12期

最新文章

• The impact of market cycle on the performance of Singapore acquirers AI翻译
  作者：Pangarkar, N; Lie, JR
  作者单位：National University of Singapore; National University of Singapore
  摘要：In this paper, we hypothesize that acquisitions undertaken during low market cycles will exhibit better performance than other acquisitions for two key reasons: lower likelihood of overpayment due to hubris and ease in implementing restructuring initiatives such as retrenchment. We define performance as the cumulative abnormal returns surrounding the acquisition event and deploy a trend-based measure for market cycle. Based on an analysis of 115 acquisitions by Singapore firms between 1990 and...
• Ownership structure and firm value: New evidence from Spain AI翻译
  作者：de Miguel, A; Pindado, J; de la Torre, C
  作者单位：University of Salamanca
  摘要：This paper provides new evidence on the way in which ownership influences firm value. Unlike previous studies, the empirical evidence obtained from our ownership concentration model supports not only the monitoring but also the expropriation effects. Additionally, the insider ownership model provides results that confirm the convergence-of-interest and the entrenchment effects, even though Spanish insiders get entrenched at higher ownership levels than their U.S. and U.K. counterparts. Copyrig...
• Are more resources always better for growth? Resource stickiness in market and product expansion AI翻译
  作者：Mishina, Y; Pollock, TG; Porac, JF
  作者单位：Michigan State University; Michigan State University's Broad College of Business; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; New York University
  摘要：We examine how managerial growth logics combine with financial and human resource slack to influence the short-term revenue growth of a sample of 112 manufacturing firms drawn from a unique database provided by the Ewing Marion Kauffman Foundation. Our results provide evidence that firms pursuing product expansion logics generally grow more slowly than firms that are not expanding their product base, but that financial slack positively moderates this relationship. We also find that human resou...
• Human capital and learning as a source of sustainable competitive advantage AI翻译
  作者：Hatch, NW; Dyer, JH
  作者单位：Brigham Young University
  摘要：This paper seeks to identify the sources of wide and persistent variations in learning performance in the semiconductor manufacturing industry. In the resource-based view of the firm, human capital is frequently assumed to contribute to competitive advantage due to its inimitability based on its intangible, firm-specific, and socially complex nature. Consistent with this view, we find that investments in firm-specific human capital have a significant impact on learning and firm performance. Mo...
• The effect of within-industry diversification on firm performance: Synergy creation, multi-market contact and market structuration AI翻译
  作者：Li, SX; Greenwood, R
  作者单位：University of Alberta
  摘要：This paper examines the effect of diversification upon intra-industry performance. We propose that intra-industry diversification promises three sets of benefits, which, separately and in combination, provide firms with a competitive advantage: synergies arising from economies of scoppe; premiums from mutual forbearance enabled by multi-market competition; and efficiencies derived from market structuration. The additive and integrative effects of the first two have not been explored. The benef...