Rentabilidad inicial y anual en ofertas públicas de activos en Israel durante los años 1998-2006

Contrary to findings reported in the extant IPO literature between 2001 and 2006, average first-day returns in Israel’s stock market resulted in a deficit return of −1.2% and the average one-year return resulted in an excess return of 10.5%. Estimating the relationship between yields and various explanatory variables, we found that daily yield is positively affected by excess demand and total equity capital, whilst negatively correlated with underwriting commissions, price of offerings and the total sum raised. The one-year return was found to be positively correlated with deficient underwriting and negatively correlated with first-day return and return on capitalContrariamente a las conclusiones halladas en la literatura existente sobre las Ofertas Públicas Iniciales entre 2001 y 2006, el promedio de rentabilidad el primer día en la Bolsa de Valores de Israel resultó en un déficit de −1,2%, mientas que el promedio anual de rentabilidad fue del 10,5%. Estimando la relación entre los rendimientos y las diversas variables explicativas, llegamos a la conclusión de que el rendimiento inicial está afectado positivamente por el exceso de demanda y el capital total, y correlacionado negativamente con las comisiones de suscripción, el precio de las ofertas y el importe total recaudado. Se demostró que la rentabilidad anual estaba correlacionada positivamente con la suscripción deficiente y negativamente con la rentabilidad inicial y la rentabilidad sobre el capita

Transformational Leadership and Creative Problem-Solving: The Mediating Role of Psychological Safety and Reflexivity

Previous research has pointed to the importance of transformational leadership in facilitating employees\u27 creative outcomes. However, the mechanism by which transformational leadership cultivates employees\u27 creative problem-solving capacity is not well understood. Drawing on theories of leadership, information processing and creativity, we proposed and tested a model in which psychological safety and reflexivity mediate the effect of transformational leadership and creative problem-solving capacity. The results of survey data collected at three points in time indicate that transformational leadership facilitates the development of employees\u27 creative problem-solving capacity by shaping a climate of psychological safety conducive to reflexivity processes. However, the findings also indicate that psychological safety is related both directly and indirectly, through reflexivity, to employees\u27 creative problem-solving capacity. This study sheds further light on the ways in which transformational leaders help to develop and cultivate employees\u27 capacity for creative problem-solving

Aspects of organisational decline and crisis: the multi-dimensional crisis in the United Kibbutz Movement

Mis-numbered pages 50, 52, 145, 325, 368, 414, 464. Missing pages 402 - 403.The thesis refers to the occurrence, evolution and analysis of a multi-dimensional crisis in the kibbutzim affiliated with Israel’s largest Kibbutz Federation, the United Kibbutz Movement. Concurrent with and preceding the all-encompassing crisis, a latent if persistent organisational decline is known to have affected most of the kibbutzim. The thesis, therefore, simultaneously addresses aspects of organisational decline and organisational crisis. None of the aforementioned phenomenon have as yet been appropriately researched within the framework of the kibbutz. It is generally argued that the kibbutz developed a large measure of organisational inertia, was shielded by a favouring task-environment, hence numbed its boundary spanning capacity. Adverse environmental jolts triggered a major crisis which exposed a wide variety of structural-organisational dysfunctions. This study encompasses a relatively large number of aspects consanguine with theories of both organisational decline and crisis. A number of reasons highlight the scholarly requisite in attending to these topics. On the one hand, the literature on organisational decline and crisis from different disciplines, posits often contradictory directions for both the synthesis of a coherent body of knowledge and prescriptions for crisis management. On the other hand, negative organisational trends within the kibbutz system have been very passably addressed. Since both decline and crisis digress from normative organisational conduct that underscores growth, they present somewhat more challenging research topics. Growing awareness as to the accelerated pace of organisational retrenchments and business failures alike have invoked academic as well as managerial interest. The rarity of either cross-sectional and specifically longitudinal data reflecting the dynamics of crisis and decline have resulted in proliferous theoretical treatises that, almost invariably lacked a comprehensive empirical substantiation. This thesis encompasses a population of crisis-ridden organisations based upon a longitudinal data-base. The study investigates antecedents, causes and responses to the crisis, employing statistical methodologies (Multiple Correspondence Analysis, Multiple Discriminant Analysis and Pooled Regression Analysis), hitherto not applied in the emerging discipline of organisational decline, crisis and demise. The findings support important theoretical propositions relevant to the roots of organisational response and organisational mobilisation towards a turnaround or organisational change. Essentially, many of the theoretical presumptions are akin with the normative dichotomy between not-for-profit and business organisations. To a large extent, these theories have been found to adequately mirror the situation in the kibbutz despite the structural co-existence of business and public domains under one organisational framework. The study points to three major types of crises; an economic, demographic and a crisis of meaninglessness. These may not be viewed singularly but should be conceptualised as a multi-dimensional or multi-facetted crisis. Indications abound as to the existence of vicious circles entailing the organisational, economic and demographic facets of the kibbutz. Empirical findings lend support mainly to theories ranging from brain-drain, prediction of organisational crisis, organisational goals and resistance to change. The thesis systematises a modest basis for further research as well as advances robust methodologies to facilitate future analyses of declining and demising organisations

