Resource-based advantages are ‘built’, not bought, and have typically emerged from complex development processes that are, to a significant degree, ‘unmanaged’. Set against this reality are strategy process prescriptions that encourage managers to adopt deliberate, formal, analytical approaches to deriving strategies. Thus, our understanding of what gives a firm unique advantage seems to be at odds with generic strategy practice prescriptions. To address this paradox, we examine the micro-foundations of advantage, showing that it is processual in nature and that it resists disaggregation that would make it amenable to design-led managerial interventions. We then suggest strategy practices that may be more congruent with the fundamental nature of resource-based advantages. Such practices should enable the firm to continually adapt to the unfolding environment.
{"title":"Strategy Practices and the Micro-Foundations of Advantage","authors":"C. Bowman, A. Pavlov","doi":"10.2139/ssrn.2472144","DOIUrl":"https://doi.org/10.2139/ssrn.2472144","url":null,"abstract":"Resource-based advantages are ‘built’, not bought, and have typically emerged from complex development processes that are, to a significant degree, ‘unmanaged’. Set against this reality are strategy process prescriptions that encourage managers to adopt deliberate, formal, analytical approaches to deriving strategies. Thus, our understanding of what gives a firm unique advantage seems to be at odds with generic strategy practice prescriptions. To address this paradox, we examine the micro-foundations of advantage, showing that it is processual in nature and that it resists disaggregation that would make it amenable to design-led managerial interventions. We then suggest strategy practices that may be more congruent with the fundamental nature of resource-based advantages. Such practices should enable the firm to continually adapt to the unfolding environment.","PeriodicalId":235827,"journal":{"name":"ERN: Other Organizations & Markets: Decision-Making in Organizations (Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116713026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
type="main" xml:id="irel12055-abs-0001"> In this article, we investigate the interrelated dynamics of dual jobholding, human capital, occupational choice, and mobility, using a panel sample (1991–2005) of UK employees from the British Household Panel Survey. The evidence suggests that individuals may be using multiple jobholding as a conduit for obtaining new skills and expertise and as a stepping-stone to new careers, also involving self-employment. Individuals doing a different secondary job than their primary occupation are more likely to switch to a new primary job in the next year, and a job that is different than their current primary employment. The results show that there are human capital spillover effects between primary and secondary employment.
{"title":"Multiple Job Holding, Skill Diversification, and Mobility","authors":"Georgios A. Panos, K. Pouliakas, A. Zangelidis","doi":"10.1111/irel.12055","DOIUrl":"https://doi.org/10.1111/irel.12055","url":null,"abstract":"type=\"main\" xml:id=\"irel12055-abs-0001\"> In this article, we investigate the interrelated dynamics of dual jobholding, human capital, occupational choice, and mobility, using a panel sample (1991–2005) of UK employees from the British Household Panel Survey. The evidence suggests that individuals may be using multiple jobholding as a conduit for obtaining new skills and expertise and as a stepping-stone to new careers, also involving self-employment. Individuals doing a different secondary job than their primary occupation are more likely to switch to a new primary job in the next year, and a job that is different than their current primary employment. The results show that there are human capital spillover effects between primary and secondary employment.","PeriodicalId":235827,"journal":{"name":"ERN: Other Organizations & Markets: Decision-Making in Organizations (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125814188","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
type="main"> This paper analyzes the effects on incentives to invest in the development of complementary innovations within research and development (R&D) collaborations of two alternative appropriability regimes: an “openness regime” whereby parties make an ex ante commitment to reciprocal access to each other's R&D outputs and an “exclusion regime” whereby no such commitment is made. We consider a model with efficient bargaining ex ante in which firms do not compete in the final market. Assuming that the complementary innovations constitute a common input and that agents make complementary investments in its private exploitation, we find that, when complementarities are sufficiently strong, a commitment to openness may provide greater incentives than an exclusion regime. The theoretical framework may be applied to interpret Open Source Software licenses, intellectual property rights licensing arrangements within research joint ventures and royalty stacking issues. From a public policy standpoint, the paper allows to identify conditions under which the openness regime may be an appropriate choice to elicit further development of publicly funded technologies.
{"title":"Appropriability and Incentives with Complementary Innovations","authors":"Massimo D’Antoni, Maria Alessandra Rossi","doi":"10.1111/jems.12040","DOIUrl":"https://doi.org/10.1111/jems.12040","url":null,"abstract":"type=\"main\"> This paper analyzes the effects on incentives to invest in the development of complementary innovations within research and development (R&D) collaborations of two alternative appropriability regimes: an “openness regime” whereby parties make an ex ante commitment to reciprocal access to each other's R&D outputs and an “exclusion regime” whereby no such commitment is made. We consider a model with efficient bargaining ex ante in which firms do not compete in the final market. Assuming that the complementary innovations constitute a common input and that agents make complementary investments in its private exploitation, we find that, when complementarities are sufficiently strong, a commitment to openness may provide greater incentives than an exclusion regime. The theoretical framework may be applied to interpret Open Source Software licenses, intellectual property rights licensing arrangements within research joint ventures and royalty stacking issues. From a public policy standpoint, the paper allows to identify conditions under which the openness regime may be an appropriate choice to elicit further development of publicly funded technologies.","PeriodicalId":235827,"journal":{"name":"ERN: Other Organizations & Markets: Decision-Making in Organizations (Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115902730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Stock market investment decisions of individuals are positively correlated with that of co-workers. Sorting of unobservably similar individuals to the same workplaces is unlikely to explain our results, as evidenced by the investment behavior of individuals that move between plants. Purchases made under stronger co-worker purchase activity are not associated with higher returns. Moreover, social interaction appears to drive the purchase of within-industry stocks; an investment mistake. Overall, our results suggest a strong influence of co-workers on investment choices, but not an influence that improves the quality of investment decisions.
