Page 1


RESEARCH Schulich School of Business I 2017

SCHULICH RESEARCH DAY 2017 A Celebration of Innovation, Research Excellence and Collaboration

A GLOBAL LEADER IN RESEARCH EXCELLENCE The Schulich School of Business is a leader among the world’s top-ranked business schools for the advancement of management thinking and research. Schulich faculty have secured an impressive and ever-increasing level of external funding to support their scholarship and are increasingly invited to give presentations and take visiting appointments at other top schools worldwide.


Faculty News & Research



2 Welcome Message 4 This is Leading Change: The Graduate Study & Research Building 7 New Schulich Faculty 11 New Full Professors 13 Schulich Fellowship in Research Achievement 16 Newly Funded Projects 19 List of Chairs and Professorships

Features 22 Schulich Research Day 2017: A Celebration of Innovation, Research Excellence and Collaboration


28 Theodore J. Noseworthy Awarded Prestigious Early Researcher Award 32 Re-Imagining Capitalism: The Interview 35 Eileen Fischer Receives Coveted York University Honour 38 Ela Veresiu: Among Top 30 Under 30 42 The Media Pitch: Tips from The Globe and Mail’s Business School Research Columnist Darah Hansen 44 Irene Henriques: Moving Canada to a Low-Carbon Future. Is it possible?

New & Forthcoming Publications 48 Books 50 Journal Articles 57 Research Day Showcase



A Welcome Message from the Associate Dean, Research

The impact and reach of Schulich’s research continues to grow

It is with great pride and a thorough sense of achievement that we present the 2017 Spotlight on Research of the Schulich School of Business. We do so at a time when the School is well on its way into the next 50 years of its history. Through this publication, we offer a glimpse of Schulich’s faculty research to our stakeholders, which include our students, other academics globally, our worldwide alumni community, our granting agencies, and our generous donors. After all, one of the features that makes a school of business perform at a consistently high level over many decades is the quality of its researchers. Over the past five decades, scholars at Schulich have transformed the way management educators understand core issues in management. In January 2017, we hosted our third Research Celebration Day to recognize the work Schulich faculty members have done more recently. You will find more details a few pages further in. We invite you to peruse our publication and learn more about the fascinating research work underway at the School. Innovative While reviewing this year’s Spotlight, one cannot help but be reminded of the aphorism

2 Schulich School of Business

commonly attributed to Socrates, that “wisdom begins in wonder”. Looking at the impressive breadth and uniqueness of the research questions and topics that Schulich researchers are taking on, it is fascinating to see how we are asking the hard and unconventional questions. Who would have thought that envy can actually be a good thing in organizations (Chris Bell)? And what can modern finance and actuarial studies learn from some quaint medieval financial instruments (Moshe Milevsky)? Or, is it really true that infamously high stock option compensation for managers makes them better at their jobs (Yisong Tian)? And what can smiling babies contribute to crowdfunding (Gregory Saxton)? Schulich researchers demonstrate an audacity and a curiosity in tackling new and hitherto unexamined, or even unquestioned, issues in business and expose them to rigorous scrutiny. It is here where true innovation originates. As much as we are proud of the quality and quantity of the ultimate output of our work – and the list toward the end

of the newsletter is quite impressive – it is the fact that Schulich faculty tackles interesting, counterintuitive and unconventional research questions that makes us such a vibrant community. Global Another observation is worth highlighting: Schulich is – by many standards – Canada’s premier business school. As such our research contributes to a number of Canadian issues and addresses local challenges, be it in health, mining, indigenous communities, mortgage rates or generally engaging with domestic companies. But at the same time our research scope follows the increasing global orientation and embeddedness of many leading Canadian businesses. Our researchers take up issues pertinent to countries and regions on virtually all five continents, as well as truly global issues, be it in global soccer (Charles McMillan), global cleantech markets (Perry Sadorsky), or global corporate governance (Douglas Cumming) – just to cite some examples.

Schulich faculty members are driven to understand the pressing research questions facing business, employing a rich diversity of academic disciplines and research methods.

Diverse Similar to our global reach, Schulich’s research is also characterized by a stunning degree of diversity. This applies not just to our faculty, more than 60% of whom have an international background, coming from close to 30 countries and speaking in excess of 35 languages. It also applies to the diversity of disciplines and research approaches. Our work is conceptual and empirical, it is theoretical and applied, it uses quantitative and qualitative methods, and it draws on a variety of disciplines. This includes all the subdisciplines of management such as accounting, marketing, operations management, and organizational behaviour. We also have a strong presence in cross-cutting, emerging fields, such as sustainability, business analytics and global management. Crucially though, our researchers venture beyond their comfort zones in applying thinking from neighbouring disciplines. Be it history, international relations, mathematics, politics, sociology, or psychology – Schulich’s approach is driven by the interest

in understanding the pressing research questions for business – and a desire to bring solutions to those questions by whatever unconventional methods are necessary. A particular strength is the diversity of our research themes. The list of articles in the top tier of management journals speaks to the School’s ability to generate new theoretical insights. But in an applied science such as business studies, that is never enough. Investigating the success and opportunities of Canadian companies such as Bombardier (Justin Tan) or Opterus (Henry Kim), or investigating the success of new forms of social enterprises such as Goodwill Industries (Geoffrey Kistruck) – these are just some examples of our commitment that make our research work relevant and impactful for the real world out there.

supported by our new Graduate Study and Research Building that will open in spring 2018. It will provide a vibrant, collaborative and inspiring environment for further milestones in Schulich’s pathbreaking research activities and host a number of Centres of Excellence, including the recently established Brookfield Centre in Real Estate and Infrastructure. It is also a great milestone for acknowledging the generous community of our alumni and friends who support research, innovation and discovery at the Schulich School of Business. We hope you enjoy reading about our exciting research work as much as we enjoy sharing it with you. And most of all, we would be happy to hear from you. Please email any feedback, suggestions or comments you may have to research@schulich.yorku.ca.

The 2017 edition of the Spotlight on Research is a testament to a school that has academic excellence in research and real-world relevance at its core. Our next quantum leap will be

D R . D I R K M AT T E N

D R . FA R H A N A I S L A M

Associate Dean, Research; Professor of Strategic Management /Policy; and Hewlett-Packard Chair in Corporate Social Responsibility. Director, Centre of Excellence in Responsible Business Schulich School of Business

Research Officer Office of the Associate Dean, Research Schulich School of Business

Spotlight on Research 2017 3

The Graduate Study & Research Building Schulich School of Business

This is

LEADING “ Each time a student on campus walks past a piece of architecture, it should remind them that they have a mind, a soul, and a passion for experiencing new things. Architecture must symbolize the intellectual capacity of an institution. We sought to embody these ideals in the existing Schulich Building and will do the same with the new Building.” James McKellar, Director, Brookfield Centre in Real Estate & Infrastructure, Schulich School of Business

The Schulich School of Business complex is a tribute to world-class architecture and the new Graduate Study & Research Building will further enhance our School’s presence. Construction is on schedule for the new Building, which is set to open in Spring 2018. Now officially named as the Rob and Cheryl McEwen Graduate Study & Research Building, in honour of the generous philanthropy of the couple, this facility will occupy a very prominent position within the Schulich School of Business complex and York University. Designed by award-winning international Baird Sampson Neuert Architects, the Rob and Cheryl McEwen Graduate Study & Research Building will address three primary and urgent needs for: 1) increased student study/social space; 2) new space for academic programs; and 3) modern research facilities to accommodate the School’s new and future Centres of Excellence and growing research activity and research culture. This iconic new Building will be highly visible and located at the front entrance of York University’s Keele campus, adjacent to the new TTC subway station. This state-of-the-art expansion to the Schulich complex is on the north-east side of the complex and is the

centrepiece of the School’s Leading Change fundraising and alumni engagement campaign. The 67,000-square-foot structure will stand as one of the most environmentally sustainable and socially responsible academic buildings in North America. The Building will also mark a shift away from a traditional departmental structure and will support new organizations within the School that are cross disciplinary, research driven, and represent new academic programs. For instance, it will house a number of Centres of Excellence in areas of management education where Schulich is a global leader. These include Schulich’s Centre of Excellence in Responsible Business, the Centre for Global Enterprise, the newly established Brookfield Centre in Real Estate and Infrastructure, and a future Centre of Excellence in Business Analytics. These Centres will strengthen our ability to expand Schulich’s global reputation and form the essential building blocks to new ways of thinking and doing. Above all, the new Building will embody Schulich’s commitment to enhance the learning experience for all members of our community through a collective effort that is both environmentally and socially responsible. “The Rob and Cheryl McEwen Graduate Study & Research Building will be a landmark facility

MAY 18, 2017

The Rob and Cheryl McEwen Graduate Study & Research Building


4 Schulich School of Business

JUL 21, 2017

in terms of sustainability and education,” said Professor James McKellar, Director of the Brookfield Centre in Real Estate and Infrastructure and key advisor on the new Building. “More importantly, it will establish us as leaders in management education. It is a concrete statement of what we believe in,” said McKellar. He explained: Many technical features place this Building at the forefront of environmental sustainability in North America. For example, a solar chimney will drive natural ventilation in the warmer months and heat air in the colder months. Windows will open, natural light will flood every space, and a central courtyard will reinforce a direct connection between inside and outside. The Building will be among the very few buildings in Canada incorporating Thermally Active Building Systems, based on the principles of radiation. On the social side, the Building will offer a range of student study spaces, lounges, a second marketplace, a café, and even our own fitness facility to promote personal wellbeing. On the teaching side, three new flat-floor classrooms will enhance our ability to venture into new forms of instruction that rely more on collaborative experiences in the classroom, supported by a Media Production Centre.

AUG 9, 2017

“The Rob and Cheryl McEwen Graduate Study & Research Building will support Schulich’s growth in both research activity and research culture. At Schulich, we know that the best research comes from bringing together top minds in one place, at one time, to solve specific problems and then applying that knowledge to the world of business. Providing the environment for our faculty and students to collaborate, discover and engage is both our vision and our responsibility. The incredible generosity of the McEwens and all of the donors who have contributed to the new Building is making this vision a reality in a very significant way.” Dean Dezsö J. Horváth, CM, speaking to the School’s commitment to fostering research and discovery and the role of the new Building

Spotlight on Research 2017 5


6 Schulich School of Business

New Schulich Faculty

Charles H. Cho

CHARLES H. CHO Professor of Accounting and Erivan K. Haub Chair in Business and Sustainability

Research Keywords • • • • •

Accounting – Public Interest Business – Environment Business and Sustainability Business Ethics Corporate Social Responsibility

Charles H. Cho is a Professor of Accounting and the Erivan K. Haub Chair in Business and Sustainability at the Schulich School of Business, York University. He holds a Bachelor of Science in Accounting, a Master of Science in Accounting, and a PhD in Business Administration (Accounting Track) from the University of Central Florida. He has also worked for KPMG LLP and other public accounting firms in auditing and taxation. His research interests include Social and Environmental Accounting; Corporate Social Responsibility; and Accounting and the Public Interest. He has published papers in leading academic journals, including Accounting, Auditing and Accountability Journal; Accounting, Organizations and Society; Critical Perspectives on Accounting; European Accounting Review; and Journal of Business Ethics. He has also contributed chapters to several books. He has presented his work at national and international conferences, including the American Accounting Association’s Annual Meeting; the Canadian Academic Accounting Association; the European Accounting Association’s Annual Congress; and the International Congress on Social and Environmental Accounting Research. Charles’ primary research area is social and environmental accounting and reporting, under the umbrella of sustainability, corporate social responsibility (CSR), and accountability. He currently serves as an Accounting Section Co-Editor for the Journal of Business Ethics and as an Associate Editor for Accounting and the Public Interest and Sustainability Accounting, Management and Policy Journal. In addition, he serves on the Editorial Boards for 14 other academic journals. He is regularly invited as plenary keynote speaker at international conferences and is actively involved in the academic community as a Council member of the Centre for Social and Environmental

Accounting Research and as Chair of the International Associates Committee. He has taught financial and managerial accounting courses and has designed several CSR/ sustainability and business ethics courses at the undergraduate and graduate (MBA, MSc, PhD) levels as well as for executive education programs for corporate managers.

Research Projects Charles’ primary research area is social and environmental accounting and reporting, under the umbrella of sustainability, corporate social responsibility, and accountability. More specifically, Charles investigates corporations’ social and environmental performance and their associated disclosure and reporting (Cho & Patten, 2007; Cho et al., 2012a; Cho et al., 2016), and relies on theories of corporate legitimacy, impression management, stakeholder accountability, and organized hypocrisy (Cho et al., 2015a) to develop and empirically test hypotheses regarding corporations’ strategic use of social and environmental information and activities to manage their relations with society (Cho, 2009). Some variants to this research that he has been conducting using various methodologies include: the language and tone of environmental disclosure (Cho et al., 2010); the use and (misuse) of graphs in stand-alone sustainability reports (Cho et al., 2012b; 2012c); assurance of CSR/sustainability reporting (Cho et al., 2014); the market reactions to CSR information (Cho et al., 2015b); user perceptions of CSR (Krasodomska & Cho, 2017) and CSR information (Cho et al., 2009); the politics of environmental regulation (Cho et al., 2008a; Cho et al., forthcoming); and astroturfing (Cho et al., 2011) and the role of (1) environmental disclosure/performance on environmental reputation (Cho et al., 2012), (2) regulation and authoritative guidance for social and environmental disclosure practices (Cho & Patten, 2008; Cho et al., 2013), and (3) governance on CSR/sustainability performance ratings (Cho et al., 2017).

Spotlight on Research 2017 7

New Schulich Faculty cont’d

Avis Devine

AVIS DEVINE Associate Professor of Real Estate and Infrastructure

Research Keywords • • • • •

Sustainable and Energy-Efficient Real Estate Commercial Real Estate Multifamily Housing Institutions Emerging Markets

8 Schulich School of Business

Avis Devine is an Associate Professor of Real Estate with the new Brookfield Centre in Real Estate and Infrastructure at the Schulich School of Business. Previously, Avis was an Assistant Professor of Real Estate with the University of Guelph’s College of Business and Economics. Prior to her academic career, she has been the Assistant Vice President in charge of commercial real estate underwriting and valuation for Dollar Bank, FSB in Pittsburgh. Avis has a BS degree from Westminster College, where she majored in Financial Economics, Business Administration and Music (Piano); an MBA from Duquesne University with a concentration in Management; and a PhD in Finance from the University of Cincinnati. Avis’ body of research has largely focused on the financial impacts of sustainability and energy efficiency on real estate. Avis has earned several research awards, including the 2016 Royal Institute of Chartered Surveyors Award for Best Paper on Sustainability. Her doctoral dissertation was recognized with the 2014 Aareal Award of Excellence in Real Estate Research. Her sustainable real estate research has received much industry support, including consultative research funded by private investors and major corporations, and a grant from the European Public Real Estate Association. Her work has been featured in The Globe and Mail; Financial Post; Business Mirror; Commercial Property Executive; and Business in Vancouver. Her blend of industry experience and topical academic research makes her an in-demand executive educator, and she has been featured in The New York Times on the topic of real estate education.

Research Projects Avis’ research has largely focused on the financial impacts of sustainability and energy efficiency on real estate. She has examined the impact of environmental certification on multifamily rental rates (Bond and Devine, 2016a) and the relative success of governmental green single-family home construction incentive programs (Bond and Devine, 2016b). Her most-cited work is a study of Bentall Kennedy’s U.S. and Canadian office portfolio, identifying the relative strengths of environmentally-certified properties. This study found that “green” certified buildings experienced higher rental and occupancy rates, greater tenant retention and tenant satisfaction, and paid out less in tenant improvement allowances, concluding that environmentally-certified buildings are associated with “stickier” tenants and are a lower risk investment than their traditionallyconstructed counterparts (Devine and Kok, 2015). In addition to authoring a book chapter on energy-efficient commercial real estate, Avis has four sustainable real estate projects in advanced stages. With co-author Qingqing Chang, Avis is examining the retail impacts of environmentally-certified real estate on space users. Her work with Lianne Foti, in partnership with one of Canada’s leading “green” homebuilders, examines the unique challenges to mass adoption of energy-efficient residential real estate. The grant-funded European Public Real Estate Association research has grown into a paper with Erkan Yonder that examines the decomposition of environmental-certification benefits to a Real Estate Investment Trust. This research identifies to which operational aspects the well-documented “green” financial benefits agglomerate, and how that differs by country. As well, Avis is exploring the role of green building certification programs in attracting foreign direct investment to emerging market countries.

Brent Lyons

BRENT LYONS Assistant Professor of Organization Studies

Research Keywords • Organizational Behaviour • Stigma and Identity • Micro-Foundations of Social Change

Brent Lyons is an Assistant Professor of Organization Studies at the Schulich School of Business. Prior to joining York University, Brent was an Assistant Professor of Management and Organization Studies at Simon Fraser University. He received his PhD in Organizational Psychology at Michigan State University in 2013. His research involves the study of stigma in organizations and how individuals with stigmatized social identities, such as disability, navigate their work and relationships to reduce consequences of stigma. Brent has published his work in several top-tier journals, including Academy of Management Review; Journal of Applied Psychology; Journal of Management; and Organizational Behavior and Human Decision Processes. His research has been supported by multiple grants from the SSHRC, and he has received a number of research awards, most recently from the Society for Industrial and Organizational Psychology and the Society for the Psychological Study of Culture, Ethnicity, and Race. Brent also serves on the editorial boards of Journal of Management, Organizational Behavior and Human Decision Processes, and Journal of Vocational Behavior. Brent’s research involves the study of stigma in organizations and how individuals with stigmatized social identities, such as disability, navigate their work and relationships to reduce consequences of stigma.

Research Projects Some of Brent’s current research seeks to address how individuals with stigma and their co-workers can reduce the consequences of stigma in organizations. In one field study, Brent followed the socialization experiences of employees with disabilities entering their first post-graduate jobs. He examined how the choices they made about disclosing their disability to their organization and co-workers impacted their social inclusion and job performance. In another experimental study, Brent examined how heterosexual employees responded to efforts of their gay and lesbian co-workers to destigmatize their minority sexual identities. Brent argues that both individuals with stigmatized and nonstigmatized identities are involved in producing stigma, and he is examining the psychological mechanisms that underlie non-stigmatized employees’ resistance to or facilitation of destigmatization efforts. In another study, Brent is examining why co-workers of employees with severe disabilities experience positive elevation in attitudes and performance. Brent partnered with a social enterprise in Vancouver that recently implemented an employment program for people with neurodevelopmental disabilities. At the start of the program, he followed how the co-workers developed relationships with the new employees, how they made sense of disability employment, and how their own attitudes about the organization and performance changed over time.

Spotlight on Research 2017 9

New Schulich Faculty cont’d

Gregory D. Saxton

GREGORY D. SAXTON Assistant Professor of Accounting

Research Keywords • • • • •

Big Data and Data Analytics Voluntary Disclosure Nonprofit Organizations Corporate Social Responsibility Social Media

Gregory D. Saxton is an Assistant Professor of Accounting at the Schulich School of Business. Previously, he was an Associate Professor of Communication at the University at Buffalo, State University of New York (SUNY), and an Associate Professor of Public Administration at SUNY, College at Brockport, and has taught at Virginia Commonwealth University and the Singapore Institute of Management. He has a PhD in Political Science from Claremont Graduate University (2000) as well as a PhD in Accounting from York University (2016). He also has an MA in Public Policy from Claremont Graduate University, an MA in Political Science from McGill University, and a BA in Political Science from the University of Victoria. He has worked for the California state government and as a consultant to nonprofit organizations. Greg’s research focuses on the role and effects of technology – especially Big Data and social media – on the flow of information to and from organizations, particularly nonprofit organizations. His research has been widely published in an array of highly ranked business and social science journals, including Accounting, Organizations and Society; Journal of Business Ethics; Nonprofit and Voluntary Sector Quarterly; Journal of Communication; Public Administration Review; Australian Accounting Review; Information Systems Management; British Journal of Political Science; and Journal of Accounting and Public Policy. He also serves on the editorial board of both Nonprofit and Voluntary Sector Quarterly and Voluntaristics Review and has won Best Paper Awards from the National Communication Association; the International Communication Association; the Association for Research on Nonprofit Organizations and Voluntary Action; and the American Review of Public Administration.

10 Schulich School of Business

Research Projects Among his recent projects, Greg is leveraging Big Data and data analytic techniques to analyze textual and social media data in a variety of accounting contexts. For instance, in one study recently published in the Journal of Business Ethics, he examined how firms use social media, particularly Twitter, to communicate corporate social responsibility (CSR) behaviours with the public. Building on signaling theory, the paper asks whether and how messages conveying CSR-related topics resonate with the public and, if so, which CSR topics and signal qualities are most effective. In another study, appearing in Accounting, Organizations, and Society, he examines how large accounting firms use social media both to communicate with external stakeholders and to professionalize employees. A third study, recently published in the Journal of Accounting and Public Policy, examines the role of voluntary disclosure of financial and non-financial information in increasing donations to nonprofit organizations. In other recent work, Greg has examined such topics as crowdsourcing; the effect of stock bloggers on stock prices and information asymmetries; new forms of social media-based social capital; the use of social media in nonprofit fundraising; how firms react to public CSR demands; and the accumulation of reputational capital from CSR-based activities. In these and other ongoing studies, he has become increasingly interested in the application of a variety of machine learning techniques – including stability selection, support vector machine algorithms, and latent Dirichlet allocation topic modeling – to code and analyze Big Data.

New Full Professors

Schulich faculty members are leading scholars from the world’s best universities. Their award-winning research is recognized globally. Three members of Schulich’s faculty have recently been advanced in position from Associate Professor to Professor.

Moshe A. Milevsky Moshe A. Milevsky is a Professor of Finance at the Schulich School of Business and a member of the Graduate Faculty of Mathematics & Statistics. He is a Fellow (2002) of the Fields Institute, has a PhD in Finance (1996) as well as an MA in Mathematics (1992), both from York University. In fact, he recently celebrated his 25th year on campus together with his 50th birthday.

MOSHE A. MILEVSKY Professor of Finance

Research Keywords • • • • • • •

Retirement Planning Wealth Management Pension Valuation Exotic Derivatives Actuarial Science Variable Annuities History of Financial Products

His research interests lie at the intersection of financial mathematics, actuarial insurance and wealth management. He has published more than 60 peer-reviewed articles in top-tier journals in those sub-fields. In particular, he is known as a leading expert on the topic of annuity market guarantees as well as the valuation of longevity-contingent claims. His research work has been funded by SSHRC, MITACS, NETSPAR, the CFA Institute, and the Society of Actuaries. He has written 12 books, as well as many articles and editorials published in the National Post, The Globe and Mail, and The Wall Street Journal, among other publications.

Milevsky has also consulted widely for companies within the financial services industry. In an attempt to put theory into practice in 2005, he founded a FinSurTech start-up company called QWeMA Group, which designed proprietary and patented algorithms for retirement income product allocation. After a few years of sales and growth, the company and its intellectual property were acquired by CANNEX Financial Exchanges in 2013. He continues to serve as a board member and occasional gadfly at CANNEX. Investment Advisor magazine recently named him one of the 35 most influential people in the U.S. advisory business. Now that he is a full professor, he plans to devote more of his time to historical research in the field of insurance and financial products, with particular emphasis on 17th century England. His latest book, The Day the King Defaulted: Financial Lessons from the Stop of the Exchequer in 1672, was published by Palgrave Macmillan in September.

Spotlight on Research 2017 11

New Full Professors cont’d

Cameron Graham

CAMERON GRAHAM Professor of Accounting; Area Coordinator, Accounting

Research Keywords • • • • • •

Accounting Poverty Indigenous Peoples Microfinance Homelessness Pensions

Cameron Graham, Professor of Accounting at the Schulich School of Business, has established a global reputation for his groundbreaking research on the relationship between accounting and poverty. His work has examined the subjugation of First Nations in Canada, the development of the Canadian retirement income system, the use of social impact bonds to fund homelessness services in the UK, the implementation of for-profit microfinance in rural Sri Lanka, the use of lending agreements by the World Bank to restructure basic education in Latin America, and the attempts of multinational companies to develop bottom-of-the-pyramid business programs in Mali. This breadth has been achieved in collaboration with leading critical accounting, business ethics and management researchers. The resulting papers have been published in top-tier journals in both accounting and management. Cameron’s current research is on the accounting practices of nonprofit homelessness programs and on improving employment outcomes for people with disabilities.

David Johnston

DAVID JOHNSTON Professor of Operations Management and Information Systems

Research Keywords • • • • •

Supply Chain Management Sustainability Organizational Process Innovation Health and Safety Healthcare Operations

12 Schulich School of Business

David Johnston is a Professor of Operations Management and Information Systems at the Schulich School of Business. David’s research is in the areas of supply chain management, sustainability and the management of innovation. He began his career examining how best to manage work in mining, then broadened his scope to other manufacturing sectors such as electronics, and more recently, healthcare. His specific expertise and research interests are Supply Chain Relationship Management; Health and Safety; Sustainability in Operations and Supply Networks; Adoption, Implementation and Transfer of New Technology; Process Improvement; Operations Strategy Assessment and Implementation; and Operational Risk Management. David is an empirical researcher who is focused on the operational sustainability of international supply networks, including the operation of safe and environmentally responsible production processes. He has

Cameron is an Associate Editor of Critical Perspectives on Accounting and a member of the editorial boards of Accounting, Organizations and Society; Accounting, Auditing & Accountability Journal; and Contemporary Accounting Research. He is the coordinator of Schulich’s accounting area and is a former director of the Schulich MBA Program. His research website, Fearful Asymmetry (www.fearfulasymmetry.ca), helps to disseminate accounting research in a highly readable format to a general audience. Cameron was awarded the Queen’s Jubilee Medal in 2013 for his research on Canada’s First Nations. He is a member of the Board of Directors and former Chair of the Canadian Abilities Foundation, which for more than 30 years has published Abilities, Canada’s lifestyle magazine for people with disabilities. With a prior career of 20 years in information systems, Cameron combines practical experience with academic insight.

studied cooperation between firms in industry networks to create and transfer best practices and solve responsibility supply coordination problems. A strong theme in his past work has been on the importance of knowing when and where to foster a culture of collaboration and innovation between customers, suppliers, employees, and even competitors. He has also researched public policies for the adoption and implementation of process-improving digital technologies by both small and medium sized organizations internationally. Recently, he won a Schulich Research Fellowship to pursue research on improving operations in the Canadian healthcare system using case studies and business analytics. David has taught in the Kellogg-Schulich Executive MBA and Schulich PhD, MBA, BBA, and Executive Education programs. He has been a visiting professor in the United States, South Africa, Thailand, and Spain. He is currently the task force leader for Schulich’s forthcoming Master of Supply Chain Management program.

Schulich Fellowship in Research Achievement

The Schulich Fellowship in Research Achievement is awarded annually to a small number of Faculty members at the Schulich School of Business. These fellowships provide release time from teaching as well as funds to support research. The intention of these awards is to free up research time, and thus enhance the holder’s research productivity.

Stan Xiao Li My research attention revolves around the network view of strategic management. During the Schulich Fellowship year, my research will centre on a particular, peculiar puzzle in network research: Can one social actor’s social status be transferred from one market to another?

STAN XIAO LI Associate Professor of Strategic Management /Policy

To tackle this question, I propose the use of the network perspective to investigate job movers between two different job markets. There are two types of cross-market job movers: Downward cross-market job movers refer to people who move from a prestigious labour market to a less prestigious one. Upward cross-market job movers refer to people who move from a less prestigious labour market to a prestigious one. Market A is deemed more prestigious than Market B when skill signals acquired by individuals from Market A (e.g., work experiences or educational credentials) are preferably acknowledged by recruiters in Market B, but not vice-versa. The central research questions of my future studies are: whether and how downward movers successfully land jobs, and what discrimination will they face? This new phase in my research attempts to contribute to network studies in two fronts. First, I will attempt to be one of the first to outline the insidious discrimination that downward job seekers may experience: they are likely to accept jobs with lower status, higher job insecurity and narrow job responsibilities in the destination market.

Second, I will aim to integrate two independently developed streams of research: social status research in the field of management with the social characteristic line of research in sociology. By integrating the two lines, I aim to show that the magnitude of status reduction that job seekers experience is disparate, depending on the job seeker’s status in the origin market. My new line of studies aims to be the first to propose that job seekers with mid-level status in the origin market fare worse in the destination market, in comparison to job seekers with either a high or low level of status in the origin market. To initiate this phase of research, I have identified a research context with rich data sources: the Greater China movie industry. Due to political, historical and language reasons, the Greater China movie industry was segregated into three isolated markets (i.e., mainland China, Hong Kong and Taiwan) since the birth of cinema in Greater China in 1905. I have planned two stages for gathering data. In the first stage, initial interviews will be conducted to produce lists of the possible status characteristics prevalent in the three markets at some specific historical eras (1940s, 1970s, and 1980s) when there were major waves of downward cross-market movements. Based on these interviews, surveys will be used to collect information on the status characteristics. In the second stage, independent variables, dependent variables, and control variables will be constructed for data analysis.

Spotlight on Research 2017 13

Schulich Fellowship in Research Achievement cont’d

Wade Cook

WADE COOK Professor of Operations Management and Information Systems; Gordon Charlton Shaw Professorship in Management Science

My research over the past 30-plus years has focused on the development of mathematical optimization models for benchmarking and for evaluating the efficiency/productivity of a reference set of decision-making units (DMUs). Examples include the measurement of relative efficiency of sets of bank branches, hospitals, maintenance facilities, research projects, etc. This line of research is referred to as data envelopment analysis (DEA) and since its inception via Charnes, Cooper and Rhodes (1978), literally thousands of papers and books have been written on the subject. In the coming year, I, together with Professor Lionel Li and the Post Doctoral Fellow, will be pursuing research on a number of papers on particular types of non-homogeneous settings involving efficiency measurement. Generally, we will be examining supply chain efficiency, non-homogeneity of DMUs and problems involving by-products. Paper 1 (targeted at Operations Research) involves a set of high technology plants in China. Some plants, especially the older established ones, use part of their profits from

Chris Bell

CHRIS BELL Associate Professor of Organization Studies Area Coordinator, Organization Studies

14 Schulich School of Business

Envy and Social Identity. Usually we think of envy as a negative emotion. It feels bad to be envious because it implies that we are lesser than others. Envy also motivates some nasty behaviour towards other people. In a project with incoming PhD student Camellia Bryan, we asked whether envy might have positive effects. A functional theory of emotion argues that emotions, even negative ones, have beneficial purposes. Guilt, for instance, motivates us to address harms we’ve done and mend relationships. In our first exploratory study, we asked Schulich students to think about another Schulich student who they considered to be a better performer than them, and to think about students from a competing business school. Both envy of another Schulich student and envy of students from a competing business school were negatively associated with perceptions that the job market rewarded criteria other than performance, like friendships or ingratiation. In other words, we found that envy was related to support for social systems and institutions. That’s interesting, because often an envying person will try to feel better by dismissing the other party’s achievements or reputation as illegitimate and unfairly won.

the first stage of their operation to engage in R&D in the second stage, leading to the generation of awards and patents (this is a type of two-stage supply chain). Other (usually new and smaller) firms do not engage in R&D (a single-stage supply chain). Paper 2 (targeted at Management Science or Operations Research) will look at the general multistage supply chain where, unlike Paper 1 in which the second stage is missing, there are instead missing links or stages internal to the chain. Consider, as a simple example, a situation where one retailer has a product shipped directly from a manufacturer to the store, while for another retailer the same product involves shipments from a manufacturer to a warehouse, and then on to a retail outlet. In this case, certain firms have missing steps internal to the supply chain. Paper 3 (targeted at IEE Transactions) will look at a general benchmarking setting involving by-products. The paper will explicitly examine chemical industries where some by-products are desirable while others are not environmentfriendly. Explicit efficiency measurement issues of industries incurring damaging environmental impacts will be examined.

