Articles

Beyond boundary spanners: The ‘collective bridge’ as an efficient interunit structure for transferring collective knowledge

Z. J. ZHAO, J. ANAND

Strategic Management Journal

décembre 2013, vol. 34, n°13

Départements : Stratégie et Politique d’Entreprise


Boarding the Aircraft: Trust Development Amongst Negotiators of a Complex Merger

M. LANDER, L. Kooning

Journal of Management Studies

janvier 2013, vol. 50, n°1, pp.1-30

Départements : Management et Ressources Humaines, GREGHEC (CNRS)

Mots clés : M&A, Negotiations, Process Study, Trust


We explore trust development in the context of an international merger negotiation. Based on in-depth interviews with chief negotiators of the Air France-KLM merger we contribute to existing theory by showing that trust develops in three interrelated domains: personal, process and outcome. Progressively, trust develops in all domains on the basis of antecedents that differ between phases and domains. Distinguishing between different domains facilitates analysis of trust asymmetry and the co-existence of trust and distrust, as well as the influence of trust in interorganizational relationships

Bottom-Up Corporate Governance

A. LANDIER, J. Sauvagnat, D. Sraer, D. THESMAR

Review of Finance

janvier 2013, vol. 17, n°1, pp.161-201

Départements : Finance

http://ssrn.com/abstract=1291575


This article empirically relates the internal organization of a firm with decision making quality and corporate performance. We call “independent from the CEO” a top executive who joined the firm before the current CEO was appointed. In a very robust way, firms with a smaller fraction of independent executives exhibit (1) a lower level of profitability and (2) lower shareholder returns following large acquisitions. These results are unaffected when we control for traditional governance measures such as board independence or other well-studied shareholder friendly provisions. One interpretation is that “independently minded” top ranking executives act as a counter-power imposing strong discipline on their CEO, even though they are formally under his authority

Buying Beauty: On Prices and Returns in the Art Market

L. Renneboog, C. SPAENJERS

Management Science

janvier 2013, vol. 59, n°1, pp.36-53

Départements : Finance, GREGHEC (CNRS)

Mots clés : Art, Auctions, Hedonic regressions, Investments, Repeat-sales regressions, Sentiment

http://dx.doi.org/10.2139/ssrn.1352363


This paper investigates the price determinants and investment performance of art. We apply a hedonic regression analysis to a new data set of more than one million auction transactions of paintings and works on paper. Based on the resulting price index, we conclude that art has appreciated in value by a moderate 3.97% per year, in real U.S. dollar terms, between 1957 and 2007. This is a performance similar to that of corporate bonds'at much higher risk. A repeat-sales regression on a subset of the data demonstrates the robustness of our index. Next, quantile regressions document larger average price appreciations (and higher volatilities) in more expensive price brackets. We also find variation in historical returns across mediums and movements. Finally, we show that measures of high-income consumer confidence and art market sentiment predict art price trends

Category stretching: Reorienting research on categories in strategy, entrepreneurship, and organization theory

R. DURAND, L. PAOLELLA

Journal of Management Studies

septembre 2013, vol. 50, n°6, pp.1100-1123

Départements : Stratégie et Politique d’Entreprise, GREGHEC (CNRS)

Mots clés : Categories, Causal-model theory, Goal-based approach, Prototype

http://ssrn.com/abstract=1978917


We advocate for more tolerance in the manner we collectively address categories and categorization in our research. Drawing on the prototype view, organizational scholars have provided a 'disciplining' framework to explain how category membership shapes, impacts, and limits organizational success. By stretching the existing straightjacket of scholarship on categories, we point to other useful conceptualizations of categories ' i.e. the causal-model and the goal-based approaches of categorization ' and propose that depending on situational circumstances, and beyond a disciplining exercise, categories involve a cognitive test of congruence and a goal satisfying calculus. Unsettling the current consensus about categorical imperatives and market discipline, we suggest also that audiences may tolerate more often than previously thought organizations that blend, span, and stretch categories. We derive implications for research about multi-category membership and mediation in markets, and suggest ways in which work on the theme of categories in the strategy, entrepreneurship, and managerial cognition literatures can be enriched

