This article examines the relationship between family ownership and patent use strategy using primary data from a patent survey, as well as patent and firm-level data from secondary sources. The findings reveal that family firms are less likely than non-family firms to license their patents and more likely to internally commercialize them. We show that the decision of family firms to license less does not depend on lower patent quality or inefficient patent use. Instead, it arises from their preference for patent uses that allow them to exert greater control over the value they can derive from their innovations. We also show that family firms commercialize more patents because they leverage their managerial discretion to explore and seize emerging internal patent commercialization opportunities.
{"title":"To commercialize inside or outside of the firm: Behavioral considerations in patent exploitation by family firms","authors":"Addis Gedefaw Birhanu, Alfonso Gambardella","doi":"10.1002/smj.3570","DOIUrl":"https://doi.org/10.1002/smj.3570","url":null,"abstract":"This article examines the relationship between family ownership and patent use strategy using primary data from a patent survey, as well as patent and firm-level data from secondary sources. The findings reveal that family firms are less likely than non-family firms to license their patents and more likely to internally commercialize them. We show that the decision of family firms to license less does not depend on lower patent quality or inefficient patent use. Instead, it arises from their preference for patent uses that allow them to exert greater control over the value they can derive from their innovations. We also show that family firms commercialize more patents because they leverage their managerial discretion to explore and seize emerging internal patent commercialization opportunities.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":"67 1","pages":""},"PeriodicalIF":8.3,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138547063","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}
Hyunjin Kim, Edward L. Glaeser, Andrew Hillis, Scott Duke Kominers, Michael Luca
We evaluate a pilot in an Inspections Department to explore the returns to a pair of algorithms that varied in their sophistication. We find that both algorithms provided substantial prediction gains, suggesting that even simple data may be helpful. However, these gains did not result in improved decisions. Inspectors often used their decision authority to override algorithmic recommendations, partly to consider other organizational objectives without improving outcomes. Interviews with 55 departments find that while some ran pilots seeking to prioritize inspections using data, all provided considerable decision authority to inspectors. These findings suggest that for algorithms to improve managerial decisions, organizations must consider both the returns to algorithms in the context and how decision authority is managed.
{"title":"Decision authority and the returns to algorithms","authors":"Hyunjin Kim, Edward L. Glaeser, Andrew Hillis, Scott Duke Kominers, Michael Luca","doi":"10.1002/smj.3569","DOIUrl":"https://doi.org/10.1002/smj.3569","url":null,"abstract":"We evaluate a pilot in an Inspections Department to explore the returns to a pair of algorithms that varied in their sophistication. We find that both algorithms provided substantial prediction gains, suggesting that even simple data may be helpful. However, these gains did not result in improved decisions. Inspectors often used their decision authority to override algorithmic recommendations, partly to consider other organizational objectives without improving outcomes. Interviews with 55 departments find that while some ran pilots seeking to prioritize inspections using data, all provided considerable decision authority to inspectors. These findings suggest that for algorithms to improve managerial decisions, organizations must consider both the returns to algorithms in the context and how decision authority is managed.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":"5 1","pages":""},"PeriodicalIF":8.3,"publicationDate":"2023-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138547066","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}
We inductively examine how the careers of employee entrepreneurs unfold, uncovering the role of motives and attribution for failure. Founders expressing organizational misalignment motives for leaving established organizations engaged in “venture crafting” whereby they actively sought to build well-functioning organizations. They built successful initial ventures and careers. Founders lacking organizational misalignment motives generally founded initial ventures that failed: however, those making internal attributions altered their behaviors and built successful careers; in contrast, founders making external attributions continued founding unsuccessful ventures. These findings suggest that building organizational capabilities—and not merely inheriting capabilities from existing organizations—is a cornerstone of building successful entrepreneurial careers. Our findings are based on detailed career history and archival data on employee entrepreneurs in the disk-drive industry.
