ERPN: Governance (Management) (Topic)最新文献

{"title":"Physical Approach to Possession and Use","authors":"S. Vasiljev","doi":"10.2139/ssrn.3586495","DOIUrl":"https://doi.org/10.2139/ssrn.3586495","url":null,"abstract":"In this study, the starting point is the well-known physical laws applied to human social life. On the basis of natural laws human actions are considered and through the prism of physical laws such concepts as use and possession are defined. A parallel is drawn between such a representation of these concepts and those conflicting views that are available in the literature regarding the concept of property. To complete the definitions of use and possession nature is introduced as a fictitious owner. And on this basis, the positive possibility of a theoretical solution to the problem of initial assignment is shown. \u0000 \u0000Again, on the basis of physical laws, the fundamental concept of [human] needs is introduced. It is shown that the collision of people's needs on the same thing allows uniform classifying property defined in literature as the relationship between a person and a thing or as the relationship between people because of a thing. \u0000 \u0000Considering the relationship between two human beings through needs and costs, as a natural necessity, people inevitably renounce their claims to possess and use certain things in favor of other people. It is shown that this refusal forms the right of those people in whose favor this refusal is carried out to possess and use things. The right of one is the refusal of all others to own and use the thing. It is shown that the right was ensured and will always be ensured by force. The use or threat of the use of force is something that can reliably ward off a person from the unbridled realization of his needs. In the process of the formation of mankind, nature itself forces people to organize into communities that can oppose their individual members and their associations with significantly greater power. The whole, as a rule, is stronger than its part. And it is society that can reliably ensure the exercise of rights for its members. \u0000 \u0000Natural laws also make it possible to resolve, on the basis of the concept of law, as a renunciation of possession and use, the issue of belonging to what nature gives us. These are natural resources and the human body. It is shown that the human body should belong to the person himself, and the resources to all members of society equally. The affiliation of all other things produced by man can be unambiguously determined within the framework of contractual relations between members of society, their associations and society as a whole. \u0000 \u0000Since the right of everyone is ensured by the society, and, therefore, by each member of the society individually, a necessary condition for membership is understanding and recognition of the rights of certain things to other members of the society. And this may be the main criterion for joining full members of society, as opposed to the commonly used age criterion, which works on the bulk of people, but gives failures in many special cases. A typical example of such cases is the deprivation or infringement of the rights of persons of full legal ","PeriodicalId":377605,"journal":{"name":"ERPN: Governance (Management) (Topic)","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116928657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Going Public and Innovation Strategy: The Role of Ownership Structure","authors":"Guoli Chen, Huasheng Gao, Po-Hsuan Hsu, Kai Li","doi":"10.2139/ssrn.3210371","DOIUrl":"https://doi.org/10.2139/ssrn.3210371","url":null,"abstract":"This paper examines two related research questions: (1) Does a firm’s innovation strategy affect its going public (vs. staying private) decision? (2) Does the change of ownership associated with going public influence a newly public firm’s subsequent innovation strategy? Using a dataset consisting of both private and newly public U.S. firms’ patent and financial data over the period 1997-2008, we find that private firms doing exploitative innovation are more likely to go public, and that once public, these firms pursue even more exploitative innovation. Importantly, we show that the positive relationship between going public and doing exploitative innovation is weakened if there is a higher proportion of dedicated institutional shareholding, a higher proportion of management shareholding, or a dual-class ownership structure in the newly public firm. We conclude that innovation strategy is an important antecedent to, and shaped by, the decision to go public. Implications for theory and practice are discussed.","PeriodicalId":377605,"journal":{"name":"ERPN: Governance (Management) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114897312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Governance Considerations for Seeker–Solver Relationships: A Knowledge‐Based Perspective in Crowdsourcing for Innovation Contests","authors":"Mariangela Piazza, E. Mazzola, N. Acur, G. Perrone","doi":"10.1111/1467-8551.12327","DOIUrl":"https://doi.org/10.1111/1467-8551.12327","url":null,"abstract":"The need to solve innovation problems and insource knowledge has led to an increasing number of organizations engaging in crowdsourcing activities and subsequently establishing working relationships with winning solution providers. Using a knowledge‐based