Abstract Firms often face adverse exogenous shocks and therefore need to cultivate resilience. While many studies acknowledge entrepreneurial resilience as a key antecedent of firm resilience, the translation of this resilience into firm-level resilience remains unclear. Drawing on an in-depth case study in the tourism industry, we emphasize the entrepreneur’s role in sustaining ongoing resource engagement to cope with exogenous shocks. Additionally, we show that stakeholder management can shape the impact of entrepreneurial resilience on firm-level resilience. Entrepreneurial resilience has the potential to evolve into firm-level resilience, as it is likely to complement other firm conditions related to stakeholder management.

Organizations are increasingly integrating generative artificial intelligence (AI) tools like ChatGPT for task-support purposes into the workplace. While such tools have been shown to boost productivity, it is critical to understand their psychological impact on employees’ job satisfaction if they are to be implemented effectively. Based on social response theory and the work design model, this study examines how the organizational integration of ChatGPT influences job satisfaction among employees, mediated by perceived organizational support, opportunity to perform, and job insecurity. Using a pre- and post-measurement design, we conducted a 2 × 2 between-subjects vignette experiment with a sample of 202 participants, manipulating the type of task support (i.e., ChatGPT vs. human coworker) (T1) and the nature of supervisor feedback (i.e., positive vs. negative) (T2) in the context of a corporate communication task (i.e., writing an article for the organization’s website about a strategic shift). Our results indicate that ChatGPT task support, compared to task support by a human coworker, leads to lower perceptions of both organizational support and opportunity to perform and higher perceptions of job insecurity, ultimately hindering job satisfaction. The findings suggest that, although generative AI can serve as a form of task support, its use can negatively impact employees’ perceptions. Accordingly, task support provided by human coworkers appears to still be important for maintaining job satisfaction among employees, underscoring the need for the thoughtful integration of generative AI into the workplace.

Abstract This study investigates the risk management and shareholder value consequences of value-based management (VBM). Risk is a defining feature of the VBM framework. It sets the benchmark for the firm’s economic returns, as reflected in the cost of capital, and influences management decisions on the path to value creation. Focusing on credit risk as a key dimension of firm risk, we follow a sample of large, listed European firms from 2005 to 2020 and infer the extent of their VBM practices, defined as VBM sophistication, from corporate annual reports and changes in credit risk from external credit ratings by Moody’s. We find that VBM sophistication promotes decreases in credit risk, i.e., rating upgrades, while it is not associated with mitigating risk increases, i.e., rating downgrades. We establish financial constraints as a plausible moderator of this relationship, suggesting that the main result is driven by firms that use sophisticated VBM systems and face particularly high costs of increasing credit risk. Finally, we exploit discrete changes in credit risk (i.e., credit rating changes) to demonstrate that VBM-induced risk management creates value for shareholders. We examine both short-term capital market reactions to rating changes and correlations with future Tobin’s Q and find that VBM sophistication positively influences shareholder value in the context of credit risk increases but not decreases. In sum, this paper provides evidence of the risk management effect and shareholder value effect of VBM.

Abstract In this paper, previously developed indices to assess company internationalization are examined and classified. Particular emphasis is placed on globality indices and a new composite index of firm globalization is introduced: the Degree of Globalization (DOG). The previous indices, often based on ratios of foreign to domestic activity, only provide partial insights into the complex and multidimensional nature of firm globalization. The DOG index addresses their shortcomings by integrating both the intensity and the diversification of a firm’s international activities, grounded in measurements of market penetration and revenue distribution. An empirical application to the airline industry demonstrated that the DOG index yielded more accurate differentiation among firms, capturing variations in global reach that the other indices failed to register. The results indicated that the DOG offered greater methodological precision, ease of calculation, and interpretability, thereby providing a more rigorous instrument for assessing corporate globalization and contributing to the advancement of international business research.

Abstract Institutions and their impact on entrepreneurial activity have been a topic of interest in recent decades for two main reasons. First, formal institutions create a legal, juridical, and political framework that supports entrepreneurs. Second, informal institutions motivate and incentivise entrepreneurs to act. However, institutions can also be seen as endogenous factors determined exogenously by a climate of opinion generated in the so-called public sphere. Nevertheless, the impact of the public sphere on entrepreneurship, i.e., the social and political influences of the public opinion created around entrepreneurship, has not been studied. Moreover, today's public sphere is generated mainly in a virtual environment where digital networks play an important role. Therefore, the main objective of this paper is to investigate the relationship between the public sphere and formal and informal institutions and the impact of these institutions on entrepreneurial activity. To that end, an empirical analysis is carried out at the level of 18 Organisation for Economic Co-operation and Development (OECD) countries via a second-generation statistical technique based on latent variables. The results show that the public sphere enhances entrepreneurial culture, especially through the effect of formal institutions on entrepreneurial education and the effect of entrepreneurial education on informal institutions. On the other hand, indirect effects confirm that the public sphere also promotes entrepreneurial activity and thus stimulates it. This study has several practical implications for policy-makers, entrepreneurs and managers with respect to the role of the public sphere.