Our data showed that the envied others were considered to be genuinely better performers (although also less warm and friendly). This consideration appears to generalize, in that it is in turn legitimate for a legitimate high performer to get more and better offers on the job market. Nevertheless, thinking that envy is grounded in legitimate comparisons and that the market will further reward envied others has pretty lousy implications for the envying person. What could possibly be positive about envy? Well, it turns out for instance that envying another Schulich student was very strongly related to an assessment that the market was an even playing field and not one that favored students from the competing business school. In other words, sharing an identity with someone you envy has a protective effect against social comparisons with people from competing groups. You bask in the barbed halo of a high performing fellow Schulich student. Interestingly, this effect was stronger for envy than admiration of another Schulich student. These are some of the findings of our initial, exploratory project in a program of research that will be the subject of a SSHRC grant proposal this coming year.

Kiridaran (Giri) Kanagaretnam


This research is part of our SSHRC-funded research program focused on examining the effects of informal institutions on earnings quality. In particular, using a sample of public and private banks and a county-level index for social capital in the U.S., we plan to study how social capital relates to bank earnings quality. We develop two testable research hypotheses. First, we posit that social capital is positively related to bank earnings quality. We reason that social capital influences mutual trust between bankers and other stakeholders, which acts as a deterrent to opportunistic/self-serving actions, and acts as a social norm for collective actions that weaken bank managers’ motives for distorting financial reports. Second, we are more interested in the relation between social capital and earnings quality for small, community-based banks that are less subject to internal and external monitoring mechanisms.

Ambrus KecskĂŠs

AMBRUS KECSKÉS Associate Professor of Finance

During the fellowship year, I intend to work on three projects. In the first of these projects, I study whether personal disaster experiences affect financial risk-taking by institutional investors. The job of professional money managers (of mutual funds, pension funds, hedge funds, etc.) is to make smart risk and return tradeoff decisions. Individual investors without the same education, experience, and incentives as institutional investors are well known to be prone to mistakes in their investment decisions, often for reasons that can be traced back to evolutionary forces. One of the important mistakes made by individual investors is to alter the composition of their portfolio as a result of events that affect their personal lives (e.g., a family death, divorce, etc.) but have no effect on the risk-return profile of the assets in their portfolio. Institutional investors are supposed to be above making such simple and avoidable errors. In the second of my projects, I study the effect of political partisanship on corporate decision making. Political parties around the world have generally clearly defined and fairly stable attitudes toward free enterprise. It is well known that uncertainty around elections can

We focus on small, unaudited, private banks that are not subject to Federal Deposit Insurance Corporation Improvement Act internal controls and mandatory auditing requirements and that are most likely to be community-based financial institutions. We posit that the relation between social capital and bank earnings quality is more pronounced for small, unaudited private banks than in other banks. In a related project, we plan to examine the effects of social capital on corporate innovations. Using social capital as a proxy for trust, we argue that too little or too much trust is bad for innovation. In other words, we expect a non-linear relationship between social capital and innovation. We will use a county-level index for social capital in the U.S. and several proxies for innovation (e.g., research and development expenditure, number of patents and number citations per patents). Our large sample analyses will enable us to examine industry specific tests as well other moderating factors.

affect corporate investment decisions (with the evidence pointing variously to more and less investment). At the same time, electoral competition is widely argued to lead to convergence in economic (and social) policies. The outstanding question is: Does political partisanship affect the behaviour of business? In particular, do parties from opposite ends of the political spectrum meaningfully affect corporate investment, employment, and innovation decisions? In my final project, on which I am working with one of our PhD students, I study the role of ownership structure on the effectiveness of third-party corporate governance agents. During the last couple of years, several market participants as well as regulators (notably, the SEC) have expressed concern that proxy advisors (notably ISS and Glass Lewis) wield too much power. These proxy advisors are hired by institutional investors (such as mutual funds) to provide them with recommendations on how to vote their shares in publicly traded firms. In this project, I study the effect of changes in the ownership structure of proxy advisors on their voting recommendations and the extent to which this expropriates other shareholders of the target firms.

Spotlight on Research 2017 15

Newly Funded Projects Schulich researchers continue to successfully secure funding from Canada’s Multi-agency Research Funding Collaboration, the major source of research and scholarship funding for Canadian universities. Schulich researchers predominantly receive funding from the Social Sciences and Humanities Research Council (SSHRC) and the Natural Sciences and Engineering Research Council (NSERC). The Canada Foundation for Innovation (CFI) Institutional Operating Fund

Natural Sciences and Engineering Research Council of Canada (NSERC)

The Innovation, Design, and Consumption Laboratory


Principal Investigator: Theodore J. Noseworthy The CFI infrastructure will assist in advancing our current understanding of how consumers make sense of innovation, and how marketers can better communicate innovative goods and services to facilitate adoption. The end goal is to inform business and policymakers not only about the benefits of properly communicated innovation, but also about the potential costs of ambiguous products to susceptible consumers and society at large. This consumer innovation research has three programs that collectively examine: 1. How marketers can better communicate radical (disruptive) innovation; 2. How consumers can be susceptible to ambiguous foods and thus may need to be highly informed when it comes to food innovation; and 3. How behaviours can alter with the introduction of monetary/currency innovation. The CFI funds have allowed Noseworthy to build and equip a state-of-the-art behavioural lab that is dedicated to the study of product design and innovation.

Ontology-Based Reference Model for Financial Business Processes in Retail for Opterus Principal Investigator: Henry Kim Opterus Inc. is a privately held software company, founded in 2006 and based in Ontario, Canada. Its mission is to provide an efficient, cost-effective information-storing and execution management tool that increases productivity and improves retail enterprise communication. All of this is achieved through an easy to access, easy to implement solution for any retail environment. Opterus was interested in ensuring inter-operability between its solution and the variety of systems used by their clients. To help in this endeavour, Opterus collaborated with Henry Kim and the Schulich School of Business to develop a reference data model useful for modelling retail business processes, particularly those that collect and aggregate data for financial reporting. This collaboration was funded by an NSERC Engage grant. Kim’s expertise in ontologies was leveraged to develop this model. Opterus hopes to develop inter-operability tools and capabilities based on this reference model, thus enhancing its capabilities and offering more value to its clients.

Social Sciences and Humanities Research Council (SSHRC)


Institution Maintenance and Legitimacy Basis Principal Investigator: Stan Xiao Li Research in organization theory has long confronted the following puzzle: How do some institutions survive legitimacy challenges for a remarkably long time? For instance,

16 Schulich School of Business

the institutionalized practice of Christmas, a ritual that started as a pagan festival, endures with an astounding longevity. Over the past three decades, the general public has been captivated by another striking example (Gilley, 2008): although the tides of communism have largely ebbed away, the power monopoly of the Chinese Communist Party (CCP) in China continues to the present day. The objective of this study aims to uncover the strategies the CCP uses to preserve the institution of power monopoly.

Social Sciences and Humanities Research Council (SSHRC)



Cooperating with the Competitors: The Experience of Bombardier in China

Stock-Based Compensation and Corporate Risk Management

Principal Investigator: Justin Tan

Principal Investigator: Yisong Tian

The research proposes to examine cooperative competition (coopetition) strategies and knowledge transfer. We attempt to gain insights on the dynamic interplay between upstream cooperation and downstream competition and address the following research questions: Why do competitors choose to cooperate? How does cooperation and competition co-evolve and affect firm competence? The research is grounded in a theoretically significant issue about simultaneous cooperation and competition, or coopetition. This proposed research not only contributes to academic research, but also offers added insights on an issue with profound implications for vital Canadian economic interests. The importance of this research is validated by increasing collaboration among competitors in various key industries. Our study will be set in the rail transportation equipment manufacturing industry, and focuses on a series of strategic alliances between Montreal-based Bombardier and its extensive network of competitors in the fast growing Chinese rail transportation infrastructure market.

When revenue is tied closely to volatile market (e.g., commodity) prices, companies often use derivatives (e.g., forward or option contracts) to manage the risk in order to maintain profitability and minimize the likelihood of bankruptcy. Nevertheless, different companies in the same industry often adopt different risk management strategies (aka hedging policies), such as using different hedging instruments (e.g., forward vs. option contracts) and using different hedge ratios (how much of the risk to hedge). There is very little research on how top managers’ stockbased compensation (e.g., stock and option grants) impacts these hedging decisions. This is quite surprising given that more than half of a typical CEO’s pay is stock-based (either restricted stock or options) and how much such incentivebased pay can affect managerial attitude toward risk management. Do managers who are provided with different levels of stock-based pay hedge differently? Does the mix of stock and option grants matter? In the proposed research, I will fill this gap in the literature and examine the impact of stock-based compensation on corporate hedging decisions and whether or not the mix of restricted stock and option grants is an important factor for these decisions.


Information Content of Financial Analysts’ Site Visits Principal Investigator: Hongping Tan Access to management is a valuable source of information for financial analysts. The natural secrecy of private interaction with management, however, has hindered our knowledge of the exact information flow between analysts and their visited firms. This research program utilizes a unique setting in China in which firms listed on the Shenzhen Stock Exchange are required to disclose the main discussion content of the site visits within two days after any visits by market professionals since July 2012. We explore the following questions: • What are the major topics asked by analysts during their site visits?


Status Attainment in a Foreign Country Principal Investigator: Stan Xiao Li Although both academics and practitioners have widely acknowledged that cross-country mobility can advance a person’s career, neither of them have offered systematic evidence for the central question in this study: What are the mechanisms that affect the ability of individuals in one country to attain status in another country? This research attempts to investigate the change in social status of a job mover who moves from one labour market to another labour market.

• Does the information that analysts collect through site visits affect their forecast revisions? • Is the market reaction to analyst forecasts different between the analysts who have visited the firms and those who have not done so?

Spotlight on Research 2017 17

Newly Funded Projects cont’d


The Impact of Monetary Incentives and Deontic Justice on Whistleblowing Reporting to Tax Agencies Principal Investigator: Linda Thorne By introducing a monetary incentive, government agencies presume that whistleblowers are motivated by extrinsic factors, such as financial gain, and that by offering monetary incentives, potential whistleblowers will be motivated to blow the whistle. Nevertheless, there is empirical evidence suggesting that individuals will sacrifice personal gains (i.e., financial incentives) to punish others for unfair behaviour (Turillo et al., 2002). Given that prior research shows that whistleblowers are, and perhaps primarily, motivated by intrinsic perceptions of justice (Douhou et al., 2012; Gundlach et al., 2003), we examine the impact of monetary incentives on whistleblowers’ intentions to report a transgression to the tax authority by using an experimental approach to consider the combined impact of external rewards and intrinsic need for justice on individuals’ propensity to blow the whistle. We empirically consider how deontic justice and external rewards encourage or undermine individuals’ propensity to blow the whistle.


Are Tontine Annuities Feasible in the 21st Century? Principal Investigator: Moshe A. Milevsky While the concept of a natural tontine annuity in which expected payouts decline in proportion to survival probabilities was shown to be optimal in a utility-maximization framework, in prior theoretical work published by Milevsky and Salisbury (2015, 2016), the question remains whether the structure can be operationalized in practice. For example, given the current term structure of interest rates and current mortality rate projections, what would the natural tontine payout be at age 60, 65, or 70? More importantly, how would it compare with payout rates on conventional life annuities? Assume that a group of 1,000 Canadians, now age 65, had entered into a tontine scheme in 1985, based on prevailing interest rates and mortality rates. What would the distribution of their income have been over the ensuing 30 years, assuming mortality patterns were consistent with Canadian mortality rates? Comparing different projection methodologies from 1985, what would the actual impact on ongoing payouts rates have been? What sort of capital and regulatory requirements would an insurance company face? In sum, the main research question is: Are tontine annuities feasible in the 21st century?


Whistleblowing and Taxpayers’ Monetary Incentives Principal Investigator: Linda Thorne In the past decade, North American tax authorities have made special efforts to encourage individuals to blow the whistle on major cases of tax evasion by offering monetary incentives. The United States has offered tax whistleblower awards since the Civil War, but these awards were discretionary and seldom claimed. In 2006, American tax laws were changed to stipulate award amounts (up to 30% of taxes collected), and in 2007, an official Tax Whistleblower Office was created to oversee the processing and granting of financial awards, which has led to a dramatic increase in the number of claims (West et al., 2012). More recently, in 2014, Canada established a tax whistleblower award program for the first time, in which whistleblowers are eligible for a financial award in cases of major international tax evasion (from 5% to 15% of taxes collected; CRA 2016). Although the Canadian Revenue Agency does not publicly report on the success of this initiative, the Internal Revenue Service (the tax authority in the United States) has paid in excess of $315 million to whistleblowers between the 2011 and 2015 fiscal years (GAO 2015). This project examines the literature with a view to the identification of the effectiveness of monetary incentives and the important thresholds used to encourage Taxpayers’ whistleblowing.

18 Schulich School of Business


Strategic Challenges among Hybrid Organizations: A Field Experiment in Collaboration with Goodwill Industries International Principal Investigator: Geoffrey Kistruck Co-PIs: Angelique Slade Shantz, Libby Weber, and Isaac Smith In this research program, we will undertake a field experiment in collaboration with one of the largest and most well-known social enterprises, Goodwill Industries International, around strategic issues related to hybridity. More specifically, we will design and execute a pilot study to explore alternative ways of leveraging non-traditional mechanisms to identify, motivate and retain a workforce comprised of vulnerable or at-risk individuals. Given the stated goals of the RiO grant of connecting research and practice, and strong engagement between strategy researchers and strategic decision-makers, we feel that the collaboration with Goodwill represents an ideal organizational setting in which scholarly and practical collaboration has an opportunity to generate new knowledge that can contribute to both strategic management theory and practice, in an organizational setting that contributes to the social wellbeing of millions of at-risk individuals each year.

List of Chairs and Professorships

Ann Brown Chair of Organization Studies (Established in 2010) CHARLENE ZIETSMA

CIT Chair in Financial Services (Established in 1998) JAMES DARROCH

BA (Wilfrid Laurier); MBA (Simon Fraser); PhD (University of British Columbia) Associate Professor of Organization Studies

BA & MA & PhD (Toronto); MBA & PhD (York) Associate Professor of Policy Area Coordinator, Policy / Strategy Director, Financial Services Program

Anne & Max Tanenbaum Chair in Entrepreneurship and Family Enterprise (Established in 1999)

Erivan K. Haub Chair in Business and Sustainability (Established in 1993)

EI LEEN FISCHER BA & MASc (Waterloo); PhD (Queen’s) Professor of Marketing Director, PhD Program

Bell Media Professorship in Media Management (Established in 2002) TRINA McQUEEN, O.C. BJ (Carleton); Hon LLD (Mount St. Vincent, Carleton, Waterloo) Adjunct Professor of Broadcast Management

Bob Finlayson Chair in International Finance (Established in 2011) KEE-HONG BAE BS & MS (Korea); PhD (Ohio State) Professor of Finance

Canada Research Chair in Entrepreneurial Innovation and the Public Good (Established in 2014) THEODORE J. NOSEWORTHY MBA, MSc (University of Guelph); PhD (Ivey, Western) Associate Professor of Marketing; Scientific Director of the NOESIS: Innovation, Design, and Consumption Laboratory

CPA Ontario Chair in International Entrepreneurship (Established in 2011) MOREN LÉVESQUE BSc & MSc (Laval University); PhD (University of British Columbia) Professor of Operations Management and Information Systems

CIBC Professorship in Financial Services (Established in 1994) Chair pending

CHARLES H. CHO BSc (University of Central Florida); MSc, PhD (University of Central Florida) Professor of Accounting

Export Development Canada Professorship in International Business (Established in 2011) LORNA WRIGHT BA (Wilfrid Laurier); MA (Essex, UK); MIM (Thunderbird); PhD (UWO) Associate Professor of Organization Studies and International Business; Executive Director, Centre for Global Enterprise

George R. Gardiner Professorship in Business Ethics (Established in 1992) Chair pending

Gordon Charlton Shaw Professorship in Management Science (Established in 2003) Chair pending

Henry J. Knowles Chair in Organizational Strategy (Established in 2002) CHRISTINE OLIVER BA (Queen’s); MBA & PhD (Toronto) Professor of Organization Studies

Hewlett-Packard Canada Chair in Corporate Social Responsibility (Established in 2003) DIRK MATTEN Dipl.-Kfm. (Essen, Germany), Dr.rer.pol. & Dr.habil. (Düsseldorf, Germany) Professor of Policy / Strategy Associate Dean, Research

Spotlight on Research 2017 19

List of Chairs and Professorships cont’d

Inmet Chair in Global Mining Management (Established in 2013) RICHARD ROSS

Richard E. Waugh Chair in Business History (Established in 2003; Re-named in 2016) MATTHIAS KIPPING

BCom (Toronto), CPA Director, Global Mining Management

MA (Sorbonne, France); MPA (Harvard); Dipl. (EHESS, France); DPhil (München, Germany) Professor of Policy / Strategy

Jarislowsky-Dimma-Mooney Chair in Corporate Governance (Cross-appointed to Osgoode Hall Law School) (Established in 2005)

Ron Binns Chair in Entrepreneurship (Established in 2010)

EDWARD J. WAITZER LLB & LLM (Toronto) Professor of Policy / Strategy

Kraft Foods Canada Chair in Marketing (Established in 2004) (formerly Nabisco, founded in 1985) RUSSELL BELK BS & PhD (Minnesota) Professor of Marketing University Distinguished Professor (York)

Newmont Mining Chair in Business Strategy (Established in 2003) JUSTIN TAN BBA (Tianjin, China); MA (Kansas); PhD (Virginia Tech) Professor of Policy / Strategy

Nigel Martin Chair in Finance (Established in 1996) ELIEZER Z. PRISMAN BA (Hebrew, Israel); MSc & DSc (Technion, Israel) Professor of Finance

Ontario Research Chair in Economics & Cross Cultural Studies: Public Policy and Enterprise Competitiveness (Established in 2005) DOUGLAS J. CUMMING BCom Hons (McGill); MA (Queen’s); JD & PhD (Toronto); CFA Professor of Finance and Entrepreneurship

Pierre Lassonde Chair in International Business (Established in 1997) PREET AULAKH BSc & MA (Punjab, India); PhD (Texas-Austin) Professor of Policy / Strategy and International Business

20 Schulich School of Business

GEOFFREY KISTRUCK BA (Western); MBA (McMaster); PhD (Western) Associate Professor of Entrepreneurial Studies

Royal Bank Professor of Nonprofit Management (Established in 1997) BRENDA GAINER BA Hons (Alberta); MA (Carleton); MBA (Maine); PhD (York) Associate Professor of Marketing Director, Social Sector Management Program

Scotiabank Chair in International Business and Entrepreneurship (Established in 1998) ANOOP MADHOK BCom (Calcutta, India); MBA (Cincinnati); MA (Johns Hopkins); PhD (McGill) Professor of Strategic Management/Policy

Scotiabank Chair in International Finance (Established in 2013) LILIAN NG BBA (National University of Singapore); MBA (Binghamton, NY); PhD (Pennsylvania) Professor of Finance

Timothy R. Price Chair in Real Estate and Infrastructure (Established in 2016) Chair Pending

Tanna H. Schulich Chair in Strategic Management (Established in 1996) DEZSÖ J. HORVÁTH, CM Electrical Eng (Malmö, Sweden); MBA & PhD (Umeå, Sweden) Dean, Schulich School of Business Professor of Policy / Strategy


Spotlight on Research 2017 21

SCHULICH RESEARCH DAY 2017 A CELEBRATION OF INNOVATION, RESEARCH EXCELLENCE AND COLLABORATION The CIBC Marketplace at the Schulich School of Business was abuzz on January 26 during the School’s third Research Day where academics and practitioners shared their work through engaging poster exhibits.

22 Schulich School of Business

40% The number of submissions from Schulich faculty were up 40% since the last event in 2015

150 150 students, alumni, academics, business guests and staff attended Schulich’s third Research Day

38 A gallery in Schulich’s CIBC Marketplace showcased 38 posters on research topics

Spotlight on Research 2017 23

“One of Schulich’s trademark attributes has always been real-world relevance. The research on display today reflects that focus on relevance. It focuses on real-world problems, and provides a great deal of practical insight for business managers and practitioners.” DEZSÖ J. HORVÁTH, CM Dean, Schulich School of Business

24 Schulich School of Business

A gallery in Schulich’s CIBC Marketplace showcased 38 posters highlighting research on topics ranging from “Migrating Financial Risk Management Methods to Medicine” to “The Business of Infrastructure”. The celebration offered a fascinating tour of cutting-edge research with real implications for today’s business leaders. Researchers were available to elaborate on their research findings and answer questions. Schulich’s wealth of knowledge Schulich celebrated its third Research Day on January 26th, with the number of presentations up 40% since the last event. Research teams were on hand to explain and discuss 38 posters showcasing leading-edge management thinking to visitors from the university and business communities. The celebration offered a tour of cutting-edge research on topics ranging from “New Venture Internationalization” to “Mining on First Nations’ Territory” with real implications for today’s business leaders. “There is an enormous wealth of knowledge created behind the office doors of Schulich faculty. Research Day is the unique occasion, where we open these doors and show to the Schulich community what exciting and groundbreaking work is going on,” said Dirk Matten, Associate Dean of Research.

Schulich’s third Research Day was attended by 150 students, alumni, academics, business guests and staff.

Presentations included research projects across all management disciplines and industries. Many of the studies were cross-disciplinary and involved collaboration with researchers in other York University faculties, as well as other universities. Scholarly and academic books by faculty were also available for review. Spotlight on Research 2017 25

Attendees voted their choices for the Best Poster Award 2017, which went to “Spoils from the Spoiled: Strategies for Entering Stigmatized Markets”, presented by PhD candidates Angelique Slade Shantz and Aurora Liu, together with Eileen Fischer, Professor of Marketing and the Anne & Max Tanenbaum Chair in Entrepreneurship and Family Enterprise, and Moren Lévesque, Professor of Operations Management and Information Systems and CPA Ontario Chair in International Entrepreneurship. The impact of research A panel discussion on “The Impact of Research in the Schulich School of Business: Making a Difference in the Real World?” was led by Matthias Kipping, Policy Professor and Richard E. Waugh Chair in Business History, and included Marcia Annisette, Associate Professor of Accounting and Associate Dean, Students; Moren Lévesque, Professor of Operations Management and Information Systems; Mary Waller, Professor of Organization Studies; and Detlev Zwick, Associate Professor of Marketing. The panelists shared numerous examples of Schulich’s research findings that have made a direct contribution to Canada’s global competitiveness, and explored some of the many ways in which Schulich’s research is making an impact in the real world.

Schulich researchers and their findings have made a direct contribution to Canada’s global competitiveness. 26 Schulich School of Business

Dean’s Research Impact Awards Presented at Schulich Research Day Dean Dezsö J. Horváth, CM, presented the prestigious Dean’s Research Impact Awards, which are designed to recognize and reward Schulich faculty members who have demonstrated excellence in research. The Lifetime Achievement Award went to Christine Oliver, Professor and Henry J. Knowles Chair in Organizational Strategy. The Emerging Leader Award went to Charlene Zietsma, Associate Professor and Ann Brown Chair of Organization Studies.

Christine Oliver is an international pioneer who has made a long-term impact on the field of Institutional Theory in Organization Studies, and she is regarded as the top organizational behaviourist in the world. She has published an impressive volume of high-quality work in the form of journal articles, books, book chapters, and conference proceedings. Her research has been cited more than 18,000 times (Google Scholar), and she was named the top-cited business school professor in Canada (1995). Oliver’s research interests cover the areas of institutional processes, poverty alleviation in least developed economies, and research questions that address the interface among institutional theory, poverty, and strategy. She has been a Fellow of the Academy of Management since 2014, and is a past Representative-atLarge on the Academy of Management Board of Governors. She was the first non-American appointed Editor of the prestigious Administrative Science Quarterly, a position she held from 1997 to 2003. She is also the Recipient of the Distinguished Scholar Award from the Organization and Management Theory Division of the Academy of Management (2009).

Charlene Zietsma was recognized as the Emerging Leader for her research accomplishments, her commitment to fostering relationships in the research community, and for advancing Schulich’s international reputation for research excellence. Her research spans social innovation, entrepreneurship and change, which have been published as peer-reviewed articles in a number of top-tier Financial Times journals. She has consulted with growth-oriented entrepreneurial ventures, taught executive programs to clients such as TELUS and Shanghai Telecom and served on several boards of directors. Zietsma was named a finalist for a Best Paper Award based on her PhD dissertation at the Academy of Management Conference in 2003. Since then, she has won a number of awards and honours, including the Best Case Award presented by the Administrative Sciences Association of Canada in 2011. She received the Administrative Science Quarterly Scholarly Contribution Award in 2016 for “making the most substantial scholarly contribution to the field of organization studies” for a paper she co-authored in 2010.

“At Schulich, we pride ourselves on being global, innovative and diverse. And I think you see all those qualities captured in the research on display today,” said Dean Horváth at the event. “The research is innovative and groundbreaking. It is unafraid to tackle controversial issues, or to challenge conventional wisdom. The research is global in scope, covering everything from co-operatives in Ghana and transportation in China to fund managers in the U.S. and Angel investors around the world. I am proud to report that research productivity is at its highest level ever based on the number of articles by Schulich faculty that have been published in top-tier academic journals.”

Spotlight on Research 2017 27

Theodore J. Noseworthy Awarded Prestigious Early Researcher Award Schulich gains its first Ontario Early Researcher Award to study the role that food marketing plays in obscuring the health costs of certain food products and how food ambiguity shapes consumer choice.

28 Schulich School of Business

“ The Early Researcher Award will do a couple things: First, it provides the funds to build real-world stimuli and conduct field experiments. This allows us, for example, to better explore the impacts of marketing dressed-up junk food to at-risk populations, particularly children.” THEODORE J. NOSEWORTHY Associate Professor of Marketing; Canada Research Chair (Tier II); Scientific Director: NOESIS Lab

With more than $10 million in backing, the Early Researcher Award (ERA) program is designed to sharpen Ontario’s competitive edge by fostering discoveries, including new technologies, treatments, and cures for illness, while supporting high-quality, knowledgebased jobs for people across the province. It was also designed to attract and retain the best and brightest research talent. To that end, Theodore Noseworthy is one of the few business scholars to be awarded the ERA. He will use the award to further his research about the role that food marketing plays in obscuring the health costs of certain food products, and to inform policymakers about how food ambiguity shapes consumer choice. Noseworthy, an Associate Professor in Marketing at Schulich, and a Canada Research Chair in Entrepreneurial Innovation and the Public Good, is leading a research program to advance our understanding of how consumers respond to innovation. His goal is to develop theory while informing business and policy-makers about the benefits of properly communicated innovation and the potential costs to susceptible consumers and society. His research project encompasses three branches that collectively examine how marketers can better communicate disruptive innovation, how consumers may be susceptible to certain food innovations, and how behaviours alter with monetary innovations. This research program is designed to help combat Canada’s innovation deficit by helping the private sector transfer knowledge into commercialized products and services to grow the economy.

Noseworthy has been awarded two sole-applicant SSHRC Insight Grants to explore (1) how the marketing of innovative ambiguous foods (e.g., calcium-enriched ice-cream sandwiches) can cause people to over-consume, and (2) to explore how innovation, in general, can be threatening to consumers and cause odd changes in behaviour. He hopes to increase public awareness about some unforeseen costs of innovation, and enhance the private sector’s ability to better implement and introduce innovative goods and services to the market. For example, one of his publications in the Journal of Consumer Research was sparked by the Government of Canada’s adoption of polymer currency. The project explored how peoples’ spending behaviour differs based on the visual appearance of banknotes. The study was picked up by more than 1,600 newsfeeds around the globe. Some notable mentions were in the Financial Times, Forbes, The Smithsonian, Bloomberg, The Wall Street Journal, and Time, as well as Canadian outlets including the CBC, Toronto Sun, and Global News. The work led to connections with the US Federal Reserve, and led to speaking invitations at leading academic institutions (e.g., the Kellogg School of Management at Northwestern University). Beyond his high demand as an academic speaker, Noseworthy regularly liaises with major corporations; has been retained for expert testimony for patent litigation, and has presented his thoughts and ideas on innovation on Parliament Hill.

Innovation (CFI) to build “The NOESIS: Innovation, Design, and Consumption Laboratory,” a world-class behavioural lab built to focus specifically on how consumers make sense of innovation, and how various marketing practices can negatively influence consumer welfare. As the Scientific Director of the NOESIS lab, Noseworthy has grown his constituency to include students and faculty members from Universities across Canada, the U.S., and even China. The lab has been developed with a strong commitment to high-quality training. Having completed his PhD program within the past five years, Noseworthy was an ideal candidate for the ERA. He has published numerous articles in top-tiered business journals such as the Journal of Consumer Research, the Journal of Marketing, the Journal of Marketing Research, and the Journal of Consumer Psychology. His research has been covered by major news outlets around the globe, sparking interviews with reputable media outlets such as the National Post, and an invitation from The Globe and Mail to appear in “Canada’s Leading Thinker Series” to share his insights into consumption innovation. There are very few scholars at the same stage in their career with a similar level of international coverage. There are even fewer who can average two or more publications a year in the Financial Times list of the top 50 academic business journals in the world.

Noseworthy has been awarded a soleapplicant institutional infrastructure grant from the Canadian Foundation for

Spotlight on Research 2017 29

“ The Early Researcher Award will complement the NOESIS lab’s knowledge-mobilization mandate by proving not only the financial backing, but also the profile for us to disseminate our findings to both public and private stakeholders.” THEODORE J. NOSEWORTHY Associate Professor of Marketing; Canada Research Chair (Tier II); Scientific Director: NOESIS Lab

Earlier this year, the Schulich Research Officer sat down with Noseworthy to discuss his insights from his work and what it means to be awarded an ERA.


What research are you currently working on?

A Some of the more fascinating things we’re doing right now is combining big data with behavioural experiments. In particular, we are working with a team that rips down Application Programming Interfaces (API), such as on Facebook or Twitter, to gather vast amounts of data. We are then subjecting that data to Artificial Intelligence and machine-learning algorithms. Sounds funky, but it’s quite interesting. For example, we have a project where we can show that an AI can predict whether a Kickstarter project (i.e., a new product from a venture funding website) will get funded using only the project’s picture. We can then experimentally manipulate those pictures to optimize the level of potential backers. What we are hoping to accomplish is the promotion of AI as a tool to augment human decision-making, and in particular, the ability of AI to optimize innovation, not just in terms of functionality – as it is currently being used – but as a tool to optimize how marketers and entrepreneurs communicate innovation to the public.

30 Schulich School of Business


What will the ERA help you accomplish?

