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作者：Jalonen, Kari; Schildt, Henri; Vaara, Eero
作者单位：Aalto University; Hanken School of Economics; Aalto University; emlyon business school; Lancaster University
摘要：Research Summary: The purpose of this article is to illuminate the role of concepts in strategic sensemaking. Based on a longitudinal real-time study of a city organization, we demonstrate how the concept of self-responsibility played a crucial role in strategic sensemaking. We develop a theoretical model that elucidates how strategic concepts are used in meaning-making, and how such concepts may be mobilized for the legitimation of strategic change. Our main contribution is to offer strategic...
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作者：Albino-Pimentel, Joao; Dussauge, Pierre; Shaver, J. Myles
作者单位：University of South Carolina System; University of South Carolina Columbia; Hautes Etudes Commerciales (HEC) Paris; University of Minnesota System; University of Minnesota Twin Cities
摘要：Research Summary: We investigate the extent to which firms rely on supranational institutional safeguards versus their non-market capabilities to offset the risks of investing abroad. We argue that firms with non-market capabilities are insensitive to supranational institutional safeguards when choosing the location of their international investments. We show that supranational agreements between an investor's home and host nation, operationalized as bilateral investment treaties (BITs), incre...
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作者：Lee, Joon Mahn; Park, Jung Chul; Folta, Timothy B.
作者单位：Korea University; State University System of Florida; University of South Florida; University of Connecticut
摘要：Research Summary: Combining studies on real options theory and economic short-termism, we propose that, depending on CEOs' career horizons, CEOs have heterogeneous interests in strategic flexibility, and thus, have different incentives to make real options investments. We argue that compared to CEOs with longer career horizons, CEOs with shorter career horizons will be less inclined to make real options investments because they may not fully reap the rewards during their tenure. In addition, w...
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作者：Chen, Siwen; Feldman, Emilie R.
作者单位：University of Pennsylvania
摘要：Research Summary: This study analyzes how the divestitures that are impelled by activist investors in their campaigns against public corporations affect shareholder value. Using hand-collected data on the activist campaigns that were launched against and the divestitures that were undertaken by Fortune 500 companies between 2007 and 2015, we find that activist-impelled divestitures are more positively associated with immediate and longer-term measures of shareholder value than comparable manag...
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作者：Eberhart, Robert N.; Eesley, Charles E.
作者单位：Santa Clara University; Stanford University
摘要：Research Summary: Our study shows how institutional intermediaries established to foster the creation of new firms might hinder new firm growth instead. We show that intermediaries can reduce new firm growth rates due to institutional conflict. To analyze this idea, we examine the setting of junior stock exchanges, which are commonly formed to facilitate entrepreneurial growth. The introduction of these exchanges focused investment into new technology firms, reduced investment in other sectors...
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作者：Kang, Ribuga; Zaheer, Akbar
作者单位：Chinese University of Hong Kong; University of Minnesota System; University of Minnesota Twin Cities
摘要：Research Summary: We ask if managerial opportunism is a significant problem in alliance partner choice and examine the role of corporate governance mechanisms in explaining this choice. Using a sample of 313 alliances of U.S. firms from the pharmaceutical and biotechnology industries from 1992 to 2010, we find that managerial incentives lead to managerial preference for relationally risky distant partners over existing and new close partners. Further, board monitoring encourages managers to pu...
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作者：Zhu, Feng; Liu, Qihong
作者单位：Harvard University; University of Oklahoma System; University of Oklahoma - Norman
摘要：Research Summary: Platform owners sometimes enter complementors' product spaces and compete against them. Using data from to study Amazon's entry pattern into third-party sellers' product spaces, we find that Amazon is more likely to target successful product spaces. We also find that Amazon is less likely to enter product spaces that require greater seller efforts to grow, suggesting that complementors' platform-specific investments influence platform owners' entry decisions. While Amazon's e...
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作者：Hornstein, Abigail S.; Zhao, Minyuan
作者单位：Wesleyan University; University of Pennsylvania
摘要：Research Summary: Corporate philanthropy has long been recognized as an important part of multinational strategy, yet we know relatively little how charitable giving is allocated across countries. Using a sample of 208 U.S.-based corporate foundations from 1993 to 2008, we find that the foundations give more in countries with opaque institutional environments, but they do so through international intermediaries. They also give more when the funding firms have new entries in countries with weak...
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作者：Schulz, Ann-Christine; Wiersema, Margarethe F.
作者单位：University of California System; University of California Irvine
摘要：Research Summary: We propose that due to financial market pressures, managers are forward-looking in their search and decision processes and focus on meeting performance targets set by the financial community. Using panel data on S&P 100 companies, we find that pressure felt by management to meet the analyst consensus earnings estimate influences the extent of corporate downsizing. Moreover, our results show that high levels of institutional investor stock ownership and CEO power attenuate man...
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作者：Luo, Jiao; Kaul, Aseem; Seo, Haram
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：Research Summary: We study the use of corporate philanthropy as a form of reputation insurance, developing a formal model of such insurance to examine how the terms of insurance in equilibrium change under different assumptions about the firm and its stakeholders. We then test the predictions from this model in the U.S. petroleum industry and find that philanthropic donations offer insurance-like benefits, but are also positively associated with subsequent oil spills-firms that give more, spil...