{"title":"Stock Investments at Work","authors":"Hans K. Hvide, P. Östberg","doi":"10.2139/ssrn.2255330","DOIUrl":"https://doi.org/10.2139/ssrn.2255330","url":null,"abstract":"Stock market investment decisions of individuals are positively correlated with that of co-workers. Sorting of unobservably similar individuals to the same workplaces is unlikely to explain our results, as evidenced by the investment behavior of individuals that move between plants. Purchases made under stronger co-worker purchase activity are not associated with higher returns. Moreover, social interaction appears to drive the purchase of within-industry stocks; an investment mistake. Overall, our results suggest a strong influence of co-workers on investment choices, but not an influence that improves the quality of investment decisions.","PeriodicalId":235827,"journal":{"name":"ERN: Other Organizations & Markets: Decision-Making in Organizations (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122369811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using a common methodology, the effects of unions on wage levels and wage dispersion are estimated for two neighboring countries, Bolivia and Chile, and for the U.S. The analysis shows that unions have broadly similar effects on the wage distribution within these three economies. The findings suggest that the political economy of unions, coupled with market constraints on labor costs, produce commonality in union wage effects that transcend other economic and institutional differences.
{"title":"Unions, Wage Gaps, and Wage Dispersion: New Evidence from the Americas","authors":"F. Ríos‐Avila, B. Hirsch","doi":"10.1111/irel.12044","DOIUrl":"https://doi.org/10.1111/irel.12044","url":null,"abstract":"Using a common methodology, the effects of unions on wage levels and wage dispersion are estimated for two neighboring countries, Bolivia and Chile, and for the U.S. The analysis shows that unions have broadly similar effects on the wage distribution within these three economies. The findings suggest that the political economy of unions, coupled with market constraints on labor costs, produce commonality in union wage effects that transcend other economic and institutional differences.","PeriodicalId":235827,"journal":{"name":"ERN: Other Organizations & Markets: Decision-Making in Organizations (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120726104","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article is centred on the proposal of a new institutional structure for board of directors of large public firms. The proposal is envisaged as an ex ante means to address problems of decision-making within corporations whose activities impact on a wider range of societal constituencies and pose issues of sustainability for society at large. The proposed structure aims at recalibrating boards' functions in light of more socially inclusive and sustainable goals
{"title":"Sustainable Companies Through Enlightened Boards: Combining Private and Public Interest in the Decision-Making of Large Public Firms","authors":"Vincenzo Bavoso","doi":"10.2139/ssrn.2362031","DOIUrl":"https://doi.org/10.2139/ssrn.2362031","url":null,"abstract":"This article is centred on the proposal of a new institutional structure for board of directors of large public firms. The proposal is envisaged as an ex ante means to address problems of decision-making within corporations whose activities impact on a wider range of societal constituencies and pose issues of sustainability for society at large. The proposed structure aims at recalibrating boards' functions in light of more socially inclusive and sustainable goals","PeriodicalId":235827,"journal":{"name":"ERN: Other Organizations & Markets: Decision-Making in Organizations (Topic)","volume":"57 5-6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114035474","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the impact of asset specificity on firms’ decisions to own or lease their buildings. We present evidence that these decisions are primarily a function of efficiency concerns rather than opportunistic motives. We predict that firms requiring highly specific buildings in their operations are more likely to own, rather than to lease, their buildings, and we provide empirical evidence that supports our prediction, after controlling for potential opportunism. Our findings provide rare large-sample evidence consistent with a theoretical link between asset specificity and asset ownership as argued in the literature on economic organization.
{"title":"Asset Specificity and the Ownership of Buildings","authors":"Jilnaught Wong, N. Wong, Debra C. Jeter","doi":"10.2139/ssrn.2321724","DOIUrl":"https://doi.org/10.2139/ssrn.2321724","url":null,"abstract":"This paper examines the impact of asset specificity on firms’ decisions to own or lease their buildings. We present evidence that these decisions are primarily a function of efficiency concerns rather than opportunistic motives. We predict that firms requiring highly specific buildings in their operations are more likely to own, rather than to lease, their buildings, and we provide empirical evidence that supports our prediction, after controlling for potential opportunism. Our findings provide rare large-sample evidence consistent with a theoretical link between asset specificity and asset ownership as argued in the literature on economic organization.","PeriodicalId":235827,"journal":{"name":"ERN: Other Organizations & Markets: Decision-Making in Organizations (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123358017","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Arthur Campbell, Florian Ederer, Johannes Spinnewijn
We study two sources of delay in teams: freeriding and lack of communication. Partners contribute to the value of a common project, but have private information about the success of their own efforts. When the deadline is far away, unsuccessful partners freeride on each others' efforts. When the deadline draws close, successful partners stop revealing their success to maintain their partners' motivation. We derive comparative statics results for common team performance measures and find that the optimal deadline maximizes productive efforts while avoiding unnecessary delays. Welfare is higher when information is only privately observable rather than revealed to the partnership.