A The ERA will do a couple things: First, it provides the funds to build real-world stimuli and conduct field experiments. This allows us, for example, to better explore the impacts of marketing dressed-up junk food to at-risk populations, particularly children. The award also will bring in a world-class post-doctoral candidate to help conduct some of the research and to manage and retool the NOESIS lab to explore food preference, such as lab-grown meat, GMOs, and functional foods in general. Lastly, the award will complement the NOESIS lab’s knowledge-mobilization mandate by proving not only the financial backing, but also the profile for us to disseminate our findings to both public and private stakeholders.


Did you have any mentors early in your career or scholars whose work you admired?

A The list is long, but in terms of scholars that I try to emulate, I would say one of the most impactful is psychology professor Paul Minda at Western University. Professor Minda is an amazing scholar in the field of category learning. His work has had more impact on my research than anything in my own field. I had the privilege of having Paul on my PhD committee and getting to know him through course work. I later joined a philosophy and cognition reading group that he was a part of. He’s as affable as he is intelligent… a great model for an academic. When not talking about research, we would pass the time discussing bacterial cultures for making sourdough bread! I admire his work because it’s driven by honest curiosity. It doesn’t define him as a person; it’s just something he does, and he does it well. Although this may sound unremarkable, it’s rarer than you may think. He helped me keep my successes and my failures in perspective.

“ … a bulk of my publications come from a single theory that examines how people make sense of things that violate their expectations… My advice is to fall in love with a topic, and you may never work a day in your life.”


You’re a prolific researcher. Even as an early researcher, you have already published many articles in the top-tier journals. How are you able to be so productive? What are your most important publications?

A It may sound like a cliché, but I find that it’s easy to be productive if you like what you are doing. I think that’s what it comes down to for anyone who is successful in what they do. Most successful entrepreneurs, for example, are not successful because they want to be rich. In fact, such motivations often lead to suboptimal decisions. Many entrepreneurs become successful because they had a little bit of luck coupled with years of effort to chase an intrinsic desire for progress. I think that’s how you stay productive: always asking “what’s next?” I’ve been lucky and I like doing research. To me, writing a paper is just as fun as going to shoot some hoops. It just seems that whereas the latter gets worse as I get older, the former gets better! Given this motivation, I would say that I don’t have any “one” important publication, though I definitely have ones I like better than others. Rather, I think it’s important for a scholar to carve out an audience for the body of their work. The projects on their own represent successive approximations of something much greater, and I think it’s that “much greater” or cumulative thing that I’m chasing.


What advice do you have for junior scholars who are just beginning to select their first research topic?

A I think this is a question that we have all struggled with. Academia fosters a relatively perverse incentive structure. As a PhD student you are told to hit a “top pub” (top-tiered publication) or you won’t have a job. You’re not told to do something that you love or something that can change/benefit society, but something that “works” (i.e., yields results) and that is timely or “hot.” Then as an assistant professor you’re told to hit more top pubs or you won’t retain your job. This has caused a lot of problems, particularly in the social sciences. My advice to young scholars is to be honest with what you know and what you don’t know. Don’t work for a publication outlet, but work for the publication’s impact. I can say this now from the comfort of tenure and all the perks associated with a Canada Research Chair, but I didn’t always follow it. That said, a bulk of my publications come from a single theory that examines how people make sense of things that violate their expectations. I can honestly say that I love this theory. It factors into my personal life. I bring it up at the dinner table (to my wife’s chagrin). It was part of my master’s thesis, my PhD thesis, and it features in all my talks and teaching. My advice is to fall in love with a topic, and you may never work a day in your life.


What fun fact would your Schulich colleagues be surprised to learn about you?

A I find that my colleagues are often surprised to hear that I once was an aspiring chef. I typically follow that with some self-deprecating statement like “then I realized I wasn’t that good at cooking,” to which most normal people laugh, but academics tend to just stare blankly. It is interesting to see how television has glamourized what really isn’t that glamorous, but is indeed a fulfilling and incredibly disciplined career – you just have to be good at it!

Thank you Theo, for these insights – and for producing innovative, groundbreaking, world-class research.

Spotlight on Research 2017 31

Re-Imagining Capitalism The Interview A collaboration between the Schulich School of Business and global management consultancy McKinsey & Company, Re-Imagining Capitalism is a series of essays that brings together many of the leading proponents for a reformed, re-imagined capitalism from the fields of academia, business, and NGOs.

32 Schulich School of Business

One of the highlights of the past year in research was the book, Re-Imagining Capitalism, edited by Dominic Barton, Dezsö J. Horváth, and Matthias Kipping and published by Oxford University Press. To provide some background on this major achievement, we conducted an interview with co-editor Matthias Kipping, Professor of Policy, Richard E. Waugh Chair in Business History, and Academic Director of the Kellogg-Schulich Executive MBA Program at the Schulich School of Business. Q: Matthias, how did this important book come about?

Q: What makes this book so special?

A: While I played a role in putting this together, all the credit for the initiative behind it has to go to Schulich Dean Dezsö Horváth and McKinsey’s Managing Director Dominic Barton. As you know, the Dean has long been a champion of responsible and sustainable capitalism, the “triple bottom line” as he usually calls it. And he saw an opportunity to join forces with Dominic when the latter published his path-breaking article, “Capitalism for the Long Term”, in the Harvard Business Review. This led to a joint one-day conference with many thought and action leaders from around the world in Toronto in November 2012 and then eventually to the idea of publishing a book to give voice to those at the forefront of efforts to re-imagine capitalism.

A: Quite a few things, really. First of all, it is a clear manifestation of the School’s thought leadership in the area of responsible business. While this has been publicly recognized in being ranked #1 in the world in the field of Responsible Business by the Aspen Institute and Corporate Knights, the book is an excellent way to showcase and spread these ideas to a wide audience. Second, the book is extremely timely, even more so than we could have ever imagined when first deciding to put it together. Its chapters shed light on the deeper causes of the rise of populist anger toward the “system”, evident in the election of Trump and the Brexit vote, for instance, and the book makes suggestions of how to reform capitalism to address its undesired consequences. Last but not least, while there are many similar efforts, our volume is truly unique in that it brings together, for the first time, leading global thinkers from academia, business and the third sector in a single volume.

Q: What was it like working with all these people in the editing process? A: Well, on the one hand, very exciting. Imagine getting to share and help shape the ideas of all those bright people thinking about and working toward making capitalism a system that lives up to its promise of prosperity and wellbeing for the many. At the same time, sometimes not so easy, when you try to fit them into the standards set by what is one of the world’s top academic publishers. Then you realize that what counts as “evidence” might be different for an academic, a business leader or a consultant. And while some authors strove to find out why things went wrong, others just wanted to focus on how to fix them as soon as possible. But we did get it done and what makes this book great, and unique as I said, is the combination of sound analysis, passionate advocacy and deliberate action.

Dean Horváth with Matthias Kipping and Dirk Matten at the book launch in Davos, Switzerland. Spotlight on Research 2017 33

The launch of Re-Imagining Capitalism was followed by successful events during the World Economic Forum in Davos, London, and Toronto, with more events to come.

Q: In hindsight, is there anything you would have done differently? A: This is a great book, with an outstanding range of contributors. But it ended up having a very Western, highlydeveloped country perspective to it. And yes, there is a chapter by Ratan Tata on corporate community involvement with a focus on India. But we should have and could have done more to bring in views from the emerging and developing world, where capitalism seems to be, at least partially, living up to its promise for a burgeoning middle class, while bringing different sets of challenges. This became evident to me when recently visiting Brazil with our EMBA students. There was a very clear recognition of the opportunities available to many people – though not all, but also of the negative effects resulting from widespread corruption, now being addressed by an active judiciary. And, very importantly, we observed a tremendous 34 Schulich School of Business

effort by multiple actors in terms of promoting sustainable development. These are some of the examples that should have found more reflection in the volume. Who knows, maybe we will put together a sequel. Q: So, now that the book is out, given the renown and the quality of its contributions, will it have an automatic impact? A: Not quite. We never envisaged this as a “one-and-done” type of project. As mentioned, it started with a public event in Toronto and the book is just another stepping stone, albeit a highly visible one in promoting a broad dialogue and in inspiring action toward a re-imagined capitalism. To achieve this, we are organizing panel discussions involving chapter authors and other “champions” around the world. We started with an official book launch last

October in Toronto, followed by highly successful events at the World Economic Forum (WEF) in Davos, Switzerland in January; in London in March, where Bank of England Governor Mark Carney was among an outstanding group of panelists; at our CONNECT alumni forum here at Schulich in April, and, most recently, at the WEF “Global Shapers Summit” in Toronto and Ottawa. Another event is scheduled in Mumbai, India, for November and more are planned in China, New York and, possibly, Brazil. Seeing audiences and their engagement with the issues at these public events has convinced me that this is a great way to spread our ideas around the globe.

Thank you, Matthias, for these insights – and for contributing to this important effort to enhance the School’s thought leadership in this field.

Eileen Fischer Receives Coveted York University Honour

From left, Chancellor Greg Sorbara, Eileen Fischer and Mamdouh Shoukri, York University President

Spotlight on Research 2017 35

York University honoured Eileen Fischer with the title of “University Professor” during Convocation in June 2016 for her outstanding service and leadership, her longstanding impact on the University’s teaching mission, and her international recognition as a scholar. The University Professorship is awarded for life and evolves into a University Professor Emeritus title upon retirement.

Eileen Fischer is the Anne & Max Tanenbaum Chair in Entrepreneurship and Family Enterprise at the Schulich School of Business, a position she has held since 1999. She has contributed significantly not only as a scholar and to her academic community, but also to the evolution and enhancement of the Schulich School of Business, and to the collegial governance of York. “Eileen Fischer has reached the highest echelons of academic success and has excelled in all dimensions of academic endeavour. The honour of being named a University Professor is truly well deserved,” said Dean Dezsö J. Horváth. “Her service to the Faculty is extensive, and within her many leadership roles, she has supported and touched the lives of many colleagues, staff, and students.” Fischer is the fourth Schulich faculty member in the past 50 years to have been awarded the coveted University Professorship.





36 Schulich School of Business

Left: Eileen Fischer (middle with red gown and cap) together with fellow Schulich colleagues (from left to right): Charlene Zietsma, Ashwin Joshi, Marion Magrane, Markus Giesler, Brenda Gainer, Moren Lévesque, Detlev Zwick, and Kate Ellis. Right: Eileen with Dean Dezsö J. Horváth.

Major Administrative Appointments Throughout her career, Fischer has held leadership positions, both within Schulich and University-Wide. At Schulich, Fischer is highly regarded for her work as Area Coordinator of the Marketing Area (2001–2009) and as Director of the Entrepreneurial Studies Program (2002–2014). She was effective in building the Marketing Area and the Entrepreneurship Program into two of the School’s most successful and externally recognized departments. Since 2010, she has served as Director of the PhD Program and as Chair of the PhD Committee. She has also been Chair of the Tenure and Promotions Committee; Faculty Council; the Nominating Committee, and the Master of Business Administration Program Committee; as well as serving as MBA Program Director, and Associate Dean of Research. Additionally, Fischer has demonstrated an unusual willingness and ability to play constructive roles at York University, with administrative appointments that include Chair of the United Way Leadership Appeal Campaign; Chair of the Senate Academic Policy and Planning Committee; Chair of the Senate Appeals Committee; Vice Chair of the Senate Awards Committee; and member of the Academic and Administrative Program Review task force. In these roles, she distinguished herself as someone who is intensely committed to serving the University to the full extent of her abilities. Fischer has sustained an unprecedented degree of productivity over the course of her academic and research career, now spanning more than three decades.

Scholarly Achievements Fischer’s research focuses on consumers, entrepreneurs, and the markets in which they interact. In addition, she maintains an active line of inquiry devoted to understanding how research contributions can be constructed using qualitative methodologies. Over her career, Fischer has been awarded significant research funding from both the private and public sectors, serving as Principal Investigator in several projects. She has held continuous SSHRC support since her arrival at York University, and has participated in two major collaborative research projects funded by the SSHRC. She is currently Co-Investigator of several projects, including “Understanding the dynamics of opportunity creation processes: what are the causes and consequences of opportunity motility?,” which is funded by a five-year SSHRC Insight Grant of more than $200,000 until 2020. Fischer’s publications include 47 refereed journal articles, six non-refereed contributions to peer reviewed journals, two books, one edited book, 16 peerreviewed book chapters, 36 refereed conference proceedings and 12 practitioner publications and reports. Her research has been cited almost 9,000 times (Google Scholar, June 2017), placing her among the most cited business school academics and reflecting her work’s influence on that of her peers. She has been a Visiting Professor in the United Kingdom and Norway, and a Visiting Speaker at universities in Canada, the United States, the United Kingdom, France, Italy, Turkey, and Australia.

9,000 47

Citations (Google Scholar, June 2017)

refereed journal articles


refereed conference proceedings


practitioner publications and reports

two books

She is Co-editor of the Journal of Consumer Research and has served as the Marketing Field Editor of the Journal of Business Venturing. Both journals are listed in the Financial Times Top 50 Journals used in business school research rankings. She is currently serving as a Member of the Editorial Review Board of Consumption, Culture and Markets, Entrepreneurship: Theory and Practice (also a Financial Times Top 50 journal), and has held the same position in the Journal of Small Business Management and Family Business Review. She has received the Outstanding Reviewer Award from the Journal of Consumer Research and the Journal of Business Venturing, as well as the Reviewer Excellence Certificate Award from Family Business Review.


Eileen is a fantastic mentor. Not only did she teach me the essential knowledge required to produce high-quality scholarship, she became a role model for how to lead a rewarding and meaningful career, have a lasting impact in a field, and be a generous and supportive colleague. MARIE-AGNÈS PARMENTIER Associate Marketing Professor at HEC Montréal and one of Fischer’s former doctoral students

Fischer is a pioneer in curriculum innovation, having spent more than 20 years teaching and refining a doctoral course called Qualitative Methodology, recognized by students and faculty from around the world. She has co-written a textbook on using qualitative methods. She has taught courses in marketing; management skills; management consulting; consumer behaviour; entrepreneurship; brand management; quantitative methodology; and research analysis at both the graduate and undergraduate levels. She has chaired or worked on the thesis committees of 26 PhD candidates in Marketing, Strategy and Organizational Behaviour. Spotlight on Research 2017 37

Ela Veresiu Marketing Professor Among Top 30 Under 30

38 Schulich School of Business

Schulich Assistant Professor of Marketing, Ela Veresiu, was named to Marketing Magazine’s 2016 List of the Top 30 Under 30 marketing leaders. Schulich’s Research Officer sat down with Veresiu to explore her aspirations as one of the youngest recognized female business professors in North America.

Q: What is your research all about? A: In a nutshell, I study consumer behaviour and market creation with a focus on the political dynamics of markets and consumption. More specifically, my research, which has been published in the FT-50 Journal of Consumer Research and Marketing Theory, focuses on understanding the influence of multiple institutions such as the global political economy, national governments, nonprofit organizations, and commercial businesses on creating new market and consumption systems. Yet, my research imperative for the upcoming years is not only to continue exploring the political aspects of markets and consumption, but also to develop strategies that business and political leaders can use to better navigate the increasingly complex institutional landscape, and equally important, to help empower consumers.

To accomplish these goals, my top priority remains to publish articles in top-tier academic journals. Several of my projects currently under review address some of the most important issues of our time, including ethnic group conflicts (Journal of Consumer Research), refugee integration (Consumption, Markets & Culture), and risk management (Journal of Marketing).

non-participant and participant observation in both online and offline consumption communities, public policy documents, websites and web discussion forums, newspaper articles, industry, government, and company reports, as well as relevant photos and videos, depending on the project.

Q: How do you collect your research data?

A: Right now, I am finishing a revision for the Journal of Consumer Research that explores the institutional shaping of an ethnic consumer subjectivity. In the current global climate characterized by heightened population mobility and ethnic group conflicts, ethnic consumer behaviour and ethnic consumer identity construction have become central concerns. However, consumer research continues to focus on consumers’ lived experiences, which is why we lack theoretical clarity on the institutional shaping of these individuals as ethnic

A: The types of macro-level research questions that interest me the most also require a variety of methodological techniques and large historical datasets from several sources. For example, my research methods encompass archival data analysis, content analysis, depth interviews, historical analysis, ethnography, and netnography (social media analysis). Hence, my data sources include relevant in-depth interviews with consumers and other stakeholders,

Q: What are you currently working on?

Reprinted with permission from Marketing Magazine.

Spotlight on Research 2017 39

Reprinted with permission from Marketing Magazine.

My research reveals the construct of market-mediated multiculturation, which I define as an institutional mechanism for resolving ethnic group conflict. consumers in the first place, who negotiate their own ethnicity and understand others’ ethnicities primarily through consumption choices. To address this oversight, I bring to bear sociological theories of governmentality and multiculturalism on an institutional and ethnographic analysis of the Canadian multicultural marketplace. My research reveals the construct of market-mediated multiculturation, which I define as an institutional mechanism for resolving ethnic group conflict. In particular, I find four interrelated consumer socialization strategies through which institutional market actors embrace the ideology of neoliberal multiculturalism to shape an ethnic consumer subject in an attempt to better integrate different ethnic groups into society through market forces.

40 Schulich School of Business

Q: How do you hope your research will impact future generations? A: I firmly believe that a more empowering and inclusive global marketplace is possible in the future. As such, I am deeply committed to increasing the dialogue among marketing professors, practitioners, and policy-makers. For example, I have discussed my research’s social and economic implications at the World Economic Forum in Davos, Switzerland. I am also working with transnational organizations to change global public policy and enhance consumer engagement in the areas of gender equality, global warming, chronic illness, poverty alleviation, and financial literacy. In addition, my research has been profiled by major news and industry-specific outlets, including Fast Company, Pacific

Standard, The Baffler, The Globe & Mail, Huffington Post, Marketing Magazine, the CBC, and the American Marketing Association. Q: How do you incorporate your research in the classroom? A: Ever since my family immigrated to Canada when I was eight years old, education has been a deeply transformative experience for me. I owe my shaping as a person to my many patient and passionate mentors and teachers throughout the years. My teaching is therefore guided by the desire to give back and to make my classroom a transformative platform. I aspire to bring value to the marketing classroom and incorporate my research throughout the courses in at least three different ways. First, I create a vibrant learning community around the principle


I am currently taking the initiative to fill a current gap in the academic community by creating an international mentorship program for female doctoral students. that business can be an extraordinary vehicle for positive change in society. Second, I focus on how sustainable systems for business and society can be designed. Third, I drive strategic marketing concepts that shape business and policy across a wide variety of industries that I am currently studying including retail, leisure, technology, and platform businesses. Q: Given your empowerment work, how do you empower your Schulich students? A: When more than half of the world’s consumers are women, how can we as marketers play a greater role in empowering them? This seemingly simple but crucial question has driven me to develop a new 13-week MBA course called Marketing Gendernomics. Building on Facebook CEO Sheryl Sandberg’s inspirational Lean In movement, I have spent over one year meticulously designing this course to assist tomorrow’s

leaders in developing cutting-edge marketing strategies that will thrive economically, boost women’s confidence, and empower our communities. I have also helped empower past Schulich MBA students by assisting them in creating cutting-edge marketing content for the American Marketing Association blog. The students’ content has reached thousands of marketing practitioners worldwide through social media platforms. Q: How else do you engage with the academic community? A: As a member of the American Marketing Association, the Association for Consumer Research, and the Consumer Culture Theory Consortium, I happily volunteer my resources to review research papers, posters, and proposals, and serve on various conference program committees. Additionally, I am a reviewer for six academic journals.

One of my favourite activities is to help mentor doctoral students. So far, I have had the great privilege to serve as a faculty mentor for two doctoral symposia organized by the Association for Consumer Research, and for a doctoral student qualitative data analysis workshop organized by the Consumer Culture Theory Consortium. I am currently taking the initiative to fill a current gap in the academic community by creating an international mentorship program for female doctoral students. As part of this exciting initiative, I am in the planning stages of how to best help females with professional website design, providing research feedback, and presenting individually tailored tips on navigating the academic job market.

Thank you, Ela, for these insights and for contributing leading-edge innovative research findings to Marketing Strategy.

Spotlight on Research 2017 41

The Media Pitch Tips from The Globe and Mail’s Business School Research Columnist Darah Hansen

42 Schulich School of Business

Once your airport raccoon video has gone viral, it’s hard to step out from its shadow. Cameron Graham, Professor of Accounting, was reminded of this inconvenient truth during Schulich’s annual media engagement training workshop for faculty members. Professor Graham’s raccoon video post received:

546 replies


Looking for the human interest angle Guest speaker Darah Hansen, The Globe and Mail’s Business School Research columnist, interviewed Cameron on his social impact bonds research, demonstrating to faculty how a typical media interview might proceed. Darah, who has written a Globe column based on that workship interview with Cameron, explained how she is always looking for a human interest angle to weave into her columns to help readers connect with the researcher. In Cameron’s case, she said, this would likely be the wildly popular video of his encounter with a raccoon peeking down from the ceiling in the baggage claim area at Pearson International Airport. As Cameron has reported on his accounting blog, fearfulasymmetry.ca, that video received more than 1.5 million views after it was posted on Twitter on May 6, leading to an unexpected wave of media coverage.


Darah also chatted with Charles Cho, Accounting Professor and Schulich’s new Erivan K. Haub Chair in Business and Sustainability, about his work on greenwashing and the U.S. oil pipeline industry, as well as with other Schulich faculty attending the workshop. Darah explained that she finds column ideas through pitches and media advisories from Schulich’s media relations team, who also send her and other media a copy of Schulich’s Research Newsletter. In her monthly column, Darah has written extensively about Schulich’s research. Past columns have included coverage of Peter Darke’s research on how obscure retailers can gain consumers’ trust online; Theodore Noseworthy’s research on how consumers react when innovation and product change marketing confounded their expectations of a brand; and Chris Bell’s research showing women seek fair process, more than fair outcomes, in the workplace.

Schulich’s Media Relations at work “Researchers should keep in mind that it is easier to interest media in covering their work when there are related issues dominating the news cycle of the day,” said Beth Marlin, Schulich’s media relations strategist. She encouraged faculty to keep her informed when research is nearing publication so a media advisory may be sent out at the most opportune time. Schulich’s media relations team may be reached at media@schulich.yorku.ca. The May 25 media workshop was part of a continuing series of media engagement and training sessions presented by Schulich Media Relations. Other guest speakers have included Michael Hainsworth, BNN senior anchor and CTV business news correspondent, and Gillian Livingston, editor of The Globe and Mail’s Leadership Lab section.

Keep the Schulich media relations team informed when research is nearing publication so a media advisory may be sent out at the most opportune time.


Spotlight on Research 2017 43

Moving Canada to a Low-Carbon Future. Is it possible? Irene Henriques, Professor of Economics and Sustainability, Schulich School of Business

44 Schulich School of Business

Climate change is a “wicked problem” in that it originates from multiple sources and cannot be reduced unless all sources agree to reduce their emissions. The wicked nature of climate change does not only stem from its biophysical complexity but also from multiple stakeholders’ perceptions of the issue and the potential trade-offs associated with possible solutions. The scientific and academic research shows that climate change will have a real and worsening human toll and cost billions of dollars in damage to our cities each year if remedial efforts are not taken. Despite these potential risks, the movement toward a lowcarbon economy has not progressed as indicated. Unfortunately, the United States, which is the second biggest polluter behind China, has pulled out of the Paris Accord on climate change. President Donald Trump has also signed an executive order that has effectively rescinded emissions rules for power plants within the Clean Power Plan; limits on methane leaks; a moratorium on federal coal leasing; and the government’s use of a metric known as the social cost of carbon. So why should we be worried? First, the withdrawal increases uncertainty. Current U.S. investment in clean energy may be impacted. As Europe and China continue to invest in clean energy technologies in response to the climate change threat, the withdrawal will undoubtedly reduce the U.S.’s ability to foster cleantech, and alternative energy innovations and industry, thereby reducing its competitiveness and ability to transition to a low-carbon economy. Given the U.S. leadership in innovation, this will be a tremendous loss to not only the United States but society as a whole.

Second, the U.S. withdrawal may also incite calls in Mexico and Canada to abandon their environmental/climate change efforts so as to remain “competitive”. In Canada, for example, the official opposition called on Prime Minister Trudeau to abandon the government’s proposed price on carbon in light of the U.S. executive order. Yes, the international context matters, but do we want to go down the same path as the U.S.? In fact according to the New York Times, American representatives of over 30 cities, three states, more than 80 universities and over 100 businesses are preparing to submit a plan to the United Nations pledging to meet the U.S. greenhouse gas emissions targets under the Paris Climate Accord despite the U.S. withdrawal1.

Successful business and government leaders look at the facts and project into the future. Their strategic and policy decisions are based on what they believe the world will look like tomorrow. The threat of stranded or unrecoverable coal, oil and gas reserves is real and a financial risk that any investors are seriously considering when deciding where to place their money2.

1 The New York Times June 1, 2017. Retrieved https://www.nytimes.com/2017/06/01/climate/ american-cities-climate-standards.html?mcubz=1 2 Special Report in the Economist “Breaking the Habit” November 24, 2016. Retrieved http://www.economist.com/ news/special-report/21710632-oil-companies-need-heed-investors-concerns-how-deal-worries-about-stranded

Spotlight on Research 2017 45

As a lead author of a multidisciplinary report for Natural Resources Canada, entitled “Re-Energizing Canada: Pathways to a Low-Carbon Future”, Henriques notes that Canada has the low-carbon energy potential to lead. This potential requires substantial and sustained investments over several decades. Countries dependent on the fossil fuel sector need to take this risk seriously, especially given the electrification of transportation. The long-term competitiveness of these countries will depend on how they transition to a low-carbon economy. Both Canada and Mexico have enormous clean energy resources. Canada has a massive natural potential for the development of renewable energy, including wind and solar resources, tidal and geothermal energy, and hydro3 while Mexico has huge wind4 and solar5 potential. With the U.S. reneging on its climate leadership, Canada and Mexico should take the baton and become the North American leaders. A new industry is being built around renewables (e.g., the electric car) and

it is imperative that we participate in its development. In doing so, Mexico and Canada, their citizens and their businesses, will be better prepared for the transition to the low-carbon economy6. Climate change is a global issue that must be addressed as a team. When one player/country falters, the others must step up for everyone to prosper. Climate change is a long-term economic reality that governments and businesses must address – we all share one planet and the planet must be protected. Climate change is not only an energy security issue it is also a national and food security issue. Cooperation at all levels, from governments (federal, provincial, state, territorial, municipal), industry, non-governmental organizations, Indigenous peoples and civil society is needed to move us from a state of reaction and defensiveness to a state of pro-activity and adaptability. I end this article with a quote published in 1903 whose message is as relevant today as it was then: “Let’s not let this withdrawal stop our progress.”

“ It is among those nations that claim to be the most civilized, those that profess to be guided by a knowledge of laws of nature, those that most glory in the advance of science, that we find the greatest apathy, the greatest recklessness, in continually rendering impure this all-important necessity of life.” ALFRED RUSSEL WALLACE Man’s Place in the Universe, 1903

3 Government of Canada. (2016). Pan-Canadian Framework on Clean Growth and Climate Change: Canada’s Plan to Address Climate Change and Grow the Economy. 4 http://www.renewableenergyworld.com/articles/2012/11/mexico-aims-for-12-gw-of-wind-power-by-2020.html 5 https://www.pv-tech.org/news/who-won-what-in-mexicos-us4-billion-second-renewable-energy-auction 6 “Re-Energizing Canada: Pathways to a Low-Carbon Future” May 2017 Retrieved at https://www. sustainablecanadadialogues.ca

46 Schulich School of Business


Spotlight on Research 2017 47

Books The Office of Associate Dean, Research, takes pride in presenting the accomplishments of our faculty members in the form of books and journal articles. Schulich researchers are conducting top-calibre research and have achieved recognition for business education and scholarship on the international stage.

Re-Imagining Capitalism Edited by: Dominic Barton, Dezsö J. Horváth, and Matthias Kipping

Stragility: Excelling at Strategic Changes By: Ellen R. Auster and Lisa Hillenbrand

Hardcover: 368 pages Publisher: Oxford University Press Publication Date: 2016 ISBN-10: 0198785453 ISBN-13: 978-0198785453

Hardcover: 168 pages Publisher: Rotman-UTP Publishing Publication Date: 2016 ISBN-10: 1442648058 ISBN-13: 978-1442648050

Defining Management: Business Schools, Consultants, Media

Consumer Culture Theory: Research in Consumer Behavior, Vol. 18

By: Lars Engwall, Matthias Kipping, and Behlül Üsdiken

Edited by: Diego Rinallo, Nil Özçagˇlar-Toulouse, and Russell W. Belk

Hardcover: 320 pages Publisher: Routledge Publication Date: 2016 ISBN-10: 0415727871 ISBN-13: 978-0415727877

Hardcover: 265 pages Publisher: Emerald Publication Date: 2016 ISBN-10: 1786354969 ISBN-13: 978-1786354969

48 Schulich School of Business

Business Ethics: Managing Corporate Citizenship and Sustainability in the Age of Globalization (4th Edition) By: Andrew Crane and Dirk Matten Paperback: 632 pages Publisher: Oxford University Press Publication Date: 2016 ISBN-10: 0199697310 ISBN-13: 978-0199697311

Organizational Behaviour (Canadian Edition) By: Mary Waller, Mitchell J. Neubert, Bruno Dyck, and Thomas Medcof Paperback: 496 pages Publisher: Wiley Publication Date: 2016 ISBN-10: 1118476964 ISBN-13: 978-1118476963

Business Ethics: Managing Corporate Citizenship and Sustainability in the Age of Globalization (International Edition) By: Andrew Crane and Dirk Matten Paperback: 587 pages Publisher: Oxford University Press Publication Date: 2016 ISBN-10: 0198755961 ISBN-13: 978-0198755968

Review of Marketing Research: Volume 14: Qualitative Consumer Research Edited by: Russell W. Belk Hardcover: 270 pages Publisher: Emerald Publication Date: 2017 ISBN-10: 1787144925 ISBN-13: 978-1787144927

Contemporary Consumer Culture Theory Edited by: John F. Sherry and Eileen M. Fischer Hardcover: 318 pages Publisher: Routledge Publication Date: 2017 ISBN-10: 1138680567 ISBN-13: 978-1138680562

The Day the King Defaulted: Financial Lessons from the Stop of the Exchequer in 1672 By: Moshe A. Milevsky Paperback: 218 pages Publisher: Palgrave Macmillan Publication Date: 2017 ISBN-10: 3319599860 ISBN-13: 978-3319599861

Lecture Notes in Fixed Income Fundamentals

Essentials of Negotiation (3rd Canadian Edition)

By: Eliezer Z. Prisman

By: Roy Lewicki, Kevin Tasa, Bruce Barry, and David Saunders

Hardcover: 268 pages Publisher: World Scientific Publishing Publication Date: 2017 ISBN-10: 9813149752 ISBN-13: 978-9813149755

Paperback: 294 pages Publisher: McGraw-Hill Ryerson Publication Date: 2017 ISBN-10: 1259087638 ISBN-13: 978-1259087639


Consumer Culture Theory: Research in Consumer Behavior, Vol. 19 Edited by: Alladi Venkatesh, Samantha Cross, and Russell W. Belk Publisher: Emerald

Handbook on the Sharing Economy Edited by: Russell W. Belk, Giana Eckhardt, and Fleura Bardhi The Oxford Handbook of Sovereign Wealth Funds Edited by: Douglas J. Cumming, I. Filatotchev, J. Reinecke, and G. Wood Hardcover: 568 pages Publisher: Oxford University Press Publication Date: 2017 ISBN-10: 0198754809 ISBN-13: 978-0198754800

Publisher: Edward Elgar

Romantic Gift Giving Edited by: Yuko Minowa and Russell W. Belk Publisher: Routledge

Encyclopedia of Business Ethics Edited by: Wesley Cragg, Deborah Poff, and Alex Michelos Publisher: Springer

Oxford Handbook of IPOs Edited by: Douglas J. Cumming, and Sofia Johan Publisher: Oxford University Press

Handbook of Corporate Finance and Sustainability

The Business of Infrastructure

Edited by: S. Boubaker, Douglas J. Cumming, and D.K. Nguyen

By: Sherena Hussain and James McKellar

Publisher: Edward Elgar

Research Handbook of Investing in the Triple Bottom Line: Finance, Society and the Environment Edited by: S. Boubaker, Douglas J. Cumming, and D.K. Nguyen Publisher: Edward Elgar

Transnational Business Governance Interactions: Enhancing Regulatory Capacity, Ratcheting Up Standards, and Empowering Marginalized Actors Edited by: S. Wood, R. Schmidt, K.W. Abbott, B. Eberlein, and E. Meidinger Publisher: Edward Elgar

Dialectics, Paradox and Dualities By: Moshe Farjoun and W. Smith Edited by: A. Langley and H. Tsoukas

Publisher: Taylor and Francis

History in Management Research: Context, Content, Conduct By: Matthias Kipping and Behlül Üsdiken Publisher: Routledge

SAGE Handbook of Institutional Theory Edited by: Christine Oliver, Royston Greenwood, Thomas B. Lawrence, and Renate E. Meyer Publisher: Sage Publications Ltd.

