Engaging with Uncertainty: Three Empirical Studies
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Notice bibliographique
Résumé
Engaging with uncertainty is vital in business because it can either generate or destroy wealth. My dissertation, comprising three empirical studies, investigates management decision-making and firm performance under uncertainty. The first study examines how organizational stress represented by resource constraints impacts firm performance. Drawing from the psychology-based Yerkes-Dodson (1908) Law, we propose that, while some amount of stress activated by constraints enhances performance, too much stress hampers performance. Using textual measures to gauge constraints that activate stress at the organizational level, we find an inverted-U relationship between constraints and return on assets. This relationship is more aligned with creativity, reflected by profit margin and innovation activities, than with efficiency in resource usage captured by asset turnover. My second study analyzes the compensation structure of the top leadership team (TLT), a group of executives responsible for navigating the organization through uncertain times. This study recognizes the importance of both the CEO's unique role and the dynamics among team members through: (1) CEO pay slice, reflecting payment for the CEO’s team leadership and management skill, and (2) pay dispersion among the CEO’s top team, capturing the weights on team versus individual based payments. We find that TLTs characterized by a large CEO pay slice and low degree of pay dispersion among the CEO’s top team outperform others in terms of return on assets. These results highlight complementary relations between CEO team leadership and team-based compensation in compensating TLTs. My third study analyzes how a strategic focus on balance sheet strength influences investment decisions and performance among Canadian oil and gas firms that navigate through uncertainties. Based on discussions with industry experts, we identify two groups of firms: those aggressively investing during favorable conditions – “making hay while the sun shines”, and those investing more prudently – “saving for a rainy day”. While investment in downturns declined generally for both types of firms, the decline in investment was significantly less for rainy day companies. These rainy day firms make shrewder acquisitions and achieve greater operational efficiency over time. However, rainy day firms have lower market valuations during upturns compared to making hay firms.
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Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Apprise à partir de 10 348 étiquettes directes de Codex et de 10 348 étiquettes directes de Gemma. Le mode candidate est l'union des têtes enseignantes seuillées; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont ni des étiquettes humaines ni des étiquettes directes de modèles de pointe.
Scores Codex et Gemma par catégorie
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,000 | 0,000 |
| Méta-épidémiologie (sens strict) | 0,000 | 0,000 |
| Méta-épidémiologie (sens large) | 0,000 | 0,000 |
| Bibliométrie | 0,000 | 0,000 |
| Études des sciences et des technologies | 0,000 | 0,000 |
| Communication savante | 0,000 | 0,000 |
| Science ouverte | 0,001 | 0,000 |
| Intégrité de la recherche | 0,000 | 0,001 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,029 | 0,009 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découle