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• Are US firms becoming more short-term oriented? Evidence of shifting firm time horizons from implied discount rates, 1980-2013 AI翻译
  作者：Sampson, Rachelle C.; Shi, Yuan
  作者单位：University System of Maryland; University of Maryland College Park; Cornell University
  摘要：Research Summary We provide evidence that investors in U.S. public markets are increasingly discounting firms' expected future cash flows during 1980-2013. This trend is shown not only on average across firms, but also within firms over time after alternative explanations are accounted for. To corroborate a link with firm time horizons, we estimate the relationship between an implied discount rate (IDR) and factors relevant to firm long-term strategy. We find that IDR is correlated in expected...
• Whom should a leader imitate? Using rivalry-based imitation to manage strategic risk in changing environments AI翻译
  作者：Sharapov, Dmitry; Ross, Jan-Michael
  作者单位：Imperial College London
  摘要：Research Summary We study the performance implications of dynamic environments for a leader's rivalry-based imitation efforts in a setting with multiple rivals. We disentangle competitive interactions from environmental changes to show that a leader's simple rules to either imitate the closest rival in terms of attributes (her neighbor) or the closest rival in terms of rank (her challenger) can help to maintain the performance gap to her competitors. Using a computational model and an empirica...
• Bad bets: Nonlinear incentives, risk, and performance AI翻译
  作者：de Figueiredo, Rui J. P., Jr.; Rawley, Evan; Shelef, Orie
  作者单位：University of California System; University of California Berkeley; University of Minnesota System; University of Minnesota Twin Cities; Utah System of Higher Education; University of Utah
  摘要：Research Summary This article examines the consequences of incentive slope and shape on performance and risk-taking. It focuses on how slope-incentive intensity-influences risk-taking, and how shape-nonlinearity-influences performance. We use quasi-random variation in the context of the hedge-fund industry to separate slope and shape effects. Our results demonstrate that shape has large and important effects on performance, and that slope affects risk-taking. The evidence suggests that poor pe...
• The effects of strategy and institutions on value creation and appropriation in firms: A longitudinal study of three telecom companies AI翻译
  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...
• Changing the channel: Digitization and the rise of middle tail strategies AI翻译
  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...
• What is a pivot? Explaining when and how entrepreneurial firms decide to make strategic change and pivot AI翻译
  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 ...
• Entry diversion: Deterrence by diverting submarket entry AI翻译
  作者：Uzunca, Bilgehan; Cassiman, Bruno
  作者单位：Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); University of Navarra; IESE Business School
  摘要：Research Summary Going back to Bain (1956), strategy scholars have long recognized the importance of deterring entry for sustaining incumbents' profits in an industry. We introduce a new mechanism, entry diversion, to better understand the empirical phenomenon of persistent firm entry in spite of investments in entry deterrence by incumbents in some industries. Entry diversion happens when preemptive strategic investments by incumbents decrease the expected future profits from a target submark...
• The risk of being ranked: Investor response to marginal inclusion on the 100 Best Corporate Citizens list AI翻译
  作者：Lewis, Ben W.; Carlos, W. Chad
  作者单位：Brigham Young University; Brigham Young University
  摘要：Research SummaryDespite the proliferation of lists and rankings that recognize firms for superior performance, empirical studies have been limited in their ability to causally evaluate how inclusion for the marginal firm influences shareholder value. We address this limitation by examining how investors responded to firms that were barely included or excluded from the 100 Best Corporate Citizens list. Contrary to prevailing theoretical expectations, our findings indicate that marginal firms th...
• Empirical inquiry without hypotheses: A question-driven, phenomenon-based approach to strategic management research AI翻译
  作者：Graebner, Melissa E.; Knott, Anne Marie; Lieberman, Marvin B.; Mitchell, Will
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Washington University (WUSTL); University of California System; University of California Los Angeles; University of Toronto
  摘要：Research Summary Many advances in strategic management have resulted from the application of formal deductive methods, based on tests of specific hypotheses derived from theory. Nonetheless, numerous important research topics involve phenomena that are novel and/or causally complex and so resist basic hypothetico-deductive logic. As a result, many of the most important findings in strategy research have come from open-ended studies of relevant phenomena. The special issue of the SMJ on Questio...
• The firm as an architect of polycentric governance: Building open institutional infrastructure in emerging markets AI翻译
  作者：Gatignon, Aline; Capron, Laurence
  作者单位：University of Pennsylvania
  摘要：Research Summary We apply pattern-matching techniques to contrast qualitative case study data with perspectives from strategic management and institutional economics about how a firm can address voids in market-based institutions. We identify a novel approach whereby the firm builds an open institutional infrastructure (OII) by investing in a pool of resources widely accessible beyond its exchange partners. To collectively govern OII, the firm must empower other actors within multilateral cros...