Segmentation Simplified: A Strategic Approach to B2B Segmentation By: Ajay Sirsi Publisher: Createspace

Training Teams to Successfully Navigate Crises By: Mary Waller and S.A. Kaplan Publisher: Stanford University Press

Publisher: Oxford University Press

Spotlight on Research 2017 49

Journal Articles Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk.

One of the features that makes a school of business perform at a consistently high level over many decades is the quality of its researchers. Over the past five decades, in addition to publishing myriad journal articles, scholars at Schulich have transformed the way management educators understand core issues in many areas.

Annisette, Marcia (2016), “Immigration and Neo-Liberalism: Three Cases and Counter Accounts,” Accounting, Auditing, and Accountability Journal, 29(1), 43-79. (with C. Lehman and G. Ageymang) Annisette, Marcia (2017), “Accounting Values, Controversies and Compromises in Tests of Worth,” Research in the Sociology of Organizations, 52, 209-239. (with G. Vesty and T. Anslem) Annisette, Marcia (2017), “Critical Accounting Research in Hyper-Racial Times,” Critical Perspectives on Accounting, 43, 5-19. (with A. Prasad) * Annisette, Marcia (Forthcoming), “Discourse of the Professions: The Making, Normalizing and Taming of Ontario’s ‘Foreign-Trained’ Accountant,” Accounting, Organizations and Society. Aulakh, Preet (2016), “Learning and Knowledge Management In and Out of Emerging Markets,” Journal of World Business, 51(5), 655-743. (with S. Kundu and S. Lahiri) * Aulakh, Preet (2017), “Locus of Uncertainty and the Relationship between Contractual and Relational Governance in Cross-Border Interfirm Relationships,” Journal of Management, 43(3), 771-803. (with M. Abdi) Auster, Ellen (2016), “Bridging the Values Gap,” Developing Leaders Quarterly, 22, 18-22. (with E. Freeman and C. Manno) Auster, Ellen (2016), “Stragility: The Ultimate Competitive Advantage,” Leader to Leader Quarterly, 82, 40-46. (with L. Hillenbrand) Auster, Ellen (2016), “Why Do Women Still Not Make It to the Top? Dominant Organizational Ideologies and Biases by Promotion Committees Limit Opportunities to Destination Positions,” Sex Roles, 75(5), 177-196. (with A. Prasad) * Auster, Ellen (2017), “Reflexive Dis/embedding: Personal Narratives, Empowerment and the Emotional Dynamics of Interstitial Events”, Organization Studies, Forthcoming. (with T. Ruebottom)

50 Schulich School of Business

Auster, Ellen (Forthcoming), “Not Only Volkswagen: Organizations and the Need to Bridge the Values Gap,” China Europe Business. (with R.E. Freeman and C.J. Manno)

Belk, Russell (Forthcoming), “Ad Hoc Japonisme: How National Identity Rhetorics work in Japanese Advertising,” Consumption, Markets and Culture. (with Y. Minowa)

Bae, Kee-Hong (Forthcoming), “Do Credit Rating Agencies Inflate Their Ratings? A Review,” Journal of Financial Transformation.

Belk, Russell (Forthcoming), “Collective Narcissism, Anti-Globalism, Brexit, Trump, and the Chinese Juggernaut,” Markets, Globalization and Development Review.

Belk, Russell (2016), “A History of Global Consumption, 1500-1800,” (Book Review), Consumption Markets and Culture, 19(2), 244-257. Belk, Russell (2016), “Accept No Substitutes: A Reply to Arnould and Rose,” Marketing Theory, 16(1), 143-149. Belk, Russell (2016), “China’s Global Trade History: A Western Perspective,” Journal of China Marketing and Logistics, 6(1), 1-22. Belk, Russell (2016), “Comprendre le Robot: Commentaires sur Goudey et Bonnin,” (“Understanding the Robot: Comments on Goudey and Bonnin”), Recherche et Applications en Marketing, 31(4), 89-97. Belk, Russell (2016), “Consumer Ownership and Sharing: Introduction to the Issue,” Journal of the Association for Consumer Research, 1(2), 193-197. (with L. Price)

Belk, Russell (Forthcoming), “Connoisseurship Consumption Community and its Dynamics,” Revista Brasileira de Gestão de Negócios (Journal of Business Management), in Portuguese. (with R. Quintão and E. Brito) Belk, Russell (Forthcoming), “Cultural Resonance of Global Brands in Brazilian Social Movements,” International Marketing Review. (with M. Suarez) Belk, Russell (Forthcoming), “Qualitative Advertising Research in a Digital Age,” Journal of Advertising. Belk, Russell (Forthcoming), “Russ Belk, Autobiographical Reflections,” Journal of Historical Research in Marketing. Belk, Russell (Forthcoming), “Sharing without Caring,” Cambridge Journal of Regions, Economy, and Society.

Belk, Russell (2016), “Extended Self in a Digital World,” Current Opinion in Psychology, 10, 50-54.

Belk, Russell (Forthcoming), “The Kafka Quagmire for the Poor in India,” Journal of Marketing Management. (with T. Ghoshal)

Belk, Russell (2016), “How Does a Product Gain the Status of a Necessity? An Analysis of Necessitation Narratives,” Psychology and Marketing, 33(3), 209-222. (with J. Braun and M. Zolfagharian)

Belk, Russell (Forthcoming), “The Taste Transformation Ritual in the Specialty Coffee Market,” Revista de Administração de Empresas. (with R. Quintão)

Belk, Russell (2016), “Leaving Pleasantville: Macro/Micro, Public/Private, Conscious/ Non-conscious, Volitional/Imposed, and Permanent/Ephemeral Transformations Beyond Everyday Life,” Journal of Business Research, 69(1), 1-5. (with C.M. Megehee and E. Ko) Belk, Russell (2016), “Videography in Marketing Research: Mixing Art and Science,” Journal of Arts Marketing, 5(1), 73-102. (with C. Petr and A. Decrop)

* Bell, Chris (2016), “Beyond the Particular and Universal: Dependence, Independence, and Interdependence of Context, Justice, and Ethics,” Journal of Business Ethics, 137(4), 639-647. (with M. Fortin, T. Nadisic, J. Crawshaw, and R. Cropanzano) Bell, Chris (2016), “Organizational Powerlessness, Dehumanization, and Gendered Effects of Procedural Justice,” Journal of Managerial Psychology, 31(2), 570-585. (with C. Khoury)

Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk.

* Bell, Chris (2017), “Effects of Implicit Negotiation Beliefs and Moral Disengagement on Negotiator Attitudes and Deceptive Behaviour,” Journal of Business Ethics, 142(1), 169-183. (with K. Tasa) Bell, Chris (2017), “The Two Faces of Envy: Perceived Opportunity to Perform as a Moderator of Envy Manifestation,” Personnel Review, 46(3), 490-511. (with A.K. Khan and S. Quratulain) Bell, Chris (Forthcoming), “Prosocial Thinkers and the Social Transmission of Justice,” European Journal of Social Psychology. (with G. Shteynberg, M.J. Gelfand, L. Imai, and D.M. Mayer) Cao, Melanie (Forthcoming), “Why Don’t Firms Reward their CEOs with Relative Compensation,” International Journal of Advanced Research in Business. Cho, Charles (2016), “In Distrusts of Merits: The Negative Effects of Astroturfs on People’s Prosocial Behaviors,” International Journal of Advertising, 35(1), 135-148. (with J. Kang, H. Kim, H. Chu, and H. Kim)

Cook, Wade (2016), “Best Cooperative Partner Selection and Input Resource Reallocation Using DEA,” Journal of the Operational Research Society, Available Online. (with J. Zhu) Cook, Wade (2016), “DEA as a Tool for Auditing: Application to Chinese Manufacturing Industry with Parallel Network Structures,” Annals of Operations Research, Available Online. (with Y. Gong, J. Zhu, and Y. Chen) Cook, Wade (2016), “DEA Models for Non-Homogeneous DMUs with Different Input Configurations,” European Journal of Operational Research, 254(3), 946-956. (with J. Zhu, W. H. Li, and L. Liang) Cook, Wade (2016), “Setting Goals for Economic Activities in Mexico,” INFOR, Available Online. (with S. Aviles, D. Güemes-Castorena, and A. Villarreal-Gonzalez) Cook, Wade (2017), “Measuring Efficiency with Products, By-Products and Parent-Offspring Relations: A Conditional Two-Stage DEA Model,” OMEGA, 68, 95-104. (with W.H. Li and L. Liang)

Cho, Charles (2016), “Is Environmental Disclosure Good for the Environment? A Meta-Analysis and Research Agenda,” Korean Accounting Review, 41(3), 239-277. (with J. Maurice, E. Nègre, and M.A. Verdier)

Cook, Wade (2017), “Modeling Efficiency in the Presence of Multiple Partial Input to Output Processes,” Annals of Operations Research, 250(1), 235-248. (with W.H. Li, L. Liang, S. Aviles-Sacoto, R. Imanirad, and J. Zhu)

Cho, Charles (2017), “Corporate Social Responsibility Disclosure: Perspectives from Sell-Side and Buy-Side Analysts,” Sustainability Accounting, Management and Policy Journal, 8(1), 2-19. (with J. Krasodomska)

Cook, Wade (2017), “Two-Stage Network DEA: Who is the Leader?” OMEGA, Available Online. (with H. Lee, C. Chen, and J. Zhu)

Cho, Charles (2017), “Disclosure Strategies and Investor Reactions to Downsizing Announcements: A Legitimacy Perspective,” Journal of Accounting and Public Policy, 36(3), 239-257. (with E. Nègre, M.A. Verdier, and D.M. Patten) * Cho, Charles (2017), “Professors on the Board: Do They Contribute to Society outside the Classroom?” Journal of Business Ethics, 141(2), 393-409. (with J-H. Jung, B. Kwak, J. Lee, and C-Y. Yoo) * Cho, Charles (Forthcoming), “Disclosure Responses to a Corruption Scandal: The Case of Siemens AG,” Journal of Business Ethics. (with R. Blanc, M.C. Branco, and J. Sopt) * Cho, Charles (Forthcoming), “The Frontstage and Backstage of Corporate Sustainability Reporting: Evidence from the Arctic National Wildlife Refuge Bill,” Journal of Business Ethics. (with M. Laine, R.W. Roberts, and M. Rodrigue) * Chung, Janne (Forthcoming), “The Effect of Cognitive Moral Development on Honesty in Managerial Reporting,” Journal of Business Ethics. (with S. Hsu)

* Cragg, Wesley (Forthcoming), “The Ethics of Mining,” Journal of Business Ethics. * Crane, Andrew (2016), “Enhancing the Impact of Cross-Sector Partnerships,” Journal of Business Ethics, 135(1), 1-17. (with R. van Tulder, M.M. Seitanidi, and S. Brammer) Crane, Andrew (2016), “Publishing Country Studies in Business & Society. Or, Do We Care About CSR in Mongolia?” Business & Society, 55(1), 3-10. (with D. Matten, I. Henriques, and B. Husted) * Crane, Andrew (2016), “Researching Corporate Social Responsibility Communication: Themes, Opportunities and Challenges,” Journal of Management Studies, 53(7), 1223-1252. (with S. Glozer) Cumming, Douglas (2016), “Alternative Investments in Emerging Markets: A Review and New Trends,” Emerging Markets Review, 29(1), 1-23. (with Y. Zhang) * Cumming, Douglas (2016), “Business Ethics and Finance in Greater China: Synthesis and Future Directions in Sustainability, CSR, and Fraud,” Journal of Business Ethics, 138(4), 601-626. (with W. Hou and E. Lee) * Cumming, Douglas (2016), “CEO Accountability for Corporate Fraud: Evidence from the Split Share Structure Reform in China,” Journal of Business Ethics, 138(4), 787-806. (with J. Chen, W. Hou, and E. Lee)

Cook, Wade (2017), “Within Group Common Benchmarking in DEA,” European Journal of Operational Research, 256(3), 901-910. (with J. L. Ruiz, I. Sirvent, and J. Zhu)

Cumming, Douglas (2016), “‘Cleantech’ Venture Capital around the World,” International Review of Financial Analysis, 44, 86-97. (with I. Henriques and P. Sadorsky)

Cook, Wade (Forthcoming), “Bounded and Discrete Data and Likert Scales in Data Envelopment Analysis: Application to Regional Energy Efficiency in China,” Annals of Operations Research, Published Online. (with J. Zhu and J. Du)

Cumming, Douglas (2016), “Do Banks or VCs Spur Small Firm Growth?” Journal of International Financial Markets, Institutions, & Money, 41, 60-72. (with R. Cole and D. Li)

Cook, Wade (Forthcoming), “Efficiency Measurement of Multistage Processes: Context Dependent Numbers of Stages,” Asia Pacific Journal of Operations Research. (with C. Guo, W.H. Li, Z. Li, L. Liang, and J. Zhu) Cook, Wade (Forthcoming), “Evaluation of Ecological Systems and the Recycling of Undesirable Outputs: An Efficiency Study of Regions in China,” Socio Economic Planning Sciences. (with W.H. Li, Z. Li, and L. Liang) Cook, Wade (Forthcoming), “Units Invariant DEA when Weight Restrictions are Present: Ecological Performance of US Electricity Industry,” Annals of Operations Research, Published Online. (with J. Zhu and J. Du)

* Cumming, Douglas (2016), “Do International Investors Enhance Private Firm Value? Evidence from Venture Capital,” Journal of International Business Studies, 47(3), 347-373. (with A. Knill and K. Syvrud) * Cumming, Douglas (2016), “Does the External Monitoring Effect of Financial Analysts Deter Corporate Fraud in China?” Journal of Business Ethics, 134(4), 727-742. (with J. Chen, W. Hou, and E. Lee) Cumming, Douglas (2016), “Entrepreneurial Spawning: Experience, Education, and Exit,” The Financial Review, 51(4), 507-525. (with U. Walz and J. Werth)

Spotlight on Research 2017 51

Journal Articles cont’d Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk.

Cumming, Douglas (2016), “Governmental Venture Capital for Innovative Young Firms,” Journal of Technology Transfer, 41, 10-24. (with M.G. Colombo and S. Vismara) Cumming, Douglas (2016), “International Business and Entrepreneurship Implications of Brexit,” British Journal of Management, 27, 687-692. (with S.A. Zahra) Cumming, Douglas (2016), “Media Coverage and Foreign Share Discount in China,” European Journal of Finance, 22, 393-412. (with R. Dixon, W. Hou, and E. Lee) Cumming, Douglas (2016), “Open Business Models and Venture Capital Finance,” Industrial and Corporate Change, 25, 353-370. (with M.G. Colombo, C. Rossi Lamastra, A. Mohammadi, and A. Wadhwa) Cumming, Douglas (2016), “Political Instability, Access to Private Debt, and Innovation Investment in China,” Emerging Markets Review, 29(1), 68-81. (with O. Rui and Y. Yu) Cumming, Douglas (2016), “Special Issue: History and Evolution of Entrepreneurship and Finance in China,” Business History, 58, 317-318. (with A. Guariglia, W. Hou, and E. Lee) * Cumming, Douglas (2016), “Sustainable and Ethical Entrepreneurship, Corporate Finance and Governance, and Institutional Reform in China,” Journal of Business Ethics, 134(4), 505-508. (with W. Hou and E. Lee) Cumming, Douglas (2016), “Taking China Private: The Carlyle Group, Leveraged Buyouts and Financial Capitalism in Greater China,” Business History, 58(3), 345-363. (with G. Fleming) * Cumming, Douglas (2016), “The Problems with and Promise of Entrepreneurial Finance,” Strategic Entrepreneurship Journal. (with S. Johan) Cumming, Douglas (2016), “Venture’s Economic Impact in Australia,” Journal of Technology Transfer, 41, 25-59. (with S. Johan) Cumming, Douglas (2017), “A Drop in an Empty Pond: Canadian Public Policy towards Venture Capital,” Journal of Industrial and Business Economics, 44(1), 103-117. (with S. Johan and J.G. MacIntosh)

Cumming, Douglas (2017), “Developments in Financial Institutions, Governance, Agency Costs, and Misconduct,” Journal of International Financial Markets, Institutions, & Money, Forthcoming. (with S. Johan and R. Peter) Cumming, Douglas (2017), “Due Diligence and Investee Performance,” European Financial Management, 23, 211-253. (with S. Zambelli)

Cumming, Douglas (Forthcoming), “Trade Size, High Frequency Trading, and Co-Location around the World,” European Journal of Finance. (with Aitken, M. and F. Zhan)

Cumming, Douglas (2017), “Government and Independent Venture Capital Investments in Europe: A Firm-Level Performance Analysis,” Journal of Corporate Finance, 42, 439-459. (with L. Grilli and S. Murtinu)

Darke, Peter (2016), “Feeling Close From Afar: The Role of Psychological Distance in Offsetting Distrust in Unfamilar Online Retailers,” Journal of Retailing, 92(3), 287-299. (with M.K. Brady, R.L. Benedicktus, and A.E. Wilson)

Cumming, Douglas (2017), “Information Systems, Agency Problems, and Fraud,” Information Systems Frontiers, 19, 421-424. (with S. Johan and D. Schweizer)

Diamant, Adam (2017), “Inventory Management of Reusable Surgical Supplies,” Health Care Management Science, Available Online. (with J. Milner, F. Quereshy, and B. Xu)

Cumming, Douglas (2017), “International Perspectives on Venture Capital and Bank Finance for Entrepreneurial Firms,” Journal of Industrial and Business Economics, 44, 3-22. (with J. Block and S. Vismara)

Dong, Ming (Forthcoming), “Why Do Firms Issue Convertible Bonds?” Critical Finance Review. (with M. Dutordoir and C. Veld)

* Cumming, Douglas (2017), “Law, Finance, and the International Mobility of Corporate Governance,” Journal of International Business Studies, 48(2), 123-147. (with I. Filatoctchev, A. Knill, D. Reeb, and L. Senbet) Cumming, Douglas (Forthcoming), “Do Markets Anticipate Changes in Risk after Major Corporate Events? Evidence from SEOs,” Journal of Financial Management, Markets and Institutions. (with L. Johanning, U. Ordu, and D. Schweizer) * Cumming, Douglas (Forthcoming), “Entrepreneurial Litigation and Venture Capital Finance,” Journal of Financial and Quantitative Analysis. (with B. Haslem and A. Knill) Cumming, Douglas (Forthcoming), “Exchange Trading Rules, Governance, and the Trading Location of Cross-Listed Stocks,” European Journal of Finance. (with W. Hou and E. Wu) Cumming, Douglas (Forthcoming), “New Investor Categories, Agility and HRM: The Case of Sovereign Wealth Funds,” Human Resource Management Review. (with G. Wood, I. Filatotchev, and J. Reinecke)

Cumming, Douglas (2017), “Crowdfunding Cleantech,” Energy Economics, 65, 292-303. (with G. Leboeuf and A. Schwienbacher)

Cumming, Douglas (Forthcoming), “New Players in Entrepreneurial Finance and Why They are There,” Small Business Economics. (with J.H. Block, M. Colombo, and S. Vismara)

Cumming, Douglas (2017), “De-Segmenting Research in Entrepreneurial Finance,” Venture Capital: An International Journal of Entrepreneurial Finance, 19, 17-27. (with S. Vismara)

Cumming, Douglas (Forthcoming), “Same Rules, Different Enforcement: Market Abuse in Europe,” Journal of International Financial Markets, Institutions, & Money. (with A. Groh and S. Johan)

52 Schulich School of Business

Cumming, Douglas (Forthcoming), “The Value of Home Country Governance for Cross-Listed Stocks,” European Journal of Finance. (with W. Hou and E. Wu)

Everett, Jeffery (2017), “Ethics in the Eye of the Beholder: A Pluralist View of Fair-Trade,” Business and Professional Ethics Journal, 36(1), 1-40. (with D. Neu and A.S. Rahaman) * Everett, Jeffery (Forthcoming), “We Have Never Been Secular: Religious Identities, Duties, and Ethics in Audit Practice,” Journal of Business Ethics. (with C. Friesen, D. Neu, and A.S. Rahaman) Farjoun, Moshe (2017), “Architectural Leadership: The Neglected Core of Organizational Leadership,” European Management Review, Available Online. (with E. Kollenscher, E. Dov, and B. Ronen) Farjoun, Moshe (Forthcoming), “Strategic Contradictions: A Dialectical View,” (Invited Essay), Strategic Organization. * Fischer, Eileen (2016), “Deepening the Dialogue: New Directions for the Evolution of Effectuation Theory. (Dialogue essay),” Academy of Management Review, 41(3), 536-540. (with A.R. Reuber and N. Coviello) Fischer, Eileen (2016), “The Construction of Qualitative Research Articles: A Conversation with Eileen Fischer,” Consumption Markets and Culture. (with B. Figueiredo and A. Gopaldas) * Fischer, Eileen (2016), “Tutorials in Consumer Research,” Journal of Consumer Research, 42(1). (with D. Dahl, G. Johar, and V. Morwitz) Fischer, Eileen (2016), “Why Papers are Rejected and How to Get Yours Accepted: Advice on the Construction of Interpretive Consumer Research Articles.” Qualitative Market Research: An International Journal, 20(1), 60-67. (with A. Gopaldas and D. Scaraboto)

Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk.

Fischer, Eileen (2017), “Editorial: Market System Dynamics,” Marketing Theory, 17(1), 3-8. (with M. Giesler) Giesler, Markus (2017), “Editorial: Market System Dynamics,” Marketing Theory, 17(1), 3-8. (with E. Fischer) * Graham, Cameron (2016), “Social Impact Bonds: The Securitization of the Homeless,” Accounting, Organizations and Society, 55, 63-82. (with C. Cooper and D. Himick) Henriques, Irene (2016), “‘Cleantech’ Venture Capital Around the World,” International Review of Financial Analysis, 44, 86-97. (with D. Cumming and P. Sadorsky) Henriques, Irene (2016), “Publishing Country Studies in Business & Society. Or, Do We Care About CSR in Mongolia?” Business & Society, 55(1), 3-10. (with A. Crane, D. Matten, and B. Husted) Henriques, Irene (2016), “What Constitutes a Theoretical Contribution in the Business and Society Field?” Business & Society, 55(6), 783-791. (with A. Crane, D. Matten, and B. Husted) Henriques, Irene (2017), “Measuring Corporate Social Responsibility and Impact: Enhancing Quantitative Research Design and Methods in Business and Society Research,” Business & Society, 56(6), 787-795. (with A. Crane, D. Matten, and B. Husted) Henriques, Irene (2017), “Twelve Tips for Getting Published in Business & Society,” Business & Society, 56(1), 3-10. (with A. Crane, D. Matten, and B. Husted) Henriques, Irene (Forthcoming), “Building Resilience: A Self-Sustainable Community Approach to the Triple Bottom Line,” Journal of Cleaner Production. (with E. Aguiñaga, C. Scheel, and A. Scheel) Henriques, Irene (In Press), “Stimulating a Canadian Narrative for Climate Action,” FACETS. (with C. Potvin, D. Sharma, I. Creed, S. Aitken, F. Anctil, E. Bennett, F. Berkes, S. Bernstein, N. Bleau, A. Bourque, et al.) Hsu, Sylvia (2016), “Association between Time since Cancer Diagnosis and Health-Related Quality of Life: A Population-Level Analysis,” Value in Health, 19(5), 631-638. (with S. Wang, C.P. Gross, T. Sanft, A.J. Davidoff, and J.B. Yu) Hsu, Sylvia (2017), “Longer Periods of Hospice Service Associated with Lower End-of-Life Spending in Regions with High Expenditures,” Health Affairs, 36(2), 328-336. (with S. Wang, S. Huag, P.R. Soulas, and C.P. Gross)

Hsu, Sylvia (Forthcoming), “Target Setting and Ratcheting: A Case Study of Ontario Hospitals’ Quality Improvement Plans,” Canadian Journal of Administrative Sciences. (with Y. Chan) * Hsu, Sylvia (Forthcoming), “The Effect of Cognitive Moral Development on Honesty in Managerial Reporting,” Journal of Business Ethics. (with J. Chung) Hussain, Sherena (Forthcoming), “Rethinking the Role of Private Capital in Infrastructure PPPs,” Public Management Review. Johan, Sofia (2016), “Corporate Finance and the Governance Implications of Removing Government Support Programs,” Journal of Banking and Finance, 63, 35-47. (with M. Jacob, D. Schweizer, and F. Zhan) * Johan, Sofia (2016), “Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust,” Journal of Business Ethics, 138(4), 743-764. (with D. Hain and D. Wang) Johan, Sofia (2016), “Do Political Connections Matter in Accessing Capital Markets? Evidence from China,” Emerging Markets Review, 29, 24-41. (with X. Bao and K. Kutsuna) * Johan, Sofia (2016), “Entrepreneurial Finance: A Retrospective and Prospective Look,” Strategic Entrepreneurship Journal. (with D. Cumming) * Johan, Sofia (2016), “Institutional Investors, Political Connections and Incidence of Regulatory Enforcement Against Corporate Fraud,” Journal of Business Ethics, 134(4), 709-726. (with W. Wu and O. Rui) * Johan, Sofia (2016), “Is Corporate Governance in China Related to Performance Persistence?” Journal of Business Ethics, 134(4), 575-592. (with L. Helge Haß and D. Schweizer) Johan, Sofia (2016), “Private Equity Exits in Emerging Markets,” Emerging Markets Review, 29, 133-153. (with M. Zhang) * Johan, Sofia (2016), “The Effectiveness of Public Enforcement: Evidence from the Resolution of Tunneling in China,” Journal of Business Ethics, 134(4), 649-668. (with L. Helge Haß and M.A. Muller) Johan, Sofia (2016), “Venture’s Economic Impact in Australia,” Journal of Technology Transfer, 41, 25-29. (with D. Cumming) Johan, Sofia (2017), “A Drop in an Empty Pond? Canadian Public Policy towards Venture Capital,” Journal of Industrial and Business Economics, 44(1), 103-117. (with D. Cumming and J.G. MacIntosh)

Johan, Sofia (2017), “Developments in Financial Institutions, Governance, Agency Costs, and Misconduct,” Journal of International Financial Markets, Institutions, & Money, Forthcoming. (with D. Cumming and R. Peter) Johan, Sofia (2017), “Information Systems, Agency Problems, and Fraud,” Information Systems Frontiers, 19, 421-424. (with D. Cumming and D. Schweizer) Johan, Sofia (Forthcoming), “Same Rules, Different Enforcement: Market Abuse in Europe,” Journal of International Financial Markets, Institutions & Money. (with D. Cumming and A. Groh) * Johnston, David (2016), “Getting Workplace Safety Right,” Sloan Management Review. 57(2), 12-14. (with M. Pagell and A. Veltri) Johnston, David (2016), “Managing Safety and Operations: The Effect of Joint Management System Practices on Safety and Operational Outcomes.” Journal of Occupational and Environmental Medicine, 58(3), e80-e89. (with E. Tompa, Institute for Work and Health, M. Pagell, R. Klassen, A. Shevchenko, and S. Sharma) Johnston, David (2016), “Measuring Firms’ Imitation Activity.” R&D Management. Published Online. (with A. Doha, M. Pagell, and M. Swink) Joshi, Ashwin (2016), “When Does Customer Orientation Hinder (Help) Radical Product Innovation? The Role of Organizational Rewards,” Journal of Product Innovation Management, 33(4), 435-454. * Joshi, Ashwin (2017), “OEM Implementation of Supplier Developed Component Innovations: The Role of Supplier Actions,” Journal of the Academy of Marketing Science, 45(4), 548-568. Kamstra, Mark (2016), “The Sluggish and Asymmetric Reaction of Life Annuity Prices to Changes in Interest Rates,” Journal of Risk and Insurance, 83(3), 519-555. (with N. Charupat and M.A. Milevsky) * Kamstra, Mark (2017), “Seasonal Asset Allocation: Evidence from Mutual Fund Flows,” Journal of Financial and Quantitative Analysis, 52(1), 71-109. (with L.A. Kramer, M.D. Levi, and R. Wermers) Kanagaretnam, Kiridaran (2016), “CDS Pricing and Accounting Disclosures: Evidence from U.S. Bank Holding Corporations during the Recent Credit Crisis,” Journal of Financial Stability, 22, 33-44. (with G. Zhang and S. Zhang)

Spotlight on Research 2017 53

Journal Articles cont’d Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk.

