-
作者：Reitzig, Markus; Sorenson, Olav
作者单位：University of Vienna; Yale University
摘要：We propose that the failure to adopt an idea or innovation can arise from an in-group bias among employees within an organizational subunit that leads the subunit's members to undervalue systematically ideas associated with members of the organization outside their subunit. Such biases in internal selection processes can stymie organizational adaptation and therefore depress the performance of the firm. Analyzing data on innovation proposals inside a large, multinational consumer goods firm, w...
-
作者：De Figueiredo, Rui J. P.; Meyer-Doyle, Philipp; Rawley, Evan
作者单位：University of California System; University of California Berkeley; INSEAD Business School; Columbia University
摘要：This paper studies inherited agglomeration effects, which we define as human capital that managers acquire while working in an industry hub that may be transferred to a spinoff. We test for inherited agglomeration effects in the hedge fund industry and find that hedge fund managers who previously worked in New York and London outperform their peers by about one percent per year. The results are driven by managers who worked in investment management positions previously, and are at least as lar...
-
作者：Castaner, Xavier; Kavadis, Nikolaos
作者单位：University of Lausanne; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Building on and extending prior research, we propose a comprehensive framework which posits that free cash flow moderates the impact of corporate governance on financial diversification. We argue that because it increases CEO perceived risk, alignment devices increase rather than decrease financial diversification. In a sample of 59 publicly traded French corporations during 2000-2006, we show that financial diversification negatively impacts shareholder return and firm value. We obtain suppor...
-
作者：Desender, Kurt A.; Aguilera, Ruth V.; Crespi, Rafel; Garcia-cestona, Miguel
作者单位：Universidad Carlos III de Madrid; University of Illinois System; University of Illinois Urbana-Champaign; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); Universitat de les Illes Balears; Autonomous University of Barcelona
摘要：We develop a contingency approach to explain how firm ownership influences the monitoring function of the boardmeasured as the magnitude of external audit fees contracted by the boardby extending agency theory to incorporate the resource dependence notion that boards have distinct incentives and abilities to monitor management. Analyses of data on Continental European companies reveal that while board independence and audit services are complementary when ownership is dispersed, this is not th...
-
作者：Zhu, David H.
作者单位：Arizona State University; Arizona State University-Tempe
摘要：This study investigates how a fundamental group decision-making bias referred to as group polarization can influence boards' acquisition premium decisions. The theory suggests that when prior premium experience would lead directors on average to support a relatively high premium prior to board discussions, they will support a focal premium that is even higher after discussions; but when directors' prior premium experience would lead them on average to support a relatively low premium prior to ...
-
作者：Hsu, David H.; Ziedonis, Rosemarie H.
作者单位：University of Pennsylvania; University of Oregon
摘要：Why and how do resources provide sources of competitive advantage? This study sheds new light on this central question of resource-based theory by allowing a single resourceentrepreneurial-firm patentsto play distinctive roles in different competitive arenas. As rights to exclude others, patents serve a well-known role as legal safeguards in product markets. As quality signals, patents also could improve access and the terms of trade in factor input markets. Based on the financing activities o...
