Career Concerns Research Articles

Career Adapt-Abilities Scale: Convergent validity of subscale scores

This study examined the convergent validity of scores from the four subscales in the Career Adapt-Abilities Scale. The differential relation of each subscale to theoretically-related constructs was examined in a sample of 332 graduating university students. The results were as predicted. Career concern related highest to future time perspective; career control related highest to both locus of control and core self-evaluations as well as inversely to neuroticism; career curiosity related highest to proactive personality; and career confidence related highest to generalized self-efficacy. The only relation that was not as predicted involved self-esteem, which was predicted to relate highest to confidence. It related higher to career control (r=.42) and career concern (r=.41).

Sell-Side Analysts' Career Concerns During Banking Stresses

We propose a new approach to examine sell-side analysts' career concerns by relating their forecast boldness to their employers' news flows. Specifically, we use banking sector news to proxy for the severity of career concerns. Analysts follow more closely the consensus forecast when the prospects of the banking sector are negative (and vice versa). The effect is both economically and statistically significant after controlling for various firm, analyst, brokerage house, and forecasting characteristics, as well as sector and economy wide effects. The more established analysts, in terms of reputation and experience, are generally unaffected by banking sector news. In contrast, their less established peers tend to cluster their forecasts near the consensus after a sequence of negative news flows for banks. Collectively, our results support the notion that during banking stresses when job security is low analysts' tendency to imitate others increases.

Foreign Capital and Gender Differences in Promotions: Evidence from Large Brazilian Manufacturing Firms

Foreign Capital and Gender Differences in Promotions:Evidence from Large Brazilian Manufacturing Firms Danilo Coelho, Marcelo Fernandes, and Miguel N. Foguel Widespread consensus asserts that occupational segmentation is the chief determinant for gender differences in wages in the Brazilian labor market (see, for example, Oliveira 2001). Although women represent 39 percent of the formal workforce in Brazil, they amount to only 23 percent of the employees in the sectors that pay relatively higher wages in 2004. As well, the predominance of segmentation increases if one restricts attention to managerial positions, of which women hold only 14 percent. This suggests that limited promotion prospects for women in the Brazilian job market may present barriers to their promotion to the upper rungs of the corporate ladder. This paper contributes to the literature by examining data from the largest firms of the Brazilian manufacturing industry. In particular, our goal is to determine whether obstacles to women’s ascension exist by tracking the amount of time it takes for a woman to get a promotion to a managerial position. The aim is to complement the literature on gender differences in promotions, whose papers mainly focus on computing the promotion rates. Time to promotion offers a different angle in that samples with a large time span could well present similar likelihoods of promotion for both genders even if [End Page 55] the promotion durations are different. We construct the duration variable by following from January 1996 to December 2005 every individual who enters the Annual Report of Social Information (RAIS) database between January 1991 and December 1995. We denote as nonpromoted the individuals who do not obtain a promotion to a managerial position within the sample (that is, the right-censored observations), whereas we assign duration zero to the workers who already are in managerial positions in January 1996. Accordingly, we label as promoted the individuals within our sample who rise to a managerial position (that is, those with uncensored positive durations). Investigating differences in promotions is particularly difficult because observationally similar male and female workers may display equal promotion rates and durations even in the presence of gender differences (for example, promotions may differ in quality). As far as we know, this is the first study to examine gender differences in promotions using microdata from a developing country. Apart from the obvious interest in finding whether the main stylized facts hold in a Latin American country, we were also motivated by the quality and availability of the Brazilian data. In contrast to the many studies that employ data from individual firms (see, for example, Cabral, Ferber, and Green 1981; Gerhart and Milkovich 1989; Baker, Gibbs, and Holmstrom 1994), our study relies on a homogeneous sample of recently hired workers from the Brazilian manufacturing industry in the period from 1996 to 2005. Our data set is particularly convenient. First, the data include a wide array of controls for worker and firm characteristics. Second, unlike Blau and deVaro (2007), we observe multiple workers per establishment at different occupations and hierarchical levels as well as their career paths in terms of occupation and wage. A potential limitation is that our data set does not include any direct measure of on-the-job productivity and hence we must come up with indirect controls. Interestingly, we find that there are significantly fewer gender differences in the time to promotion within foreign-owned firms than within domestic firms in the Brazilian manufacturing industry. Our findings complement to some extent the literature on the differences between multinationals and domestic firms (Doms and Jensen 2006; Greene and others 2009) as well as the evidence that gender differences may depend on the nature of the firm.1 [End Page 56] We argue that such gender differences are consistent with statistical discrimination and self-selection. We reason as follows. Suppose there are relatively more women than men who prefer to dedicate more time to their family than to their careers. Berk (2001) shows that gender differences in average career concern do not ensure statistical discrimination against the group with lower average career concern if employees optimally choose which jobs to apply for. A career-minded woman who applies for a job in a firm...

