM) surrounding the radio source, about 160 kpc from the active galactic nucleus (AGN) that hosts it. The shock has a Mach number of 1.65, making it the strongest of the cluster-scale shocks driven by an AGN outburst found so far. The age of the outburst ~5.9e7 y, its energy about 3e61 erg and its mean power ~1.6e46 erg/s. As for the other large AGN outbursts in cooling flow clusters, this outburst overwhelms radiative losses from the ICM of the Hercules A cluster by a factor of ~100. It adds to the case that AGN outbursts are a significant source of preheating for the ICM. Unless the mechanical efficiency of the AGN in Hercules A exceeds 10%, the central black hole must have grown by more than 1.7e8 Msun to power this one outburst.Comment: 4 pages, 5 figures, accepted by ApJ

Economic liberalization and the antecedents of top management teams: evidence from Turkish 'big' business

There has been an increased interest in the last two decades in top management teams (TMTs) of business firms. Much of the research, however, has been US-based and concerned primarily with TMT effects on organizational outcomes. The present study aims to expand this literature by examining the antecedents of top team composition in the context of macro-level economic change in a late-industrializing country. The post-1980 trade and market reforms in Turkey provided the empirical setting. Drawing upon the literatures on TMT and chief executive characteristics together with punctuated equilibrium models of change and institutional theory, the article develops the argument that which firm-level factors affect which attributes of TMT formations varies across the early and late stages of economic liberalization. Results of the empirical investigation of 71 of the largest industrial firms in Turkey broadly supported the hypotheses derived from this premise. In the early stages of economic liberalization the average age and average organizational tenure of TMTs were related to the export orientation of firms, whereas in later stages, firm performance became a major predictor of these team attributes. Educational background characteristics of teams appeared to be under stronger institutional pressures, altering in different ways in the face of macro-level change

Corporate governance and financial constraints on strategic turnarounds

The paper extends the Robbins and Pearce (1992) two-stage turnaround response model to include governance factors. In addition to the retrenchment and recovery, the paper proposes the addition of a realignment stage, referring specifically to the re-alignment of expectations of principal and agent groups. The realignment stage imposes a threshold that must be crossed before the retrenchment and hence recovery stage can be entered. Crossing this threshold is problematic to the extent that the interests of governance-stakeholder groups diverge in a crisis situation. The severity of the crisis impacts on the bases of strategy contingent asset valuation leading to the fragmentation of stakeholder interests. In some cases the consequence may be that management are prevented from carrying out turnarounds by governance constraints. The paper uses a case study to illustrate these dynamics, and like the Robbins and Pearce study, it focuses on the textile industry. A longitudinal approach is used to show the impact of the removal of governance constraints. The empirical evidence suggests that such financial constraints become less serious to the extent that there is a functioning market for corporate control. Building on governance research and turnaround literature, the paper also outlines the general case necessary and sufficient conditions for successful turnarounds

Effective connectivity reveals strategy differences in an expert calculator

Mathematical reasoning is a core component of cognition and the study of experts defines the upper limits of human cognitive abilities, which is why we are fascinated by peak performers, such as chess masters and mental calculators. Here, we investigated the neural bases of calendrical skills, i.e. the ability to rapidly identify the weekday of a particular date, in a gifted mental calculator who does not fall in the autistic spectrum, using functional MRI. Graph-based mapping of effective connectivity, but not univariate analysis, revealed distinct anatomical location of “cortical hubs” supporting the processing of well-practiced close dates and less-practiced remote dates: the former engaged predominantly occipital and medial temporal areas, whereas the latter were associated mainly with prefrontal, orbitofrontal and anterior cingulate connectivity. These results point to the effect of extensive practice on the development of expertise and long term working memory, and demonstrate the role of frontal networks in supporting performance on less practiced calculations, which incur additional processing demands. Through the example of calendrical skills, our results demonstrate that the ability to perform complex calculations is initially supported by extensive attentional and strategic resources, which, as expertise develops, are gradually replaced by access to long term working memory for familiar material

Differences that matter: hiring modes and demographic (dis)similarity in executive selection

Scholars, practitioners, and policymakers have long acknowledged the importance of understanding the antecedents of top management team (TMT) composition. Yet, research on how and why firms select executives who are demographically dissimilar to incumbent TMT members remains limited. We take a step toward answering these questions by employing a sample of 575 individual-level executive appointments at 170 large European firms between 2005 and 2009. Drawing on the person-group fit perspective, we argue that firms are more likely to appoint socio-demographically dissimilar executives through internal promotion – while external hires are more likely to socio-demographically resemble incumbent top managers. Our results support the hypothesized relationship. They also show that this relationship is influenced by the level of administrative complexity and environmental uncertainty facing the firm. Overall, our theory and results enhance our understanding of ‘why top management teams are composed the way they are’, by highlighting the impact of internal and external hiring modes in the selection of demographically (dis)similar executives

