Manisha Singal
Virginia Tech, Hospitality and Tourism Management, Faculty Member
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... different peer subsidiaries under different contexts. Third, our multi-level model helps to develop ...subsidiary that has several ties within the MNC as it can gain surrogate power and legitimacy ... The regulatory component of an... more
... different peer subsidiaries under different contexts. Third, our multi-level model helps to develop ...subsidiary that has several ties within the MNC as it can gain surrogate power and legitimacy ... The regulatory component of an institutional environment reflects the existing laws and ...
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ABSTRACT An important mechanism available for aligning management goals with those of the shareholders is CEO compensation. In recent times, salary, the proportion of incentive pay, and the pay-performance sensitivity have all been... more
ABSTRACT An important mechanism available for aligning management goals with those of the shareholders is CEO compensation. In recent times, salary, the proportion of incentive pay, and the pay-performance sensitivity have all been increasing. In this paper, we examine the nature of CEO compensation and its effect on performance in family firms, given that the family is able to exercise much closer monitoring of the firm and in many instances a family member may be the CEO.We hypothesize and find that CEOs in family firms earn less and earn a smaller fraction of their compensation in incentive pay. Family-bred CEOs in family firms (like Michael Dell of Dell Inc.) earn even less than professional CEOs in family firms (like Lee Scott or Mike Duke of Walmart). However, when prior stock ownership of the firm is taken into account, family-bred CEOs earn significantly more than professional CEOs. Moreover, we find that pay-performance sensitivity is much higher in family firms when personal stake is considered. It increases from 20 cents per $1000 for family-bred CEOs to $10.09 per $1000. Most importantly, we find that high pay-performance sensitivity by itself contributes to overall performance, increasing stock returns by a statistically and economically significant 0.50% per year for family firms when compared with nonfamily firms.
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ABSTRACT Societal and regulatory pressures increasingly encourage firms to invest in and manage workplace diversity. In service industries like hospitality and tourism (HT) where customer interface and service is salient, diversity... more
ABSTRACT Societal and regulatory pressures increasingly encourage firms to invest in and manage workplace diversity. In service industries like hospitality and tourism (HT) where customer interface and service is salient, diversity management assumes even greater importance than compared to other industries. Yet the link between investment in diversity and its relationship with financial performance is not known. This study compares diversity management between HT and non-HT firms, and finds that HT firms manage diversity by taking more initiatives than other firms. More importantly, it finds that investment in diversity translates into superior financial performance when measured by Tobin's Q and firm credit rating.
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ABSTRACT Marketers increasingly use brand popularity statements in attempts to influence consumers’ purchase decisions. Through the use of two experiments this research finds that a brand's popularity statement exerts a greater... more
ABSTRACT Marketers increasingly use brand popularity statements in attempts to influence consumers’ purchase decisions. Through the use of two experiments this research finds that a brand's popularity statement exerts a greater positive influence on the purchase intentions of consumers who possess less favorable instrumental attitudes toward the associated act (i.e. useless/foolish/harmful) than on purchase intentions of those consumers who have more favorable instrumental attitudes toward the act (i.e. useful/wise/beneficial). Further, this research also finds that a popularity statement for a brand of which society generally has a less favorable instrumental attitude toward the associated act (e.g. fast food consumption) has a larger positive influence on consumers’ purchase intent than does a popularity statement for a brand of which society generally has a more favorable instrumental attitude toward the associated act (e.g. dining at a casual theme restaurant). These findings suggest that brand popularity statements should be targeted at those consumers who might possess less favorable attitude toward the associated act or can be most effective in sectors in which consumer sentiment is generally low (e.g. the fast food sector).
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ABSTRACT Family firms have been known to perform better both financially and socially (CSR) than their nonfamily counterparts. However, it is not known whether the better social performance is a consequence of better financial... more
ABSTRACT Family firms have been known to perform better both financially and socially (CSR) than their nonfamily counterparts. However, it is not known whether the better social performance is a consequence of better financial performance. Within the hospitality and tourism industry, we find that family firms are financially stronger, but do not actually invest more in CSR than nonfamily firms once controlled for their financial condition, as measured by credit ratings. Interestingly, we also find that family firms invest more in mitigating concerns than in taking positive initiatives to build strengths in CSR performance. Finally, we find that judicious investment by family firms in CSR positively affects their future financial performance.
