Shared and shared alike? Founders' prior shared experience and performance of newly founded banks

Research summary: Pre‐entry industry experience is a central construct in the founding team literature. Research on prior shared experience (PSE) emphasizes that founding teams face challenges integrating and acting on independent experiences, so PSE should be beneficial for new venture performance. Existing studies, however, typically study PSE in blunt terms, expecting that more is better. Instrumental variable analyses of a unique sample of 344 commercial banks founded in four U.S. states between 1996 and 2006 showed that industry‐specific PSE may be more or less beneficial, depending on several founding team characteristics. Our findings provide nuance and caution to the narrative that PSE is always beneficial. Under some circumstances, firms with founding team PSE may be no better off than those without founding team PSE, suggesting more research is necessary to understand when and why founding team experience matters to new firms. Managerial summary: Pre‐entry experience of founding teams affects new firm performance, but is hard for founders to leverage separately gained experience. Knowledge moves more readily if sets of managers leave together to start a new firm. But, it may be simplistic to conclude that prior shared experience (PSE) is always good, or better than the sum of independent experiences. In a set of banks founded in four U.S. states between 1996 and 2006, we find that PSE is not necessarily a direct pathway to better bank performance. Characteristics of the PSE, such as the part of industry the former and new banks operate in, can lower its benefit. We also found that the benefits of PSE erode as the entire founding team develops shared history after startup. Our findings have implications for entrepreneurs, investors, and policy‐makers. Copyright © 2015 John Wiley & Sons, Ltd.     

Does experience imply learning?

Research summary : Research traditionally uses experiential learning arguments to explain the existence of a positive relationship between repetition of an activity and performance. We propose an additional interpretation of this relationship in the context of discrete corporate development activities. We argue that firms choose to repeat successful activities, thereby accumulating high experience with them. Data on 437 aircraft projects introduced through three governance modes show that the positive performance effect of the firm's experience with the focal mode becomes insignificant after accounting for experience endogeneity. We suggest that in a general case, experience with corporate development activities may be tinged with both learning and selection effects. Therefore, omitting to account for experience endogeneity may lead to incorrect conclusions from an “empirically observed” positive experience–performance relationship. Managerial summary : This paper emphasizes that firms generally choose to undertake the corporate development activities (new product introductions, diversification moves, international expansions, alliances, acquisitions, etc.) with which they have been the most successful in the past and that they expect to be the most successful in the future. Hence, if a firm possesses certain capabilities, it will repeatedly engage in certain activities corresponding to those capabilities, thereby simultaneously achieving high levels of activity experience as well as superior activity performance. This view suggests that an “empirically observed” positive experience–performance relationship may not be due solely to learning‐based enhanced capabilities but may also be driven by astute self‐selection. Overall, we provide a new interpretation of the relationship between experience and performance in the context of infrequent, heterogeneous, and causally‐ambiguous corporate development activities. Copyright © 2015 John Wiley & Sons, Ltd.     

Excess capacity and the degree of collusion: The Norwegian experience, 1967–82

The short run interaction between capacity utilization and the price-cost margin is investigated. The findings indicate that the emergence of unplanned excess capacity will in most cases provoke an initial narrowing of the price-cost margin. However, the price-cost margin will often rise again when the excess capacity lasts for an extended time period. The total response is still likely to be a decrease of the price-cost margin.     

Does experience matter? — A study of knowledge processes and uncertainty reduction in solution innovation

Solution innovation often exposes uncertainties that are addressed by corporate collaboration through networks. This paper examines the link between uncertainty reduction and knowledge processes. It focuses specifically on the role of company experience which some have argued to be a vital form of knowledge accumulation, whereas others assert that it is not always beneficial. Our central finding is that experience enhances knowledge transfer, yet contributes little to knowledge cross-fertilization activities. Knowledge transfer alone does not lead to uncertainty reduction. Drawing upon this we make the case for a more nuanced concept of knowledge cross-fertilization. Managers and innovators are therefore urged to look more closely at the question of experience if they are to harvest full value from network collaboration.     

How does firm experience and institutional distance impact ownership choice in high‐technology acquisitions?