{"title":"Spinning an entrepreneurial career: Motivation, attribution, and the development of organizational capabilities","authors":"Hyeonsuh Lee, Sonali K. Shah, Rajshree Agarwal","doi":"10.1002/smj.3561","DOIUrl":"https://doi.org/10.1002/smj.3561","url":null,"abstract":"We inductively examine how the careers of employee entrepreneurs unfold, uncovering the role of motives and attribution for failure. Founders expressing organizational misalignment motives for leaving established organizations engaged in “venture crafting” whereby they actively sought to build well-functioning organizations. They built successful initial ventures and careers. Founders lacking organizational misalignment motives generally founded initial ventures that failed: however, those making internal attributions altered their behaviors and built successful careers; in contrast, founders making external attributions continued founding unsuccessful ventures. These findings suggest that building organizational capabilities—and not merely inheriting capabilities from existing organizations—is a cornerstone of building successful entrepreneurial careers. Our findings are based on detailed career history and archival data on employee entrepreneurs in the disk-drive industry.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":"126 ","pages":""},"PeriodicalIF":8.3,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138506819","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}
Using detailed plant- and individual-level data from a major Japanese cotton spinning company in the early 20th century, we examine the within-firm allocation of skilled human capital in conjunction with investment in physical capital, accompanying the firm's evolving strategic priorities. We show that the firm leveraged unit-level two-way complementarity between managerial talent and strategically important plants when the task was achieving large-scale output and positioning for a competitive cost advantage. The task of conducting product differentiation, however, ushered in “three-way complementarity,” where educated engineering human capital and capable managers needed to be bundled with specialized physical capital. A deeper dive into the “nano-economics” of resource allocation reveals that educated engineers experiencing product differentiation in pioneering plants were reallocated to other plants also pursuing product differentiation.
{"title":"Resource allocation and growth strategies in a multi-plant firm: Kanegafuchi Spinners in the early 20th century","authors":"Shotaro Yamaguchi, Serguey Braguinsky, Tetsuji Okazaki, Takenobu Yuki","doi":"10.1002/smj.3567","DOIUrl":"https://doi.org/10.1002/smj.3567","url":null,"abstract":"Using detailed plant- and individual-level data from a major Japanese cotton spinning company in the early 20th century, we examine the within-firm allocation of skilled human capital in conjunction with investment in physical capital, accompanying the firm's evolving strategic priorities. We show that the firm leveraged unit-level two-way complementarity between managerial talent and strategically important plants when the task was achieving large-scale output and positioning for a competitive cost advantage. The task of conducting product differentiation, however, ushered in “three-way complementarity,” where educated engineering human capital and capable managers needed to be bundled with specialized physical capital. A deeper dive into the “nano-economics” of resource allocation reveals that educated engineers experiencing product differentiation in pioneering plants were reallocated to other plants also pursuing product differentiation.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":"31 1","pages":""},"PeriodicalIF":8.3,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138541949","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}
Racial disparities in entrepreneurship have been widely discussed in the literature, with most studies focusing on mechanisms that amplify such disparities. However, less attention has been devoted to factors that promote inclusion. We propose that intrapreneurship—launching and operating new ventures inside established organizations—represents a more inclusive entrepreneurial pathway than entrepreneurship involving a standalone venture. We predict that relative to White employees, Black employees will (1) be more likely to engage in intrapreneurship than entrepreneurship and (2) achieve greater financial performance as founders of internal ventures than standalone ventures. Using data on a representative sample of American new business founders in 2005, we found evidence for our theory. Our study highlights the importance of intrapreneurship in leveling the playing field for racial minorities pursuing entrepreneurial activities.
