Scholarly Publications - Management
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Item Open Access Ambitious sons and understanding daughters: investor perceptions of gender and the valuation of family firms(Emerald Publishing Limited, 2025-10-31) Arslan, Ezgi; Tanyeri Günsür, Ayşe BaşakPurpose This study aims to investigate how stereotyped expectations about appropriate male and female behavior influence investment decisions in the context of a death in family firms. When a family member dies, uncertainty about intrafamily fighting increases. The authors analyze whether investors’ valuation of how the death would affect the firm depends on descendant gender. Design/methodology/approach The authors use an event study method to analyze investor reactions to 143 deaths in 118 publicly traded family firms operating in 25 countries. The authors then test for differences in investor reaction across descendant gender. Findings Investors evaluate the potential for conflict higher and react more negatively to deaths in families with relations complicated by multiple marriages and children. The significance of male offspring in driving the negative investor reaction indicates that investors expect sons, and not daughters, to fight for positions of power. Research limitations/implications The sample is representative of the largest family firms and limits the generalizability of results to smaller and private firms. This study highlights the importance of gender biases implicit in investor decision-making. The cross-country differences underscore the significance of cultural differences regarding gender-appropriate behavior. Social implications This study highlights the importance of gender biases implicit in investor decision-making. The results also present a map of the consequences of gender biases in investor decision-making in 25 countries that vary according to economic development and perceptions about gender equality. Originality/value Societal expectations of gender-appropriate behavior predicting sons to fight for power and daughters to keep the peace manifest themselves in investor reaction to deaths in family firms. This study contributes to the literature on how gender stereotypes affect investment decisions and the financing of growth.Item Open Access Can bilateral RMB swap reduce monetary policy spillovers from the United States to China?(Elsevier Ltd, 2025-03-21) Zhang, Mi; Şensoy, Ahmet; Nguyen, Duc Khuong; Cheng, FeiyangThis study analyzes the impact of bilateral RMB swap agreements on the transmission of US monetary policy to China, while focusing on the underlying mechanisms and potential heterogeneous effects. Our findings demonstrate that these agreements significantly attenuate US monetary policy spillovers to China. Mechanistically, we show that bilateral swaps promote Chinese exports to trading partner countries, thereby mitigating the negative consequences of US monetary policy. Notably, agreements with emerging economies exhibit a stronger mitigating effect than those with advanced economies. These results offer policymakers valuable insights for managing international monetary policy spillovers.Item Open Access Corrigendum to “Connectivity and spillover during crises: Highlighting the prominent and growing role of green energy” [Energy Economics Volume 129, January 2024, 107224](Elsevier, 2023-11-30) Banerjee, A.K.; Şensoy, Ahmet; Goodell, J.W.How influential are green energy instruments? We examine how green- and carbon-energy assets differ regarding transmitting and receiving shocks between normal versus crises periods. Crises include the global financial crisis and Euro debt crisis, two waves of COVID-19, and the ongoing Russia-Ukrainian war. Our empirical illustration is based on volatility impulse function (VIRF) for dynamic conditional correlation–generalised autoregressive conditional heteroskedasticity (DCC-GARCH) method using daily data from January 03, 2007–March 31, 2023, of several green and brown energy instruments and market and energy controls, we evidence asymmetric connectedness that increases during crises. For specific green instruments, volatility transmissions can be transmitting or receiving. However, green instruments stand out overall as prominent transmitters, while brown energy instruments are prominent receivers. Results are consistent with green energy vehicles impacted by macroeconomic and market states and reflecting this to investors. Results are also consistent with green and brown interconnectivity. Further network analysis provides robustness to our study results and suggests this role is evolving. The study results are significant for policy intervention during the transition to alternative energy sectors and for risk and portfolio management implicationsItem Open Access Radical innovation(Academic Press, 