Research summary: Reorganization has been proposed as a key dynamic capability. This study compares the performance outcomes of two forms of reorganization, differing in their pervasiveness: ...organizational restructuring and organizational reconfiguration. Our dynamic panel data analysis of large U.S. corporations between 1985 and 2004 finds contrasting performance outcomes for these two forms of reorganization: in general, the more pervasive restructuring is associated with positive performance outcomes, while the more limited reconfiguration is associated with negative performance outcomes. However, outcomes vary by environment. Consistent with dynamic capabilities theory, we find evidence that in dynamic environments reconfiguration outcomes turn positive, while restructuring outcomes turn negative. We discuss implications for dynamic capabilities theory and managerial policy. Managerial summary: Firms need to reorganize in order to adapt to change. This study compares the financial performance consequences of two forms of reorganization: organizational restructurings and organizational reconfigurations. Restructurings involve fundamental change in organizational principles and are typically irregular; reconfigurations involve incremental change and are frequent. Examining a set of large U.S. corporations, we find these two forms of reorganization have contrasting financial consequences, depending on context. In the general case, fundamental restructurings have positive consequences, while incremental reconfigurations have negative consequences. However, this general result reverses in specifically dynamic environments, where reconfigurations are positive financially, while restructurings are negative. We conclude that the relative frequency of reconfigurations helps adaptation in dynamic environments. Managers should choose forms of reorganization according to the rate of environmental change.
Copper catalysts are attractive candidates for Hg‐free vinyl chloride monomer (VCM) production via acetylene hydrochlorination due to their non‐toxic nature and high stability. However, the optimal ...architecture for Cu‐based catalysts at the nanoscale is not yet fully understood. To address this gap, the metal precursor and the annealing temperature are modified to prepare copper nanoparticles or single atoms, either in chlorinated or ligand‐free form, on an unmodified carbon support. Evaluation in the reaction reveals a remarkable convergence of the performance of all materials to the stable VCM productivity of the single‐atom catalyst. In‐depth characterization by advanced microscopy, quasi in situ and operando spectroscopy, and simulations uncover a reaction‐induced formation of low‐valent, single atom Cu(I)Cl site motif, regardless of the initial nanostructure. Various surface oxygen groups promote nanoparticle redispersion by stabilizing single‐atom CuClx species. The anchoring site structure does not strongly influence the acetylene adsorption energy or the crucial role they play in stabilizing key reaction intermediates. A life‐cycle assessment demonstrates the potential environmental benefits of copper catalysts over state‐of‐the‐art alternatives. This work contributes to a better understanding of optimal metal speciation and highlights the sustainability of Cu‐based catalysts for VCM production.
Carbon‐supported copper generates interest as a replacement for noble‐metal‐ or mercury‐containing acetylene hydrochlorination catalysts in vinyl chloride production. It is shown that mononuclear Cu(I)Cl species, which form under reaction conditions due to a favorable interaction with oxygen coordination sites, are the main active species, and quantify their potential for improving the sustainability of the process.
We compared two brief online interventions of 2-week duration for individuals with elevated levels of social anxiety. Participants were randomized to self-compassion or cognitive restructuring ...conditions (N = 119) and assessed across five assessment points, including a 5-week follow-up. Mediators and moderators of outcome were also examined. Both interventions led to significant decreases in social anxiety (d's ranged from 0.26 to 0.58), which were maintained and improved at follow-up (d's from baseline ranged from 0.53 to 0.80). Of those who were above social anxiety cut-off at baseline (>75%), approximately 20% of participants in each group showed reliable and clinically significant changes in symptoms. No differences between the treatment conditions were found for social anxiety outcomes. Similarly, there were no measures that differentially mediated the effect of treatment condition on social anxiety. Furthermore, we did not find support for a theory-driven mediational model in which self-compassion reduced social anxiety through activation of the soothing system. Contrary to predictions and theory, neither self-criticism nor fear of self-compassion moderated the effect of the interventions. Although preliminary, the findings suggest that self-compassion techniques warrant further study as an additional means of reducing social anxiety.
Explora-se o impacto da pandemia da Covid-19 e das mudanças instituídas pela Lei nº 13.415, de 16 de fevereiro de 2017, no Ensino Médio, por meio da pesquisa exploratória, que envolve levantamento ...bibliográfico e documental, buscando proporcionar uma visão geral, de tipo aproximativo sobre os fatos que se apresentam. As incertezas trazidas para a etapa final da Educação Básica, que passa por mudanças estruturais, compõem um cenário de maior insegurança para a juventude heterogênea, plural e imersa em um sistema sócio-econômico desigual. Notam-se novas formas de exclusão promovidas desde dentro do sistema educacional, a partir da pandemia e da reconfiguração do Ensino Médio (embora as estratégias proclamadas se direcionem, entre outras, ao estímulo ao protagonismo juvenil), cujas consequências são um retrato negativamente aprimorado do contexto anterior. Será fundamental debater amplamente as mudanças direcionadas ao Ensino Médio e as consequências do ensino remoto para um contingente grande dos jovens, após essa era do imprevisto, a fim de minimizar ainda mais o caos para os seus futuros.
We examine how real investment decisions of firms are affected by their CEOs' career concerns. Relative to their older counterparts, younger CEOs are more likely to enter new lines of businesses and ...exit from existing ones. Younger CEOs undertake bolder expansions and divestments, which lead to significant increases and decreases in firm size, respectively. Younger CEOs also prefer to grow through acquisitions than de novo investments. However, such busier investment style of the younger CEOs appears not to hurt firm efficiency. Additional results also shed light on how CEO favoritism distorts capital allocation within firms.
