This paper challenges the predominant view that as CEOs near retirement, they forgo risky long-term strategic choices and instead focus on decisions that enhance their own short-term self-interests. Drawing on the socioemotional wealth (SEW) literature, we argue that unlike near-retirement CEOs in widely held firms, near-retirement CEOs in family firms are more concerned about transgenerational control and the legacy that they pass on to future generations. We further contend that the priority of SEW dimensions can change within family firms depending on the CEO's time to retirement. Consequently, nearretirement CEOs in family firms differ from their counterparts in non-family firms in that they are willing to continue to engage in international acquisitions as they approach retirement, despite the potential short-term risks. We further hypothesize that this effect depends on whether the CEO is a family member, whether the CEO is succeeded by another family member, and whether the CEO is the founder. In analysing 3432 family and nonfamily firm-year observations from the S&P 500 for the period between 1997 and 2009, we find support for our hypotheses. Subsequent analyses indicate that near retirement, family CEOs acquire larger and culturally closer targets than their non-family counterparts. Our paper confirms the need to more fully consider the characteristics of owners and managers in analyses of the CEO career horizon problem.

The theory of reasoned action and components of a theory of innovation adoption were integrated into a model of consumer adoption of the Internet for apparel shopping. The hypothesized model included psychological factors (beliefs and attitude), social factors (social support and social acceptance), and prior experience to explain intention to purchase apparel via the Internet. A questionnaire was mailed to a random national sample of households. All hypothesized variables were significant. Prior experience with the Internet had the strongest influence on intention to purchase apparel through the Internet. ᭧

Manuscript Type: EmpiricalResearch Question/Issue: Our study seeks to explain the relationship between publicly listed family-controlled firms (FCFs) and investor and employee outcomes before and during the global financial crisis. Theoretically, we develop hypotheses suggesting that FCF resilience is beneficial to both investor and employees. Employing a large firm-level data set of 2,949 firms across 27 European countries, we test the hypotheses that FCFs' long-term orientation makes them resilient to the effects of economic shocks. In addition, using hierarchical linear modeling we evaluate family firm investor and employee outcomes, and the moderating impact of legal institutions protecting minority investors and employees. Research Findings/Insights: We find that FCFs financially outperform non-FCFs during the financial crisis, beginning in 2007 and reaching its lowest point in 2009, but show no significant differences during the stable-growth period between 2004 and 2006. We evaluate two employee outcomes: downsizing and wage decreases. We find that FCFs are less likely to downsize their workforce or cut wages in both pre-crisis and crisis conditions. Based upon hypotheses founded in the comparative capitalisms logic, we find significant institutional effects that are contrary to our predictions. Our findings suggest that investors and employees of FCFs achieve more favorable outcomes for their interests when the rules pertaining to investor protection and their enforcement are poorly developed. Theoretical/Academic Implications: We contribute to the emerging literature on the institution-based view of comparative corporate governance by demonstrating that family-controlled firms' stakeholder outcomes are contingent upon legal protection for employees and investors under contrasting economic circumstances. Practitioner/Policy Implications: Family owners, employees and minority investors should consider both firm-level and country-level governance institutions when investing in different countries, especially in times of economic crisis as jurisdiction-level institutions and firm ownership choices produce variable outcomes for different stakeholders in both crisis and non-crisis conditions.

"This paper examines the relationship between the compensation of the top five executives at a set of over 400 publicly listed Canadian firms and various internal and external corporate governance-related factors. The media is full of stories suggesting a relationship between large executive compensation packages and failures in governance at various levels within organisations, but there exists little formal analysis of many of these relationships. Our analysis provides empirical evidence supporting some of these assertions, refuting others and documenting new relationships. We find that variances in internal governance related to differences across firms in the characteristics of the CEO, compensation committee and board of directors do influence both the level and composition of executive compensation, especially for the CEO. Considering external measures of corporate governance, we find that different types of shareholders and competitive environments impact executive compensation. We do not find that either the internal or external governance characteristics dominate". Copyright (c) 2008 The Author Journal compilation (c) 2008 Blackwell Publishing Ltd.

No abstract

The authors explore how urban versus rural community location shapes the extent to which various individual, relational, and structural factors affect the gender gap in small business success. Building on previous research on gender and small business success, gender queuing theories, and gendered organization/institution theories, they develop a place-specific theory of the gender gap in small business success. The findings, based on small business data collected in urban and rural Iowa (1995 and 1997), support queuing arguments and raise questions about the effectiveness of crowded-sector explanations. They indicate that the gender gap in small business success operates such that men-owned businesses are more successful in both urban and rural settings but that men-owned businesses are even more successful than women-owned businesses in urban than rural communities. The authors discuss the causes and consequences of the gender gap in small business success in rural and urban places and identify key issues for further research.

No abstract

A 9-item locus of control scale was constructed from Levenson's (1974) 24-item locus of control scale. Principal components and second-order factor analyses of responses from 129 undergraduates indicated satisfactory reliability and construct validity of the reduced scale. Structural equation analysis using a scaled measure of perceived risk supported the predictive validity of the reduced scale.