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Horizontal acquisitions and rival stock returns: A competitive dynamics perspective 横向收购和竞争对手的股票回报:竞争动态的视角
IF 6.3 2区 管理学 Q1 BUSINESS Pub Date : 2025-10-01 DOI: 10.1016/j.lrp.2025.102583
Dimitrija Kalanoski , Goce Andrevski , Kamyar Goudarzi , Danny Miller
We investigate how horizontal acquisitions—deals involving direct competitors—affect the stock returns of uninvolved rivals. While previous research has primarily focused on relatively static industry and deal characteristics to assess an acquisition's impact on rival stock performance, we highlight the role of competitive behavior, which is unique to each acquirer and rival, evolves over time, and provides timely, and credible cues to investors. Specifically, we examine two key attributes of competitive behavior—action aggressiveness and action effectiveness—which can provide insights into how acquirers and rivals will behave post-acquisition. Analyzing a sample of 170 large horizontal acquisitions in the manufacturing sector from 2001 to 2014, we find that rivals experience positive stock returns at the announcement of such deals when acquirers are aggressive but perceived as lacking action effectiveness or when the rivals themselves are perceived to be highly effective. Conversely, when acquirers are perceived as both aggressive and effective, rivals incur negative returns. By shifting the focus to acquirers' competitive behavior, our study provides new insights into how horizontal acquisitions shape market reactions and rival stock returns.
我们研究了横向收购——涉及直接竞争对手的交易——如何影响未参与竞争对手的股票回报。虽然以前的研究主要集中在相对静态的行业和交易特征上,以评估收购对竞争对手股票表现的影响,但我们强调了竞争行为的作用,这对每个收购方和竞争对手来说都是独一无二的,随着时间的推移而演变,并为投资者提供及时、可靠的线索。具体来说,我们研究了竞争行为的两个关键属性——行动侵略性和行动有效性——这可以为收购方和竞争对手在收购后的行为提供见解。通过对2001年至2014年制造业170宗大型横向收购的样本分析,我们发现,当收购方积极进取但被认为缺乏行动有效性,或者竞争对手本身被认为效率很高时,在宣布此类交易时,竞争对手的股票回报率为正。相反,当收购者被认为既积极又有效时,竞争对手就会招致负回报。通过将焦点转移到收购方的竞争行为上,我们的研究为横向收购如何影响市场反应和竞争对手的股票回报提供了新的见解。
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引用次数: 0
Symbolic or substantive? How shareholder heterogeneity shapes the purpose of the corporation 象征性的还是实质性的?股东异质性如何塑造公司的目标
IF 6.3 2区 管理学 Q1 BUSINESS Pub Date : 2025-09-22 DOI: 10.1016/j.lrp.2025.102582
Eduardo Schiehll , Henrique Castro Martins , Krista B. Lewellyn
This study investigates how the heterogeneity of shareholders’ financial and social interests creates tension around competing interpretations of the purpose of the corporation, particularly regarding their incompatibility and relative prevalence of initiatives that extend beyond profit maximization. These tensions are especially salient when shareholder activists—who possess both legal rights and economic influence—exert divergent pressures to achieve both financial and social goals, which then shapes how firms respond to such pressures. Based on a sample of 5302 shareholder-initiated proposals submitted to S&P 1500 firms, we find that when the variety of shareholders targeting a firm blends conflicting perspectives about pursuing profit and social goals to a greater extent, firms are more likely to respond with symbolic actions, for a consequential misalignment between advocated CSR policies and implemented practices. We also provide evidence that this association is weaker in the presence of activism and ownership by shareholders who publicly self-identify as socially oriented investors, suggesting that these investors influence both the credibility and the centrality of the social logic in managerial decision-making. Our results advance understanding of how firms navigate the complexities of achieving a purpose of the corporation beyond profit maximization, amid the evolving landscape of divergent shareholder interests and activism.
