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Author : Stefano Bianchini
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (1 download)
Download or read book Three Essays on Firm Growth, Innovation, and Persistent Performance written by Stefano Bianchini and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yu Liu
Publisher :
ISBN 13 : 9781109515312
Total Pages : 127 pages
Book Rating : 4.5/5 (153 download)
Download or read book Three Essays on Corporate Growth Strategy and Firm Performance written by Yu Liu and published by . This book was released on 2000 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Louise Lundbjerg
Publisher :
ISBN 13 : 9788775681228
Total Pages : 0 pages
Book Rating : 4.6/5 (812 download)
Download or read book Three Essays on Firm Innovation written by Louise Lundbjerg and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ashoka Mody
Publisher :
ISBN 13 :
Total Pages : 314 pages
Book Rating : 4.:/5 (172 download)
Download or read book Growth of Firms Under Uncertainty written by Ashoka Mody and published by . This book was released on 1987 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Paul A. Kattuman
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (596 download)
Download or read book Three Essays on the Growth of Firms written by Paul A. Kattuman and published by . This book was released on 1993 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Patia J. McGrath
Publisher :
ISBN 13 :
Total Pages : 438 pages
Book Rating : 4.:/5 (961 download)
Download or read book Three Essays on Firm Learning and Performance in the Context of Corporate Divestiture written by Patia J. McGrath and published by . This book was released on 2016 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: The question of whether and how firms learn continues to fuel debate amongst strategic management scholars. Within its answer lies the potential for identifying and capitalizing upon valuable drivers of firm performance advantage. In this dissertation, I take aim at this question by investigating the viability and efficacy of three different learning processes in the context of corporate divestiture. This approach not only permits a comprehensive examination of firm learning, but also affords the opportunity to advance our understanding of a heretofore understudied, but important, mode of corporate development.
Author : Jennifer Tae
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)
Download or read book Firm Heterogeneity, Innovation, and Value Capture written by Jennifer Tae and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Julien Salanave-Pehe
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Essays on Nonlinear Processes and Outcomes of New Firm Growth written by Julien Salanave-Pehe and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do most new firms which survive not grow while a handful grow sporadically, and rare outliers grow disproportionately? The prolific multi-disciplinary firm growth literature offers limited, disjointed, and inconclusive explanations of new venture growth. This dissertation, structured in three essays, examines the under-investigated nonlinear processes and outcomes of growth in new firms from different angles. In the first essay, the notion of new firm growth is explored from a theoretical perspective and a novel overarching conceptualization is proposed that spans across different theoretical lenses and levels of analysis. Reconciling different theoretical approaches is important because no single theory developed so far singlehandedly offers a comprehensive explanation as to why new firm growth is rare, sporadic, and highly skewed. By reframing the Penrose resource logic of firm growth as a system of process-outcome interactions and making use of organizational theories of change to further characterize these interactions, the essay proposes that nonlinear patterns of resource accumulation within and across new firms arise from feedback loops between teleological, evolutionary, and dialectical mechanisms of organizational change. This allows to reconcile three seemingly juxtaposing theoretical perspectives on the causality of firm growth being deterministic, voluntaristic or stochastic Firm-level growth nonlinearities are explored empirically in the second essay by testing the assumption of non-linear effects of resources on new firm growth. Emphasis is placed on financial resources, because they are foundational to acquiring other forms of resources, are highly versatile and comparable across industries and settings. Competing hypotheses of a positive linear, negative linear and curvilinear effect of financial resources on early growth outcomes in new firms are tested by aggregating meta-analytic evidence across a sample of published studies. By rejecting the linear positive and linear negative hypotheses and confirming the curvilinear relationship, the findings indicate more nuanced effects of versatile resources on growth in the uncertain context of new firms than prominently considered in resource-based literature. In the final essay, population-level nonlinearities of growth are studied by exploring under which conditions a parsimonious process whereby new firms allocate resources to pursue uncertain opportunities may explain the empirical regularities (rare, sporadic, and highly skewed) of new firm growth and result in a heavy-tailed distribution of growth outcomes across a population of new firms. Using an agent-based simulation, we also control for key parameters potentially influencing the process. Closest alignment of the proposed process with empirical regularities is found when (i) founding sizes of new firms are normally distributed, (ii) new firms follow bounded rationality rules to select which uncertain opportunities to pursue rather than randomly pick them, and (iii) the degree of uncertainty affecting opportunities is low to moderate. These findings shed new light on other generative mechanisms of growth and heavytailed firm size distributions considered in literature. The essay also introduces novel operationalizations of important theoretical constructs in entrepreneurship literature: opportunity, uncertainty, and product market fit
