13944261
Description
Flashcards by Christian Weibel, updated more than 1 year ago
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Created by Christian Weibel
almost 6 years ago
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| Question | Answer |
| Psychological Ownership | - The state in which individuals feel as the target of ownership or a piece of it is theirs. - Target can be of material or immaterial nature. - Legal/formal ownership is not necessary |
| Ownership feelings satisfy... | - Self-efficacy (ability to control the object) - Self-identity (Define themselves thorugh object) - Having a place |
| 3 main routes to PO | 1. Controlling the ownership target 2. Intimately know the target 3. Investing the self into the target, spending money etc. |
| 1. Encouraging factors for control over the target | - Provide opportunities of autonomy and control - Delegation - Freedom & Responsability - Decision making autonomy |
| 2. Encouraging factors of intimate knowledge | - Opportunities to know the business better - Information sharing - Transparent communication - Regular meetings |
| 3. Encouraging factors of investment of self | - Personal investment of time, skills etc - Allow creativity - Openness & support |
| Outcomes of PO | - Extra-role behavior - Intention to stay - Assuming responsability - Job satisfaction - Innovative behavior - Ev. entrepreneurial behavior |
| PO vs. Entrepreneurial behavior | Main goal of PO: - Enhance the performance of the business - Alignment of goals, principal and agent --> entrepreneurial behavior as main path to achieve this goal --> firm performance gets better! |
| PO and monitoring | Monitoring: Control of principal over agent The higher the PO, the smaller monitoring costs. Agents feel like owners, and they behave accordingly --> entrepreneurial behavior higher |
| PO and high autonomy | --> less entrepreneurial behavior There need to be certain guidelines. |
| Negative outcomes of PO | - Territoriality behaviors - Reluctance to share - Conflicts - Failure to delegate responsability - Destructive behavior |
| Fostering entrepreneurial behavior: Overview | Stock ownership plan and financial incentive systems: Used often despite many disadvantages and effects and ideal design unclear. PO: Promising approach, but not well researched yet. --> Combination of those approaches bears potential! |
| Combination of all three | Step 1: Strenghten PO and improve organizational factors Step 2: Introduce meaningful financial incentive system Step 3: Introduce meaningful stock ownership program |
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