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作者：Humphery-Jenner, Mark; Sautner, Zacharias; Suchard, Jo-Ann
作者单位：University of New South Wales Sydney; Frankfurt School Finance & Management
摘要：Research summary: We show that private equity ownership (PE backing) of the acquirer is a signal of deal quality in cross-border takeovers. As such, PE-backed acquirers experience higher announcement returns in cross-border takeovers, but only if targets are in poor information environments. We show that PE backing is a positivemarket signal because of PE firms' experience and networks that result from prior deals in target countries. We document that the market correctly anticipates that oper...
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作者：Zhou, Yue M.; Wan, Xiang
作者单位：University of Michigan System; University of Michigan; University System of Ohio; Ohio State University
摘要：Research summary: This paper studies the coordination burden for firms that pursue variety as their main product strategy. We propose that product variety magnifies the tension between scale economies in production and scope economies in distribution, giving rise to complex sourcing relationships. Sourcing complexity worsens performance and poses a dilemma for organization design: A hierarchical structure with intermediate coordinating units such as sourcing hubs reduces sourcing complexity fo...
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作者：Schuler, Douglas A.; Shi, Wei; Hoskisson, Robert E.; Chen, Tao
作者单位：Rice University; Indiana University System; IU Kelley School of Business; Indiana University Indianapolis; Nanyang Technological University
摘要：Research summary: We contribute to the corporate political activity (CPA) literature by showing that investors value companies that host visits of high-ranking government officials (President and Premier). We argue that investors may value host official visits for two reasons: (1) the signal received about possibility of firm accessing government-controlled resources via promotion or protection; and (2) the certification effect from such high-powered visitors elevating the firm's reputation an...
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作者：Kim, Ji Youn (Rose); Steensma, H. Kevin
作者单位：University of Kentucky; University of Washington; University of Washington Seattle
摘要：Research summary: We consider conditions in which incumbent firms are particularly poised to benefit from knowledge spilling in from new ventures that employ individuals previously employed by the focal incumbent firm. We distinguish between inventors who leave their incumbent employers to found spin-outs and those who become non-founding employees of existing new ventures. Using a sample of new ventures and incumbent firms in the U.S. information technology (IT) sector, we find that incumbent...
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作者：Makino, Shige; Chan, Christine M.
作者单位：Chinese University of Hong Kong; University of Hong Kong
摘要：Research summary: Most strategic management studies adopt an average-centered view that uses the central tendency to explain between-group variation in performance (i.e., performance differences between business units, firms, industries, and countries). In this study, we explain within-group variation using a variance-centered view that focuses on the peripheral characteristics of performance distributions as defined by skew and heavy tails (i.e., variance and kurtosis). Drawing on performance...
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作者：Kulchina, Elena
作者单位：Duke University
摘要：Research summary: The entrepreneurship literature has extensively studied an individual's decision to found a new venture, but it has little to say about the individual's choice to operate this venture personally or hire an agent. This decision is particularly challenging for foreign entrepreneurs, who, in addition to traditional factors, such as agency costs and personal preferences, need to take into consideration the benefits and liabilities of foreignness. Using novel data on foreign entre...
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作者：Arend, Richard J.; Zhao, Y. Lisa; Song, Michael; Im, Subin
作者单位：University of Missouri System; University of Missouri Kansas City; Seattle University; Harbin Institute of Technology; Yonsei University
摘要：Research summary: The role of the strategic planning process in the ongoing generation of innovative knowledge is vital to the survival and growth of a firm, especially when technologies and market conditions are rapidly changing. We analyze data from a survey of firms in high-technology industries to determine whether it is possible to break the commonly experienced trade-off between strategic planning's positive influence on firm profitability and its negative influence on firm innovation. W...
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作者：Chin, M. K.; Semadeni, Matthew
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Arizona State University; Arizona State University-Tempe
摘要：Research summary: We examine the influence of CEO and compensation committee liberalism on top management teams (TMT) pay arrangements. Given that politically liberal individuals tend to value egalitarianism, we test whether firms with liberal CEOs tend to (1) reduce pay dispersion among non-CEO executives; and (2) reduce pay gaps between CEO and non-CEO executives, and whether compensation committee liberalism moderates these relationships. We find some evidence of a direct effect of CEO libe...
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作者：Panico, Claudio
作者单位：Bocconi University; Bocconi University
摘要：Research summary: This article studies strategic interactions between firms that form alliances to exploit synergistic benefits. Firms cooperate to create value, but they can also compete to capture value. Fundamental questions rarely addressed by strategy scholars relate to how the configuration of control over resources influences firms' strategies, the potential for termination, and the emergence of cooperation and trust. The formal results reveal crucial aspects of the interorganizational ...
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作者：Steinbach, Adam L.; Holcomb, Tim R.; Holmes, R. Michael, Jr.; Devers, Cynthia E.; Cannella, Albert A., Jr.
作者单位：University of South Carolina System; University of South Carolina Columbia; University System of Ohio; Miami University; University System of Ohio; Miami University; State University System of Florida; Florida State University; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Research summary: We develop and test a contingency theory of the influence of top management team (TMT) performance-contingent incentives on manager-shareholder interest alignment. Our results support our theory by showing that although TMTs engage in significantly higher levels of acquisition investment when their average incentive levels increase, investors' responses to those large investments are generally negative. More importantly, however, we further find that within-TMT incentive hete...
