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1.
Previous research analyzing the impact of cultural distance on joint venture negotiations has often confounded firm and environment effects. To decouple these effects, the cross‐border cooperation preferences of small and medium‐sized Korean firms were studied, considering simultaneously firms involved in inward and outward investment ventures. While cultural distance showed no significant relationship with the degree of control sought over the cooperative ventures, cultural distance was significantly related with a preference for ventures in domestic or foreign markets. The impact of cultural distance was found to be greater in inward investment than in outward investment. Copyright © 2008 John Wiley & Sons, Ltd. 相似文献
2.
Determinants of alliance partner choice: Network distance,managerial incentives,and board monitoring 下载免费PDF全文
Research Summary: We ask if managerial opportunism is a significant problem in alliance partner choice and examine the role of corporate governance mechanisms in explaining this choice. Using a sample of 313 alliances of U.S. firms from the pharmaceutical and biotechnology industries from 1992 to 2010, we find that managerial incentives lead to managerial preference for relationally risky distant partners over existing and new close partners. Further, board monitoring encourages managers to pursue existing and distant partners over new close ones, choices aligned with shareholder interests. In addition, we find that board monitoring substitutes for managerial incentives in alliance partner choice. We contribute to the literature on alliance partner choice to identify an important, and hitherto, unexplored perspective. Managerial Summary: This article examines whether managers and shareholders view alliance‐related risks differently, and how the divergent interests between managers and shareholders affect alliance partner choice. We argue that managers’ concern about their loss of employment and compensation from alliance failure impedes the choice of relationally risky alliance partners that may increase shareholder value. We also argue that managerial stock ownership and board monitoring mitigate this managerial propensity. Our findings suggest that stock ownership owned by managers and strong board monitoring are effective governance mechanisms to align managers’ interests with those of shareholders. Our study offers a novel perspective to understand alliance partner choice by viewing the firm as an entity comprised of fragmented interests. 相似文献
3.
We compare resource‐based and relational perspectives to examine competitive advantages within the context of vertical learning alliances. Previous research has shown that through such alliances suppliers acquire knowledge to forge new capabilities and attain performance improvements. We ask whether such improvements are exclusive to the learning partnership, or are available in other average partnerships of this supplier. We posit that the extent to which such performance improvements are partnership exclusive depends on whether the newly forged capabilities lie entirely within the supplier firm's boundaries, or at the learning dyad level. As such, we untie two forms of performance improvements arising from learning dyads. While the resource‐based view helps explain the performance gains learning suppliers deploy across average partners, the relational view reveals the additional performance edge that remains exclusive to the learning partnership. Based on empirical evidence from a survey of 253 suppliers to the equipment industry, we find that partnership exclusive performance (i.e., ‘relational performance’), the true source of learning dyads' competitive advantage, is a function of suppliers acquiring know‐how within the dyad, developing dyad‐specific assets and capabilities, and structuring buyer‐supplier relational governance mechanisms. We discuss implications for research and practice. Copyright © 2008 John Wiley & Sons, Ltd. 相似文献
4.
Reaching through the fog: Institutional environment and cross‐border giving of corporate foundations 下载免费PDF全文
Research Summary : Corporate philanthropy has long been recognized as an important part of multinational strategy, yet we know relatively little how charitable giving is allocated across countries. Using a sample of 208 U.S.‐based corporate foundations from 1993 to 2008, we find that the foundations give more in countries with opaque institutional environments, but they do so through international intermediaries. They also give more when the funding firms have new entries in countries with weak institutions—hence greater needs for the social license to operate—or when their operations require stronger connections with local suppliers or customers. These findings point to the use of corporate philanthropy as part of corporate diplomacy when the local institutions are ineffective and the importance of reaching out to local constituents is high. Managerial Summary : Corporate foundations play an important role in firms' charitable giving across countries. This article analyzes how foundation giving is associated with the funding firm's need to navigate the local business environments. Using a sample of 208 U.S.‐based corporate foundations from 1993 to 2008, we find that foundations give more in countries characterized by weak rule of law and high levels of corruption, and when the funding firms have newly established subsidiaries or stronger need to connect with local stakeholders there. However, donations to countries with weak institutions are more likely to go through international intermediaries to avoid potential liabilities. The results are consistent with the view that corporate foundations support corporate diplomacy and help obtain the social license to operate in the host countries. 相似文献
5.