Author : Chang Jie Hu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (122 download)
Download or read book Three Essays in Empirical Corporate Finance written by Chang Jie Hu and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "The core of the thesis includes three essays in empirical corporate finance. The first essay examines the relation between mandatory disclosure behavior and legal accountability. In this study, we treat the enactment of the Sarbanes-Oxley Act (SOX) in 2002 as a regulatory event that increases the legal accountability of top executives and compute the filing tones for a large sample of Forms 10-Q and 10-K filings between 1994 and 2017 using textual analysis. We document that the changes in filing tones contain substantial information that is reflected promptly in the capital market. We also show that a structural break exists in the distribution of filing tones around SOX. Firms use a more negative tone in their quarterly mandatory disclosure after SOX. Interestingly, investors exhibit a stronger reaction to per unit change of filing tones during the post-SOX era and we show that changes in investors’ reactions are not merely driven by the systematic changes in tone distribution after SOX. We also document that filing tones are determined by common performance measures, but such relation is weakened after SOX. The second essay studies the impact of the exit of Venture Capitalists (VCs) on innovation by comparing VC backed IPO firms with the non-VC backed. VCs play a significant role in bringing new ventures public by providing financing and consistent monitoring. Prior literature has established mostly a positive correlation between VCs and firm innovation because VCs may preselect more innovative firms to begin with. This study hopes to provide evidence on causal inference with reasonable assumptions from a “reverse treatment” perspective by examining the change in innovation when VCs exit. We treat the initial public offering (IPO) as a proxy for VC’s exit since most VCs exit shortly after IPO due to their limited investment horizon. Using a difference-in-differences framework, we find that VC-backed firms experience a greater drop in Research and Development (R&D) intensity after IPO-exits when compared to those non-VC backed. The third essay revisits the long-debated relation between market competition and firm innovation. While traditionally competition is measured at the industry level with historical data, our study utilizes two new text-based measures of competitive threats developed by Hoberg et al. (2014) and Li et al. (2013) which are both firm-specific and forward-looking. We address the potential endogeneity concerns using instrumental variables along with the propensity score matching of firms that experience an exogenous shock from import competition with those that do not. Our results show that an increase in competition unambiguously promotes firm innovation"--
Author : Naciba Haned
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (8 download)
Download or read book Firm Performance, Sources and Drivers of Innovation and Sectoral Technological Trajectories written by Naciba Haned and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is structured in three essays based on evolutionary theoretical grounds and provides empirical evidence from CIS. It aims at showing that the sources of innovation and the appropriation of innovation rents vary in function of firms' activities and innovation strategies.In essay 1, we describe four waves of CIS, covering the period 1994-2006 and we study persistent innovation behavior with a discrete choice model on a data set of 431 firms. We find that innovation persistence is more important for product innovators because they need novel products to be more competitive and therefore enrich their base of knowledge continuously. By contrast, process innovators are less persistent because innovation strategy is less “market” oriented and intends to meet quality or production adjustments. The two last essays explore with the two stage least squares method how firms benefit economically from their innovations on a sample of 7 742 firms, on the period 2002-2005. We show that science-based firms rely more on R&D investments to develop their products and maintain their leads by acquiring complementary assets, i.e. they use mixed methods to appropriate the rents of innovation (the combined use IPRs and strategic methods for instance secrecy). By contrast, firms in other categories (for instance firms using cost-cutting strategies) draw more on external sources of knowledge coming either from suppliers or advanced users. Additionally, these firms use more extensively trademarks or non technological methods of appropriation (as marketing devices), because they are less exposed to potential imitation and because they are price sensitive.