2026-08-28) Kurdoğlu, Rasim SerdarRadical innovation entails the commercialization of a profoundly inventive concept, encompassing an entirely novel product or service technology. Radical innovation can revolutionize the current market landscape by delivering significant cost reductions or performance enhancements compared to existing products, technologies, or business models. As such, radical innovation is vital for long-term growth and sustained profitability. However, businesses struggle to create, recognize, and implement radical innovation projects as these capabilities involve unique organizational and leadership challenges. Furthermore, success in radical innovation projects is vulnerable to major technical, financial, and marketing obstacles stemming from high levels of uncertainty embedded in radical innovation.Item Embargo Evaluating the effectiveness of household food waste interventions through scenario-based fuzzy cognitive map methodology: A new tool and guide to food policy-research(Elsevier Ltd, 2025-07-30) Ekici, Ahmet; Genç, Tuğçe Özgen; Ekici, Şule ÖnselReducing household food waste (HHFW), one of the major contributors to total food waste, is a critical responsibility shared by food researchers and policymakers. To date, researchers have examined the drivers of HHFW and proposed various recommendations to mitigate it. Although the growing body of literature on HHFW interventions has generated valuable insights, several limitations—such as methodological inconsistencies, narrow scope, missing variables, concerns over reliability, and limited research designs—complicate meaningful comparisons and hinder the aggregation of findings across studies. Moreover, while numerous intervention strategies have been proposed and implemented, their effectiveness often remains underexplored or is assessed within the constraints of these limitations. The Fuzzy Cognitive Map (FCM) methodology presents a unique opportunity for food policy researchers to investigate the effectiveness of food waste prevention activities and interventions. We argue that FCM holds this potential because it offers a consistent analytical foundation, supported by theoretical frameworks and prior findings, through which diverse intervention alternatives can be tested and compared. Accordingly, following the construction of a fuzzy cognitive map of HHFW—based on a comprehensive review of the literature and expert assessment—this paper aims to utilize the FCM to determine and compare the HHFW-reduction capacity of various real-world intervention alternatives. Our findings highlight the strong potential of specific emerging retail formats (e.g., zero-packaging grocery stores) and manufacturing technologies (e.g., intelligent fridges) to reduce HHFW, although both require careful implementation to achieve their intended impact. Commonly employed interventions, such as informational campaigns, may prove ineffective when used in isolation and should therefore be complemented by other types of interventions. Online shopping—an increasingly prevalent food purchasing behavior—can substantially contribute to HHFW, underscoring the need for practitioners to consider the potential negative consequences of algorithm-driven purchasing systems. We provide an in-depth discussion of these findings, examine the study’s limitations, and elaborate on their implications for consumers, producers, distributors, and policymakers.Item Open Access Does rollover restriction of short-term loans exacerbate market instability? evidence from a natural experiment in China(Emerald Publishing, 2025-04-18) Cheng, Feiyang; Yao, Shouyu; Şensoy, Ahmet; Nguyen, Duc KhuongPurpose: In a market with incomplete information, banks’ unwillingness to pay excessive attention to the monitoring role of information led to a significant amount of short-term loans. This imbalance in the credit structure prevents the credit market from clearing efficiently, potentially masking substantial risks. These risks leave entire economies vulnerable to collapses in output and investment due to capital-account reversals. Using a natural experiment as an exogenous shock, we examine whether imposing stricter standards on the renewal of short-term loans in China increases liquidity risk and exacerbates market instability. Design/methodology/approach: Using the 2007 short-term debt rollover restriction policy in China and a sample of Chinese A-share stocks, we conduct a difference-in-differences (DID) analysis to investigate the impact of short-term loan renewals on market stability, proxied by stock price crash risk. To ensure robustness, we perform various checks, including a parallel trends test, time-varying fixed effects models, a placebo test, dosage effects and propensity score matching-DID (PSM-DID) analysis. Additionally, we explore the economic