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作者：Belderbos, Rene; Tong, Tony W.; Wu, Shubin
作者单位：Maastricht University; Maastricht University; University of Colorado System; University of Colorado Boulder; Shanghai University of Finance & Economics
摘要：Multinational operations confer firms a portfolio of switching options that offer potential operating flexibility in the context of input cost variability, helping firms reduce downside risk. We suggest that two conditions may shape the relationship between multinationality and downside risk. When subadditivity is present in a firm's option portfolio, such as when the firm operates affiliates in host countries with similar labor cost developments, multinationality is less likely to reduce down...
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作者：Alcacer, Juan; Chung, Wilbur
作者单位：Harvard University; University System of Maryland; University of Maryland College Park
摘要：Because agglomeration economies may create competitive advantage and each location has a unique array of agglomeration economies, where should firms locate? We combine fundamental economic and strategy concepts to: (1) determine when firms must locate proximately to access factor pools; (2) show that factor pools controlled by fewer firms are less useful to new entrants; and (3) demonstrate that certain firms risk aiding competitors when contributing to efficient factor pools. We find support ...
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作者：Marcel, Jeremy J.; Cowen, Amanda P.
作者单位：University of Virginia
摘要：Boards experience elevated levels of turnover among outside directors following financial fraud. Scholars have proposed two mechanisms that may drive this turnover. The first views turnover as part of a board's efforts to repair organizational legitimacy and avert resource withdrawal. The second argues that turnover is a byproduct of individual directors' efforts to safeguard their own reputations and mitigate professional devaluation. We use data on director departures following 63 fraud even...
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作者：Patel, Pankaj C.; Fernhaber, Stephanie A.; McDougall-Covin, Patricia P.; van der Have, Robert P.
作者单位：Ball State University; Butler University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; VTT Technical Research Center Finland; Aalto University
摘要：Being able to launch new products internationally is critical for technology-based ventures to recoup the high costs of R&D and to exploit their innovations fully. Despite the widely recognized importance of networks within the innovation development process, there appear to be contrasting viewpoints as to whether local or foreign network partners contribute more in the race to internationalize. Drawing on the theoretical underpinnings of comparative advantage, we propose and empirically confi...
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作者：Hambrick, Donald C.; Quigley, Timothy J.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Georgia; University of Georgia
摘要：We introduce multiple refinements to the standard method for assessing CEO effects on performance, variance partitioning methodology, more accurately contextualizing CEOs' contributions. Based on a large 20-year sample, our new 'CEO in Context' technique points to a much larger aggregate CEO effect than is obtained from typical approaches. As a validation test, we show that our technique yields estimates of CEO effects more in line with what would be expected from accepted theory about CEO inf...
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作者：Reuer, Jeffrey J.; Klijn, Elko; Lioukas, Constantinos S.
作者单位：Purdue University System; Purdue University; Vrije Universiteit Amsterdam; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：The last two decades have witnessed substantial scholarly interest in corporate boards, yet little research has been devoted to boards of international joint ventures (IJVs). We combine the corporate governance and alliance governance literatures in order to study this important ex post governance mechanism for IJVs. We identify a fundamental tension inherent in IJVs, which arises from the unique features of this organizational form and influences the level of involvement by their boards. Inte...
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作者：Fremeth, Adam R.; Shaver, J. Myles
作者单位：Western University (University of Western Ontario); University Western Ontario Hospital; University of Minnesota System; University of Minnesota Twin Cities
摘要：It is well documented that firms respond to regulations in their home jurisdictions. We present hypotheses that firms also respond to regulations in jurisdictions where they do not operate. We examine renewable-power provision in the U.S. electric utility sector between 2001 and 2006, and find that firms adopt more renewable-power generation when their peers (i.e., firms in the same regulatory jurisdiction) face greater renewable-power standards in other jurisdictions. The underlying mechanism...
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作者：Kulchina, Elena
作者单位：Duke University
摘要：Emphasizing the importance of informed location choice, prior strategy research has examined how private information about locations affects foreign direct investment. Publicly available media information has received little attention, however, perhaps because its impact on location choice is expected to be trivial. This study examines the relationship between the extent of a location's media coverage and the number of entering foreign firms in Russia, using a novel instrumental variable for m...
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作者：Cheng, Beiting; Ioannou, Ioannis; Serafeim, George
作者单位：Harvard University; University of London; London Business School
摘要：We investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize that better access to finance can be attributed to (1) reduced agency costs due to enhanced stakeholder engagement and (2) reduced informational asymmetry due to increased transparency. Using a large cross-section of firms, we find that firms with better CSR performance face significantly lower capital constraints. We provide evidence that both bette...
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作者：Yang, Yi; Narayanan, Vadake K.; De Carolis, Donna M.
作者单位：University of Massachusetts System; University of Massachusetts Lowell; Drexel University
摘要：Corporate venture capital (CVC) activity exposes firms to new technologies and markets. An important but as yet unexplored question is the relationship of the industry diversification profile of the portfolio of venture companies to corporate value creation. Insights from options and diversification perspectives support our hypothesis that diversification of a corporate investor's portfolio of venture companies is related to corporate wealth creation in a U-shaped relationship. We also propose...