Kanagaretnam, Kiridaran (2016), “National Culture and Internal Control Weaknesses around the World,” Journal of Accounting, Auditing & Finance, 31, 28-50. (with G.J. Lobo, C. Ma, and J. Zhou) Kanagaretnam, Kiridaran (2016), “Relation between Auditor Quality and Tax Aggressiveness: Implications of Cross-Country Institutional Differences”, Auditing: A Journal of Practice and Theory, 35, 105-135. (with J. Lee, C.Y. Lim, and G.J. Lobo) * Kanagaretnam, Kiridaran (2017), “Cross-Country Evidence on the Relation between Societal Trust and Risk-Taking by Banks,” Journal of Financial and Quantitative Analysis. (with G.J. Lobo, C. Wang, and D. Whalen) * Kanagaretnam, Kiridaran (Forthcoming), “Cross-Country Evidence on the Role of Independent Media in Constraining Corporate Tax Aggressiveness,” Journal of Business Ethics. (with J. Lee, C.Y. Lim, and G.J. Lobo) Kanagaretnam, Kiridaran (Forthcoming), “Discretion in Loan Loss Allowance, Risk Taking and Earnings Management,” Accounting & Finance, (with J.Y. Jin and G.J. Lobo) Kanagaretnam, Kiridaran (Forthcoming), “Effects of Informal Institutions on the Relationship between Accounting Measures of Risk and Bank Distress”, Journal of International Accounting Research. (with J. Lee, C.Y. Lim, and G.J. Lobo) * Kanagaretnam, Kiridaran (Forthcoming), “Linking Societal Trust and CEO Compensation,” Journal of Business Ethics. (with R. Khokar and A. Mawani) Karambayya, Rekha (2016), “The Shadow of History: Situated Dynamics of Trust in Dual Executive Leadership,” Leadership, 12(5), 609-631. (with W. Reid) Kecskés, Ambrus (2016), “Information Asymmetry, the Cost of Debt, and Credit Events: Evidence from Quasi-Random Analyst Disappearances,” Journal of Corporate Finance, 39, 295-311. (with F. Derrien and M. Sattar) * Kecskés, Ambrus (2017), “Do Earnings Estimates Add Value to Sell-Side Analysts’ Investment Recommendations?” Management Science, 63(6), 1855-1871. (with R. Michaely and K. Womack) Kim, Henry (In Press), “Online Serendipity: The Case for Curated Recommender Systems,” Business Horizons. (with B. Chiasi, M. Spear, M.Laskowski, and L. Jiye)

54 Schulich School of Business

* Kistruck, Geoffrey (2016), “Cooperation vs. Competition: Alternative Goal Structures for Motivating Groups in a Resource Scarce Environment,” Academy of Management Journal, 59(4), 1174-1198. (with R. Lount, B. Smith, B. Bergman, and T. Moss) * Kistruck, Geoffrey (2016), “The Enabling and Constraining Effects of Social Ties in the Process of Institutional Entrepreneurship,” Organization Studies, 37(3), 425-447. (with I. Qureshi and B. Bhatt) * Kistruck, Geoffrey (2016), “The Impact of Moral Intensity and Desire for Control on Scaling Decisions in Social Entrepreneurship,” Journal of Business Ethics, 133(4), 677-689. (with B. Smith and B. Cannatelli) * Kistruck, Geoffrey (2017), “Transitioning Entrepreneurs from Informal to Formal Markets,” Journal of Business Venturing, 32(4), 420-442. (with C. Sutter, J. Webb, D. Ketchen, and D. Ireland) Kristal, Murat (2016), “Modeling the Impacts of Uncertain Carbon Tax Policy on Maritime Fleet Mix Strategy and Carbon Mitigation,” Transport. (with M. Zhu, and M. Chen) * Larkin, Yelena (Forthcoming), “Do Investors Value Dividend-Smoothing Stocks Differently?” Management Science. (with M.T. Leary and R. Michaely) * Lévesque, Moren (2016), “The Equilibrating and Disequilibrating Effects of Entrepreneurship: Revisiting the Central Premises,” Strategic Entrepreneurship Journal, 10(1), 65-88. (with M. Keyhani) Lévesque, Moren (2016), “The NonCompensatory Relationship between Risk and Return in Business Angel Investment Decision Making,” Venture Capital, 18(3), 189-209. (with S. Jeffrey and A. Maxwell) * Lévesque, Moren (2016), “Why Firms Delay Reaching True Sustainability,” Journal of Management Studies, 53(5), 911-935. (with A. Shevchenko and M. Pagell)

Li, Zhepeng (Lionel) (Forthcoming), “Efficiency Measurement of Multistage Processes: Context Dependent Numbers of Stages,” Asia Pacific Journal of Operations Research (with W. Cook, C. Guo, W.H. Li, L. Liang, and J. Zhu) Li, Zhepeng (Lionel) (Forthcoming), “Evaluation of Ecological Systems and the Recycling of Undesirable Outputs: An Efficiency Study of Regions in China,” Socio Economic Planning Sciences. (with W. Cook, W.H. Li, and L. Liang) * Madhok, Anoop (2017), “Resource Ambidexterity through Alliance Portfolios and Firm Performance,” Strategic Management Journal, 38(2), 384-394. (with U. Wassmer and S. Li) Matten, Dirk (2016), “Publishing Country Studies in Business & Society. Or, Do We Care About CSR in Mongolia?” Business & Society, 55(1), 3-10. (with A. Crane, I. Henriques, and B. Husted) Matten, Dirk (2016), “What Constitutes a Theoretical Contribution in the Business and Society Field?” Business & Society, 55(6), 783-791. (with A. Crane, I. Henriques, and B. Husted) Matten, Dirk (2017), “Measuring Corporate Social Responsibility and Impact: Enhancing Quantitative Research Design and Methods in Business and Society Research,” Business & Society, 56(6), 787-795. (with A. Crane, I. Henriques, and B. Husted) Matten, Dirk (2017), “Twelve Tips for Getting Published in Business & Society,” Business & Society, 56(1), 3-10. (with A. Crane, I. Henriques, and B. Husted) * Mawani, Amin (Forthcoming), “Linking Societal Trust and CEO Compensation,” Journal of Business Ethics. (with R. Khokar and K. Kanagaretnam) McMillan, Charles (2016), “Old Wine in New Bottles: Docility, Attention Scarcity and Knowledge Management,” Journal of Knowledge Management, 20(6), 1353-1372.

Lévesque, Moren (2017), “Managing New Technology Using Malleable Profit Functions,” IEEE Transactions on Engineering Management, 64(2), 120-133. (with R. Arend and M. Minniti)

McMillan, Charles (2016), “Wicked Problems: Turning Strategic Management Upside Down”, Journal of Business Strategy, 37(1), 34-43. (with J. Overall)

Lévesque, Moren (Forthcoming), “Distributing Startup Equity: A Theoretical Foundation for an Emerging Practice,” Journal of Small Business Management. (with M. Narayanan)

McMillan, Charles (In Press), “Asset Positioning Strategies: Orchestrating Corporate Resources and Activities to Create Value,” European Management Review.

* Li, Zhepeng (Lionel) (2017), “Utility-Based Link Recommendation for Online Social Networks,” Management Science, 63(6), 1938-1952. (with X. Fang, X. Bai, and O.R. Liu Sheng)

McMillan, Charles (In Press), “The Sports Merchants: Living on the Edge – A Case Study of FIFA and the Beautiful Game,” Organizational Studies.

Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk.

Milevsky, Moshe (2016), “Equitable Retirement Income Tontines: Mixing Cohorts Without Discriminating,” ASTIN Bulletin: The Journal of the International Actuarial Association, 46(3), 571-604. (with T.S. Salisbury)

* Noseworthy, Theodore (2017), “Isolated Environmental Cues and Product Efficacy Penalties: The Color Green and Eco-labels,” Journal of Business Ethics, 143(1), 159-177. (with E. Pancer and L. McShane)

Milevsky, Moshe (2016), “Longevity Risk and Retirement Income Tax Efficiency: A Location Spending Rate Puzzle,” Insurance: Mathematics and Economics, 71, 50-62. (with H. Huang)

* Noseworthy, Theodore (Forthcoming), “Play with Sensory Marketing and You May Be Playing Russian Roulette with Your Brand,” Harvard Business Review. (with A. Sundar)

Milevsky, Moshe (2016), “The Sluggish and Asymmetric Reaction of Life Annuity Prices to Changes in Interest Rates,” Journal of Risk and Insurance, 83(3), 519-555. (with N. Charupat and M. Kamstra) * Milevsky, Moshe (2017), “Optimal Purchasing of Deferred Income Annuities When Payout Yields are Mean-Reverting,” Review of Finance, 21(1), 327-361. (with H. Huang and V.R. Young) * Morgan, Gareth (2016), “Commentary: ‘Beyond Morgan’s Eight Metaphors,’” Human Relations, 69(4), 1029-1042. Neu, Dean (2017), “Ethics in the Eye of the Beholder: A Pluralist View of Fair-Trade,” Business and Professional Ethics Journal, 36(1), 1-40. (with J. Everett and A.S. Rahaman) * Neu, Dean (Forthcoming), “We Have Never Been Secular: Religious Identities, Duties, and Ethics in Audit Practice,” Journal of Business Ethics. (with C. Friesen, J. Everett, and A.S. Rahaman) Ng, Lilian (2016), “Do Managers Matter for Corporate Innovation?” Journal of Corporate Finance, 36, 206-229. (with C.H. Cho, S. Hsu, and J. Halford) * Ng, Lilian (2016), “Foreign Investor Heterogeneity and Stock Liquidity around the World,” Review of Finance, 20(5), 1867-1910. (with F. Wu, J. Yu, and B. Zhang) Ng, Lilian (2017), “Dividend Informativeness and Agency Problems: A Cross-Country Analysis,” Journal of Corporate Finance, 42, 267-286. (with W. He, N. Zaiats, and B. Zhang) * Noseworthy, Theodore (2016), “Asymmetric Consequences of Radical Innovations on Category Representations of Competing Brands,” Journal of Consumer Psychology, 26(1), 29-39. (with C.K. Bagga and N. Dawar) * Noseworthy, Theodore (2016), “Too Exciting to Fail, too Sincere to Succeed: The Effects of Brand Personality on Sensory Disconfirmation,” Journal of Consumer Research, 43(1), 44-67. (with S. Aparna) * Noseworthy, Theodore (2017), “How Inferred Contagion Biases Dispositional Judgments of Others,” Journal of Consumer Psychology, 27(2), 195-206. (with S.T. Hingston and J.F. McManus)

Oliver Christine (2016), “Network Bricolage as the Reconciliation of Indigenous and Transplanted Institutions in Africa,” African Journal of Management, 2(3), 300-329. (with K. McKague) * Oliver, Christine (Forthcoming), “Beyond Differentiation and Integration: The Challenges of Managing Internal Complexity in Federations,” Organization Studies. (with M. Toubiana) * Qu, Sandy (2017), “Popularizing a Management Accounting Idea: The Case of the Balanced Scorecard,” Contemporary Accounting Research, 34(2), 991-1025. (with D.J. Cooper and M. Ezzamel) Sadorsky, Perry (2016), “‘Cleantech’ Venture Capital Around the World,” International Review of Financial Analysis, 44, 86-97. (with D. Cumming and I. Henriques) Sadorsky, Perry (2016), “Forecasting Canadian Mortgage Rates,” Applied Economics Letters, 23(11), 822-825. Sadorsky, Perry (2016), “Hedging Emerging Market Stock Prices with Oil, Gold, VIX, and Bonds: A Comparison Between DCC, ADCC and GO-GARCH,” Energy Economics, 54, 235-247. (with S.A. Basher) Sadorsky, Perry (2016), “The Impact of Oil Shocks on Exchange Rates: A Markov-Switching Approach,” Energy Economics, 54, 11-23. (with S.A. Basher and A. Haug) Sadorsky, Perry (2016), “The Role of Globalization on the Recent Evolution of Energy Demand in India: Implications for Sustainable Development,” Energy Economics, 55, 52-68. (with M. Shahbaz, H. Mallick, and M.K. Mahalik) Sadorsky, Perry (2017), “How Much Does Increasing the Share of Non-Fossil Fuels in Electricity Generation Reduce Carbon Dioxide Emissions?” Applied Energy, 197, 212-221. (with B. Liddle) Saxton, Gregory (2016), “Babies, Smiles, and Status Symbols: The Persuasive Effects of Images in Small-Entrepreneur Crowdfunding Requests,” International Journal of Communication, 10, 1764-1785. (with K. Anderson)

Saxton, Gregory (2016), “Curating for Engagement: Identifying the Nature and Impact of Organizational Marketing Strategies on Pinterest,” First Monday, 21(9). (with A. Ghosh) Saxton, Gregory (2016), “Give Me a Like: How HIV/AIDS Nonprofit Organizations Can Engage Their Audience on Facebook,” AIDS Education and Prevention: An Interdisciplinary Journal, 28, 539-556. (with Y. Huang and Y. Lin) * Saxton, Gregory (In Press), “Do CSR Messages Resonate? Examining Public Reactions to Firms’ CSR Efforts on Social Media,” Journal of Business Ethics. (with L. Gomez, Z. Ngoh, Y. Lin, and S. Dietrich) Saxton, Gregory (In Press), “Utilizing Effective Social Media Message Design to Prompt Audience Engagement: An Examination of Organ Procurement Organizations’ Facebook Messages,” Health Communication. (with J. Covert, A. Anker, A. O’Mally, and T. Feeley) Saxton, Gregory (Forthcoming), “Speaking and Being Heard: How Nonprofit Advocacy Organizations Gain Attention on Social Media,” Nonprofit & Voluntary Sector Quarterly. (with C. Guo) * Shum, Pauline (2016), “Intraday Share Price Volatility and Leveraged ETF Rebalancing,” Review of Finance, 20(6), 2379-2409. (with A. Rodier, E. Hayanto, and W. Hejazi) Smithin, John (2016), “Some Puzzles about Money, Finance, and the Monetary Circuit,” Cambridge Journal of Economics, 40(5), 1259-1274. Smithin, John (2016), “Endogenous Money, Fiscal Policy, Interest Rates and the Exchange Rate Regime: A Comment on Palley, Tymoigne and Wray,” Review of Political Economy, 28(1), 64-78. Tan, Hongping (2016), “When Analysts Talk, Do Institutional Investors Listen? Evidence from Target Price Changes and Institutional Trading,” Financial Review, 51, 191-223. (with S. Lin and Z. Zhang) * Tan, Justin (2016), “Donate Money, but Whose? An Empirical Study of Ultimate Control Rights, Agency Problems and Corporate Philanthropy in China,” Journal of Business Ethics, 134(4), 593-610. (with Y. Tang) * Tan, Justin (2016), “Fit by Adaptation or Fit by Founding? A Comparative Study of Existing and New Entrepreneurial Cohorts in China,” Strategic Management Journal, 37(5), 911-931. (with C. Zhang and D. Tan)

Spotlight on Research 2017 55

Journal Articles cont’d Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk.

* Tan, Justin (2017), “Far from the Tree? Do Private Entrepreneurs Agglomerate around Public Sector Incumbents During Economic Transition?” Organization Science, 28(1), 113-132. (with D. Tan) Tan, Justin (Forthcoming), “Modeling and Analyzing the Evolution Mechanism of Industrial Innovation Network,” Journal of Management Science. (with H. Zhang and R. Lin) Tan, Justin (Forthcoming), “Post Entry Diversification in a Shifting Institutional Environment: How Strategy Patterns Differ for De Novo and Corporate Spin-off Ventures,” Journal of Small Business Management. (with X. Xie and H. Neill) * Tasa, Kevin (2017), “Effects of Implicit Negotiation Beliefs and Moral Disengagement on Negotiator Attitudes and Deceptive Behaviour,” Journal of Business Ethics, 142(1), 169-183. (with C. Bell) Thorne, Linda (2016), “Written Communications and Taxpayers’ Compliance: An Interactional Fairness Perspective,” Canadian Tax Journal, 64(2), 351-70. (with J. Farrar) * Thorne, Linda (2017), “A Comparison of Canadian and U.S. CSR Strategic Alliances, CSR Reporting, and CSR Performance: Insights into Implicit–Explicit CSR,” Journal of Business Ethics, 143(1), 85-98. (with L. Mahoney, K. Gregor, and S. Convery) * Thorne, Linda (2017), “Discussion of ‘A Theoretical Framework of Professional Accountants’ Identity Formation and Directions for Future Research,’” Journal of Business Ethics, 142(2), 239-240. * Thorne, Linda (2017), “Introduction to Thematic Symposium on Accounting Professionalism,” Journal of Business Ethics, 142(2), 199-201. (with S. Gunz) * Thorne, Linda (Forthcoming), “The Effect of Interactional Fairness and Detection on Taxpayers’ Compliance Intentions,” Journal of Business Ethics. (with J. Farrar and S. Kaplan) Tian, Yisong (Forthcoming), “Managerial Gaming of Stock and Option Grants,” Financial Markets, Institutions, and Instruments. Tsang, Albert (2016), “Audited Financial Reporting and Corporate Social Responsibility (CSR) Disclosure,” Journal of Management Accounting Research, 28(2), 53-76. (with L. Chen, B. Srinidhi, and W. Yu) Tsang, Albert (2016), “Corporate Social Responsibility and Stakeholder Governance Around the World,” Global Finance Journal, 29, 42-69. (with H. Jo and M. Soon)

56 Schulich School of Business

Tsang, Albert (2017), “Corporate Lobbying, Visibility and Accounting Conservatism,” Journal of Business Finance and Accounting. 44(5-6), 527-557. (with X. Kong and S. Radhakrishnan) * Tsang, Albert (2017), “Management Forecast and Cost of Equity Capital: International Evidence,” Review of Accounting Studies, 22(2), 791-838. (with Y. Cao, L. Myers, and G. Yang) * Tsang, Albert (Forthcoming), “Corporate Social Responsibility Report Narratives and Analyst Forecasts Accuracy,” Journal of Business Ethics. (with V. Muslu, S. Mutlu, and S. Radhakrishnan) Veresiu, Ela (2017), “Introducing a Spatial Perspective to Analyze Marketing Dynamics,” Marketing Theory, 17(1), 9-29. (with R.B. Castilhos and P. Dolbec) * Waller, Mary (2016), “A Laughing Matter: Patterns of Laughter and the Effectiveness of Working Dyads,” Organization Science, 27(5), 1142-1160. (with L. Wang, L.M. Doucet, S. Phillips, and K. Sanders) Waller, Mary (2016), “Conceptualizing Emergent States: A Strategy to Advance the Study of Group Dynamics,” Academy of Management Annals, 10(1), 561-598. (with G.A. Okhuysen and M. Saghafian) Waller, Mary (2016), “Systematic Behavioral Observation for Emergent Team Phenomena: Key Considerations for Quantitative Video-Based Approaches,” Organizational Research Methods, Available Online. (with S. Kaplan) Waller, Mary (Forthcoming), “Trauma Resuscitation: Can Team Behaviors in the Pre-Arrival Period Predict Resuscitation Performance?” British Medical Journal: Simulation & Technology Enhanced Learning. (with L. Su, S. Kaplan, R. Burd, C. Winslow, and A. Hargrove) Wright, Lorna (2016), “Acculturation Motivation in International Student Adjustment and Permanent Residency Intentions: A Mixed-Methods Approach,” Journal of Emerging Adulthood, 5(1), 27-41. (with S. Chavoshi, S. Dentakos, and M. Wintre) Wright, Lorna (2017), “A Developmental Sequence Model to University Adjustment of International Undergraduate Students (DSMUA),” Journal of International Students, 7(3), 703-727. (with S. Chavoshi, M.Wintre, and S. Dentakos) Yeomans, Julian Scott (2016), “Creating Alternatives for Stochastic Water Resources Management Decision-Making Using a Firefly Algorithm-Driven Simulation-Optimization Approach,” The Global Environmental Engineers, 3(2) 49-62. (with T. Cao)

Yeomans, Julian Scott (2016), “Environmental Decision-Making Under Uncertainty Using a Biologically-Inspired Simulation-Optimization Algorithm for Generating Alternative Perspectives,” International Journal of Business Innovation and Research, 11(1), 38-59. (with R. Imanirad and X-S. Yang) Yeomans, Julian Scott (2016), “The Calculation of Optimal Osmotic Dehydration Process Parameters for Mushrooms: A Firefly Algorithm,” International Journal of Environmental and Agriculture Research, 2(12), 52-58. (with T. Cao) Yeomans, Julian Scott (2017), “An Evolutionary Firefly Algorithm, Goal Programming Optimization Approach for Setting the Osmotic Dehydration Parameters of Papaya,” Journal of Software Engineering and Applications, 10(2), 128-142. (with T. Cao) Zietsma, Charlene (2016), “Strategic Responses to Institutional Complexity,” Strategic Organization, 14(4), 277-286. (with P. Vermeulen, R. Greenwood, and A. Langley) * Zietsma, Charlene (2017), “Beyond Ethos: Outlining an Alternate Trajectory for Emotional Competence and Investment,” Academy of Management Review, 42(3), 551-556. (with M. Toubiana and R. Greenwood) Zietsma, Charlene (2017), “Field or Fields? Building the Scaffolding for Cumulation of Research on Institutional Fields,” Academy of Management Annals, 11(1), 391-450. (with P. Groenewegen, D. Logue, and C.R. Hinings) * Zietsma, Charlene (2017), “The Message is on the Wall: Emotions, Social Media and the Dynamics of Institutional Complexity,” Academy of Management Journal, 60(3), 922-953. (with M. Toubiana) * Zietsma, Charlene (Forthcoming), “Constructing a Shared Governance Logic: The Role of Emotions in Enabling Dually Embedded Agency,” Academy of Management Journal. (with G. Fan) * Zietsma, Charlene (Forthcoming), “Investor’s Assessment of the Impact of Corporate Social Performance on Default Risk in Long-Term Bond Markets,” Journal of Business Ethics. (with O. Branzei, J. Frooman, and B. McKnight) * Zietsma, Charlene (Forthcoming), “What Good Does Doing Good do? The Effect of Bond Rating Analysts’ Corporate Bias on Investor Reactions to Changes in Social Responsibility,” Journal of Business Ethics. (with O. Branzei, J. Frooman, and B. McKnight) * Zwick, Detlev (2016), “The Field of Business Sustainability and the Death Drive: A Radical Intervention,” Journal of Business Ethics, 136(2), 267-279. (with A. Bradshaw)


Spotlight on Research 2017 57

Research Showcase Index 59

Accounting and the Stigma of Poverty: Toronto in the 1920s Cameron Graham and Claudine Grisard


Media Sentiment Divergence and Analyst Earnings Forecasts Hangsoo Kyung and Albert Tsang




Ethics in the Eye of the Beholder: A Pluralist View of Fair Trade Jeff Everett, Dean Neu, Abu Shiraz Rahaman The Use of Valuation Models Around the World: A Content Analysis of Financial Analyst Reports Hongping Tan and Changqiu Yu Yes Boss, No Boss: The Role of Hierarchy on Organizational Conflict and Common Pool Resource Coordination: A Field Experiment in Rural Ghanaian Cooperatives Geoff Kistruck, Angelique Slade Shantz, Desiree Pacheco, Justin Webb


Market-Mediated Multiculturation: The Institutional Shaping of the Ethnic Consumer Subject Ela Veresiu and Markus Giesler


Anxious Attachment and Fairness in the Workplace Chris Bell, Camellia Bryan, Jonathan Crawshaw


Compensatory Contagion: A Psychological Defense Against Threat Justin F. McManus, Sean T. Hingston, Peter R. Darke, Theodore J. Noseworthy


Drowning in the Fishbowl: Cultural Background, Self Regulatory Focus, and Envy in the Job Search Process Chris Bell and Casey Dai


Scandal, What Scandal? Consumer Contribution to Brand Reputation Recovery Luciana Velloso and Eileen Fischer


Creating “Everybody’s Hometown”: How Places Gain Special Meanings Nyla Obaid and Tina Dacin

89 76

Activists on the Inside: Corporate Responsibility as Everyday Practice Michal Carrington, Detlev Zwick, Benjamin Neville

Switching Gears: Training Team Leaders and Members to Adapt Leadership Behaviours in Dynamic Conditions Sjir Uitdewilligen, Ramon Rico, Mary J. Waller


Do You Really Hate GMOs? Exploring the Underpinnings of the Preference for Natural Sean T. Hingston and Theodore J. Noseworthy


Rethinking the Role of Private Capital: Evaluating the Effectiveness of Financial Risk Transfer in Canadian Infrastructure Public Private Partnerships Sherena Hussain


The Business of Infrastructure: Business Models for Success Sherena Hussain and James McKellar


Unlocking the Value in the Nexus between Real Estate and Infrastructure: The Case of the Toronto Pan/Parapan American Athletes Village Sherena Hussain, Jenna Russo, James McKellar


INV-MNE Engagement: Entrepreneurial Partnering and New Venture Internationalization Anoop Madhok and Shameen Prashantham


Transforming to Bullet-Fast Innovation: Institutional Reform in China’s High-Speed Train Sector Aurora Liu, Jane Song, Justin Tan


Performance Persistence of Business Group Affiliated Firms Under Varieties of State Capitalism: A Comparative Study of China and India Preet S. Aulakh, Helen Hu, Lin Cui


Mining on First Nations Territory: Bridging the Knowledge Gap Wes Cragg

78 64


Angel Investors Around the World Douglas Cumming and Minjie Zhang Market Manipulation and Innovation Douglas Cumming, Shan Ji, Rejo Peter 79


Your Mutual Fund Fees Have Caused You Serious Harm! A Dissection of Mutual Fund Fees Flows and Performance Douglas Cumming, Sofia Johan, Yelin Zhang


Migrating Financial Risk Management Methods to Medicine Eitan Prisman and Eliezer Z Prisman


Do Catastrophic Experiences Affect Risk Attitudes? Evidence from U.S.-Based Managers of Non-U.S. Mutual Funds Gennaro Bernile, Vineet Bhagwat, Ambrus Kecskés, Phuong-Anh Nguyen Are U.S. Industries Becoming More Concentrated? Gustavo Grullon, Yelena Larkin, Roni Michaely


Customer News and Supplier Short Sellers Rui Dai, Lilian Ng, Nataliya Zaiats


Why Has Investment-Cash Flow Sensitivity Disappeared? An International Explanation Yelena Larkin, Lilian Ng, Jie Zhu


Marketplace Protocols in the Making: The Case of Blockchain Technology Burcak Ertimur, Markus Giesler, Ela Veresiu

58 Schulich School of Business

Spoils from the Spoiled: Strategies for Entering Stigmatized Markets Angelique Slade Shantz, Eileen Fischer, Aurora Liu, Moren Lévesque



Customer Acquisition and Retention: How to Invest in Service Quality Adam Diamant, Eugene Furman, Murat Kristal


Data Analytics Using Ontologies of Management Theories Henry Kim, Ho-Nam Jackie Cheung, Marek Lasksowski, Iryna Gel

82 69

Compensating for Innovation: How Extreme Product Incongruity Encourages Consumers to Affirm Unrelated Consumption Schemas Theodore J. Noseworthy and Aparna Sundar

Towards an Ontology-Driven Blockchain Design for Supply Chain Provenance Henry Kim and Marek Laskowski


Benchmarking Best R&D Proposals in High Tech Firms Wade D. Cook and Ahmad Hassan


Ecological Systems Study in Regions of China Wade D. Cook, Zhepeng Li , Wanghong Li


Inferring Contagious Social Foci in Two-mode Social Networks Zhepeng (Lionel) Li, Yong Ge, Xue Bai

Spotlight on Research 2017 59

60 Schulich School of Business 

Spotlight on Research 2017 61

62 Schulich School of Business 

Spotlight on Research 2017 63

64 Schulich School of Business 

Spotlight on Research 2017 65

66 Schulich School of Business 

Spotlight on Research 2017 67

is normally distributed: A Geometric Brownian Motion (GBM).

the process adopted for modeling stock price processes, where the growth rate

Many processes in medicine follow exponential growth processes. This is also

portfolio’s rate of return would be above a necessary threshold value.

The essence of these methods was to maximize the probability that the

These methods came into light again during the 2009 financial crisis.

Model, it was common to use “safety first methods” for portfolio management.

Figure 1

monitored for a long time.

Patients being monitored for a long time

Patients ceasing monitoring and opting treatment

monitoring and opting for treatment while the squares indicate those being

demonstrated below (Figure 1). The diamonds represent patients ceasing

• An example of the estimated sigma and mu for two groups of patients is

where the X axis represents the sigma and the Y axis the mu.

• The parameters’ space of the GBM is the two dimensional Euclidian space

will multiply itself N times during T years.

• The speed of the hormone trajectory can be gauged by the probability that it

phase is warranted.

• A criteria that will trigger moving from the monitoring phase to the treatment

cause side effects and instead monitor the disease.

• If the progression is “slow” it might be beneficial to avoid treatments that


• The progression of certain diseases is proxied by the trajectory of a specific


Eitan Prisman1 and Eliezer Z Prisman2

physician experience (gut feeling).

can be presented in terms of probability and thus allow the input of the

not clear cut. This is due to the fact that deviations from the hyperplane

• Physicians are therefore able to judge the results of a patient even when

red hyperplane in Figure 3.

• The result of such a separation for the example at hand, is shown by the


points above the hyperplane that should have been below, and vice

best separating hyperplane. That is, minimizing the deviations of the

• The required criteria therefore was determined by solving for the second

convex hulls overlap as demonstrated above (Figure 2).

• The groups cannot be separated in the pure sense of separation as their

• Thus the triggering criteria can be expressed in terms of this hyperplane.

the line and vice versa.

• Mu and sigma for which this probability is greater than alpha lie above

groups correspond to a line (hyperplane).

• It turns out that the values of N, alpha and T that separate the two


Patients being monitored for a long time

Patients ceasing monitoring and opting treatment

A group in which this probability is less than alpha.

T years is bigger than alpha, and

A group in which the probability of the process multiplies itself N times in

Figure 2

The parameters' space of the GBM can be divided into two sub groups:

Patients being monitored for a long time

Patients ceasing monitoring and opting treatment

decision facing both patients and physicians.

it has so far proven to provide good criteria that helps in the difficult

The developed method is still undergoing empirical verification. However,


devotions from the criteria can be interpreted in an easier way.

function. However, the probabilistic approach seems more intuitive to us as

“speed” of the progression. This will give rise to a separation by a quadratic

It is possible to develop a method that is based on expected value of the


Figure 3

of British Columbia, and Gordon and Leslie Diamond Health Care Centre, Vancouver General Hospital, Vancouver, Canada, 2Schulich School of Business, York University, Toronto, Canada

In the early 60s, before the development of the celebrated Capital Asset Pricing



Migrating Financial Risk Management Methods to Medicine

68 Schulich School of Business 

Gennaro Bernile1, Vineet Bhagwat2, Ambrus Kecskés3, Phuong-Anh Nguyen3

Do professional money managers make such mistakes?

Do professional financial risk takers react to purely personal catastrophic

If the pros do react, this would be an obvious mistake on their part.

investments, then the pros should not react.

If these catastrophes clearly have no effect on the value of their

personal experiences?

Photo Source: https://pixabay.com

Research Questions

Shouldn't these mistakes be eliminated in competitive financial markets?

risks that they take.

mistakes in the economic choices that they make, including about the

Behavioural economics demonstrates that people make all sorts of

managerial agency, skill, or catering.

• Additional results rule out explanations based on wealth effects and

• Risk falls primarily because managers take less systematic risk.

• This effect gradually dissipates by the fourth year after the event.

year after a disaster.

• Monthly volatility of fund returns decreases by roughly 50 bps during the

Results and Impact

unaffected funds.

• Compare funds affected by disasters with otherwise identical but

volatility of their portfolio.

• Easy to measure the risk taking of mutual fund managers using the

by U.S.-based mutual fund managers of non-U.S. equity mutual funds.

• Solution: Use the most severe natural disasters in the U.S. experienced


so that there is no rational reason for them to change the risk of their

mutual fund managers, but do not affect the value of their portfolio firms,

• Problem: Need catastrophic experiences that affect the risk attitudes of


Figure 1: Mutual fund risk taking over time, relative to the disaster

making psychology driven mistakes.

• Investors need to be aware that their money managers are prone to

• Money managers should be aware of their psychological biases.

