Graduate School of Business

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The Nazarbayev University Graduate School of Business aspires to become recognized as the leading school in Central Asia in the coming years. We intend to be known for the quality of our education, the impact of our research, our international orientation, and our meaningful engagement with the business community. Our school is structured to be an inspiring ecosystem in which ideas are exchanged and challenged by peers and faculty.

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    Breaking barriers and bridging gaps: the influence of entrepreneurship policies on women’s entry into entrepreneurship
    (Emerald Publishing, 2024-06-24) Raza, Ali; Yousafzai, Shumaila; Saeed, Saadat
    Purpose – How does the interplay between entrepreneurship policies and both formal and informal gender equality affect women’s inclination towards self-employment in contrast to men? Design/methodology/approach – This study introduces and validates a comprehensive multi-level model underpinned by symbolic interactionism, institutional theory, and the nuances of gendered institutions. Employing innovative analytical techniques and leveraging data from 66 countries, we scrutinize how formal and informal gendered institutional arrangements either inhibit or facilitate an environment favorable to women’s entrepreneurial activities. Findings – Significantly, our research delves into the nuanced effects of specific entrepreneurship policies across diverse nations. While these policies can bridge the gendered resource gap, a profound understanding of broader gender dynamics is crucial for fostering an inclusive entrepreneurial landscape. Originality/value – Our insights advocate for a more integrated approach to bolster women’s participation in entrepreneurship, thus furthering their socio-economic progression.
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    BRINGING EXCITEMENT TO EMPIRICAL BUSINESS ETHICS RESEARCH: THOUGHTS ON THE FUTURE OF BUSINESS ETHICS
    (Journal of Business Ethics, 2022-09-15) Babalola, Mayowa T.; Bal, Matthijs; Cho, Charles H.; Garcia‑Lorenzo, Lucia; Guedhami, Omrane; Liang, Hao; Shailer, Greg; Gils, Suzanne van
    To commemorate 40 years since the founding of the Journal of Business Ethics, the editors-in-chief of the journal have invited the editors to provide commentaries on the future of business ethics. This essay comprises a selection of commentaries aimed at creating dialog around the theme Bringing Excitement to Empirical Business Ethics Research (inspired by the title of the commentary by Babalola and van Gils). These editors, considering the diversity of empirical approaches in business ethics, envisage a future in which quantitative business ethics research is more bold and innovative, as well as reflexive about its techniques, and dialog between quantitative and qualitative research nourishes the enrichment of both. In their commentary, Babalola and van Gils argue that leadership research has stagnated with the use of too narrow a range of perspectives and methods and too many overlapping concepts. They propose that novel insights could be achieved by investigating the lived experience of leadership (through interviews, document analysis, archival data); by focusing on topics of concern to society; by employing different personal, philosophical, or cultural perspectives; and by turning the lens on the heroic leader (through “dark-side” and follower studies). Taking a provocative stance, Bal and Garcia-Lorenzo argue that we need radical voices in current times to enable a better understanding of the psychology underlying ethical transformations. Psychology can support business ethics by not shying away from grander ideas, going beyond the margins of “unethical behaviors harming the organization” and expanding the range of lenses used to studying behavior in context. In the arena of finance and business ethics, Guedhami, Liang, and Shailer emphasize novel data sets and innovative methods. Significantly, they stress that an understanding the intersection of finance and ethics is central to business ethics; financial equality and inclusion are persistent socio-economic and political concerns that are not always framed as ethics issues, yet relevant business policies and practices manifest ethical values. Finally, Charles Cho offers his opinion on the blurry line between the “ethical” versus “social” or “critical” aspects of accounting papers. The Journal of Business Ethics provides fertile ground for innovative, even radical, approaches to quantitative methods (see Zyphur and Pierides in J Bus Ethics 143(1):1–16, https://doi.org/10.1007/s10551-017-3549-8, 2017), as part of a broad goal of ethically reflecting on empirical research.
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    BUILDING CHARACTER: THE FORMATION OF A HYBRID ORGANIZATIONAL IDENTITY IN A SOCIAL ENTERPRISE
    (Wiley, 2020-09) Cornelissen, Joep P.; Akemu, Ona; Jonkman, Jeroen G. F.; Werner, Mirjam D.