{"title":"Delay and Deadlines: Freeriding and Information Revelation in Partnerships","authors":"Arthur Campbell, Florian Ederer, Johannes Spinnewijn","doi":"10.2139/ssrn.1906040","DOIUrl":"https://doi.org/10.2139/ssrn.1906040","url":null,"abstract":"We study two sources of delay in teams: freeriding and lack of communication. Partners contribute to the value of a common project, but have private information about the success of their own efforts. When the deadline is far away, unsuccessful partners freeride on each others' efforts. When the deadline draws close, successful partners stop revealing their success to maintain their partners' motivation. We derive comparative statics results for common team performance measures and find that the optimal deadline maximizes productive efforts while avoiding unnecessary delays. Welfare is higher when information is only privately observable rather than revealed to the partnership.","PeriodicalId":235827,"journal":{"name":"ERN: Other Organizations & Markets: Decision-Making in Organizations (Topic)","volume":"171 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117298064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the changing environment a more holistic approach to brand management is needed. It should be based on the reflective approach in order to achieve customer-focused objectives. Brand management should be embedded in the whole company with elements such as corporate mission, values, culture, empowerment, and knowledge sharing representing the core elements of the branding framework. Learning company can be valued according to the following elements: HRM placing learning and experimenting as priorities, empowered individuals working in teams, corporate culture stimulating learning and knowledge sharing, managers serving as leaders, teachers, designers, and stewards that stimulate the introduction of the learning results in the value creating process. The article examines the interconnectivity between brand management and the learning company and develops a conceptual framework underlying the research, establishing the isomorphism between the two concepts what will contribute to the consistency of values conveyed through the brand but also to the brand longevity and increased organizational performance in general.
{"title":"Leading for the Future: Brand Management in the Learning Context","authors":"Nataša Rupčić","doi":"10.2139/ssrn.2240206","DOIUrl":"https://doi.org/10.2139/ssrn.2240206","url":null,"abstract":"In the changing environment a more holistic approach to brand management is needed. It should be based on the reflective approach in order to achieve customer-focused objectives. Brand management should be embedded in the whole company with elements such as corporate mission, values, culture, empowerment, and knowledge sharing representing the core elements of the branding framework. Learning company can be valued according to the following elements: HRM placing learning and experimenting as priorities, empowered individuals working in teams, corporate culture stimulating learning and knowledge sharing, managers serving as leaders, teachers, designers, and stewards that stimulate the introduction of the learning results in the value creating process. The article examines the interconnectivity between brand management and the learning company and develops a conceptual framework underlying the research, establishing the isomorphism between the two concepts what will contribute to the consistency of values conveyed through the brand but also to the brand longevity and increased organizational performance in general.","PeriodicalId":235827,"journal":{"name":"ERN: Other Organizations & Markets: Decision-Making in Organizations (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128103357","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2013-02-19DOI: 10.1080/19416520.2013.783669
James D. Westphal, E. Zajac
We propose a behavioral theory of corporate governance based on an ontological foundation of socially situated and socially constituted agency. More specifically, we advance a multi-level, mechanism-based, theory of governance that is socially informed yet actor-centric, and thus offers a distinct alternative to under-socialized governance theories, such as agency theory. We highlight the contributions of recent governance research in providing the foundation for such a behavioral theory, with particular emphasis on our prior work that demonstrated the relevance of social structural relationships, institutional processes, and social cognition. We conclude with a discussion of the central themes that emerge from our perspective.
{"title":"A Behavioral Theory of Corporate Governance: Explicating the Mechanisms of Socially Situated and Socially Constituted Agency","authors":"James D. Westphal, E. Zajac","doi":"10.1080/19416520.2013.783669","DOIUrl":"https://doi.org/10.1080/19416520.2013.783669","url":null,"abstract":"We propose a behavioral theory of corporate governance based on an ontological foundation of socially situated and socially constituted agency. More specifically, we advance a multi-level, mechanism-based, theory of governance that is socially informed yet actor-centric, and thus offers a distinct alternative to under-socialized governance theories, such as agency theory. We highlight the contributions of recent governance research in providing the foundation for such a behavioral theory, with particular emphasis on our prior work that demonstrated the relevance of social structural relationships, institutional processes, and social cognition. We conclude with a discussion of the central themes that emerge from our perspective.","PeriodicalId":235827,"journal":{"name":"ERN: Other Organizations & Markets: Decision-Making in Organizations (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130597296","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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