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作者：Zhang, Jiamin; Gu, Qian Cecilia
作者单位：Peking University; University System of Georgia; Georgia State University
摘要：Research SummaryGovernment involvement plays a significant role in fostering entrepreneurship. We examine how government involvement in venture capital (VC) investments shapes the decoupling between risk-taking and investment returns. We distinguish government involvement through state ownership (GVC) and personal political connections (connected VC). We theorize that government involvement through GVC is associated with the downside risk-return paradox, that is, concurrent higher risk-taking ...
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作者：Imperatore, Claudia; Pope, Peter F.
作者单位：Bocconi University; University of London; London School Economics & Political Science
摘要：Research SummaryInvestment growth in family firms is constrained by family preferences to retain corporate control, which limits outside equity issuance and increases the expropriation risk perceived by external minority shareholders. Tenure-based voting rights (TVRs) weaken the link between voting rights and cash flow rights, facilitating new equity capital issuance without loss of control. We find that publicly listed family firms in Italy adopt TVRs to facilitate the continuation of investm...
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作者：Kim, Jinsil; Welbourne Eleazar, Miranda J.; Lee, Seung-Hyun
作者单位：College of New Jersey; University of Iowa; University of Texas System; University of Texas Dallas
摘要：Research SummaryLobbying allows firms to influence the government to potentially limit firms' costs during product recall crises. However, such lobbying can elicit scrutiny from the media if the lobbying gives the impression that firms wish to save costs at the expense of safety, thereby appearing hypocritical. We theorize that when faced with negative media coverage of product recalls or recall-related lobbying, firms strategically eschew lobbying to limit further media scrutiny and its assoc...
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作者：Csaszar, Felipe A.; Hinrichs, Nicole; Heshmati, Mana
作者单位：University of Michigan System; University of Michigan; University of Washington; University of Washington Seattle
摘要：Research SummaryExternal representations, particularly visuals, are important in strategic decision-making. However, their pervasiveness and impact are not well understood in the strategy literature. Based on cognitive science research, we identify four cognitive functions crucial to strategic decision-making that benefit from using external representations. We also propose a conceptual model and propositions that explain how the quality of strategic decision-making depends on the interactions...
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作者：Park, Chan Hyung
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：Research SummaryNovel formulations of strategic problems are key to innovation and exploration. Conventional wisdom suggests that intuitive thinking, rather than rational-analytic thinking, facilitates novel problem formulations. This article proposes that intuitive thinking is insufficient and that novel formulations instead depend on sequencing rational-analytic and intuitive thinking across two phases of the problem formulation task. Two experiments using samples of strategists in organizat...
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作者：Harrison, Joseph S.; Boivie, Steven; Stern, Ithai; Porac, Joseph
作者单位：University of Tennessee System; University of Tennessee Knoxville; Texas A&M University System; Texas A&M University College Station; Mays Business School; INSEAD Business School; New York University
摘要：Research SummaryThis study extends recent findings that inventor CEOs increase innovative output in large established firms by examining how their involvement in the innovative process influences the nature of innovations produced. Our theory suggests that inventor CEOs who take a hands-on approach to innovation lead their firms to engage in more exploitative rather than exploratory innovation. We further posit that this effect is particularly strong for insider inventor CEOs, and especially f...
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作者：Adarkwah, Gilbert Kofi; Dorobantu, Sinziana; Sabel, Christopher Albert; Zilja, Flladina
作者单位：Universite de Montreal; HEC Montreal; BI Norwegian Business School; New York University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Copenhagen Business School
摘要：Research SummaryWe examine how geopolitical volatility-the instability of bilateral political affinity between countries-affects foreign subsidiary investments. Building on prior work that shows that the level of political affinity between countries facilitates foreign investments, we argue that the volatility of political affinity impedes firms' ability to form expectations about stakeholder behavior and reduces subsequent investments in subsidiaries. We further argue that the effect of volat...
