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SMJ战略管理杂志 2020年10月论文摘要:业绩持续性/内部集聚/企业资源分配/内部CEO与战略变革

已有 985 次阅读 2020-12-22 10:44 |个人分类:热点研究|系统分类:论文交流

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以下文章来源于唧唧堂,作者YANGZHEN


1、业绩持续性的变化


研究总结:本文对业绩持续性有关的研究进行回顾,并阐述了其发展趋势,来形成可接受理论体系,并促进该领域的发展。基于已有的战略管理研究,通过以下方式:(a)将两种不同的业绩持续性衡量指标结合起来,并解释它们的互补性与差异性;(b)从先前的研究中扩展时间序列,并应用现代统计改进来展示新的模式。具体来说,虽然本文发现自20世纪80年代以来有序持续性单调增加,但绩效的自相关并不是单调的,现在正接近90年代中期以来的低点。这些模式与关于竞争下降的辩论中提出的机制不一致。本文认为这些事实可以启发战略管理相关的理论,为进一步讨论提供依据。


管理启示:管理者最关心的是他们的地位有多不稳定,或者对于新的企业来说,他们是否能够取代行业领头羊企业。即使在同一期间内,管理层公告和传媒消息也可能声称:a)(已进入)营业额(成长)比以往何时期都快的时代,b)难以挑战现有巨头企业。本文追踪了两个随时间变化的业绩持久性的指标,发现自20世纪80年代以来,排名(即行业机构或竞争态势)的持续性稳步上升。绩效衡量指标的关联度实际上在上世纪80年代中期达到顶峰,这可能解释了这场争论。上述分析表明,巨头企业的业绩与其追随者的差距日趋明显(如马太效应),以至于其业绩波动性的增加不会导致排名(即行业结构或竞争态势)发生根本变化。


Research Summary:I revisit a research tradition laying out trends in persistence of performance, to create shared facts to inform theory development. I build on prior work in Strategy by: (a) bringing together two distinct measures of persistence of performance and explaining how they complement each other and help distinguish theories, (b) extending the time series from those prior studies and applying modern statistical improvements to demonstrate new patterns. Specifically, while I find ordinal persistence increased monotonically since the 1980s, autocorrelation of performance was not monotonic and is now approaching lows from the mid‐1990s. These patterns are inconsistent with mechanisms raised in the debate about declining competition. I suggest that these facts can inspire Strategy theory, which would contribute to that debate.


Managerial Summary:A central concern of managers is how precarious is their position, or for new ventures, whether they will be able to displace current leading firms. Even within the same year, management writing and the media might claim that it is both: a) a time of faster‐than‐ever turnover, b) or that large firms have become unassailable. This manuscript tracks two measures of performance persistence over time. I find that persistence of rank has increased roughly steadily since the 1980s. How associated are performance measures year‐to‐year was actually at its peak in the mid 1980s, potentially explaining the debate. The final patterns are consistent with top firms separating from followers in performance so much that increasing volatility in their performance does not lead to changes in rank.


原文:

Bennett, V. M. (2020). Changes in persistence of performance over time. Strategic Management Journal, 41(10), 1745-1769. doi:10.1002/smj.3185


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2、内部集聚和生产率:来自微观数据的证据


研究总结:本文研究了内部集聚(同一母公司拥有的商业机构的地理集群)如何影响其生产率。基于1987-2007年间美国酒店人口的人口普查微观数据发现,内部集聚强度加倍与现有酒店的生产率提高约2%有关。本文考虑了几种可能推动生产率的机制并发现:生产率的经济意义在于,内部聚集企业之间的知识转移。在用1987-2007年美国餐馆总人口的普查微观数据证实了上述发现,表明本文所探析的内部集聚效应可以进一步推广到其他拥有多单位企业有关的行业。