{"title":"The racial gap in entrepreneurship and opportunities inside established firms","authors":"Tiantian Yang, Olenka Kacperczyk","doi":"10.1002/smj.3565","DOIUrl":"https://doi.org/10.1002/smj.3565","url":null,"abstract":"Racial disparities in entrepreneurship have been widely discussed in the literature, with most studies focusing on mechanisms that amplify such disparities. However, less attention has been devoted to factors that promote inclusion. We propose that intrapreneurship—launching and operating new ventures inside established organizations—represents a more inclusive entrepreneurial pathway than entrepreneurship involving a standalone venture. We predict that relative to White employees, Black employees will (1) be more likely to engage in intrapreneurship than entrepreneurship and (2) achieve greater financial performance as founders of internal ventures than standalone ventures. Using data on a representative sample of American new business founders in 2005, we found evidence for our theory. Our study highlights the importance of intrapreneurship in leveling the playing field for racial minorities pursuing entrepreneurial activities.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":"14 9","pages":""},"PeriodicalIF":8.3,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138506802","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}
Research suggests firms can reduce stakeholder contention (e.g., lawsuits, protests) by collaborating with threatening stakeholders. We propose that by tapping into stakeholder networks and identities, collaborations also produce ripple effects beyond the firm's partner to attenuate contention from a broader set of stakeholders. Using variation in firms' and stakeholders' willingness to collaborate exogenous to contention to account for selection, our examination of contentious and collaborative interactions between 136 environmental movement organizations and 600 US firms corroborates our arguments. Firms face less contention when they collaborate with a better-connected stakeholder motivated to share affirming information about the firm, or with a more contentious and authentic stakeholder. Our findings generalize to stakeholder criticism beyond movement organizations, suggesting collaborations are powerful tools for fashioning less contentious environments.
{"title":"Ripple effects: How collaboration reduces social movement contention","authors":"Kate Odziemkowska, Mary-Hunter McDonnell","doi":"10.1002/smj.3566","DOIUrl":"https://doi.org/10.1002/smj.3566","url":null,"abstract":"Research suggests firms can reduce stakeholder contention (e.g., lawsuits, protests) by collaborating with threatening stakeholders. We propose that by tapping into stakeholder networks and identities, collaborations also produce ripple effects beyond the firm's partner to attenuate contention from a broader set of stakeholders. Using variation in firms' and stakeholders' willingness to collaborate exogenous to contention to account for selection, our examination of contentious and collaborative interactions between 136 environmental movement organizations and 600 US firms corroborates our arguments. Firms face less contention when they collaborate with a better-connected stakeholder motivated to share affirming information about the firm, or with a more contentious and authentic stakeholder. Our findings generalize to stakeholder criticism beyond movement organizations, suggesting collaborations are powerful tools for fashioning less contentious environments.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":"13 9","pages":""},"PeriodicalIF":8.3,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138506804","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}
Coordination challenges generate uncertainties in ecosystems. Past research suggests that standardization mitigates these challenges, reducing ecosystem-level uncertainty. But how does it affect firm-level uncertainty over value-appropriation? We examine heterogeneity in the latter effect. Using 1996–2010 data on standard-setting in Information and Communications Technology (ICT) ecosystems and a firm-level uncertainty measure based on stock option implied volatility, we demonstrate that while standardization reduces uncertainty for firms that own part of the standardized components, it heightens uncertainty for firms that do not, especially when they face strong rivals in complementary technologies or have fewer complementary technologies or production assets themselves. Findings stress that coordination tools enhancing ecosystem-level value-creation can end up hurting firm-level value-appropriation and worsen uncertainty for some firms in the ecosystem that the tools are meant to help.