    The formation of a hybrid organizational identity is a significant challenge for many social enterprises. Drawing on in-depth longitudinal data from the first three years of a successful social enterprise – Fairphone, founded in Amsterdam – we induce an empirically grounded theoretical model of how a hybrid organizational identity is formed. We identify a general process of organizational identity formation, with founders, leaders and members experimenting with different organizational characters describing ‘who they are’ as well as with alternative social impact strategies defining ‘what they do’. As part of this experimental process, we elaborate the role of a key leadership process – ‘rekeying’, which involves leaders re-figuring prior understandings into more dual readings – which we found facilitates ongoing adaptation and helps members of the organization to become progressively better able at combining multiple objectives and values as part of a shared hybrid identity. Our theoretical model of hybrid organizational identity formation has a number of direct implications for ongoing research on organizational identity formation and hybrid organizations.
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    BUILDING COHESIVE TEAMS—THE ROLE OF LEADERS’ BOTTOM-LINE MENTALITY AND BEHAVIOR
    (Sustainability, 2021-07-19) Riisla, Katrin; Wendt, Hein; Babalola, Mayowa T.; Euwema, Martin
    Team cohesiveness plays a crucial role in effective teamwork, innovation, and improved performance, and as such, its development among team members is an essential part of team management. However, it may be disregarded by leaders with a high bottom-line mentality (BLM; a single-minded focus on the bottom line at the expense of other values or priorities). These leaders may show little interest in other priorities, such as ethical, social, or environmental considerations, and may be tempted to push their followers to go above and beyond what is expected, even if it means bending the rules, cutting corners, or engaging in other ethically problematic behaviors. We argue that although a team leader’s BLM may motivate followers to come together around the pursuit of a common goal, it may come at the expense of nurturing healthy interpersonal relationships, trust, and other important social resources within the team. Specifically, we argue that the way leaders with a high BLM approach their goals may affect team cohesiveness, and that it is particularly negative for female leaders. Using a large multi-national study, we found that this happens through increased directive and lowered participative leader behaviors.
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    CEOs’ appraisals of venture capitalists’ external and internal support: a transaction cost economics perspective
    (Venture Capital, 2016) Khanin, Dmitry; Turel, Ofir
    Previous research has established that, in addition to provision of financing, venture capitalists (VCs) may add value to new ventures via different types of management support. In this paper, we propose that transaction cost economics (TCE) may complement other theoretical frameworks (e.g., agency theory, the resource-based view, knowledge-based theory, and resource dependence perspective) in explaining CEOs’ polar and ambivalent appraisals of the benefits and costs of different types of VC support and the overall value of VC assistance. Following TCE, we approach VC-funded new ventures as hybrids of markets and hierarchies. Hence, we assume that VCs help their portfolio companies both to externalize, or learn to better operate under the market mode of governance, and internalize, or learn to better operate under the hierarchy mode of governance. We propose that VCs use external support to facilitate venture externalization and use internal support to facilitate venture internalization. Based on structural equation modeling (SEM) analysis of data from an online survey that generated 104 valid responses from CEOs of VC-funded new ventures, we establish that CEOs associate VCs’ external support positively with the perceived benefits of VC assistance and negatively with the perceived costs of VC assistance. In contrast, CEOs associate VCs’ internal support positively both with the perceived benefits and costs of VC assistance. We also demonstrate that CEOs’ assessments of the perceived benefits and costs of VC assistance are, respectively, associated positively and negatively with their appraisals of the overall value of VC assistance. Finally, we ascertain that CEO experience is related negatively to CEOs’ appraisals of the overall value of VC assistance. Implications of these findings for research and practice are discussed.
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    Circular entrepreneurial ecosystems: a Quintuple Helix Model approach
    (Emerald Publishing, 2024-04-03) Borrero, Juan D.; Yousafzai, Shumaila
    Purpose The shift toward a circular economy (CE) represents a collaborative endeavor necessitating the presence of efficient frameworks, conducive contexts and a common comprehension. This research serves as a pivotal stride towards this goal, presenting an exclusive prospect for the investigation and fusion of these frameworks, with particular emphasis on the Quintuple Helix Model (5HM), into a unified theoretical framework that underscores the core principles of the CE. This study is centered on three pivotal questions aimed at decoding the CE transition in specific regional settings. Design/methodology/approach Adopting an abductive approach firmly anchored in a two-stage qualitative process, this study specifically merges the foundational principles from institutional theory, entrepreneurship literature and CE frameworks to provide insights into the dynamics of circular ecosystems, with a specific focus on the Huelva region in Spain. Findings The findings demonstrate significant potential in the CE, ranging from the integration of product and service systems to innovations in eco-industrial practices. Yet, a notable deficiency exists: the absence of institutional entrepreneurs, highlighting the essential role that universities can play. As recognized centers of innovation, universities are suggested to be key contributors to the transformation toward a CE, aligning with their societal and economic responsibilities. Practical implications This study highlights the importance of managing relationships with entities like SMEs and policymakers or academia for effective CE adoption. Policymakers can refine strategies based on the research’s insights, while the impact of university-driven circular ecosystems on sustainable societies is another crucial area for research. Originality/value The sustainability models cited in CE literature may not be comprehensive enough to prevent problem shifting, and it can be argued that they lack a sound theoretical and conceptual basis. Furthermore, the connections between sustainability objectives and the three levels of the CE operating system remain vague. Additionally, there is insufficient information on how regions foster the involvement of the environment in fivefold helix cooperation and how this impacts the CE.
