Grounded in prospect theory and the group dynamics literature, this study investigates how stock market reactions and female board representation influence acquisition completion after a public announcement. Logistic regression analyses on a sample of 5,099 domestic acquisitions made by U.S. public firms from 1999 to 2013 reveal an inverted U-shaped relationship between the market response to a takeover attempt and the ultimate completion of the deal, because market evaluations increase perceived acquisition attractiveness and decrease decision makers' risk preferences. Furthermore, female board representation attenuates (i.e. flattens) the curvilinear relationship, because the presence of female directors reduces groupthink errors and dampens the polarizing effects of market signals on attractiveness and risk perceptions. These findings contribute to the behavioral M&A literature by reframing market reactions as a nonlinear behavioral antecedent integrated with board dynamics, while suggesting that managers should treat market signals as active inputs.
Constituents can develop the delivery of their program services and empower their individuals and leaders, as well as improve nonprofit sustainability and success. Because studies on the association between constituencies and revenue capacity in nonprofit organizations have yielded mixed findings, this study empirically analyzes how the size and composition of constituencies affect the revenue of nonprofit organizations. Employing a panel dataset of arts and culture nonprofit organizations, this study reveals that its revenue capacity and program service revenue are likely to decrease when a nonprofit organization has assigned multiple constituencies. Furthermore, its revenue capacity and program service revenue decrease when a constituency on ethnicity has been assigned, while the two revenues become greater in the nonprofit organizations that are assigned to age constituencies. This study implies that decision-makers and practitioners in nonprofit organizations should consider the size and composition of their constituencies to ensure sustainable financial health.
A potential synergy exists among human development, green electricity generation (GRE), and sustainable energy foreign direct investment (SEFDI) in alleviating electricity poverty in sub-Saharan Africa (SSA), though empirical evidence remains scarce. This multidimensional challenge is exacerbated by a persistent green finance gap that weakens the region's economic performance and social stability, motivating actionable policy solutions. While expanding green power and improving living standards can help, SEFDI remains crucial by supplying capital, advanced technologies, and R&D expertise. Yet the nexus among SEFDI, GRE, and the Human Development Index (HDI) in SSA remains unexplored. This study addresses this gap using a novel, not publicly accessible dataset on SEFDI (2003-2021) and the ARDL-PMG model. Results show GRE and GDP per capita significantly boost SEFDI in the long run, while HDI improvements are less influential. Causality analysis reveals a bidirectional relationship between SEFDI and GRE. Findings remain robust across multiple tests, with implications for mitigating electricity poverty in SSA.
Central bank digital currencies (CBDCs) reshape how monetary policy influences the economy, requiring a rethinking of traditional tools. Hence, this paper investigates the implications of CBDCs for monetary policy design within a New Keynesian dynamic stochastic general equilibrium (DSGE) framework. The analysis compares the macroeconomic consequences of quantity-based monetary policy (QMP) and price-based monetary policy (PMP) shocks in a closed economy where CBDC functions as an interest-bearing instrument. Impulse response functions indicate that PMP leads to faster convergence to the steady state and reduced volatility relative to QMP, which produces larger fluctuations and longer stabilization periods. Furthermore, the effectiveness of monetary policy depends on the usability of CBDC: higher substitutability with cash amplifies CBDC demand and alters money holdings. These findings suggest that CBDC-issuing central banks should continue to favour interest rate adjustments, whether on reserves or CBDC, over managing the quantity of CBDC in circulation.
The influence of Gen Z voters on election outcomes is increasing globally; however, their voter turnout has been inconsistent from year to year. Scholars argue that this is a complex issue shaped by various factors, including Gen Z's voting intent. To better understand this intent, our model considers star power, two knowledge management factors-knowledge collecting and knowledge sharing-and moral identity as influences on Gen Z's voting attitudes and intentions. We collected and analyzed 158 online surveys from U.S. Gen Z individuals using PLS-SEM. The data show that star power affects only knowledge collecting. Additionally, knowledge collecting significantly affects knowledge sharing, voting attitudes, and moral identity, whereas knowledge sharing influences only voting attitudes. Moreover, moral identity positively influences voting attitudes, which in turn affect voting intentions. These findings suggest that voting attitude serves as a central link, connecting knowledge collecting, knowledge sharing, and moral identity to voting intention.
