Publications by staff

Autor Název publikace Obsah výzkumu E, S, G Klíčová slova/témata
Nikola Rosecká, Ondřej Machek, Michele Stasa, Aleš Kubíček Long-term orientation and corporate social responsibility in small and medium-sized enterprises: the role of strategy formation mode This study examines the influence of long-term orientation and the approach to strategy formation (“planned” versus “emergent” strategy) on corporate social responsibility (CSR) in small and medium-sized enterprises (SMEs). The research highlights that long-term orientation as an element of organizational culture is a key factor affecting CSR formation and deliberate or “planned” strategies. It also reveals a positive relationship between “planned” strategies and CSR. Long-term orientation thus has both a direct and indirect positive impact on CSR activities. The results are valid for all aspects of long-term orientation (future orientation, emphasis on traditions and continuity, and corporate “perseverance”) and apply to both internal and external CSR activities. E, S, G Social responsibility, Long-term orientation, Strategy formation
Leon Kluiters, Mohit Srivastava, Ladislav Tyll The impact of digital trust on firm value and governance: an empirical investigation of US firms COVID-19 has significantly accelerated the rate of digitalization across various sectors. While this brings many advantages to both companies and customers on one hand, on the other hand, it imposes higher demands on companies in the area of so-called digital trust. Customer expectations in this area are growing as the level of personal interaction decreases and the volume of data shared by customers with companies increases. Therefore, companies must adapt their internal processes and strategies to send a clear signal to customers that they are dealing with a serious partner.

This study aims to introduce a tool that would measure digital trust and identify factors that either increase or decrease it. The goal is also to demonstrate whether such measured digital trust has a positive impact on company performance. This is a unique research effort, as up to now, no verified model has been introduced that addresses this topic.

A set of several variables was created to measure digital trust, primarily based on the MSCI ESG Index.

 G Corporate digital responsibility, Corporate digital governance, Digital trust, Firm value, Cybersecurity, Governance, Signalling theory
Ivan Balogh, Mohit Srivastava, Ladislav Tyll Towards comprehensive corporate sustainability reporting: an empirical study of factors influencing ESG disclosures of large Czech companies The main goal of the study was to explore which attributes of large Czech companies are associated with more comprehensive reporting on ESG. Our study of the 100 largest Czech companies showed that, even within this subgroup of companies, larger and more profitable companies tend to publish more ESG-related information. It can be assumed that this behavior may be due to the need for companies to demonstrate their legitimacy to society. Surprisingly, the authors did not observe any relationship between board attributes and the publication of ESG-related information; however, it must be noted that this lack of direct evidence of a relationship may be due to the insufficient representation of certain social groups on boards, such as women and foreign directors. In addition, as expected based on previous research, significant differences in the complexity of ESG reporting were observed across sectors. Industries with a more significant social and environmental footprint demonstrably tend to publish more ESG-related information. The practical implications of the study suggest that companies should be prepared to expand their ESG reporting as their business grows to signal their legitimacy to society. E, S, G ESG reporting, CSR reporting, Non-Financial disclosures, Tobit model

 
Tanweer Ali, MA Beyond shareholders versus stakeholders: Towards a Rawlsian concept of the firm.

May 2015. In: Research in International Business and Finance (RIBAF). Peer-reviewed article.