One of the critical reasons for a firm to acquire other firms is to access new technology. This study seeks to understand what ownership position a firm should take in foreign markets if the target is in a high‐technology industry. Specifically, it looks at how firm‐level experience and institutional distance could impact this ownership. Using logistic regression models on a sample of 1,091 cross‐border acquisitions undertaken by firms from 36 countries over an 8‐year time period (2001–2008), we find that when firms acquire targets in a high‐technology industry, they resort to partial acquisitions. Our analysis further suggests that when firms seek targets in high‐technology industries but have experience with acquisitions or face higher institutional distance, the likelihood of full acquisitions over partial ones increases. Study findings contribute to our understanding of the interactive relationship among technology, experience, and institutional distance in determining appropriate ownership choices.     

Whose experience matters in the boardroom? The effects of experiential and vicarious learning on emerging market entry

Using an organizational learning perspective, we develop arguments about vicarious learning through board interlocks and its relation to experiential learning. Although it is well established that firms learn from board interlocks, little attention has focused on which types of interlocks are most consequential and why. We distinguish between the relative advantages of various tie attributes such as experience, authority, and credibility and argue that these distinctions lead to measureable differences in learning outcomes. We further demonstrate that whether vicarious learning substitutes or complements focal firm experiential learning depends upon the type of interlock involved. After accounting for the endogeneity of ties, we find support for our framework in a longitudinal analysis of foreign investments by German firms in emerging economies between 1990 and 2003. Copyright © 2013 John Wiley & Sons, Ltd.     

Online job search discouragement: How employment platforms and digital exclusion shape the experience of low-qualified job seekers?

How do people experience the platform-mediated job search process? We explore this question based on a sample of in-depth interviews (n = 20) with low-qualified, unemployed Spanish job seekers. Our main finding shows that the ways they use Information and Communication Technologies negatively impact their engagement in online job search activities. Based on our findings, we develop a framework of online job search discouragement revolving around crafting online profiles, applying for jobs, reviewing application statuses and integrating the tensions these activities carry for the experience and the outcome of the platform-mediated job search.     

International experience in the executive suite: the path to prosperity?

Attention is increasingly focused on the potential individual career and firm‐level benefits of international experience for upper level executives. This research examines the relationships between CEO international experience, CEO tenure, firm internationalization, succession events, and corporate financial performance. Results indicate a significant interactive effect between CEO tenure and outside succession on CEO international experience. In addition to a relationship with CEO international experience, there are two additional interactive effects in the examination of corporate financial performance: (1) CEO international experience and the degree of firm internationalization, and (2) CEO international experience and CEO succession. These interactive effects are evident in accounting and market indicators of corporate financial performance. Copyright © 2000 John Wiley & Sons, Ltd.     

What do they know? The effects of outside director acquisition experience on firm acquisition performance

This article contributes to the literature on board effectiveness by being perhaps the first to systematically examine how the nature of outside directors' prior experience, and resulting expertise, will influence the performance of a focal firm's strategic initiatives. Our theoretical model is grounded in the psychological literature on expertise and its role in group decision making effectiveness. We focus on outside director expertise in acquisition decision making, and its implications for the performance of the acquisitions of a focal firm. Our conceptual framework indicates that directors will develop expertise in making particular kinds of acquisition decisions (e.g., related or unrelated acquisitions or acquisitions in specific industries or product markets) through their past experiences at other firms with decisions about those specific types of acquisitions, and we predict that this experience and expertise will have positive effects on the performance of a focal firm's acquisitions. We extend our theoretical model to consider the conditions under which relevant director experience will prove most beneficial. Our model predicts that outside director acquisition expertise will deliver the greatest benefits when the focal firm's board is independent from management. We find empirical support for all of our hypotheses. In considering how and when director experience and resulting expertise may influence the performance of corporate acquisitions, our theory and results help to highlight a potential second main focus for research on the long‐standing question of what factors render boards of directors effective. Copyright © 2008 John Wiley & Sons, Ltd.     