mechanisms underlying the negative relationship between rollover restrictions and firm-specific crash risk while examining the differential effects across various firm characteristics and monitoring mechanisms. Findings: We find that the 2007 rollover restriction policy altered banks’ lending behavior. However, rather than creating potential liquidity risks, the policy reduced future stock price crash risks. Our channel analysis reveals that the policy compelled banks to fulfill their information monitoring responsibilities, thereby enhancing firms’ information disclosure and reducing market risks. More importantly, the improvement in information disclosure quality also enhanced the allocation efficiency of the credit market. Furthermore, the evidence indicates that the effect of the rollover restriction policy is stronger for non-state-owned firms and firms with weaker monitoring mechanisms. Originality/value: This study contributes to the literature on the role of bank supervision by focusing on the absence of effective bank monitoring in the presence of information asymmetry. Our findings suggest that, in the face of such market failures, regulatory authorities should implement strict policies, particularly regarding the issuance and renewal of short-term loans, to encourage banks to fulfill their supervisory responsibilities. Additionally, this study highlights the economic consequences of strengthening credit policies and provides an important supplement to the literature on the corporate governance effects of short-term loans.Item Open Access Arbiter assignment(Springer, 2025-09-17) Afacan, Mustafa Oguz; Anbarci, Nejat; Kıbrıs, ÖzgürIn dispute resolution, arbitrator assignments are decentralized and also incorporate parties’ preferences, in total contrast to referee assignments in sports. We suggest that there can be gains (i) in dispute resolution from centralizing the allocation by bundling the newly arriving cases, and (ii) in sports from incorporating teams’ preferences. To that end, we introduce a class of Arbiter Assignment Problems where a set of matches (e.g., disputes or games), each made up of two agents, are to be assigned arbiters (e.g., arbitrators or referees). On this domain, the question of how agents in a match should compromise becomes critical. To evaluate the value of an arbiter for a match, we introduce the (Rawlsian) notion of depth, defined as the arbiter’s worst position in the two agents’ rankings. depth-optimal assignments minimize depth over matches, and they are Pareto-optimal. We introduce and analyze depth-optimal (and fair) mechanisms.Item Embargo Sustainable EFTs: a systematic bibliometric analysis(Wiley-Blackwell Publishing Ltd., 2025-09-27) Banerjee, Ameet Kumar; Das, Soumya; Şensoy, Ahmet; Goodell, John W.The growing discourse regarding climate risk and sustainability is drawing increasing attention, given that climate risk poses a significant challenge to the global community. We systematically synthesize the literature on sustainable funds to assess their role in achieving the dualism of climate risk mitigation and sustainable development. We use data from 1983 to 2023, containing 1787 articles from the Web of Science (WOS) and the Scopus database. Applying a hybrid bibliometric and content analysis approach, we uncover emerging trends and identify four distinct thematic streams. We outline a scope for future research and highlight theoretical and practical implications.Item Embargo ESG index reconstitutions and stock returns: does culture have a role?(Academic Press, 2026-02-01) Tayar, Tunahan; Önder, ZeynepIn this study, we examine how cultural dimensions, specifically future orientation and institutional collectivism, affect the relationship between the sustainability activities of firms and their stock returns. We measure sustainability performance by the firms' inclusion in and exclusion from the FTSE4GOOD Developed Market and Emerging Market Indices. The univariate analyses show that investors in more future-oriented and more collectivistic developed countries react positively to the sustainability index inclusion, whereas investors in countries with lower levels of these cultural traits, whether developed or emerging, do not react significantly. The abnormal returns around the announcement of index reconstitutions are further examined using regression analyses that control for firm characteristics and year fixed effects. The effects of cultural dimensions are found to be similar across countries regardless of development level. It is observed that institutional collectivism increases abnormal returns around ESG index inclusion announcements, while the effect of the future orientation is insignificant. Both cultural dimensions are found to reduce abnormal returns around index exclusions although the effect is more pronounced