Take Away Message


personal lives and work performance of money managers are

• This is just the tip of the iceberg as far as spillovers between the


level of risk different from that expected by investors, then investors

• If, for personal psychological reasons, money managers choose a

wish to take.

• Investors select investment funds to reflect the degree of risk that they


Photo Source: https://pixabay.com

Management University, Bras Basah, Singapore, 2University of Oregon, Oregon, USA, 3Schulich School of Business, York University, Toronto, Canada



Do Catastrophic Experiences Affect Risk Attitudes? Evidence from U.S.-Based Managers of Non-U.S. Mutual Funds

Spotlight on Research 2017 69


• Lower prices, better quality, greater efficiency and more

1000 900 800 700





50 40 30

20 10 0













Figure 2: Average/median size of U.S. publicly-traded firms




number of firms



1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014



Figure 1: Concentration index (HHI) and the number of U.S. public firms

• Has this trend reversed in the 21st century?

• Foreign competition (tariff reduction and globalization)

• Deregulation of key industries

• Competition in U.S. has significantly increased in the 20th century:


• “monopoly…is a great enemy to good management” (Adam


Gustavo Grullon1, Yelena Larkin2, Roni Michaely3

Are U.S. Industries Becoming More Concentrated?

• Examine the role of foreign competition

• Examine the role of private firms

Could other economic trends offset this phenomenon?

• Has the increase in concentration affected stock returns?

become less competitive over the past two decades

• Taken together the results suggest that U.S. product markets have

presence of private firms or a larger role of foreign firms

• The trend of increased concentration has not been offset by a higher

• These results are consistent with increased market power

merger announcements

margins, higher stock returns, and more positive market reactions to

• Firms that operate in more concentrated industries enjoy wider profit


characteristics, firm and year fixed effects

announcement as a function of industry concentration, firm

• Panel regressions of profitability and market reaction to merger

• Empirical methodology:


• Data on mergers and acquisitions, and market reaction to merger

• Import data and activity of foreign multinational enterprises

• Concentration index of public and private U.S. firms (U.S. Census)

• Sales, performance and stock returns of U.S. publicly-traded firms

• Collect information on:

Obama) the anti-trust enforcement has declined

• During the recent administrations (George W. Bush and Barack

Explanation #1: Regulatory changes

What are the drivers of the decline in competition?

generate more patents

over the last two decades firms in concentrated industries

• Large firms are better in implementing technological changes:

economy of scale

• Recent technological innovations have created benefits for the

Explanation #2: Technological changes

acquisition activity

The trend of increased concentration continues through merger and

large and profitable corporations

The U.S. industrial landscape is dominated by a small number of

become less competitive over the past two decades

Despite common beliefs, the vast majority of U.S. industries have

Take Away Message

Figure 3: Concentration index (HHI) and the number of merger investigation cases (Section 2 cases) filed

• Has the increase in concentration affected investment policy?

• Has the increase in concentration affected profitability?


What are the implications of increased concentration in the U.S.?


Research Questions

University, Texas, USA, 2Schulich School of Business, York University, Toronto, Canada, 3Johnson Graduate School of Management, Cornell University and IDC, New York, USA

• Competitive markets are desirable, as they lead to:


Number of firms

Mean firm size, $ million

HHI index

Median firms size, $ million

70 Schulich School of Business 

Figure 1: Timeline of Customer News and Shorts


• What is the extent of the impact of customer news on supplier’s

customer-supplier links?

• Do supplier short sellers have any private information about the

• Does customer news influence supplier short sale transactions?

Research Questions

• Existing results are somewhat mixed.


have been shown to trade before the release of certain types of public

• their trading before information is released, even though short sellers

• their ability to analyze publicly available information

• Debate, however, centers on short sellers’ trading advantage


on only public customer news. They have no access to private information of customer firms prior to their news releases.

short sales. Evidence is robust to linked vs. delinked customer-supplier


• Shorts are weaker in supplier firms with low level of information

and rely on public news releases when they short supplier stocks.

• Supplier short sellers have no private information about economic links

relationships and to constructed pseudo customer or pseudo suppliers.

• Supplier short sellers are attentive of supplier-customer links and trade

impact on supplier short sale transactions, but not on supplier’s supplier

Take Away Message

customer news releases.

• The window of opportunity to trade on customer news is immediately after

profitable trading strategies.

• It pays to focus on economic links and exploits customer news to make


• Unfavorable customer news, especially earnings news, has a positive


IBES earnings databases.

transactions of supplier stocks and customer news from Ravenpack and

• Apply regression analyses to estimate the relation between short sale


States and daily short sale transactions between July 2005 and July

• Employ Factset Revere data on customer-supplier pairs in the United

Data and Methodology





Figure 2: Snapshot of Apple’s Supply Chain

University of Pennsylvania, Pennsylvania, USA, 2Schulich School of Business, York University, Toronto, Canada, 3Sawyer School of Business, Suffolk University, Massachusetts, USA

• Overwhelming evidence that short sellers are informed traders.



Rui Dai1, Lilian Ng2, Nataliya Zaiats3

Customer News and Supplier Short Sellers

Spotlight on Research 2017 71















2011 2014

2011 2014





Figure 1: Financial Development Over Time

affects the investment-cash flow sensitivity









Domestic Credit/GDP

Market Cap/GDP



2011 2014

2011 2014

• What is the underlying channel through which financial development

country-level financial development

• Whether the extent of investment-cash flow sensitivity could be driven by

Research Questions

responsible for the trend

phenomenon but were unable to identify the mechanism that is

• Many existing studies have put forth various explanations for this

vanished in the last decade

cash flow sensitivity in the U.S. has declined over the past fifty years and

• Recent research has discovered puzzling evidence that the investment-

of financial constraints

corporate investment to internal cash flow, and argue that it is a measure

• Fazzari, Hubbard, and Petersen (1988) first find a positive sensitivity of








log GDP per Capita



1996 Year





ONLY in financially developed countries

• The external equity capital has become more available to firms in need

• But it has disappeared in financially developed countries

• high cost of capital

• less financially developed markets

• high intensity of capital controls

• less credit available

• low GDP per capita

• The investment-cash flow sensitivity has remained high in countries with

Results and Impact

and debt financing

• To explore the channel, estimate the sensitivity of investment to equity

measures of financial development

• Sort countries into low, middle, and high groups based on different

periods: 1981-1992, 1993-2003, and 2004-2014

• Estimate investment-cash flow sensitivity β2 separately in three sub-




All Countries Excluding U.S.

All Countries

Figure 2: Investment-Cash Flow Sensitivity Across All Countries and the U.S. by Year

Schulich School of Business, York University, Toronto, Canada

Yelena Larkin, Lilian Ng, Jie Zhu

cash flow sensitivity has disappeared

greater access to external equity finance, and their investment-

• Firms from financially developed countries enjoy the benefits of

high and fairly stable

cash flow, and their investment-cash flow sensitivity has remained

• Firms from less financially developed countries still rely on internal

Take Away Message

internal funds

more external capital when they have not generated sufficient

• Access to external equity finance is a key channel, as firms raise

individual firm level become less binding

resources within the country, and thus financial constraints at the

economic development, it becomes more efficient in allocating

• Once a country advances to a certain degree of financial and


Why Has Investment-Cash Flow Sensitivity Disappeared? An International Explanation

Cost of Equity

1.5 1 .5 0 .14 .12 .1




Financial Openness

Investment - Cash Flow Sensitivity

.5 .4 .3 .2 .1 0

72 Schulich School of Business • Immaculate Technological Creation: Passionate tech entrepreneurs

in turn, influence consumption practices.

Photo Source: https://www.flickr.com/photos/namecoin/22746371063/

• How does technology consumption become institutionally acceptable?

Research Question

scalability of platforms to handle greater transaction volumes.

leading to forks in existing blockchains (e.g., Ethereum 2.0) and debates on

decentralized, and open (public) vs. closed (private) source systems,

• Community Fragmentation: Tensions arise between centralized vs.

smart contracts, and digital asset exchanges.

decentralized autonomous applications (DApp) and organizations (DAO),

distributed ledger). New blockchain projects emerge in the forms of

institutions get involved. Nomenclature is debated (i.e., bitcoin, blockchain,

• Big Business Intermingling: Governments, corporations, and regulatory

virtual wallets.

to mine for crypto-currencies, trade them on exchange systems, and use

educating novices to join the communities. For example, people learn how

decentralized systems, where individuals learn new practices, while

• Aspirational Community Building: Tech startup community forms around


blockchain applications that are operated autonomously in decentralized

technology). This is followed by hundreds of other crypto-currencies and

First example is bitcoin (the crypto-currency) and Bitcoin (the blockchain

current man-made market issues of inefficiency, corruption, and security.

aspire to design a perfect code-enabled exchange system that resolves

Phases of Protocol Emergence

examine how technological frameworks shape existing institutional realities, that

is a marketplace protocol in the making. As such, it provides a perfect avenue to

technology consumption. The phenomenon of focus – blockchain technology –

This article unpacks how marketplace protocols emerge and structure

an invisible backdrop to consumer-driven research.

(e.g., TCP/IP, HTML, Peer-to-Peer, Blockchain) that have so far served only as

technological systems exist, which we conceptualize as marketplace protocols

Unbeknownst to the implications and importance of this body of work, larger

market systems and shapes consumers’ technological realities.

consequence, far less research has been devoted to how technology modulates

navigate the different meanings, ideologies, and surrounding practices. As a

2014) focuses on how individual consumers experience technology and

2008; Mick and Fournier 1998; Schau and Gilly 2003; Sherry 2000; Tian et al.

Figure 1: History of Marketplace Protocols

@BurcakErtimur – @DrGiesler, www.mgiesler.com – @everesiu, www.ela-veresiu.com

Follow this and other research projects at:

We appreciate the institutional support of:

practices, as well as everyday consumer realities.

marketplace protocols and their influence on institutional frameworks and

Giesler and Fischer 2016 for an overview) by investigating the creation of

• Our research contributes to the market system dynamics literature (see

processes through which technology consumption gets structured.

• We conceptualize marketplace protocols as encoded rules and


• Netnographic Data: Blockchain websites; blogs; web discussion forums.

government, and company reports; videos.

• Archival Data: Blockchain-related books, newspaper articles; industry,

the blockchain technology space.

digital strategists & participant observations over a 4-month immersion into

• Ethnographic Data: 10 interviews with entrepreneurs, technologists, and


Photo Source: http://www.coindesk.com/7-cool-decentralized-apps-built-ethereum/

Dickinson University, New Jersey, USA, 2Schulich School of Business, York University, Toronto, Canada

The technology consumption literature (e.g., Belk 2013; Giesler 2008; Kozinets



Burcak Ertimur1, Markus Giesler2, Ela Veresiu2

Marketplace Protocols in the Making: The Case of Blockchain Technology

Spotlight on Research 2017 73

•Photo Source: https://www.flickr.com/photos/7815007@N07/21823658975

ethnic and multicultural Canadian consumption and consumers.

traditional marketing research reports, plans, and campaigns focusing on

• Institutional Data: policy documents, media articles, videos, photos,

• Ethnographic Data: 27 institutional actors & 30 consumer interviews.


• How and why is the ethnic consumer subject created?

Research Questions

manage increased population diversity through consumption.

neoliberal multiculturalism to shape an ethnic consumer subject in order to

theoretically proposes that institutional actors build on the ideology of

• Building on the research of Foucault (1978) and Kymlicka (2013), this paper

consumption experiences.

experiences of different ethnic, indigene, and immigrant groups’

• However, this body of literature continues to focus on the lived

particular an acculturation one.

first with a psychological focus and later on with a cultural focus, in

market – has been of interest to consumer researchers since the 1960s,

• Ethnic consumption – how consumers negotiate their ethnicity through the


engaging with different ethnic products, services, and experiences.

Indigenes and immigrants adopt their prescribed ethnic consumer position by

Consumer Adoption

and advertisements.

spheres, as well as in everyday products, services,

Market actors feature ethnic consumers in the arts, entertainment, and media

Market Proliferation

ethnic consumer.

collect data, analyze it, and publish reports substantiating who actually is the

Industry leaders, analysts, and other business professionals create measures,

Expert Identification

consuming subject, in response to minority groups’ public crises of legitimacy.

Political actors envision an ideal citizen type in the form of an ethnic

Political Inception

Institutional Strategies Forming Market-Mediate Multiculturation

Figure 1: Institutional Actors Shaping an Ethnic Consumer Subject

Schulich School of Business, York University, Toronto, Canada

Ela Veresiu and Markus Giesler

@everesiu, www.ela-veresiu.com – @DrGiesler, www.mgiesler.com

Follow this and other research projects at:

We appreciate the institutional support of:

multiculturalism influences individuals’ consumer behaviour.

developing a theorization that explains how the neoliberal ideology of

Giesler and Veresiu 2014; Zwick, Bonsu, and Darmody 2008) by

• Third, we extend the literature on neoliberalism and consumption (e.g.

consumer subjectivity to manage population diversity.

documenting concrete strategies of how institutions shape an ethnic

subject formation (see Giesler and Veresiu 2014 for an overview) by

• Second, we contribute to the nascent research stream on consumer


the marketplace, whereas we highlight how institutions shape these

research has focused on how ethnic and indigene individuals experience

consumer acculturation (see Luedicke 2015 for an overview). Past

• First, our research extends the increasingly important literature on


•Photo Source: https://www.flickr.com/photos/57156785@N02/14484043738//

Market-Mediated Multiculturation: The Institutional Shaping of the Ethnic Consumer Subject



• Method: Undergraduate business students (N = 121; 45.9% female;

when participants are first given the opportunity to self-affirm.

compensatory contagion effects otherwise observed will be diminished

2.41 1.43

Positive Affect Negative Affect

LeBron James (see Fig.

3.64 3.18





Low Celebrity Domain Importance Business Threat Dental Pain



4.16 a

3.93 a



5.74 b

5.17 b

High Celebrity Domain Importance Business Threat Dental Pain

Table 1: Study 4 Results (Note: a b indicates simple effect of threat, p < .05)

business) × domain connectedness (measured trait) design.

between-subjects conditions in a 2 (threat domain: dental pain vs.

recruited from MTurk and were randomly assigned to one of two

• Method: Participants (N = 132; 49.2% female; Mage= 31.6) were

domain is relevant to self-concept than when it is less relevant.

contagion effect on valuations will be stronger when the celebrity

relevance of the celebrity domain, such that the compensatory

• H5: The effects of threat on valuations will interact with the perceived

domain needed to be important/relevant to self-concept.

• Purpose: One remaining question was whether the compensatory

Study 4

Figure 4: Mediated Moderation results for Study 3

between-subjects factorial design.


(Study 2 results)

Figure 3: Threat 㽢 Contagion 㽢 Load interaction plot

target was Sidney Crosby.

load: high vs. no) between-subjects factorial design. The celebrity

domain: athletic vs. business) × 2 (contact: yes vs. no) × 2 (cognitive

Mage = 19.28, SD = 0.55) were randomly assigned to a 2 (threat

• Method: Undergraduate business students (N = 174; 57.1% female;

pronounced under load than no-load.

compensatory contagion observed for touched items will be more

• H3: Cognitive load will moderate the above interaction, such that the

celebrity has had physical contact with the item.

compensatory contagion effect will be observed only when the

• H2: Threat domain and contact will interact such that the

favored automatic forms of information processing.

compensatory contagion would be facilitated by conditions that

specifically due to the desire for celebrity essence and (b) whether

the value of a celebrity item following threat in another domain is

• Purpose: This study tested (a) whether the observed increase in

Study 2

Threat domain × Celebrity interaction (F(2, 212) = 4.80, p = .009)




Mage = 19.76, SD = 1.46) were randomly assigned to a 2 (threat Control


domain: volunteer vs. business) × 2 (self-affirmation: yes vs. no)

Business threat


0 Athletic threat


• H4: Affirmation will moderate the effects of threat domain such that the









• Purpose: Study 3 provides further evidence for the fluid compensation

Study 3

owned by Bill Gates or

Figure 1: Product stimulus used in Study 1



Bill Gates Lebron James

Figure 2: Threat domain 㽢 Celebrity interaction plot (Study 1 results)

sweater previously

their auction bid for a

Participants reported


consumer auction

athlete threat, or control) and then an ostensibly unrelated study on

factorial design. Participants completed a writing task (either business,

(Celebrity object: Bill Gates vs. LeBron James) between-subjects

assigned to a 3 (Threat domain: athletic vs. business vs. control) × 2

from MTurk to partake in two ostensibly unrelated studies and randomly

• Method: Participants (N = 218; 41% female; Mage= 35) were recruited

threat or no-threat control conditions.

(compensatory contagion effect), compared to either within-domain

aspect of consumer self-concept outside the domain of the initial threat

• H1: Valuations will be elevated when celebrity contagion relates to an

nonthreatened aspects of the consumer’s self-concept.

and that this would primarily occur for celebrity items related to

that self-threat would increase valuations for contagious celebrity objects,

• Purpose: Study 1 tested the main compensatory contagion prediction

Study 1

connected to the consumers’ self-concept.

are self-affirmed. Critically, the compensatory domain must be

the celebrity, operates automatically, and is attenuated when participants

domain. This effect is driven by the desire to have physical contact with

augments valuation for celebrity objects unrelated to the threatened

• Across four experiments, the authors find that self-esteem threat

therapy (i.e., compensatory consumption; Mandel et al. 2016).

items physically touched by admired celebrities serves as a form of retail

substantially on the consumer’s self-esteem needs, and that acquiring

• The current research suggests that such behavior can depend

or $65,000 for a zip-lock bag of air from a Kanye West concert).

(e.g., $1.2M for Marilyn Monroe’s dress, $1.3M for Jimi Hendrix’s guitar,

• Consumers can attach substantial value to a variety of celebrity items


Schulich School of Business, York University, Toronto, Canada

Justin F. McManus, Sean T. Hingston, Peter R. Darke, Theodore J. Noseworthy

Compensatory Contagion: A Psychological Defense Against Threat

Willingness to pay ($)

74 Schulich School of Business 

Spotlight on Research 2017 75

“Sarcasm Doubt





Seeking Alpha, 06/16)

(Consumer on

beyond physical limits”

has painted it to be.” (Consumer on


Bloomberg, 07/16)


enforce so called emission standards



much problem of VW, but rather a problem of incompetent people from

small number is a very, very small number.

This emission is not soot and it is certainly

because that I don’t see ‘the cheating’ as

is more like 10% more - and 10% of a very

not the baby killing poison that the media

“And why would I trust VW? Well primarily

theme and ran with it while the real number

Source: Kelley Blue Book Survey (Sept 23-28, 2015)

Source: Vanitha Swaminathan and Suyun Mah, Harvard Business Review, 02/09/16

The New York Times, 07/20/16

“Suits Trace VW Cover-up All The Way To The Top”

The Wall Street Journal, 04/20/16

Consumers’ individual-level emotions, perceptions, and mental processes

How do brand crisis get ameliorated?

Marketers’ recovery efforts

Brand characteristics

We appreciate the support of CAPES Foundation.


reputation recovery (e.g., comparative contextualization, moral decoupling)

Situated in these institutional logics, consumers enact important repair work that contributes to brand

media (e.g., lay participation, sharing content)

Observed consumer responses to Dieselgate seem to follow the logics of the institutional field of social

Preliminary Results

Frames offered by media coverage

Prior Literature

Source: Gallup Business and Industry Sector Ratings 2016

“Volkswagen: Why a Deal Over Emissions Won’t End the Drama”


“The media grabbed the up to ‘40% more’

Source: Volkswagen of America, Inc.


The New York Times, 12/07/15


“The VW Diesel Scandal Is Much Worse Than a Recall—It’s Outright Deceit” Car and Drive, 09/22/15

Outraged consumers? Not everyone

Sept 2015

Relentlessly negative media coverage since the outbreak of the scandal in

Context: Volkswagen’s Dieselgate

What role do consumers play in the institutional dynamics that ameliorate brand crisis precipitated by marketer misdeeds?

Research Question

Schulich School of Business, York University, Toronto, Canada

Luciana Velloso and Eileen Fischer

Scandal, What Scandal? Consumer Contribution to Brand Reputation Recovery

76 Schulich School of Business 

Results and Impact Our study suggests that under the right conditions managers are able to affect

firm conduct from the inside. Our interviews show that tactics that may appear to sceptics of responsible business as at best pointless acts of agitation (Fleming

a company and societal level. This raises an interesting question – can

make business a facilitator of an equitable and sustainable system of

provision? And if so, under what conditions do managers become

agents of transformation?

inside. Our data suggests that when managers are given the chance to

business practice?

macro transformation?

resistance and the linkage between the micro practice and


empowered and psychologically safe to do something about it, they will in fact do

experience current practices as morally suspect if not outright wrong and feel

also find evidence for the activist manager who does affect change from the

managers cumulatively lead to transformation of macro-level

(3) What are the necessary conditions to enable micro-level acts of

the practices already in place than challenge and subvert them. Nonetheless we

transform capitalism one act at a time. Managers are more likely to reproduce

does show that managers are prone to finding ways to abdicate responsibility to

acknowledge that the dice are loaded against the activist manager. Our data

(Klikauer, 2015) have the potential to change practice “on the ground”. We

(2) How can the seemingly uncoordinated acts of individual

regards to sustainable and ethical business practice?

(1) What subject positions do managers adopt inside the firm in

Research Questions

and Sewell, 2002) and at worst mere compliance to the dominant model

Interviews with mid-level managers in a range of companies.

importance of individual heterogeneous actors in driving change both at

individual managers transform businesses from the inside, and thus


organisations. Taking the firm as the unit of analysis obscures the

understanding the potential forces of change within business

2014). This prevalent view presents a significant barrier to fully

Ployhart, 2015; Clegg & Higgins, 1987; Geppert & Dörrenbächer,

– and its managers as singular, homogenous teams (Felin, Foss, and

worldview, singular strategy, and uniform practices and belief systems

presented as a singular and self-interested agent – with a monolithic

2012). In both cases, business organisations are predominantly

democratic and legal control (Banerjee, 2011; Fleming and Jones,

Bigley, 2007) or the strategic practice of power aimed at reducing

(Freeman, 1984; Harrison, Bosse and Phillips, 2010; Jones, Felps and

as a firm-level response to stakeholder expectations and pressures

Pless, & Voegtlin, 2016; Scherer et al., 2016). CSR is generally viewed

business organisation’s CSR practices (Aguinis & Glavas, 2012; Maak,

individual actions and interactions underpin, challenge and transform a

however, we find that there has been little attention to how managers’

this is not possible. When we look at both sides of this scholarly debate,

within the system, while more critical perspectives of CSR suggest that

from the responsibility to find ways to make capitalism better.

immanent to business. Therefore, we should refrain from abdicating managers

Thus, we would submit that irresponsible and unethical practice is not

Take Away Message

ethics with organisational level CSR.

engage in CSR practices. In other words, we bridge individual managerial

levels of analysis” (p 288) and the necessary conditions for managers to

(2016) call to study “individual behaviour and its relationship with CSR across

become activists while others do not. Thus, our study answers Scherer et al.’s

of enabling contexts of activist practice to theorise why some managers

practitioner profiles that we call abdicators and activists and develop the notion

and moral praxis. Based on the espoused practices we describe two distinct

Empowerment and Psychological Safety, managerial biography, moral shock

underlying contexts that enable the activist practice observed in our study:

reproductive practice, coping tactics, covert tactics, and overt tactics, and four

Grounded in rich interview data we identify four etic categories of practice –


of Management and Marketing, University of Melbourne, Melbourne, Australia, 2Schulich School of Business, York University, Toronto, Canada

Mainstream views of CSR advocate that positive change can happen



Michal Carrington1, Detlev Zwick2, Benjamin Neville1

Activists on the Inside: Corporate Responsibility as Everyday Practice

Spotlight on Research 2017 77

• Is naturalness a prerequisite for acceptability?

about them?

• Is the consumer aversion to GMOs contingent upon how they reason

Research Questions


an artifact should result in more positive evaluations despite it being

their intended purpose, cueing consumers to reason about a GMO as

• Conversely, since artifacts are evaluated based on their ability to serve


which offers an alternate explanation for why consumers dislike

composition renders it an inferior approximation of a natural kind,

• This literature suggests that altering a natural kind’s genetic

natural kinds and artifacts.

• Here, we draw on theory that distinguishes how people reason about

rendering the object unnatural, causing a decline in acceptability.

modified organisms (GMOs) emerges due to human intervention

• It has been proposed that the consumer aversion to genetically

dislike things that are unnatural.

• People exhibit a strong preference for things that are natural and thus


Participants evaluated an apple that either looked natural (i.e. red)

Moral Judgments

judgments, and disgust were collected.

or not (i.e. purple). Purchase intentions, acceptability, moral

as opposed to red.

Purchase intent for the GMO apple was higher when it was purple

when it was red compared to when it was purple.

Participants viewed the sale of the GMO apple to be more immoral

was the one most likely to be processed as a natural kind (i.e. it looked natural and its intended purpose was not stated).

use of GMOs and avoid passing them off as natural kinds.

This work suggests that firms should be transparent about their

acceptability of these foods. • The GMO that elicited the lowest purchase intent and acceptability

GMOs as though they are human creations can increase the

Our findings demonstrate that cueing consumers to reason about ratings.


Study 2: Results

2 (label: GMO vs. Natural) × 2 (visual cue: Natural vs. Artifact)

between-subjects factorial design.

N = 160 (46.9% female; Mage = 32.3)

Study 2: Method

was stated). Notably, this was despite a marked drop in naturalness

an artifact (i.e. when it looked like an artifact and its intended purpose

acceptability was highest when it was most likely to be processed as

• As predicted, for the GMO product, we found that purchase intent and

Study 1: Results

acceptable the product is for consumption.

reported their purchase intentions, perceived naturalness, and how

• Participants viewed one of eight ads for Nike Epoch Energy Fruit and

subjects factorial design.

explicit purpose vs. natural form with no explicit purpose) between-

purpose vs. artifact form with no explicit purpose vs. natural form with

• 2 (Label: GMO vs. Natural) × 4 (Category Cue: artifact form with explicit

• N = 351 (55.3% female; Mage = 26.6)

Study 1: Method

Figure 1: Study 1 Results

Schulich School of Business, York University, Toronto, Canada

Sean T. Hingston and Theodore J. Noseworthy

Do You Really Hate GMOs? Exploring the Underpinnings of the Preference for Natural

78 Schulich School of Business

Theodore J. Noseworthy1 and Aparna Sundar2

Study 2 Stimuli

• Affirm nationalistic preference (Study 3)

disclosure vs. fun disclosure) between subjects factorial design.

moderately incongruent vs. extremely incongruent ) × 2 (functional

Replication & Boundary Condition: Lab Study 3: 3 (congruent vs.

no misattribution) between subjects factorial design.

incongruent vs. extremely incongruent ) × 2 (arousal misattribution vs.

Replication & Mechanism: Field Study 2: 3 (congruent vs. moderately

whether the source of threat was intended to have meaning.

origin). This study also lent further insight into the process by isolating

to affirm cultural identity (i.e. by enhancing preference for country of

Study 3 showed that extremely incongruent products cause consumers

the underlying process using a classic misattribution task.

punishing firms for social transgressions). This study also demonstrated

incongruent products by affirming a moral schema (i.e. by more harshly

Study 2 showed that consumers can also compensate for extremely


evoked by extremely incongruent products by affirming brand

Study 1 showed that consumers compensate for the meaning threat

Results and Impact

brand) between subjects factorial design.

• Affirm corporate social responsibility (Study 2)

Phenomenon: Field Study 1: 3 (congruent vs. moderately incongruent

Experimental Design (Field and Lab) vs. extremely incongruent ) × 2 (dominant brand vs. non-dominant


Figure 1

Marketers often caution against the introduction of extreme radical

Acknowledgements: We appreciate the support of SSHRC.

negative evaluations.

positive outcomes for a brand even if the product itself is met with

influence of extreme innovation, which suggests that there could be

innovation in the marketplace. This research sheds light on a lateral


Project was funded by the Social Sciences and Humanities Research Council of Canada

Take Away Message

preference (Study 3).

(Study 1), corporate social responsibility (Study 2), and nationalistic

by affirming other aspects of consumption, such as brand dominance

compensate for an inability to resolve an extremely incongruent product

can serve as a form of meaning threat, and that consumers can

• Evidence from three studies suggests that extreme product incongruity


Study 3 Stimuli

School of Business, York University, Toronto, Canada, 2University of Oregon, Oregon, USA

• Affirm brand dominance (Study 1)

• If so, when faced with radical or extreme innovations, consumers may:

and cause consumers to affirm unrelated consumption schemas?

• Can extreme product incongruity serve as a source of meaning threat,

Research Questions

• Such meaning structures tend to be accessible and culturally relevant.

structures in memory (Heine et al. 2006; McGregor et al. 2001).

threatened, people will compensate by affirming other established meaning

so compelling that when a schema (i.e. a meaning structure) is sufficiently

• Evidence suggests that the motivation to maintain a sense of meaning is

evaluations tend to suffer (Meyers-Levy and Tybout 1989).

• If the product is too incongruent with one’s existing set of beliefs,

• New products often challenge existing beliefs for a product concept.



Compensating for Innovation: How Extreme Product Incongruity Encourages Consumers to Affirm Unrelated Consumption Schemas

Spotlight on Research 2017 79

Source of Photos: https://pixabay.com

stigmatized markets?

• What factors influence the strategies selected when entering

• What strategies do firms use to enter stigmatized markets?

Research Questions

associated with specific strategies for entering stigmatized markets.

developed for future research, especially in regards to the ethical issues

choose to adopt. This article also explores implications of the insights it

regarding the factors that will influence which of these strategies firms will

the products and services offered to them. It further develops propositions

markets that have an enduring stigma rooted in the people who are targeted or

gap by offering a conceptualization of alternative strategies for entering

has been directed toward entry into such markets. This article addresses this

Many organizations serve stigmatized markets, yet little systematic attention

Abstract Physical hiding


Examples Gay bathhouses

Description of Tactic Being discrete with signage and other tangible markers




Confronting the stigma to over-turn it

Reframing the stigma to make it acceptable

Embracing the stigma

Medical marijuana

Casino gambling


P2: The more the locus of the stigma involves a stigmatized product vs. a stigmatized user, the greater the likelihood that a market entrant will use a disruptive strategy.

P1: The more the locus of the stigma involves a stigmatized user vs. a stigmatized product, the greater the likelihood that a market entrant will use a stealth strategy.


P5: The less there is a market thicket, the greater the likelihood that a market entrant will use a disruptive strategy. P6: The more there is already a market thicket, the greater the likelihood that market entrant will use a leveraging or stealth strategy. Thick market

P4: The less an organization has legitimacy at time of entry into a stigmatized market, the greater the likelihood that it will use a leveraging strategy or a disruptive strategy.

Thin market

Market thickness

Low entrant legitimacy

Entrant’s Legitimacy at Time of Entry P3: The more an organization has legitimacy at time of entry High entrant into a stigmatized market, the greater the likelihood that it will legitimacy use a stealth strategy.

