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作者：Kleinbaum, Adam M.; Stuart, Toby E.
作者单位：Dartmouth College; University of California System; University of California Berkeley
摘要：In multidivisional firms, the corporate staff is central to the implementation of corporate-level strategy, but empirical evidence on its function is limited. We examine one corporate staff through e-mail analysis. We find sharp cross-sectional differences in communication patterns: staff members have networks that are larger, more integrative, and richer in structural holes. However, much of this difference is attributed to sorting processes, rather than being caused by employment in the corp...
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作者：Ahearne, Michael; Lam, Son K.; Kraus, Florian
作者单位：University of Houston System; University of Houston; University System of Georgia; University of Georgia; University of Mannheim
摘要：This article reconciles mixed findings about the performance impact of middle managers' strategy involvement. We propose that the relationship between middle managers' adaptive strategy implementationthrough upward and downward influenceand objective business performance can be curvilinear and contingent on formal and informal structures. Applying a multilevel perspective to social networks, we empirically show that reputational social capital enhances the performance impact of middle managers...
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作者：Belderbos, Rene; Tong, Tony W.; Wu, Shubin
作者单位：Maastricht University; Maastricht University; University of Colorado System; University of Colorado Boulder; Shanghai University of Finance & Economics
摘要：Multinational operations confer firms a portfolio of switching options that offer potential operating flexibility in the context of input cost variability, helping firms reduce downside risk. We suggest that two conditions may shape the relationship between multinationality and downside risk. When subadditivity is present in a firm's option portfolio, such as when the firm operates affiliates in host countries with similar labor cost developments, multinationality is less likely to reduce down...
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作者：Cheng, Beiting; Ioannou, Ioannis; Serafeim, George
作者单位：Harvard University; University of London; London Business School
摘要：We investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize that better access to finance can be attributed to (1) reduced agency costs due to enhanced stakeholder engagement and (2) reduced informational asymmetry due to increased transparency. Using a large cross-section of firms, we find that firms with better CSR performance face significantly lower capital constraints. We provide evidence that both bette...
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作者：Bridoux, Flore; Stoelhorst, J. W.
作者单位：University of Amsterdam
摘要：Instrumental stakeholder theory proposes a positive relationship between fairness toward stakeholders and firm performance. Yet, some firms are successful with an arms-length approach to stakeholder management, based on bargaining power rather than fairness. We address this puzzle by relaxing the assumption that all stakeholders care about fairness. Empirical evidence from behavioral economics and social psychology suggests that firms face a population of potential stakeholders that consists n...
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作者：Sears, Joshua; Hoetker, Glenn
作者单位：University System of Georgia; Georgia State University; Arizona State University; Arizona State University-Tempe
摘要：The performance of technological acquisitions depends heavily on the overlap between the knowledge bases of the target and acquirer. We argue that overlap is best viewed as two distinct constructs: target overlap, the proportion of the target's knowledge base that the acquirer already possesses, and acquirer overlap, the proportion of the acquirer's knowledge base duplicated by the target. Each affects the value created from the firms' technological capabilities differently due to absorptive c...
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作者：Mudambi, Ram; Swift, Tim
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Saint Joseph's University
摘要：A common perspective is that consistent R&D investment facilitates innovation, while volatile spending implies myopic decision making. However, the benefits to exploiting extant competencies eventually erode, so firms must disrupt their R&D function and explore for new competitive advantage. We suggest that high-performing firms recognize when extant competencies decline and increase exploratory R&D to develop new competencies at the appropriate time. We find that changes in R&D expenditure aw...
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作者：Yang, Haibin; Zheng, Yanfeng; Zhao, Xia
作者单位：City University of Hong Kong; University of Hong Kong; California State University System; California State University Dominguez Hills
摘要：How do small firms manage their alliance strategies with large firms? This study compares the relative impacts of exploration and exploitation alliances with large firms on small firms' valuation. Integrating the literatures on the exploration/exploitation paradigm and alliance governance, we argue that exploitation alliances with large firms will on average generate higher values for small firms than exploration alliances with large firms due to a heightened risk of appropriation in explorati...