in developed countries and in the days prior to the announcement. These findings suggest that inconsistent results in the literature regarding the relationship between ESG performance and firm value could be explained by cultural differences.Item Embargo Cautious and conscientious or fish in troubled waters: Knightian uncertainty and financial restatement(Elsevier Inc., 2025-09-15) Ma, Tingting; Niu, Duo; Fang, Xizhe; Ji, Xinyuan; Şensoy, AhmetRecently, the Knightian uncertainty triggered by frequent extreme events has exerted profound and lasting impacts on capital markets. This paper investigates the effect of Knightian uncertainty on corporate financial restatements, using data from Chinese A-share listed firms between 2007 and 2020. The findings show that Knightian uncertainty significantly increases the likelihood of financial restatements. Mechanism analysis indicates that addressing the capital market pressure induced by Knightian uncertainty is a key motivation for firms to engage in financial restatements. Heightened uncertainty also exacerbates information asymmetry and earnings management, with firms displaying opportunistic “fishing in muddy waters” behavior. Heterogeneity analysis highlights varying effects across firms with different characteristics and governance structures. This research enhances understanding of how Knightian uncertainty shapes corporate information environments and offers policy insights for stabilizing capital markets.Item Embargo Should I stand up for my mistreated colleague? When and why high-status team members stand up for their coworkers(Academic Press, 2025-12-29) Gençay, Oğuz; Derfler-Rozin, Rellie; Arman, GamzeSupervisory mistreatment has adverse consequences for its victims. Coworkers, as observers, can shape victims' experiences by standing up for them. Yet doing so entails the risk of supervisory retaliation. High-status coworkers should be well-positioned to stand up for victims as they have greater social capital at work. However, such retaliation risks may loom large for them because they are highly motivated to protect what they have. Thus, prior research reports both positive and negative links between status markers and various forms of standing up. We suggest that these inconclusive findings stem from examining individuals’ status only within a single domain (e.g., work) while neglecting how their standing in other groups may shape their experiences in that focal domain. Building on status inconsistency theory (Lenski, 1954) and the concept of status portfolios (Fernandes et al., 2021), we argue that status variance (i.e., inconsistency of status across groups) shapes how high-status employees react to mistreatment. Specifically, we hypothesize that high-status employees with high (compared to low) status variance will experience greater fear of retaliation and reduced willingness to stand up. We argue that this occurs because they perceive their status portfolios as unstable and become more vigilant in protecting their elevated standing at work. Four complementary studies provided support for our hypotheses. We discuss implications for research on bystander intervention, supervisory mistreatment, and status.Item Open Access Business ethics(Elsevier, 2025-10-30) Kurdoğlu, Rasim S.; Ratten, VanessaThe business world witnesses many significant ethical problems, such as employee discrimination, corruption, bribery, deceptive marketing tactics, fraudulent accounting reporting, and environmental degradation. The field of business ethics studies such ethical problems concerning the management of businesses. By adopting a normative perspective, moral philosophies can be utilized to assess the moral significance of ethical problems and prescribe solutions. In comparison, a descriptive study of business ethics is possible where moral issues are explored by a scientific approach employing psychological, economic, and sociological theories. The descriptive study of business ethics has been influential in understanding the moral decision-making mechanisms and the nature of moral norms.Item Open Access Venturing decisions of neurodivergent people who defy to be bounded by rationality(Emerald Publishing, 2025) Kurdoğlu, Rasim Serdar; Marino, Louis D.; Corbett, Andrew C.; Lerner, Daniel A.This chapter builds on the extant research that identifies attention deficit hyperactivity disorder (ADHD) as a propeller of entrepreneurial action, as ADHD causes impulsively made nonrational venturing decisions that are hard to be dared by neurotypicals. I augment this research by arguing here that other forms of neurodiversity, that is, autism spectrum disorder (ASD), dyslexia, and dyspraxia, also enable nonrational venturing decisions. In the relative absence of empirical research showing how these forms of neurodiversity influence