view and the problem‐solving perspective, we develop a theoretical framework suggesting how specific innovation problem attributes (i.e. the decomposability, formulation and search space of the problem) influence the governance decision (unilateral vs. bilateral) of seekers to manage the relationship with winning solvers. We empirically analyse the framework using 582 challenges broadcast on the NineSigma crowdsourcing platform. Our results indicate that problem attributes – the formulation and search space of the problem – have a positive effect on seekers’ preference towards unilateral governance structures. However, we did not find any empirical confirmation of the effect that the decomposability of the innovation problem has on seekers’ preference towards unilateral governance structures. This study offers several contributions to the crowdsourcing literature, and also has important implications for managers of organizations aiming to insource knowledge through crowdsourcing for innovation contests.","PeriodicalId":377605,"journal":{"name":"ERPN: Governance (Management) (Topic)","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120482508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Professional Expertise on Boards, Corporate Lifecycle, and Firm Performance","authors":"Attila Balogh","doi":"10.2139/ssrn.2802417","DOIUrl":"https://doi.org/10.2139/ssrn.2802417","url":null,"abstract":"This study demonstrates that suitable professional expertise on corporate boards can have a significant impact on firm outcomes. The analysis examines diversity of expertise on boards, its link to shareholder value, and adds to the literature by introducing corporate life cycle and industry sectors to explore when specific types of expertise matter. Consistent with previous research, this article finds no cross-sectional association between overall board composition and firm value across ASX-listed companies in 2014. Examining dominant cash flow patterns, this study finds a strong link between firm value and financial, mining and engineering expertise on boards of early stage firms. It also shows a relationship between firm performance and financial, mining, and other unclassified board expertise for companies in the shake-out stage.","PeriodicalId":377605,"journal":{"name":"ERPN: Governance (Management) (Topic)","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122399677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Top Management Ties with Board Members: How They Affect Pay-Performance Sensitivity and IPO Performance","authors":"S. Chahine, M. Goergen","doi":"10.2139/ssrn.2431219","DOIUrl":"https://doi.org/10.2139/ssrn.2431219","url":null,"abstract":"This paper is the first study on the effects of pay–performance sensitivity (PPS) on the performance of initial public offerings (IPOs) in the presence of social ties and family ties of the top managers with board members. We find that both social ties and family ties increase PPS. In turn, PPS improves IPO performance. More importantly, greater PPS increases the positive effect of social ties on IPO performance whereas it reduces the negative effect of family ties.","PeriodicalId":377605,"journal":{"name":"ERPN: Governance (Management) (Topic)","volume":"202 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134007001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Network Prominence, Bargaining Power, and the Allocation of Value Capture Rights in Alliance Contracts","authors":"Umit Ozmel, M. Yavuz, J. Reuer, Todd R. Zenger","doi":"10.2139/ssrn.2316793","DOIUrl":"https://doi.org/10.2139/ssrn.2316793","url":null,"abstract":"We suggest and provide empirical evidence that the bargaining power of alliance partners stemming from their prominence in alliance networks influences the ex-ante allocation of value capturing rights in high-tech alliance contracts. Network prominence can enhance the availability of alternative partners for a firm, and thereby elevates the firm’s bargaining power and enables the firm to receive i) more value capturing rights vis-a-vis its partner (i.e., more net value capturing rights) and ii) more rights to the unexpected outcomes vis-a-vis its partner. We empirically investigate the content of R&D collaboration contracts between biotech and pharmaceutical firms and show that as the prominence of the client (i.e., pharmaceutical firm) increases, it is able to attain i) more net value capturing rights to outcomes within the area of collaboration and ii) more rights to unexpected outcomes. By contrast, increased prominence of the R&D firm (i.e., biotech firm) decreases both the number of net value capturing rights the client receives as well as the rights to unexpected outcomes that the client captures in an alliance contract. The bargaining power that the R&D firm attains from its prominent position in alliance networks becomes less important during hot IPO markets, which provide the R&D firm more outside options to obtain financial resources. Hence, our paper documents that firms’ network positions can be an important source of bargaining power, contributing to the literature on strategic alliances, bargaining, and contract design.","PeriodicalId":377605,"journal":{"name":"ERPN: Governance (Management) (Topic)","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122672702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Quantifying Managerial Ability: A New