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作者：Aggarwal, Vikas A.; Posen, Hart E.; Workiewicz, Maciej
作者单位：INSEAD Business School; University of Wisconsin System; University of Wisconsin Madison; ESSEC Business School
摘要：Research summary>: We take a microfoundational approach to understanding the origin of heterogeneity in firms' capacity to adapt to technological change. We develop a computational model of individual-level learning in an organizational setting characterized by interdependence and ambiguity. The model leads to organizational outcomes with the canonical properties of routines: constancy, efficacy, and organizational memory. At the same time, the process generating these outcomes also produces h...
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作者：Withers, Michael C.; Fitza, Markus A.
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Newcastle
摘要：Research summary: We use a variance decomposition methodology to assess the degree to which board chairs may influence their companies' performance. To isolate the board chair effect, we focus on firms in which the CEO and board chair positions are separated. Using a U.S. sample of 6,290 firm-year observations representing 1,828 board chairs in 308 different industries, our results indicate that the board chair effect is substantial at about nine percent. Drawing on resource dependency theory,...
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作者：Qian, Cuili; Wang, Heli; Geng, Xuesong; Yu, Yangxin
作者单位：City University of Hong Kong; Singapore Management University; City University of Hong Kong
摘要：A firm's strategic investments in knowledge-based assets through research and development (R&D) can generate economic rents for the firm, and thus are expected to affect positively a firm's financial performance. However, weak protection of minority shareholders, weak property rights, and ineffective law enforcement can allow those rents to be appropriated disproportionately by a firm's powerful insiders such as large owners and top managers. Recent data on Chinese publicly listed firms during...
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作者：Blake, Daniel J.; Moschieri, Caterina
作者单位：IE University
摘要：Research summary: In this article, we investigate the firm-specific environment and its impact on firm strategy focusing on adverse changes in the policy environment and their effect on divestitures. We argue that experiencing a negative change in the firm-specific policy environment causes firms to reassess their exposure to policy risk and their ability to manage their policy environment, making them more likely to divest. Operationalizing negative shifts in the firm-specific policy environm...
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作者：Lyngsie, Jacob; Foss, Nicolai J.
作者单位：Copenhagen Business School; Norwegian School of Economics (NHH)
摘要：Research summary: We study the association between firms' entrepreneurial outcomes and their gender composition. Though highly topical, there is little solid empirical knowledge of this issue, which calls for an inductive approach. We match a paired-respondent questionnaire survey with population-wide employer-employee data, and find evidence that the presence of female top managers is positively related to entrepreneurial outcomes in established firms. Yet, this relation is conditional on the...
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作者：Elfenbein, Daniel W.; Knott, Anne Marie; Croson, Rachel
作者单位：Washington University (WUSTL); University of Texas System; University of Texas Arlington
摘要：Research summary: Exit delay is an important problem for entrepreneurs and managers alike, yet relatively little is known about its causes. We conduct a laboratory experiment in which optimal exit is well defined, and in which a treatment group with equity stakes-the actual cash flows of a firm and decision rights over its continuation-is compared to a control group whose compensation is based solely on its assessment of the firm's profitability. While treatment group participants make exit de...
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作者：Park, U. David; Borah, Abhishek; Kotha, Suresh
作者单位：University of Washington; University of Washington Seattle; University of Washington; University of Washington Seattle
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作者：Shiu, Yung-Ming; Yang, Shou-Lin
作者单位：National Chengchi University; Da Yeh University
摘要：Research summary: This study examines whether the stock and bond prices of firms engaging in corporate social responsibility (CSR) can benefit from insurance-like effects during occurrences of negative events. Our results suggest that in the face of negative events, engagement in CSR on a continuous, long-term basis provides insurance-like effects on both the stock and bond prices of firms. Nevertheless, the effects are found to quickly disappear following the occurrence of a second, or subseq...
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作者：Toh, Puay Khoon; Miller, Cameron D.
作者单位：University of Texas System; University of Texas Austin; University of Minnesota System; University of Minnesota Twin Cities
摘要：Research summary: Within an ecosystem, standard setting coordinates development of complementary technologies across firms. But each firm can itself own multiple of these complementary technologies. We study how a firm's own complementary technologies influence its disclosure inclination during standard setting. We identify a tradeoff: disclosure increases value-creation of the firm's non-disclosed complementary technologies, but also heightens expropriation risk. Using data on the U.S. commun...
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作者：Riley, Shawn M.; Michael, Steven C.; Mahoney, Joseph T.
作者单位：Pennsylvania State System of Higher Education (PASSHE); Kutztown University - Pennsylvania; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Research summary: This article empirically examines the economic value to firms of investing in the training of their employees and firm-level factors that influence how much the firms benefit. Event study methodology is used to obtain a measure of the economic impact of information regarding a firm's human capital management investments and policies. Subsequent regression analyses are then used to test hypotheses regarding possible complementary relationships between firm-level factors and hu...