Productivity enhancement at home via cross‐border acquisitions: The roles of learning and contemporaneous domestic investments 下载免费PDF全文
We examine whether ex post domestic productivity gains accrue to firms making cross‐border acquisitions. We argue that cross‐border acquisitions can enhance the acquirers' productivity at home, and we posit that these domestic productivity gains will be greater when there are learning opportunities in the target's host country and when contemporaneous domestic productivity‐enhancing investments are made by the acquirer in conjunction with the acquisition. These predictions are supported by data drawn from a sample of French acquiring and nonacquiring firms. Our results indicate that cross‐border acquisitions and investing in productivity at home are complementary: each makes the other more beneficial to firm productivity. Copyright © 2014 John Wiley & Sons, Ltd. 相似文献
6.
In recent years, academics and managers have been very interested in understanding how firms develop alliance capability and have greater alliance success. In this paper, we show that an alliance learning process that involves articulation, codification, sharing, and internalization of alliance management know‐how is positively related to a firm's overall alliance success. Prior research has found that firms with a dedicated alliance function, which oversees and coordinates a firm's overall alliance activity, have greater alliance success. In this paper we suggest that such an alliance function is also positively related to a firm's alliance learning process, and that process partly mediates the relationship between the alliance function and alliance success observed in prior work. This implies that the alliance learning process acts as one of the main mechanisms through which the alliance function leads to greater alliance success. Our paper extends prior alliance research by taking a first step in opening up the ‘black box’ between the alliance function and a firm's alliance success. We use survey data from a large sample of U.S.‐based firms and their alliances to test our theoretical arguments. Although we only examine the alliance learning process and its relationship with firm‐level alliance success, we also make an important contribution to research on the knowledge‐based view of the firm and dynamic capabilities of firms in general by conceptualizing this learning process and its key aspects, and by empirically validating its impact on performance. Copyright © 2007 John Wiley & Sons, Ltd. 相似文献
7.
This paper addresses two key questions: (1) what factors influence firms' ability to build alliance capability and enjoy greater alliance success, where firm‐level alliance success is measured in two ways: (a) abnormal stock market gains following alliance announcements and (b) managerial assessments of long term alliance performance; and (2) are the two alternate ways of assessing alliance success correlated? We find that firms with greater alliance experience and, more importantly, those that create a dedicated alliance function (with the intent of strategically coordinating alliance activity and capturing/disseminating alliance‐related knowledge) realize greater success with alliances. More specifically, firms with a dedicated alliance function achieve greater abnormal stock market gains (average of 1.35%) and report that 63 percent of alliances are successful whereas firms without an alliance function achieve much lower stock market gains (average of 0.18%) and only a 50 percent long‐term success rate. We also find a positive correlation between stock market‐based measures of alliance success and alliance success measured through managerial assessments. In addition to providing insights into the development of alliance capability among firms, this paper is one of the first to provide empirical support for the efficient markets argument by demonstrating that the initial stock market response to a key event positively correlates to the long‐term performance and value of the event. Copyright © 2002 John Wiley & Sons, Ltd. 相似文献
8.
We conduct an investigation of the sources of gains and losses in cross‐border acquisitions in light of different motives for undertaking these transactions: synergy‐seeking, managerialism and hubris. We find that the data are consistent with the expectation that multiple sources of value creation exist in synergistic cross‐border acquisitions: asset sharing, reverse internalization of valuable intangible assets, and financial diversification. Gains accrue to bidder firm shareholders only for the least fungible of these sources of gains, i.e., reverse internalization. For value‐destroying acquisitions that are expected to be driven by managerialism, we find that the data are consistent with only one of the sources of value destruction that we examine, i.e., risk reduction. In these acquisitions, the evidence also suggests that the relative size of the target to the bidder mitigates the negative effects of risk reduction. Our results underscore the importance of considering the implications of alternative behavioral assumptions in empirical strategy content research. Copyright © 2002 John Wiley & Sons, Ltd. 相似文献
9.