Product stigma

User stigma

Stigma Type

Factors Influencing Entry Strategy

Table II: Propositions Linking Factors in Stigmatized Markets to Entry Strategies

Disrupting (high stigma confrontation, high visibility)

Leveraging (low stigma confrontation, high visibility)

Stealth Digital Finding a direct digital Online payday (low stigma disintermediating pathway to customers lending confrontation, low visibility) Drawing attention away from Cognitive Global arms the stigmatized market entry distracting manufacturers and direct it elsewhere


Table I: Strategies and Tactics of Firms Entering Stigmatized Markets

Conceptual Framework & Results

Schulich School of Business, York University, Toronto, Canada

Angelique Slade Shantz, Eileen Fischer, Aurora Liu, Moren Lévesque


when stealth strategies are employed.

without being socially advantageous to those targeted, particularly

some entry strategies can be economically advantageous to entrants

social and economic benefit. However, it also raises the possibility that

This study highlights that serving stigmatized markets may be of both

literature on stigma.

bringing market entry considerations front and centre in the growing

broadening the scope of inquiry in the market entry literature, also

the explication of factors that drive these strategies, thereby

We identify strategies that firms entering stigmatized markets use, and

full range of market actors of entry into markets of all kinds.

systematic consideration of the possible catalytic consequences for the

seeking “spoils from the spoiled.” We invite fellow scholars to engage in

consequences that may ensue when firms enter stigmatized markets,

such as market entry. We have highlighted the potential unintended

consequences for diverse market actors that may be triggered by actions

important that we begin to illuminate the complex, often unintended,

increases for firms to act in ways that are socially responsible, it is

may have, not just for firms but for the markets they target. As pressure

This work invites conversation about the consequences that market entry



Spoils from the Spoiled: Strategies for Entering Stigmatized Markets

80 Schulich School of Business

Simplified Flowchart of the Service

desired level of service quality for new and existing customers?

• What is the composition of staff that must be employed to maintain the

How often should a firm make budget allocation decisions?

the retention of existing customers versus new customer acquisition?

• Given a fixed budget constraint, how much capital should be allocated to

Research Questions

type, and the duration until a new set of managerial decisions should be made.

customers, the quality of service that should be provided to each customer

including the optimal composition of staff allocated to new and existing

The proposed tool will allow managers to make evidence-based decisions

consequences of managerial decisions are completely predictable.

deterministic models for the customer retention problem, where the

about the marketplace. Most recently, several papers have proposed

retention in the presence of competition, but makes restrictive assumptions

ability to attract or retain customers. Other research focuses on customer

how companies’ investment in quality (i.e., service-levels) may affect their

Previous research in the area does not include mechanisms for investigating

investment to ensure a desired service level for both customer types.

retaining current ones. These decisions involve determining the optimal

physicians must determine whether to invest in acquiring new customers or

Financial advisors, managers at wireless service providers, and primary care


into quality of service, resulting in a slower decay of the rate of arrivals.

their investments, i.e., by ensuring higher levels of returns on investments

• Managers can delay budget allocations by improving the effectiveness of

regimes will determine the schedule of budget allocation decisions.

the system and do not seek service. The identification of such operating

the number of new customers decreases and current customers abandon

• There exists a threshold when, due to the deteriorated quality of service,

Preliminary Results

for new and existing customers, respectively.

optimal composition of staff and levels of investments into quality of service

solving a set of differential equations. Using this method, we determine the

us to analyze the behavior of the system between decision epochs by

we introduce a deterministic flow approximation. The approximation allows

the stochastic queueing model makes it difficult to analyze, and as a result,

impatient customers, and delayed customer feedback. The complexity of

modeled as a multi-server queuing model with an inflexible workforce,

the firm and new customers, as well as its existing customer base, is

time, dynamic program. Between decision epochs, the interaction between

• The budget allocation problem is formulated as a finite-horizon, discrete-


Figure 1: Simulation of Queue Length Over Time for New and Base Customers

Schulich School of Business, York University, Toronto, Canada

Adam Diamant, Eugene Furman, Murat Kristal

policies in different operating regimes and market conditions.

• A simulation study will be performed to determine optimal managerial

• The analysis will be extended to multiple periods.

optimal staff and quality investment decision for each decision epoch.

• A constrained profit maximization will be formulated to determine the

operating behavior of the firm changes during a single-period.

• We will derive closed-form expressions for thresholds where the

Future Work

accumulates new ones.

the firm loses its existing customer base at a faster rate than it

improvement measures. In cases where either is not managed effectively,

manage their investment in the optimal composition staff and in quality

• Our results suggest that it is essential for management to actively

decisions more frequently.

the quality of service they provide, will need to make budget allocation

competition, and firms with higher rates of customer attrition unrelated to

• Our preliminary analysis indicates that markets with more intense

a time until budget allocation decision must be made.

• Our results provide management with an estimate of the optimal length of


Photo Source: https://pixabay.com

Customer Acquisition and Retention: How to Invest in Service Quality

Spotlight on Research 2017 81

In analyzing tendencies of KPMG auditors, how does an internal data analytics analyst at KPMG determine that a treatment in a particular audit should be deemed as “opportunistic”?


• Under what circumstances would this approach be appropriate? When would it not be appropriate?

• Can these theories be encoded into the data analytics algorithm so that a computer program automatically applies theory-based assumptions for data analytics?

• Can assumptions used in data analytics be informed from more credible sources than whims of analysts? Say from, for example, theories of consumer or auditor behaviour.

(Informal) Research Questions

• Conclusions drawn from a data analytics project — e.g. regarding customer use or auditor tendencies — may be inaccurate if assumptions are biased or haphazardly applied.

In analyzing customer use patterns, how does the marketing analyst at Netflix classify a customer as an “infrequent user”?

• However, what of the assumptions in doing data analytics? For example…

• There has been tremendous interest in “data science,” “data analytics,” “Big Data,” and “data-driven decision-making”.


This axiom does not directly operationalize H1b, but rather operationalizes Jamal and Tan’s insight that when the standard used and the auditor are both principles-based, the client realizes that the auditor has a lot of power to negotiate a nonopportunistic treatment. The client tends to prepare a less opportunistic report even if their initial preference was opportunistic

• According to the Auditor Decision Making Ontology

• H1b: When accounting standards are principles-based, managers’ likelihood of adopting an opportunistic accounting treatment will be lower when the auditor is principles-oriented than when the auditor is either rules-oriented or client-oriented. (Jamal and Tan 2010)

• Transforming Theory Hypothesis to Ontology Axioms

(Exemplar) Results

Theory Development: Organize lessons-learned from use of models into a “micro”-theory about data analytics

Information Systems Application: Incorporate these models in an algorithm so that data analytics results are based on theoreticallyfounded, not haphazard, assumptions

Information Systems Design: Develop computer models of, say, customer or auditor behaviour based on the Belief-Desire-Intention Ontology. For example, the Auditor Decision Making Ontology model

Theory Identification: Identify and develop computer model based on theory that underlies theories of agent (i.e. customers, auditors, managers, etc.) behaviour. This model is the Belief-Desire-Intention Ontology

Method: Design Science

Figure 1: York@ssb Belief-Desire-Intention Ontology

Acknowledgements: We appreciate the support of NSERC.

• Ontology-Driven Data Analytics may allow us to better apply management and psychology theories to data analytics

Take Away Message

• In ontology-driven data analytics, computational ontologies of management theories are automatically applied to data analytics algorithms

• Such assumptions could be rooted in well-founded theories from management and psychology

• Data science and data analytics are becoming increasingly important. However assumptions used in data analytics may be haphazardly applied


YODA Lab, Schulich School of Business, York University, Toronto, Canada (www.yoda.lab.yorku.ca)

Henry Kim, Ho-Nam Jackie Cheung, Marek Lasksowski, Iryna Gel

Data Analytics Using Ontologies of Management Theories

82 Schulich School of Business Description

Fox & Huang IJPR 2005

The digital signature verification status of x is v, where v may be one of three status: ‘Verified’ – the signature is verified successfully; ‘Failed’ – the signature verification is failed; and ‘NoSignature’ – does not have digital signature

has_sig_status (x, v)

KP-prop or Document x has infoCreator c; here, infoCreator may be either creator or publisher

The proposition or document x has a signature s

has_signature (x, c)

has_infoCreator (x, c)


Table 3. Information source-related predicate definitions in static KP ontology

3.2 Informal competency questions The competency of an ontology is defined by a set of questions. In other words, the ontology contains the terms and axioms necessary to answer the competency questions. The competency of Static KP ontology is illustrated by the following questions: • Is this proposition true, false, or unknown? • Who created this proposition? • What is the digital signature verification status? • Which knowledge fields does this proposition belong to? • In these fields, can the information creator be trusted? • Does the truth of this proposition depend on any other propositions? If so, what?

Consumers want to ensure that they don’t purchase blood diamonds

Source of Photos: https://pixabay.com

Determining provenance of non-digital assets has traditionally been difficult because digitization and persistence of data is difficult to ensure; also aggregation/disaggregation into batches/collections is an issue

The US Center for Disease control estimates that 10-30% of drugs in developing countries are counterfeit

What about Provenance of Non-Digital Assets along a Supply Chain?

• Can be thought of as a sharable database

• Shared understanding of some domain of interest (Uschold and Gruninger, 1996)

• A formal, explicit specification of a conceptualization (Gruber, 1993)

• Computational Ontology

• A branch of meta-physics dealing with the nature and relations of being (Merriam-Webster)

• Philosophical Ontology

• What is an ontology?

Ontologies: for Knowledge Provenance

Determining provenance of knowledge is important in our post-truth world


Ontology-Informed Blockchain Design

Prototype: Ontologies and Blockchain for Supply Chain Provenance

• The blockchain is a decentralized public ledger, where distributed peers—not a centralized intermediary—maintain copies of one truthful ledger • New ledger entries are “chained” to the end of the blockchain. Previous entries really cannot be falsified nor deleted • Economic incentives ensure peers do not collude, and cryptography ensures ledger entries and stakeholder not accessible to those without permission • Two type of blockchains • Unpermissioned. e.g. Bitcoin. Entails third-party “mining” • Permissioned. e.g. IBM’s Hyperledger, Banks’ Corda, Microsoft’s BaaS • Importance of smart contracts to “Blockchain 2.0” • Currently: simply a piece of code • Promise: self-executing binding contracts

To address issue of digitization and persistence of data

Use Blockchain for Supply Chain Provenance

To address issue of aggregation/disaggregation

Use Ontologies for Supply Chain Provenance

Schulich School of Business, York University, Toronto, Canada

Henry Kim and Marek Laskowski

Research Council of Canada (NSERC)

Acknowledgements: This project was funded by Natural Sciences and Engineering

• Academia has under-examined Blockchain. We aim to lead research and thought leadership into Blockchain using ontologies.

• Goldman Sachs, RBC, IBM, Microsoft, Walmart, and US Department of Health are but a few organizations investing in Blockchain.

Take Away Message

• Identified research opportunity: that ontologies for enterprise models can complement the blockchain for supply chain provenance • Proof-of-concept: We wrote source code on the Ethereum blockchain and assessed that we could program concepts from Traceability Ontology onto the blockchain • Going Forward: 1. Provide technical expertise on blockchain in collaborative research 2. If smart contracts are… • “dumb” pieces of code - ontology informed smart contracts • “smart” declarative, self-executing, binding contracts – ontology axioms are smart contracts


Towards an Ontology-Driven Blockchain Design for Supply Chain Provenance

Spotlight on Research 2017 83

Figure 1: Improvement of DMU A by Output Expansion

ultimately happen if a given project is implemented?


• How to adjust predicted project outcomes to better reflect what will

other on actual post implementation information?

based on estimates that are subject to bias and substantial risk, and the

• How to evaluate efficiency when two different frontiers are present, one

pre-implementation and post-implementation data must be considered?

• How to measure efficiency in an R&D project selection setting when both

Research Questions

strive to emulate, and sets a target or goal for that inefficient unit.

frontier, identifies the peer efficient DMUs that the inefficient unit should

• The tool provides a measure of inefficiency for each DMU not on the

programming to identify the frontier of best performers.

• The methodology, known as data envelopment analysis (DEA), uses linear

(e.g. bank branches) or DMUs, relative to one another.

• Measuring efficiency/productivity of a set of similar Decision Making Units


to provide an adjustment

to the pre-


picture of what is likely to happen should that proposed project be

implementation performance estimates such as to achieve a more precise

the methodology aims

When both “predicted” and “actual” frontiers are present (as per Figure 3),

identifies the frontier of best performance.

The general DEA model shown in Figure 2 (in mathematical terms)

frontiers into consideration.

• A modified version of the DEA model is then used that takes the two

ratio (score) for each of those units.

and then solving an optimization problem (Figure 2) to determine the best

to weighted inputs (benefit to cost ratio) for each decision making unit,

• The DEA methodology involves constructing a ratio of weighted outputs



Figure 2: Linear Programming Model for Output-Oriented DEA

Schulich School of Business, York University, Toronto, Canada

Wade D. Cook and Ahmad Hassan

the need to specify any particular functional form.

• DEA offers the opportunity to investigate production processes without

Take Away Message

the chain.

as supply chains. It enables one to identify the efficiency of each link in

• The DEA construct lends itself to many practical problem settings such

and benchmarking.

• DEA provides an opportunity to investigate many aspects of productivity


Figure 3: Projection of a Predicted Point Ro to the Predicted and Actual Frontiers: Two Cases

Benchmarking Best R&D Proposals in High Tech Firms

84 Schulich School of Business

Figure 1: Data Envelopment Analysis (DEA)

efficiency of the ecological system of each of regions in China?

• How to develop an optimization model for evaluating the relative overall

taking account of both economic growth and a policy of recycling?

• How to provide a fair comparative evaluation of 31 regions in China,


factors such as lack of clean water and a growing problem of soot are

• How to measure economic efficiency when damaging environmental

Research Questions


from the first stage, some of which represent input to the second stage of

concerns the treatment of both desirable and undesirable outputs that flow

system as a two-stage network structure with feedback. The study

• The current study proposes a model that views the regional ecological

two stage network structures with intermediate measures.

• Previous ecology-based research pays little attention to settings involving


Envelopment Analysis (DEA) setting is the presence of undesirable

• An important consideration when modeling environmental issues in a Data


preservation efficiency) obtaining a measure for combining the two

stage 1.

the second decontamination stage, and recycled water is fed back into

At the same time, these undesirable outputs from the first stage are input to

(Decontamination system) models water recycling as a feedback process.

measures to create an overall efficiency score.

separate the two concepts (economic efficiency and ecological

water and gas. • The first stage models the economic system itself, while the second stage

• The advantage of network DEA structure in the fact that we can

Gross Region Product and population, and undesirable factors like waste

Take Away Message

treatment capability (stage 2).

time being able to evaluate waste water recycling and waste gas

able to monitor the economic efficiency (stage 1), while at the same

• The two stage methodology presented here has the advantage of being


• Regional ecological systems should be managed from a network


Figure 3: Two-stage Network with Feedback

• We propose a two stage process and use both economic variables such as


environmental sense.

well which regions perform best in an economic and which in an

• The methodology identifies the best performing regions both overall and as

of waste gas and waste water, and their treatment processes.

model considers both desirable outputs and undesirable outputs in the form

economic and environmental performance for each region in China. The

• A two stage network DEA model is developed which measures both


Figure 2: Linear Programming Model for Output-Oriented DEA

Schulich School of Business, York University, Toronto, Canada

Wade D. Cook, Zhepeng Li , Wanghong Li

Ecological Systems Study in Regions of China

Spotlight on Research 2017 85

social entities, less attention has been paid to the more general

Most current work has emphasized on the viral spreading over a single set of

relationship (Aral and Walker 2011, Fang et al. 2013, Li et al. 2016).

equivalence can drive the adoptions of product, service, opinion, or

Social Actors

Social Foci

Figure 1: Two-mode Social Networks

check-ins) for the future time period t+1?

up till time t, how to infer the top-k most contagious social foci (with most

â&#x20AC;˘ Given two-mode social network and interaction data among social entities

Research Questions

check-in on mobile devices.

cafeteria), events (e.g., sport games), or organizations (e.g., clubs) by

their offline adoption (e.g., visits) of social foci, such as places (e.g.,

establish and maintain links to socialize with others online while sharing

For example, in either location-based or event-based social networks, users

around which joint activities are organized (Feld 1981).

Social Foci are defined as social, psychological, legal, or physical entities

propagation within multi-mode social networks.

Zhepeng (Lionel) Li1, Yong Ge2, Xue Bai3

2,472 2,472 2,472 2,472

Data 1 Data 2 Data 3 Data 4

Training # Check# Link in 327,786 660,381 339,186 697,413 344,266 742,286 354,138 794,137

Testing # Check# Link in 338,777 750,926 350,800 799,275 355,173 817,351 365,227 852,893

đ?&#x2018;&#x2013;đ?&#x2018;&#x2013; đ?&#x2018;&#x17E;đ?&#x2018;&#x17E;â&#x201E;&#x17D;đ?&#x2018;&#x2013;đ?&#x2018;&#x2013;

â&#x201E;&#x17D; đ?&#x2018;?đ?&#x2018;?đ?&#x2018;&#x2013;đ?&#x2018;&#x2013;đ?&#x2018;&#x2013;

Ă&#x2014; đ?&#x2018;&#x152;đ?&#x2018;&#x152;â&#x201E;&#x17D; + đ?&#x153;&#x2122;đ?&#x153;&#x2122;đ?&#x2018;&#x2013;đ?&#x2018;&#x2013; , where đ?&#x2018;&#x2039;đ?&#x2018;&#x2039;đ?&#x2018;&#x2013;đ?&#x2018;&#x2013; is the propensity of adopting any Ă&#x2014; đ?&#x2018;&#x2039;đ?&#x2018;&#x2039;đ?&#x2018;&#x2013;đ?&#x2018;&#x2013; + đ?&#x203A;žđ?&#x203A;žâ&#x201E;&#x17D; .

operationalizes compatibility power.

ln đ??żđ??żâ&#x201E;&#x17D;đ?&#x2018;&#x2DC;đ?&#x2018;&#x2DC;

1 1+exp(â&#x2C6;&#x2019;(đ?&#x2018;&#x152;đ?&#x2018;&#x152;â&#x201E;&#x17D; â&#x2C6;&#x2019;đ?&#x2018;&#x152;đ?&#x2018;&#x152;đ?&#x2018;&#x2DC;đ?&#x2018;&#x2DC; ))

â&#x201E;&#x17D;,đ?&#x2018;&#x2DC;đ?&#x2018;&#x2DC;â&#x2C6;&#x2C6; 1,đ?&#x2018;&#x20AC;đ?&#x2018;&#x20AC;

where đ??żđ??żâ&#x201E;&#x17D;đ?&#x2018;&#x2DC;đ?&#x2018;&#x2DC; = đ?&#x2018;&#x2020;đ?&#x2018;&#x2020;đ?&#x2018;&#x2020;đ?&#x2018;&#x2020;đ?&#x2018;&#x2020;đ?&#x2018;&#x2020;đ?&#x2018;&#x2020;đ?&#x2018;&#x2020;đ?&#x2018;&#x2020;đ?&#x2018;&#x2020;đ?&#x2018;&#x2020;đ?&#x2018;&#x2020;đ?&#x2018;&#x2020;đ?&#x2018;&#x2020; đ?&#x2018;&#x152;đ?&#x2018;&#x152;â&#x201E;&#x17D; â&#x2C6;&#x2019; đ?&#x2018;&#x152;đ?&#x2018;&#x152;đ?&#x2018;&#x2DC;đ?&#x2018;&#x2DC; =


Learn from data đ?&#x153;˝đ?&#x153;˝â&#x2C6;&#x2014; = argmax

networked interactivities.

This study proposes a method that infers the most popular social foci given

proportional sampling instead of bootstrapping.

guaranteed; (3) The optimization process is accelerated by using a

Best configuration đ?&#x153;˝đ?&#x153;˝â&#x2C6;&#x2014; include all the factors whose local optimum is

As results, it is found (1) the mutual reinforcement model converges; (2)

for đ?&#x2018;&#x152;đ?&#x2018;&#x152;â&#x201E;&#x17D; > đ?&#x2018;&#x152;đ?&#x2018;&#x152;đ?&#x2018;&#x2DC;đ?&#x2018;&#x2DC; .

Variable ÎŚ and Î&#x201C; are hidden factors, such as exogenous impacts.

homophily powers, while đ?&#x2018;&#x17E;đ?&#x2018;&#x17E;

foci đ?&#x2018;&#x201C;đ?&#x2018;&#x201C;â&#x201E;&#x17D; . Factor đ?&#x2018;?đ?&#x2018;? contains social influence, structural equivalence and

social foci for each social actors đ?&#x2018;Łđ?&#x2018;Łđ?&#x2018;&#x2013;đ?&#x2018;&#x2013; ; đ?&#x2018;&#x152;đ?&#x2018;&#x152;â&#x201E;&#x17D; is the attractiveness of a social

đ?&#x2018;&#x2039;đ?&#x2018;&#x2039;đ?&#x2018;&#x2013;đ?&#x2018;&#x2013; = đ?&#x2018;&#x152;đ?&#x2018;&#x152;â&#x201E;&#x17D; =

actors and social foci.

captures the interdependence among different social entities: social

The problem is approached by a mutual reinforcement model that

71,243 77,211 77,971 82,071

# User

Results and Findings





# Location


Figure 2: Experimental Dataset


Data 4

Data 3

Data 2

Data 1

Ours PageRank Ours PageRank Ours PageRank Ours PageRank


Figure 3: Preliminary Results Dataset




Ranking Accuracy 0.93221 0.54601 0.93566 0.54219 0.93184 0.54107 0.84337 0.54115

0.93625 0.60208 0.94124 0.60042 0.95634 0.60035 0.77417 0.59972


0.87251 0.20434 0.88249 0.20100 0.91268 0.20085 0.54835 0.19961


Advertising, Terrorism and riots prevention and containment

â&#x20AC;˘ Demand

following domains/topics:

The developed approach and findings have relevant implications in the

The study applies to any location/event-based social networking business.

ranking-based methods such as PageRank (used by google) and HITS.

The proposed mutual reinforcement model outperforms other representative


School of Business, York University, Toronto, Canada, 2University of Arizona, AZ, USA, 3University of Connecticut, CT, USA

Peer effects such as social influence, homophily power and structural



Inferring Contagious Social Foci in Two-mode Social Networks

86 Schulich School of Business  .74 .93 .86 .80 .88

.039 .256*** .274*** .118 .177**

1 .89 .82 .013 .047 .014 -.009


.95 .524*** .377*** .480***


.77 .398***



.91 .534***




case course instructor’s) fairness behaviors

• Assesses the time and effort a person puts into monitoring supervisor’s (or in this

developed based on same

Long, Bendersky & Morrill’s (2011) scale. Fairness of praise and recognition

• Interpersonal, Distributive, and Procedural Fairness Monitoring assessed with

the supervisor-leader relationship (Crawshaw and Game, 2011)

• Global Attachment Scale measures workplace attachment style of followers in

• Correlational survey study with business undergraduates (N = 272)


lesser extent (3) procedural fairness

of (1) interpersonal fairness, (2) distributive fairness of praise and recognition and to a

Hypothesis 1: Anxious Attachment will be positively related to attention to and processing

Study 1 – Fairness Monitoring

procedures that produce outcomes or manage conflict

• Procedural Fairness: focus on a lack of bias, consistency, and voice in the

• Interpersonal Fairness : focus on respect and dignity of interpersonal treatment

bonus, promotion) or subjective (praise and recognition)

• Distributive Fairness: focus on workplace outcomes, which can be material (pay,

(Lind, 2001; van den Bos, Wilke & Lind, 2001)

resolve ambiguity or uncertainty

• Fairness addresses these concerns and can be relied upon heuristically to

exploitation and exclusion

or group brings rewards, but also creates dependencies that expose us to

• The Fundamental Social Dilemma: Joining and contributing to an organization

Fairness Heuristic Theory

Fair interpersonal treatment for each of all three tasks

treatment for the third task

Fair interpersonal treatment after the first two tasks, and unfair interpersonal

for the following two tasks

Unfair interpersonal treatment after the first task, followed by fair treatment

aggregated into an Overall Justice variable

Interpersonal, Distributive, and Procedural Fairness Scale (Colquitt, 2001)

Global Attachment Scale (Crawshaw and Game, 2011)

• Measures:

• Three feedback conditions:

• After each task, experimenter/supervisor provided performance feedback

completed three computer tasks as part of a networked team

• Experimental lab study with undergraduate participants (N = 92) who


to immediate experiences of fairness

Hypothesis 2: Anxious Attachment will be associated with stronger responses

participants, promoting a rebound effect for later fair treatment

• Initial unfairness will activate relationship needs in Anxiously Attached

anxious attachment will interfere with the development of a fairness heuristic

• Due to related uncertainty and increased attention to fairness experiences,

to make fairness judgments on other facets (e.g. procedural or distributive)

interpersonal fairness) are relied upon for overall judgments of fairness and

• Fairness Heuristic Theory finds that early experiences of fairness facet (e.g.

Study 2 – Fairness Heuristic

Hypothesis 1 supported.


distributed praise and recognition, and also to a lesser extent procedural

• Secure attachment: happy, healthy, fulfilling, long-lasting relationships

(Bowlby, 1979, 1980; Hazan & Shaver, 1987)

monitoring of instructors’ interpersonal fairness, the equity with which they

Anxious attachment relationship style was significantly correlated with


•p<0.05; ** p <0.01; *** p <0.001

Correlation Table for Study 1

2.5 3.7 3.4 3.8 3.3

2. Avoidant Attachment 3. Interpersonal Fairness 4. Distributive Fairness - Praise 5. Distributive Fairness - Grades 6. Procedural Fairness

SD .96

• Avoidant Attachment: self-absorbed, afraid of intimacy

they are cared for

• Anxious Attachment: needy behavior, jealousy; need for constant reassurance that

relationships that guide future social interactions

• Childhood experiences with the caregiver create a mental model of

Attachment Style Theory

attends to and processes fairness from their supervisor?

M 3.2

1. Anxious Attachment

Figure 1

• First study to examine and suggest that attachment style alleviates initial injustice on the follower’s justice perceptions if fair treatment shown later on

• Our findings have implications for research in related fields, for instance abusive leadership

• Examining the role of attachment style can enable leaders to better understand and fully engage with their employees

• How a person understands interpersonal relationships, based on an enduring relational mindset, has significant influence on how the interpretation of and response to fairness events in the workplace

Take Away Message

Figure 2

• Hypothesis 2 supported.

attention and responses to fairness from the supervisor

an activation of relationship needs by unfair treatment, that then promotes

had a stronger positive effect to later fair treatment. This is consistent with

• Notably, participants who experienced unfair treatment in the initial round


in the final round (Unfair 3 line in figure 2) reported lowest levels of overall

• Participants high in Anxious Attachment who experienced unfair treatment

Figure 2) reported the highest levels of overall fairness

in the first round, and fairness in the following two rounds (Unfair 1 line in

• Participants high in Anxious Attachment who experienced unfair treatment

(b=-.42, Seb= .24, t(84)= -.177, p= .08)

Unfairness first v. Unfairness last conditions

• Marginally significant interaction between Anxious Attachment and


School of Business, York University, Toronto, Canada, 2Social Psychology, York University, Toronto, Canada, 3Aston Business School, Aston University, Birmingham, UK

Does an employee’s mental model of relationships influence how he or she




Chris Bell1, Camellia Bryan2, Jonathan Crawshaw3

Anxious Attachment and Fairness in the Workplace

Spotlight on Research 2017 87

attention and motivation to future opportunities to perform.

its associations with hope and aspirations that directs the individual’s

• H2: Promotion focus should be negatively associated with envy because of

negative self evaluations.

associations with failing to reach a standard of performance and consequent

• H1: Prevention focus should be positively related to envy, because of the

Self reports of ethnicity using checklists; language in the home; own,

South East Asian, or South Asian ethnicity

North American / European ethnicity and ‘1’ = collectivist of Asian,

A variable was constructed wherein ‘0’ = individualist of Anglo /

father’s, and mother’s birthplace

Envy (Cohen-Charash & Mueller, 2007) Self Regulatory Focus (Lockwood, Jordan, & Kunda, 2002)

• •


• We will do a second study in a collectivist society, China, to explore further impacts and potential interventions.

• Importantly, these variables were not associated with differences in performance – for better or worse, GPA was unrelated to any of the variables in the model. Rather, our findings speak to personal well being in the contexts of self evaluation - in this case, the job search process.

• A person’s cultural background influences how he or she thinks about important goals and reacts to unfavorable social comparisons.

Survey study asking Schulich undergraduate participants to report on their comparisons with other students in the job search process (N=99).

responsibilities, and the avoidance of failure, particularly

related to social standards or norms, and is associated

with an ‘ought’ or ‘should’ self image

Take Away Message


Figure 1: Mediation Model for Ethnicity (Proxy for Individualism / Collectivism), Self Regulatory Focus, and Envy

• CONCLUSION: Hypothesized model supported.

to envy (β= -.253, t = -1.80, p = .07).

whereas prevention focus maintained a strong association (β= .630, t = 4.94, p < .001). Promotion focus held a marginally significant relationship

would be mediated by self regulatory focus.

Prevention self regulatory focus emphasizes safety,

approach an ideal self

aspirations and is characterized by a motivation to

accomplishments, growth, development, and

Promotion self regulatory focus emphasizes

formations of personal goals.

Higgins’ self regulatory focus theory (1997) distinguishes between two broad

Self Regulatory Focus Theory


sabotage, social undermining, or reduced sharing and

the reduction of the gap in the social comparison through

• Envy distracts and isolates by re-directing motivation to

and lowered self esteem

• Associated with feelings of inferiority, lowered self-worth,

areas or goals central to the individual

social comparison with someone who is succeeding in

• A negative and aversive emotion following an upward


between individualism-collectivism was reduced to non-significance

• Regressing envy on these three variables simultaneously, the relationship

• Not similarly related to promotion focus (β= -.236, t = -1.11, p = .27).

prevention focus (β= .473, t = 2.01, p = .05).

• Controlling for promotion focus, collectivism was associated with

• Collectivism was associated with greater envy (β= .358, t = 1.98, p = .05).


H4: Further, we predicted that the relationship between ethnicity and envy

H3: We predicted cultural background would be associated with differences in self regulatory focus and propensity to experience envy.

either approach goals or avoid failures) influence envy?

to measure up to social standards and norms.

emphasize an ‘ought’ self related to conformity and the avoidance of failing

promotion self regulatory focus, whereas collectivist cultures tend to

Individualist cultures tend to emphasize an ‘ideal’ self and related

Cultural background

More specifically, does self regulatory focus (a tendency to

she interprets and experiences the job search process?