entrepreneurial decision-making, I identify possible mechanisms that can foster different forms of nonrational decision-making in the venturing decisions of neurodivergent people. In this pursuit, I first clarify various conceptualizations of rational decision-making. I then explore the conditions of neurodivergent people and how their conditions support possibilities of nonrational venturing decisions under different levels of uncertainty. I argue that people with ADHD can make motivationally irrational decisions because of their hyperactivity and impulsivity. By contrast, because of their cognitive inflexibilities, people with ASD can make intendedly rational but instrumentally irrational decisions under uncertainty. Finally, as people with dyslexia and dyspraxia may over-rely on heuristics, they can make instrumentally irrational decisions under low or high levels of uncertainty. As long as individuals learn from mistakes and apply such knowledge, neurodiversity is valuable for entrepreneurship.Item Open Access Decision-making(Elsevier, 2026) Kurdoğlu, Rasim SerdarPeople usually aim to follow rationality as a procedure of decision-making, but their rationality pursuit is bounded by cognitive limitations, information constraints as well as some irrationalities of human nature (e.g., wishful thinking, passions, and self-deception). Besides, when using heuristics to make decisions intuitively, people can display certain biases in their decisions and make errors. However, heuristics can also be used smartly as a matter of adapting to cognitive and information limitations. When information limitation (i.e., uncertainty) is extreme, people can even use eristics rather than heuristics. Collective decision-making is also subject to specific biases such as groupthink and group polarization.Item Open Access Implementation of fuzzy TOPSIS method for decision making in car selection(Springer Science and Business Media Deutschland GmbH, 2025-10-18) Aliyeva, Aida; Temizkan, HasanThis paper aims to implement the fuzzy TOPSIS method for solving the car selection problem. The fuzzy linguistic preference scale for measuring alternatives’ rating and criteria weight is developed using linguistic terms represented as triangular fuzzy number. The comparative analysis of available alternatives is carried out. The ranking order of alternatives is determined with respect to distance of closeness coefficient of each alternative to positive and negative ideal solutions. A numerical example for describing the proposed method is presentedItem Embargo Fitting in or feeling the tension: matching personality traits with innovation attributes of corporate coworking spaces(Elsevier Ltd, 2025-05-12) Gümüşlüoğlu, Lale; Hu, Paul; Özer, MuammerAs the sharing economy continues to grow, more and more companies are developing internal corporate coworking spaces (CCWS) to foster employee collaboration and innovation. Given the crucial role of users in the success of CCWS, past research has focused largely on current users. However, since companies frequently experience employee turnover and must onboard new hires, understanding CCWS adoption requires examining potential users as well. Building on the Person–Environment fit (P–E fit) theory, we extend the Diffusion of Innovation (DoI) framework and the Big Five personality model to explore how the characteristics of CCWS and the personality traits of potential users influence their willingness to adopt these spaces. Our two-wave empirical study found that among the diffusion attributes, relative advantage, compatibility, and observability increased adoption intentions. However, unlike previous research on innovation adoption, we found that complexity did not directly impact adoption intentions. More importantly, the moderation effects revealed that the relationship between relative advantage and adoption intentions was stronger for neurotic individuals but weaker for conscientious ones. Similarly, the relationship between compatibility and adoption intentions was stronger for introverted and conscientious individuals. The relationship between observability and adoption intentions was weaker for neurotic individuals. Finally, while complexity did not directly affect adoption intentions, people with low neuroticism were less likely to adopt CCWS when they found it complex. We discuss the implications of these findings for research and practice.Item Embargo Incentivizing group investments: Surplus sharing agreements in theory and experiment(Elsevier B.V., 2025-11-24) Guney, Begum; Kibris, Arzu; Kıbrıs, ÖzgürA better understanding of surplus sharing is crucial for improving collective action outcomes in investment contexts where individual decisions yield group-level results. This study explores how surplus sharing agreements affect total contribution levels in such