本研究探讨了股东财务和社会利益的异质性如何在对公司目的的竞争性解释中产生紧张关系,特别是关于它们的不兼容性和超越利润最大化的举措的相对流行。当拥有法律权利和经济影响力的股东积极分子为实现财务和社会目标而施加不同的压力时,这种紧张关系尤为突出,而这又决定了公司如何应对这种压力。基于向标普1500强企业提交的5302份股东倡议的样本,我们发现,当针对企业的各种股东在更大程度上融合了追求利润和社会目标的冲突观点时,企业更有可能采取象征性行动,以应对所倡导的企业社会责任政策与实施实践之间的相应偏差。我们还提供证据表明,在公开自称为社会导向投资者的股东的行动主义和所有权存在时,这种关联较弱,这表明这些投资者影响了管理决策中社会逻辑的可信度和中心性。我们的研究结果促进了对企业如何在股东利益分歧和激进主义不断演变的环境中,在实现利润最大化之外的公司目标的复杂性中进行导航的理解。
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引用次数: 0
Embracing outward FDI while continuing exports? The impact of heterogeneity and vulnerability in family firms 在继续出口的同时接受对外直接投资?家族企业异质性与脆弱性的影响
IF 6.3 2区 管理学 Q1 BUSINESS Pub Date : 2025-09-20 DOI: 10.1016/j.lrp.2025.102581
Asimabha Bhowmick , Arindam Mondal , Somnath Lahiri
What factors prompt family firms to undertake change in their internationalization strategy? This study argues that type of management (family vs. nonfamily) and internal and external vulnerabilities in the environment significantly impact how family firms embrace outward FDI (OFDI) while continuing exports. Drawing on the mixed gamble perspective and utilizing a sample of listed family firms from India (n = 278), this study finds that family-managed firms, as compared to nonfamily or professionally managed firms, are less likely to embrace OFDI while maintaining their ongoing exports. Results further demonstrate that the likelihood of family-managed firms’ adoption of OFDI increases when they experience internal vulnerability (performance below aspirations) as well as external vulnerability (foreign competition). This study concludes by discussing the theoretical and managerial implications of the findings and highlighting fertile avenues of future research.
什么因素促使家族企业改变其国际化战略?本研究认为,管理类型(家族与非家族)以及环境中的内部和外部脆弱性显著影响家族企业在继续出口的同时如何接受对外直接投资(OFDI)。利用混合赌博的视角,并利用来自印度的上市家族企业样本(n = 278),本研究发现,与非家族或专业管理的企业相比,家族管理的企业在保持其持续出口的同时,更不可能接受对外直接投资。结果进一步表明,当家族企业经历内部脆弱性(绩效低于期望)和外部脆弱性(外国竞争)时,采用对外直接投资的可能性增加。本研究最后讨论了研究结果的理论和管理意义,并强调了未来研究的丰富途径。
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引用次数: 0
Creating high-quality innovations in China: The role of political ties and formal institutions 在中国创造高质量的创新:政治关系和正式制度的作用
IF 6.3 2区 管理学 Q1 BUSINESS Pub Date : 2025-09-04 DOI: 10.1016/j.lrp.2025.102572
Fei Jia , Junjie Hong , Chengqi Wang , Alan Au Kai Ming
Firms in emerging economies, such as China, are increasingly prioritizing high-quality technological innovations to boost global competitiveness. While the role of executive political ties in enhancing firms' innovation performance is well-documented, their specific contribution to fostering high-quality technological innovations remains underexplored. This study investigates how political ties influence innovation quality in China and analyses how certain firm- and region-specific institutions shape their effectiveness. Drawing on a sample of Chinese manufacturing firms, the findings reveal that political ties enhance high-quality innovations by offering financial, technological, and market-specific advantages. However, their effect is significantly moderated by formal institutions such as business group affiliation, foreign ownership, and region-level intellectual property rights (IPR) enforcement, which diminish firms’ reliance on political ties. These findings contribute to a nuanced understanding of the interplay between informal networks and formal institutions in driving innovation quality in emerging economies.
