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作者：Feldman, Emilie R.
作者单位：University of Pennsylvania
摘要：Research Summary This paper investigates the corporate parenting advantage, the extent to which corporate parents improve the performance of their subsidiaries. Despite the importance of this concept for corporate strategy, researchers have yet to quantify it empirically. I measure the corporate parenting advantage by comparing the performance of utilities that were legally classified into one of two types of holding companies: regulated holding companies, which faced limits on their ability t...
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作者：Hawn, Olga
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Research Summary This study contributes to the growing strategic corporate social responsibility (CSR) literature by examining the intersection of acquisition studies and international expansion research and highlighting the unexplored impact of media coverage of CSR and corporate social irresponsibility (CSI) in shaping completion and duration outcomes of cross-border acquisitions. A quantitative analysis of 4,087 cross-border acquisition announcements by firms from Brazil, Russia, India, Chi...
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作者：Kim, Sol; Lee, Geul; Kang, Hyoung-Goo
作者单位：Hanyang University
摘要：Research Summary We introduce an innovative method of identifying the risk-management benefit of corporate social responsibility (CSR). Option-implied volatility captures the financial markets' expectations of a firm's future risk, so if CSR is related to risk-management benefits, it should be related to lower implied volatility. We find that CSR is associated with low implied volatility and that CSR's insurance benefit is larger for firms that have high leverage, growth opportunities, or unce...
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作者：Shi, Wei; Gao, Cheng; Aguilera, Ruth V.
作者单位：University of Miami; University of Michigan System; University of Michigan; Northeastern University; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：Research Summary: The benefits of foreign institutional ownership (FIO) have been amply researched, but there are also potential downsides to such ownership. High FIO can subject a firm to heightened regulatory scrutiny and compliance, increasing its political dependence. Drawing on resource dependence theory, we argue that firms can manage the political dependence that arises from FIO by engaging in corporate political spending (CPS). We derive two moderating conditions from our theoretical a...
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作者：Keum, D. Daniel
作者单位：Columbia University
摘要：Research Summary Do the performance pressures of the capital market exacerbate short-termism and stifle innovation? This longstanding question has doggedly eluded a conclusive answer due to conflicting empirical findings. We revisit two studies that have been central to rejecting short-termism: Atanassov (2013) and its replication by Karpoff and Wittry (2018). After revising some of the empirical choices by Atanassov (2013), we find the opposite result: antitakeover laws that insulate managers...
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作者：Choudhury, Prithwiraj; Allen, Ryan T.; Endres, Michael G.
作者单位：Harvard University; Harvard University
摘要：Research Summary Supervised machine learning (ML) methods are a powerful toolkit for discovering robust patterns in quantitative data. The patterns identified by ML could be used for exploratory inductive or abductive research, or for post hoc analysis of regression results to detect patterns that may have gone unnoticed. However, ML models should not be treated as the result of a deductive causal test. To demonstrate the application of ML for pattern discovery, we implement ML algorithms to s...
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作者：Essman, Spenser M.; Schepker, Donald J.; Nyberg, Anthony J.; Ray, Caitlin
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：Research Summary Extant research rarely explores the relationship between executive compensation and chief executive officer (CEO) succession planning, despite practitioner claims that executive pay disparities indicate succession planning (in)effectiveness. Leveraging signaling theory, we use 830 succession events from 2010 to 2017 to show that pay disparity between the CEO and the highest paid non-CEO executive is positively related to the likelihood of outside CEO succession. Thus, boards n...
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作者：Palomeras, Neus; Wehrheim, David
作者单位：Universidad Carlos III de Madrid; University of Navarra; IESE Business School
摘要：Research Summary In this paper, we suggest that staffing decisions in R&D alliances can reduce the inherent tension between value creation and value protection faced by participating firms. By considering R&D workers a primary source of knowledge leakage, we analyze the role of their intellectual property (IP) protection in shaping the misappropriation threat posed by the partner. We rely on patent ownership and inventorship data to analyze the selection of individuals for R&D collaborations i...
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作者：Raithel, Sascha; Hock, Stefan J.
作者单位：Free University of Berlin; University of Connecticut
摘要：Research Summary Prior crisis-response literature outlines zones of conformity (i.e., response meets stakeholder expectations), underconformity (i.e., response falls short of expectations), and overconformity (i.e., response exceeds expectations). We utilize a mixed-method approach to empirically test the impact of different response strategies on customers (Study 1: experiment) and investors (Study 2: event study). We not only find empirical support that a conforming strategy outperforms both...