How Leadership Characteristics Affect Organizational Decline and Downsizing

organizational decline, industry decline, organizational downsizing, leadership,

Mission statement and performance: An evidence of "Coming of Age"

We elaborate on the role of mission statements (MS, MSs) in shaping mechanisms of organizational attributes intended to enhance performance. We argue that in the process of institutionalizing MSs, Israeli companies "come of age" and realize that such an endeavor constitutes an organizational asset sustaining adequate integration of planning, operation and culture, and eventually improves a firm's performance. Firms with MSs feature higher performance and firms that include key MS constructs or have a high as opposed to low MS content are characterized by higher performance. Bearing on the past empirical studies and theoretical treatises, we advance suggestions for more elaborate research designs

The life cycle of an internet firm: Scripts, legitimacy, and identity

We study, longitudinally and ethnographically, the construction of legitimacy and identity during the life cycle of an entrepreneurial Internet firm, from inception to death. We utilize organizational scripts to examine how social actors enact identity and legitimacy, maintaining that different scripts, both contested and consent-oriented, become the source of action for acquiring legitimacy and creating organizational identity. We show that scripts enable entrepreneurs and other social actors to invoke a set of interactions within and outside the organization. Scripts construct values and interests, form social bonding and consented actions, and eventually shape and reshape the individual and institutional contexts of identity and legitimacy. We found that the strategic action of organizational members in pursuing and enacting their preferred scripts depends on their position and role in the organization. We observed that the institutionalization of simultaneously competing scripts created a path-dependent process leading to organizational conflict and eventual failure

Misalignment as legacy of an industrial leader

This paper provides new insights into the nature of alignment and misalignment through a study of FertilChem, an Israeli multinational corporation. This paper also contributes to the growing body of research that disputes the tendency to use the alignment model as the single best way of guiding organisational strategic direction. While conventional views of alignment suggest that it is a rational and deliberate process, this study indicates that misalignment can also make sense, persist and even become instrumental in certain organisational circumstances. By using the misalignment model, the paper contributes to our understanding of how and why management tends to stick to a familiar strategy of action in spite of environmental threat

Transformational Leadership and Creative Problem-Solving: The Mediating Role of Psychological Safety and Reflexivity

Previous research has pointed to the importance of transformational leadership in facilitating employees\u27 creative outcomes. However, the mechanism by which transformational leadership cultivates employees\u27 creative problem-solving capacity is not well understood. Drawing on theories of leadership, information processing and creativity, we proposed and tested a model in which psychological safety and reflexivity mediate the effect of transformational leadership and creative problem-solving capacity. The results of survey data collected at three points in time indicate that transformational leadership facilitates the development of employees\u27 creative problem-solving capacity by shaping a climate of psychological safety conducive to reflexivity processes. However, the findings also indicate that psychological safety is related both directly and indirectly, through reflexivity, to employees\u27 creative problem-solving capacity. This study sheds further light on the ways in which transformational leaders help to develop and cultivate employees\u27 capacity for creative problem-solving