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作者：Moatti, Valerie; Ren, Charlotte R.; Anand, Jaideep; Dussauge, Pierre
作者单位：heSam Universite; ESCP Business School; University of Pennsylvania; University of Pennsylvania; University System of Ohio; Ohio State University; Hautes Etudes Commerciales (HEC) Paris
摘要：Mergers and acquisitions (M&A) and organic growth are two common strategies to achieve horizontal growth. In this study, we disentangle two distinct sources of firm performance corresponding to different theoretical perspectives on firm size: firms' bargaining power with respect to suppliers and customers, and operating efficiency arising from scale economies. We conceptually argue and empirically show that relatively, M&A enhance bargaining power in the short term while organic growth enhance...
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作者：Schilke, Oliver; Cook, Karen S.
作者单位：University of California System; University of California Los Angeles; Stanford University
摘要：Research on the sources of organizational trustworthiness remains bifurcated. Some scholars have adopted a calculative perspective, stressing the primacy of actors' rational calculations, while others have approached trustworthiness from a relational perspective, focusing on its social underpinnings. We help to reconcile these seemingly disparate views by adopting an integrative approach that allows us to clarify the boundaries of both perspectives. Based on dyadic survey data from 171 strateg...
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作者：Feldman, Emilie R.; Montgomery, Cynthia A.
作者单位：University of Pennsylvania; Harvard University
摘要：Agency theory predicts that incentives will align agents' interests with those of principals. However, the resource-based view suggests that to be effective, the incentive to deliver must be paired with the ability to deliver. Using Fortune 500 boards as an empirical context, this study shows that the presence of directors who lack top-level experience but own large shareholdings is negatively associated with firm value, an effect that increases in the number of such directors. Firm value rise...
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作者：Luo, Xueming; Wang, Heli; Raithel, Sascha; Zheng, Qinqin
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Singapore Management University; University of Munich; Fudan University
摘要：This study posits that security analysts heed corporate social performance information and factor it into their recommendations to general investors. In particular, as corporate social performance is often uncertain and ambiguous to general investors, analysts may serve as the informational pathway connecting corporate social performance to firm stock returns. Thus, we argue that analyst recommendations mediate the relationship between corporate social performance and firm stock returns. On th...
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作者：Asmussen, Christian Geisler
作者单位：Copenhagen Business School
摘要：This paper analyzes how scale free resources, which can be acquired by multiple firms simultaneously and deployed against one another in product market competition, will be priced in strategic factor markets, and what the consequences are for the acquiring firms' performance. Based on a game-theoretic model, it shows how the impact of strategic factor markets on economic profits is influenced by product market rivalry, preexisting competitive (dis)advantages, and the interaction of acquired re...
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作者：Chen, Guoli
作者单位：INSEAD Business School
摘要：Our paper examines the initial compensation of new CEOs hired in turnaround situations. Building on prior literature on executive job demands, we posit that new CEOs hired in turnaround situations will receive higher pay, particularly higher performance-based pay, and that the pay premium will incentivize them to undertake retrenchment and restructuring turnaround initiatives. An interaction between pay premium and CEO credentials is shown to have a stronger effect on the extent to which firms...
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作者：Macher, Jeffrey T.; Mayo, John W.
作者单位：Georgetown University
摘要：This paper examines the determinants of firms' public policymaking influence. Using a novel and global database that measures firms' perceived influence over the executive and legislative branches of government, a systematic analysis of the firm-, industry-, and country-level determinants, and interrelationships among these determinants of firms' public policymaking influence is undertaken. The empirical results indicate that large firms perceive they have more public policymaking influence th...
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作者：Speckbacher, Gerhard; Neumann, Kerstin; Hoffmann, Werner H.
作者单位：Vienna University of Economics & Business; Bocconi University
摘要：When firms seek to enter a new business segment, they have to decide how to best gain access to the required resources. This paper analyzes how resource relatedness influences a firm's decision between internal development and collaborative arrangement as modes of entry. We distinguish between a firm's capacity to transfer its established resources to the new segment (resource transferability) and the integration and synergistic combination of current firm resources with target segment resourc...
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作者：Flammer, Caroline
作者单位：Western University (University of Western Ontario)
摘要：This study examines whether product market competition affects corporate social responsibility (CSR). To obtain exogenous variation in product market competition, I exploit a quasi-natural experiment provided by large import tariff reductions that occurred between 1992 and 2005 in the U.S. manufacturing sector. Using a difference-in-differences methodology, I find that domestic companies respond to tariff reductions by increasing their engagement in CSR. This finding supports the view of CSR a...
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作者：Ozer, Muammer; Zhang, Wen
作者单位：City University of Hong Kong; China Citic Bank
摘要：Addressing the inconsistent findings in the literature, we first distinguish the type of innovation and study the relationship of industrial clusters with exploitative and exploratory product innovation. Furthermore, we study how focal cluster firms' network ties with their suppliers and buyers in their clusters might moderate these relationships. Our empirical study showed that, while cluster membership enhanced firms' exploitative product innovation, it hindered their exploratory product inn...
