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The allocation of capital within firms is a core managerial function, yet a topic that only recently has resurged in management research. We review research across disciplines dealing with how firms allocate capital, with an empha...
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The allocation of capital within firms is a core managerial function, yet a topic that only recently has resurged in management research. We review research across disciplines dealing with how firms allocate capital, with an emphasis on the relevant research in strategy and management. We integrate relevant research across multiple disciplines and theoretical perspectives to bring forth a theoretically grounded conceptualization of capital allocation within a firm as (i) a process of determination, comparison, and selection among multiple investment alternatives, (ii) taking place across organizational levels of the firm, and (iii) influenced and constrained by the external context in which the firm is situated. We conclude by discussing some important implications for future research.
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This paper studies the influence of executive verbal communication on the convergence of investors' opinions, defined as reduction of differences in investors' valuations. Building on the corporate communication and sense-giving l...
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This paper studies the influence of executive verbal communication on the convergence of investors' opinions, defined as reduction of differences in investors' valuations. Building on the corporate communication and sense-giving literatures, we argue that executive verbal communication impacts investor opinion convergence through its influence not only on disclosure of new information, but also on the comprehensibility and credibility of the information conveyed. Accordingly, we hypothesize that the newness, simplicity, and unscriptedness of executive verbal communication are all positively associated with investor opinion convergence. We also argue that the effect of executive communication on investor opinion convergence will be amplified when investors have a greater demand for information as would be the case for those firms with higher earnings uncertainty. Using a unique research design and second-by-second intraday stock trading data from 10,415 conference calls of 847 publicly listed firms between 2005 and 2012, we found strong support for our predictions.
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Research Summary We explore the performance consequences of the simultaneous pursuit of multiple objectives in organizations. Taking advantage of a unique dataset covering both the objectives pursued and performance outcomes, we t...
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Research Summary We explore the performance consequences of the simultaneous pursuit of multiple objectives in organizations. Taking advantage of a unique dataset covering both the objectives pursued and performance outcomes, we test the hypothesis that is the cornerstone of multiple objectives theory: performance on a given metric increases when it is pursued as an objective but decreases with the number of other objectives pursued simultaneously. We find overall support for this hypothesis, which holds for most, but not all, objectives. We further unpack the link between multiplicity of objectives and performance, investigating the moderating effects of organization design choices. This study suggests that multiple objectives impose a cost on organizations, but also provide a benefit of alleviating tradeoffs in achieving higher performance in multiple dimensions. Managerial Summary Most organizations simultaneously follow multiple goals, rather than focus on a single, well-defined objective. For example, manufacturing firms often concurrently strive to decrease costs, increase revenues, and enhance margins. We study the consequences of such pursuit for firm performance. We show that explicitly setting objectives plays an important role in driving performance improvements. We also show that performance on any given dimension decreases with the number of other, simultaneously, followed goals. This regularity holds across different types of organizations, from simple to complex. Finally, we show that setting goals in multiple dimensions can play a beneficial role in forcing firms to actively manage tradeoffs inherent in their strategic choices. Our findings point to how managers could balance the costs and benefits of multiple objectives.
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This paper explores the link between subsidiary performance feedback and internal governance mechanisms in multiunit firms. A central premise of performance-feedback models is that performance below aspirations is associated with ...
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This paper explores the link between subsidiary performance feedback and internal governance mechanisms in multiunit firms. A central premise of performance-feedback models is that performance below aspirations is associated with increased risk tolerance and thereby with a higher likelihood of taking excessive risks in resource allocation decisions. Building on this observation, we contend that the headquarters of multiunit firms take this association into account in the design of internal (i.e., headquarters-subsidiary) governance mechanisms. Accordingly, a subsidiary's performance-aspiration gap (below aspirations) is positively associated with the headquarters' oversight of its resource allocation decisions and negatively associated with the provision of incentive schemes that promote risk taking. Regression results, using data on subsidiaries in France between 1998 and 2004, support our hypotheses and show that subsidiaries performing below historical and social aspirations are less likely to be given discretion in investment decisions and incentivized by cash bonuses. In the supplementary analyses, we also provide suggestive evidence that subsidiary performance problems in multiunit firms trigger structural adaptation in the internal governance mechanisms in pursuit of regaining fit.
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We examine the factors that influence the social performance of hybrid organizations that pursue a social mission and sustain their operations through commercial activities by studying work integration social enterprises (WISEs). ...
