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32
International diversification: Antecedents, outcomes, and moderators
- J. Management
, 2006
"... Pursuit of international markets and resources from foreign sources has increased dramatically during the past two decades, and the academic study of international diversification has increased concurrently. Reviewing the literature in management and related disciplines, the authors discuss recent f ..."
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Pursuit of international markets and resources from foreign sources has increased dramatically during the past two decades, and the academic study of international diversification has increased concurrently. Reviewing the literature in management and related disciplines, the authors discuss recent findings of research on international diversification. A conceptual model groups key rela-tionships, including antecedents, environmental factors, performance and process outcomes, moderators, and the characteristics of international diversification. The authors synthesize intel-lectual contributions, highlight unresolved issues, and provide recommendations for future research.
Boards of Directors' Contribution to Strategy: A Literature Review and Research Agenda. Corporate Governance: An
- International Review
, 2009
"... Manuscript Type: Review Research Question/Issue: Over the last four decades, research on the relationship between boards of directors and strategy has proliferated. Yet to date there is little theoretical and empirical agreement regarding the question of how boards of directors contribute to strateg ..."
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Manuscript Type: Review Research Question/Issue: Over the last four decades, research on the relationship between boards of directors and strategy has proliferated. Yet to date there is little theoretical and empirical agreement regarding the question of how boards of directors contribute to strategy. This review assesses the extant literature by highlighting emerging trends and identifying several avenues for future research. Research Findings/Results: Using a content-analysis of 150 articles published in 23 management journals up to 2007, we describe and analyze how research on boards of directors and strategy has evolved over time. We illustrate how topics, theories, settings, and sources of data interact and influence insights about board–strategy relationships during three specific periods. Theoretical Implications: Our study illustrates that research on boards of directors and strategy evolved from normative and structural approaches to behavioral and cognitive approaches. Our results encourage future studies to examine the impact of institutional and context-specific factors on the (expected) contribution of boards to strategy, and to apply alternative methods to fully capture the impact of board processes and dynamics on strategy making. Practical Implications: The increasing interest in boards of directors ’ contribution to strategy echoes a movement towards more strategic involvement of boards of directors. However, best governance practices and the emphasis on board inde-pendence and control may hinder the board contribution to the strategic decision making. Our study invites investors and policy-makers to consider the requirements for an effective strategic task when they nominate board members and develop new regulations.
THE PERSISTENT EFFECT OF GEOGRAPHIC DISTANCE IN ACQUISITION TARGET SELECTION
, 2008
"... The implications of several strands of the spatial geography literature suggest that firms incur substantial costs when they implement geographically distant acquisitions, where implementation costs arise both from searching for potential targets and from undertaking post-acquisition integration. In ..."
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The implications of several strands of the spatial geography literature suggest that firms incur substantial costs when they implement geographically distant acquisitions, where implementation costs arise both from searching for potential targets and from undertaking post-acquisition integration. In turn, the prescriptive literature on acquisitions strategy often suggests that firms should seek geographically proximate targets, especially while they gain acquisition experience, in order to limit implementation costs that have the potential to crowd out gains from acquisitions. To date, however, we lack systematic research examining whether expected implementation costs lead acquirers to prefer nearby targets and, if so, how acquisition experience or other factors may reinforce or reduce any such tendency. Indeed, there is no assurance that desirable targets will be located near acquirers, while anecdotal evidence suggests that some firms, at least, undertake distant acquisitions, even early in their acquisition experience. This study examines how the distance between acquiring and target firms influences target selection, exploring conditions under which acquirers exhibit a greater preference for geographically proximate targets and when they seek more distant targets. The study examines 2,070 domestic U.S. acquisitions from 1980 to 2004 by 767 US chemical manufacturing firms founded after 1979. The core conclusion of the study is that distance has a strong and persistent effect on target selection
Decision making in acquisitions: The effect of outside directors’ compensation on acquisition patterns
- Journal of Management
, 2007
"... This article examines how the compensation paid for outside directors affects firms ’ acquisition behavior. Using panel data of Standard & Poor’s 1500 firms between 1996 and 2002, the authors find that stock and stock option pay for outside directors are related in an inverted U-shaped man-ner t ..."
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This article examines how the compensation paid for outside directors affects firms ’ acquisition behavior. Using panel data of Standard & Poor’s 1500 firms between 1996 and 2002, the authors find that stock and stock option pay for outside directors are related in an inverted U-shaped man-ner to a firm’s acquisition rate and that for stock options, this relationship is moderated by board composition. Their findings suggest a dual agency model of corporate governance, according to which not only executives ’ incentives but also outside directors ’ incentives should be aligned with the shareholder value creation.
