Articles scientifiques

Asset Divestment as a Response to Media Attacks in Stigmatized Industries

R. DURAND, J.-P. VERGNE

Strategic Management Journal

août 2015, vol. 36, n°8, pp.1205-1223

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

Mots clés : Stigma, Impression management, Divestment, Media, Categories, Reputation, Defense industry

http://ssrn.com/abstract=2415019


In stigmatized industries characterized by social contestation, hostile audiences, and distancing between industry insiders and outsiders, firms facing media attacks follow different strategies from firms in uncontested industries. Because firms avoid publicizing their tainted-sector membership, when threatened, they can respond by divesting assets from that industry. Our analyses of the arms industry demonstrate that media attacks on the focal firm and its peers both increase the likelihood of divestment for the focal firm. Specifically, attacks on the focal firm are the most consequential, followed by attacks on peers in the same industry subcategory, and by attacks on peers in different subcategories. These findings shed new light on divestment as a response to media attacks in stigmatized industries and lead us to rethink impression management theory

Business Partners: Complementary Assets, Financing, and Invention Commercialization

T. ASTEBRO, C. SERRANO

Journal of Economics and Management Strategy

été 2015, vol. 24, n°2, pp.228-252

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

http://ssrn.com/abstract=2602992


This paper assesses the relative importance of the complementary assets and financial capital that business partners may add to the original inventor-entrepreneur. Projects run by partnerships were five times as likely to reach commercialization as those without business partners, and they had mean revenues approximately 10 times as great as projects run by solo entrepreneurs. These gross differences may be due both to partners impacting business success that is, who the particular partners were, and to selection of the type of project or of whom to select as a partner. After controlling for selection effects and observed/unobserved heterogeneity, the smallest estimate of partners' complementary assets approximately doubles the probability of commercialization and increases expected revenues by 29% at the sample mean. Our findings suggest that a critical policy option to increase commercialization rates and revenues for early-stage businesses is to support the market for finding skilled partners

Défis au Bas de la Pyramide

B. GARRETTE, A. KOZAN, T. ROULET

Management International

printemps 2015, vol. 19, n°3, pp.65-82

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

Mots clés : Bas de la Pyramide, Entreprises multinationales, Ethique des affaires, ONGs, Développement économique, Base of the Pyramid, MNEs, Business ethics, NGOs, Economic development


Le « Bas de la Pyramide » (BdP), est-il le nouvel Eldorado pour les entreprises, ou seulement un miroir aux alouettes? L’examen des activités « BdP » existantes montre que les entreprises ont beaucoup de mal à gagner de l’argent en offrant aux populations les plus pauvres de la planète des produits et des services qui sont censés contribuer à la résolution de problèmes sociaux ou environnementaux. Cet article suggère cependant que les entreprises doivent persévérer dans leurs efforts. Nous proposons des solutions pour surmonter les obstacles économiques, sociaux et politiques des projets « BdP » et discutons le rôle de ces initiatives en matière d’innovation et de croissance

Detecting heterogeneous risk attitudes with mixed gambles

L. SANTOS-PINTO, A. BRUHIN, J. MATA, T. ASTEBRO

Theory and Decision

décembre 2015, vol. 79, n°4, pp.573-600

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

Mots clés : Individual risk taking behavior, Latent heterogeneity, Finite mixture models, Reference-dependence, Loss aversion

http://ssrn.com/abstract=2125956


We propose a task for eliciting attitudes towards risk that is close to real world risky decisions which typically involve gains and losses. The task consists of accepting or rejecting gambles that provide a gain with probability p and a loss with probability 1 - p. We employ finite mixture models to uncover heterogeneity in risk preferences and find that (i) behavior is heterogeneous, with slightly less than one half of the subjects behaving as expected utility maximizers, (ii) for the others, reference-dependent models perform better than those where subjects derive utility from final outcomes, (iii) models with sign dependent decision weights perform better than those without, and (iv) there is no evidence for loss aversion. The procedure is sufficiently simple so that it can be easily used in field or lab experiments where risk elicitation is not the main experiment

Disentangling the Performance Effects of Efficiency and Bargaining Power in Horizontal Growth Strategies: An Empirical Investigation in the Global Retail Industry

V. MOATTI, C. REN, J. ANAND, P. DUSSAUGE

Strategic Management Journal

mai 2015, vol. 36, n°5, pp.745-757

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

Mots clés : Mergers and acquisitions (M&A), Organic growth, Bargaining power, Operating efficiency, Retail


Mergers and acquisitions (M&A) and organic growth are two common strategies to achieve horizontal growth. In this study, we disentangle two distinct sources of firm performance corresponding to different theoretical perspectives on firm size: firms' bargaining power with respect to suppliers and customers, and operating efficiency arising from scale economies. We conceptually argue and empirically show that relatively, M&A enhance bargaining power in the short term while organic growth enhances operating efficiency over the long term. In order to disaggregate these effects, we use accounting rather than financial or managerial data and test our predictions in the global retail industry over a 20-year period. We examine implications of these results for sustainability of size-based competitive advantages

Contacts  

Département Stratégie et Politique d’Entreprise

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

Faculté  

Pierre DUSSAUGE

Stratégie et Politique d'Entreprise (GREGHEC)

Voir le CV

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