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    A CLOSER LOOK AT HOW AND WHEN FAMILY-SUPPORTIVE SUPERVISION INFLUENCE WORK INTERFERENCE WITH FAMILY: THE ROLES OF FAMILY-ROLE OVERLOAD AND TASK CRAFTING
    (The International Journal of Human Resource Management, 2021) Walumbwa, Fred O.; Christensen-Salem, Amanda; Babalola, Mayowa T.; Kasimu, Paul; Garba, Omale A.; Guo, Liang
    Although family–supportive supervision (FSS) has been identified as one of the most useful social resources for reducing the occurrence of work interference with family (WIF), relatively little is known about the boundary conditions and the underlying mechanisms through which this relationship occurs. Drawing on conservation of resources (COR) theory, we examined how and when FSS relates to WIF in two field studies, focusing on family–role overload as a moderator and employee task crafting as a mediator. Results from Study 1, using multi-wave data from a high-technology firm, showed that family role–overload moderated the relationship between FSS and WIF such that the relationship was stronger for employees with more family role–overload than for those with less family role–overload. Results from Study 2, using multi-wave data from employees working in different industries, revealed that employee task crafting mediated the interactive effect of FSS and family–role overload on WIF. Implications of these findings for research and practice are discussed.
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    Confronting the Digital: Doing Ethnography in Modern Organizational Settings
    (SAGE Publications, 2020-04-01) Akemu, Onajomo; Abdelnour, Samer
    Digital technologies pervade modern life. As a result, organizational ethnographers must contend with informants interacting in face-to-face and digitally mediated encounters (e.g., through email, Facebook Messenger, and Skype). This overlap of informants’ digital and physical interactions challenges ethnographers’ ability to demonstrate authenticity and multivocality in their accounts of contemporary organizing. Drawing on recent theorizing about the nature of digital artifacts and two cases of ethnographic fieldwork, we argue that digital artifacts afford ethnographers different modes of being co-present with research participants: digital as archive and digital as process. We offer guidelines to researchers on how to deploy these modes of co-presence in order to improve authenticity and multivocality in ethnographic studies of modern organizations. We also explore the implications for methodological concerns such as ethics, analytical choice, and reflexivity.
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    CORPORATE GOVERNANCE IN RUSSIAN STATE-OWNED ENTERPRISES: REAL OR SURREAL?
    (Asian Journal of Comparative Law, 2022) Nurgozhayeva, Roza
    The narrative that defines privatisation, corporatisation, and the separation of ownership and regulatory functions as the key prerequisites for a successful state-owned enterprises’ (SOE) governance structure represents the literature's leading approach. This approach has been embedded in national laws and policies across many countries. Nonetheless, some legal scholars have scrutinised and questioned this single-minded perspective, emphasising the impact of existing institutional conditions and calling for an alternative understanding of corporate governance dynamics in different SOEs. Notwithstanding a vigorous debate on SOEs, it almost exclusively focuses on China, while Russia, being another large state-driven economy, has been missing. This article fills this gap and offers a comparative and critical perspective on the state ownership system in Russia. The analysis of Russian SOEs reveals classic governance and incentive problems attributable to state ownership. However, the question is how despite close affiliation to the State and high transaction costs caused by state interference, Russian SOEs have gained a substantial international market presence. This article answers this paradox.
