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作者：Guo, W.
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作者：Jia, Nan; Shi, Jing; Wang, Yongxiang
作者单位：University of Southern California; Shandong University of Finance & Economics; Macquarie University; University of Southern California
摘要：Research SummaryProtecting minority shareholders is a central issue in corporate governance. A common tool of empowering minority shareholders is to curb controlling shareholders' power of expropriating firm value, but this approach was rarely successful because of the resistance from powerful controlling shareholders. We examine an alternative way of empowering minority shareholders without directly fighting with controlling shareholders. A major corporate governance reform in China gave mino...
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作者：Hawn, Olga; Chatterji, Aaron K.; Mitchell, Will
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Duke University; University of Toronto
摘要：Research Summary: Research exploring investor reactions to sustainability has substantial empirical limitations, which we address with a large-scale longitudinal financial event study of the first global sustainability index, DJSI World. We examine investor reactions to firms from 27 countries over 17years that are added, deleted, or continue on the index. We find that once relevant controls and comparisons to observationally equivalent firms beyond the index are included, DJSI events have onl...
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作者：Ceccagnoli, Marco; Higgins, Matthew J.; Kang, Hyunsung D.
作者单位：University System of Georgia; Georgia Institute of Technology; National Bureau of Economic Research
摘要：Research Summary: We apply real options (RO) theory to understand the role of corporate venture capital (CVC) investments and its relationship with internal R&D capabilities in supporting the acquisition of external technologies. We formulate hypotheses about key drivers of the option value of CVC and the decision to exercise the RO using a dyadic dataset of global pharmaceutical firms and their biotech partners. Our findings suggest that the option value of CVC is higher for investors with we...
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作者：Cui, Victor; Yang, Haibin; Vertinsky, Ilan
作者单位：University of Manitoba; City University of Hong Kong; University of British Columbia
摘要：This study contributes to the literature on strategic alliances by examining the impact of collaboration on competition between partners in product markets. We integrate the alliance learning and social network perspectives to examine how different combinations of exploratory and exploitative alliances between a firm and its partner influence the firm's competition against its partner in product markets. Using a longitudinal dataset collected in the U.S. pharmaceutical industry (1984-2003), we...
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作者：Garg, Pranav; Zhao, Minyuan
作者单位：Stevens Institute of Technology; University of Pennsylvania
摘要：Research Summary: Research on knowledge sourcing has generally treated firms as monolithic entities, even though firms most active in knowledge sourcing often comprise heterogeneous divisions, each possessing specialized knowledge and facing unique market prospects. This study examines how heterogeneity across divisions affects knowledge sourcing by multidivisional firms. We argue that firms source more early-stage knowledge, whose market prospects are highly uncertain, for low-performing divi...
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作者：Pan, Lingling; McNamara, Gerry; Lee, Jennifer J.; Haleblian, Jerayr (John); Devers, Cynthia E.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Michigan State University; Michigan State University's Broad College of Business; University of California System; University of California Riverside; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Research Summary: Building on the communications and linguistics literatures, we explore the language attributes managers use in interactions with investors and the subsequent reactions of investors. Specifically, we hypothesize that top managers' use of concrete language attributes in communication with investors broadly associates with positive investor reactions. We further posit that this relationship will be moderated by the level of firm risk. Our results support our hypotheses and, thus...
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作者：Flammer, Caroline
作者单位：Boston University
摘要：Research Summary: This study examines whether corporate social responsibility (CSR) improves firms' competitiveness in the market for government procurement contracts. To obtain exogenous variation in firms' social engagement, I exploit a quasi-natural experiment provided by the enactment of state-level constituency statutes, which allow directors to consider stakeholders' interests when making business decisions. Using constituency statutes as instrumental variable (IV) for CSR, I find that c...
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作者：Rhee, Luke; Leonardi, Paul M.
作者单位：New York University; New York University Tandon School of Engineering; University of California System; University of California Santa Barbara
摘要：Research Summary: This study introduces the notion of attention allocation in networks to argue that individuals with different types of network structure produce good ideas via different pathways. Using survey data on communication networks at a software company, we find that people with highly constrained networks generate good ideas by following a logic of interrogation, by which they focus their attention on information from a particular contact. Conversely, individuals with less constrain...
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作者：Gandal, Neil; Markovich, Sarit; Riordan, Michael H.
作者单位：Tel Aviv University; Northwestern University; Columbia University
摘要：Research Summary: We examine the importance of office suites for the evolution of the personal computer (PC) office software market in the 1990s. An estimated discrete-choice model reveals a positive correlation of consumer values for spreadsheets and wordprocessors, a bonus value for suites, and advantages for Microsoft products. We employ the estimates to simulate various hypothetical market structures to evaluate the profitability, welfare, and competitive effects of suites under alternativ...