Author : John Spray
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (123 download)
Download or read book Three Essays in Firms, Trade and Development written by John Spray and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Amir Amel-Zadeh
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (89 download)
Download or read book Essays on Firm Growth and Size written by Amir Amel-Zadeh and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lu Zhang
Publisher :
ISBN 13 :
Total Pages : 137 pages
Book Rating : 4.:/5 (959 download)
Download or read book Three Essays on Financial Markets written by Lu Zhang and published by . This book was released on 2015 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays. The first essay studies the ability of stock return idiosyncrasy to predict future economic conditions over time. The second essay investigates the technological innovation and creative destruction during the 1920s and the 1930s, one of the most innovative periods in the 20th century. The third essay tests the performance of an investment strategy using information about past market-wide comovement. Stock return idiosyncrasy, defined as the ratio of firm-specific to systematic risk in individual stock returns, contains information about future growth rate in real GDP, industrial production, real fixed assets investment, and unemployment. Forecasts are generally significant one-quarter-ahead, particularly after World War II. These effects persist after controlling for other potential leading economic indicators, both in-sample and out-of-sample. These findings are consistent with information generating firms, presumably uniquely well-informed about economic conditions because their core business is information, adjusting their information production before downturns. The second essay studies the process of creative destruction during the technological revolution in the 1920s and 1930s. Intensified creative destruction magnifies the performance gap between winner and loser firms, and thus elevates firm-specific stock return variation. We find high firm-specific return variation in innovative industries and firms during the 1920s boom and the subsequent depression. We also find some evidence of elevated firm-specific return variation in manufacturing sectors with higher labor productivity, more research staff and more extensive electrification. In the third essay, we define the directional market-wide comovement measure as the proportion of stocks moving up together. Positing that high comovement reflects large fund inflows, we devise an investment strategy of entering the market whenever positive directional market-wide comovement passes a certain threshold. Specifically, this comovement-based investment strategy holds the market index when the market-wide upward comovement in the prior one to four weeks is above the fourth decile of the historical comovement distribution, and invests in the risk-free asset otherwise. During the sample period of 1954 to 2014, this strategy outperforms the NYSE value-weighted market index by 6.42% per year. Out of sample tests using NASDAQ stocks and TSE stocks validate the strategy. Our findings suggest that marketwide upward comovement identifies periods of market run-ups, when unsophisticated investor buying is apt to be driven by herding or information cascades.
Author : Sahrok Kim
Publisher :
ISBN 13 :
Total Pages : 153 pages
Book Rating : 4.:/5 (125 download)
Download or read book The Effects of Gender, National Culture and Social Institutions on Firms' Ethical, Growth Performance and Innovation Outcomes written by Sahrok Kim and published by . This book was released on 2019 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: The overarching theme of this dissertation is to investigate the effects of gender, national culture, and social institutions on the ethics, growth performance, and innovation outcomes of firms, using multilevel modeling. Given the importance of globalization, it is critical to understand whether the relationships hold in various cultural and social institutional contexts. The first essay examines the gendered impact of corporate corruption, namely firm bribery. Building on prior research, the main argument is that firm bribery is the outcome of barriers to achievement, and bribery may represent an avenue for women-owned firms to tackle such obstacles. The results suggest that women ownership in firm alone has no effect on firm-bribing behavior. However, this firm-level relationship is negatively moderated by three social institutions consistent with theory. The second essay explores the effects of female representation in firm ownership and the firm growth performance and the contextual moderators of this relationship. Using resource dependency theory with critical mass notion, the results refuted the general female underperformance concept and supported the positive moderating role of a gender-equal environment; however, contrary to the original hypothesis, masculinity was not negative as predicted. The third essay examines both firm and country level influences on firm innovation Based on institutional anomie theory, I theorized that innovation was a positive deviance to anomic conditions in societies. I extended the theory's application by arguing that firm level pressures can also lead to innovation in addition to unique mixtures of cultural and institutional drivers and their interactions. The result showed support for the presence of anomic conditions at both firm and societal levels predicting innovation consistent with the theory. The contributions of this essay includes the following: (a) offering new insights on firm bribery by filling a critical blind spot in institutional anomie theory by integrating a gender-sensitized approach, (b) offering insights on how critical mass of females firm ownership affect growth performance and how it is moderated by contextual factor (i.e. gender equality), and (c) extending the application of institutional anomie theory to the firm level in addition to country level (Social institutions and GLOBE) in predicting firm innovation.