Empirical research shows that larger businesses tend to survive longer than smaller companies. Little research, though, shows whether size confers survival advantages in addition to the survival benefits of baseline profitability. Moreover, no prior research attempts to disentangle the benefits of organizational capital that accrue from greater scale from those that arise from greater business scope. Thus, we lack a conceptual understanding of the underlying benefits of business size for long‐term survival. We expect business scale and business scope to reflect organizational capital that offers survival benefits, where we conceptualize scale in terms of annual sales revenue and scope in terms of product line breadth and sub‐sector participation within a related business context. We first argue that greater business scale and business scope each enhance long‐term survival, independent of baseline profitability, owing to greater availability of financial resources, organizational routines, and external ties. We then argue that the benefits of scale are greatest for multi‐product businesses, stemming from positive interactive effects of breadth and depth. We find support for these hypotheses with data from 618 firms that operated in the U.S. medical sector between 1978 and 1995. Copyright © 2007 John Wiley & Sons, Ltd. 相似文献
10.
Automation,skill requirements and labour‐use strategies: high‐wage and low‐wage approaches to high‐tech manufacturing in the automotive industry 下载免费PDF全文
Martin Krzywdzinski 《New Technology, Work and Employment》2017,32(3):247-267
In light of debates about advanced manufacturing and concepts like Industrie 4.0, this article compares labour‐use strategies in highly automated automotive supplier plants in a high‐wage country (Germany) and a low‐wage region (Central Eastern Europe). It shows considerable differences regarding skill requirements on the shop floor and the use of precarious employment contracts and examines three potential factors that explain them: national institutional frameworks, the power of employee representatives and the role of the plant within the companies and value chains. The analysis shows that the labour‐use strategies depend less on process technologies per se, but rather on the institutional framework and the role of the factory in the rollout and ramp‐up of new products and new process technologies. Such a role requires close cooperation between employees in the manufacturing areas and in product development, which in turn requires particularly high skills. The role of employee representatives in influencing labour‐use strategies proves less important. The article uses quantitative data from a survey of employee representatives, as well as qualitative data from in‐depth company case studies. 相似文献
11.
This paper examines the effect of diversification upon intra‐industry performance. We propose that intra‐industry diversification promises three sets of benefits, which, separately and in combination, provide firms with a competitive advantage: synergies arising from economies of scope; premiums from mutual forbearance enabled by multi‐market competition; and efficiencies derived from market structuration. The additive and integrative effects of the first two have not been explored. The benefits of market structuration remain untheorized and thus untested. The test of our theoretical model in the Canadian general insurance industry indicates that mutual forbearance provides advantage under specified conditions, that market structuration also provides advantages, but that diversification per se does not. Copyright © 2004 John Wiley & Sons, Ltd. 相似文献
12.
We argue that foreign firms operating in a host country generate information spillovers that have potential value for later foreign direct investment. We test two predictions. First, we expect foreign direct investments by firms with experience in a host country to be more likely to survive than investments made by first-time entrants. Second, foreign direct investments will be more likely to survive the greater the foreign presence in the target industry at the time of investment, subject to two contingencies. The first contingency is that the relationship will be weak or nonexistent among firms with no experience in the host country, because these firms have difficulty evaluating and taking advantage of the information spillovers. The second contingency is that the presence of other foreign firms will not affect investment survival among firms that already have a presence in the target industry and undertake expansion. These firms already possess general information about the target industries and are unlikely to gain additional benefit from information spillovers. We find supportive evidence based on the survival to 1992 among 354 U.S. investments undertaken by foreign firms in manufacturing industries during 1987. © 1997 John Wiley & Sons, Ltd. 相似文献
13.
