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61
Institutions Behind Family Ownership and Control in Large Firms
, 2010
"... There is a major debate regarding the role of concentrated family ownership and control in large firms, with three positions suggesting that such concentration is (1) good, (2) bad, or (3) irrelevant for firm value. Why are there such differences? We theorize that the impact of family ownership and ..."
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There is a major debate regarding the role of concentrated family ownership and control in large firms, with three positions suggesting that such concentration is (1) good, (2) bad, or (3) irrelevant for firm value. Why are there such differences? We theorize that the impact of family ownership and control on firm value is associated with the level of shareholder protection embodied in legal and regulatory institutions of a country. Data from 634 publicly listed large family firms in seven Asian countries (Hong Kong, Indonesia,
HOW DO BANKRUPTCY LAWS AFFECT ENTREPRENEURSHIP DEVELOPMENT AROUND THE WORLD?
, 2010
"... the US economy or a public policy issue of importance to the entrepreneurial community, ” presented at the 2008 Babson Conference (University of North Carolina, June 2008) with a press release posted at www.sba.gov/advo/press/08-14.html. We are grateful to the SBA and to the Best Babson Paper Award ..."
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Cited by 16 (7 self)
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the US economy or a public policy issue of importance to the entrepreneurial community, ” presented at the 2008 Babson Conference (University of North Carolina, June 2008) with a press release posted at www.sba.gov/advo/press/08-14.html. We are grateful to the SBA and to the Best Babson Paper Award Committee (chaired by Andrew Zacharakis) for their encouragement. All views expressed are those of the authors and not necessarily those of the NSF or the SBA.
Bankruptcy laws and entrepreneur friendliness. Entrepreneurship Theory and Practice
, 2010
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BEHIND ACQUISITIONS OF ALLIANCE PARTNERS: EXPLORATORY LEARNING AND NETWORK EMBEDDEDNESS
"... Acquisition research has traditionally been dominated by economic and atomistic assumptions. This study extends acquisition research by integrating behavioral learning and social network perspectives to examine the acquisitions of alliance partners. Specifically, we examine, at the dyadic level, how ..."
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Acquisition research has traditionally been dominated by economic and atomistic assumptions. This study extends acquisition research by integrating behavioral learning and social network perspectives to examine the acquisitions of alliance partners. Specifically, we examine, at the dyadic level, how firms ’ alliance learning approaches (exploration versus exploitation) and their joint and relative embeddedness in alliance networks (joint brokerage positions and relative centrality) can interact to drive subsequent acquisitions of alliance partners. Our analyses of the U.S. computer industry support our theoretical framework, highlighting the unique and previously underexplored behavioral and relational drivers of acquisitions. Alliances and acquisitions are two important organizational activities for accessing external resources (Wang & Zajac, 2007). Although the literature generally treats them as parallel in nature, firms often acquire alliance partners (Folta & Miller, 2002; Porrini, 2004; Zollo & Reuer, 2010). Then, what drives acquisitions of alliance partners? Prior research has primarily relied on economic or financial explanations such as transaction costs, agency conflicts, and real options (Folta & Miller, 2002; Hagedoorn & Sadowski, 1999; Kogut, 1991), and paid relatively little attention to behavioral and network drivers. A stream of recent work has increasingly recognized that firms often draw on behavioral learning to make acquisition decisions
EDITORIAL Corporate governance and Asian companies
, 2010
"... Abstract While prominent differences in corporate governance exist across the Asia Pacific region, there are common concerns about controlling shareholders expropriating wealth from minority shareholders at the expense of overall wealth creation, as well as about the roles and qualifications of mana ..."
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Abstract While prominent differences in corporate governance exist across the Asia Pacific region, there are common concerns about controlling shareholders expropriating wealth from minority shareholders at the expense of overall wealth creation, as well as about the roles and qualifications of managers in Asian companies. The contributors to this Special Issue of the Asia Pacific Journal of Management address these concerns and provide new evidence on their empirical relevance, as well as the factors conditioning that relevance. They also provide cautionary insight into the merits of specific proposals to reform Asian corporate governance. An important theme emerging from this Special Issue is that one needs to understand the institutional framework in which organizations operate in order to understand the We thank Saturna Capital Corporation and Nick Kaiser (Director and Chairman) for financial support that made possible our Special Issue Conference held in Vancouver in October 2009. We also thank all the authors and reviewers, whose work turned this Special Issue from editors ’ vision into reality. We are grateful to Rosalie Tung for delivering a keynote speech at the conference, as well as to Mick Carney, Tom Roehl, and Jongwook Kim for invigorating the discussions of papers presented at the conference. Phil
Multilevel challenges and opportunities in social capital research
- Journal of Management
, 2011
"... Social capital refers to the resources derived from social relationships. Although the concept of social capital has been applied at the individual, group, and organizational levels of analysis, researchers have yet to fully embrace social capital’s potential as a multilevel lens through which we mi ..."
