Programa del congreso

We argue that withdrawal from a deal or “being jilted at the altar” is a stressful and disruptive event that can be examined through the lens of strategic resilience. The aim of this paper is to analyze the consequences of mergers and acquisitions (M&A) withdrawal for the jilted firm in terms of resilience - i.e., in terms of survival and recovery-, and to typify the consequences of an M&A withdrawal. Empirically, we draw on a study of six announced acquisitions that ended in withdrawal in the Spanish banking industry. The cases are particularly interesting because they show how this specific event provides diverse resilience outcomes: some firms cannot survive, others survive, and some recover significantly. Due to the exploratory nature of the research question, the research follows a mixed methodological approach, using 503 press reports published in newspapers and the firms’ annual reports.

Objectives. This paper explores whether national culture influences the accumulation of the slack resources organizations need to perform and stay resilient. Through this exercise, we aim to develop the underexplored literature on the antecedents of organizational slack and to shed light on previous spurious assumptions that have led to problematic conclusions.

Theoretical background. Our theoretical framework integrates insights from behavioural and agency theories regarding the antecedents of organizational slack and incorporates the influence of national culture on organizational and individual behaviour.

Methodology. We test our theorizing using a sample of 1,964 manufacturing firms from 37 countries, adding up to 14,066 firm-year observations from 16 years. We apply a multilevel random effects estimation.

Results and Implications. Our findings reveal that uncertainty avoidance and in-group collectivism hinder the accumulation of slack, while power distance, humane orientation, and gender egalitarianism promote it. These effects vary depending on the type of slack (financial or non-financial). Importantly, we challenge the conventional wisdom that portrays slack resources solely as indicators of managerial opportunism or superior business performance.

This paper addresses the challenge of effectively engaging traditionally marginalized, non-supportive stakeholders. We contribute to stakeholder management by moving beyond common recommendations of forced alignment and disengagement, highlighting the legitimacy and value creation potential of such stakeholders. Using the music theory principles of consonant and dissonant harmony, we propose a framework that conceptualizes stakeholder interests as musical notes in a composition, providing a fresh perspective that goes beyond binary states. By acknowledging and integrating dissonant voices, this paper advocates for a more inclusive and dynamic approach to managing stakeholder relationships. This paper also offers practical insights and strategies for managers, providing a toolbox derived from music theory. Through the use of case studies that span diverse industries, this paper illustrates how our consonance-dissonance framework can transform seemingly unresolvable stakeholder relationships into sources of innovation, competitive advantage, and sustainable growth.

Based on upper echelons theory, this research investigates the relationship between the board of directors (BoD) composition and non-financial information (NFI) reporting. We examine the impact of independent, proprietary, and women directors on both the quantity and quality of NFI disclosures. Performing a panel data analysis of Ibex35 firms (2015, 2017, 2019), we find that independent and proprietary directors positively affect the quantity of disclosed NFI, yet their influence on quality is insignificant. In contrast, women directors show no significant relationship with quantity but positively influence NFI quality. The results are interpreted through the lens of leadership theories framework. This study contributes to the literature by offering insights into the relationships between director types and NFI reporting. Additionally, we highlight the importance of distinguishing between quantity and quality aspects of NFI, addressing a gap in prior research that predominantly focuses only on quantity. The findings provide valuable guidance for firms in shaping their BoD composition to align with strategic objectives.