战略偏差与投资低效

IF 2 4区管理学 Q3 BUSINESS

Australian Journal of Management Pub Date : 2023-02-27 DOI:10.1177/03128962231152764

D. Ranasinghe, Ahsan Habib

{"title":"战略偏差与投资低效","authors":"D. Ranasinghe, Ahsan Habib","doi":"10.1177/03128962231152764","DOIUrl":null,"url":null,"abstract":"We examine the association between strategic deviation and investment inefficiency. We conceptualize strategic deviation as the extent to which the pattern of a firm’s resource allocation deviates from its industry peers. We posit that firms pursuing deviant strategies are prone to increased information asymmetry and hence, are able to engage in self-serving behaviour as manifested in inefficient investments. Our results suggest that deviant firms have sub-optimal investments. A battery of robustness tests validates our findings. We further provide evidence to suggest that weaker monitoring, high product market competition and a low-quality information environment moderate the relation between strategic deviation and investment inefficiency. M41, G41","PeriodicalId":47209,"journal":{"name":"Australian Journal of Management","volume":null,"pages":null},"PeriodicalIF":2.0000,"publicationDate":"2023-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Strategic deviation and investment inefficiency\",\"authors\":\"D. Ranasinghe, Ahsan Habib\",\"doi\":\"10.1177/03128962231152764\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We examine the association between strategic deviation and investment inefficiency. We conceptualize strategic deviation as the extent to which the pattern of a firm’s resource allocation deviates from its industry peers. We posit that firms pursuing deviant strategies are prone to increased information asymmetry and hence, are able to engage in self-serving behaviour as manifested in inefficient investments. Our results suggest that deviant firms have sub-optimal investments. A battery of robustness tests validates our findings. We further provide evidence to suggest that weaker monitoring, high product market competition and a low-quality information environment moderate the relation between strategic deviation and investment inefficiency. M41, G41\",\"PeriodicalId\":47209,\"journal\":{\"name\":\"Australian Journal of Management\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":2.0000,\"publicationDate\":\"2023-02-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Australian Journal of Management\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1177/03128962231152764\",\"RegionNum\":4,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Australian Journal of Management","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1177/03128962231152764","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS","Score":null,"Total":0}

引用次数: 1

摘要

我们研究了战略偏差与投资低效之间的关系。我们将战略偏差概念化为企业资源配置模式与行业同行偏离的程度。我们假设，追求偏离策略的公司容易增加信息不对称，因此能够从事自私的行为，表现为低效投资。我们的研究结果表明，偏离常规的公司具有次优投资。一组稳健性测试验证了我们的发现。我们进一步提供的证据表明，较弱的监控、较高的产品市场竞争和低质量的信息环境缓和了战略偏差与投资效率之间的关系。M41，G41

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Strategic deviation and investment inefficiency

We examine the association between strategic deviation and investment inefficiency. We conceptualize strategic deviation as the extent to which the pattern of a firm’s resource allocation deviates from its industry peers. We posit that firms pursuing deviant strategies are prone to increased information asymmetry and hence, are able to engage in self-serving behaviour as manifested in inefficient investments. Our results suggest that deviant firms have sub-optimal investments. A battery of robustness tests validates our findings. We further provide evidence to suggest that weaker monitoring, high product market competition and a low-quality information environment moderate the relation between strategic deviation and investment inefficiency. M41, G41

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Australian Journal of Management Multiple-

CiteScore

10.60

自引率

4.20%

发文量

期刊介绍： The objectives of the Australian Journal of Management are to encourage and publish research in the field of management. The terms management and research are both broadly defined. The former includes the management of firms, groups, industries, regulatory bodies, government, and other institutions. The latter encompasses both discipline- and problem-based research. Consistent with the policy, the Australian Journal of Management publishes research in accounting, applied economics, finance, industrial relations, political science, psychology, statistics, and other disciplines, provided the application is to management, as well as research in areas such as marketing, corporate strategy, operations management, organisation development, decision analysis, and other problem-focuses paradigms.