Does a person’s cultural background contribute to how he or


Introduction & Theory

Schulich School of Business, York University, Toronto, Canada

Chris Bell and Casey Dai

Drowning in the Fishbowl: Cultural Background, Self Regulatory Focus, and Envy in the Job Search Process

88 Schulich School of Business

the places have profound consequences for the actors

Lawrence, 2013)

concept of place is largely ignored in organizational research.” (Dover &

involved, the actions they take, and the outcomes they follow, the


Photo credit: Anna Marcellus

literature, studies of narratives

• Exploratory research influenced by institutional theory, emotions

place meaning is organized and enacted

• Examine Middleton, USA to understand the process by how a new

• Research objective:



Place-Making (2005-2008)



Events Told & Retold

Material Artifacts Overheard


create and perform “special” activities.

of what made Middleton, USA special without the active need to continually

• In other words, the narrative “took hold” over time as people could tell stories

survived due to symbolism and reputation (e.g. “Fair Trade” stickers).

the new meaning (e.g. Fair Trade Live event), but over time, the meaning

• In early stages, it was important to have concrete plans and events to signal

that were triggered by different emotions.

actors (focused custodianship), but in each stage, involved more participants

• The responsibility for the place-meaning first rested on a small group of

• Transformation of Middleton, USA occurred in four distinct stages.


the place-meaning of Middleton, USA becomes what it is

• Informants living their own lives, but both influenced by and influences

• Construct meta-narrative based on individual life stories

• 31 interviews, 46 days of participant observation, archival sources



Co-opted External Audiences

Pride by Association

Maintenance Place (2009-2011) Reflected (2011-2013)

Focused Convergent Distributed Custodianship Custodianship Custodianship


Pre-Place (1999-2004)



• This paper investigates the nitty-gritty of how this was achieved

• Changing the town’s narrative in the minds of all these actors

Core Mechanism


Main Emotion

• Organizing a diverse group of actors (businesses, residents, tourists)

• To achieve this new special meaning for Middleton required:

collective causes).

(“Everybody’s Hometown” with lots of events, restaurants, participation in

into a vibrant tourist destination with friendly, civic-minded residents

transformation from a sleepy small-town (“pass-through kind of place”)

Table 1

Research sheds light on how place-meanings are organized, and more

these organizations together in creating broad societal meanings.

various roles, emotions, and mechanisms that motivate and connect

Process involves many organizations, and helps us understand the

broadly, on how narratives and meanings are created.

associated with them? What are these meanings? How do you know?

What other places can you think of that have a “special” meaning

survives due to its internalization by audiences.

aspects become more powerful and the meaning of a special place

mechanisms at first, but over time, the symbolic and emotional

Creating a “special place” requires active organization and concrete



School of Business, York University, Toronto, Canada, 2Smith School of Business, Queen’s University, Kingston, Canada

• Between 1999-2013, Middleton, USA (population: 5,000) went through a



Nyla Obaid1 and Tina Dacin2

Creating “Everybody’s Hometown”: How Places Gain Special Meanings

Spotlight on Research 2017 89

Helicopter extraction.

adapt to or anticipate switches better?

• How can leaders be trained to switch better? How can teams be trained to

help leaders switch styles and team members adapt to the switches?

• What are the cognitive factors, such as mental models and scripts, that

in dynamic situations?

• How do leaders’ style-switching behaviours influence team adaptiveness

complex situation switching among routine and non-routine situations, we asked:

Given teams of trained members with assigned roles and leader, and given a

suddenly becomes participative, team members may be reticent to participate.

team members may resist being directed. If a leader who is normally directive

If a leader who normally has a participative style suddenly becomes directive,

Research Questions

Military team training; ARMA II screen; emergency medical team.

Our work contributes directly to the Army’s objective to train and develop

large US teaching hospital

All photos used with permission from US Army, Bohemia Interactive, and Boston Children’s Hospital.

continue until January 2021. Total funding is $1.048 million USD.

(grant #W911NF-16-1-0545). Work will commence in January 2017 and will

The research described here is funded by the US Army Research Institute


team settings.

that has the potential to be applied in practice across a variety of dynamic

mechanisms of flexible leadership, but also to develop a blueprint for training

The project not only aims to evaluate the effectiveness and underlying

insights that leaders and trainers may use to improve adaptive leadership.

are associated with successful leadership switching behaviours, we develop

switches with appropriate behaviours. By identifying the core behaviors that

the changing demands of the situation and team members respond to these

style but as an adaptive process in which leaders flexibly adapt their styles to

effectively in high stress environments. We consider leadership not as a stable

teams and leaders that can adapt quickly to dynamic settings and collaborate


Casualty transport training.

emergency medical teams working in simulated emergency settings at a

program, which will then be tested in a culminating field study with real

• Results will be used to design an adaptive team leadership training

multilevel modeling, and discontinuous growth modeling

• Analyses will be conducted using a combination of matrix analyses,

performance data will be generated by the video game

will be used to generate sequential data, and other behavioural and

• All teams will be video recorded; behavioural research coding techniques

investigate team leader style switching behaviours and their influence on team


• Scenarios will vary in sequencing routine and non-routine situations

routine to non-routine (or vice-versa). We designed a series of eight studies to

pre-programmed scenarios using the video game ARMA II

• Teams will receive initial training, and then cooperatively play a series of

But little is known about how team leaders effectively switch among different

leadership styles (i.e. participative or directive) when situations change from

• Teams leaders will be trained in participatory or directive leadership styles

participative leaders help teams share information and make better decisions.

Univ. of Western Australia using 400+ four-person student teams

• Seven laboratory studies will be conducted at Maastricht University and

Years of research suggests that in routine situations, directive leaders help

teams be efficient and perform well; on the other hand, in non-routine situations,


of Psychology & Neuroscience, Maastricht University, Maastricht, The Netherlands, 2School of Business, University of Western Australia, Australia, 3Schulich School of Business, York University, Toronto, Canada

Sjir Uitdewilligen1, Ramon Rico2, Mary J. Waller3



Switching Gears: Training Team Leaders and Members to Adapt Leadership Behaviours in Dynamic Conditions

90 Schulich School of Business

Duration of Investment

CDOR + spread to reflect project risk, term, illiquidity, complexity

25-30 Years

25-30 Years

Bond Investors Widely Marketed

Bond Investors Privately Placed

Sponsor Equity

Concession Term (subject to exit opportunities)


CDOR + spread to reflect project risk, term, complexity, rating costs

5-30 Years

Team Lenders

Private Equity Investors

CDOR + spread to reflect project risk, illiquidity, complexity

1-5 Years (Construction Term)

CDOR + spread to reflect construction complexity

Return Expectations

Construction Lenders

Private Debt Investors

PPPs Investor Class

Actively structure consortium, prepare bid, negotiate

Regular monitoring can have additional rights as exercised by Bond Trustee

Regular monitoring can have additional rights as exercised by Bond Trustee

Regular monitoring can have additional rights in credit facility

Active monitoring of facility drawdowns

Degree of Involvement






Role in Active Risk Management

Table 1: Debt and Equity Investors in Infrastructure PPPs

for infrastructure PPP?

• Does the reduction in private capital impact the performance outcomes

incentives among public and private participants in infrastructure PPP?

• What impact has the reduction in private capital had on the alignment of

private capital in Canadian PPP infrastructure transactions?

• How have the capital markets responded to the reduction in long-term

associated with delivering public infrastructure using PPP?

• Is private capital necessary in order to achieve the advantages

Research Questions

reduce the financial cost of using private capital.

30 years following the completion of construction. This has been done to

project agreements to maintain and/or operate the infrastructure asset for

an infrastructure asset is substantially completed. Often those PPP involve

term private capital in PPP by upwards of 85% of total project costs once

• Across Canada, governments have been reducing the amount of long-

operate an infrastructure asset over a long concession period.

reinforces contractual obligations to design, construct, maintain and/or

companies tasked with delivering an infrastructure asset. This discipline

that it enhances project diligence and discipline of private sector

been used extensively across Canada, UK, and Australia on the premise

• Within infrastructure Public-Private Partnerships (PPP), private capital has

capital relative to government issued debt.

notwithstanding the higher financing costs related to long-term private

several benefits. These benefits justify the use of private capital use

delivery and management of publically-owned infrastructure generates

• It has become widely accepted that the use of private capital in the


accordance with concession agreements.

• In the short term private companies have generally performed in

obligations over a long-term concession period.

sector consortiums to adhere to contractual maintenance and/or operational

unaltered. Concern has arisen about the long-term incentives for private

• Incentives for the timely construction of infrastructure assets remain

• Contractors are providing active equity and structuring PPP projects.

of international and mid-sized institutional providers of capital

• The composition of capital providers has changed, with greater exposure

• There are now two markets for private capital: short-term and long-term


industry has reacted to the reduction in long-term private capital in several

• The market for capital and participants within Canada’s infrastructure PPP

Results and Impact

PPP projects.

involved in organizations that are most active within sampled Canadian

• 20 semi-structured interviews among public and private participants

• Archival review of concession contracts, official documents and reports

• The decision to use private capital may be one of balancing the benefits of additional diligence with the additional financial cost of using longterm private financing.

• Private capital introduces a form of accountability to ensure private sector companies bear the risk of loss should they fail to effectively manage transferred risks.

• Private capital is a component of a sophisticated system that permits the placement of risk through contracts and among parties to better deliver and manage complex infrastructure assets.

Take Away Message

currently under review.

concession agreement. Performance data is being collected and is

facilitating the effective management of transferred risk over the term of a

• There is divergence about the effectiveness of private capital in

transferred onto private companies in PPP concession agreements.

on-budget performance for the design and construction obligations

• There is evidence that short-term private capital incentives on-time and

diligence in examining the level of risk transfer and transaction proposed for an infrastructure PPP.

2016 using an availability payment model was undertaken. • A qualitative analysis was undertaken to triangulate research findings:

• Private capital provides procurement discipline through additional

performance for all Canadian PPP projects undertaken between 2006 - Q1


Figures 3 and 4

• A quantitative analysis of the transaction financing and contractual


Figures 1 and 2

Schulich School of Business, York University, Toronto, Canada

Sherena Hussain

Rethinking the Role of Private Capital: Evaluating the Effectiveness of Financial Risk Transfer in Canadian Infrastructure Public Private Partnerships

Spotlight on Research 2017 91

• Secondary research will be synthesized as appropriate.


vary depending on the subsector, investor categorization, and risks.

• There exist a variety of current business models for infrastructure which

Source: McKinsey & Company, 2016

Figure 1: Government Spending on Infrastructure Across Mature Economies, 2009 – 2014

business models? What are these models?

other relevant stakeholders in relevant governance structures.

• General lack of involvement by beneficial users of infrastructure and

creation in delivering public services

• Focus on public ‘ownership’ models rather than sources of value

paucity of academic research

• Absence of performance management and evaluation tools, and

Public-Private Partnerships (PPP)

• Extensive focus by governments on procurement, particularly through

• Existing frames for analyzing infrastructure models are limiting due to:

operating businesses rather than a passive source of cash flow.


opportunities in finance, technology, and management practices, with new


larger institutional investors and private equity funds view infrastructure as


• As infrastructure becomes increasingly characterized as an asset class,


infrastructure in the future, as well as take full advantage of new



• There are four “P”s to infrastructure: People, Process, Product, and

Preliminary Results and Impact

• Can we facilitate improvements in the delivery and operation of



participants? How are incentives aligned to encourage fulfillment of

• What are the risk-return models utilized by public and private sector


• What factors are driving the search for new approaches and what are the

social infrastructure globally?

• What approaches are currently used to deliver and manage economic and Source: 2016 Preqin Global Infrastructure Report, 2016

pricing of risk while failing to harness the full potential and resources of

Research Questions

modified public procurement models that focus upon the transfer and

and combine resources of the public and private sector participants.

involved in the delivery and management of infrastructure.

harnessing the full potential of the public and private participants

thinking of infrastructure as a business is the requisite first step to

• Shifting the focus from traditional infrastructure procurement models to

Take Away Message

academics, governments, institutions, and industry.

• The business of infrastructure is global, and worthy of attention by

for long-term performance.

required infrastructure can be delivered and maintained to high standards

industry, place users and their needs at the forefront, and ensure that

• These business models will reframe traditional roles of government and

scarcity and climate change, are needed.

new technologies, and address emerging issues such as resource

private capital, attract talent, support research into and the application of

by the increasing pace of urbanization, new business models that utilize

• To address the global magnitude of infrastructure demand, driven largely

the public and private sector participants.

• Current approaches to infrastructure delivery and management are


delivery and management based on new business models that draw upon

Figure 2: Infrastructure Investment Allocations for Institutional Investors, Global, 2016

Figure 3: Typical Business Model used to Deliver and Manage Infrastructure using Public-Private Partnerships in Mature Markets

• This book explores the possibilities and approaches to infrastructure

pace of urbanization across the globe.

from government and private sector participants, to meet the increasing

• There has been a proliferation of interest in (re)building infrastructure, both

• Global case studies are currently under development.

reviews of key infrastructure contracts and policy documents.

technology introduce complexities that governments alone cannot address.

and private sector participants from global entities, as well as archival

infrastructure using public ownership models is limited for a variety of

• Qualitative data in the form of interviews with sampled senior public

will be analyzed, both at the acquisition and operations stage.

• Quantitative data pertaining to capital market activity and performance

• Mixed methods will be used to conduct primary research:


reasons. Issues associated with sustainability, equity, climate change, and

• The ability of governments to meet future needs, and deliver and manage


essential public service within the almost exclusive domain of public

• Within the last century and a half, urban infrastructure has become an


Schulich School of Business, York University, Toronto, Canada

Sherena Hussain and James McKellar

The Business of Infrastructure: Business Models for Success

92 Schulich School of Business

required to provide accommodations and training facilities for over 10,000

(the “Games”), the Province of Ontario and the City of Toronto were


network of disaster resilient park space once the Games were

residential, commercial and community development surrounded by a

• Create a new community within the City comprised of a mix of

during the Games; and

• Make available athlete accommodation and training infrastructure

The Games’ Athletes Village was developed in order to:

available ahead of the scheduled Games.

Athletes Village and associated infrastructure was constructed and made

Through the use of a Public-Private Partnership (“PPP”), the Games’

design, construction, and commissioning of the Games’ Athletes Village.

A focal point for the City’s preparations for the Games was the planning,


Can both infrastructure delivery and real estate development occur








West Don Lands Before the Games and as Envisioned in Government Community Plans

and deliver related infrastructure?

What were the incentives for real estate developers to engage in a PPP

transferred/shared risks?


What were the risks transferred and/or shared with the Province and real

objectives as well as the creation of urban neighbourhoods?

How can the PPP model be adapted to facilitate the promotion of public

through the use of PPP?

Sherena Hussain1, Jenna Russo2, James McKellar1

Province retains Merchant Developer Province pays a fee for service Province retains market risk and returns Developer assumes completion risk

Development Model

Risk Sharing

Province enters into a PPP Project Agreement with the Developer Developer assumes completion risk and market risks and returns Province receives residual return from lands and shares in excess revenue

Province either jointly and severally shares the risks and returns OR Province retains specific risks and shares in return commensurate with risk assumed


Project-Finance Development [Selected]

Province enters into a Joint Venture with the Developer


Joint Venture Development


adapted in order to minimize the market risk that real estate developers

• The PPP specifications, scope of work, and financing models were

• The City was not involved in the PPP but had control over land uses.

to obtain financing prior to pre-selling any units.

amount of market units are presold. This PPP required the developers

• Real estate developers generally obtain financing once a significant

on contaminated and underdeveloped lands.

• The site involved the development and construction of infrastructure

• Real estate developers were cautious of the PPP model because:

Athletes Village and related infrastructure in time for the Games.

conditions that facilitated the procurement and construction of the

the announcement of the Games. This work created the development

• Significant planning work was completed on the West Don Lands prior to

Results and Impact

Games and the Athletes Village.

documents and official policies and plans prepared in connection with the

• Secondary research was conducted on existing literature, transaction

units in connection with the Games’ Athletes Village.

in the design, transaction development, construction, and sale of market

• A series of interviews were conducted with key decision makers involved

and resultant real estate development (now known as the Canary District).

Toronto as it pertains to the development of the Games’ Athletes Village

• A case study was conducted on the development of the West Don Lands,



Delivery Model

Merchant Development

Table 1: Partnership Models Explored in the Delivery of the Games’ Athletes Village

parties involved, strategic foresight and calculated risk management.

requires careful understanding of the objectives and incentives of all

• Extracting value from the nexus between real estate and infrastructure

Take Away Message

even if it meant assuming unknown market risks.

expanding the park space and community amenities of the entire district

consortium developed a nearby community and recognized the value in

• The lead equity investor in the successful real estate development

convert to market units at unknown market rates.

allocated to athletes in order to reduce the number of units it would have to

• The successful real estate development consortium minimized the space

start work early while also diversifying its revenue risk.

responsibilities onto the real estate development consortium permitted it to

• Transferring a bundle of site remediation and disaster resilience

one of the main justifications for using the PPP model.

successful real estate development consortium. The ‘headline’ risk was

• The PPP model enabled the Province to transfer scheduling risk onto the

for the West Don Lands site.

• The Games provided a catalyst for the implementation of community plans


Transaction Structure and Project Phases for the Games’ Athletes Village

School of Business, York University, Toronto, Canada, 2Osgoode Hall Law School, York University, Toronto, Canada

After winning the right to host the 2015 Pan/ Parapan American Games

Research Questions



Unlocking the Value in the Nexus between Real Estate and Infrastructure: The Case of the Toronto Pan/Parapan American Athletes Village

Spotlight on Research 2017 93

• Their two partnering strategies need to co-align, with the local milieu playing an important role by being more conducive to certain pathways than others.

• These pathways exhibit increasing levels of new ventures’ entrepreneurial partnering actions and MNEs’ corresponding partnering initiatives.

• Based on three longitudinal cases in the Bangalore software industry, we identify three distinct internationalization pathways for new ventures based on their engagement with MNEs: passive, active and co-creation.

Figure 1: Three INV Pathways via MNE Networks


• Observation, archival documents and semi-structured interviews with ONV founders and MNE subsidiary managers.

• Research conducted in three phases: 2002-2005, 2005-2008 and 20082011.

• Setting: Bangalore software industry, India, from 2002 to 2011.


• How is this process influenced by the state of the local milieu?

• How do entrepreneurial new ventures engage with multinationals in the pursuit of internationalization opportunities?

Research Questions

Anoop Madhok1 and Shameen Prashantham2

The arm’s length relationship with MNEs that were merely technology providers required very little partner-specific commitments.


Made partner-specific investments that made it highly interdependent; collaborated with other partners of the MNE Indicative quote: “we did it [engaged other MNE partners] because we were now deep inside the Qualcomm ecosystem…We were willing to take risks.”

Indicative quote: “Being able to join the ISV program gave us access to Microsoft…” [MNE: Beta “smart to align with our strategy”]


Indicative quote: “Through some trial and error, we were able to figure out how to deal smoothly with their technical and marketing guys, who had very different mindsets”.

Differentiated its approach to technical and marketing teams, and cultivating internal champions, leading to more “voice” i.e. network resources

Made partner-specific investments that ensured technology compatibility with that of the MNE

Indicative quote: “Over time we understood how to get people excited within the Microsoft ecosystem. We were able to leverage points in Microsoft India to get to the US and vice versa” Moderate

Partnered creatively with the wider ecosystem (e.g. other partners and units of the MNE) to gain greater visibility across international markets

Actively pursued MNC ties as an ex post decision of whom to partner with after building its initial prototype Indicative quote: “I grabbed the chance at the event and didn’t Indicative quote: “We had to hesitate to show them a demo…I realized this was evangelize, evangelize, potentially the right evangelize, in order to multinational for us to partner increase mindshare” with…”” Moderate High

Actively pursued the MNC tie – following ex ante decision of whose technology to build upon (viz. Microsoft’s)


Figure 2: Co-evolution of the Local Milieu and INV-MNE Engagement

“Sharing resources, costs, and risks is a partnerspecific commitment… The incentive for a firm to make such a commitment is the partner's promise of sharing possible gains…” (Li, Qian & Qian, 2013: 490).


The question of adding value innovatively to MNE-partners did not arise



“Innovative [i.e. resourceful or creative] ways of gaining greater visibility and a voice [i.e. goodwill and resources] through marshalling limited resources” (Buckley & Prashantham 2016: 47).

Reactive dealings with MNEs that were providers of technology tools used by its software developers

“Efforts to identify potentially valuable partnering opportunities, and to initiate preemptive actions in response to identified opportunities” (Sarkar et al 2001: 702).




Table 1: Entrepreneurial Partnering Actions of the INVs Vis-à-vis MNEs Dimension Alpha Beta Gamma






High A few MNEs were actively and systematically scouting for, and engaging with, local ventures that had base-of-the-pyramid innovations

Moderate A few MNEs were beginning to pay attention to the innovation potential of (some) Indian ventures to create complements


The business model The business model entailed offering a software entailed building a software product built on Microsoft interface explicitly for baseplatform technology of-the-pyramid markets; it yielding joint revenues for sought to fill a gap in a itself and Microsoft large MNE’s product portfolio

MNEs were mostly internally focused on consolidating captive units that exploited India’s lower cost-base for software engineering talent

The business model entailed offering software services broadly based on Sun Microsystem (Java) technologies but not as a product being built on that platform


Embracing the deeper innovation logic by select few NVs.


Responding to the nascent innovation logic by select few NVs

Negligible Embracing the prevalent arbitrage logic by the vast majority of NVs

Table 2. Entrepreneurial Partnering Actions of the INVs vis-a-vis MNEs

Scarce support system for Nascent support system for Emergence of venture start-ups new ventures (e.g. IIMB’s capital, incubators; greater NSRCEL); startups entrepreneurial support founded by returnees MNE: Captive software MNE: Active scouting for development centre with focus on lower cost-base in MNE: Captive R&D centre; base-of-the-pyramid more partnering initiatives India innovations to promote innovation NV: Services; software NV: Developing IP-based NV: Developing IP-based development at low cost software products (including for BOP markets) software products





• Co-alignment: Rather than a passive and ‘one-way’ street, the importance of a co-alignment between the partnering actions of the two actors – MNE and INV– as well as the ‘effortful’ nature of their engagement. • Co-evolution of actors and milieu: How a milieu evolves at the macro level is both shaped by as well as shapes the nature of linkages among the actors at a more micro level. • How opportunities can be converted into reality through partnering entrepreneurial actions---proactiveness, innovativeness and risktaking---within the context of the local milieu.


Extent of MNE openness to engage in the local milieu for innovation

Extent of INV technological innovation enabled by the local milieu

Influences of local milieu

Period of research

Table 2: The Local Milieu as a Contingency

School of Business, York University, Toronto, Canada, 2China-Europe International Business School, Shanghai, China

• Entrepreneurial new ventures often seek to internationalize through ties with multinational enterprises. We examine the interface between the two, specifically focusing on entrepreneurial partnering actions.



INV-MNE Engagement: Entrepreneurial Partnering and New Venture Internationalization

94 Schulich School of Business

File Credit @ Howchou; Photo Source: https://commons.wikimedia.org/wiki/File:Rail map of China svg; Reproduced under the Creative Commons License

firms in China’s high-speed train sector?

• What governance institutions can best spur technological innovation for

structure influence firm innovation?

• How does institutional reform in state-owned enterprise ownership

Research Questions

structures, value chain positions, and state-enterprise relations.

out the nuances in different governance institutions, including ownership

investigate the impact of institutional reform on firm innovation. We further tease

be theorized? In this study, we hone in on China’s high-speed train sector, and

attributed to imitation of the West? Or is there a uniquely Chinese model yet to

China) who are catching up in a high speed. Is such bullet-fast innovation

firms), few shed light on the innovative laggards from emerging economies (e.g.

with robust studies focusing on the innovative leaders from the West (e.g. US

enhance firm innovation. While the strategy literature in firm innovation is ripe

makers and business managers seek optimal governance institutions to

advancement in the high-speed train sector. In particular, Chinese policy

Total patents

Model 2 -0.2829+ (0.1568) 0.7076*** (0.1261) -0.0396 (0.1350) 0.9356*** (0.2264) -0.0267 (0.2373) -0.6772+ (0.3728) -2.4661*** (0.7574) 1.0691*** (0.2730) 2.5366*** (0.1648) -1.0866*** (0.2469) -8.0572*** (0.7476) 1676 406.15 -1329.36***

Model 1 0.0385 (0.1138) 0.1904* (0.0811) 0.0853 (0.0967) 0.8880*** (0.1839) -0.1333 (0.2006) -0.8850** (0.3233) -1.6633* (0.6501) 0.6525* (0.2765) 1.5968*** (0.0950) -2.1955*** (0.2450) -3.9280*** (0.5894) 1676 397.45 -2391.14***

0.0186 (0.1094) 0.1962* (0.0817) 0.1161 (0.0952) 0.9398*** (0.1794) -0.0553 (0.1939) -0.8750** (0.3108) -1.838342** 0.6523 0.4977+ (0.2613) 1.5928*** (0.0934) -1.9726*** (0.2393) -4.3410*** (0.5749) 1676 388.55 -2630.10***

Model 3

• Upstream firms are more innovative than downstream firms.

• Joint ventures are less innovative than wholly-owned firms.

• Disengaging state-enterprise relations harms firm innovation.

• Exposure to the external capital market benefits innovation.

• Institutional reform in ownership structure galvanizes innovation.


***p < 0.001; **p < 0.01; *p < 0.05; +p < 0.1 (standard deviations in parentheses)

Observations Wald chi2(10) Log likelihood


Publicly traded enterprise Ownership institutional reform Enterprise ranking: below 1st class

Foreign joint venture

Domestic joint venture

Upstream in value chain Downstream in value chain

Firm size

Technological expertise


Controls & Predictors


Exploratory innovation

Exploitative innovation

Random-Effects Negative Binomial Regression


effects negative binomial panel regression model).

• Hypotheses are tested with generalized linear regression (random-

(197 firms, 2295 firm-year observations).

• Data are corroborated, parsed, and pooled to a firm-year panel structure

and annual reports, district annals, patent filings (1989-2015).

• Combining multiple longitudinal primary records: corporate yearbooks


• Firms who adopt hybrid-form capitalism with state-enterprise reciprocity tend to be superior innovators. These firms develop dynamic capabilities in the external capital market, retain organizational autonomy, and simultaneously leverage state influences to facilitate resource mobilization and strategic plan execution. Backward integration provides learning opportunities to hybrid firms.

• Institutional reform in state-owned enterprise (ownership restructure) galvanizes technological innovation in China’s high-speed train sector. Firms in China need to adopt unique ownership structure to achieve superior technological innovation. Tracing the trodden paths of western firms may not be the optimal strategy.

• Central government in China prioritizes high-speed train innovation in making policies and national strategic plans. Technological innovation in the high-speed train sector in China is crucial for national competitiveness, because regional economic development, international trade, and national defense greatly depend on advances in this sector.


Photo Source: https://commons.wikimedia.org/wiki/File:0B6X8331 (8272948482).jpg; Reproduced under the Creative Commons License

Photo Credit @ Alex Needham who grants anyone the right to use this work for any purpose, without any conditions, unless such conditions are required by law; Photo Source: https://commons.wikimedia.org/wiki/File:A maglev train coming out, Pudong International Airport, Shanghai.jpg

School of Business, York University, Toronto, Canada, 2Central South University, Changsha, China

The central government in China places high priority in technological



Aurora Liu1, Jane Song2, Justin Tan1

Transforming to Bullet-Fast Innovation: Institutional Reform in China’s High-Speed Train Sector

Spotlight on Research 2017 95

China and India during the 2005 – 2010 period.

• Address these by examining performance persistence of large firms in

influence the viability of a given resource allocation strategy?

• How does affiliates’ institutional escape through internationalization


influence their resource allocation approach? i.e., winner-picking or

• What aspect of institutional diversity in the home countries of BGs

Research Questions

“winner-picking” or “co-insurance”.

• Why? Because BGs can follow different resource allocation strategies:

barons” or “parasites/robber barons”.

• Empirical evidence of efficacy of business groups mixed: “paragons/red

affiliated firms: i.e., superior performance persistence (PP).

opportunities should lead to greater competitive advantage for group

• Internal markets, resource sharing and favourable rent seeking

and indirect role of the state.

Preet S. Aulakh1, Helen Hu2, Lin Cui3










Nickel’s (1981) bias correction.

• Fixed-effects dynamic panel data method (Hsiao, 1986) in conjunction with

performance remaining in the present period.

• Performance persistence - the percentage of a firm’s previous year

capitalization above 50 million USD throughout the 6 year period.

• A total of 641 Chinese firms and a total of 512 Indian firms had market

PROWESS, China Large Business Group Yearbook.

• Year range 2005-2010 (more updated than other BG-PP studies): OSIRIS,

• Top listed manufacturing firms ranked by market capitalization.


internationalized firms.


• H2: The moderating effect of the type of home country state capitalism, which

than in a state capitalism that features a facilitating state (such as India).

positive in a state capitalism that features a dominating state (such as China)

is moderated by the type of state capitalism; in particular, this effect is more

• H1: The effect of BG affiliation on the persistence of superior firm performance


Table 1: State Capitalism in China and India

Acknowledgements: We appreciate the support of SSHRC Insight Grant.

state and organizations, in particular, the type of state capitalism.

• Institutional pressures emanate from the interactions between the


• BG resource allocation strategy is a function of institutional


Figure 2: Institutional Escape through Internationalization and BG Effect (H2)

Figure 1: State Capitalism and Business Group Performance Persistence (H1)


School of Business, York University, Toronto, Canada, 2University of Melbourne, Melbourne, Australia, 3Australian National University, Canberra, Australia

• Business groups and institutional voids in developing economies: direct



Performance Persistence of Business Group Affiliated Firms under Varieties of State Capitalism: A Comparative Study of China and India

96 Schulich School of Business 

making and impeding mutually beneficial outcomes?

Are there knowledge gaps blocking informed community/industry decision

Research Question:

substantial costs from mining projects on their traditional territories.

• To date, First Nations have realized few benefits and experienced

will take place on First Nation traditional territory.

• Most of new mining based economic development (e.g. the Ring of Fire)

the world’s most attractive destinations for new mining projects.

• Canada is a world leader in mining activity; the Canadian north is one of


• Environmental monitoring education/workshops

• Access to Tata Steel and Naskapi Council 5-year plans

• Cultural and language protection strategies

• How to assess the Environmental impact of mining projects

They include:

Naskapi respondents as most important to the well-being of their community.

The interviews and focus groups revealed a list of key items identified by the

Knowledge Needs Findings:

scientifically measured

• Purpose: to create a baseline against which impacts can be

• A community well-being baseline study

community response to opportunities and challenges

• Purpose: to identify knowledge needs required for an effective

• A community knowledge needs assessment


of resource development in their region.

that will provide both with a better understanding of the impacts and benefits

To provide the Naskapi and Tata Steel access to information and resources


Schulich School of Business, York University, Toronto, Canada

Wes Cragg

Project is funded by SSHRC and the Canadian Business Ethics Research Network.

Acknowledgements: We appreciate the support of the Naskapi Nation.


The next big challenge for resource extraction will be achieving Informed

Take Away Message:

Mining on First Nations Territory: Bridging the Knowledge Gap

Schulich faculty are engaged in top-calibre research projects and have achieved global recognition for excellence in business education and scholarship. research.schulich.yorku.ca

Design: bhandariplater.com Printed in Canada

Global Reach. Innovative Programs. Diverse Perspectives.

Contact Us Schulich School of Business Seymour Schulich Building York University 4700 Keele Street Toronto, Ontario, Canada M3J 1P3 Tel.: (416) 736-2100 ext. 21089 Fax: (416) 736-5762 E-mail: research@schulich.yorku.ca


Profile for Schulich School of Business

Spotlight on Research 2017  

Through this publication, we offer a glimpse of Schulich’s faculty research to our stakeholders, which include our students, other academics...

Spotlight on Research 2017  

Through this publication, we offer a glimpse of Schulich’s faculty research to our stakeholders, which include our students, other academics...

Recommendations could not be loaded

Recommendations could not be loaded

Recommendations could not be loaded

Recommendations could not be loaded