SHA Articles and Chapters

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Are US Firms Becoming More Short-Term Oriented? Evidence of Shifting Firm Time Horizons from Implied Discount Rates, 1980-2013
Shi, Yuan; Sampson, Rachelle (2020-09-17)
Whether US firms have become more short-term oriented remains an active debate among managers, investors, researchers, and policymakers. In this study, we report that investors have been increasingly discounting the expected future returns of public firms over the last three decades. We find that a firm’s discounting rate is explained by signals of its long-term strategy, including investment decisions, ownership structure, financial health, executive compensation scheme, and short-term pressures from the external environment. Our findings indicate a market-wide contraction of firm time horizons, highlighting firm characteristics that suggest how and why firms differ in their time horizons. These demonstrated relationships may help guide firms in devising investment strategies as well as external communications to attract investors that share a firm’s preferred time horizon.
The Evolving Manager Stereotype: The Effects of Industry Gender Typing on Performance Expectations for Leaders and their Teams
Cabrera, Susan F.; Sauer, Stephen J.; Thomas-Hunt, Melissa C. (2009-01-01)
This study examined how external evaluators' assessments of a management team and its leader are impacted by congruence between the leader's gender and the gender typing of the industry in which the team works. We experimentally tested our theory using industries that are either male typed or gender neutral, with teams led by male and female leaders. Results indicate that performance expectations for the team were more favorable when the leader's gender was congruent with the industry's gender typing, but expectations for the leader were not affected by gender congruence. These findings paradoxically suggest that evaluators form performance expectations for teams based upon individual characteristics of their leaders, even when these characteristics have no effect on the conscious assessments of the leaders themselves.
Meeting the Competency Needs of Global Leaders: A Partnership Approach
Brownell, Judi (2006-10-01)
This article concludes that common competencies, the fundamental knowledge and skills developed in traditional educational environments, are necessary but insufficient in the preparation of global leaders. Rather, human resource professionals, in partnership with management educators, are best positioned to identify and facilitate global leadership excellence by focusing on the identification and development of key personal characteristics or distinctive competencies. In particular, global leaders must be men and women of sound character. We further propose that "distinctive competencies" are best assessed through experience in the field. Recommendations are offered as to how competency-based leadership development can be designed to address both common and distinctive competencies, with special attention to the individual's character.
Black-White Wage Gap Among Restaurant Servers: A Replication, Extension, and Exploration of Consumer Racial Discrimination in Tipping
Brewster, Zachary; Lynn, Michael (2013-01-01)
There is a rich history of social science research centering on racial inequalities that continue to be observed across various markets (e.g., labor, housing, and credit markets) and social milieus. Existing research on racial discrimination in consumer markets, however, is relatively scarce and that which has been done has disproportionately focused on consumers as the victims of race-based mistreatment. As such, we know relatively little about how consumers contribute to inequalities in their roles as perpetrators of racial discrimination. In response, in this paper we elaborate on a line of research that is only in its’ infancy stages of development and yet is ripe with opportunities to advance the literature on consumer racial discrimination and racial earnings inequities among tip dependent employees in the United States. Specifically, we analyze data derived from a large exit survey of restaurant consumers (n=378) in an attempt to replicate, extend, and further explore the recently documented effect of service providers’ race on restaurant consumers’ tipping decisions. Our results indicate that both White and Black restaurant customers discriminate against Black servers by tipping them less than their White coworkers. Importantly, we find no evidence that this Black tip penalty is the result of interracial differences in service skills possessed by Black and White servers. We conclude by delineating directions for future research in this neglected but salient area study.
Make My Memory: How Advertising Can Change Our Memories of the Past
Braun, Kathryn A.; Ellis, Rhiannon; Loftus, Elizabeth F. (2002-01-01)
Marketers use autobiographical advertising as a means to create nostalgia for their products. This research explores whether such referencing can cause people to believe that they had experiences as children that are mentioned in the ads. In Experiment 1, participants viewed an ad for Disney that suggested that they shook hands with Mickey Mouse as a child. Relative to controls, the ad increased their confidence that they personally had shaken hands with Mickey as a child at a Disney resort. The increased confidence could be due to a revival of a true memory or the creation of a new, false one. In Experiment 2, participants viewed an ad for Disney that suggested that they shook hands with an impossible character (e.g., Bugs Bunny). Again, relative to controls, the ad increased confidence that they personally had shaken hands with the impossible character as a child at a Disney resort. The increased confidence is consistent with the notion that autobiographical referencing can lead to the creation of false or distorted memory.