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    Do markets care enough about deficit to raise future cost of capital? Non-linear deficitinterest rate relationship in the U.S. economy
    (Social Science Research Network (SSRN), 2015-11-30) Rakshit, Atanu
    This paper finds strong evidence of non-linear impact of long-horizon expected government deficits, measured by CBO projections, on expected future long-term interest rates for the US economy. The impact of a shock to expectations (“news shock”) in a regime where the expected deficit/GDP ratio is above 1.8 % (the estimated threshold value) increases future nominal interest rates by 29-30 basis point, and future real rates by 12-18 basis points. When expected deficit/GDP ratio is below 1.8 %, a surprise increase in expectations of deficit has no statistically significant impact on future interest rates.
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    DOMINANT CURRENCIES: HOW FIRMS CHOOSE CURRENCY INVOICING AND WHY IT MATTERS*
    (The Quarterly Journal of Economics, 2022) Amiti, Mary; Itskhoki, Oleg; Konings, Jozef
    We analyze how firms choose the currency of invoicing and the implications of this choice for exchange rate pass-through into export prices and quantities. Using a new data set for Belgian firms, we find currency invoicing to be an active firm-level decision, shaped by the firm’s size, exposure to imported inputs, and the currency choices of its competitors. Our results show that a firm’s currency choice, in turn, has a direct causal effect on the exchange rate pass-through into prices and quantities. Moreover, the differential price response of similar firms that invoice in different currencies is large, persists beyond a one-year horizon, and gradually wanes in the long run. This results in allocative expenditure-switching effects on export quantities, which build up over time, suggesting a role for quantity adjustment frictions in addition to price stickiness. Our findings shed light on the mechanisms that make or break a dominant currency and the consequences it has for the international transmission of shocks.
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    E-commerce adoption in the retail sector: empirical insights
    (International Journal of Retail & Distribution Management, 2006) Nikolaeva, Ralitza
    Purpose of this paper To investigate the determinants of e-commerce adoption in the retail sector using duration analysis. Design/methodology/approach The study proposes a conceptual model based on technology adoption and population ecology models. It identifies specific determinant factors organized under three areas: perceived benefits, organizational readiness, and external influences. Duration analysis is applied to data on 392 retailers.
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    An empirical investigation of the antecedents of partnering capability
    (International Journal of Production Economics, 2016-08-01) Colicev, Anatoli; De Giovanni, Pietro; Vinzi, Vincenzo Esposito; Anatoli, Colicev
    Abstract In this paper, we propose a new approach to evaluating firms’ Partnering Capability. While previous research treats Partnering Capability as an exogenous factor, we take into account its antecedents and thus conceive it as endogenous. Our motivations are driven by the fact that firms ex-ante evaluate their partners by assessing their Partnering Capability. We focus on departmental integration, customer service, and economic and operational performance as key antecedents of Partnering Capability. Our empirical findings show that Partnering Capability is directly induced by operational performance and departmental integration. In addition, customer service along with departmental integration generates a chain of indirect effects due to economic and operational performance. Finally, we investigate the importance-performance matrix analysis (IMPA) that further identifies the managerial levers to enhance Partnering Capability.
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    Employee attrition in selected industries: ITES, Banking, Insurance and Telecommnication in Delhi & NCR
    (International Journal of Trends in Human Resource Management, 2014) Saini, Pankaj; Subramanian, Venkat
    Employee attrition has been seen as across the industries and retaining talented employees has become a challenge for HR managers. This research focsed how selected four industries differe on factors of attrition ..In this research descriptive research design has been used and through non random quota sampling 600 employees from four industries have been interviewd with a structured questionnaire. Thirteen factors came out through factor analysis which is responsible for employee attrition. Telecommunications sector employees feel they are having high job targets and feel unsupportive organization culture.Insurance sector employees feel low perceived value and insecurity for their job, less growth opportunities and have less learning opportunity. IT&ITES sector employees feel they are not provided good compensation and there are high job targets in their job.Banking sector employees there is a role stagnation, stress and office politics in their jobin comparison.
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    Epistemic Injustice and Epistemic Resistance: An Intersectional Study of Women’s Entrepreneurship Under Occupation and Patriarchy
    (Sage, 2023-12-07) Omran, Wojdan; Yousafzai, Shumaila
    Women face unique challenges in their quest to achieve business success relative to men. Applying the theories of epistemic injustice and intersectionality, this study collectively analyzes the overlapping impacts of identities that complement gender at multiple levels in the context of the oppressive, interconnected power structures of occupation and patriarchy. Our findings explain how the impact of institutional oppressors, through structural and normative discrimi- nation, may cause some Palestinian women entrepreneurs to internalize and accept injustice while others tap into available resources to engage in epistemic resistance.
