Newsletter 148 borrador 3 OK

The central question posed in this paper will be how to organize board composition in order to ensure responsible corporate governance both from a CSR and a good governance perspective. Adopting a stakeholder approach to corporate governance, we analyze the arguments given by different theoretical approaches for linking specific board composition with financial performance and CSR, and discuss the empirical research conducted. Despite the inconclusive findings of empirical research, it can be argued that diverse stakeholders on the board will promote CSR activities of the firm, but at the same time will increase board capital (which ultimately may lead to a better financial performance). Finally, we propose a model for selecting board members based on both ethical and pragmatic arguments. Javier Estrada “Investing in emerging markets: A black swan perspective”, Corporate Finance Review, January-February 2009, pages 14-21. Abstract: Most investors agree that investing in emerging markets is risky, but not all of them agree on the best strategy to deal with this risk. Some investors view the high volatility of these markets as an opportunity to make large shortterm profits and actively trade; others view it as a risk than can only be borne with a long-term perspective and passively hold their portfolios. The fact is, emerging markets are populated by black swans. These large, unpredictable swings have a massive impact on long-term performance and are concentrated in a negligible proportion of days. Therefore, predicting them successfully and consistently over time is virtually impossible. As a result, the black swan perspective suggests that investors in emerging markets should avoid engaging in futile market timing and follow instead a passive approach. Most investors agree that investing in emerging markets is risky, but not all of them agree on the best strategy to deal with this risk. Some investors view the high volatility of these markets as an opportunity to make large shortterm profits and actively trade; others view it as a risk than can only be borne with a long-term perspective and passively hold their portfolios. The fact is, emerging markets are populated by black swans. These large, unpredictable swings have a massive impact on long-term performance and are concentrated in a negligible proportion of days. Therefore, predicting them successfully and consistently over time is virtually impossible. As a result, the black swan perspective suggests that investors in emerging markets should avoid engaging in futile market timing and follow instead a passive approach. Luo Lu Shu-Fang Kao Cary L. Cooper Tammy D. Allen Steven Poelmans, et al. “Work resources, work-to-family conflict, and its consequences: A Taiwanese-British crosscultural comparison”, International Journal of Stress Management, Vol. 16, No 1, February 2009, pages 25-44. Abstract: The aim of this research was to explore relations between work resources (supervisory support and organizational family supportive values), work-to-family conflict (WFC), and workand non-work-related outcomes in a crosscultural comparative context involving Taiwanese and British employees. The authors surveyed 264 Taiwanese employees and 137 British employees using structured questionnaires. For both Taiwanese and British employees, work resources were found to be negatively related to WFC but positively related to work satisfaction. WFC was negatively related to work and/or family satisfaction. More important, the authors found that nation moderated the relationship between supervisory support and WFC: supervisory support had a stronger protective effect for Taiwanese than British employees. It is thus recommended that, in addition to introducing various family-friendly policies, companies should be more active in cultivating a family-supportive organizational culture and mobilizing managers to act as supporters of family life, especially in societies sanctioning collectivistic values and large power distance. The aim of this research was to explore relations between work resources (supervisory support and organizational family supportive values), work-to-family conflict (WFC), and workand non-work-related outcomes in a crosscultural comparative context involving Taiwanese and British employees. The authors surveyed 264 Taiwanese employees and 137 British employees using structured questionnaires. For both Taiwanese and British employees, work resources were found to be negatively related to WFC but positively related to work satisfaction. WFC was negatively related to work and/or family satisfaction. More important, the authors found that nation moderated the relationship between supervisory support and WFC: supervisory support had a stronger protective effect for Taiwanese than British employees. It is thus recommended that, in addition to introducing various family-friendly policies, companies should be more active in cultivating a family-supportive organizational culture and mobilizing managers to act as supporters of family life, especially in societies sanctioning collectivistic values and large power distance. Pinar Ozcan Kathleen M. Eisenhardt “Origin of portfolios: Entrepreneurial firms and strategic action”, Academy of Management Journal, Vol. 52, No 2, April 2009, pages 246279. Newsletter Research Division