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作者：Wright, P; Kroll, M; Lado, A; van Ness, B
作者单位：University of Memphis; University of Louisiana System; Louisiana Technical University; University System of Ohio; Cleveland State University; Kansas State University
摘要：In this study, we examine in an agency-theoretic context the influence of executive equity stakes upon corporate strategy and firm value. We argue that beneficial, risk-increasing corporate strategies may initially be emphasized but non-value-maximizing, risk-reducing strategies may subsequently be emphasized as managers expand their stock ownership. We alternatively contend that stock options may have a consistently positive impact on firm risk taking and acquisition returns. The empirical fi...
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作者：Hayward, MLA
作者单位：University of Texas System; University of Texas Austin
摘要：I use an organizational learning perspective to examine how the nature, performance and timing of a firm's acquisition experience helps it to learn how to select the right acquisition. I predict the performance of 214 acquisitions made by 120 firms in 6 industries between 1990 and 1995. Results show that a firm's focal acquisition performance positively relates to prior acquisitions that are a) not highly similar or dissimilar to the focal acquisition, b) associated with small losses and c) no...
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作者：Folta, TB; Miller, KD
作者单位：Purdue University System; Purdue University
摘要：We examine factors influencing the decision to acquire additional equity in partner firms in research-intensive industries. This decision involves choosing between flexibility and commitment. Option theory motivates hypotheses regarding the effects of uncertainty, valuation of developing technologies, and the threat of preemptive rivalry. Our main hypothesis is that the resolution of uncertainty for high-value technologies motivates commitment decisions. We also argue that when the underlying ...
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作者：Miller, SR; Parkhe, A
作者单位：Michigan State University; Michigan State University's Broad College of Business; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：When a company operates outside of its home country, it may suffer a `liability of foreignness.' Does this a priori theoretical expectation hold in the global banking industry? Banks increasingly compete outside of their home countries, and operating environments often differ sharply across countries, both in terms of financial markets and credit risk. In this paper, we report the results of an empirical test of the liability of foreignness in the global banking industry, using Fitch-IBCA Bank...
