Articles scientifiques

A Two-sided Matching Approach for Partner Selection and Assessing Complementarities in Partners’ Attributes in Inter-firm Alliances

D. MINDRUTA, M. MOEEN, R. AGARWAL

Strategic Management Journal

janvier 2016, vol. 37, n°1, pp.206-231

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

Mots clés : Alliance formation, Partner selection, Matching models, Complementarities, Empirical methods

http://ssrn.com/abstract=2536109


Strategic alliances are undertaken to create value through complementarities of resources and capabilities of the partner firms. We develop a matching framework to study strategic alliances, taking a market perspective that explicitly incorporates key features of transactions in strategic alliances: two sided decision making in voluntary collaboration; quest for complementarities between indivisible and heterogeneous partner attributes; and competition on each side for partners on the other side. We assess the relative performance of matching models and binary choice models when estimating parameters within simulations based on a known functional relationship. Within the context of research alliances in the bio-pharmaceutical industry, we hypothesize and find support using the matching model framework for complementarity in partner size, and in upstream research capabilities

Category Spanning, Evaluation, and Performance: Revised Theory and Test on the Corporate Law Market

L. PAOLELLA, R. DURAND

Academy of Management Journal

février 2016, vol. 59, n°1, pp.330-351

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

Mots clés : Categoryn Evaluation, Law firms, Mediation, Performance

http://ssrn.com/abstract=2648295


Studies suggest that category-spanning organizations receive lower evaluation and perform worse than organizations focused on a single category. We propose that (1) these effects are contingent on clients' theory of value and that as clients expect more sophisticated services, they tend to value category spanners more positively and (2) the evaluation of producers mediates the relationship between category spanning and performance. We test our hypotheses using original data on corporate legal services in three markets (London, New York City, and Paris) over the decade 2000-2010. We find that (1) category spanners receive a better evaluation, and more so when their categorical combination is more inclusive and (2) evaluation mediates significantly the relationship between category spanning and performance. This study enriches our understanding of how audiences apprehend a whole market category system and why organizations span categories

Classical Deviation: Organizational and Individual Status as Antecedents of Conformity

R. DURAND, P.-A. KREMP

Academy of Management Journal

février 2016, vol. 59, n°1, pp.65-89

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

Mots clés : Conformity, Deviance, Institutional theory, Status

http://ssrn.com/abstract=2637981


Beside making organizations look like their peers through the adoption of similar attributes (which we call alignment), this paper highlights the fact that conformity also enables organizations to stand out by exhibiting highly salient attributes key to their field or industry (which we call conventionality). Building on the conformity and status literatures, and using the case of major U.S. symphony orchestras and the changes in their concert programing between 1879 and 1969, we hypothesize and find that middle-status organizations are more aligned, and middle-status individual leaders make more conventional choices than their low- and high-status peers. In addition, the extent to which middle-status leaders adopt conventional programming is moderated by the status of the organization and by its level of alignment. This paper offers a novel theory and operationalization of organizational conformity, and contributes to the literature on status effects, and more broadly to the understanding of the key issues of distinctiveness and conformity

Do Ratings of Firms Converge? Implications for Managers, Investors and Strategy Researchers

A. CHATTERJI, R. DURAND, D. LEVINE, S. TOUBOUL

Strategic Management Journal

aout 2016, vol. 37, n°8, pp.1597–1614

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

Mots clés : Corporate social responsibility, Ratings, Corporate governance, Socially responsible investing, Performance measurement

http://ssrn.com/abstract=2524861


Raters of firms play an important role in assessing domains ranging from sustainability to corporate governance to best places to work. Managers, investors, and scholars increasingly rely on these ratings to make strategic decisions, invest trillions of dollars in capital and study corporate social responsibility (CSR), guided by the implicit assumption that the ratings are valid. We document the surprising lack of agreement across social ratings from six well-established raters. These differences remain even when we adjust for explicit differences in the definition of CSR held by different raters, implying the ratings have low validity. Our results suggest that users of social ratings should exercise caution in interpreting their connection to actual CSR and that raters should conduct regular evaluations of their ratings

Does Ownership Matter in Private Equity? The sources of Variance in Buyouts' Performance

F. CASTELLANETA, O. GOTTSCHALG

Strategic Management Journal

février 2016, vol. 37, n°2, pp.330-348

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

Mots clés : Corporate effects, Private equity, Variance decomposition, Multilevel analysis, Firm performance

http://ssrn.com/abstract=2507665


We study the impact of ownership on firm performance in an unexplored governance context: private equity (PE) firms and the buyouts in which they invest. We employ a multiple-membership, cross-classified, multilevel model on a unique database of 6,950 buyouts realized by 255 PE firms between 1973 and 2008 in 77 countries. The results document a significant PE firm effect (4.6%), the importance of which grows as time passes. We then study three contingencies that increase the importance of the PE firm effect: (a) value addition vs. selection strategies; (b) developed vs. emerging economies; and (c) economic downturns. Our findings shed new light on the sources of variance in buyouts’ performance


JavaScriptSettings