Do the type and number of blockholders influence R&D investments? : new evidence from Spain

Using data from 3,638 Spanish firms between 1996 and 2000, this article studies the relationship between the presence of large shareholders in the ownership structure of firms and R&D investment. Consistent with our theoretical contention, our results indicate that the impact of large shareholders on the R&D investment is (1) negative when blockholders are banks, (2) positive when blockholders are non-financial corporations and (3) null when blockholders are individuals. In addition, we find a systematic negative relationship between the number of blockholders and R&D investment. Finally, we extend our study by analysing the influence that the combined effect between blockholder type and R&D investment has on the firm’s economic performance. Results of this work provide relevant implications for policy makers and academic research.Publicad

The Influence of a Firms\u27 Business Strategy on the Downside Risk of Earnings, Accruals and Cash Flow

This study examines whether a firm\u27s business strategy is an underlying determinant of downside risk in accounting earnings and its components. Based on organizational theory we predict that firms following an innovative prospector strategy exhibit lower profitability tendencies than firms following a cost-oriented defender strategy. Further, we anticipate that these strategies are asymmetrically positioned towards environmental uncertainty, with defenders focusing their efforts to efficiency, cost control, and minimizing exposure to downside risk, whereas prospectors direct their resources to flexibility, innovation, and maximizing the growth potential through aggressive expansion to new product markets. We find that prospectors are indeed less profitable than defenders. We also demonstrate that prospectors have greater total and downside earnings risk. Finally, we decompose earnings into accruals and cash flow and show that the higher exposure of prospectors to earnings downside risk is driven by the cash flow component rather than the accrual component. Collectively, our results suggest that considering how strategy interacts with financial reporting attributes is a useful way for evaluating a firms\u27 risk profile

Self-affirmation improves music performance among performers high on the impulsivity dimension of sensation seeking

In the light of evidence that self-affirmation can mitigate the negative effects of stress on outcomes, this study tested whether a self-affirmation manipulation could improve undergraduate students’ achievement in a formal musical performance examination. The study also investigated the association between impulsivity and music performance and explored whether impulsivity moderated any impact of self-affirmation on exam performance. Methods: At baseline, participants provided demographic information and completed the UPPS-P Impulsive Behaviour Scale (short-form), which assesses five dimensions of impulsivity (negative and positive urgency, lack of premeditation, lack of perseverance, and sensation seeking). In the subsequent 14 days, participants (N = 65) completed either a self-affirmation manipulation or a control task, before reading a message about the impact of practice on music performance. Music performance was formally assessed 14 days later. Findings: Sensation seeking was the only dimension of impulsivity associated with exam performance, with participants high in sensation seeking receiving lower grades. Critically, self-affirmation promoted better music performance among those high in sensation seeking. Discussion: Self-affirmation may provide a useful intervention to augment the performance of musicians who would otherwise perform worse than their counterparts under formal evaluative circumstances, such as those high in sensation seeking

What we talk about when we talk about "global mindset": managerial cognition in multinational corporations

Recent developments in the global economy and in multinational corporations have placed significant emphasis on the cognitive orientations of managers, giving rise to a number of concepts such as “global mindset” that are presumed to be associated with the effective management of multinational corporations (MNCs). This paper reviews the literature on global mindset and clarifies some of the conceptual confusion surrounding the construct. We identify common themes across writers, suggesting that the majority of studies fall into one of three research perspectives: cultural, strategic, and multidimensional. We also identify two constructs from the social sciences that underlie the perspectives found in the literature: cosmopolitanism and cognitive complexity and use these two constructs to develop an integrative theoretical framework of global mindset. We then provide a critical assessment of the field of global mindset and suggest directions for future theoretical and empirical research

Motivation gaps and implementation traps:the paradoxical and time-varying effects of family ownership on firm absorptive capacity

We present a theoretical framework of family ownership as a driver of the heterogeneity (between‐firm differences) and variability (within‐firm differences over time) of absorptive capacity (AC). Building on our analysis of the multiple dimensions of family owner influence on firm behavior and the mechanisms that can shape the firm willingness and ability to acquire, assimilate, transform, and exploit external knowledge, we introduce the concepts of motivation gap and implementation gap to explain why, paradoxically, family ownership can cause both upward and downward divergences in AC. Our contingency framework identifies conditions under which the positive and negative effects of family ownership on AC are likely to prevail and adds a temporal perspective suggesting that AC varies depending on the duration of family ownership and ownership succession