Human Capital, Career Concern and Investment Behavior of Managers: An Empirical Examination on Close-end Funds in China

By an empirical examination on investment fund market in China, We find that portfolio managers’ turnover does not affect the risk adjustment strategy of the funds, demonstrating that fund companies rather than portfolio managers are in charge of the fund investment strategy. Moreover, Chinese portfolio managers, even after they have been terminated, would be appointed other positions in the same fund company. It seems that this kind of turnover hardly has sufficient pressure on portfolio managers.

Why Do Financial Analysts Strive to Be Irrelevant? Career Concerns and Endogenous Coverage Termination

In this paper we investigate the negative relationship between analysts’ coverage and stocks idiosyncratic volatility. While prior research argues that analysts cause the low level of idiosyncratic risk because they lack access to firm-specific information we hypothesize that the causal relation goes in the opposite direction. Specifically we argue that due to reputational concerns analysts avoid covering stocks with high levels of specific risk. Using three novel quasi-natural experiments we show that analysts’ coverage drops after an exogenous increase in idiosyncratic volatility. We also show that coverage increases after an exogenous decrease of specific risk and that an exogenous decrease in the number of analysts covering a firm lead to a decrease firm-specific information. Looking at individual analysts’ characteristics we show that the probability of dropping coverage after an increase in idiosyncratic risk is higher for younger analysts, analysts with lower reputation and lower risk aversion.

Venture Capital and Career Concerns

This paper finds evidence that the market for follow-on capital discourages risk taking by venture capital fund managers. The amount of follow-on capital raised by venture capitalists is concave with respect to current fund performance. In addition, managers with less consistent performance are slower, and less likely, to raise a follow-on fund. Venture capitalists adjust their investment strategy to balance fundraising incentives against the incentive to pursue risk provided by carried interest. The findings are consistent with models of career concerns, where an agent’s compensation is designed to (partially) offset the implicit incentives created by future employment opportunities.

The Effect of Time Perspective Counselling on Career Control in High School Female Students of Esfahan City in Academic Year 2013-2014

The aim of this study was to investigate the effect of time perspective counseling in career concern of female high school students in Esfahan. Methodology: The research method was quasi-experimental along with experimental and control group as well as pretest, posttest, and follow up. The population of this study was included all female high school students of Esfahan who studying at 2013- 2014 academic year. The sampling number of this research was 40 students who were selected through convenience sampling. For this study, two high schools from the high schools which informed their readiness for this research were selected and randomly the second-grade high school students of one of them (20 cases) were assigned to an experimental group and the second-grade high school students of the other (20 cases) were assigned to control group. Results: After administrating pretest, counseling sessions for the experimental group in eight 2- hour sessions were held once in a week and the control group did not receive any counseling session. The used instrument in this study was a career concern questionnaire and for testing the hypothesis, variance analysis method with frequency measurement was used. Conclusion: These findings indicate that time perspective counseling is effective on adjustment of concerning about the adaptability of career (P<0. 001, F=40. 81).

When Push Comes to Shove: Career Concerns and Manager Staffing in Foreign Multinational Subsidiaries

When Push Comes to Shove: Career Concerns and Manager Staffing in Foreign Multinational Subsidiaries

Publish or Perish? Incentives and Careers in Italian Academia

We derive a theoretical model of effort in the presence of career concern based on the multi-unit all-pay auction, and closely inspired by the Italian academic market. In this model, the number of applicants, the number of new posts, and the relative importance of the determinants of promotion determine academics' effort. Because of the specific characteristics of Italian universities, where incentives operate only through promotion, and where all appointment panels are drawn from strictly separated and relatively narrow scientific sectors, the model fits well Italian academia, and we test it in a newly constructed dataset which collects the journal publications of all Italian academics working in universities. We find that individual researchers respond to incentives in the manner predicted by the theoretical model: more capable researchers respond to increases in the importance of the measurable determinants of promotion and in the competitiveness of the scientific sector by exerting more effort; less able researchers do the opposite.