Interlocks and firm performance: The role of uncertainty in the directorate interlock‐performance relationship 下载免费PDF全文
We examine how uncertainty influences the performance effects of directorate interlocks. Our study offers a new perspective of directorate interlocks as mechanisms that enable firms to improve performance when confronted with greater uncertainty, suggesting that uncertainty positively moderates the interlock‐performance relationship. This contrasts with the view based on resource dependence theory suggesting networks reduce uncertainty and enhance firm performance, implying that uncertainty mediates the interlock effect upon performance. Using a sample of 3,745 firms across manufacturing industries in the United States during the period 2001–2009, we find support for the moderation argument and less convincing support for mediation, suggesting that firms may not form interlocks necessarily to reduce uncertainty. Instead, firms may create interlocks to enable adaptation and enhance performance when confronted by uncertainty. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献
14.
Toby E. Stuart 《战略管理杂志》2000,21(8):791-811
This paper investigates the relationship between intercorporate technology alliances and firm performance. It argues that alliances are access relationships, and therefore that the advantages which a focal firm derives from a portfolio of strategic coalitions depend upon the resource profiles of its alliance partners. In particular, large firms and those that possess leading‐edge technological resources are posited to be the most valuable associates. The paper also argues that alliances are both pathways for the exchange of resources and signals that convey social status and recognition. Particularly when one of the firms in an alliance is a young or small organization or, more generally, an organization of equivocal quality, alliances can act as endorsements: they build public confidence in the value of an organization's products and services and thereby facilitate the firm's efforts to attract customers and other corporate partners. The findings from models of sales growth and innovation rates in a large sample of semiconductor producers confirm that organizations with large and innovative alliance partners perform better than otherwise comparable firms that lack such partners. Consistent with the status‐transfer arguments, the findings also demonstrate that young and small firms benefit more from large and innovative strategic alliance partners than do old and large organizations. Copyright © 2000 John Wiley & Sons, Ltd. 相似文献
15.
We treat the sudden technology sector crash as a natural experiment to investigate how dramatic changes in resource availability in the e‐commerce sector affect stock market response to interfirm alliances. This environmental jolt demarcated two distinctly different periods of e‐commerce resource munificence: pre‐crash, characterized by high munificence, and post‐crash, characterized by low munificence. Using data on alliances involving 75 e‐commerce firms from 1995 to 2001, we find that the stock market responds more favorably to alliances during the less munificent period. Further, stock market response to alliance partner and type is also affected by the change in environmental munificence between the two periods. Our findings demonstrate the importance of environmental conditions and how these affect stock market interpretation of signals inherent in alliance announcements. Copyright © 2005 John Wiley & Sons, Ltd. 相似文献
16.
Technology‐push,market‐demand and the missing safety‐pull: a case study of American Airlines Flight 587 下载免费PDF全文
Amy L. Fraher 《New Technology, Work and Employment》2015,30(2):109-127
Through a critical case study of the crash of American Airlines Flight 587, this paper draws upon ‘the Social Shaping of Technology’ (SST) approach to offer a reconceptualisation of the technology‐push and market‐demand model for High‐Reliably Organisations (HROs), providing support for a third factor, called here a ‘safety‐pull’. A safety‐pull is defined as organisationally supported reflexivity in which technology innovators and frontline operators collaborate to consider the potential implications of adopting new technologies in HROs and the complex ways this change may impact human operators' work performance, often in risky and unanticipated ways. In contrast to accidents occurring solely as the result of individual operator error, analysing the safety‐pull provides a way to tease out the wide range of factors that can contribute to HRO failures and offers a new SST perspective through which to examine high‐risk operations. 相似文献
17.
Scott L. Newbert 《战略管理杂志》2008,29(7):745-768
The resource‐based view of the firm (RBV) hypothesizes that the exploitation of valuable, rare resources and capabilities contributes to a firm's competitive advantage, which in turn contributes to its performance. Despite this notion, few empirical studies test these hypotheses at the conceptual level. In response to this gap, this study empirically examines the relationships between value, rareness, competitive advantage, and performance. The results suggest that value and rareness are related to competitive advantage, that competitive advantage is related to performance, and that competitive advantage mediates the rareness‐performance relationship. These findings have important academic and practitioner implications which are then discussed. Copyright © 2008 John Wiley & Sons, Ltd. 相似文献
18.
