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作者：Li, Shuping
作者单位：Hong Kong Polytechnic University
摘要：Research Summary: This article investigates the impact of the increase in non-family ownership in family-owned firms on CEO turnover-performance sensitivity. Longitudinal analyses based on 717 family-owned Taiwanese public firms from 1997 to 2011 demonstrate a positive relationship between CEO turnover and poor firm financial performance (or CEO turnover-performance sensitivity). This positive relationship is stronger when non-family ownership is higher in the firms. Further, the positive effe...
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作者：Tenhiala, Aino; Laamanen, Tomi
作者单位：IE University; University of St Gallen
摘要：Research Summary: This article extends prior research on the performance implications of the fit between a firm's strategic orientation and its pay system design. Whereas prior research has shown that matching the pay system design to the strategic orientation of the firm generally contributes to higher performance, most studies have examined the pay systems of the upper echelons and employees separately. Based on an analysis that accounts for both horizontal and vertical pay dispersion, we fi...
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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：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：Gartenberg, Claudine M.; Pierce, Lamar
作者单位：University of Pennsylvania; Washington University (WUSTL)
摘要：Claudine Gartenberg and Lamar Pierce were recognized as a runner up for the 2018 Ralph Gomory Best Industry Studies Paper Award.
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作者：Barney, Jay B.
作者单位：Utah System of Higher Education; University of Utah
摘要：Research Summary: Using arguments derived from transactions cost economics and incomplete contract theory, this article shows that the assumption that shareholders are a firm's only residual claimants is logically inconsistent with resource-based theory's model of profit generation. It follows from this conclusion that resource-based theory's model of profit appropriation must incorporate a stakeholder perspective. Some theoretical and empirical implications of this conclusion for resource-bas...
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作者：Fattoum-Guedri, Asma; Delmar, Frederic; Wright, Mike
作者单位：Copenhagen Business School; emlyon business school; Imperial College London
摘要：Research Summary: To prevent loss of control post-IPO, founder-CEOs can implement control-enhancing mechanisms disconnecting ownership from voting rights. However, this decision places them in a rich versus king dilemma. If they choose to implement such mechanisms and secure the king position, they risk losing money at IPO. If they choose not to implement control-enhancing mechanisms and adopt the rich position they risk losing control over the firm. We investigate theoretically and empiricall...