environments. We first develop a theoretical framework and then examine its implications through an incentivized laboratory experiment. Our main result shows that a pre-commitment to allocating positive surpluses proportionally and negative surpluses according to a fixed ratio leads to significantly higher total contributions than allocating surpluses solely either proportionally or by a fixed ratio. Furthermore, total contributions under the purely proportional and the purely fixed sharing agreements do not differ significantly. Finally, the degree of inequality embedded in a fixed share allocation does not significantly affect total contribution levels.Item Embargo Commodity dependence: providing information on emerging market CDS spreads when economic indicators are absent(Elsevier BV, 2025-07) Ordu-Akkaya, Beyza Mina; Özyıldırım, SüheylaGiven that commodities play a significant role in the sustainability of economies, we investigate the role of commodity dependence in the economic fundamentals through sovereign CDS spreads. We employ 17 commodities and 16 emerging countries in our analysis. Results show commodities spill information over emerging market CDS spreads and the most influential commodity is copper. Hence, we check for the role of copper and risk measures of copper in CDS spreads and we see that the variance of copper is significant in explaining CDS spreads, however when local and global factors are included in the model, the significance vanishes.Item Open Access Modeling intraday jumps and cojumps in oil and currency markets: the role of U.S. macroeconomic news(Springer New York LLC, 2025-10-23) Mensi, Walid; El-Khoury, Rim; Reboredo, Juan Carlos; Şensoy, Ahmet; Al-Yahyaee, Khamis HamedThis study investigates statistically significant intraday price jumps and cojumps in crude oil and major currency markets (Australian dollar, British pound, Canadian dollar, Euro, Japanese yen, and Swiss franc) and examines their association with U.S. macroeconomic news announcements. By employing high-frequency data and the nonparametric methodology of Lee and Mykland (2008), we identify price discontinuities that reflect market reactions to scheduled news releases. Our findings reveal that the oil market exhibits a greater number of intraday jumps compared to currency markets, though the magnitude of these jumps varies significantly. Negative jumps in oil prices are typically larger than positive jumps, reflecting asymmetric responses to market conditions. Additionally, while the probability of cojumps involving oil and currencies is relatively low, currency pairs frequently exhibit simultaneous jumps. Among macroeconomic variables, Federal Reserve target interest rate decisions and non-farm payroll announcements are the most significant drivers of intraday jumps. More importantly, CPI, trade balance, non-farm payroll, FOMC decisions, retail sales, business inventories, and personal income announcement (FOMC and non-farm payroll announcements) surprises are the significant factors impacting intraday currency jumps (cojumps). The analysis also distinguishes between economically significant jumps and minor price fluctuations, emphasizing how high-frequency trading algorithms utilize jump detection for timely decision-making, and how these insights support short-term market forecasting and risk management strategies.Item Embargo Lean operations and firm resilience - contrasting effects of COVID-19 and economic recession(Elsevier Ltd, 2025-09) Çömez-Dolgan, Nagihan; Tanyeri-Günsür, Başak; Mai, Feng; Zhao, Xuying; Devaraj, SarvIn recent times, there has been a call in the Operations Management discipline to study the effect of operations strategies during pandemics. Firms adopt various strategies to sustain their competitiveness and reduce the likelihood of financial distress. Operating lean is one of these strategies to achieve sustainable efficiency and success. However, there is little empirical evidence on whether lean is an effective strategy for reducing future financial distress and remaining resilient and viable. In this study, we examine if a firm's operational leanness along three dimensions – inventory, property/plant/equipment (PPE), and supply chain – impacts the probability of future financial distress and if the effects from these dimensions are substitutable. An equally interesting and related question is whether and how this relationship is affected by challenging macroeconomic times that cause shocks to the supply chain. Specifically, we study the contextual effect of 2020 COVID-19 and also the 2001 and 2008 economic recessions. Our results address the impact of operating lean as well as highlight the differential effects of the pandemic and the economic recession on the relationship between operational leanness and the likelihood of financial distress.