Articles scientifiques

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


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

Corporate Governance and Value Creation: Evidence from Private Equity

V. Acharya, O. GOTTSCHALG, M. Hahn, C. Kehoe

Review of Financial Studies

février 2013, vol. 26, n°2, pp.368-402

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

Mots clés : leveraged buyouts (LBO), management buyouts (MBO), active ownership, activism, management turnover, alpha


We examine deal-level data from 395 private equity transactions in Western Europe initiated by large private equity houses during the period 1991 to 2007. We un-lever the deal-level equity return and adjust for un-levered return to quoted peers to extract a measure of abnormal performance of the deal. The abnormal performance is significantly positive on average, and stays positive in periods with low sector returns. In the cross-section of deals, higher abnormal performance is related to greater growth in sales and greater improvement in EBITDA to sales ratio (margin) during the private phase, relative to those of quoted peers. Finally, we show that general partners with an operational background (ex-consultants or ex-industry-managers) generate significantly higher outperformance in organic deals that focus exclusively on internal value creation programs; in contrast, general partners with a background in finance (ex-bankers or ex-accountants) generate higher outperformance in deals with significant M&A events. We interpret these findings as evidence, on average, of positive, but heterogeneous skills at deal partner level in private equity transactions

Decentralization and contracting out: A new pattern for internal and external boundaries of the firm

G. Chanson, B. QUÉLIN

European Management Journal

décembre 2013, vol. 31, n°6, pp.602-612

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

Mots clés : Boundaries of the firm, Centralization, Contracting out, Central services

http://ssrn.com/abstract=2294841


This paper is devoted to the pattern of activity within large companies, through the two criteria of decentralization and contracting out. Our goal is to understand whether the determinants are identical for both internal and external boundaries of the firm. One literature stream contributes to the analysis of the internal structure and organization of divisional companies, studying the functions assigned to headquarters or divisions. Another part of the literature has focused on the boundaries of the firm issues and the firm’s core activities. Few works are at the junction of these two traditions. This study builds on an empirical study dedicated to the book publishing industry. Our analysis leads to discuss determinants of internal and external borders. We show that functions or activities with high potential of economies of scale are mainly centralized and internalized. On reverse, those related to core business and non-programmable functions are mostly at divisional level and contracted out

Does pre-entry licensing undermine the performance of subsequent independent activities? Evidence from the global aerospace industry, 1944-2000

L. Mulotte, P. DUSSAUGE, W. Mitchell

Strategic Management Journal

mars 2013, vol. 34, n°3, pp.358-372

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

Mots clés : new business entry; licensing; experiential learning; overconfidence; causal ambiguity


We study how firms' use of in-licensing for their initial entry to a business domain can detract from the performance of their subsequent autonomous endeavors in the domain. We argue that in-licensing produces high levels of causal ambiguity about factors that drive the performance achieved with the licensed product. In turn, the experience that firms gather through pre-entry licensing is likely to generate superstitious learning and overconfidence that undermine the performance of licensees' subsequent independent operations. The biases will be particularly strong in the face of contextual dissimilarity. We find consistent evidence in a study of firms that entered the global aircraft industry between 1944 and 2000. The research helps advance the understanding of the benefits and costs of markets for technology

Contacts  

Département Stratégie et Politique d’Entreprise

Campus HEC Paris
1, rue de la Libération
78351 Jouy-en-Josas cedex
France

Faculté  

Tomasz OBLOJ

Stratégie et Politique d'Entreprise (GREGHEC)

Voir le CV

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