管理启示:内部集聚是同一母公司拥有的商业机构的地理集群。本文使用有关酒店和餐馆的详细人口普查数据,揭示了内部集聚如何影响绩效。有趣的是,同一大都市区所有企业之间的知识共享似乎是内部集聚效应的关键驱动力。


Research Summary: We study how internal agglomeration—geographic clustering of business establishments owned by the same parent company—influences establishment productivity. Using Census microdata on the population of U.S. hotels from 1987‐2007, we find that doubling the intensity of internal agglomeration is associated with a productivity increase of about 2% in pre‐existing establishments. We consider several mechanisms that may be driving the productivity effect and find evidence consistent with the idea that an economically meaningful component of the productivity effect is due to knowledge transfer between internally agglomerated establishments. We replicate our main findings with Census microdata on the full population of U.S. restaurants from 1987‐2007, suggesting that the internal agglomeration effects we document may generalize broadly to other industries with multi‐unit firms.


Managerial Summary: Internal agglomeration is the geographic clustering of business establishments owned by the same parent company. This paper uses detailed Census data on hotels and restaurants to show how internal agglomeration influences performance. Interestingly, knowledge sharing between owned establishments in the same metropolitan area appears to be a key driver of the internal agglomeration effect.


原文:

Rawley, E., & Seamans, R. (2020). Internal agglomeration and productivity: Evidence from microdata. Strategic Management Journal, 41(10), 1770-1798. doi:10.1002/smj.3200


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3、跨国公司的产品市场竞争和资源重新部署


研究总结: 本文研究了当一个产品业务部门(BUs)经历了贸易关税大幅下降导致的国际竞争风险增加时,多元化公司如何重新分配内部非规模自由资源。通常来说,企业倾向于通过将资源重新分配给受贸易冲击影响的业务部门,并远离同一公司内的其他业务部门。两个变量用相反的符号调节这种一阶效应。分配给受冲击影响的业务部门的资产沉没成本水平是资源重新分配的积极调节因素。受影响的业务部门和其他业务部门之间的技术协同效应反而消极地缓和了这种关系。而竞争增加了技术作为竞争资源的价值会负向调节上述关系。


管理启示:多元化企业战略决策过程中的一个重要问题是如何应对影响一个业务部门但不影响其他业务部门的竞争性威胁。管理者应该为受影响的业务分配更多的资源,还是应该减少承诺,在其余的运营部门中使用相同的资源?本文研究了由于进口关税削减而导致的外国竞争加剧之后企业的重新分配决定。结果表明,企业倾向于将更多资源分配给受关税削减影响的企业,少分配给未受影响的企业。此外,本文表明这种行为与企业绩效成正比。


Research summary:This article investigates how diversified firms reallocate internal non‐scale free resources when one of their product business units (BUs) experiences increased exposure to international competition driven by a sharp decrease in trade tariffs. On average, firms tend to fight, by reallocating resources toward the BU affected by the trade shock and away from other BUs within the same firm. Two variables moderate this first‐order effect with opposite signs. The level of sunk costs of the assets allocated to the BU affected by the shock is a positive moderator of resource reallocation to it. The presence of technological synergies between the BU affected and the rest of BUs instead moderates the relationship negatively. This negative moderation seems to only take place when competition increases the value of technology as a competitive resource.


Managerial summary:An important question in the strategic decision‐making process of diversified firms is how to react to competitive threats that affect one business unit but not the others. Should managers allocate more resources to the affected business or should they instead reduce their commitment and use the same resources in the remaining operating sectors? In this article, we examine firms’ reallocation decisions following increases in foreign competition due to import tariff cuts. Our results show that firms tend to allocate more resources to the business affected by the tariff cut and less to the businesses unaffected. Furthermore, we find evidence that this behavior is positively associated with performance.