ctures and

volume, the method of channelization, one-way traffic, signal control and other traffic engineering facilities are adapted in this paper. The traffic organization scheme of these in central business district of Humen Town,three intersections has been discussed, which can simplify intersections and improve traffic order.traffic organization;intersection;central business district0广东交通职业技术学院学报Journal of Cuangdong Communications Polytechnic26-29U491C03425C;C034_25麦婉菁;21-24广东省高速公路沥青面层矿料级配设计探讨邱启明;刘伟明;湖南益阳市交通局,广东交通职业技术学院 湖南益阳413000,广东广州510650沥青面层;;矿料级配;;设计;;室内试验论述了沥青面层混合料配合比设计的技术要求,根据当地的料源,设计了三种不同的矿料级配曲线,通过室内大量试验,对试验检测的各项技术指标比较,确定沥青面层矿料的最优级配曲线。Exploration on Guangdong Provincial Expressway Asphalt Surface Course Mineral Aggregate Gradation DesignQIU Qi-ming1,LIU Wei-ming2 (1. Communications Bureau of Yiyang City ,Yiyang 413000,China; 2.Guangdong Communications Polytechnic, Guangzhou 510650,China)This paper discusses the technical requirements of asphalt surface course mixture design.According to sources of local materials,three different mineral aggregate grading curves are designed.Through extensive indoor testing of the asphalt mixture and various qualification contrast to determine the optimum asphalt surface aggregate grading curves.asphalt surface course;mineral aggregate gradation;design;indoor test0广东交通职业技术学院学报Journal of Cuangdong Communications Polytechnic30-32+74U416.217C03422C;C034_22邱启明;25-27+69道路设计安全问题研究赖香忠;方雄师;广东省公路管理局,广东粤路勘察设计有限公司 广东广州510075,广东广州510635道路设计;;安全问题;;研究道路设计对公路交通安全有着非常重要的影响。文中从平面交叉口设计、视距问题、平纵线形与平纵组合问题、交通安全设施等方面探讨了道路设计的     

Does experience help or hinder top managers? Working with different types of resources in Hollywood

Research summary: Research on the resource‐based view has begun to place more emphasis on the ability of managers to extract better performance from the resources that are available to them. In this paper, we show that prior experience can both help and hinder their ability to generate performance from various categories of resources. Further, we argue that the fungibility of each resource influences the opportunities managers have to use their experiences in order to find the best method to deploy them. We test our hypotheses by examining the ability of Hollywood film producers to generate results from financial, brand, and human resources. Our findings show that experienced producers can generate better performance from more fungible resources, but they actually achieve weaker results with less fungible resources. Managerial summary: Do more experienced top managers get better results from their resources? We examine this question for Hollywood film producers. Our results show that experience can really help when producers work with resources such as cash (budgets) and brand resources (such as film sequels). However, such experiences actually reduce performance when they work with some human resources, such as highly talented directors. We argue that experience can be most helpful when managers work with more fungible resources, which can be used in a variety of different ways but can actually hurt when they work with resources that are more constrained in how they can be deployed. Under ideal circumstances, we find that experienced producers can generate nearly 40 percent more revenue with the right mix of resources. Copyright © 2015 John Wiley & Sons, Ltd.     

Breaking institutionalized corruption: Is the experience of the Hong Kong Independent Commission Against Corruption generalizable?

The literature on corruption has seldom analyzed how institutional changes and the management of anti-corruption agencies could affect the success in transforming a relatively corrupted society into a cleaner one. Using the institutional changes of Hong Kong after the establishment of its anti-corruption agency in 1974, we identify the key changes in its institutional environment and the management of the agency that led to its success. We discuss the possibility that this experience can be generablizable to other societies such as the China Mainland.     

Strengthen Scientific and Technical Cooperation and Promote Petroleum Industry Development

More than 3,000 representatives from more than 80 countries and regions will attend the 15th World Petroleum Congress in Beijing. They will discuss new petroleum science and technology achievements, as well as the opportunities and challenges facing the petroleum industry in the next century. This meeting will promote international exchange and cooperation in petroleum science and technology thereby helping the world petroleum industry develop more quickly. As technology and globalization lead the petroleum industry into the 21st century, China's petroleum science and technology also will enter the new century with a new look.     

