Strategic Management Journal最新文献_第5页

Empirically exploring the veracity of the new stakeholder perspective in strategy: Documenting workforce rents 实证探索战略中新利益相关者视角的真实性：记录劳动力租金

IF 8.3 1区管理学

Strategic Management Journal Pub Date : 2024-05-16 DOI: 10.1002/smj.3612

Jeroen Neckebrouck, David Kryscynski

{"title":"Empirically exploring the veracity of the new stakeholder perspective in strategy: Documenting workforce rents","authors":"Jeroen Neckebrouck, David Kryscynski","doi":"10.1002/smj.3612","DOIUrl":"https://doi.org/10.1002/smj.3612","url":null,"abstract":"Without compelling empirical proxies for economic profits, we may need to reconsider the decades of empirical research purporting to inform our theories of competitive advantage. The new stakeholder perspective suggests that stakeholders may capture significant shares of the firm's economic profits that should be incorporated into these proxies. In this article, we propose a novel empirical approach to measuring stakeholder rents and then apply our approach to measure workforce rents across the population of all Belgian firms employing workers from 2008 to 2016. Our results demonstrate substantial variance in workforce rents among firms, with some firms allowing most of the economic profits they generate to flow to the workforce. We discuss the implications of our findings in detail and lay out a pathway for future research.This article examines the extent to which companies pay their workforces above (below) what the labor market demands as a way of exploring how much of the company's economic profits go to stakeholders other than shareholders. We demonstrate a wide range of over (under) payments to workforces in a large sample of Belgian firms from 2008 to 2016. One of the important contributions of our paper is developing a method to determine over (under) payments for the workforce, but our method can also be applied to other stakeholders. We hope our work provides an empirical approach for others to explore how stakeholders capture portions of the economic profits that companies create.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2024-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140969705","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Do corporations benefit from divesting to private equity acquirers? An empirical investigation 企业从向私募股权收购者剥离资产中获益吗？实证调查

IF 8.3 1区管理学

Strategic Management Journal Pub Date : 2024-05-15 DOI: 10.1002/smj.3611

P. Nary

{"title":"Do corporations benefit from divesting to private equity acquirers? An empirical investigation","authors":"P. Nary","doi":"10.1002/smj.3611","DOIUrl":"https://doi.org/10.1002/smj.3611","url":null,"abstract":"From the perspective of the divesting firm, do divestitures to private equity (PE) acquirers perform differently from divestitures to corporate acquirers? If so, why? This question‐based, empirical study shows that on average, divestitures to PE acquirers correlate with lower divesting firms' shareholder returns than divestitures to corporate acquirers. The study explores whether these lower returns when divesting to PE acquirers are explained by the differences in PE acquirers' distinct value creation strategies when it comes to target selection, ownership, or transaction timing. The results reveal that divesting firms' lower shareholder returns when divesting to PE acquirers are more likely correlated with differences in value creation by PE acquirers due to their distinct ownership and transaction timing strategies, but not their selection strategies.Private equity (PE) firms are prominent buyers of corporate divestitures, and PE firms' strategies for creating value when acquiring divested businesses tend to differ from those of corporate buyers. Yet the performance implications, from the perspective of the divesting firm, of divesting a business to a PE acquirer versus a corporate acquirer are not clear. In this study, I explore the differences in returns to firms divesting to PE acquirers versus those divesting to corporate acquirers. First, on average, divesting firms' returns are lower when divesting to PE acquirers. Second, these lower returns are more likely to occur when the PE acquirer may be expecting to create less value, or when firms choose to divest at a suboptimal time.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2024-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140977523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Making the most of AI and machine learning in organizations and strategy research: Supervised machine learning, causal inference, and matching models 在组织和战略研究中充分利用人工智能和机器学习：监督机器学习、因果推理和匹配模型

