-
作者：Taussig, Markus; Delios, Andrew
作者单位：National University of Singapore
摘要：How do host country institutions influence the value of a firm's local resources? Using a novel dataset on the performance of 47 private equity (PE) firms in 49 emerging economies, we show evidence that the answer depends on the type of institution. Focusing on conditions at the time of initial investment, we find that PE firms with local origins and foreign PE firms with local experience performed better when contract enforcement institutions were weak than when they were strong. Financial de...
-
作者：Obloj, Tomasz; Zemsky, Peter
作者单位：Hautes Etudes Commerciales (HEC) Paris; INSEAD Business School
摘要：We combine the formalism of a principal-agent framework with a value-based analysis in order to investigate the micro-foundations of business partner selection and the division of value in contracting relationships. In particular, we study how the key contracting parameters such as efficiency, transactional integrity, incentive alignment, and gaming affect outcomes when buyers face competing suppliers. We show that integrity and efficiency increase value creation and capture for all parties an...
-
作者：Zhou, Nan; Guillen, Mauro F.
作者单位：China Minsheng Banking; University of Pennsylvania
摘要：We argue that the influence of the home country wanes as the firm increases its geographic reach. We introduce the concept of the home base to capture the effect of the set of countries in which the firm operates. We expect the dynamic liability of foreignness defined relative to the home base to be a better predictor than the static liability of foreignness defined relative to the home country. We also expect the diversity of foreign experience to increase foreign market entry. We find suppor...
-
作者：Ellsaesser, Florian; Tsang, Eric W. K.; Runde, Jochen
作者单位：University of Texas System; University of Texas Dallas; University of Cambridge
摘要：We assess a recent paper by Durand and Vaara (2009) that advances causal graph modeling as a tool for inferring causes in strategy research. We focus on the Markov condition, a key assumption on which causal graph modeling is based, and show why this condition is invariably violated in strategic management in general and the resource-based view of the firm in particular. We then introduce vector space modeling as a quantitative alternative to causal graph modeling, and consider how improved me...
-
作者：Patel, Pankaj C.; Cooper, Danielle
作者单位：Ball State University; University of North Texas System; University of North Texas Denton
摘要：Drawing on theoretical underpinnings of approach-avoidance motivation and CEO narcissism, we provide a framework examining stronger approach focus (motivation towards desirable outcomes) and weaker avoidance focus (motivation away from undesirable outcomes) in narcissistic CEOs using a quasi-natural experimental settingthe economic crisis beginning in 2007. Because highly narcissistic CEOs possess lower avoidance motivation in the precrisis period, their firms face greater declines in the onse...
-
作者：Menz, Markus; Scheef, Christine
作者单位：University of St Gallen
-
作者：Datta, Sudip; Iskandar-Datta, Mai
作者单位：Wayne State University
摘要：This study extends current knowledge of upper echelon executive compensation beyond the CEO, specifically CFO compensation, based on whether they possess generalist or specialist skills. We find that strategic CFOs with an elite MBA (generalist) consistently command a compensation premium, while accounting CFOs (specialist) and CFOs with a non-MBA master's degree, even from an elite institution, do not. Further, scarce strategic CFOs are awarded both higher salaries and higher equity-based com...
-
作者：Kleinbaum, Adam M.; Stuart, Toby E.
作者单位：Dartmouth College; University of California System; University of California Berkeley
摘要：In multidivisional firms, the corporate staff is central to the implementation of corporate-level strategy, but empirical evidence on its function is limited. We examine one corporate staff through e-mail analysis. We find sharp cross-sectional differences in communication patterns: staff members have networks that are larger, more integrative, and richer in structural holes. However, much of this difference is attributed to sorting processes, rather than being caused by employment in the corp...
-
作者：Fitza, Markus A.
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Newcastle
摘要：Variance decomposition analysis is often used to examine the degree to which CEOs influence their companies' performance (the so-called CEO effect). Such studies play an important role in a body of literature that investigates the effect of leadership on organizations. In this paper, I argue that these previous studies have an important underlying flaw. Empirically, these studies wrongly attribute the performance effect of randomness-of chance-to the CEO. I demonstrate how randomness can affec...
-
作者：Etzion, Dror; Pe'er, Aviad
作者单位：McGill University; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick
摘要：Often, signaling research in the strategy and economics literature postulates the existence of an ostensible signal and then empirically tests its veracity, utilizing cross-sectional data. We argue that this static approach does not allow researchers to fully incorporate the concept of equilibrium in their analysis, thereby potentially violating a key axiom of signaling theory. We propose that a dynamic analysis of signals can address this omission, and then conduct such an analysis. We use em...
