Strategic Management Journal

最新文章

• The impact of market cycle on the performance of Singapore acquirers AI翻译
  作者：Pangarkar, N; Lie, JR
  作者单位：National University of Singapore; National University of Singapore
  摘要：In this paper, we hypothesize that acquisitions undertaken during low market cycles will exhibit better performance than other acquisitions for two key reasons: lower likelihood of overpayment due to hubris and ease in implementing restructuring initiatives such as retrenchment. We define performance as the cumulative abnormal returns surrounding the acquisition event and deploy a trend-based measure for market cycle. Based on an analysis of 115 acquisitions by Singapore firms between 1990 and...
• Deliberate learning in corporate acquisitions: Post-acquisition strategies and integration capability in US bank mergers AI翻译
  作者：Zollo, M; Singh, H
  作者单位：INSEAD Business School; University of Pennsylvania
  摘要：This paper introduces a knowledge-based view of corporate acquisitions and tests the post-acquisition consequences on performance of integration decisions and capability-building mechanisms. In our model, the acquiring firm decides both how much to integrate the acquired firm and the extent to which it replaces this firm's top management team. It can also learn to manage the post-acquisition integration process by tacitly accumulating acquisition experience and explicitly codifying it in manua...
• More than network structure: How knowledge heterogeneity influences managerial performance and innovativeness AI翻译
  作者：Rodan, S; Galunic, C
  作者单位：California State University System; San Jose State University; INSEAD Business School
  摘要：This study deals with individual managerial performance, both overall and in generating innovation. While prior work has demonstrated a relationship between network structure and managerial performance, inadequate attention has been paid to network content. We consider several micro-social processes that might account for differences in managerial performance, taken front economic sociology and studies of managers' exploitation of their social networks and derived from work in psychology on th...
• Strategic benefits to firms issuing private equity placements AI翻译
  作者：Folta, TB; Janney, JJ
  作者单位：Purdue University System; Purdue University; University System of Ohio; University of Dayton
  摘要：For young technology firms, acquiring resources can often be costly due to the information asymmetry and uncertainty that exist surrounding the new technology. We contend that firms able to issue private equity can better manage their ability to mobilize three kinds of resources: capital, research partners, and commercial partners. We investigate the existence of long-term, strategic benefits to private placements, and a number of factors may determine the long-term effectiveness of this gover...
• Cultural variations in strategic issue interpretation: Relating cultural uncertainty avoidance to controllability in discriminating threat and opportunity AI翻译
  作者：Barr, PS; Glynn, MA
  作者单位：University System of Georgia; Georgia State University; Emory University
  摘要：We investigate cultural variations in the strategic issue labels of threats and opportunities. In a survey of 276 American and international respondents, we investigate the sensitivity of issue attributes that discriminate between threat and opportunity. We find that the cultural value of uncertainty avoidance (UA) had a significant effect: Compared to low UA cultures, individuals from high UA cultures were significantly more sensitive to controllability in perceiving strategic issues. However...
• The formation of green strategies in Chinese firms: Matching corporate environmental responses and individual principles AI翻译
  作者：Branzei, O; Ursacki-Bryant, TJ; Vertinsky, I; Zhang, WJ
  作者单位：University of British Columbia; University of Calgary; China Europe International Business School
  摘要：This study examines how Chinese firms began responding to worsening environmental concerns in the late 1990s. Combining predictions from control theory, escalation of commitment, and goal theory, we seek to explain how leaders' cognitions shape the formation of novel responses to the value-laden issue of corporate greening. We propose all iterative model that links leaders' principles with corporate actions and lest it using survey data gathered,from 360 firms. The model views strategy organic...
• Momentum and serendipity: How acquired leaders create value in the integration of technology firms AI翻译
  作者：Graebner, ME
  作者单位：University of Texas System; University of Texas Austin
  摘要：Merger and acquisition activity is a critical means by which technology,firms obtain the resources needed to compete in global markets. Effective implementation is essential to making these acquisitions successful, yet prior research on the implementation process has yielded paradoxical findings. I argue that a closer examination of the role of the acquired managers helps to resolve the implementation dilemmas found in prior research, which has focused on the role of the acquiring firm. I use ...
• Ownership structure and firm value: New evidence from Spain AI翻译
  作者：de Miguel, A; Pindado, J; de la Torre, C
  作者单位：University of Salamanca
  摘要：This paper provides new evidence on the way in which ownership influences firm value. Unlike previous studies, the empirical evidence obtained from our ownership concentration model supports not only the monitoring but also the expropriation effects. Additionally, the insider ownership model provides results that confirm the convergence-of-interest and the entrenchment effects, even though Spanish insiders get entrenched at higher ownership levels than their U.S. and U.K. counterparts. Copyrig...
• Are more resources always better for growth? Resource stickiness in market and product expansion AI翻译
  作者：Mishina, Y; Pollock, TG; Porac, JF
  作者单位：Michigan State University; Michigan State University's Broad College of Business; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; New York University
  摘要：We examine how managerial growth logics combine with financial and human resource slack to influence the short-term revenue growth of a sample of 112 manufacturing firms drawn from a unique database provided by the Ewing Marion Kauffman Foundation. Our results provide evidence that firms pursuing product expansion logics generally grow more slowly than firms that are not expanding their product base, but that financial slack positively moderates this relationship. We also find that human resou...
• Corporate elites and corporate strategy: How demographic preferences and structural position shape the scope of the firm AI翻译
  作者：Jensen, M; Zajac, EJ
  作者单位：University of Michigan System; University of Michigan; Northwestern University
  摘要：This study combines elements of the upper echelons and agency perspectives to resolve some of the ambiguity surrounding how corporate elites affect corporate strategy. We propose and test the notion that while differences in individual characteristics of corporate elites may imply different preferences for particular corporate strategies such as diversification and acquisitions, these basic preferences, when situated in different agency contexts (e.g., CEO, outsider director, non-CEO top manag...