December 2024
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385 Reads
J. Yo-Jud Cheng and Boris Groysberg explore how organizational cultures evolved through the COVID-19 pandemic and how company culture shapes leaders’ decisions about whether and how to bring workers back to the office.
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December 2024
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385 Reads
J. Yo-Jud Cheng and Boris Groysberg explore how organizational cultures evolved through the COVID-19 pandemic and how company culture shapes leaders’ decisions about whether and how to bring workers back to the office.
August 2023
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53 Reads
MIT Sloan Management Review
Leaders like to show that they value employees. They proclaim that everyone on the team is critical to the organization’s success. As uplifting as that sentiment is, it simply isn’t true. Talent can be a source of competitive advantage only if great people are in the most critical roles. Having stars in jobs that aren’t critical is just a waste of talent.
August 2023
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11 Reads
Academy of Management Proceedings
January 2021
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108 Reads
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17 Citations
Management Science
We contribute to the growing literature on the effectiveness of corporate boards by examining the effect of two insights that have been largely unexplored in prior studies that use public data. First, since boards’ responsibilities are wide-ranging, more holistic performance measures may better capture the full range of their duties than specific public actions and outcomes (e.g., disclosure of risk management processes, financial restatements, acquisition returns, CEO turnover). And second, because corporate boards share many characteristics of other types of teams, their effectiveness is likely to be influenced by their internal operations. To examine the performance effects of these insights, we use data from 577 directors of U.S. public firms that responded to a survey we conducted in 2015–2016 and qualitative data from interviews of 75 directors. Our study establishes a strong relation between director perceptions of board performance effectiveness and internal board operations. Further, by highlighting the critical role of internal operations, identifying areas of relative strength and weakness in boards’ effectiveness in various activities, and probing director perceptions of their primary responsibilities, we are able to offer concrete suggestions for future research on board effectiveness. This paper was accepted by Shiva Rajgopal, accounting.
August 2020
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31 Reads
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8 Citations
This paper uses a proprietary panel dataset to categorize and quantify the activities that sell-side brokerage analysts use to build and sustain their network of buy-side client relations. We then examine the marginal impact of these activities on key analyst outcome metrics identified by prior literature. Our findings highlight the importance of two previously unstudied client-service activities – high-touch phone calls and non-deal road shows – and suggest that analysts may face a tradeoff between producing accurate earnings research and increasing the values of key performance measures that gauge the strength of their network of client relations.
July 2020
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69 Reads
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3 Citations
June 2020
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44 Reads
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8 Citations
ILR Review
The authors investigate what determines differences in change in pay between men and women executives who move to new employers. Using proprietary data of 2,034 executive placements from a global search firm, the authors observe narrower pay differences between men and women after job moves. The unconditional gap shrinks from 21.5% in the prior employer to 15% in the new employer. After controlling for typical explanatory factors, the residual gap falls by almost 30%, from 8.5% at the prior employer to 6.1% in the new placement. This change reflects a relative increase in performance-based compensation for women and a lower level of unexplained pay inequality generally in external placements. Controlling for individual fixed effects, observed women have higher pay raises than do men. Finally, the authors find suggestive evidence that pay differences may also be moderated by differences in the supply and demand for women executives.
January 2017
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49 Reads
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5 Citations
SSRN Electronic Journal
January 2016
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8 Reads
Academy of Management Proceedings
January 2016
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18 Reads
SSRN Electronic Journal
We use a survey of directors to collect data on their ratings of board effectiveness as well as board internal dynamics and key processes. Controlling for many of the governance metrics examined by prior research, we find that directors’ ratings of their boards’ effectiveness are positively related to measures of board internal dynamics (such as relations with the CEO and senior management, and its ability to perform well as a team), director engagement (reflected in meeting preparedness), and the breadth of the board’s experiences. Tests for a subset of firms that are identified in the survey show that boards rated as ineffective have a higher likelihood of losses one year after the survey, consistent with effective governance enhancing the management of risk.
... Meanwhile, another study from the Mateus & Belhaj (2016) explained that there has been a major difference among the corporate governance in the European countries that are directly linked to the board structure and some of them use unitary systems and some use the two-tier system. Hypothesis 7: The Board Structure Policy has a significant impact on the return on asset (ROA) Hypothesis 8: The Board Structure Policy has a significant impact on the return on equity (ROE) In addition to this, the effectiveness of the bank's internal governance is dependent on the detailed efficiency for their different elements, and notably about a count of directors who are on board, and percentage of the directors who are external along with the internal director's ownership, as well as the structure of meeting that held (Cheng et al. 2021). Meanwhile, as more of the details related to the criteria for some of the ideal choices especially for the members of board and found that a very high level of moral integrity along with professional competence, members had to be more trained according to the rules and regulations. ...