Blockholder Trading and Monitoring, Career Concerns, and the Bright and Dark Sides of Investor 'Long-Termism'

We model a blockholder as a fund manager caring about others' assessment of his stock-picking ability. Such a reputation-conscious fund manager acts like a investor who buys and holds, in order to positively influence how his ability is perceived. The consequent reduction in trading makes prices less informative. Career concerns also weaken the fund manager's incentive to undertake value-enhancing interventions, despite the fund's endured and large stake in the firm. Under a single blockholder structure, career concerns thus weaken the mechanisms of governance via blockholder exit and voice, thereby worsening corporate investment myopia. With multiple blockholders with heterogeneous degrees of career concerns, a reputation-conscious fund manager's weakened incentive to intervene in management provides a stronger incentive for a reputation-unconscious fund manager to undertake the intervention. Career concerns thus help overcome the free-rider problem in monitoring under a multiple blockholder structure, and may consequently encourage long-term corporate investment.

Career adaptability, job search self-efficacy and outcomes: A three-wave investigation among Chinese university graduates

Based on career construction theory, the current research examined the role of career adaptability in Chinese university graduates' job search process (N=270). Results from a three-wave survey study showed that the four dimension of career adaptability (measured at wave 1) correlated positively with university graduates' job search self-efficacy (measured at wave 2) and their employment status (measured at wave 3). Among graduates who became employed, career adaptability dimensions also predicted positively their person–environment (P–E) fit perceptions (measured at wave 3). The results further showed that with the effects of demographics (gender, age, education level and major) and family background (family economical status and parental education) controlled for, when putting the four dimensions of career adaptability together, career concern and career control served as the strongest predictors for job search self-efficacy, which further mediated the positive effects of these two dimensions on employment status. In addition, career control also had indirect effect on P–E fit through the mediation of job search self-efficacy. Additional analyses using the global indicator of career adaptability also supported this mediation model such that career adaptability significantly predicted employment status and P–E fit, with these relations mediated by job search self-efficacy. These findings carry implications for research on career construction theory, as well as career education and career counseling practices.

Emotional intelligence as a predictor of employees' career adaptability

Emotional intelligence and career adaptability are crucial psychosocial meta-capacities for successful adaptation in various spheres of life, including the realm of careers. However, little is known about the relationship between emotional intelligence and Savickas's (2005) notion of career adaptability. The current research examines the relation of emotional intelligence to career adaptability. A cross-sectional survey was conducted with a sample of 409 early career black call center agents (Mean age=32) employed in three of the largest outsourced financial call centers in Africa. Canonical correlation analysis and structural equation modeling confirmed the predictive validity of emotional intelligence in relation to career adaptability. The results showed that managing one's own emotions contributes the most in explaining overall emotional intelligence a n d the variance in overall career adaptability with its four domains of career concern, career control, career confidence and career curiosity. The results of the study highlight the importance of developing individuals' emotional intelligence in order to strengthen their career adaptability. The research contributed new and valuable insights that may inform career development interventions for call center agents.

An Examination of Journalist Perceptions toward Covering Tragedy and Trauma

Researchers in this study utilized Q111ethodology to exallline the perceptions of 16 current and for111er print and broadcastjournalists in central Indiana and upstate New York about their role in reporting 011 tragedy and traullla. A Q-sort instrll111ent containing 40 staternents was developed around five categories: Adventure, Bearing Witness, Career Concerns, Societal Inlpact, and Professionalisrn. Eight staternents were developed for each of the five categories, constituting the Q sanlpIe. Personal interviews and a short survey were elllployed to help interpret the perceptions of the 16 participating journalists concerning statelnents provided by war correspondents, police beat reporters, and other Iftraurna journalists, who had covered crises, disasters, and stories involving fatalities. PQMethod was llsed to analyze the state111ent ratings 1nade by reporters and two factors evolved: Etnpathists and Traditionalists. Researchers concluded that reporters covering tragedy and traunla are l110re aware of the role of e1110tion and cOlnpassionate involvernent with sources than would be recol11111ended by traditional newsr00111 guidelines on detached, objective inforlnation gathering.

Development and validation of the Career Concern Inventory

This study was intended to develop and validate the Korean version of the Adult Career Concern Inventory. 147 items and 19 factors of the inventory were obtained based on open-ended questionnaires. A preliminary on-line survey from 336 employees was carried to collect data. Exploratory factor analyses excluded two factors such as person-environment fit and hobby and resulted into 115 items and 17 factors. To test the validity of the career concern inventory, the main on-line survey was carried and the questionnares were collected from 1091 employees. In order to check cross-validity of the scale, the total group was divided into two sub-groups: Group 1, 546 employees, and Group 2, 545 employees. The results of confirmatory factor analyses of Group 1 showed that the 16-factor model fit the data better after the vision-on-the-job factor was eliminated together with some items, which finally resulted in 94 items and 16 factors. These 16 factors were as follows: 1) retirement, 2) career management, 3) work-family balance, 4) interpersonal relations, 5) turnover, 6) health, 7) job performance stress, 8) establishing a business, 9) indecisive attitude, 10) promotion, 11) economic issue, 12) service, 13) marriage issue, 14) work sustainability, 15) competence improvement, and 16) lack of professionalism. The career concern inventory was significantly correlated with various criteria such as performance, job satisfaction, organizational commitment, career satisfaction, career commitment, mental health, life satisfaction etc. Finally, implications and limitations of this study and the directions for future study were discussed.

