600 research outputs found

    Who violates expectations when? How firms’ growth and dividend reputations affect investors’ reactions to acquisitions

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    Research summary: We investigate the role of a firm’s dividend and growth reputations in shaping investors’ interpretations of acquisitions as a negative or positive expectation violation. While our findings reveal that both an acquiring firm’s dividend and growth reputations trigger positive investor reactions, they also show that investors react negatively to an acquisition of a target firm with a strong growth reputation when the acquiring firm has a strong dividend reputation. We also find that investors are inclined to give managers “the benefit of the doubt” to the extent that an acquiring firm strategically frames an acquisition announcement in such a way that it provides assurance to investors that the acquisition is meant to exceed investors’ expectations about shareholder value creation. Managerial summary: We study why investors respond to some acquisitions positively and others negatively. We find that the way acquiring and target firms have created shareholder value in the past, and the information conveyed in the acquisition announcements are important determinants of investors’ differential reactions to acquisitions. Our findings show that while investors generally react positively to acquisitions by firms known for creating value either through dividends or growth, their reactions become negative when a firm known for value creation through dividends acquires a target known for value creation through growth. We further find that managers can favorably influence investor reactions by making it salient in the acquisition announcement how the acquisition is intended to exceed investors’ value creation expectations from the acquiring firm

    Putting Communication Front and Center in Institutional Theory and Analysis

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    International audienceIn this article we introduce AMR’s Special Topic Forum on Communication, Cognition and Institutions. We conceptualize the roots of cognitive, linguistic and communicative theories of institutions, and outline the promise and potential of a stronger communication focus for institutional theory. In particular, we outline a theoretical approach that puts communication at the heart of theories of institutions, institutional maintenance, and change, and we label this approach “communicative institutionalism.” We then provide a brief introduction to the set of articles contained in this forum and describe the innovative theorizing of these articles in the direction of communicative theories of institutions. Finally, we sketch a research agenda and further steps and possibilities for theory and research integrating communication and institutions.<br/

    High periventricular T1 relaxation times predict gait improvement after spinal tap in patients with idiopathic normal pressure hydrocephalus

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    Purpose:The diagnosis of idiopathic normal pressure hydrocephalus (iNPH) can be challenging. Aim of this study was to use a novel T1 mapping method to enrich the diagnostic work-up of patients with suspected iNPH.Methods:Using 3T magnetic resonance imaging (MRI) we prospectively evaluated rapid high-resolution T1 mapping at 0.5 mm resolution and 4 s acquisition time in 15 patients with suspected iNPH and 8 age-matched, healthy controls.T1 mapping in axial sections of the cerebrum, clinical and neuropsychological testing were performed prior to and after cerebrospinal fluid tap test (CSF-TT). T1 relaxation times were measured in 5 predefined periventricular regions.Results:All 15 patients with suspected iNPH showed gait impairment, 13 (86.6%) showed signs of cognitive impairment and 8 (53.3%) patients had urinary incontinence. Gait improvement was noted in 12 patients (80%) after CSF-TT. T1 relaxation times in all periventricular regions were elevated in patients with iNPH compared to controls with the most pronounced differences in the anterior (1006 ± 93 ms vs. 911 ± 77 ms; p = 0.023) and posterior horns (983 ± 103 ms vs. 893 ± 68 ms; p = 0.037) of the lateral ventricles. Montreal cognitive assessment (MoCA) scores at baseline were negatively correlated with T1 relaxation times (r 0.6 and p Conclusion:In iNPH-patients, periventricular T1 relaxation times are increased compared to age-matched controls and predict gait improvement after CSF-TT. T1 mapping might enrich iNPH work-up and might be useful to indicate permanent shunting

    How national institutions limit turnaround strategies and human resource management. A comparative study in the airline industry

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    The influence of national institutions, particularly employee representation, on managers' turnaround strategiesremains largely unexplored in the literature. Therefore, this paper assesses the pressures that affected two Europeanairline companies, British Airways (BA) and Iberia, and their turnaround responses in a context of economic crisisand austerity, particularly from the perspective of strategic human resource management (SHRM). Our case studiesshow that when national institutions grant a number of rights to employee representatives, an innovative HRM strategy enables the recovery strategy required to deal with internal sources of decline. In contrast, when nationalinstitutions provide fewer rights to employee representatives, there is room for company HRM strategy to challengeor resist institutional pressures. Our research focuses particularly on how coercive pressures exerted by employeerepresentation, according to the legal framework governing labor relations, affect turnaround strategies.Management and Marketing Department (University of Pablo de Olavide
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