January 2021
Management Science
... Institutional investors allocate commissions based, at least partly, on their evaluations of the usefulness of various analysts' research. (See Groysberg and Healy (2013) for an overview of relevant evidence.) Industry participants argue that they use commissions to pay for high-quality analyst service (Greenwich Associates 2015). ...
January 2013
... In a related study, Brown et al. (2016) show that sell-side analysts are valued by investors less for their stock recommendations than for their in-depth industry knowledge and ability to broker access to company management. Similarly, Maber, Groysberg, and Healy (2021) point toward the importance of "concierge services" such as nondeal roadshows and private communications. These areas, Maber et al. (2021) suggest, can undermine research accuracy yet remain understudied by the vast corpus of academic research on analysts. ...
August 2020
... 1 Previous research has documented that executives with failed or scandal-tainted companies on their résumés pay a penalty on the job market, even if they had nothing to do with the trouble (Groysberg et al., 2020). For example, Groysberg et al. (2020) shows that senior executives who were associated with scandal-tainted companies face difficulty in changing jobs and are paid nearly 6.5% less than their peers. Further, we believe that subordinate executives are more exposed to labor market risk than the CEO for two main reasons. ...
July 2020
... Second, in addition to impacting the gender gap directly, universities' equity efforts may also affect the labor market in gender-specific ways, such as by increasing the demand for female faculty and female willingness-to-move, which can lead to raises for women via retention efforts. Through these direct and indirect channels, the increased equity focus in academia would be expected to increase the prevalence of large raises among women (Blackaby et al., 2005;Groysberg et al., 2022;Leslie et al., 2017), which is consistent with our findings. Third, complementary policies that facilitate equity enhancements also likely contribute to the narrowing gender wage gap in our sample. ...
June 2020
ILR Review
... First, we have a limited understanding of the broader spillover effects of fraud (Coates and Srinivasan [2014]). Regarding the labor market, prior literature finds fraud directly impacts the careers of fraudsters (Karpoff et al. [2008]) and their co-workers (Choi and Gipper 2021; Groysberg et al. [2020]), yet we have a limited understanding of how fraud impacts the labor force more broadly. Second, because frauds are historically followed by regulation that shifts nationwide demand for accounting services (Hail et al. [2018]), it is empirically challenging to observe the distinct effects of fraud in the labor market. ...
January 2017
SSRN Electronic Journal
... We also controlled several variables that may affect the financial fraud resurface hazard, including misdemeanants' punishment for the financial fraud (Barnett, 2014;Sampath, Rahman, & Gardberg, 2013), misdemeanants' organizational features (Harris & Bromiley, 2007;Schnake & Williams, 2008), and misdemeanants' formal institutions (Groysberg, Lin, & Serafeim, 2016). First, punishment can impose financial cost on misdemeanants and affect their expectations of financial cost derived from future punishment. ...
January 2016
Academy of Management Proceedings
... One most business challenge is to ensure that firms ready to prepare "high potential" personnel that firms believe with trust that will become leaders. Setting a clear definition of "high potential leader" that mean someone will be able to succeed in a significant in bigger impact through their own ability to responsible greater scale and scope (Groysberg & Nohria, 2011). Thus, high potential acumen leader (H-PAL) is proposed. ...
October 2011
Harvard Business Review
... Moreover, the representation of women on boards is influenced by the unique characteristics of individual companies and industries, as highlighted by Brieger et al. (2019). A survey conducted in the United States (Groysberg & Bell, 2013) documented that women had to be more qualified than men to break the glass ceiling. In addition, other than the tendency for male directors to be oblivious to the female directors' experience, the latter shared that they never felt like full members due to disconnection from their male counterparts. ...
September 2013
Harvard Business Review
... Information Technology (IT) projects, particularly in the area of software development, are often partially or fully outsourced, leading to the emergence of Global Virtual Teams (GVT). For example, many organizations recruit from abroad or send staff members from one global office location to another [1]. GVT also allow for a 24-hour work day which can be beneficial for meeting deadlines faster. ...
November 2011
Harvard Business Review