•Younger CEOs are more likely to enter new lines of businesses and exit from existing ones.•Younger CEOs undertake bolder expansions and divestments, which lead to significant changes to firm asset base.•Younger CEOs prefer to grow through acquisitions than de novo investments.•Younger CEOs do not to hurt firm efficiency.
Although business restructuring occurs frequently and it is important for the prosperity of family firms across generations, research on family firms has largely evolved separately from research on ...business restructuring. This is a missed opportunity, since the two domains are complementary, and understanding the context, process, content, and outcome dimensions is relevant to both research streams. We address this by examining the intersection between research on business restructuring and family firms to improve our knowledge of each area and inform future research. To achieve this goal, we review and organize research across different dimensions to create an integrative framework. Building on current research, we focus on 88 studies at the intersection of family firm and business restructuring research to develop a model that identifies research needs and suggests directions for future research.
The physicochemical properties of nanostructured substrates significantly impact laser desorption/ionization mass spectrometry (LDI‐MS) performance. Fundamental understanding of the substrate ...properties can provide insights into the design and development of an efficient LDI matrix. Herein, a hybrid matrix of nanoporous Au‐modified TiO2 nanowires (npAu‐TNW) is developed to achieve enhanced LDI‐MS performance. Its origin is investigated based on hybrid matrix properties including photo–thermal conversion and electronic band structure. Notably, further improvement is obtained in the npAu‐TNW than in the pristine TNW and non‐porous Au nanoisland‐modified TNW (Au‐TNW) hybrid, which is attributed to the laser‐induced surface restructuring/melting phenomenon. Noticeable surface restructuring/melting occurs in the npAu by laser exposure through efficient photo–thermal conversion of the highly porous npAu. At this instant of npAu structural changes, internal energy transfer from the npAu to the adsorbed analyte is promoted, which facilitates desorption. Moreover, strain is developed in situ in the TNW adjacent to the restructuring npAu, which distorts the TNW lattice. The strain development reduces recombination rates of charge carriers by introducing shallow trap levels in the bandgap, which enhances the ionization process. Ultimately, the high LDI‐MS performance based on the npAu‐TNW hybrid matrix is demonstrated by analyzing neurotransmitter.
A hybrid matrix of nanoporous Au‐modified TiO2 nanowires (npAu‐TNW) is developed to achieve enhanced laser desorption/ionization performance. Its origin is investigated based on hybrid properties including photo–thermal conversion and electronic band structure. Surface restructuring/melting occurs noticeably in the npAu by laser exposure, which facilitates desorption through internal energy transfer and enhances ionization by introducing trap sites in the bandgap.
The Japanese economy experienced prolonged recessions during the 1990s. Previous studies suggest that evergreen lending to troubled firms known as ‘zombie firms’ distorted market discipline in terms ...of stabilising the economy and caused significant delays in its recovery. However, the eventual bankruptcy of zombies was rare. The purpose of this study is to investigate why zombie firms recovered in Japan. We first extend the method of Caballero et al. (2008) and identify zombies from among the listed firms. Subsequently, we investigate the nature of corporate restructuring that was effective in reviving zombie firms. Our multinomial logistic regressions suggest that reducing the employee strength of zombie firms and selling its fixed assets were beneficial in facilitating their recovery. However, corporate restructuring without accounting transparency or by discouraging incentives for managers was ineffective. In addition, corporate restructuring lacked effectiveness in the absence of favourable macroeconomic environment as well as substantial external financial support.
This study provides empirical evidence that firms with larger boards have lower variability of corporate performance. The results indicate that board size is negatively associated with the ...variability of monthly stock returns, annual accounting return on assets, Tobin's
Q, accounting accruals, extraordinary items, analyst forecast inaccuracy, and R&D spending, the level of R&D expenditures, and the frequency of acquisition and restructuring activities. The results are consistent with the view that it takes more compromises for a larger board to reach consensus, and consequently, decisions of larger boards are less extreme, leading to less variable corporate performance.
Restructuring rural spaces brings about essential changes in the everyday lives of rural societies. Rural restructuring shapes and alters the image, identity, and, ultimately, the content and ...physical environment of the countryside. The trajectories of change vary widely, although the globalisation of rurality severely challenges some parts of rural areas, too. Peripheries, deprived, and remote settlements suffer from the effects and processes of restructuring, and their spatial representation also changes. In Central and Eastern European rural areas, the globalisation of the countryside started right after the political transition, in which these areas were left with a declining population, a collapsed economy, and inadequate infrastructure. In many cases, these disadvantaged settlements could not cope with the challenges of a market-based economy; furthermore, their geographical location and inability to join the labour market created disconnected spaces with low spatial and social mobility. As a result of such a vicious circle, residents in these areas experienced the destruction of local societies and a deteriorating physical environment, supplemented by an ageing population, and because of all these consequences, different spatial representations emerged in and about rurality.
This paper focuses on a disadvantaged, isolated rural area in Hungary, the Baranyai-Hegyhát micro-region. We assume that the changing nature of such rural areas affects local inhabitants' spatial imagination and representation. We surveyed to define values of spatial representation and social status, among other variables. In the evaluation, we compared survey indices and attempted to ascertain the types of spatial representation, social status, and their connections in the research area. As a main result, we found that spatial representations do not depend on spatial position but are strongly associated with social backgrounds.
•Processes of marginalisation can lead to perforation of rural settlement networks.•Spatial representation in a deprived, isolated area is not necessarily negative.•Low social status does not lead to negative representations of space.•Negative spatial representation is always compared with lower social status.•Settlements with low social status and low levels of representation are perforated.
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