IF 8.3 1区管理学

Strategic Management Journal Pub Date : 2024-05-15 DOI: 10.1002/smj.3604

Jason M. Rathje, R. Katila, Philipp Reineke

{"title":"Making the most of AI and machine learning in organizations and strategy research: Supervised machine learning, causal inference, and matching models","authors":"Jason M. Rathje, R. Katila, Philipp Reineke","doi":"10.1002/smj.3604","DOIUrl":"https://doi.org/10.1002/smj.3604","url":null,"abstract":"We spotlight the use of machine learning in two‐stage matching models to deal with sample selection bias. Recent advances in machine learning have unlocked new empirical possibilities for inductive theorizing. In contrast, the opportunities to use machine learning in regression studies involving large‐scale data with many covariates and a causal claim are still less well understood. Our core contribution is to guide researchers in the use of machine learning approaches to choosing matching variables for enhanced causal inference in propensity score matching models. We use an analysis of real‐world technology invention data of public–private relationships to demonstrate the method and find that machine learning can provide an alternative approach to ad hoc matching. However, as with any method, it is also important to understand its limitations.This article explores the use of machine learning to enhance decision‐making, particularly in addressing sample selection bias in large‐scale datasets. The rapid development of AI and machine learning offers new, powerful tools especially for digital ecosystems where complex data and causal relationships are complex to analyze. We offer managers and stakeholders insight into the effective integration of machine learning for selecting critical variables in propensity score matching models. Through a detailed examination of real‐world data on technology inventions within public–private relationships, we demonstrate the effectiveness of machine learning as a robust alternative to traditional matching methods.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2024-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140972621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Setting the tone to get their way: An attention‐based approach to how narcissistic CEOs influence the board of directors to take more risk 设定基调，以达到自己的目的：自恋型首席执行官如何以注意力为基础影响董事会承担更多风险

IF 8.3 1区管理学

Strategic Management Journal Pub Date : 2024-05-11 DOI: 10.1002/smj.3610

Christopher S. Tuggle, Cameron J. Borgholthaus, Peter D. Harms, Jonathan P. O'Brien

{"title":"Setting the tone to get their way: An attention‐based approach to how narcissistic CEOs influence the board of directors to take more risk","authors":"Christopher S. Tuggle, Cameron J. Borgholthaus, Peter D. Harms, Jonathan P. O'Brien","doi":"10.1002/smj.3610","DOIUrl":"https://doi.org/10.1002/smj.3610","url":null,"abstract":"Research SummaryUpper echelons research has generated insights into the organizational consequences of CEO narcissism. However, fewer studies have empirically attended to the mechanisms through which these consequences occur. Using the attention‐based view, we introduce a process model examining how CEO narcissism is linked to corporate risk‐taking through the board of director discussion tone of risk‐taking during board meetings. We further note that narcissistic CEOs have an increased ability to do so when they are appointed to be board chair. We find strong support for each of our hypotheses by utilizing a unique data set of corporate board meeting transcripts encompassing 88 public firms and 197 CEOs over 20 years. Our results suggest that narcissistic CEOs are adept at controlling the attentional foci of boards of directors to get their way.Managerial SummaryOur study offers an explanation as to how CEO narcissism influences firm risk‐taking behavior. Specifically, we demonstrate that narcissistic CEOs are prone to drive board discussions about risk‐taking to hold a positive tone—especially when they also serve as board chair—thereby enabling them to allocate increased resources toward risk‐taking strategies. Through an extensive analysis of board meeting transcripts spanning two decades across 88 companies, we illustrate how narcissistic CEOs wield substantial influence in molding board conversations to mirror their own pro‐risk inclinations. This insight further considers the importance of understanding CEO behavior in guiding risk management strategies in the future.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2024-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140935438","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Giving up learning from failures? An examination of learning from one's own failures in the context of heart surgeons 放弃从失败中学习？从心脏外科医生的失败中汲取教训的研究

IF 8.3 1区管理学

Strategic Management Journal Pub Date : 2024-05-03 DOI: 10.1002/smj.3609

Sunkee Lee, Jisoo Park

引用次数: 0

Multimarket contact between partners and strategic alliance survival 合作伙伴之间的多市场接触与战略联盟的生存

