PurposeThe purpose of this paper is to propose a research framework that identifies crucial leadership capabilities pertaining to the different lifecycle stages of a virtual team (VT). More specifically, the framework seeks to identify and explain the role of social, cognitive, and behavioral capabilities as important determinants of effective VT leadership and success.Design/methodology/approachThis article provides an overview of literature on VT leadership, categorizes leadership capabilities, and relates the capabilities to various stages of VT life‐cycle. A research analysis is undertaken to depict the proposed relationships.FindingsThe propositions demonstrate that for effective VT leadership to happen it is important to understand the specific set of capabilities that contributes to successful management of a particular VT stage.Social implicationsVT leaders' application of appropriate capabilities may result in the development of greater levels of tolerance toward cultural, temporal and geographic diversity that exists among VT members and leaders. Such tolerance may actually help improve worker satisfaction, cohesiveness among team members, and promote better work‐life balance – outcomes that are beneficial to society. In addition, more effective and successful VT leadership will lead to better VT performance and organizational success – suggesting positive social impact.Originality/valueResearch relating to VT leadership has been limited. With the usage of VTs predicted to gain more importance in the future there is a greater need to understand how specific leadership capabilities contribute to the successful management and development of VTs. This study fills the void in the extant literature by exploring the specific leadership capabilities and by analyzing their relative influence and relationships with VT lifecycle stages.

The paper investigates the missing link in the literature -whether informal institutions, or what is known as culture, can affect the level of financial development for a country? Our hypothesis stresses that the cultural dimensions of a country can have an impact on its financial set up. We consider multiple dimensions of culture, identified in the literature by Tabellini, to test our hypothesis. As culture evolve in the form of greater trust, control and other traits, individuals" attitudes towards financial market change, and they engage in greater financial transactions. This, in turn, leads to better financial development. Using quantile estimation technique for a cross-section of 90 countries we find that culture significantly influences the level of financial development. To ensure the robustness of our findings we use Hofstede"s cultural dimension-"uncertainty avoidance index" as an alternative measure for culture. Our results hold for multiple measures of financial development.

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Purpose -A virtual organization (VO) is a set of geographically dispersed and functionally diverse organizational entities interconnected by electronic forms of communication that cooperate with one another for a common valued outcome. The objective of this article is to propose a research framework that illustrates the development of trust between VOs. Design/methodology/approach -This paper provides an overview of literature on VOs, identifies antecedents of trustworthiness in virtual environment, explores the role of boundary spanners' interpersonal trust, and relates them to inter-VO trust formation. A research analysis is developed that depicts the proposed relationships. Findings -The propositions shed light on the overall interorganizational trust building process in VOs. In doing so, the framework also acknowledges the role of individual boundary spanners of a trustor organization in the trust development process. Originality/value -Systematic scholarly research relating to VOs has been somewhat limited. With the emergence of VOs as important organizational forms, there is an increasing need to comprehend how interorganizational trust is developed and maintained in VOs. This study attempts to fill this gap in the extant literature by exploring how social exchange factors in a virtual context relate to factors of organizational trustworthiness of the trustee organization. In addition, this paper also investigates the key role played by the boundary spanners of both organizations in the trust formation process.

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