邯郸论文组

顶级期刊 | SMJ论文速递:Strategic Management Journal 2017年3月刊

骆驼社经管前沿2019-03-13 12:44:40


本期导读


本期共有9篇文章,分别介绍了女性高管对企业产生的影响、时间延迟对竞争者之间竞争的影响、资源重新配置如何影响企业进入或退出市场、组织部门创业精神的社会背景、行业孵化过程、人力资本投资、经验和信息不对称对合并和收购价值的影响、高层管理者关于战略行动的机会的关注、董事会专业知识对企业战略变革的影响。



The more, the merrier? Women in top-management teams and entrepreneurship in established firms (pages 487–505)

Jacob Lyngsie and Nicolai J. Foss

Research summary: We study the association between firms' entrepreneurial outcomes and their gender composition. Though highly topical, there is little solid empirical knowledge of this issue, which calls for an inductive approach. We match a paired-respondent questionnaire survey with population-wide employer-employee data, and find evidence that the presence of female top managers is positively related to entrepreneurial outcomes in established firms. Yet, this relation is conditional on the proportion between male and female top managers. Another finding is that the overall proportion of women in the firm's workforce negatively moderates the relation between female top managers and entrepreneurial outcomes. We discuss various mechanisms that can explain these findings, and argue that they are best understood in terms of the dynamics of social categorization.

Managerial summary: We investigate how companies benefit from having more women on the top-management team. We show that beyond a threshold level of female top managers, more women are associated with more entrepreneurial outcomes (more products and services profitably launched). However, this positive effect is weakened in firms that have many women in the workforce. These effects may be explained in terms of the ways employees mentally categorize managers and how this influences their work motivation. We find evidence for such an explanation.

研究总结:我们研究企业创业成果与其性别构成之间的关系。虽然高度专题,但对这个问题的经验知识很少,需要归纳的方法。我们将配对调查问卷调查与全民雇主 - 雇员数据进行匹配,并找到证据表明女性高层管理人员的存在与已建立企业的创业成果正相关。然而,这种关系是以男女高管之间的比例为条件的。另一个发现是女性在公司劳动力中的整体比例负面地调节了女性高层管理者与创业成果之间的关系。我们讨论可以解释这些发现的各种机制,并且认为它们最好根据社会分类的动态来理解。

管理总结:我们调查企业如何从最高管理层的女性中受益。我们表明,超越女性高层管理人员的门槛水平,更多的女性与更多的创业成果相关联(更多的产品和服务有利地推出)。然而,这些积极的影响在有许多女性劳动力的公司中被削弱了。这些影响可以用员工在经理心理上的分类方式以及这如何影响他们的工作动机来解释。我们找到这样一个解释的证据。


Time delays, competitive interdependence, and firm performance (pages 506–525)

Jukka Luoma, Sampsa Ruutu, Adelaide Wilcox King and Henrikki Tikkanen

Research summary: Competitors' experiences of prior interactions shape patterns of rivalry over time. However, mechanisms that influence learning from competitive experience remain largely unexamined. We develop a computational model of dyadic rivalry to examine how time delays in competitors' feedback influence their learning. Time delays are inevitable because the process of executing competitive moves takes time, and the market's responses unfold gradually. We analyze how these lags impact learning and, subsequently, firms' competitive behavior, industry profits, and performance heterogeneity. In line with the extant learning literature, our findings reveal that time delays hinder learning from experience. However, this counterintuitively increases rivals' profits by reducing their investments in costly head-to-head competition. Time delays also engender performance heterogeneity by causing rivals' paths of competitive behavior to diverge.

Managerial summary: While competitive actions such as new product launches, geographical expansion, and marketing campaigns require up-front resource commitments, the potential lift in profits takes time to materialize. This time delay, combined with uncertainty surrounding the outcomes of competitive actions, makes it difficult for managers to learn reliably from previous investment decisions. This results in systematic underinvestment in competitive actions. The severity of the underinvestment grows as the time delay between an investment and its positive results increases. Counterintuitively, however, competitors' collective underinvestment increases profit-making opportunities. In industries with large time delays, companies that do invest in competitive actions are likely to enjoy high returns on investment. It is also likely that rivals' paths of competitive behavior bifurcate. Together, these mechanisms generate large differences in competitors' profits.

