Author: Stefano BianchiniPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Three Essays on Firm Growth, Innovation, and Persistent Performance
Author: Stefano BianchiniThree Essays on Corporate Growth Strategy and Firm Performance
Author: Yu LiuPublisher:
ISBN: 9781109515312
Category :
Languages : en
Pages : 127
Book Description
Three Essays on Firm Innovation
Author: Louise LundbjergPublisher:
ISBN: 9788775681228
Category :
Languages : en
Pages : 0
Book Description
Growth of Firms Under Uncertainty
Author: Ashoka ModyPublisher:
ISBN:
Category : Corporations
Languages : en
Pages : 314
Book Description
Three Essays on the Growth of Firms
Author: Paul A. KattumanThree Essays on Firm Learning and Performance in the Context of Corporate Divestiture
Author: Patia J. McGrathPublisher:
ISBN:
Category :
Languages : en
Pages : 438
Book Description
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.
Firm Heterogeneity, Innovation, and Value Capture
Author: Jennifer TaeEssays on Nonlinear Processes and Outcomes of New Firm Growth
Author: Julien Salanave-PehePublisher:
ISBN:
Category : Business enterprises
Languages : en
Pages : 0
Book Description
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
Three Essays in Empirical Corporate Finance
Author: Chang Jie HuPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
"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"--
Firm Performance, Sources and Drivers of Innovation and Sectoral Technological Trajectories
Author: Naciba HanedPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
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.