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作者：Goranova, Maria; Abouk, Rahi; Nystrom, Paul C.; Soofi, Ehsan S.
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; William Paterson University New Jersey
摘要：Research summary: Shareholder activism has become more widespread, yet the role of corporate governance as antecedent to shareholder activism remains equivocal. We propose a new conceptual model that characterizes the stochastic of observable shareholder activism as a compound product of two latent components representing (1) shareholder activists' propensity to target a company and (2) executives' propensity to settle activists' demands privately. Our model explicitly decouples corporate gove...
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作者：Flammer, Caroline; Luo, Jiao
作者单位：Boston University; University of Minnesota System; University of Minnesota Twin Cities
摘要：Research summary: This study examines whether companies employ corporate social responsibility (CSR) to improve employee engagement and mitigate adverse behavior at the workplace (e.g., shirking, absenteeism). We exploit plausibly exogenous changes in state unemployment insurance (UI) benefits from 1991 to 2013. Higher UI benefits reduce the cost of being unemployed and hence increase employees' incentives to engage in adverse behavior. We find that higher UI benefits are associated with highe...
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作者：Jia, Nan; Mayer, Kyle J.
作者单位：University of Southern California
摘要：Research summary: We examine the relationship between the geographic concentration of a firm's sales and the firm's vulnerability to expropriation hazards. Although expanding outside the home location can initially increase a firm's exposure to government expropriation, we find that this effect reverses when a firm's sales outside its home location have reached a point at which it has sufficient resources to better influence government actions and to pose a credible threat to exit the market i...
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作者：Mackey, Tyson B.; Barney, Jay B.; Dotson, Jeffrey P.
作者单位：Utah System of Higher Education; University of Utah; Brigham Young University
摘要：Research summary: Prior theory suggests that the performance effects of a firm's diversification strategy depend on a firm's individual resources and capabilities and the setting within which it is operating. However, prior tests of this theory have examined the average diversification-performance relationship across all firms, instead of estimating the diversification-performance relationship at the individual firm level. Efforts to estimate this average relationship are inconsistent with a c...
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作者：Madsen, Tammy L.; Walker, Gordon
作者单位：Santa Clara University; Southern Methodist University
摘要：Research summary: Juxtaposing competing theories of whether superior profits endure, this article investigates differences in the rates at which firms' profit advantages persist following a significant regulatory change in the rules governing industry competition. Such a change creates two cohorts of firms, Entrants that lack experience in the industry and Incumbents that competed in the industry before the regulatory shift. The findings show that both cohorts' profit advantages persist, but a...
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作者：Fonti, Fabio; Maoret, Massimo; Whitbred, Robert
作者单位：ESC Rennes School of Business; University of Navarra; IESE Business School; University System of Ohio; Cleveland State University
摘要：Research summary: Multi-party alliances rely on partners' willingness to commit and pool their efforts in joint endeavors. However, partners face the dilemma of how much to commit to the alliance. We shed light on this issue by analyzing the relationship between partners' free-riding-defined as their effort-withholding-and their perceptions of alliance effectiveness and peers' collaboration. Specifically, we posit a U-shaped relationship between partners' subjective evaluations of alliance eff...
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作者：Monteiro, Felipe; Birkinshaw, Julian
作者单位：INSEAD Business School; University of London; London Business School
摘要：Research summary: We study the processes through which multinational corporations (MNCs) identify and make use of external sources of knowledge. Based on a seven-year longitudinal study of one MNC's overseas scouting unit, we show how a simple one-directional channelling process gradually gave way to three higher value-added processes, labelled translating, matchmaking, and transforming. Building on these insights, we develop an integrative framework, defining the conditions under which each o...
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作者：Wasserman, Noam
作者单位：Harvard University; University of Southern California
摘要：Research summary: Does the degree to which founders keep control of their startups affect company value? I argue that founders face a control dilemma in which a startup's resource dependence drives a wedge between the startup's value and the founder's ability to retain control of decision making. I develop hypotheses about this tradeoff and test the hypotheses on a unique dataset of 6,130 American startups. I find that startups in which the founder is still in control of the board of directors...
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作者：Deb, Palash; David, Parthiban; O'Brien, Jonathan
作者单位：California State University System; California State University San Marcos; American University; University of Nebraska System; University of Nebraska Lincoln
摘要：Research summary: Cash can create shareholder value when used for adaptation to unfolding contingencies, but can also reduce value when appropriated by other stakeholders. We synthesize arguments from the behavioral theory of the firm, economic perspectives like agency theory, and the value-creation versus value-appropriation literatures to argue that the implications of cash for firm performance are context-specific. Cash is more beneficial for firms operating in highly competitive, research-...
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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...