研究总结:竞争对手先前的互动经验形成了竞争的模式随着时间的推移。然而,从竞争经历中影响学习的机制在很大程度上仍未被检验。我们开发了一个二元竞争的计算模型来研究竞争者反馈中的时间延迟如何影响他们的学习。时间延迟是不可避免的,因为执行竞争行为的过程需要时间,市场的反应逐渐展开。我们分析这些滞后如何影响学习,并随后分析企业的竞争行为,行业利润和业绩异质性。根据现有的学习文献,我们的研究结果显示时间延迟阻碍了经验的学习。然而,这通过减少他们在昂贵的头对头竞争中的投资来直观地增加竞争对手的利润。时间延迟也会导致竞争对手的竞争行为路径发生分歧,从而导致业绩异质性。

管理总结:虽然诸如新产品发布,地域扩张和营销活动等竞争性行动需要先期的资源承诺,但利润的潜在提升需要时间来实现。这种时间延迟,加上围绕竞争行为结果的不确定性,使管理者难以从以前的投资决策中可靠地学习。这导致了竞争行为的系统性投资不足。由于投资与其积极成果之间的时间延迟增加,投资不足的严重性增加。然而,反直觉地,竞争对手的集体投资不足增加了获利机会。在时间延迟较大的行业中,投资于竞争行为的企业可能会获得较高的投资回报。竞争对手的竞争行为也可能分叉。这些机制一起在竞争对手的利润上产生巨大的差异。


Entry, exit, and the potential for resource redeployment (pages 526–544)

Marvin B. Lieberman, Gwendolyn K. Lee and Timothy B. Folta

Research summary: Combining the concept of resource relatedness with the economic notion of sunk costs, we assess how the potential for resource redeployment affects market entry and exit by multi-business firms. If the performance of a new business falls below expectations, a diversified firm may be able to redeploy its resources back into related businesses. In effect, relatedness reduces the sunk costs associated with a new business, which facilitates exit. This, in turn, has implications for entry: By decreasing the cost of failure, the potential for redeployment justifies the undertaking of riskier entries and greater experimentation. These dynamic benefits of relatedness are distinct from standard notions of “synergy.” To show support for this idea, we provide a mathematical model, descriptive data, and company examples.

Managerial summary: The ability to redeploy resources inside the firm reduces the cost of entry “mistakes.” If a new business turns out to have poor profitability, the ability to redeploy more of its resources back into the firm's other businesses allows recycling of investment and can speed up the retreat. This reduces not only the cost of exit, but also the cost of entry. Managers should therefore be more willing to experiment and take risks in developing businesses that are more related to the firm's existing businesses, whereas if redeployment is likely to be difficult, managers should be cautious about entering. New businesses should be chosen in ways that facilitate redeployment, and managers should consider the implications of redeployment when setting the performance thresholds that justify entry and exit.

研究总结:将资源相关性概念与沉没成本的经济概念相结合,我们评估资源重新配置的潜力如何影响多商业公司进入市场和退出市场。如果一项新业务的表现低于预期,一家多元化公司可能能够将其资源重新部署到相关业务中。实际上,相关性降低了与新业务相关的沉没成本,这有助于退出。这又反过来影响了进入:通过降低失败成本,重新部署的可能性证明了进行风险较高的投入和更多的实验。相关性的这些动态优势与“协同”的标准概念是截然不同的。为了支持这个观点,我们提供了一个数学模型,描述性数据和公司实例。

管理总结:在公司内部重新部署资源的能力降低了进入“错误”的成本。如果新业务的盈利能力很差,那么将更多资源重新部署到公司的其他业务中的能力允许回收投资和可以加快撤退。这不仅降低了退出成本,而且降低了进入成本。因此,管理者应该更愿意尝试和冒险开发更多与公司现有业务相关的业务,而如果重新部署可能是困难的,管理者应该谨慎进入。新业务的选择应该便于重新部署,管理人员应该在确定进入和退出性能门槛时考虑重新部署的影响。


Entrepreneurial beacons: The Yale endowment, run-ups, and the growth of venture capital (pages 545–565)

Y. Sekou Bermiss, Benjamin L. Hallen, Rory McDonald and Emily C. Pahnke

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 Yale University 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, Yale University'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 Yale'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.