IF 8.3 1区管理学

Strategic Management Journal Pub Date : 2024-04-29 DOI: 10.1002/smj.3607

Tadhg Ryan‐Charleton, Robert J. Galavan

{"title":"Multimarket contact between partners and strategic alliance survival","authors":"Tadhg Ryan‐Charleton, Robert J. Galavan","doi":"10.1002/smj.3607","DOIUrl":"https://doi.org/10.1002/smj.3607","url":null,"abstract":"Research SummaryThe impact of multimarket contact (MMC) between partners on strategic alliance survival is unclear, even though recent studies have suggested that MMC increases the likelihood of alliance formation. Our study investigates this issue by integrating two mechanisms occurring between multimarket firms: mutual forbearance and technological resource imitation. We argue that MMC between partners deters opportunism in alliances via mutual forbearance, resulting in a positive effect on the likelihood of strategic alliance survival. We also suggest that the positive effect is weakened in two settings with higher risks of technological resource imitation: technological overlap between partners and the presence of R&D activities in an alliance. Evidence from strategic alliances in the global semiconductor industry supports these conclusions.Managerial SummaryRecent research has shown that firms encountering each other in multiple markets are more likely to form strategic alliances, but it is unclear whether these firms are likely to stick together. Our theory suggests that the threat of broad retaliation limits opportunism and increases the likelihood of alliance survival when partners encounter each other in multiple markets. Nonetheless, in settings where partners have similar technologies, or in alliances involving R&D activities, their ability and incentives to copy each other's technological resources offsets the positive effect of multimarket contact on alliance survival. We study strategic alliances in the global semiconductor industry and find evidence consistent with these arguments.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2024-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140829384","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Pipeline hiring's effects on the human capital and performance of new recruits 管道招聘对新聘人员人力资本和绩效的影响

IF 8.3 1区管理学

Strategic Management Journal Pub Date : 2024-04-25 DOI: 10.1002/smj.3605

R. Brymer, J. Paraskevas, Matthew A. Josefy, Lisa Ellram

{"title":"Pipeline hiring's effects on the human capital and performance of new recruits","authors":"R. Brymer, J. Paraskevas, Matthew A. Josefy, Lisa Ellram","doi":"10.1002/smj.3605","DOIUrl":"https://doi.org/10.1002/smj.3605","url":null,"abstract":"Pipeline hiring, repeatedly hiring individuals from the same external source organization, is a common recruiting practice. Yet, whether this pipeline approach improves incoming human capital quality or performance has limited empirical evidence. We argue that, in cooperative source‐hiring organization contexts, pipelines reduce the information asymmetries present in labor markets in a way that both attracts individuals with higher pre‐entry human capital and predicts postentry performance that surpasses pre‐entry expectations. In the context of particularly intense recruiting competition—American college football—we test and find support for these hypotheses. We also probe key boundary conditions, specifically discontinuity, geographic proximity, and factor market competition that highlight the limits of when the informational advantage is more or less salient.Organizations often recruit through pipelines ‐ repeatedly hiring new workers from the same sources, such as universities or supply partners. Despite how common pipeline hiring is, we have little evidence to suggest if this practice helps hire more capable workers. Using rich data from American college football, we find that players who are successfully recruited through a pipeline tend to be rated as higher potential before joining their college team and perform better, holding their potential constant, in their collegiate career than players who joined from a standalone source. We argue that these benefits come from information flows between recruiting organizations, alumni, and prospective workers. When conditions make these information flows less exclusive, more interrupted, or redundant, we find evidence that the typical pipeline recruiting benefits diminish.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2024-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140656874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Strategic decision‐making at platform transitions: The case of Nokia (2010–2011) 平台转型期的战略决策：诺基亚案例（2010-2011 年）

IF 8.3 1区管理学

Strategic Management Journal Pub Date : 2024-04-23 DOI: 10.1002/smj.3608

Timo O. Vuori, M. Tushman

{"title":"Strategic decision‐making at platform transitions: The case of Nokia (2010–2011)","authors":"Timo O. Vuori, M. Tushman","doi":"10.1002/smj.3608","DOIUrl":"https://doi.org/10.1002/smj.3608","url":null,"abstract":"We develop new theory on incumbent firms' strategic decision‐making and the associated emotional dynamics at platform transitions. Based on in‐depth interviews with Nokia's senior leaders about their decision to adopt the Windows platform in 2011, we suggest that highly capable platform companies' entry into the established phone industry invalidated senior leaders' long‐held core assumptions about the industry, triggering existential anxiety and stunting self‐regulation. Distinct mechanisms then influenced senior leaders' emotions toward external platform options—myopic appraisals of firm competitiveness inside a platform (vs. platform competitiveness against other platforms), appraisals of changing firm boundaries, and emotional resonance of potential partners. These emotions contributed to emotional drift, with top managers ultimately favoring the emotionally attractive option. Our theorizing extends theory on platforms, strategy, and emotion.This research provides fresh insights into how emotions play a crucial role in incumbent firms' strategic choices, especially in the context of evolving technology platforms and major industry shifts. Our research focused on Nokia's 2011 decision to adopt the Windows platform. We discovered that when new players, like platform companies, enter a market, they can unsettle longstanding beliefs, causing anxiety and decision‐making challenges among top management. Specifically, we found that executives often focus too narrowly on their firm's ability to compete within a new platform rather than the platform's overall competitiveness. Additionally, changes in company boundaries and the emotional appeal of potential partners significantly influence these decisions. Executives' analyses emotionally drift such that they start favoring the emotionally attractive options.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2024-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140667990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Escaping the patent trolls: The impact of non‐practicing entity litigation on firm innovation strategies 逃离专利巨魔：非执业实体诉讼对企业创新战略的影响