Advertising's Misinformation Effect
Braun, Kathryn A.; Loftus, Elizabeth F. (1998-01-01)
This research explores whether post-experience advertising alters information learned in a consumer's direct experience. An advertising misinformation effect was obtained for colour memory of a previously seen candy bar wrapper upon both visual and verbal misinformation. However, the misleading visual information produced more ‘remember’ judgements than misleading verbal information. This advertising misinformation effect did not dissipate when the source was discredited. We found that such memory changes can be directly linked to consumer subjective judgements and choices when the misleading information is particularly salient. Not only do these findings constitute a novel generalizability of the misinformation effect, they also have implications for social policy research on deceptive advertising.
Assessing the Economic Significance of Return Predictability: A Research Note
Boudry, Walter I.; Gray, Philip (2003-01-01)
[Excerpt] In recent years, financial researchers have gradually accepted the notion that stock returns are partially predictable (Cochrane, 1999). Most often, the extent of return predictability is assessed from a statistical perspective, with the t-statistics and R2’s of predictive regressions guiding conclusions. Statistical ‘evidence’ of predictability, however, does not necessarily imply economic significance. In this paper, we assess the significance of predictor variables within an asset allocation framework. Recent research shows that the optimal allocation to risky stocks is horizon dependent if stock returns are predictable. The extent of horizon effects, therefore, is a convenient metric of return predictability and our results are presented as plots of the optimal allocation to the risky asset as investment horizon increases. If a variable is useful for predicting stock returns, knowledge of that variable’s value will cause a utility-maximizing investor to alter her optimal allocation. Thus, the importance of predictor variables is judged from an economic perspective, not a statistical one.
An Examination of REIT Dividend Payout Policy
Boudry, Walter I. (2011-01-01)
This paper proposes a new methodology for decomposing real estate investment trust (REIT) dividends into discretionary and nondiscretionary components. By examining the tax characteristics of dividends, I am able to accurately measure the discretionary component of a REIT's dividend. This methodology provides new insights into our understanding of REIT dividend payout policy. Unlike previous studies that find limited explanations for discretionary dividend payouts, I find a systematic explanation. Discretionary dividends tend to be large on average making up between 18% and 35% of a REIT's total dividend and display considerable variation through time and across firms. The main determinant of these discretionary dividends appears to be dividend smoothing. There is an inverse relationship between discretionary and nondiscretionary dividends. Even if a REIT has excess cash flow it could distribute in discretionary dividends, it will tend not to do so if it has a high dividend payout due to its nondiscretionary dividends. In this sense, REITs appear to use discretionary dividends to smooth their payout ratios.
Utility Analysis: What are the Black Boxes, and Do They Affect Decisions?
Boudreau, John W.; Sturman, Michael C.; Judge, Timothy A. (1994-01-01)
[Excerpt] Utility analysis has been described as 'a family of theories and measures designed to describe, predict, and/or explain what determines the usefulness or desirability of decision options, and to examine how information affects decisions' (Boudreau, 1991, p. 621). Utility analysis (UA) evolved to provide tools for better describing and communicating the impact of HRM and industrial psychology interventions on organizational goals. Most UA research has been based on an implicit assumption that such communication would be aimed toward managers, who control the resources necessary to implement such interventions. Previous research has noted the need to move beyond developing new measures of utility parameters, and to focus on the role of UA information in managerial decision processes (Boudreau, 1989, 1991). Yet there remains a lack of research exploring these issues. In this chapter, we attempt to explicate some of these underlying assumptions and suggest how future UA research may fruitfully test them. We focus specifically on areas where the practice of human resource management seems to diverge from the implied behaviors of UA theory. These deviations provide potential clues about how to enhance the accuracy and usefulness of UA models, and suggest new directions for future UA research and practice. The themes developed in this chapter relate to UA applications in training, compensation, performance assessment, and internal staffing. However, for simplicity and exposition, we will use the external selection model as our guiding framework. External selection is the focus of a significant proportion of UA research, so using this model will relate our themes to a large body of literature. Using the external selection model, this review will attempt to 'open up the black boxes' of four fundamental UA processes: 1. The relationship between predictors and criteria, represented by r, the correlation coefficient. 2. The nature of the criteria, represented by SDy. 3. The nature of the selection process, represented by Zx. 4. The nature of the implementation process, represented by C.
Violent Splits or Healthy Divides? Coping With Injustice through Faultlines
Bezrukova, Katerina; Spell, Chester S.; Perry, Jamie L. (2010-01-01)
In 2 studies, we investigated how groups with strong divisions may, paradoxically, help members to cope with injustice. We tested our theoretical predictions using a survey methodology and data from 57 (Study 1) and 36 (Study 2) workgroups across different industries. Consistent with our hypotheses, we found that group faultlines weakened the positive relationship between perceived interpersonal injustice and psychological distress. Cooperative behaviors within subgroups mediated the interactive effect of faultlines and injustice with psychological distress.

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