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作者：Jiang, Han; Jia, Nan; Bai, Tao; Bruton, Garry D.
作者单位：Tulane University; Tsinghua University; University of Southern California; University of Queensland; Texas Christian University; Jilin University; Sun Yat Sen University
摘要：Research Summary We develop a political path dependence model that integrates the network embeddedness perspective and the literature on corporate political strategy to understand how firms adapt their political connections when anticorruption efforts lead to the turnover of government officials. We posit that although firms that have close associations with ousted corrupt officials can benefit from both removing existing political connections (cleaning house) and developing new connections wi...
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作者：Zhang, Yan Anthea; Chen, Zhuo Emma; Wang, Yuandi
作者单位：Rice University; American University; Sichuan University
摘要：Research Summary Patent collateral is an important aspect in the debt financing of firms. We argue that in accepting patent collaterals, lenders need to balance between risk of obsolescence and risk of unverified external inventions, both of which are related to patents' external technology linkage. Patents linked to old external inventions are subject to risk of obsolescence while patents linked to too new external inventions are subject to risk of unverified external inventions, and therefor...
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作者：Park, Sun Hyun; Chung, Sung Hun (Brian); Rajagopalan, Nandini
作者单位：Seoul National University (SNU); Rice University; University of Southern California
摘要：Research Summary Chief executive officers (CEOs) often make internal attributions of positive firm performance outcomes by highlighting their strategic choices as the cause of favorable performance results. We investigate the dynamic consequences of CEO internal performance attributions along a CEO's tenure. CEO internal attributions create an expectation that favorable firm performance will continue under the CEO's leadership. When firm performance turns negative, however, financial analysts ...
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作者：Gai, Shelby L.; Cheng, J. Yo-Jud; Wu, Andy
作者单位：Michigan State University; Michigan State University's Broad College of Business; University of Virginia; Harvard University
摘要：Research Summary Our study introduces board committees as a crucial determinant of board actions. We examine how directors who structurally link different board committees-referred to as multi-committee directors (MCDs)-explain why some board actions are merely symbolic while others are more substantive. As a baseline, we argue that boards in general respond to financial restatements at peer firms by symbolically appointing new directors who are relatively inexperienced and unlikely to have a ...
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作者：Wibbens, Phebo D.
作者单位：INSEAD Business School
摘要：Research Summary This article introduces a formal model of long-term resource dynamics under uncertainty. The model demonstrates the importance of competitive amplification for the emergence of sustained performance heterogeneity. In some markets, small differences in resource positions tend to amplify over time into large performance differences. The model predicts that this amplification and the resulting performance heterogeneity are largest in markets where firms compete for critical resou...
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作者：Gligor, David M.; Novicevic, Millorad; Feizabadi, Javad; Stapleton, Andrew
作者单位：University of Mississippi; Massachusetts Institute of Technology (MIT); University of Wisconsin System
摘要：Research summary: The authors investigated investor reactions to the appointment of Black executives. The results indicate that investors respond: (1) more negatively to the announcement of Black CEO appointments than to White CEO appointments, (2) more negatively to the announcement of the Black top management team (TMT) appointments than to White TMT appointments, (3) more negatively to the announcement of Black CEO appointments than to Black TMT appointments, and (4) more negatively to the ...
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作者：Flammer, Caroline; Toffel, Michael W.; Viswanathan, Kala
作者单位：Boston University; Harvard University; Harvard University
摘要：Research Summary This article examines whether-in the absence of mandated disclosure requirements-shareholder activism can elicit greater disclosure of firms' exposure to climate change risks. We find that environmental shareholder activism increases the voluntary disclosure of climate change risks, especially if initiated by institutional investors, and even more so if initiated by long-term institutional investors. We also find that companies that voluntarily disclose climate change risks fo...
