IMD business school for management and leadership courses
With organizations of all sorts facing increased urgency and unpredictability, being able to ask smart questions has become key. But unlike lawyers, doctors, and psychologists, business professionals are not formally trained on what kinds of questions to ask when approaching a problem. They must learn as they go. In their research and consulting…
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Family firms purportedly use different socioemotional wealth (SEW) reference points in choosing strategies, yet empirical research continues to use family involvement as a proxy for SEW. This study uses a configurational approach to examine how the multidimensionality of SEW may be used to explain the firm’s chosen strategy. We use psychometric …
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In recent years, India had experienced a digital revolution, emerging as a forerunner in cashless payments and, in the process, dramatically raising the level of financial inclusion in the country. The National Payments Corporation of India (NPCI), established in 2008 with the mandate to improve national payment systems, became a global gold sta…
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In addition to traditional venture capital (VC), governmental VC and social impact VC investors have emerged as alternatives to fund entrepreneurial ventures, especially start-ups that incorporate social and/or environmental objectives into commercial operations. Using a sample of 15,510 VC-backed start-ups, we show that impact-oriented ventures…
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In this study, we analyze how the performance-aspiration gap influences strategic change in family firms, providing evidence of the moderating role of family ownership in this relationship. According to socioemotional wealth (SEW) theory, family owners pursue non-financial as well as financial goals, are more risk-averse due to their personal we…
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We study the effects of carbon transition risk on equity prices in the United States and Europe using disclosed carbon intensity data and find a negative effect on the cross section of returns and a negative carbon premium for the period 2009–2019. Examining fund flows, we find that institutional investors had an aversion to carbon-intensive sto…
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Do women directors make firms more risk-averse or more innovative? We examine this question by predicting and showing that the effect of increasing women directors on the board on firm innovation output depends on the firm’s performance relative to aspirations (PRA). Research based on the Behavioral Theory of the Firm (BTOF) has shown that the b…
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Forecasting Bitcoin’s returns continues to be a challenging endeavor for both scholars and practitioners. In this paper, we train a random forest model on a variety of features, with the aim of predicting pronounced changes in the returns of Bitcoin. The model that we present in this paper outperforms the baseline model with which we compare it:…
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This study addresses multiple-principal–agent power dynamics in state-owned enterprises (SOEs) in emerging markets. We investigate under what conditions agents (CEOs) accede to demands of government-linked principals. Our qualitative study in Indonesia advances agency theory by disaggregating and categorizing government-linked principals. We als…
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The call by the former Italian prime minister and ECB president for massive investment in the EU is a wake-up call to Europe’s economic stagnation. But can the continent afford the trade-offs it is overlooking?
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September 2024 marks a turning point in the world of corporate management. Paul Graham, a prominent figure in Silicon Valley and founder of Y Combinator, the most renowned global innovation incubator, recently published an essay on founder mode , presenting it as an alternative to the traditional corporate management model. The origin of this re…
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The AI boom — and the growth of gen AI in particular — has introduced new points of conflict between employees and companies. Some of these have already started to play out, such as in the Writers Guild of America strike over how AI can and can’t be used in the entertainment industry. But others are still on the horizon. As AI becomes more integ…
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Artificial intelligence (AI) has already transformed how we work and communicate. Now, it’s making its way into our pockets. Apple launched its iPhone 16 on September 9 2024 and Google revealed its Pixel 9 smartphones on August 13. Both are bold examples of how AI is being fused with consumer devices. As AI moves from the cloud into our hands, t…
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If you’re a business leader looking to stay ahead of the curve, this book is an essential guide. It offers a comprehensive overview of the major trends shaping the future of business, drawing on reviews of 70 recent management books and interviews with 21 senior leaders. What sets this book apart is that it’s grounded in the real-world experienc…
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