研究总结:本文调查了组织部门创业精神的社会背景。之前的研究表明,公司创立是由集体行为模式驱动的,例如某个行业的先前创建模式。在研究社会显着性和信号的基础上,我们考虑了奇异的行业触发因素(我们称之为企业家信标)的影响。我们认为,单一的,突出的组织的行动或结果吸引和激励企业家,从而提高创建率。我们通过研究耶鲁大学捐赠基金的投资选择和风险投资支持的IPO上市对1984年至2011年创业投资基金的影响来检验这一逻辑。我们发现支持信标的存在和影响以及轮廓边界条件为他们的效果。

管理总结:什么导致企业家在新兴行业中找到新公司?与之前强调活动模式的研究相比,我们认为创业活动有时可以由单一触发的行为驱动 - 我们称之为企业家信标。我们考察了耶鲁大学的两笔捐赠投资和独特的风险资本支持的首次公开发行募集资金对28年来新成立的风险投资公司的影响。我们发现耶鲁增加对风险资本资产类别的分配对新成立的风险投资公司有重大影响,而特殊的风险资本支持的IPO上市只在一定条件下影响风险投资基金。总的来说,我们对某些组织或事件的轶事记录提供了一个解释,这些组织或事件似乎对企业家活动有巨大的影响。


Incubation of an industry: Heterogeneous knowledge bases and modes of value capture (pages 566–587)

Mahka Moeen and Rajshree Agarwal

Research summary: We examine firms' technological investments during an industry's incubation stage—the period between a technological breakthrough and the first instance of its commercialization. Using the agricultural biotechnology context, we develop stylized findings regarding the understudied knowledge evolution preceding product evolution in an industry's life cycle, the trend and diversity of firms undertaking technological investments in anticipation of industry emergence, their leverage of markets for technology and corporate control, and their use of alternative modes of value capture. We juxtapose these stylized findings with existing literature to identify new theoretical insights, and set the stage for future scholarly work to develop and test new theories for the incubation period, examine its existence in other industries, and study its impact on subsequent firm and industry evolution.

Managerial summary: New technological breakthroughs present managers of existing firms and aspiring entrepreneurs with opportunities to create altogether new industries. During the vibrant incubation period, we find that multiple firms capitalize on diverse knowledge bases to shape the industry's knowledge evolution and also capture economic value in diverse ways. Existing firms in the obsolescing industry are more likely to become targets in acquisitions given their complementary knowledge. Science-based start-ups are more likely to engage in acquisitions and collaborations with established firms. Diversifying firms are more likely to commercialize products after leveraging of internal development, acquisitions, and alliances. Our study highlights the importance for managers to think about “success” and “failure” across multiple yardsticks of performance, rather than only as product commercialization as the sole goal.

研究总结:我们考察了一个行业孵化阶段的企业技术投资,这个阶段是技术突破和商业化初期的时期。利用农业生物技术的背景下,我们发展了关于行业生命周期中的产品演化之前的知识演变过程,对产业出现预期的技术投资的企业趋势和多样性,技术和企业控制市场的杠杆作用,他们使用替代的价值捕捉模式。我们将这些程式化的发现与现有的文献并置,以找出新的理论见解,为未来的学术工作奠定基础,为潜伏期开发和测试新的理论,考察其在其他行业的存在,并研究其对后续企业和产业演变的影响。

管理总结:新的技术突破给现有企业的管理者和有抱负的企业家提供了创造全新产业的机会。在充满活力的孵化期间,我们发现多家企业利用多元化的知识基础来塑造行业的知识进化,并以多种方式捕捉经济价值。由于知识的互补性,退役行业的现有企业更有可能成为收购目标。以科学为基础的初创企业更有可能与现有企业进行收购和合作。利用内部开发,收购和联盟后,多元化企业更有可能将产品商业化。我们的研究强调了管理者在考虑多种绩效标准时考虑“成功”和“失败”的重要性,而不仅仅是作为产品商业化的唯一目标。


Strategy, human capital investments, business-domain capabilities, and performance: a study in the global software services industry (pages 588–608)

Joydeep Chatterjee

Research summary: In knowledge-based industries, continuous human capital investments are essential for firms to enhance capabilities and sustain competitive advantage. However, such investments present a dilemma for firms, because human resources are mobile. Using detailed project-level operational, financial, and human capital data from a leading multinational firm in the global IT services industry, this study finds that deliberate investments in improving general human capital can help firms develop superior capabilities and maintain high profits. This paper identifies two types of capabilities essential for success in this industry—technological and business-domain capabilities—and provides empirical evidence justifying such investments. Theoretical and practical implications of capability-seeking general human capital investments are discussed.

Managerial summary: The primary managerial implication of this research is that capability-seeking investments in developing general human capital through strategic learning (training and internal certifications) can enhance firm performance. Although investing in general human capital is risky, the firm considered this a strategic necessity in order to thrive in the fast paced IT services industry. By leveraging general technological skills in combination with business-domain knowledge to address customer's business problems firms can earn and sustain higher profits. Our study also demonstrates how a developing-country firm responded to strong competitive challenge from global rivals possessing superior capabilities by upgrading the capabilities of its employees through internal development. In doing so the firm was able to narrow the capability gap vis-à-vis its foreign peers and expand its business globally.