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    Exploring curvilinearity through fractional polynomials in management research
    (Organizational Research Methods, Forthcoming, 2015) Nikolaeva, Ralitza; Bhatnagar, Amit; Ghose, Sanjoy
    Imprecise theories do not give enough guidelines for empirical analyses. A paradigmatic shift from linear to curvilinear relationships is necessary to advance management theories. Within the framework of the abductive generation of theories, the authors present a data exploratory technique for the identification of functional relationships between variables. Originating in medical-research, the method uses fractional polynomials to test for alternative curvilinear relationships. It is a compromise between non-parametric curve fitting and conventional polynomials. The multivariable fractional polynomial (MFP) technique is a good tool for exploratory research when theoretical knowledge is non-specific and thus, very useful in phenomena discovery. The authors conduct simulations to demonstrate MFP’s performance in various scenarios. The technique’s major benefit is the uncovering of non-traditional shapes that cannot be modeled by logarithmic or quadratic functions. While MFP is not suitable for small samples, there does not seem to be a downside of overfitting the data as the fitted curves are very close to the true ones. The authors call for a routine application of the procedure in exploratory studies involving medium and large sample sizes.
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    Foreign Direct Investments and a "cool" country / Прямые иностранные инвестиции и «cool» государство
    (Kapital, 2016-11-18) Jochec (Йохец), Marek (Марек)
    Softening visa regime and regulations regarding the entry and stay of foreigners in Kazakhstan is recommended in order to better attract foreign investors.
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    Helping Learners Recognize, Diagnose, and Unravel Incompetence Traps to Achieve Synergistic Exploration–Exploitation in Classroom
    (Journal of Management Education, 2015) Gnanlet, Adelina; Khanin, Dmitry
    Sensemaking theory suggests that sensemaking may collapse when perception fails to detect weak signals of changes in the environment, cognition fails to appropriately categorize the new data coming from perception, and action fails to test the applicability of new concepts and schemas. Mindfulness–mindlessness theory warns us that routine practices based on low levels of exploration and exploitation may hinder performance. Finally, the theory of learning failure distinguishes between the traps of failure or overexploration and the traps of success or overexploitation. Combining and advancing these insights, we offer a typology of incompetence traps: (a) underexploration–underexploitation or mindlessness, (b) overexploration–underexploitation, and (c) overexploitation–underexploration. We examine their manifestations in perception, cognition, and action. Based on our analysis of how incompetence traps may hamper learning in management education, we give examples of how instructors may help students achieve synergistic exploration– exploitation via informed vision (combining depth and multiple perspectives); perceptive thinking (combining theoretical, constraint-savvy knowledge and practical, context-savvy knowledge); and mindful action (developing and refining new and existing capabilities).
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    Higher-degree stochastic dominance optimality and efficiency
    (European Journal of Operational Research, 2017-09-16) Fang, Yi; Post, Thierry; Yi, Fang
    Abstract We characterize a range of Stochastic Dominance (SD) relations by means of finite systems of convex inequalities. For ‘SD optimality’ of degree 1 to 4 and ‘SD efficiency’ of degree 2 to 5, we obtain exact systems that can be implemented using Linear Programming or Convex Quadratic Programming. For SD optimality of degree five and higher, and SD efficiency of degree six and higher, we obtain necessary conditions. We use separate model variables for the values of the derivatives of all relevant orders at all relevant outcome levels, which allows for preference restrictions beyond the standard sign restrictions. Our systems of inequalities can be interpreted in terms of piecewise polynomial utility functions with a number of pieces that increases with the number of outcomes and the degree of SD. An empirical study analyzes the relevance of higher-order risk preferences for comparing a passive stock market index with actively managed stock portfolios in standard data sets from the empirical asset pricing literature.
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    HOW LOCKDOWN CAUSES A MISSING GENERATION OF START UPS AND JOBS
    (International Economics and Economic Policy, 2021-08-21) Karimov, Shyngys; Konings, Jozef
    This paper explores the impact of the COVID-19 lockdown on aggregate employment in Belgium. To this end, we use microdata of all Belgian frms and apply a machine learning-based approach to simulate the impact of the lockdown on employment growth under various economic scenarios. In doing so, we distinguish between start-ups and incumbent frms with both short and long-term efects. In the short term, we expect to see signifcant losses of employment coming mainly from mature incumbent frms. In the long term, the missing generation of start-ups formed during the lockdown will have a signifcant and growing efect of slowing down the employment growth even a decade after the lockdown.