作者：Rhee, Luke; Ocasio, William; Kim, Tae-Hyun
作者单位：University of California System; University of California Irvine; Northwestern University; Korea Advanced Institute of Science & Technology (KAIST)
摘要：This study examines the cross-level effect of group-level managers on member firms' problemistic search in hierarchical business groups. Usingmultilevel data from Korean business groups, we propose that the effects of failure to meet an aspiration level on R&D search intensity increase when member firm performance and R&D investments are more cognitively accessible to group-level managers. Specifically, we find, first, that when underperforming firms are widespread in a business group, a focal...
作者：Gartenberg, Claudine; Prat, Andrea; Serafeim, George
作者单位：University of Pennsylvania; Columbia University; Harvard University
摘要：We construct a measure of corporate purpose within a sample of U.S. companies based on approximately 500,000 survey responses of worker perceptions about their employers. We find that this measure of purpose is not related to financial performance. However, high-purpose firms come in two forms: firms characterized by high camaraderie between workers and firms characterized by high clarity from management. We document that firms exhibiting both high purpose and clarity have systematically highe...
