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作者：Seo, Jeongil; Gamache, Daniel L.; Devers, Cynthia E.; Carpenter, Mason A.
作者单位：Sogang University; University System of Georgia; University of Georgia; University of Wisconsin System; University of Wisconsin Madison
摘要：In this study, we develop and test a theory of CEO relative pay standing. Specifically, we propose that CEOs with negative relative pay standing status (underpaid relative to comparison CEOs) will engage in acquisition activity, as a self-interested means of attempting to realign their pay with that of their peers. We further propose that, when CEOs with negative relative pay standing acquire, they will tend to finance those acquisitions more heavily with stock than cash, to mitigate the risk ...
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作者：Boudreau, Kevin J.; Jeppesen, Lars B.
作者单位：University of London; London Business School; Bocconi University
摘要：Platforms have evolved beyond just being organized as multi-sided markets with complementors selling to users. Complementors are often unpaid, working outside of a price system and driven by heterogeneous sources of motivationwhich should affect how they respond to platform growth. Does reliance on network effects and strategies to attract large numbers of complementors remain advisable in such contexts? We test hypotheses related to these issues using data from 85 online multi-player game pla...
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作者：Christensen, Dane M.; Dhaliwal, Dan S.; Boivie, Steven; Graffin, Scott D.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Arizona; Korea University; Texas A&M University System; Texas A&M University College Station; Mays Business School; University System of Georgia; University of Georgia
摘要：We investigate whether managers' personal political orientation helps explain tax avoidance at the firms they manage. Results reveal the intriguing finding that, on average, firms with top executives who lean toward the Republican Party actually engage in less tax avoidance than firms whose executives lean toward the Democratic Party. We also examine changes in tax avoidance around CEO turnovers and find corroborating evidence. Additionally, we find that political orientation is helpful in exp...
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作者：Malhotra, Shavin; Zhu, Pengcheng; Reus, Taco H.
作者单位：Toronto Metropolitan University; University of San Diego; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Anchoring is a ubiquitous heuristic by which decision makers heavily rely on a piece of information (anchor) that appears prior to a decision. Yet, we know little about its role in strategic decisions. This study considers its influence on acquisition premiums by examining whether a focal premium decision may be anchored on the premium that another firm paid for the acquisition that directly preceded the focal acquisition in the same market because it presents a salient and compatible premium ...
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作者：Fuentelsaz, Lucio; Garrido, Elisabet; Maicas, Juan P.
作者单位：University of Zaragoza
摘要：This article examines the influence of complementary resources on the performance of incumbents after a radical technological change. In investigating this relationship, we join the technological management literature and the institution-based view of strategy and maintain that the value of complementary resources is contingent on the institutional environment in which the firm operates. In particular, we submit that formal institutions, both economic and political, moderate the relationship b...
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作者：Bingham, Christopher B.; Heimeriks, Koen H.; Schijven, Mario; Gates, Stephen
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Tilburg University; University of Illinois System; University of Illinois Urbana-Champaign; Audencia
摘要：Much is known about the importance of dynamic capabilities. Yet, surprisingly little is known about how multiple dynamic capabilities might be developed in parallel, since most existing work explores a particular dynamic capability in isolation. Using rich quantitative and qualitative data on Dow Chemical's acquisitions, joint ventures, and divestitures over the past 20years, we seek to address this gap. Besides contributing by adding fresh insights about managing growth and the utility of dis...
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作者：Asmussen, Christian Geisler
作者单位：Copenhagen Business School
摘要：This paper analyzes how scale free resources, which can be acquired by multiple firms simultaneously and deployed against one another in product market competition, will be priced in strategic factor markets, and what the consequences are for the acquiring firms' performance. Based on a game-theoretic model, it shows how the impact of strategic factor markets on economic profits is influenced by product market rivalry, preexisting competitive (dis)advantages, and the interaction of acquired re...
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作者：Chen, Guoli
作者单位：INSEAD Business School
摘要：Our paper examines the initial compensation of new CEOs hired in turnaround situations. Building on prior literature on executive job demands, we posit that new CEOs hired in turnaround situations will receive higher pay, particularly higher performance-based pay, and that the pay premium will incentivize them to undertake retrenchment and restructuring turnaround initiatives. An interaction between pay premium and CEO credentials is shown to have a stronger effect on the extent to which firms...
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作者：Taussig, Markus; Delios, Andrew
作者单位：National University of Singapore
摘要：How do host country institutions influence the value of a firm's local resources? Using a novel dataset on the performance of 47 private equity (PE) firms in 49 emerging economies, we show evidence that the answer depends on the type of institution. Focusing on conditions at the time of initial investment, we find that PE firms with local origins and foreign PE firms with local experience performed better when contract enforcement institutions were weak than when they were strong. Financial de...