中国等新兴经济体的企业越来越重视高质量的技术创新,以提高全球竞争力。虽然高管政治关系在提高企业创新绩效方面的作用已得到充分证明,但它们对促进高质量技术创新的具体贡献仍未得到充分探讨。本研究探讨了政治关系如何影响中国的创新质量,并分析了特定企业和地区的制度如何影响创新的有效性。以中国制造业企业为样本,研究结果表明,政治关系通过提供金融、技术和市场特定优势,促进了高质量的创新。然而,它们的影响受到商业集团隶属关系、外资所有权和地区一级知识产权执法等正式制度的显著调节,这些制度减少了企业对政治关系的依赖。这些发现有助于我们细致入微地理解非正式网络和正式制度在推动新兴经济体创新质量方面的相互作用。
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引用次数: 0
The impact of firms’ going public mode and capital market liability of foreignness on their choice of jurisdiction in the United States 公司上市模式和外资资本市场责任对其在美国管辖权选择的影响
IF 6.3 2区 管理学 Q1 BUSINESS Pub Date : 2025-09-03 DOI: 10.1016/j.lrp.2025.102571
HoWook Shin , Young Hoon Jung
Despite the rapid integration of global capital markets, firms often face capital market liability of foreignness (CMLOF) when raising capital abroad. Given that CMLOF stems from foreign firms' lack of legitimacy in host countries, we examine whether and how foreign and domestic firms’ modes of going public differently affect their adoption of legitimate domestic business practices (i.e., organizational isomorphism) to advance institutional theory that proposes organizational isomorphism as a remedy for the legitimacy deficit of firms. Among the two major modes of going public, reverse mergers (RM) are considered less legitimate than initial public offerings (IPOs). Thus, we argue that foreign firms already suffering from CMLOF require legitimacy even more to assure investors of their viability when using a less legitimate mode (RM), whereas domestic firms seek legitimacy more actively when using a more legitimate mode (IPO) that presents better opportunities to raise substantial capital. Focusing on Delaware incorporation as a legitimate business practice and analyzing IPO and RM deals in the United States from 2007 to 2016, we found empirical support of our arguments. Contributions and limitations are discussed.
尽管全球资本市场迅速一体化,但企业在海外融资时往往面临着资本市场外债(CMLOF)。鉴于CMLOF源于外国公司在东道国缺乏合法性,我们研究了外国公司和国内公司的上市模式是否以及如何不同地影响它们采用合法的国内商业实践(即组织同构),以推进提出组织同构作为公司合法性缺陷补救措施的制度理论。在两种主要的上市模式中,反向并购(RM)被认为不如首次公开募股(ipo)合法。因此,我们认为,已经遭受CMLOF的外国公司在使用不太合法的模式(RM)时,更需要合法性来向投资者保证其生存能力,而国内公司在使用更合法的模式(IPO)时更积极地寻求合法性,这提供了更好的机会来筹集大量资金。通过将特拉华州公司注册作为一种合法的商业实践,并分析2007年至2016年美国的IPO和RM交易,我们发现了实证支持我们的论点。讨论了贡献和局限性。
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引用次数: 0
The influence of CEO social capital on turnaround success CEO社会资本对转型成功的影响
IF 8.5 2区 管理学 Q1 BUSINESS Pub Date : 2025-07-25 DOI: 10.1016/j.lrp.2025.102570
Florian Behling, Jan-Hendrik Meier, Jochen Zimmermann
This study extends current knowledge on the role of the CEO in turnaround management. Drawing from upper echelons and resource dependence theories, we analyze how the turnaround performance of declining firms is influenced by CEO social capital, measured as CEO networks extending to other top executives. Using an international, multisectoral matched-pair sample of 142 firms that have faced decline, we show that a CEO's executive network is associated with a higher likelihood of turnaround success and better performance of the firm. Our study contributes to turnaround research and has practical implications for equity and debt investors as well as top managers.
本研究扩展了当前关于CEO在周转管理中的作用的知识。利用上层阶梯理论和资源依赖理论,我们分析了CEO社会资本如何影响衰退企业的扭亏损绩效,CEO社会资本是通过CEO网络延伸到其他高管来衡量的。利用142家面临衰退的跨国、多部门配对样本,我们表明,CEO的高管网络与公司成功转型和更好绩效的可能性更高有关。我们的研究有助于企业扭亏为盈的研究,并对股权和债务投资者以及高层管理人员具有实际意义。
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引用次数: 0
Towards purposeful strategic planning: A mixed research synthesis across disciplines 走向有目的的战略规划:跨学科的混合研究综合
IF 7.4 2区 管理学 Q1 BUSINESS Pub Date : 2025-07-05 DOI: 10.1016/j.lrp.2025.102563
Bert George
Strategic planning is one of the most popular strategy approaches across sectors and across the globe. Unsurprisingly, research on strategic planning crosses disciplines ranging from management and public administration to healthcare, urban planning and sustainability. This fragmentation has resulted in research silos, with little interaction between disciplines. Integration across disciplines is needed to understand the various purposes strategic planning can serve. This study uses topic modeling, a machine learning tool, to analyze 6361 articles on strategic planning. Ten topics are identified, which can be clustered into four categories: societal issues and challenges, processes and practices, street-level sectors, and corporate functions. Time trends analysis indicates a steep increase over time in research attention to strategic planning for the purpose of addressing societal issues and challenges. Combined with a qualitative meta-narrative review, these findings result in a purposeful strategic planning definition and conceptualization to guide theory, research and practice.
