资本市场审查与公司的战略独特性：来自自然实验的证据

IF 4.5 2区管理学 Q1 BUSINESS

British Journal of Management Pub Date : 2024-07-18 DOI:10.1111/1467-8551.12857

Jingoo Kang, Yungu Kang

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引用次数: 0

摘要

一些战略文献强调，企业的独特战略是实现可持续竞争优势的关键。我们利用独特的自然实验环境，研究了来自卖空者的更多审查和压力如何影响公司的战略独特性。我们发现，卖空压力的增加会降低企业的战略独特性，而且这种负面影响对知名度较高、业绩不佳的企业更为明显。我们的研究结果表明，取消卖空限制可能会产生意想不到的副作用，即降低公司的战略独特性。

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Capital Market Scrutiny and Strategic Distinctiveness of the Firm: Evidence from a Natural Experiment

Several streams of strategy literature emphasize firms’ distinctive strategy as being key to sustainable competitive advantage. Using a unique natural experiment setting, we examine how increased scrutiny and pressure from short‐sellers affect the strategic distinctiveness of the firm. We find that increasing short‐selling pressure reduces the strategic distinctiveness of the firm and that this negative effect is more pronounced for more visible and underperforming firms. Our findings suggest that removing restrictions on short‐selling can have an unintended side‐effect of reducing the strategic distinctiveness of firms.

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来源期刊

British Journal of Management Multiple-

CiteScore

10.00

自引率

12.50%

发文量

期刊介绍： The British Journal of Management provides a valuable outlet for research and scholarship on management-orientated themes and topics. It publishes articles of a multi-disciplinary and interdisciplinary nature as well as empirical research from within traditional disciplines and managerial functions. With contributions from around the globe, the journal includes articles across the full range of business and management disciplines. A subscription to British Journal of Management includes International Journal of Management Reviews, also published on behalf of the British Academy of Management.