研究总结:在知识型产业中,持续的人力资本投资对企业提高能力和保持竞争优势至关重要。然而,这种投资给企业带来了困境,因为人力资源是流动的。本研究使用来自全球IT服务行业领先跨国公司的详细的项目级运营,财务和人力资本数据,发现在改善一般人力资本方面进行有意的投资可以帮助企业发展出优越的能力并保持高利润。本文确定了这一行业成功所必需的两类能力 - 技术和业务领域的能力 - 并提供证明这种投资合理的经验证据。对寻求能力的普通人力资本投资的理论和实践意义进行了讨论。

管理总结:本研究的主要管理意义在于,通过战略学习(培训和内部认证)发展一般人力资本的能力寻求投资可以提高公司业绩。虽然投资于一般人力资本是有风险的,但该公司认为这是战略需要,以在快速发展的IT服务行业蓬勃发展。通过利用一般的技术技能和商业领域的知识来解决客户的业务问题,企业可以赚取和维持更高的利润。我们的研究还表明,一家发展中国家公司如何应对来自具有卓越能力的全球竞争对手的强大竞争挑战,通过内部发展提升员工能力。在此过程中,该公司能够缩小与国外同行相比的能力差距,并在全球范围内扩大业务。


When the target may know better: Effects of experience and information asymmetries on value from mergers and acquisitions (pages 609–625)

Ilya R. P. Cuypers, Youtha Cuypers and Xavier Martin

Research summary: Extending research on the effect of experience on acquisition outcomes, we examine how the differential in previous M&A experience between the target and the acquirer affects the value they, respectively, obtain when the acquirer takes over the target. Drawing on literature about organizational learning, negotiation, and information economics, we theorize that the party with greater experience will be able to obtain more value. Furthermore, we theorize that the effect of differential M&A experience on value obtained is contingent on the level of information asymmetry the acquirer faces with respect to the target, specifically as a function of the target's product-market scope and whether the deal is friendly. We test and find support for these predictions in a sample of 1,241 M&As over a 30-year period.

Managerial summary: Corporate strategy is about a firm's scope and development decisions and outcomes, but corporate strategizing is incomplete unless managers anticipate the moves of other economic actors. We demonstrate the importance of these points when it comes to learning to make acquisitions. Using an innovative research design and theory that enables comparison between acquirer and target gains, we show that whatever their firm's acquisition history and capabilities, acquisitive managers should mind the negotiation and other pitfalls that arise when target firms possess ample acquisition experience of their own. We also demonstrate that the effect of experience advantage, whereby the more experienced party benefits, depends on the target firm's scope and whether the deal is friendly—two dimensions that acquirers can and should take into account.

研究总结:扩大对经验对收购成果的影响的研究,我们研究目标和收购方之间以前并购经验的差异如何影响其在收购方接管目标时分别获得的价值。借鉴有关组织学习,谈判和信息经济学的文献,我们推理经验丰富的党派可以获得更多的价值。此外,我们推论,差异化并购经验对所获价值的影响取决于收购方面对目标方面所面临的信息不对称水平,具体取决于目标产品市场范围和交易是否友好。我们在30年期间的样本中进行了1241次并购测试,并对这些预测进行了测试和支持。

管理总结:公司战略是关于公司的范围和发展决策和结果,但企业战略是不完整的,除非管理者预测其他经济行为者的行动。我们在学习收购时展示了这些观点的重要性。利用创新的研究设计和理论,可以比较收购方和目标收益,我们表明无论公司的收购历史和能力如何,收购经理都应该关注目标公司拥有丰富的自身收购经验时出现的谈判和其他陷阱。我们还证明,经验优势的效果,即更有经验的党派利益,取决于目标公司的范围以及交易是否友好 - 买方能够并且应该考虑的两个维度。


Is that an opportunity? An attention model of top managers' opportunity beliefs for strategic action (pages 626–644)

Dean A. Shepherd, Jeffery S. Mcmullen and William Ocasio

Research summary: Exploiting opportunities is critical to a firm's competitive advantage. Not surprisingly, there has been considerable interest in the processes by which top managers allocate attention to potential opportunities. Although such investigations have largely focused on top-down processes for allocating attention to the environment, some studies have explored bottom-up processes. In this article, we consider both top-down and bottom-up processing to develop a model by which top managers form opportunity beliefs for strategic action depending on the allocation of transient and sustained attention. Specifically, this attentional model provides insights into how a top manager's attention is allocated to identify potential opportunities from environmental change and explores how different modes of attentional engagement impact the likelihood of forming beliefs about radical and incremental opportunities requiring strategic action.