战略规划是跨部门和全球最流行的战略方法之一。不出所料,战略规划的研究跨越了从管理和公共行政到医疗保健、城市规划和可持续性的各个学科。这种分裂导致了研究竖井,学科之间几乎没有互动。为了理解战略规划可以服务的各种目的,需要跨学科的集成。本研究使用主题建模这一机器学习工具来分析6361篇关于战略规划的文章。报告确定了十个主题,可分为四类:社会问题和挑战、流程和实践、基层部门和企业职能。时间趋势分析表明,随着时间的推移,为解决社会问题和挑战的目的,研究对战略规划的关注急剧增加。结合定性元叙事回顾,这些发现产生了有目的的战略规划定义和概念化,以指导理论、研究和实践。
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引用次数: 0
Multiple goal conflicts and exploratory innovation: Does alignment between team and organization help or hurt? 多目标冲突和探索性创新:团队和组织之间的一致性是有益还是有害?
IF 7.4 2区 管理学 Q1 BUSINESS Pub Date : 2025-06-27 DOI: 10.1016/j.lrp.2025.102562
Saeedeh Ahmadi , Tom Mom , Alexander Schmidt , Henk Volberda
This study examines the varying impacts of multiple goal conflicts on employees' exploratory innovative behaviors. Although innovation is vital for an organization's survival and competitive advantage, the simultaneous pursuit of other goals may create goal conflicts for employees: increasing pressure on their scarce resources, including time and cognitive capacity. While much of the existing research discusses goal conflicts in general or emphasizes their negative performance consequences, we extend this literature by theorizing about two distinct ways individuals may interpret goal conflicts—either as a trade-off (e.g., innovation vs. revenue) or as complementary (e.g., innovation vs. safety)—and how these interpretations affect exploratory innovation. Moreover, we theorize that team–organization alignment moderates these effects. Our findings, based on multilevel, multisource, time-lagged data from a large energy company, indicate that conflicts involving innovation goals do not uniformly impact employee exploratory behavior. Increasing levels of conflict between innovation and safety goals are associated with employees conducting more innovation activities, but the expected negative effect of innovation-revenue conflicts is insignificant. Moreover, in a context of high alignment the innovation-safety conflict triggers employees to innovate more; in contrast, for the innovation-revenue conflict it is the opposite. Our study offers important implications for the literature on multiple goal conflict and highlights the critical roles of employees and their alignment with senior leadership.
本研究考察了多目标冲突对员工探索性创新行为的不同影响。虽然创新对组织的生存和竞争优势至关重要,但同时追求其他目标可能会给员工带来目标冲突:增加他们稀缺资源(包括时间和认知能力)的压力。虽然现有的许多研究一般讨论目标冲突或强调其负面绩效后果,但我们通过理论化个人可能解释目标冲突的两种不同方式来扩展这些文献-要么作为权衡(例如,创新与收入),要么作为补充(例如,创新与安全)-以及这些解释如何影响探索性创新。此外,我们的理论认为,团队与组织的一致性调节了这些影响。我们的研究结果基于一家大型能源公司的多层次、多源、时滞数据,表明涉及创新目标的冲突对员工探索行为的影响并不一致。创新与安全目标冲突程度的增加与员工进行更多的创新活动有关,但创新与收益冲突的预期负面影响不显著。此外,在高一致性背景下,创新安全冲突会激发员工更多的创新;相反,对于创新与收入的冲突,情况正好相反。本研究为多目标冲突的研究提供了重要启示,并突出了员工的关键角色及其与高层领导的一致性。
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引用次数: 0
Artificial intelligence in adaptive strategy creation and implementation: Toward enhanced attentional control in strategy processes 人工智能在自适应策略创造和实施中的应用:增强策略过程中的注意控制
IF 7.4 2区 管理学 Q1 BUSINESS Pub Date : 2025-06-17 DOI: 10.1016/j.lrp.2025.102561
Tomi Laamanen , Ann-Kristin Weiser , Georg von Krogh , William Ocasio
This article focuses on the deployment of proprietary artificial intelligence (AI) systems in strategy creation and implementation processes, with a specific focus on their role in enhancing organizational attentional control. By employing the attention-based view (ABV) as an overarching theoretical framework, we examine how company-specific AI systems trained on proprietary data can support strategy processes. We identify three key contributions of AI in strategy creation and implementation processes: (1) broadening organizational attention to external and internal developments, (2) democratizing strategic processes through improved transparency and inclusivity, and (3) accelerating feedback loops with real-time monitoring of strategy implementation progress. Potential challenges associated with the deployment of AI systems for attentional control are also addressed. The paper concludes by putting forward potential directions for future research.
