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Purpose This study aims to investigate the role of the market for corporate control as an external governance mechanism and its effect on executive risk-taking incentives. Managers tend to be risk-averse as they are more exposed to idiosyncratic risk, resulting in sub-optimal risk-taking that does not maximize shareholders’ wealth. The takeover market alleviates this problem, inducing managers to take more risk. Therefore, risk-taking incentives inside the firm are less powerful when the outside takeover market is more active. Design/methodology/approach Exploiting a novel measure of takeover vulnerability recently constructed by Cain et al. (2017), the authors explore how takeover vulnerability influences executive risk-taking incentives. Using a large sample of US firms, the authors use fixed-effects regressions, propensity score matching and instrumental variable analysis. Findings Consistent with this study’s hypothesis, a more active takeover market results in less powerful risk-taking incentives. Specifically, a rise in takeover vulnerability by one standard deviation diminishes executive risk-taking incentives by 22.39%, which is an economically meaningful magnitude. Originality/value To the best of the authors’ knowledge, this study is the first to explore the effect of the takeover market on managerial risk-taking incentives, using a novel measure of takeover susceptibility. The authors’ measure of takeover vulnerability is considerably less susceptible to endogeneity, enabling the authors to draw causal inferences with more confidence.

The purpose of this paper is to examine the factors that affect the decision of university female students to start a business in the Kingdom of Saudi Arabia. Most of the existing research focuses on exploring the challenges female entrepreneurs face after they start a business, but no research has investigated the challenges they encounter before they start a business. A total of 507 responses were collected from six universities in the Kingdom of Saudi Arabia. Findings show that knowledge about starting a business is the most influential factor that motivates female students to establish their own business.

Purpose The purpose of this study is to investigate the associations among hotel website quality, telepresence, websites’ utilitarian and hedonic performance and customers’ behavioral intentions. Design/methodology/approach An online survey was used to collect the data from 683 respondents. Data was analyzed by using the two-stage modeling technique through Partial Least Squares-Structural Equation Modeling (PLS-SEM). Findings Findings indicate a significantly positive impact of hotel website quality on telepresence, utilitarian and hedonic performance. In addition, telepresence has a significantly positive impact on utilitarian and hedonic performance. Finally, telepresence, utilitarian and hedonic performance have a significantly positive impact on customers’ behavioral intentions. Research limitations/implications Based on the findings of this study, theoretical and practical implications for hospitality and tourism researchers are provided. Originality/value This study is one of the very few studies integrating hotel website quality scale to examine the hotel website features that influence telepresence and perceived utilitarian and hedonic performance leading to positive behavioral intentions.

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