 This paper critiques the principle of shareholder value and offers an alternative paradigm.  An alternative contractarian paradigm is offered, one that is based on the concept of the corporation as a ‘social union.’ This characterization justifies participation of a wider group of stakeholders in the governance of a corporation, and we make a distinction between electoral and moral constituents. A role for the application of the principles of deliberative democracy is also discussed. G
Marek Hudík Why do employees engage in counterproductive work behaviours? Cultural values and white-collar employees in China This study examines the role of cultural values in influencing counterproductive work behaviours (CWBs). In particular, it focuses on the cultural values of power distance, long-term orientation and collectivism (both horizontal and vertical collectivism) as well as the Confucian values of guanxi and harmony. In line with recent approaches in moral psychology and sociology, we consider how Confucian values become moral triggers or inhibitors for employees to engage in CWB. In addition, we consider the moderating effects of guanxi and harmony on the relationships between the cultural values of power distance, long-term orientation, collectivism and CWB. The results from a survey of 489 white-collar employees in China confirmed the importance of cultural values in influencing CWB. Specifically, our findings indicate that guanxi moderates the relationship between cultural values and CWB and acts as a moral trigger for an employee to engage in CWB. With the exception of horizontal collectivism, we also found that harmony moderates the relationship between cultural values and CWB. Specifically, harmony acts as a moral inhibitor for an employee to engage in CWB. Lastly, we discuss the implications of the findings for theory and practice in the context of managing an increasingly global workplace and business environment G Counterproductive work behaviour, Cultural values, Morality, Guanxi, Harmony
Marek Hudík Beliefs, anxiety and change readiness for artificial intelligence adoption among human resource managers: the moderating role of high-performance work systems This study examines the change readiness for artificial intelligence (AI) adoption among human resource (HR) managers. In particular, it investigates the effects of the three elements of attitudes (cognitive, affective and behavioural elements) related to the HR managers’ beliefs about AI, their AI anxiety, and their change readiness for AI adoption. The research also seeks to explore the moderating role of high-performance work systems (HPWS) in the relationships between HR ­managers’ beliefs, AI anxiety, and change readiness. Data were obtained from 417 HR managers working in China, with findings indicating that HR managers’ beliefs about AI and their AI anxiety have a significant effect on their change readiness for AI adoption. Specifically, HR managers’ beliefs positively influence their change readiness, while their AI anxiety negatively predicts their change readiness. Our results further highlight that HPWS can attenuate the ­negative effect of AI anxiety on HR managers’ change readiness for AI adoption. The study’s theoretical and practical implications, limitations and directions for future research are also discussed accordingly. G Beliefs about AI, AI anxiety, change readiness, high-performance work systems, attitudes, human resource managers, China
Marek Hudík Honesty of online workers: A field experiment shows no evidence of self-selection of cheaters to a cheating-enabling work environment Does the choice of an environment where cheating is possible lead to its escalation? We analyzed behavior of employees (N = 284) hired to perform a task online. In the manual reporting (MR), employees could overreport the number of hours worked. In the automatic reporting (AR), the hours were counted automatically, making cheating impossible. Two-thirds of the participants were given a chance to choose the reporting scheme, the rest were assigned to the MR directly. As the actual time spent on the task was tracked in all conditions, we were able to assess the degree of overreporting by employees in MR. Although we found that people in MR slightly overreported the hours worked, employees who chose MR did not overreport their hours more than those assigned to MR at random. Moreover, participants lower in honesty-humility were not more likely to choose MR; only those higher in emotionality were. The results show that even when enabled to cheat, online workers reported their hours worked honestly and the possibility for cheaters to select cheating enabling environments may not always lead to an increase of dishonesty in organizations. G Dishonesty, Self-selection, Field experiment
Marek Hudík Digital Gifts at the Workplace: An Exploratory Study on the Impact of E-Hongbao his study builds on the emergence of new gifting practices using e-hongbaos which are monetary gifts transferred between individuals made possible by digital communication platforms. This is an exploratory study on the impact of these innovations on intra-organizational relationships. Three types of intra-organizational relationships are considered: the employee’s relationship with the organization, with the team, and with the manager. The findings of the study indicate positive impacts of e-hongbao at all organizational levels. The authors also identify the varying effects of e-hongbao on intra-organizational relationship outcomes depending on the occasion of gifting, as well as the mode, direction, and measure. Specifically, ‘group’ e-hongbao, a gamified group-gift enabled by the digitalization of gifting, has the strongest influence on intra-organizational relationships. The authors discuss the implications of these findings for theory and practice in the workplace and also offer future research directions. G  China, Digital Innovation, E-Hongbao, Gifting, Intra-Organizational Relationships, Workplace