Research on the governance of risky ventures, like the initial public offerings (IPOs) of high‐technology firms, has focused primarily on the relationship between governance mechanisms and firm performance. While such an emphasis is clearly important, it does little to shed light on potential relationships between governance and the strategies pursued by risky firms, nor does it take into account the complementary role of key stakeholders in affecting those strategies. To partially remedy this deficit we integrate agency and behavioral perspectives to develop a theory of ‘reasoned risk‐taking,’ whereby the nature of risks undertaken is a consequence of the interaction of governance mechanisms and stakeholder characteristics. We demonstrate our theory by predicting when corporate governance should be associated with strategic risk‐seeking beyond a firm's technical core—as seen in the degree to which it has expanded internationally. Surprisingly, even though venture capitalists (VC) are risk specialists, we find that technology‐based IPO firms are less likely (i.e., a negative relationship) to have extensive global sales when they are backed by a VC. In support of our reasoned risk‐taking theoretical framework, we find that VCs are indeed risk‐seeking when VC backing is complemented by the international experience of their board appointees, top management team (TMT) members, or both. IPO firms with significant insider ownership are similarly global risk‐seekers, and those effects are strongest with an internationally seasoned board and TMT at the helm. Copyright © 2003 John Wiley & Sons, Ltd. 相似文献
19.
Research summary : This article investigates the social context of entrepreneurship in organizational sectors. Prior research suggests that firm foundings are driven by collective patterns of activity—such as patterns of prior foundings in a given sector. Building on research on social salience and signals, we consider the influence of singular sector‐level triggers, which we call entrepreneurial beacons. We argue that the actions or outcomes of single, salient organizations attract and motivate entrepreneurs, thus increasing the rate of foundings. We test this logic by examining the impact of the Y ale U niversity endowment's investment choices and of venture‐capital‐backed IPO run‐ups on venture‐capital foundings between 1984 and 2011. We find support for the existence and influence of beacons and outline boundary conditions for their effects . Managerial summary : What leads entrepreneurs to found new companies in nascent sectors? In contrast to prior research, which emphasizes patterns of activity, we argue that entrepreneurial activity can sometimes be driven by the actions of a singular trigger—what we call an entrepreneurial beacon. We examine the influence of two such beacons, Y ale U niversity's endowment investments and exceptional venture‐capital‐backed IPO run‐ups, on the founding of new venture‐capital firms over a 28‐year period. We find that Y ale's increased allocations to the venture‐capital asset‐class has a significant influence on the founding of new venture‐capital firms, while exceptional venture‐capital‐backed IPO run‐ups only influence venture‐capital foundings under certain conditions. Overall, we offer an explanation for heretofore anecdotal accounts of certain organizations or events that appear to have an outsized influence on entrepreneurial activity . Copyright © 2016 John Wiley & Sons, Ltd. 相似文献
20.
Online,on call: the spread of digitally organised just‐in‐time working and its implications for standard employment models 下载免费PDF全文
This article questions whether the dominant policy discourse, in which a normative model of standard employment is counterposed to ‘non‐standard’ or ‘atypical’ employment, enables us to capture the diversity of fluid labour markets in which work is dynamically reshaped in an interaction between different kinds of employment status and work organisation. Drawing on surveys in the UK, Germany, Sweden and the Netherlands that investigate work managed via online platforms (‘crowdwork’) and associated practices, it demonstrates that crowdwork represents part of a continuum. Not only do most crowd workers combine work for online platforms with other forms of work or income generation, but also many of the ICT‐related practices associated with crowdwork are widespread across the rest of the labour market where a growing number of workers are ‘logged’. Future research should not just focus on crowdworkers as a special case but on new patterns of work organisation in the regular workforce. 相似文献