本文主要关注在战略创建和实施过程中部署专有的人工智能(AI)系统,并特别关注它们在增强组织注意力控制方面的作用。通过采用基于注意力的观点(ABV)作为总体理论框架,我们研究了在专有数据上训练的公司特定人工智能系统如何支持战略流程。我们确定了人工智能在战略制定和实施过程中的三个关键贡献:(1)扩大组织对外部和内部发展的关注,(2)通过提高透明度和包容性使战略过程民主化,以及(3)通过实时监测战略实施进展加速反馈循环。还讨论了与部署人工智能系统进行注意力控制相关的潜在挑战。最后,提出了今后的研究方向。
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引用次数: 0
Breaking organizational paths for strategic renewal: Towards a dialectical perspective 打破组织路径实现战略更新:辩证视角
IF 7.4 2区 管理学 Q1 BUSINESS Pub Date : 2025-06-13 DOI: 10.1016/j.lrp.2025.102560
Catherine Archambault Janvier , Wim Van Lent , Jörg Sydow
Strategic renewal is key to organizations' long-term success, but may be difficult to achieve if they are locked into a particular action path. Unfortunately, breaking organizational paths remains somewhat elusive due to a binary opposition in the strategic renewal literature between path breaking and path dependence, which hampers more complex process theorization. Asking what roles path breaking and path dependence exactly play in strategic renewal, we perform an in-depth case study of path-breaking interventions at fashion retailer Kiabi. This firm gradually moved from a path of disintegrative to integrative collaborative alignment between departments, whereby adaptive expectations regarding others’ willingness to collaborate gradually improved. Chiefly, we find that strategic renewal is a function of two concurrent dialectics: 1) between path-breaking interventions and relapses into old path-dependent tendencies; and 2) between initiatives by upper management and their firm-wide implementation. We contribute to the literature by demonstrating that organizational path dependence, through managerial reflection and action, can be integral to path breaking, and, more broadly, strategic renewal. Furthermore, we extend common notions of managerial agency in path breaking by highlighting the involvement of various hierarchical layers, while, paradoxically, we relax the strong assumption of managerial agency that exists in studies on open strategy.
战略更新是组织长期成功的关键,但如果他们被锁定在一个特定的行动路径上,可能很难实现。不幸的是,由于战略更新文献中路径突破和路径依赖之间的二元对立,打破组织路径仍然有些难以捉摸,这阻碍了更复杂的过程理论化。为了探究路径突破和路径依赖在战略更新中究竟扮演着什么角色,我们对时尚零售商Kiabi的突破性干预进行了深入的案例研究。该公司逐渐从分裂的路径转向部门之间的整合协作对齐,从而对他人合作意愿的适应性期望逐渐提高。主要地,我们发现战略更新是两种同时发生的辩证法的函数:1)在突破性干预和回归旧有的路径依赖倾向之间;2)高层管理人员的倡议与公司范围内的实施之间的关系。我们通过证明组织路径依赖,通过管理反思和行动,可以成为路径突破的一部分,更广泛地说,是战略更新的一部分,从而为文献做出了贡献。此外,我们通过强调不同层次的参与来扩展管理代理在路径突破中的常见概念,而矛盾的是,我们放松了开放战略研究中存在的管理代理的强假设。
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引用次数: 0
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Long Range Planning
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