Marek Hudík Selection effects on dishonest behavior In many situations people behave ethically, while elsewhere dishonesty reigns. Studies of the determinants of unethical behavior often use random assignment of participants in various conditions to identify contextual or psychological factors influencing dishonesty. However, in many real-world contexts, people deliberately choose or avoid specific environments. In three experiments (total N = 2,124) enabling self-selection of participants in two similar tasks, one of which allowed for cheating, we found that participants who chose the task where they could lie for financial gain reported a higher number of correct predictions than those who were assigned it at random. Introduction of financial costs for entering the cheating-allowing task led to a decrease in interest in the task; however, it also led to more intense cheating. An intervention aimed to discourage participants from choosing the cheating-enabling environment based on social norm information did not have the expected effect; on the contrary, it backfired. In summary, the results suggest that people low in moral character are likely to eventually dominate cheating-enabling environments, where they then cheat extensively. Interventions trying to limit the preference of this environment may not have the expected effect as they could lead to the selection of the worst fraudsters. G Cheating,
Self-selection,
Behavioral Ethics,
Honesty-humility
Aleš Kubíček The relationship between ownership concentration and performance in Czech Republic Theory suggests that low ownership concentration is associated with agency costs and highly concentrated ownership structures induce controlling owners to pursue private benefits. Both situations are likely to be associated with negative effects on corporate performance. A number of studies have tested the relationship between ownership concentration and performance empirically, failing to provide any consistent results. While most research has been devoted to study cases of developed countries, the literature on Central and Eastern European countries does not provide better perspectives. The goal of this paper is to explore the relationship between ownership concentration and performance in the case of Czech firms. The research sample contains 34,284 companies and their financial data in the period of 2007-2015. Using linear regression analysis, an inverted U-shaped relationship was found between the Herfindahl index and profitability while controlling for firm size, capital structure, and industry affiliation. No evidence of a linear relationship. Based on one of the largest samples of firms, it is suggested that more concentrated ownership reduces the principal-agent problem and supports performance, but only to a certain extent, where the potential principal-principal problem can still prevail. Moreover, performance is maximized when there is a controlling owner. The findings can be used by policy makers when designing ownership structures. G Ownership concentration, performance, Herfindahl index
Aleš Kubíček Cross-country analysis of corporate governance codes in the European Union The purpose of this paper is to analyse corporate governance codes in the member states of the European Union (EU) and to examine to what extent is their contents shaped by the EU. Building on study of diffusion in organizational settings, we examine whether exogenous forces in the form of the European Commission recommendations have impact on the contents of corporate governance codes or contents is driven by domestic stakeholders representing endogenous forces.
Furthermore, we contribute to limited research analysing evolution of corporate governance codes and we examine how compliance with the European Commission (EC) has changed over time. Our findings suggest a significant strengthening of codes’ quality across member states and convergence tendency to international best practices. However, we are not able to affirm that the European Commission recommendations were that certain exogenous force to shape national governance codes.		 G Corporate Governance, Corporate Governance Codes, the European Union
Aleš Kubíček Governance codes in the developing and emerging countries: Do they look for the international role model? Over the last decade, a growing number of developing and emerging countries have begun addressing corporate governance practice and issued a national governance code. This paper analyses and compares the code contents and approaches of the 11 developing and emerging countries after the latest revision of the OECD Principles of Corporate Governance to examine whether these countries follow the international best practice despite the national specifics differ from those of developed countries. Individual codes are subjected to content analysis to evaluate the level of compliance with the OECD Principles. This paper goes beyond the well-known particulars of developed markets and provides a rare insight into the development of corporate governance frameworks in the developing and emerging countries in a cross-country manner. We contribute to recognition and assessment of good corporate governance in developing and emerging countries and examine what impact the OECD Principles have had beyond its membership base of high-developed countries. G Corporate governance codes, comparative analysis, OECD, emerging countries
Aleš Kubíček Ownership Concentration and Performance of Privately-Held Firms with Multiple Owners and the Moderating Effect of Managerial and Corporate Ownership: Evidence from Post-Socialist European Countries This chapter examines the relationship between ownership concentration and performance of privately-held firms with multiple owners in a stratified random sample of 4500 Czech, Slovak and Polish firms. Based on hierarchical regression analysis on data from 2009–2013, the results indicate the existence of an inverted U-shaped relationship between ownership concentration and performance. Corporate ownership and managerial ownership have both significant moderating effects on this relationship. If a large part of shares is held by corporate owners, firms will perform better when ownership concentration is high, and if owners strongly participate in management, firms will perform better when ownership concentration is low. G Ownership concentration, performance, Herfindahl index