Joel Bothello, I. Ioannou, Vlad‐Andrei Porumb, Yasemin Zengin‐Karaibrahimoglu
{"title":"CSR decoupling within business groups and the risk of perceived greenwashing","authors":"Joel Bothello, I. Ioannou, Vlad‐Andrei Porumb, Yasemin Zengin‐Karaibrahimoglu","doi":"10.1002/smj.3532","DOIUrl":"https://doi.org/10.1002/smj.3532","url":null,"abstract":"","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2023-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45627758","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research Summary Does corporate political activity (CPA) help sustain performance? Prior literature did not address this question, only whether CPA increases profits—with mixed results over short timescales. We theorize about how political capital affects the regression‐to‐the‐mean of profits through firm and industry persistence mechanisms. Using data on over 6000 firms from 14 democratic countries, we estimate time‐varying, firm‐specific performance persistence coefficients with random‐coefficient models—and profit volatility measures. Triangulating identification methods suggests that the half‐life of political capital is shorter than expected, also compared with other strategy interventions. Political connections are marginally effective at sustaining performance and reducing volatility, delaying profit convergence by only 0.180 years—and with no effect beyond 7 years. Preliminary evidence shows that legislative constraints further curb these modest benefits of CPA. Managerial Summary Corporate political activity (CPA) has an ambiguous impact on firm profits. Yet, it still is a prominent and recurrent firm strategy. Do firms use CPA to sustain existing performance advantages—rather than to create new ones? We show that one type of CPA—the co‐optation of politicians into company boards—does increase the persistence and lowers the volatility of firm performance. However, this effect is surprisingly small: advantages only last 2.4% longer, 7.44 years compared to 7.26 years for politically unconnected firms. Political capital erodes faster than expected, presumably due to political cycles or politically motivated firm strategies that are detrimental to performance. CPA seems less effective at sustaining performance advantages than firm investments in R&D or skilled labor—and has a limited anticompetitive effect.
{"title":"The half‐life of political capital: An examination of the temporal effects of board political connections","authors":"Ashton Hawk, Debtanu Lahiri, Gonçalo Pacheco‐de‐Almeida","doi":"10.1002/smj.3536","DOIUrl":"https://doi.org/10.1002/smj.3536","url":null,"abstract":"Abstract Research Summary Does corporate political activity (CPA) help sustain performance? Prior literature did not address this question, only whether CPA increases profits—with mixed results over short timescales. We theorize about how political capital affects the regression‐to‐the‐mean of profits through firm and industry persistence mechanisms. Using data on over 6000 firms from 14 democratic countries, we estimate time‐varying, firm‐specific performance persistence coefficients with random‐coefficient models—and profit volatility measures. Triangulating identification methods suggests that the half‐life of political capital is shorter than expected, also compared with other strategy interventions. Political connections are marginally effective at sustaining performance and reducing volatility, delaying profit convergence by only 0.180 years—and with no effect beyond 7 years. Preliminary evidence shows that legislative constraints further curb these modest benefits of CPA. Managerial Summary Corporate political activity (CPA) has an ambiguous impact on firm profits. Yet, it still is a prominent and recurrent firm strategy. Do firms use CPA to sustain existing performance advantages—rather than to create new ones? We show that one type of CPA—the co‐optation of politicians into company boards—does increase the persistence and lowers the volatility of firm performance. However, this effect is surprisingly small: advantages only last 2.4% longer, 7.44 years compared to 7.26 years for politically unconnected firms. Political capital erodes faster than expected, presumably due to political cycles or politically motivated firm strategies that are detrimental to performance. CPA seems less effective at sustaining performance advantages than firm investments in R&D or skilled labor—and has a limited anticompetitive effect.