Development and validation of the Career Concern Inventory

This study was intended to develop and validate the Korean version of the Adult Career Concern Inventory. 147 items and 19 factors of the inventory were obtained based on open-ended questionnaires. A preliminary on-line survey from 336 employees was carried to collect data. Exploratory factor analyses excluded two factors such as person-environment fit and hobby and resulted into 115 items and 17 factors. To test the validity of the career concern inventory, the main on-line survey was carried and the questionnares were collected from 1091 employees. In order to check cross-validity of the scale, the total group was divided into two sub-groups: Group 1, 546 employees, and Group 2, 545 employees. The results of confirmatory factor analyses of Group 1 showed that the 16-factor model fit the data better after the vision-on-the-job factor was eliminated together with some items, which finally resulted in 94 items and 16 factors. These 16 factors were as follows: 1) retirement, 2) career management, 3) work-family balance, 4) interpersonal relations, 5) turnover, 6) health, 7) job performance stress, 8) establishing a business, 9) indecisive attitude, 10) promotion, 11) economic issue, 12) service, 13) marriage issue, 14) work sustainability, 15) competence improvement, and 16) lack of professionalism. The career concern inventory was significantly correlated with various criteria such as performance, job satisfaction, organizational commitment, career satisfaction, career commitment, mental health, life satisfaction etc. Finally, implications and limitations of this study and the directions for future study were discussed.

Measuring the Career Concerns of Security Analysts: Job Separations, Stock Coverage Assignments and Brokerage House Status

This paper examines the career concerns of security analysts using long histories of their earnings forecasts, job separations and stock coverage assignments. Our findings include the following. Relatively good (accurate) past forecast performance increases the probability that an analyst moves from a low status to a high status (large, prestigious) brokerage house, while relatively poor past forecast performance leads to movements down the brokerage house hierarchy. High status brokerage houses are more likely to discharge an analyst for poor past forecast performance than other houses. In addition, analysts with poor past forecast performances but who do not change employers are more likely to be removed from following stocks with large market capitalization or significant analyst following. This effect is also more pronounced for analysts who work for high status brokerage houses. These findings suggest that the labor market for security analysts provides important implicit incentives for analysts to produce good forecast track records.

Career Concerns and Market Structure

This paper analyzes the impact of market structure on career concerns. Effort increases the probability that a skilled agent achieves a one-time breakthrough. Wages are based on assessed ability and on expected output. For any wage, the agent works too little, too late. Under short-term contracts, effort and wages are single-peaked with seniority, due to the strategic substitutability of effort levels at different times. Both delay and underprovision of effort worsen if effort is observable. Commitment to wages by competing firms mitigates these inefficiencies. In that case, the optimal contract features piecewise constant wages and severance pay.

Career Concerns and Earnings Management

Career Concerns and Earnings Management

Psychosocial Effect on Career Concerns among Staff of the Department Of Petroleum Resources, Nigeria

Psychosocial Effect on Career Concerns among Staff of the Department Of Petroleum Resources, Nigeria

Reputation, Career Concerns, and Job Assignments

Does a worker who had a successful career have stronger or weaker incentives to manipulate his reputation than a worker who performed poorly? This paper presents a tractable model that allows us to study career concerns when the strength of a worker’s incentives depends on his employment history (the history of his past actions, jobs, and performances). More specifically, the paper incorporates standard job assignments into the main model in Holmstrom’s (1999) seminal paper on career concerns. Equilibrium wages, equilibrium job assignments, and the strength of career-concern incentives are the same for all employment histories that lead to the same worker's reputation. (With reputation we refer to beliefs about the worker's future productivity.) We show that, typically, workers with a better reputation have stronger incentives than workers with a worse reputation. Furthermore, we show that when the strength of incentives depends on employment history, (i) a ratchet effect may appear, (ii) in spite of this ratchet effect, incentives may be stronger, and (iii) incentives may be stronger when beliefs about ability are more precise.