Author : Gautham Gopal Vadakkepatt
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (761 download)
Download or read book Essays on Firm Growth and Survival as a Fortune 500 Firm written by Gautham Gopal Vadakkepatt and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation, I develop frameworks and models capturing the effects of marketing capital and R and D capital on firm growth and sustained membership in the Fortune 500 cohort. Drawing on the resource-based view (RBV) of the firm and industrial organization theories, in the first essay, I develop hypotheses on the relationships among a firm's marketing capital, R and D capital, key firm-specific and industry-specific factors and survival as a Fortune 500 firm. I test these hypotheses using a proportional hazard model on a uniquely compiled large panel data set of manufacturing Fortune 500 firms over a 25-year period. The results show that while both marketing and R and D capitals have significant and direct positive associations with survival as a Fortune 500 firm, the moderating effects of industry growth on the relationships between marketing capital and survival as a Fortune 500 firm and between R and D capital and survival as a Fortune 500 firm is asymmetric. It is positive for marketing capital but negative for R and D capital. Thus, to retain firms' position on the Fortune 500 list, managers may want to consider investing more in marketing (R and D) when industry growth is high (low). In the second essay, I examine the effect of advertising capital and R and D capital, their complementarities, and their interactions with the environmental contingency factors of dynamism, munificence, and complexity on sales growth, profit growth, and market value growth. Using dynamic panel data analysis of 185 firms over an eight year period (2000-2007), I uncover a nuanced understanding of how advertising and R and D capital affect these performance measures. My results show that both R and D capital and advertising capital directly affect sales growth, but neither has a direct impact on profit growth. Furthermore, R and D capital has a direct impact on market value growth. I also find that while the interaction of advertising capital and R and D capital does not directly affect sales growth or market value growth, it has a positive direct impact on profit growth. Finally, I find that environmental contingencies matter. For instance, environmental dynamism negatively (positively) moderates the relationship between R and D (advertising) capital and sales growth.
Author : David F. Andrade
Publisher :
ISBN 13 :
Total Pages : 236 pages
Book Rating : 4.:/5 (56 download)
Download or read book Three Essays on the Industrial Organization of Financial Markets written by David F. Andrade and published by . This book was released on 1997 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alex Coad
Publisher : Edward Elgar Publishing
ISBN 13 : 1848449100
Total Pages : 209 pages
Book Rating : 4.8/5 (484 download)
Download or read book The Growth of Firms written by Alex Coad and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research into firm growth has been accumulating at a terrific pace, and Alex Coad s survey of this multifaceted field provides a detailed, comprehensive overview of the latest developments. Much progress has been made in empirical research into firm growth in recent decades due to factors such as the availability of detailed longitudinal datasets, more powerful computers and new econometric techniques. This book provides an up-to-date catalogue of empirical work, as well as a coherent theoretical structure within which these new results can be interpreted and understood. It brings together a large body of recent research on firm growth from a multidisciplinary perspective, providing an up-to-date synthesis of stylized facts and empirical regularities. Numerous empirical findings and theories of firm growth are also surveyed and compared in order to evaluate their validity. Drawing on a vast and diverse body of research, this book will prove invaluable to students, academics, policy makers and practitioners with a need to keep abreast of studies in industrial organization, firm growth and management.