{"title":"Risky business: How standardization as coordination tool in ecosystems impacts firm-level uncertainty","authors":"Puay Khoon Toh, Eugene Pyun","doi":"10.1002/smj.3562","DOIUrl":"https://doi.org/10.1002/smj.3562","url":null,"abstract":"Coordination challenges generate uncertainties in ecosystems. Past research suggests that standardization mitigates these challenges, reducing ecosystem-level uncertainty. But how does it affect firm-level uncertainty over value-appropriation? We examine heterogeneity in the latter effect. Using 1996–2010 data on standard-setting in Information and Communications Technology (ICT) ecosystems and a firm-level uncertainty measure based on stock option implied volatility, we demonstrate that while standardization reduces uncertainty for firms that own part of the standardized components, it heightens uncertainty for firms that do not, especially when they face strong rivals in complementary technologies or have fewer complementary technologies or production assets themselves. Findings stress that coordination tools enhancing ecosystem-level value-creation can end up hurting firm-level value-appropriation and worsen uncertainty for some firms in the ecosystem that the tools are meant to help.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":"14 1","pages":""},"PeriodicalIF":8.3,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138536602","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}
Thomaz Teodorovicz, Sérgio Lazzarini, Sandro Cabral, Anita M. McGahan
This article examines a firm's investment in the general skills of contract workers in flexible work arrangements. It theorizes that this investment may prolong a productive firm-worker collaboration even when workers’ mobility barriers are low. It also proposes that achieving such benefits requires that the firm frames the relational benefits of the investments both to managers and workers. Such a “relational framing” mitigates worker concerns about subsequent productivity demands and manager concerns about worker mobility. Experimental and non-experimental studies conducted in a multinational cosmetics direct sales company support the theory. Investments in the general skills of workers—even those in flexible work arrangements—can benefit both firms and workers by deepening the firm-worker relationship while increasing value creation.
{"title":"Investing in general human capital as a relational strategy: Evidence on flexible arrangements with contract workers","authors":"Thomaz Teodorovicz, Sérgio Lazzarini, Sandro Cabral, Anita M. McGahan","doi":"10.1002/smj.3571","DOIUrl":"https://doi.org/10.1002/smj.3571","url":null,"abstract":"This article examines a firm's investment in the general skills of contract workers in flexible work arrangements. It theorizes that this investment may prolong a productive firm-worker collaboration even when workers’ mobility barriers are low. It also proposes that achieving such benefits requires that the firm frames the relational benefits of the investments both to managers and workers. Such a “relational framing” mitigates worker concerns about subsequent productivity demands and manager concerns about worker mobility. Experimental and non-experimental studies conducted in a multinational cosmetics direct sales company support the theory. Investments in the general skills of workers—even those in flexible work arrangements—can benefit both firms and workers by deepening the firm-worker relationship while increasing value creation.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":"59 1","pages":""},"PeriodicalIF":8.3,"publicationDate":"2023-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138536611","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 We analyze firm‐driven labor market search, where firms “hunt” for talent rather than rely on workers to apply for vacancies. We leverage three approaches. We develop a model of firm‐driven search and derive equilibrium conditions under which firms use this channel. We test our model's predictions using two data sources. Data from a nationally representative survey of 10,000 workers shows that the percentage hired through recruiting has increased from 4.9% in 1991 to 14.3% in 2022. This share is larger for higher‐skilled workers and those with online profiles on LinkedIn. We complement this analysis with data on the near universe of online job postings from 2010 through 2020. Consistent with our model and worker survey evidence, we find firms that demand higher‐skilled workers or operate in labor markets with heavy LinkedIn use are more likely to “hunt for talent.” Managerial Summary We study the phenomenon of “hunting” for talent, where firms fill open positions by searching for workers and inviting them to a recruiting process, rather than relying on workers to apply directly. We find that the percentage of workers hired through hunting has increased from 4.9% in 1991 to 14.3% in 2022. We propose that firms that rely more on high‐skilled workers and/or operate within industries with a higher share of available candidates with online profiles are more likely to hunt for their talent. We find support for this conjecture using two data sets, documenting the worker and firm side of the labor market. Data from a nationally representative survey of 10,000 workers shows they are more likely to have been “hunted” by their employer if they work in an occupation that requires more skills, or if their industry has more candidates with online profiles. Moreover, data on US‐wide job postings over the past decade shows that firms in need of highly skilled workers are more likely to invest in outbound recruiting capabilities.