IF 8.3 1区管理学

Strategic Management Journal Pub Date : 2024-04-20 DOI: 10.1002/smj.3606

Kenneth G. Huang, Mei‐Xuan Li, Carl Hsin‐Han Shen, Yanzhi Wang

{"title":"Escaping the patent trolls: The impact of non‐practicing entity litigation on firm innovation strategies","authors":"Kenneth G. Huang, Mei‐Xuan Li, Carl Hsin‐Han Shen, Yanzhi Wang","doi":"10.1002/smj.3606","DOIUrl":"https://doi.org/10.1002/smj.3606","url":null,"abstract":"Research SummaryNon‐practicing entities (NPEs) are firms that accumulate and acquire patents but do not further develop or implement the patented inventions (known as patent trolling). NPEs seek to receive royalties or profits through out‐of‐court settlements in patent infringement cases. We examine how firms targeted by NPEs in NPE‐initiated litigations (i.e., target firms) shift their innovation strategies and trajectories in response to heightened litigation risks. We theorize and show that after the initial lawsuit, target firms draw more upon their in‐house technologies to reduce the legal ground for further lawsuits. Furthermore, nontarget firms in related technology areas shift their innovation activities away from those of target firms under high NPE litigation risks. These effects are more pronounced with higher innovation costs and under more competitive product markets.Managerial SummaryNon‐practicing entities (NPEs) are known as patent trolls that accumulate and acquire patents but do not further develop or implement these patented inventions. These patent trolls aim to obtain royalties or profits through out‐of‐court settlements in patent infringement cases. We investigate how firms targeted by patent trolls in litigations (i.e., target firms) change their innovation strategies and trajectories to deal with increased NPE litigation risks. After the initial lawsuit, we find that these target firms use their in‐house technologies more to reduce the legal ground for future lawsuits. Moreover, nontarget firms in related technology areas move their innovation activities away from those of target firms under high litigation risks. These effects are stronger when innovation costs are higher and under more competitive product markets.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2024-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140629960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Accentuate the positive? Strategic negativity amid the hazard of high expectations 强调积极？在高期望值的危害中采取战略性消极态度

IF 8.3 1区管理学

Strategic Management Journal Pub Date : 2024-04-09 DOI: 10.1002/smj.3603

Owen N. Parker, Cole E. Short, Varkey K. Titus, Ke Gong, Peter Inho Nahm

{"title":"Accentuate the positive? Strategic negativity amid the hazard of high expectations","authors":"Owen N. Parker, Cole E. Short, Varkey K. Titus, Ke Gong, Peter Inho Nahm","doi":"10.1002/smj.3603","DOIUrl":"https://doi.org/10.1002/smj.3603","url":null,"abstract":"Research SummaryWhile previous organizational impression mnagement (OIM) research focuses on highlighting firms in a favorable light, we explore CEOs' use of “strategic negativity” to manage expectations. We draw on OIM's psychological roots to predict that despite pressure to “be positive,” when CEOs perceive stakeholders are motivated to raise their expectations and have an opportunity to do so, CEOs strategically use negativity to counteract this anticipated expectation increase. We test our predictions on 7330 quarterly earnings calls from 370 publicly traded firms (2008–2019), examining how the “motive” of a positive material earnings surprise and “opportunity” of a new fiscal year jointly increase CEO negativity in prepared remarks. We elaborate the wide applicability of strategic negativity, the “other side” of the OIM phenomenon.Managerial SummaryIn contrast to the prevailing view that CEOs usually “positively spin” the firm's situation to stakeholders, we investigate how CEOs strategically use negativity to counteract stakeholder optimism, provided CEOs perceive expectations are likely to rocket upward. We argue that positive news represents a “motive” and a chance to reflect represents an “opportunity,” and that together they risk raising expectations. Analyzing 7330 quarterly earnings calls of 370 companies (2008–2019), we specifically examined how both (1) a positive earnings surprise and (2) a new fiscal year force CEOs out of their positivity comfort zone and encourage them to be strategically negative in earnings call remarks, to try to lower stakeholder expectations. Our results support this view and pave the way for future research.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2024-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140586894","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0