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135315182","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Bad medicine: Litigation, competition, and the marketing of prescription opioids","authors":"D. Tan, Nicole V. West","doi":"10.1002/smj.3509","DOIUrl":"https://doi.org/10.1002/smj.3509","url":null,"abstract":"","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49181763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Different people, different pathways: Human capital redeployment in multi‐business firms","authors":"C. Sabel, A. Sasson","doi":"10.1002/smj.3533","DOIUrl":"https://doi.org/10.1002/smj.3533","url":null,"abstract":"","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47549915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Light‐touch integration: A study on cross‐border acquisitions by emerging market multinationals","authors":"Lisa Tang, Minyuan Zhao","doi":"10.1002/smj.3508","DOIUrl":"https://doi.org/10.1002/smj.3508","url":null,"abstract":"","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2023-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45783243","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Building a bridge to the future: Prospective legitimation in nascent markets","authors":"Derek Harmon, Eunice Rhee, Yun Ha Cho","doi":"10.1002/smj.3506","DOIUrl":"https://doi.org/10.1002/smj.3506","url":null,"abstract":"","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2023-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47409690","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Daniel S. Andrews, S. Fainshmidt, Markus Fitza, Sumit Kundu
{"title":"Disentangling the corporate effect on subsidiary performance","authors":"Daniel S. Andrews, S. Fainshmidt, Markus Fitza, Sumit Kundu","doi":"10.1002/smj.3530","DOIUrl":"https://doi.org/10.1002/smj.3530","url":null,"abstract":"","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2023-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50970502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
D. Gamache, Cynthia E. Devers, Felice B. Klein, Timothy R. Hannigan
Research Summary: Several upper echelons studies have found that firms led by female executives are less likely to engage in risky endeavors than those led by male top executives. We argue that conceptualizing female CEOs as universally conservative decision-makers may paint too simplistic a picture and that the impact of CEO gender on strategic decision-making may vary significantly depending on the given situation CEOs are experiencing. We integrate executive job demands and gender research to propose that scrutiny will exhibit differential effects on female and male CEOs' acquisition activity. We show that in high-scrutiny contexts, the difference between male and female CEO acquisition activity disappears. In contrast, in low-scrutiny contexts, the difference between male and female CEOs' acquisition activity is exaggerated. Managerial Summary: Substantial research has shown that female executives acquire at a lower rate than male executives. We argue that viewing female CEOs as universally conservative decision-makers may paint too simplistic a picture and that the impact of CEO gender on strategic decision-making may vary
{"title":"Shifting perspectives: How scrutiny shapes the relationship between CEO gender and acquisition activity","authors":"D. Gamache, Cynthia E. Devers, Felice B. Klein, Timothy R. Hannigan","doi":"10.1002/smj.3529","DOIUrl":"https://doi.org/10.1002/smj.3529","url":null,"abstract":"Research Summary: Several upper echelons studies have found that firms led by female executives are less likely to engage in risky endeavors than those led by male top executives. We argue that conceptualizing female CEOs as universally conservative decision-makers may paint too simplistic a picture and that the impact of CEO gender on strategic decision-making may vary significantly depending on the given situation CEOs are experiencing. We integrate executive job demands and gender research to propose that scrutiny will exhibit differential effects on female and male CEOs' acquisition activity. We show that in high-scrutiny contexts, the difference between male and female CEO acquisition activity disappears. In contrast, in low-scrutiny contexts, the difference between male and female CEOs' acquisition activity is exaggerated. Managerial Summary: Substantial research has shown that female executives acquire at a lower rate than male executives. We argue that viewing female CEOs as universally conservative decision-makers may paint too simplistic a picture and that the impact of CEO gender on strategic decision-making may vary","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2023-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42495578","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Discovery, discernment, and exploitation: Entrepreneurial mechanisms at the nexus of individual and opportunity","authors":"Moshe A. Barach, Christopher I. Rider","doi":"10.1002/smj.3528","DOIUrl":"https://doi.org/10.1002/smj.3528","url":null,"abstract":"","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":null,"pages":null},"PeriodicalIF":8.3,"publicationDate":"2023-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47712322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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