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作者：Kim, Changhyun; Bettis, Richard A.
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Academics, politicians, and journalists are often highly critical of U.S. firms for holding too much cash. Cash holdings are stockpiled free-cash flow and incur substantial opportunity costs from the perspectives of economics. However, behavioral theory highlights the benefits of cash holdings as fungible slack resources facilitating adaptive advantages. We use the countervailing forces embodied in these two theories to hypothesize and test a quadratic functional relationship of returns to cas...
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作者：Garcia-Sanchez, Javier; Mesquita, Luiz F.; Vassolo, Roberto S.
作者单位：Austral University; Arizona State University; Arizona State University-Tempe; Austral University
摘要：We examine the evolution of competition and entry-order advantages in markets under macroeconomic distress. Through formal modeling of early-mover advantages along industry life cycles subjected to economic shocks and based on simulation findings, we propose that such shocks exogenously induce temporary industry discontinuities that shift the relative value of distinct asset endowments, thereby switching the bases for competitive advantages vis-a-vis those found in stable contexts. A vital tra...
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作者：Yang, Yi; Narayanan, Vadake K.; De Carolis, Donna M.
作者单位：University of Massachusetts System; University of Massachusetts Lowell; Drexel University
摘要：Corporate venture capital (CVC) activity exposes firms to new technologies and markets. An important but as yet unexplored question is the relationship of the industry diversification profile of the portfolio of venture companies to corporate value creation. Insights from options and diversification perspectives support our hypothesis that diversification of a corporate investor's portfolio of venture companies is related to corporate wealth creation in a U-shaped relationship. We also propose...
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作者：Rubera, Gaia; Tellis, Gerard J.
作者单位：Bocconi University; University of Southern California
摘要：This research compares the performance of spinoffs and buyouts divested to commercialize innovations. The authors study 145 spinoffs and 121 buyouts that occurred in the United States between 1996 and 2005. Analysis provides three critical findings. First, spinoffs have higher profits in the two years after divestiture; afterwards, buyouts have higher profits. Second, strategic emphasis (investment in R&D versus marketing) is the mechanism that explains the diverging profitability of spinoffs ...
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作者：Alessandri, Todd M.; Seth, Anju
作者单位：Northeastern University; Virginia Polytechnic Institute & State University
摘要：Research has examined the effects of managerial share ownership on business diversification, typically from the incentive alignment perspective. Yet, share ownership also shifts risk to managers (the efficient managerial contracting perspective). Furthermore, the effects of managerial ownership on international diversification are unexplored. We examine how managerial ownership influences both international and business diversification in light of the trade-off between incentive alignment and ...
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作者：York, Jeffrey G.; Lenox, Michael J.
作者单位：University of Colorado System; University of Colorado Boulder; University of Virginia
摘要：The influence of institutional factors on firm entry has long interested strategy scholars. However, we have limited understanding of how the sociocultural environment, defined as the unwritten, decentralized rules of the game, influences founding rates in emergent industries; we know even less about how these noneconomic factors differentially influence entry by new entrepreneurial (de novo) firms versus diversifying incumbent (de alio) firms. Utilizing a unique dataset on entry in the green ...
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作者：Stettner, Uriel; Lavie, Dovev
作者单位：Tel Aviv University; Technion Israel Institute of Technology
摘要：Prior research on ambidexterity has limited its concern to balancing exploration and exploitation via particular modes of operation. Acknowledging the interplay of tendencies to explore versus exploit via the internal organization, alliance, and acquisition modes, we claim that balancing these tendencies within each mode undermines firm performance because of conflicting routines, negative transfer, and limited specialization. Nevertheless, by exploring in one mode and exploiting in another, i...
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作者：Walter, Sascha G.; Heinrichs, Simon; Walter, Achim
作者单位：Lancaster University; University of Kiel
摘要：Prior research has focused on the performance implications of positive or neutral parent-child relationships, but neglected negative, conflict-laden relationships. This study explores from an embeddedness perspective whether parent hostility (degree to which an incumbent firm disapproves of the spawning of a spin-out from within its ranks) affects spin-out performance and how spin-outs can effectively react to it. Analyses of 144 technology spin-outs support our arguments that spin-outs suffer...
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作者：Shen, Rui; Tang, Yi; Chen, Guoli
作者单位：Nanyang Technological University; Hong Kong Polytechnic University; INSEAD Business School
摘要：This study explores the implications of interfirm status differentials for firm behaviors in corporate takeover transactions. We argue that the more the status differential between two firms is aligned with expectations of their roles embedded in the specific economic activity, the easier it is for them to agree on the appropriate means to reach consensus on the transaction. Using the empirical context of the U.S. corporate takeover market, we found that the greater the status differential bet...
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作者：Chatain, Olivier
作者单位：University of Pennsylvania
摘要：This paper explores the interplay between product market, strategic factor market, and resource development. More competition in the product market makes resource buyers bid higher for resources, as the value of trying to preempt the resources is higher. Holding other initial conditions constant, resources are developed more in industries with factor markets than in industries without. When buyers of resources cannot integrate more than one resource, developers choose to develop either at a lo...