原文:

Morandi Stagni, R., Santaló, J., & Giarratana, M. S. (2020). Product‐market competition and resource redeployment in multi‐business firms. Strategic Management Journal, 41(10), 1799-1836. doi:10.1002/smj.3207



4、解决社区中的治理纠纷:软件许可决策研究


研究总结:解决治理纠纷对社区至关重要。从GitHub社区收集数据,采用混合归纳方法来研究有关软件许可证的启动和更改的讨论,这是一个基本且可能引起争议的治理问题。首先,本文应用机器学习算法来识别数据中的稳健模式:与具有许可证的项目相比,在较大的讨论组和无许可证的项目中,(提出)解决方案的可能性更大。其次,本文分析了文本数据以解释支撑这些模式的因果机制。本文所提出由此产生的理论突出了群体过程(反思性代理将争议从谈判转向问题解决)和群体属性(偏好一致性高于属性),这两个因素都是解决治理纠纷所必需的,丰富社区治理有关的研究。


管理启示:在线社区在企业如何跨越组织边界进行创新和跨地域吸引人才方面发挥着越来越重要的作用。然而,在线社区并不是乌托邦;当我们进行虚拟协作时,争议更是比比皆是。尤其是,治理纠纷会威胁到在线社区的运作和存在。我们的研究表明,网络社区中的治理纠纷要么表现为讨价还价,要么寻找一个令人满意的解决方案。如果产生了共同点,后者更有可能达成决议。有意利用在线社区力量的公司应(a)确定或培训某些参与者,将无休止的谈判转变为集体解决问题;(b)通过招聘和强大的组织文化培养参与者之间的共享知识和价值基础。。


Research summary:Resolving governance disputes is of vital importance for communities. Gathering data from GitHub communities, we employ hybrid inductive methods to study discussions around initiation and change of software licenses—a fundamental and potentially contentious governance issue. First, we apply machine learning algorithms to identify robust patterns in data: resolution is more likely in larger discussion groups and in projects without a license compared to those with a license. Second, we analyze textual data to explain the causal mechanisms underpinning these patterns. The resulting theory highlights the group process (reflective agency switches disputes from bargaining to problem solving) and group property (preference alignment over attributes) that are both necessary for the resolution of governance disputes, contributing to the literature on community governance.


Managerial summary:Online communities play an increasingly important role in how companies innovate across organizational boundaries and attract talent across geographic locations. However, online communities are no Utopia; disputes abound even (more) when we collaborate virtually. In particular, governance disputes can threaten the functioning and existence of online communities. Our study suggests that governance disputes in online communities either unfold as bargaining over which solution is better or searching for a satisfactory solution. The latter is more likely to reach a resolution, when there is common ground. Companies interested in leveraging the power of online communities should (a) identify or train certain participants to transform endless bargaining into collective problem solving and (b) foster shared knowledge and value basis among participants through recruitment and strong organizational culture.


原文:

He, V. F., Puranam, P., Shrestha, Y. R., & Krogh, G. (2020). Resolving governance disputes in communities: A study of software license decisions. Strategic Management Journal, 41(10), 1837-1868. doi:10.1002/smj.3181



5、利益相关者参与策略,国家制度和公司绩效:配置视角


研究总结:已有研究虽然指出了出席股东大会和善待员工的对企业绩效影响,但低估了劳动力和资本相对实力方面的国家差异。本文提出了一种配置观点,其承认利益相关者的参与、环境、公司属性和绩效之间的匹配。基于此,本文说明了利益相关方参与策略的类型,表明公司如何应对在遵循当地(利益相关者)的期望(根据情况,优先考虑股东或员工),和与众不同(从同行中脱颖而出)之间的关系。通过分析2004-2011年的跨国公司样本,发现了参与策略、公司属性和与高性能相关的环境的权变匹配。本文发现彰显了多种依赖于上下文的路径,这些路径将利益相关者的参与,也往往会促进公司的获得优异的绩效。


