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70
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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Cited by 22 (8 self)
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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,
Behind ownership decision of Chinese outward FDI: Resources and institutions. Asia Pacific
- Journal of Management,
, 2010
"... Abstract This paper examines ownership decision of Chinese outward foreign direct investment (FDI) with a focus on the choice between a wholly owned subsidiary and a joint venture entry mode. Based on literature review and findings from our case study of ten Chinese outward investing firms, we deve ..."
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Cited by 19 (0 self)
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Abstract This paper examines ownership decision of Chinese outward foreign direct investment (FDI) with a focus on the choice between a wholly owned subsidiary and a joint venture entry mode. Based on literature review and findings from our case study of ten Chinese outward investing firms, we develop a conceptual framework that integrates the resource-based and institution-based views of international business strategy. The framework reflects special characteristics of Chinese outward FDI. On the resource side, Chinese outward FDI is both asset exploiting and asset augmenting, and accordingly, both transaction costs and strategic intents have an impact on the FDI ownership decision of Chinese firms. On the institution side, when investing overseas, Chinese firms adjust their entry strategies to attain regulative and normative institutional legitimacy in host countries. Meanwhile, they also need to comply with the rules set by the Chinese government, which provide incentives to and impose restrictions on Chinese firms' FDI ownership decisions.
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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Cited by 10 (3 self)
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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 7 (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.
Slack and the performance of stateowned enterprises.
- Asia Pacific Journal of Management.
, 2014
"... Abstract Organizational slack has been recognized as critical to firm performance, although its impact is not always positive. Slack may be used to fuel innovation or alternatively excess resources may be squandered on pet projects. However, most research on slack is rooted in studying private firm ..."
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Cited by 4 (1 self)
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Abstract Organizational slack has been recognized as critical to firm performance, although its impact is not always positive. Slack may be used to fuel innovation or alternatively excess resources may be squandered on pet projects. However, most research on slack is rooted in studying private firms in developed economies, especially the United States. Whether prior research on organizational slack can readily inform our understanding of state-owned enterprises' (SOEs) behavior is questionable since SOEs prioritize goals such as social welfare and full employment differently than do the privately owned enterprises (POEs). The differences between SOEs and POEs influence their sources and use of slack due to the nature of their ownership, budget constraints, and agency relations. To bring insight to this issue we develop an institutional change lifecycle model to study the relationship between slack and the economic and social aspects of SOE performance.
An institution-based view of executive compensation: A multilevel meta-analytic test
- Journal of International Business Studies
, 2012
"... Abstract We offer a multilevel meta-analytic study of the firm performance -executive compensation relationship, comprising prior tests derived from 332 primary studies nested in 29 countries. Although our work modestly supports the optimal contracting theory-based expectation that compensation is ..."
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Abstract We offer a multilevel meta-analytic study of the firm performance -executive compensation relationship, comprising prior tests derived from 332 primary studies nested in 29 countries. Although our work modestly supports the optimal contracting theory-based expectation that compensation is positively associated with performance, it also reveals considerable cross-country variability in this relationship. We trace this variance to differences in the level of development of the formal and informal institutions protecting investors against managerial overcompensation and underperformance. In terms of intentionally devised and enforced formal institutions, we find significant positive moderating effects on the focal relationship of the rule of law and strength of investor protection variables. For self-enforcing informal institutions, we find similar effects for concentrated ownership and compensationrelated entries in codes of good corporate governance. We also find that formal and informal institutions function in a complementary manner in shaping the performance sensitivity of executive compensation. The focal relationship becomes stronger when concentrated owners have access to well-functioning courts, and when informal norms of good governance are supported by shareholder protection laws. Our study thus suggests that optimal contracting theory must be supplemented with an institution-based view, to account for the conditioning effects of institutions on national contracting environments.
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:
