Using 138 firm‐year observations for 46 U.S.‐listed firms headquartered in tax havens from 2004 to 2013, this study employs a matched‐sample design and documents that the level of corporate social responsibility (CSR) engagement is relatively lower for firms with tax haven headquarters (HQ) than for those with U.S. HQ. This result is robust to the use of firm philanthropy as a measure of CSR engagement and holds true in an environment with high CSR expectations from U.S. communities. In an alternative setting of HQ relocations within the United States, we use a difference‐in‐differences methodology and find that when firms move their HQ to states with lower corporate income taxes, they decrease the level of CSR engagement. Overall findings are consistent with corporate culture theory.
This article examines CSR engagement of U.S.‐listed firms headquartered in tax havens. Using data from 2004 to 2013, we find that firms with tax haven HQ exhibit a relatively lower level of CSR engagement than otherwise similar firms headquartered in the United States. In the same vein, tax‐haven‐headquartered firms tend to give less to charity, even when they face high CSR expectations from U.S. communities. In an alternative setting of HQ relocations within the United States, we document that the level of corporate social engagement is more likely to drop for firms that move their HQ to lower‐tax regions. We interpret our findings as evidence of corporate culture affecting both the tax avoidance and CSR activities of firms headquartered in tax havens.
参考文献：Lee, Dongyoung. “Corporate Social Responsibility of U.S.‐listed Firms Headquartered in Tax Havens.” Southern Medical Journal, vol. 41, no. 9, 2020, pp. 1547–1571.
To what extent do firms rely on basic science in their R&D efforts? Several scholars have sought to answer this and related questions, but progress has been impeded by the difficulty of matching unstructured references in patents to published papers. We introduce an open‐access dataset of references from the front pages of patents granted worldwide to scientific papers published since 1800. Each patent‐paper linkage is assigned a confidence score, which is characterized in a random sample by false negatives versus false positives. All matches are available for download at http://relianceonscience.org. We outline several avenues for strategy research enabled by these new data.
To what extent do firms rely on basic science in their R&D efforts? Several scholars have sought to answer this and related questions, but progress has been impeded by the difficulty of matching unstructured references in patents to published papers. We introduce an open‐access dataset of references from the front pages of patents granted worldwide to scientific papers published since 1800. Each patent‐paper linkage is assigned a confidence score, and we check a random sample of these confidence scores by hand in order to estimate both coverage (i.e., of the matches we should have found, what percentage did we find) and accuracy (i.e., of the matches we found, what percentage are correct). We outline several avenues for strategy research enabled by these new data.
参考文献：Marx, Matt, and Aaron Fuegi. “Reliance on Science: Worldwide Front-Page Patent Citations to Scientific Articles.” Southern Medical Journal, vol. 41, no. 9, 2020, pp. 1572–1594.
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We examine how interactions among a firm's capabilities influence the extent and direction of firm adaptation under conditions of demand‐side change. Our empirical context is the U.S. defense industry, within which we study firms receiving defense‐related Small Business Innovation Research (SBIR) awards around September 11, 2001, an event which constituted an exogenous demand‐side shock in which technology‐related preferences of customers were reshuffled. We find that under demand‐side change, preexisting customer relationships have a double‐edged effect: They facilitate “extension‐based” adaptation when interacted with technology capabilities experiencing a decline in customer preferences, and they hinder “novelty‐based” adaptation when interacted with technology capabilities experiencing an increase in such preferences. We also find that both types of technological capabilities together facilitate adaptation along the extension and novelty paths.
Demand‐side change, in which customer preferences for particular technologies are reshuffled, occurs in many industry settings. A deeper understanding of the factors shaping firm adaptation under this form of change can influence managers' decisions to implement strategies to plan for and react to such change. Using a sample of firms receiving defense‐related SBIR awards around September 11, 2001, we show that the customer relationships a firm develops prior to demand‐side change can have a double‐edged effect on firm adaptation. Such relationships facilitate “extension‐based” adaptation when combined with technology capabilities declining in customer preferences and hinder “novelty‐based” adaptation when combined with technology capabilities increasing in customer preferences. In addition, the combination of the two technological capability types facilitates adaptation along both paths.
参考文献：Wang, Tang, et al. “Capability Interactions and Adaptation to Demand‐side Change.” Southern Medical Journal, vol. 41, no. 9, 2020, pp. 1595–1627.
This study examines the relationship between external hiring and the allocation of decision authority within organizations, and how they interact to affect organizational change and innovation. We test our hypotheses using panel data for a nationally representative sample of businesses in Canada. We find that the practice of external hiring of managers and high‐skilled nonmanagerial employees predicts greater decision authority allocated to each respective level of the hierarchy. Reallocation of authority is positively moderated by the strategic priority of (a) workplace reorganization for managerial hiring, and (b) new product development for nonmanagerial hiring. We also find evidence of related associations with workplace reorganization and product innovation. The findings suggest that decision authority allocation is essential to effectively utilize externally acquired human capital.
This study examines how the effectiveness of hiring managers and high‐skilled nonmanagerial employees from outside the firm is related to how much decision authority they are granted. We show that for both types of employees, external hiring predicts greater decision authority allocated to each respective level of the organization. For managers, external hiring predicts a greater likelihood of organizational change when more decision authority is granted. Similarly, for high‐skilled nonmanagerial employees, external hiring predicts the development of more novel innovations when more decision authority is given. Overall, the results suggest that hiring talent from outside the firm by itself is not sufficient to expect benefits to the organization—instead, firms must also empower outside hires with the authority needed to translate their knowledge into performance.