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Cited by 5 (1 self)
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Social capital refers to the resources derived from social relationships. Although the concept of social capital has been applied at the individual, group, and organizational levels of analysis, researchers have yet to fully embrace social capital’s potential as a multilevel lens through which we might better understand management and organizational phenomena. With a central objective of advancing social capital’s potential as a multilevel theoretical perspective, the authors make two contributions to the management literature. First, the authors comprehen-sively review two decades of management research to highlight how social capital has been empirically applied across levels of analysis. Second, based on the shortcomings and challenges revealed through the literature review, the authors identify and discuss avenues for future mul-tilevel research, including suggestions for both macro and micro researchers.
REVIEWS Informal institutions, shareholder coalitions, and principal–principal conflicts
"... Abstract How do informal institutions affect conflicts between controlling and minority shareholders, also known as principal–principal (PP) conflicts? The dominant formal institution-based view of corporate governance suggests that legal rules and regulations are crucial for the protection of share ..."
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Abstract How do informal institutions affect conflicts between controlling and minority shareholders, also known as principal–principal (PP) conflicts? The dominant formal institution-based view of corporate governance suggests that legal rules and regulations are crucial for the protection of shareholder rights. While this perspective has significantly advances our understanding of international corporate governance, we suggest that more attention to informal institutions may complement the formal approach. First, we utilize social identity theory to shed light on the formation of shareholder coalitions. Second, we draw on research involving informal institutions such as culture and trust to better understand PP conflicts. Overall, we extend the growing literature on PP conflicts by an explicit focus on informal institutions. Keywords Informal institutions. Culture. Principal–principal conflicts. Shareholder coalitions. Social identity theory An institution-based view of corporate governance has recently emerged in the literature (Jiang & Peng, 2011a, b; La Porta, Lopez-de-Silanes, Shleifer, & Vishny, 1997, 1998, 2000; Peng & Jiang, 2010). The basic proposition is that “institutions matter, ” which is consistent with a long line of corporate governance research that has emphasized the importance of the formal institutional environment for the protection of investor rights (La Porta et al., 1998, 2000). A common element in these studies is the focus on the We thank Dane Blevins, Elizabeth Lim, and Weichieh Su for helpful comments and discussions. We acknowledge funding from the Jindal Chair of Global Strategy at the Jindal School of Management,
IN THE SPIRIT OF SCHOLARSHIP
, 2010
"... [Abstract] Management scholarship has recently received an increasing amount of criticisms, centered on (1) its alleged lack of relevance and (2) the alleged dysfunction associated with publication-based scholarly competition. In defense of the spirit of management scholarship, we make two arguments ..."
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[Abstract] Management scholarship has recently received an increasing amount of criticisms, centered on (1) its alleged lack of relevance and (2) the alleged dysfunction associated with publication-based scholarly competition. In defense of the spirit of management scholarship, we make two arguments. First, the criticism that management scholarship is flawed because it is irrelevant may be itself irrelevant. It reflects a lack of awareness of the nature of scholarship. Instead of losing self-confidence, management scholars should be very proud of our scholarship, which has enabled modern business schools to
EXECUTIVE DIGEST
"... This article appeared in a journal published by Elsevier. The attached copy is furnished to the author for internal non-commercial research and education use, including for instruction at the authors institution and sharing with colleagues. Other uses, including reproduction and distribution, or sel ..."
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This article appeared in a journal published by Elsevier. The attached copy is furnished to the author for internal non-commercial research and education use, including for instruction at the authors institution and sharing with colleagues. Other uses, including reproduction and distribution, or selling or licensing copies, or posting to personal, institutional or third party websites are prohibited. In most cases authors are permitted to post their version of the article (e.g. in Word or Tex form) to their personal website or institutional repository. Authors requiring further information regarding Elsevier’s archiving and manuscript policies are encouraged to visit:
1 Different Forms of Agency and Institutional Influences within Multinational Enterprises
"... 2 Given their exposure to diverse institutional settings, decision making in multinational enterprises (MNE) is marked by inconsistencies and conflict. Within the comparative institutional analysis (CIA) literature, such inconsistencies are seen as a source of experimentation or innovation. By contr ..."
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2 Given their exposure to diverse institutional settings, decision making in multinational enterprises (MNE) is marked by inconsistencies and conflict. Within the comparative institutional analysis (CIA) literature, such inconsistencies are seen as a source of experimentation or innovation. By contrast, in the international business (IB) literature, institutions are primarily understood as constraints on MNE activity. The latter focuses on ‘institutional effects ’ taking institutions as stable and determining of social agency, and says very little about how institutions shape capabilities of organizations to pursue a variety of strategies or change in diverse institutional settings. As a way of addressing this limitation, we aim to understand the conditions that enable actors to engage in strategic action despite institutional pressures towards statis. We demonstrate, through comparative case studies of two large MNEs, headquartered in Germany and the UK, that agency within MNEs is influenced by a fit between MNE coordination structures shaped by home country institutions and host country institutions ’ demands for flexibility or collaboration. Institutional incompatibilities between home and host contexts are unlikely to trigger actors ’ reflective capacity to change if the actors cannot draw on supportive coordination structures in the MNE.