管理启示:企业如何应对来自不同制度环境的股东和员工的压力?我们基于不同国家的公司如何在一致性(即优先考虑本地重要的利益相关者)和差异化(即优先考虑利益相关者而不考虑其本地同行)之间取得平衡,开发出一种利益相关者参与策略的类型。研究表明,与高性能相关的参与策略会根据当地机构环境和公司特征而有所不同。特别是,不仅通过优先考虑已经在当地具有重要意义的利益相关者,公司还可以利用利益相关者的参与来使自己与同行脱颖而出,并且这种参与策略通常会导致不错的绩效。


Research summary:Research documents the performance effects of attending to shareholders and treating employees well but underplays national differences in the relative power of labor and capital. We advance a configurational perspective that acknowledges the fit between stakeholder engagement, context, firm attributes and performance. As a cornerstone of this perspective, we develop a typology of stakeholder engagement strategies expressing how firms navigate the tension between conforming with local expectations—by prioritizing shareholders or employees, according to context—and being distinctive—by diverging from their peers. Analyzing a cross‐national sample of firms from 2004 to 2011, we identify combinations of engagement strategies, firm attributes, and contexts linked to high performance. Our findings highlight the multiple context‐dependent paths, which link stakeholder engagement to high firm performance.


Managerial summary:How do firms navigate pressures from shareholders and employees across different institutional environments? We develop a typology of stakeholder engagement strategies based on how firms in different countries strike a balance between conformity (i.e., prioritizing locally important stakeholders) and differentiation (i.e., prioritizing stakeholders that their local peers might neglect). Our findings show that the engagement strategies associated with high performance vary according to local institutional context and firm characteristics. In particular, by not merely prioritizing stakeholders who are already locally important, firms can use stakeholder engagement to differentiate themselves from their peers, and such engagement strategies are often linked to high performance.


原文:

Gupta, K., Crilly, D., & Greckhamer, T. (2020). Stakeholder engagement strategies, national institutions, and firm performance: A configurational perspective. Strategic Management Journal, 41(10), 1869-1900. doi:10.1002/smj.3204


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6、多点接触没有忍耐?覆盖范围协同效应如何影响股票分析师的预测表现


研究总结:学者们经常使用多点接触(MPC)来解释遇到不同领域的竞争对手如何影响表现。尽管大多数解释都依赖于相互宽容理论,但本文认为竞争威慑不能充分解释MPC如何在知识密集型工作中影响绩效,相反,其认为跨域协同效应可能发挥核心作用。本文研究了安全分析师与上市公司的MPC如何在其承保范围内获得协同效应,从而提高了预测的准确性和信息领导力。竞争对手分析师的观察性学习抵消了针对焦点分析师的更大MPC的优势,这减少了焦点分析师的预测差异。一个自然的实验有助于证实我的观点:竞争对手分析师对2001年9月11日恐怖袭击中高MPC分析师丧生的公司的预测准确性下降。


管理启示:知识经济中的竞争通常会跨越多个领域,包括产品市场,地理位置和客户群。在这些设置中,参与者在域中的多点接触(MPC)级别可以捕获焦点参与者可用的知识和其他协同作用,从而可以提高域中的性能。在股权研究的背景下,分析师对重点公司的MPC可以捕捉到该分析师还涵盖该公司的供应商,客户和重要竞争对手的可能性。利用2001年至2013年分析师的预测绩效数据,我发现一家重点公司的MPC水平越高,预测准确性和信息领导力越高,但通过吸引观察者并从中受益的竞争对手也可以降低预测差异化。


Research Summary: Scholars regularly use multipoint contact (MPC) to explain how encountering rivals in different domains shapes performance. While most explanations rely on mutual forbearance theory, I propose that competitive deterrence does not adequately explain how MPC shapes performance in knowledge intensive work and argue instead that cross‐domain synergies may play a central role. I examine how security analysts' MPC with publicly traded firms captures synergies in their coverage portfolio, which improves forecasting accuracy and information leadership. The advantages of greater MPC for a focal analyst are counterbalanced by rivals' observational learning, which reduces the focal analyst's forecasting differentiation. A natural experiment helps corroborate my argument: rival analysts' forecasting accuracy dropped for firms in which high MPC analysts perished in the terrorist attack on September 11, 2001.