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We examine the factors that influence the social performance of hybrid organizations that pursue a social mission and sustain their operations through commercial activities by studying work integration social enterprises (WISEs). We argue that both social imprinting, defined as a founding team's early emphasis on accomplishing the organization's social mission, and economic productivity are important drivers of a WISE's social performance. However, there is a paradox inherent in the social imprinting of WISEs: Although social imprinting directly enhances a WISE's social performance, social imprinting also indirectly weakens social performance by negatively affecting economic productivity. Results based on panel data of French WISEs gathered between 2003 and 2007 are congruent with our predictions. To understand how socially imprinted WISEs may mitigate this negative relationship between social imprinting and economic productivity, we also conduct a comparative analysis of case studies. We find that one effective approach is to assign responsibility for social and economic activities to distinct groups while creating "spaces of negotiation"-arenas of interaction that allow members of each group to discuss the trade-offs that they face. We conclude by highlighting the conditions under which spaces of negotiation can effectively be used to maintain a productive tension in hybrid organizations.
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A growing number of companies choose to pursue financial and social goals simultaneously. These dual-purpose companies face inherent trade-offs as they are caught between the competing expectations of different stakeholders. We bu...
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A growing number of companies choose to pursue financial and social goals simultaneously. These dual-purpose companies face inherent trade-offs as they are caught between the competing expectations of different stakeholders. We build a theory predicting the intensity of such trade-offs faced by dual-purpose organizations located in different institutional settings and adopting different governance mechanisms. We theorize that the intensity of the financial/social trade-offs experienced by dual-purpose companies increases with the level of economic liberalism of the institutional setting in which they operate. We further theorize that the influence of the institutional setting on the intensity of the financial/social trade-offs experienced by dual-purpose companies is filtered by their governance arrangements. We conclude by discussing changes in the surrounding ecosystem that could help to reduce the intensity of the trade-offs that companies experience, thereby paving the way for a new formof capitalism.
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Generally at high frequencies, lumped-elements are not preferred because of their limited range of values. Therefore, in this work, a kind of phase shifter formed with ladder stubs is studied and a new approach to design phase shi...
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Generally at high frequencies, lumped-elements are not preferred because of their limited range of values. Therefore, in this work, a kind of phase shifter formed with ladder stubs is studied and a new approach to design phase shifter's low pass and high pass sections which are composed of series or shunt connected open-ended or short-ended stubs is proposed. In the approach, since the main focus is to form low pass and high pass two-port sections, switching process is not considered. First, the designer selects the section type and the total number of stubs in the sections; it is not necessary to fix the two-port section topologies and not necessary to derive the characteristic impedance and delay expressions for the stubs. In the example, 5-stub two-port sections of a 180 degrees phase shifter are designed by means of the proposed approach.
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In this work, high-pass mixed-element networks with series capacitors separated by unit elements are analyzed. First, the description of the networks via two frequency variables is given. Then, explicit coefficient relations for t...
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In this work, high-pass mixed-element networks with series capacitors separated by unit elements are analyzed. First, the description of the networks via two frequency variables is given. Then, explicit coefficient relations for the descriptive polynomials are derived in terms of the single-variable boundary polynomial coefficients. Finally, the derived relations are used to design a high-pass mixed-element matching network. The series capacitors can be converted to short-ended stubs by means of Richard's transformation. Thus, the obtained network is suitable for microstrip production.
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Corporations are being pushed to dial down their single-minded pursuit of financial gain and pay closer attention to their impact on employees, customers, communities, and the environment. But changing an organization's DNA may re...
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Corporations are being pushed to dial down their single-minded pursuit of financial gain and pay closer attention to their impact on employees, customers, communities, and the environment. But changing an organization's DNA may require upending the existing business model and lowering profitability, at least in the short term.
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In this paper, real frequency design equations of narrowband impedance matching network with complex terminations are derived; which are used to design L, Pi and T type of networks. In the approach, there is no need to have termin...
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In this paper, real frequency design equations of narrowband impedance matching network with complex terminations are derived; which are used to design L, Pi and T type of networks. In the approach, there is no need to have termination models with component values, it is enough to have measurement values of termination impedances. A few examples are solved to exhibit the have measurement values of termination impedances. A few examples are solved to exhibit the merits and application of the derived equations.
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