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ABSTRACT Purpose ‐ Whether expatriate cross-cultural training programs significantly influence expatriate adjustment has been debated for more than two decades. The purpose of this paper is to examine a pivotal variable not yet addressed... more
ABSTRACT Purpose ‐ Whether expatriate cross-cultural training programs significantly influence expatriate adjustment has been debated for more than two decades. The purpose of this paper is to examine a pivotal variable not yet addressed in the literature: the expatriate's perceptions of the employer's investment in the training (termed "perceived corporate training investment": PCTI). Design/methodology/approach ‐ Completed surveys were collected from 71 hotel expatriate managers stationed around the globe. Findings ‐ When an expatriate manager perceives that his/her company's investment in expatriate training (PCTI) exceeds industry standards, it leads to enhanced work adjustment. Interestingly, PCTI is also found to significantly influence the expatriate's general adjustment in the foreign culture. A firm's organizational learning climate mediates the relationship between PCTI and both forms of adjustment (work and general). Research limitations/implications ‐ It could prove informative for future research to model additional variables in these relationships, such as an expatriate's spousal support. Practical implications ‐ These findings suggest that firms should not only invest in expatriate training, but should also communicate to their expatriates the extent and importance that they assign to investment in training to foster a positive learning climate that in turn improves adjustment. Originality/value ‐ This research is the first to examine perceived corporate training investment (PCTI). Since PCTI is found to ultimately influence an expatriate's work adjustment and general adjustment, it is a key variable that should be considered by multinational hotel firms.
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ABSTRACT While sustainability initiatives by firms are increasingly encouraged by customers, investors, and the government, the economics of sustainable decisions remains in question. The study described in this paper examines the link... more
ABSTRACT While sustainability initiatives by firms are increasingly encouraged by customers, investors, and the government, the economics of sustainable decisions remains in question. The study described in this paper examines the link between sustainability and economic performance for the hospitality industry, as compared with other businesses. Using data spanning 1991 through 2011 from MSCI's Environmental, Social, and Governance (ESG) Indices and credit ratings from Standard and Poor's representing 16,325 firm-years, the analysis finds that hospitality firms on average invest more in environmental programs than do businesses in other industries; that hospitality firms have significantly fewer environmental concerns; that strong financial performance leads to increased investments; and that going green, in turn, pays off in future periods, creating a virtuous cycle. One implication is that hospitality firms should go forward confidently in establishing their sustainability programs, as it appears that customers support the effort financially.
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In this paper we discuss the demand triggers and the components of consumer decision making to undertake medical tourism ie travel to a foreign destination for the purpose of availing medical treatment and engaging in a vacation... more
In this paper we discuss the demand triggers and the components of consumer decision making to undertake medical tourism ie travel to a foreign destination for the purpose of availing medical treatment and engaging in a vacation experience together. We develop a model that describes the macro facilitating factors, the pre-decision propensities, and the role of the different entities involved in the tourism experience that impact the decision from a stakeholder perspective. Our conceptual model provides several ...
While ties among subsidiaries—the key players of a MNC network—are a prerequisite for the formation of the network and the flow of knowledge within the organization, we know little about factors influencing the formation of such ties. By... more
While ties among subsidiaries—the key players of a MNC network—are a prerequisite for the formation of the network and the flow of knowledge within the organization, we know little about factors influencing the formation of such ties. By building on the literature on inter-firm networks and knowledge-based view of the firm, we develop a multi-level model consisting of subsidiary characteristics, dyadic dynamics, and salient contextual factors to explain the inter-subsidiary collaboration for knowledge development and exchange. We bring to the fore the importance of examining multiple dimensions in understanding what predicts tie formation and the efficacy of these ties in creating a knowledge advantage. This paper advances the notion of subsidiary knowledge networking capability—the ability to form, manage, and leverage a network for gaining and sharing knowledge—and suggests that such capability is critical for subsidiaries and by extension the MNC, to achieve a competitive advantage.