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作者：Jalonen, Kari; Schildt, Henri; Vaara, Eero
作者单位：Aalto University; Hanken School of Economics; Aalto University; emlyon business school; Lancaster University
摘要：Research Summary: The purpose of this article is to illuminate the role of concepts in strategic sensemaking. Based on a longitudinal real-time study of a city organization, we demonstrate how the concept of self-responsibility played a crucial role in strategic sensemaking. We develop a theoretical model that elucidates how strategic concepts are used in meaning-making, and how such concepts may be mobilized for the legitimation of strategic change. Our main contribution is to offer strategic...
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作者：Blevins, Dane P.; Ragozzino, Roberto
作者单位：University of North Carolina; University of North Carolina Greensboro; University of Tennessee System; University of Tennessee Knoxville
摘要：Research Summary: Alliances offer benefits such as access to capital, knowledge, and markets. Yet, due to their lack of legitimacy, entrepreneurial firms find it challenging to engage in alliances. Thus, it is important to examine which factors may drive alliance formation for entrepreneurial firms. We examine whether the presence of venture capitalists (VCs) is such a factor. Whereas current research suffers from endogeneity concerns that make the comparison of VC- and non-VC-backed firms pro...
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作者：Guo, W.
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作者：Jia, Nan; Shi, Jing; Wang, Yongxiang
作者单位：University of Southern California; Shandong University of Finance & Economics; Macquarie University; University of Southern California
摘要：Research SummaryProtecting minority shareholders is a central issue in corporate governance. A common tool of empowering minority shareholders is to curb controlling shareholders' power of expropriating firm value, but this approach was rarely successful because of the resistance from powerful controlling shareholders. We examine an alternative way of empowering minority shareholders without directly fighting with controlling shareholders. A major corporate governance reform in China gave mino...
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作者：Hawn, Olga; Chatterji, Aaron K.; Mitchell, Will
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Duke University; University of Toronto
摘要：Research Summary: Research exploring investor reactions to sustainability has substantial empirical limitations, which we address with a large-scale longitudinal financial event study of the first global sustainability index, DJSI World. We examine investor reactions to firms from 27 countries over 17years that are added, deleted, or continue on the index. We find that once relevant controls and comparisons to observationally equivalent firms beyond the index are included, DJSI events have onl...
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作者：Ceccagnoli, Marco; Higgins, Matthew J.; Kang, Hyunsung D.
作者单位：University System of Georgia; Georgia Institute of Technology; National Bureau of Economic Research
摘要：Research Summary: We apply real options (RO) theory to understand the role of corporate venture capital (CVC) investments and its relationship with internal R&D capabilities in supporting the acquisition of external technologies. We formulate hypotheses about key drivers of the option value of CVC and the decision to exercise the RO using a dyadic dataset of global pharmaceutical firms and their biotech partners. Our findings suggest that the option value of CVC is higher for investors with we...
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作者：Cui, Victor; Yang, Haibin; Vertinsky, Ilan
作者单位：University of Manitoba; City University of Hong Kong; University of British Columbia
摘要：This study contributes to the literature on strategic alliances by examining the impact of collaboration on competition between partners in product markets. We integrate the alliance learning and social network perspectives to examine how different combinations of exploratory and exploitative alliances between a firm and its partner influence the firm's competition against its partner in product markets. Using a longitudinal dataset collected in the U.S. pharmaceutical industry (1984-2003), we...
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作者：Garg, Pranav; Zhao, Minyuan
作者单位：Stevens Institute of Technology; University of Pennsylvania
摘要：Research Summary: Research on knowledge sourcing has generally treated firms as monolithic entities, even though firms most active in knowledge sourcing often comprise heterogeneous divisions, each possessing specialized knowledge and facing unique market prospects. This study examines how heterogeneity across divisions affects knowledge sourcing by multidivisional firms. We argue that firms source more early-stage knowledge, whose market prospects are highly uncertain, for low-performing divi...
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作者：Pan, Lingling; McNamara, Gerry; Lee, Jennifer J.; Haleblian, Jerayr (John); Devers, Cynthia E.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Michigan State University; Michigan State University's Broad College of Business; University of California System; University of California Riverside; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Research Summary: Building on the communications and linguistics literatures, we explore the language attributes managers use in interactions with investors and the subsequent reactions of investors. Specifically, we hypothesize that top managers' use of concrete language attributes in communication with investors broadly associates with positive investor reactions. We further posit that this relationship will be moderated by the level of firm risk. Our results support our hypotheses and, thus...
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作者：Flammer, Caroline
作者单位：Boston University
摘要：Research Summary: This study examines whether corporate social responsibility (CSR) improves firms' competitiveness in the market for government procurement contracts. To obtain exogenous variation in firms' social engagement, I exploit a quasi-natural experiment provided by the enactment of state-level constituency statutes, which allow directors to consider stakeholders' interests when making business decisions. Using constituency statutes as instrumental variable (IV) for CSR, I find that c...