Ownership Structure and CEO Compensation: Implications for the Choice of Foreign Market Entry Modes
- Journal of In- ternational Business Studies
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Institutional Ownership Differences and Earnings Management: A Neural Networks Approach
"... This study examines the association between different institutional investors’ ownership and earnings management practice using a neural networks approach. It investigates this relationship for a sample of 121 US firms. We examine also the effect of institutional ownership on the level of accruals m ..."
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This study examines the association between different institutional investors’ ownership and earnings management practice using a neural networks approach. It investigates this relationship for a sample of 121 US firms. We examine also the effect of institutional ownership on the level of accruals management of firms having different information environment (S&P 500 versus non S&P 500). Results show that the involvement of pension funds and banks in the firms ’ capitals limits earnings management behaviors. However, investment funds ownership incites to increase earnings. The hypothesis of the relevance of the environment information in the explanation of the institutional investors ’ behavior doesn’t seem to be important in our case.
Review Paper Corporate Governance in Emerging Economies: A Review of the Principal–Principal Perspective
, 2008
"... abstract Instead of traditional principal–agent conflicts espoused in most research dealing with developed economies, principal–principal conflicts have been identified as a major concern of corporate governance in emerging economies. Principal–principal conflicts between controlling shareholders an ..."
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abstract Instead of traditional principal–agent conflicts espoused in most research dealing with developed economies, principal–principal conflicts have been identified as a major concern of corporate governance in emerging economies. Principal–principal conflicts between controlling shareholders and minority shareholders result from concentrated ownership, extensive family ownership and control, business group structures, and weak legal protection of minority shareholders. Such principal–principal conflicts alter the dynamics of the corporate governance process and, in turn, require remedies different from those that deal with principal–agent conflicts. This article reviews and synthesizes recent research from strategy, finance, and economics on principal–principal conflicts with an emphasis on their institutional antecedents and organizational consequences. The resulting integration provides a foundation upon which future research can continue to build.
Antecedents of new director social capital
- Journal of Management Studies
, 2011
"... published by Blackwell Publishing and Society for the Advancement of Management Studies. Used by permission. ..."
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published by Blackwell Publishing and Society for the Advancement of Management Studies. Used by permission.
Declaration
, 2013
"... This is to certify that: (i) The thesis comprises only my original work towards the PhD except where indicated (ii) Due acknowledgement has been made in the text to all other material used, (iii) Due acknowledgement has been made in the text to my co-authors with whom I have worked on research manus ..."
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This is to certify that: (i) The thesis comprises only my original work towards the PhD except where indicated (ii) Due acknowledgement has been made in the text to all other material used, (iii) Due acknowledgement has been made in the text to my co-authors with whom I have worked on research manuscripts, (iii) The thesis is less than 100,000 words in length, inclusive of table, figures, bibliographies, appendices and footnotes. I authorize the Dean of the Business School to make or have made a copy of this thesis to any person judged to have an acceptable reason for access to the information, i.e., for research, study or instruction. ‘The copyright of this thesis rests with the author and is made available under a Creative Commons Attribution Non-Commercial No Derivatives licence. Researchers are free to copy, distribute or transmit the thesis on the condition that they attribute it, that they do not use it for commercial purposes and that they do not alter, transform or build upon it. For any reuse or redistribution, researchers must make clear to others the licence terms of this work’.
Recommended Citation
, 2011
"... Commitment human resource systems (CHRS) are used to elicit an employee‘s long-term commitment to the firm, and research has shown that CHRS are positively associated with firm performance. Yet, firms appear reluctant to use these HR systems. Large shareholders such as institutional investors and fo ..."
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Commitment human resource systems (CHRS) are used to elicit an employee‘s long-term commitment to the firm, and research has shown that CHRS are positively associated with firm performance. Yet, firms appear reluctant to use these HR systems. Large shareholders such as institutional investors and founding family owners have been found to influence the strategic decision making of the firm, yet they have been largely absent from the strategic human resource management literature. This is unfortunate given the strong influence that large shareholders can exert on firms. Thus, this study examines the relationship between large shareholders such as institutional investors and founding family owners and CHRS. Overall, the findings indicate that founding family owners and transient institutional investors tend to influence the firm‘s propensity to use CHRS. Specifically, founding family ownership stake is positively associated with the use of high performance HR practices; whereas, the relationship between founding family ownership stake and employee involvement HR practices is positive up to the founding family owning 11.22 percent of the total common shares outstanding. In addition,