Managerial Summary: Competition in the knowledge economy often unfolds across multiple domains including product markets, geographic locations, and customer segments. In these settings, an actor's level of multipoint contact (MPC) in a domain captures the knowledge and other synergies available to the focal actor, which can improve performance in the domain. In the equity research setting, an analyst's MPC on a focal firm captures the likelihood that the analyst also covers that firm's suppliers, customers and important competitors. Using data on analysts' forecasting performance between 2001 and 2013, I find that greater levels of MPC on a focal firm predicts greater forecasting accuracy and information leadership but also lowers forecasting differentiation by attracting rivals who observe and benefit from the focal analyst's knowledge.


原文:

Uribe, J. N. (2020). Multipoint contact without forbearance? How coverage synergies shape equity analysts' forecasting performance. Strategic Management Journal, 41(10), 1901-1932. doi:10.1002/smj.3188



7、为什么有些内部CEO会比其他人做出更多的战略变革?(先前)董事会经历对新任内部CEO的影响


研究总结: 本文凸显了董事会的以往经历,对新任内部CEO对现状的维持,以及他们进行战略变革的倾向方面的“内部化”程度的影响。通过理论分析指出,新任内部CEO的如果有在当前公司董事会的任职经历,将不利于其进行战略变革;但他们在其他公司的董事会经历,会促进其进行战略变革。此外,其他公司董事会经验(对战略变革的)正面影响对于在当前公司拥有较少(更多)董事会经验的新任内部CEO来说更为强烈(较弱)。本文的研究丰富了高阶理论和新任CEO有关的研究,对CEO继任和战略变革相关的组织实践,有重要启示。


管理启示: 尽管新任内部CEO往往比新任外部CEO进行的战略变更更少,但其中一些确实比其他人更能做出改变。本文研究集中在新的内部首CEO的董事会经验上,以解释他们进行战略变革的趋势的差异。研究发现,在焦点公司(即当前企业)董事会中有较多的任职经历的CEO, 不愿意继续大刀阔斧的变革;而在其他公司董事会中具有较丰富经验的CEO进行了更明显的战略变革。此外,新任内部CEO在其他公司既有较丰富的董事会经历,又在当前公司的较少董事会经历,最有利于企业进行战略变革。


Research Summary:This study draws attention to the impact of prior board experiences on the variation in new insider CEOs' degree of “insiderness” in terms of commitment to the status quo and their propensity to make strategic change. We theorize and find that new insider CEOs' prior board experience at the focal firm has a negative effect on strategic change, whereas their prior board experience at other firms has a positive effect. Moreover, the positive effect of prior board experience at other firms is stronger (weaker) for new insider CEOs who have less (more) prior board experience at the focal firm. Our study contributes to upper echelons theory and research on new CEOs, and has important implications for organizational practices regarding CEO succession and strategic change.


Managerial Summary:Although new insider CEOs tend to make less strategic changes than new outsider CEOs, some of them do make more than others. Our study focuses on new insider CEOs' prior board experiences to explain the difference in their tendency to make strategic change. We find that new insider CEOs who have greater prior experience on the focal firm's board make less strategic changes, whereas those who have greater prior experience on the boards of other firms make more strategic changes. Moreover, our analysis shows that new insider CEOs who have both a high level of prior board experience at other firms and a low level of prior board experience at the focal firm make the most strategic changes.


原文:

Zhu, Q., Hu, S., & Shen, W. (2020). Why do some insider CEOs make more strategic changes than others? The impact of prior board experience on new CEO insiderness. Strategic Management Journal, 41(10), 1933-1951. doi:10.1002/smj.3183



解析作者 | 唧唧堂管理学研究小组:YANGZHEN

审校 | 唧唧堂管理学研究小组:Eric J



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