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作者：Belenzon, Sharon; Lee, Honggi; Patacconi, Andrea
作者单位：Duke University; National Bureau of Economic Research; University System Of New Hampshire; University of New Hampshire
摘要：Research Summary: Limited liability enables corporate parents to avoid financial responsibility of their subsidiaries. However, courts can disregard separate legal personality, pierce the corporate veil, and impose the debts of a subsidiary on its parent-an exception referred to as enterprise liability. We argue that in countries with weak enterprise liability, groups can better compartmentalize risks by incorporating more of their units as legally independent subsidiaries. Weaker enterprise l...
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作者：Kern, Philipp; Gospel, Howard
作者单位：Loughborough University; University of London; King's College London
摘要：Research Summary Strategic management has come to pay more attention to value creation and appropriation (VCA) among the firm's stakeholders, including customers, capital owners, and employees. Existing research has conceptualized this as a strategic choice bounded by the bargaining power of each stakeholder group, which, we argue, risks misattributing outcomes by neglecting structural constraints. Instead, these dynamics need to be understood within the wider institutional context shaping the...
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作者：Benner, Mary J.; Waldfogel, Joel
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：Research Summary Prior research has studied whether digitization shifts demand away from mass-appeal blockbusters toward a long tail of existing products. We extend this work by studying whether digitization influences the products created. Using unique data on movies, we examine whether the reduced costs of production and new digital distribution channels spur producers to create products aimed at smaller audiences. We employ a flexible, transparent, and largely graphical empirical approach t...
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作者：Giustiziero, Gianluigi; Kretschmer, Tobias; Somaya, Deepak; Wu, Brian
作者单位：Frankfurt School Finance & Management; University of Munich; Centre for Economic Policy Research - UK; University of Illinois System; University of Illinois Urbana-Champaign; University of Michigan System; University of Michigan
摘要：Research Summary Digital firms tend to be both narrow in their vertical scope and large in their scale. We explain this phenomenon through a theory about how attributes of firms' resource bundles impact their scale and specialization. We posit that highly scalable resource bundles entail significant opportunity costs of integration (vs. outsourcing), which simultaneously drive hyperspecialization and hyperscaling in digital firms. Using descriptive theory and a formal model, we develop several...
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作者：Chang, Sungyong; Lee, Jeho; Song, Jaeyong
作者单位：University of London; London Business School; Seoul National University (SNU)
摘要：Research Summary: In social networks, isolated subgroups often aggregate into a massively connected subgroup, or a giant cluster, when bridges are built across subgroups. To understand the roles of bridges in integrating subgroups, we develop models focusing on the percentage of bridges among all ties. When it is below 1%, diffusion does not affect many individuals because the system is merely a collection of fragmented subgroups. Near 1%, however, we find that a slight increase in the percent...
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作者：Jarosiewicz, Victor Esteban; Ross, David Gaddis
作者单位：State University System of Florida; University of Florida
摘要：Research Summary We attempt to replicate Bertrand and Schoar (2003), who used manager fixed effects to provide evidence for managerial style as measured by metrics such as leverage, R&D spending, and Tobin's Q. We find that the statistical and economic significance of manager fixed effects is generally lower in our results than in theirs. This discrepancy motivated us to conduct placebo tests in which we randomize managers' spells at their firms. The results with the randomized data are genera...
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作者：Kirtley, Jacqueline; O'Mahony, Siobhan
作者单位：University of Pennsylvania; Boston University
摘要：Research Summary Most theories of strategic change focus on how large, established firms recognize or fail to recognize the need for strategic change. Little research examines how early-stage entrepreneurs decide when and how to change their strategies. With a longitudinal field study of seven entrepreneurial firms developing innovations in energy and cleantech, we examined 93 strategic decisions at risk for change. We found that decision-makers chose to change their strategies only after new ...
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作者：Bucheli, Marcelo; Ciravegna, Luciano; Saenz, Luis Felipe
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; INCAE Business School; University of South Carolina System; University of South Carolina Columbia
摘要：Research Summary: We analyze how the evolution of the broad institutional environment influences the vertical integration strategy of a multinational corporation (MNC) leading a global value chain (GVC). We develop a history-to-theory study based on the evolution of the banana GVC between 1899 and 1991. We argue that when a MNC's bargaining power vis-a-vis the host government is strong, it will choose a governance structure that addresses contractual uncertainty. When the MNC's bargaining powe...
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作者：Loh, Johannes; Kretschmer, Tobias
作者单位：BI Norwegian Business School; University of Munich; Centre for Economic Policy Research - UK
摘要：Research Summary Many platforms rely on volunteer contributions for value creation. Thus, unpaid contributors are valuable to the platform, but control over their activities is limited. We study whether and how volunteer communities can provide a competitive advantage and ask how contributor behavior depends on a platform's competitive position. We propose two channels: First, a stronger competitive position facilitates contributor coordination, leading to a larger active community. Second, a ...
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作者：Keum, Dongil Daniel
作者单位：Columbia University
摘要：Research Summary We examine how managers' political power reallocates resources in the internal capital market. By shifting the focus from financial to firm-specific, non-financial resources that are difficult to evaluate and zero-sum in nature, we revise the prevailing view that managers' political power plays a significant yet contingent role under financial constraint and weak governance. We instead characterize managerial political power as an intrinsic, inescapable determinant of internal...