Why do some outside successions fare better than others? The role of outside CEOs' prior experience with board diversity

Research summary: We develop a theory to explain why new outside CEOs can better manage their relationship with the board if they previously served on boards that were more diverse than the focal board. We predict that a new outside CEO's prior experience with more diverse boards not only reduces the likelihood of post‐succession CEO turnover and director turnover, but also improves firm performance. Results from an analysis of 188 outside CEOs in a sample of Fortune 500 companies provide support for our theory. This study contributes to upper echelon theory and research by identifying outside CEOs' prior experience with board diversity as an important aspect of their background that influences a range of major organizational outcomes, including CEO turnover, director turnover, and firm performance. Managerial summary: It is challenging to be a new CEO who comes from outside of the organization. Our study examines why some new outside CEOs fare better than others. We suggest that a positive relationship with the board of directors is a key factor in a new outside CEO's success. A new outside CEO can better manage the relationship with the board if he or she has prior experience working with other demographically diverse boards. In contrast, when the focal board is more diverse than the other boards on which the new CEO previously served, the new CEO tends to struggle in managing his or her relationship with the board, experiencing a higher likelihood of turnover and delivering worse financial performance. Copyright © 2015 John Wiley & Sons, Ltd.     

Realigning research and extension to focus on farmers’ constraints and opportunities

This paper argues that research and extension have failed to (1) develop technologies that take into account farmers’ resource constraints and risks; and (2) improve farmers’ capacity to adapt technologies to their own situations. The paper critiques continued use of blanket, high-dose fertilizer recommendations, arguing for approaches that teach farmers how to maximize returns from smaller, more affordable input purchases. Developing such technologies requires that researchers integrate a wider range of stakeholders (farmers, extension agents, agricultural exporters and processors) into research activities at an earlier point in time than has been the case. Although evidence that these new approaches are increasing the use of purchased inputs remains weak, a number of important lessons are emerging about how research and extension outcomes are influenced by institutional culture and incentives. The authors conclude that developing recommendations for small, affordable input doses and training farmers so they can adapt recommendations to their particular circumstances is as much an institutional challenge as a technology challenge.     

Look Back and Be Proud

For the China garment industry, 2005 was certainly moody and unpredictable. She put a full stop on quotas, witnessed the frowning over trade issues between China and the US and EU, she also told the world that Chinese Yuan would be revalued by only two percent. After a rough path Chinese clothing industry still managed to raise rice wine shots and sing proudly down the karaoke.     

China Fabrics and Accessories Centre

About usThe centre is located opposite to the south gate of Sun Yat-San University inGuangzhou. It has 300,000 square meters of building area with nine floors and morethan 4000 shops. This 'one D stop' centre combines selling and buying, business trading,exhibitions and exchanging resources, and with excellent facilities and customerservices, China Fabrics and Accessories Centre (CFAC) is one of the biggest and high-est standard super modern business centres for trading textiles in Asia.…     

Are Interactive TV-Pioneers and Surfers Different Breeds? Broadband Demand and Asymmetric Cross-Price Effects

We consider two different qualities of broadband access, one that simply means greater access speed to Internet applications and content, and a premium version that also gives access to interactive TV services. Based on a market survey we find that potential consumers of this premium broadband access do not consider basic broadband Internet access as a substitute. The price of basic broadband does not constrain the price that may be charged for the premium broadband that allows for interactive TV services.     

Governance and capabilities: Asia’s entrepreneurial performance and stock of venture forms

Asian economies display large evident differences in their entrepreneurial capabilities and performance. While existing explanations of these differences have largely focused on formal and informal background institutions, we instead emphasize differences in national stocks of venture forms. We suggest that alternate venture forms, because of their different governance characteristics, possess unique entrepreneurial capabilities and pursue distinct opportunities. Consequently, nations must possess a diverse and balanced stock of venture forms and have such forms engaged in the unique and complementary activities for which they are best suited. Viewed in this light, addressing national limitations in entrepreneurial performance requires changes in stocks of venture forms. In developing the policy implications of our analysis, we highlight the past successes and current development challenges of Japan, Korea, Singapore, Hong Kong, Taiwan, and mainland China.