Measure and Validity Tests","authors":"Peter R. Demerjian, B. Lev, Sarah E. McVay","doi":"10.2139/ssrn.1266974","DOIUrl":"https://doi.org/10.2139/ssrn.1266974","url":null,"abstract":"We propose a measure of managerial ability, based on managers' efficiency in generating revenues, which is available for a large sample of firms and outperforms existing ability measures. We find that our measure is strongly associated with manager fixed effects and that the stock price reactions to chief executive officer (CEO) turnovers are positive (negative) when we assess the outgoing CEO as low (high) ability. We also find that replacing CEOs with more (less) able CEOs is associated with improvements (declines) in subsequent firm performance. We conclude with a demonstration of the potential of the measure. We find that the negative relation between equity financing and future abnormal returns documented in prior research is mitigated by managerial ability. Specifically, more able managers appear to utilize equity issuance proceeds more effectively, illustrating that our more precise measure of managerial ability will allow researchers to pursue studies that were previously difficult to conduct. \u0000 \u0000This paper was accepted by Mary E. Barth, accounting.","PeriodicalId":377605,"journal":{"name":"ERPN: Governance (Management) (Topic)","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133423546","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"SME Role Models on a Global Market: How International Entrepreneurs Can Thrive on Social Responsibility","authors":"Frank Jan de Graaf, Arnd Mehrtens","doi":"10.2139/ssrn.1742841","DOIUrl":"https://doi.org/10.2139/ssrn.1742841","url":null,"abstract":"In this paper we focus on the institutional component of CSR in entrepreneurship by analyzing the role of governance systems in SMEs. We argue that a category of medium-sized companies referred to as 'Hidden Champions' can be regarded as role models of CSR, combining an exceptional economic performance with an excellent contribution to local communities and strong ties with all stakeholders, including employees. Based on this we develop some propositions on CSR in SMEs. For example, our review suggests that local self-assurance and a strong product focus enable a company to develop a strong CSR track record combined with a strong position on international markets. This could imply that globalization does not have to lead to a race to the bottom. On the contrary, to be successful in the long run, CSR-awareness for international entrepreneurs seems to be critical.","PeriodicalId":377605,"journal":{"name":"ERPN: Governance (Management) (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126702043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate Governance When Founders are Directors","authors":"Feng Li, Suraj Srinivasan","doi":"10.2139/ssrn.1663905","DOIUrl":"https://doi.org/10.2139/ssrn.1663905","url":null,"abstract":"We examine chief executive officer (CEO) compensation, CEO retention policies, and mergers and acquisition (M&A) decisions in firms in which founders serve as a director with a nonfounder CEO (founder-director firms). We find that founder-director firms offer a different mix of incentives to their CEOs than other firms. Pay-for-performance sensitivity for nonfounder CEOs in founder-director firms is higher and the level of pay is lower than that of other CEOs. CEO turnover sensitivity to firm performance is also significantly higher in founder-director firms compared with nonfounder firms. Overall, the evidence suggests that boards with founder-directors provide more high-powered incentives in the form of pay and retention policies than the average US board. Stock returns around M&A announcements and board attendance are also higher in founder-director firms compared with nonfounder firms.","PeriodicalId":377605,"journal":{"name":"ERPN: Governance (Management) (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130714910","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Commentary: ‘Bankruptcy Laws and Entrepreneur Friendliness’ and ‘How Do Bankruptcy Laws Affect Entrepreneurship Development Around the World?’","authors":"Douglas J. Cumming","doi":"10.2139/ssrn.1639266","DOIUrl":"https://doi.org/10.2139/ssrn.1639266","url":null,"abstract":"Two recent papers examine the impact of corporate bankruptcy laws on new business start ups in 29 countries over 1990-2008 (Peng et al., 2010; Lee et al., 2010). In this commentary, I briefly point out two significant issues which future researchers might want to consider along this line of research. First, several countries in the data examined had changed their personal and corporate bankruptcy laws over the years studied. It is statistically inappropriate and inaccurate to treat bankruptcy laws as time invariant, as in Peng et al. (2010) and Lee et al. (2010), particularly in view of the dramatic changes in bankruptcy law over time in so many countries. Second, Peng et al. (2010) and Lee et al. (2010) have a misplaced focus on corporate bankruptcy law while ignoring personal bankruptcy law. This focus is at odds with theory and prior work on topic which relates entrepreneurship to personal bankruptcy law.","PeriodicalId":377605,"journal":{"name":"ERPN: Governance (Management) (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115953303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}