-
作者：Leiponen, Aija; Helfat, Constance E.
作者单位：Dartmouth College; Cornell University
摘要：Given the inherent risk of innovative activity. firms can improve the odds of success by pursuing multiple parallel objectives. Because innovation draws on many sources of ideas, firms also may improve their odds of successful innovation by accessing a large number of knowledge sources. In this study, we conduct one of the first firm-level statistical analyses of the impact on innovation of breadth in both innovation objectives and knowledge sources. The empirical results suggest that broader ...
-
作者：Fan, Terence Ping Ching
作者单位：Singapore Management University
摘要：By definition, de novo industry ventures do not share many market-contact points with incumbents-itself an important source of competitive 'stability' through mutual forbearance. As such, these ventures are often subject to aggressive retaliation at the outset, which could threaten their very survival. In this study, the notion of an arch incumbent is developed, hyPothesizing that, in general, a large market overlap with an incumbent lowers the survival odds of a de novo entrant. However, a la...
-
作者：Goranova, Maria; Dharwadkar, Ravi; Brandes, Pamela
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; Syracuse University
摘要：Using a corporate governance lens, this study considers owners with a stake in both the acquiring and the target firms in the context of mergers and acquisitions. A possible agency problem arises with regard to monitoring implications as managers may be able to take advantage of compromised monitoring because overlapping owners may focus on the aggregate value for both the acquiring and the target firms and nonoverlapping owners may be interested only in the acquirer's side of the deal. The re...
-
作者：Cassar, Gavin
作者单位：University of Pennsylvania
摘要：This research examines the rationality of the expectations of nascent entrepreneurs. Consistent with conjectures regarding entry into self-employment, I find substantial overoptimism in nascent entrepreneurs' expectations, in that they overestimate the probability that their nascent activity will result in an operating venture. Further, for those ventures that achieve operation, individuals overestimate the expected future sales and employment. To explain variations in overoptimism, I posit th...
-
作者：Arikan, Asli M.; McGahan, Anita M.
作者单位：University System of Georgia; Georgia State University; University of Toronto
摘要：This research explores evidence of corporate capabilities for conducting acquisition and alliance deals in young firms. We hypothesize that investors conjecture about the future based on information about a firm's capabilities. Each successive deal carries intrinsic value, creates experience, generates feedback, and yields information about the firm's underlying capabilities. We evaluate whether stock prices impute expectations that firms will capably pursue particular programs of acquisitions...
-
作者：Chen, Eric L.; Katila, Riitta; McDonald, Rory; Eisenhardt, Kathleen M.
作者单位：Stanford University; Halozyme
摘要：Prior work examines competitive moves in relatively stable markets. In contrast, we focus on less stable markets where competitive advantages are temporary and R&D moves are essential. Using evolutionary search theory and an experiential simulation with in-depth fieldwork, we find that the relationship between performance and subsequent competitive moves depends on the type of market, not just on whether performance is high or low. High performers seek to maintain status quo, but this requires...
-
作者：Powell, Thomas C.; Reinhardt, Ingo
作者单位：University of Oxford; University of Oxford; University of Cologne
摘要：We present an ordinal method for studying persistence in firm profitability. The method is based on the degree of stability in a ranked performance distribution over time. The method gives a numerical index of rank friction (Rf) that can be applied to any ranked data over any period of time. Rf is nonparametric and can be used to test theoretical assumptions in strategic management. We illustrate the method in an empirical study of 40 years of profit data in 12 industries. Copyright (C) 2010 J...
-
作者：Dushnitsky, Gary; Shapira, Zur
作者单位：University of London; London Business School; New York University
摘要：This paper investigates the effect of compensation of corporate personnel on their investment in new technologies. We focus on a specific corporate activity, namely corporate venture capital (CVC), describing minority equity investment by established-firms in entrepreneurial ventures. The setting offers an opportunity to compare corporate investors to investment experts, the independent venture capitalists (IVCs). On average, we observe a performance gap between corporate investors and their i...
-
作者：Qian, Gongming; Khoury, Theodore A.; Peng, Mike W.; Qian, Zhengming
作者单位：Oregon State University; Chinese University of Hong Kong; University of Texas System; University of Texas Dallas; Xiamen University
摘要：Engaging the debate regarding the appropriate level of geographic diversification for multinational enterprises (MNEs), we examine a critical, yet unresolved, question: How is performance impacted by the MNE's level of intra- and inter-regional diversification versus the total level of geographic diversification? Using data from 123 U.S.-based MNEs over a seven-year period and leveraging both sales-based and subsidiary-based measures for diversification, we find that performance increases at a...
-
作者：Lev, Baruch; Petrovits, Christine; Radhakrishnan, Suresh
作者单位：New York University; University of Texas System; University of Texas Dallas
摘要：This study examines the impact of corporate philanthropy growth on sales growth using a large sample of charitable contributions made by U.S. public companies from 1989 through 2000. Applying Granger causality tests, we find that charitable contributions are significantly associated with future revenue, whereas the association between revenue and future contributions is marginally significant at best. We then identify the mechanism underlying our findings. Our results are particularly pronounc...