Managerial summary: Managers are interested in noticing and exploiting opportunities because the exploitation of an opportunity represents an important strategic action. Noticing and exploiting opportunities depends on how and where top managers allocate their attention. Managers can focus attention based on their knowledge and experience or as a result of something in the environment capturing their attention. In this paper, we consider both knowledge-driven and environment-driven processes for allocating attention to form opportunity beliefs. This opportunity belief arises from a two stages process. The first stage explains how a top manager identifies environmental changes as potential opportunities. The second stage explains how the top manager forms a belief that these identified environmental changes represent a radical or incremental opportunity worthy of exploitation.

研究总结:开拓机会对于公司的竞争优势至关重要。毫不奇怪,高层管理人员将注意力放在潜在的机会上的过程引起了相当大的兴趣。虽然这样的调查主要集中在自上而下的环境分配过程上,但一些研究已经探索了自下而上的过程。在这篇文章中,我们考虑自上而下和自下而上的处理过程,以开发一个模型,通过这个模型,高层管理者根据短暂和持续关注的分配形成战略行动的机会信念。具体而言,这种注意力模型提供了高层管理者如何分配注意力以识别来自环境变化的潜在机会的洞察力,并探讨了不同模式的注意力参与如何影响形成对需要战略行动的激进和增量机会的信念的可能性。

管理总结:管理者有兴趣发现和利用机会,因为利用机会是一个重要的战略行动。注意和利用机会取决于高层管理者如何以及在哪里分配注意力。管理者可以根据自己的知识和经验,或者由于环境中的某些事物引起注意,而集中注意力。在本文中,我们考虑知识驱动和环境驱动的过程,把注意力分配给形成机会信念。这个机会的信念来自两个阶段的过程。第一阶段解释了高层管理者如何将环境变化视为潜在的机会。第二阶段解释了高层管理人员如何形成一个信念,即这些已确定的环境变化代表了一个值得剥削的激进或渐进的机会。


Who needs experts most? Board industry expertise and strategic change—a contingency perspective (pages 645–656)

Jana Oehmichen, Sebastian Schrapp and Michael Wolff

Research summary: We analyze the effects of board industry expertise on corporate strategic change and the moderating role of institutional quality. We suggest that country-level contingency factors mitigate the effect of experienced boards on strategy formation by providing alternative sources of information and control in strategic matters. We develop institutional quality as institutional information provision and institutional control provision to test our hypotheses on a sample of firms from MSCI Europe and the S&P 500. Our findings confirm that industry expertise is a salient driver of strategic change across countries. The strength of the effect, however, depends on the institutional quality. We submit that weak institutions require greater board industry expertise as an alternative channel of information and control.

Management summary: This study provides new empirical evidence that experience in the firms' industries enables directors to increase strategic change. Our findings show that this effect is even stronger in countries with weak regulatory environments. We hereby provide guidance for multiple stakeholders. First, shareholders seeking a more active adjustment of their firms' strategies may want to compose boards that leverage such experienced directors. Second, directors can use their industry experience to control and to challenge managers better to move beyond the status quo. Third, managers lacking access to information on potential strategic change can use such experienced directors for strategic advice and as a source of information. Overall, we add to the understanding of the corporate board's role in shaping strategy and the influence of weak regulations.

研究总结:分析董事会专业知识对企业战略变革的影响和制度质量的调节作用。我们建议国家层面的应急因素通过在战略事务中提供信息和控制的替代来源来减轻经验丰富的董事会对战略形成的影响。我们发展制度质量作为制度信息提供和机构控制条款,以测试我们对来自MSCI欧洲和标准普尔500指数公司的样本的假设。我们的研究结果证实,行业专业知识是各国战略变革的突出推动力。但效果的强度取决于制度质量。我们认为,薄弱的机构需要更多的董事会行业专业知识作为信息和控制的替代渠道。

管理总结:这项研究提供了新的经验证据,企业的行业经验使董事可以增加战略变革。我们的调查结果显示,在监管环境薄弱的国家,这种影响更为显着。我们特此为多个利益相关方提供指导首先,寻求对企业战略进行更积极调整的股东可能希望组建董事会,以利用这些经验丰富的董事。其次,董事们可以利用他们的行业经验来控制和挑战管理者,使其超越现状。第三,缺乏获取潜在战略变革信息的管理者可以使用这些经验丰富的董事作为战略咨询和信息来源。总的来说,我们增加了对企业董事会在塑造战略中的作用的理解和弱监管的影响。







 
 

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