Change and stability interaction processes in SMEs: a comparative case study

J. H. MEJIA-MORELOS, F. GRIMA, Georges TREPO

Journal of Organizational Change Management

2013, vol. 26, n°2, pp.370-422

Départements : Management et Ressources Humaines

Mots clés : Case studies, Change, Change management, ISO 9000 series, Mexico, Small firms, Stability


The aim of this paper is to explore interactions between change and stability during the implementation of a specific change initiative (ISO 9000). It attempts to develop a theoretical framework on change and stability management in small firmsDesign/methodology/approach – This research uses a process approach based on retrospective comparative case study methodology. Data collection in the six companies lasted over a year. This gives the opportunity to contrast failed change initiatives against successful ones.Findings – Two models emerged from this approach; they support the notion that change and stability could be complementary during the different phases of the change initiative the authors analyzed. The findings show that total absence of stability variables in the change initiative could have negative effect on results.Research limitations/implications – The research is based on a multiple case study approach, which limits the generalizability of the findings.Originality/value – This is one of the first studies that applies and empirically tests the change and stability relation in small firms

Committed to Professionalism: Organizational responses of Mid-tier Accounting firms to conflicting institutional logics

M. LANDER, B. A. S. Koene, S. Linssen

Accounting Organizations and Society

février 2013, vol. 38, n°2, pp.130-148

Départements : Management et Ressources Humaines, GREGHEC (CNRS)


We study how mid-tier accounting firms deal with changes in their institutional environment that resulted in a shift in emphasis from the trustee logic to the commercial logic. We find that these mid-tier firms selectively adopt practices related to the commercial logic, while retaining a principal commitment to the trustee logic. Interviews with high level informants in these firms show how specific strategic choice opportunities serve as independent critical events framing practice-adoption decisions. Main strategic issues for the mid-tier firms relate to the changing role of the accountant and changes in organizational structure and practices. As these issues fundamentally challenge characteristics of their professional identity, there is internal resistance against this transformation. Non-partnered accountants mainly challenge new roles that upset their extant work routines, whereas partners resist changes affecting their autonomy. These types of resistance directly impact the strategic organizational responses of the accounting firms to institutional pressures

Competing mechanisms in a common value environment: A corrigendum

B. BIAIS, D. MARTIMORT, J-C. ROCHET

Econometrica

janvier 2013, vol. 81, n°1, pp.393-406

Départements : Finance


Computational Aspects of Bayesian Spectral Density Estimation

N. CHOPIN, J. ROUSSEAU, B. LISEO

Journal of Computational & Graphical Statistics

juillet 2013, vol. 22, n°3, pp.533-557

Départements : Economie et Sciences de la décision

Mots clés : FEXP, Long-memory processes, Sequential Monte Carlo


Gaussian time-series models are often specified through their spectral density. Such models present several computational challenges, in particular because of the nonsparse nature of the covariance matrix. We derive a fast approximation of the likelihood for such models. We propose to sample from the approximate posterior (i.e., the prior times the approximate likelihood), and then to recover the exact posterior through importance sampling. We show that the variance of the importance sampling weights vanishes as the sample size goes to infinity. We explain why the approximate posterior may typically be multimodal, and we derive a Sequential Monte Carlo sampler based on an annealing sequence to sample from that target distribution. Performance of the overall approach is evaluated on simulated and real datasets. In addition, for one real-world dataset, we provide some numerical evidence that a Bayesian approach to semiparametric estimation of spectral density may provide more reasonable results than its frequentist counterparts. The article comes with supplementary materials, available online, that contain an Appendix with a proof of our main Theorem, a Python package that implements the proposed procedure, and the Ethernet datase

Conditioned superstition: Desire for control and consumer brand preferences

E. J. HAMERMAN, G. JOHAR

Journal of Consumer Research

octobre 2013, vol. 40, n°3



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