{"title":"Hunting for talent: Firm‐driven labor market search in the United States","authors":"Ines Black, Sharique Hasan, Rembrand Koning","doi":"10.1002/smj.3559","DOIUrl":"https://doi.org/10.1002/smj.3559","url":null,"abstract":"Abstract Research Summary We analyze firm‐driven labor market search, where firms “hunt” for talent rather than rely on workers to apply for vacancies. We leverage three approaches. We develop a model of firm‐driven search and derive equilibrium conditions under which firms use this channel. We test our model's predictions using two data sources. Data from a nationally representative survey of 10,000 workers shows that the percentage hired through recruiting has increased from 4.9% in 1991 to 14.3% in 2022. This share is larger for higher‐skilled workers and those with online profiles on LinkedIn. We complement this analysis with data on the near universe of online job postings from 2010 through 2020. Consistent with our model and worker survey evidence, we find firms that demand higher‐skilled workers or operate in labor markets with heavy LinkedIn use are more likely to “hunt for talent.” Managerial Summary We study the phenomenon of “hunting” for talent, where firms fill open positions by searching for workers and inviting them to a recruiting process, rather than relying on workers to apply directly. We find that the percentage of workers hired through hunting has increased from 4.9% in 1991 to 14.3% in 2022. We propose that firms that rely more on high‐skilled workers and/or operate within industries with a higher share of available candidates with online profiles are more likely to hunt for their talent. We find support for this conjecture using two data sets, documenting the worker and firm side of the labor market. Data from a nationally representative survey of 10,000 workers shows they are more likely to have been “hunted” by their employer if they work in an occupation that requires more skills, or if their industry has more candidates with online profiles. Moreover, data on US‐wide job postings over the past decade shows that firms in need of highly skilled workers are more likely to invest in outbound recruiting capabilities.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135635030","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 This study examines the role of information in the gender gap in the executive labor market from the market frictions perspective. I ask whether increases in objective and reliable information about managerial quality close the gender gap in career advancements. To obtain exogenous variation in the availability of information, I exploit a natural experiment provided by the adoption of the International Financial Reporting Standards (IFRS) in 2005 by the European Union countries. I find that when reliable and objective information is more available, women executives are more likely to be hired away with promotion than men, especially from high‐performing firms. However, the gains in advancement rates are dampened in regions where societal views on women in the workplace are less favorable. Managerial Summary Bridging opportunity gaps for underrepresented groups remains a significant challenge for firms and policymakers. This research investigates the role of transparent financial disclosures by firms in closing the gender gap in executive promotions. Utilizing the adoption of the IFRS in EU countries, the study finds that women executives are more likely to be hired away with promotion than men, especially from high‐performing firms. However, less favorable societal views about working women weaken these effects. The study suggests that firms can leverage informational asymmetry in the labor market to access high‐quality managerial resources. Concurrently, firms must be cognizant of how financial regulations may affect their competitive edge in the executive talent market and adjust their internal retention policies accordingly.
{"title":"The role of information in the gender gap in the market for top managers: Evidence from a quasi‐experiment","authors":"Ulya Tsolmon","doi":"10.1002/smj.3563","DOIUrl":"https://doi.org/10.1002/smj.3563","url":null,"abstract":"Abstract Research Summary This study examines the role of information in the gender gap in the executive labor market from the market frictions perspective. I ask whether increases in objective and reliable information about managerial quality close the gender gap in career advancements. To obtain exogenous variation in the availability of information, I exploit a natural experiment provided by the adoption of the International Financial Reporting Standards (IFRS) in 2005 by the European Union countries. I find that when reliable and objective information is more available, women executives are more likely to be hired away with promotion than men, especially from high‐performing firms. However, the gains in advancement rates are dampened in regions where societal views on women in the workplace are less favorable. Managerial Summary Bridging opportunity gaps for underrepresented groups remains a significant challenge for firms and policymakers. This research investigates the role of transparent financial disclosures by firms in closing the gender gap in executive promotions. Utilizing the adoption of the IFRS in EU countries, the study finds that women executives are more likely to be hired away with promotion than men, especially from high‐performing firms. However, less favorable societal views about working women weaken these effects. The study suggests that firms can leverage informational asymmetry in the labor market to access high‐quality managerial resources. Concurrently, firms must be cognizant of how financial regulations may affect their competitive edge in the executive talent market and adjust their internal retention policies accordingly.","PeriodicalId":22023,"journal":{"name":"Strategic Management Journal","volume":"132 19","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135725358","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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