参考文献：Hong, Bryan. “Power to the Outsiders: External Hiring and Decision Authority Allocation within Organizations.” Southern Medical Journal, vol. 41, no. 9, 2020, pp. 1628–1652.
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通过对1156名风险资本(VC)支持的美国首次公开募股(IPO)的数据分析，我们发现，当一家公司收到首次风险投资时，其首席执行官(CEO)人力资本(HC)的初始水平与在IPO前更换CEO的可能性呈负相关。公司与其首席风险投资家之间的距离对这种可能性有正向影响，当初始CEO 的人力资本较低时，这种影响更强。这些结果表明，距离越大，VC直接监控的成本越高，VC更有可能被迫更换CEO，尤其是在初始CEO 人力资本较低的情况下。通过控制CEO变更的内生性，我们发现上市前CEO变更与公司的IPO估值和经营绩效变化存在正相关关系。
在IPO之前更换CEO在创业公司中很常见，尤其是那些有风投支持的公司。我们认为，VC可以通过两种方式监控投资组合中的公司(这两种方式并不相互排斥):直接监控公司的现场，间接监控依赖于公司的最高管理层，尤其是首席执行官。我们建议并找到实证证据支持, 因为企业与其主要风险投资人之间的距离越大，直接监控的成本就越高，从而使直接监控的可行性降低, 风险投资人就更不得不更换首席执行官，特别是当首席执行官被视为能力较弱（即人力资本水平较低）。我们还发现，上市前CEO的变动增加了公司的IPO估值和经营业绩的变化。
With data on 1,156 venture capitalist (VC)‐backed U.S. initial public offerings (IPOs), we find that the initial level of Chief Executive Officer (CEO) human capital (HC) when a firm receives its first VC investment is negatively related to the likelihood of changing CEO before IPO. The distance between a firm and its lead VC has a positive effect on the likelihood and this effect is stronger when the initial CEO HC is lower. These results suggest that as a larger distance amounts to greater cost of VC direct monitoring, VC is more compelled to change CEO, especially when initial CEO HC is lower. Controlling for the endogeneity of CEO change, we find that CEO change before IPO has a positive relationship with the firm's IPO valuation and changes in operating performance.
Changing CEO prior to IPO is common in startups, especially in those backed by VCs. We argue that VC can monitor a portfolio firm in two ways (which are not mutually exclusive): directly monitoring onsite the firm and indirectly monitoring relying upon the firm's top management especially CEO. We propose and find empirical evidence to support that as a larger distance between a firm and its lead VC amounts to greater cost of direct monitoring and thus making direct monitoring less feasible, the VC is more compelled to change CEO, especially when the CEO is deemed less capable (i.e., having a lower level of human capital). We also find that CEO change before IPO increases a firm's IPO valuation and changes in operating performance.
参考文献：Chahine, Salim, and Yan (Anthea) Zhang. “Change Gears before Speeding up: The Roles of Chief Executive Officer Human Capital and Venture Capitalist Monitoring in Chief Executive Officer Change before Initial Public Offering.” Southern Medical Journal, vol. 41, no. 9, 2020, pp. 1653–1681.
Buyer firms respond to supplier employee mobility by reshuffling work among suppliers. However, the extant literature has not considered plural‐sourcing firms which can bring work back in‐house. In this paper, we develop a governance framework in which buyers engage in a comparative assessment of the costs associated with different sourcing modes following supplier employee mobility. Due to the imperfect transferability of social capital and associated uncertainty, buyers face increased contracting costs when supplier employees move. This prompts plural‐sourcing buyers to increase their reliance on insourcing when the costs of adjusting in‐house capacity are relatively low and when the costs of switching to alternative suppliers are relatively high. The analysis of data on patent prosecution activities and patent attorney mobility provides support to our theory.
This study provides a decision framework for buyer firms when their suppliers experience employee departures. Buyers may choose to (a) stay with the suppliers suffering employee losses or (b) follow mobile employees to their new suppliers. However, in both cases contracting becomes more difficult due to the disruption in supplier relationships or the need to work with new suppliers. There is a third option (c) though which is to bring work in‐house. We explain that buyers opt for option (c) when it is easy to expand in‐house capacity and when the costs of switching to alternative suppliers already in use are relatively high. Thus, supplier employee mobility may lead buyer firms to adjust their reliance on outsourcing even when there are no buyer employee departures.
参考文献：Chondrakis, George, and Mari Sako. “When Suppliers Shift My Boundaries: Supplier Employee Mobility and Its Impact on Buyer Firms’ Sourcing Strategy.” Southern Medical Journal, vol. 41, no. 9, 2020, pp. 1682–1711.
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We investigate the role of a firm's dividend and growth reputations in shaping investors' interpretations of acquisitions as a negative or positive expectation violation. While our findings reveal that both an acquiring firm's dividend and growth reputations trigger positive investor reactions, they also show that investors react negatively to an acquisition of a target firm with a strong growth reputation when the acquiring firm has a strong dividend reputation. We also find that investors are inclined to give managers “the benefit of the doubt” to the extent that an acquiring firm strategically frames an acquisition announcement in such a way that it provides assurance to investors that the acquisition is meant to exceed investors' expectations about shareholder value creation.
We study why investors respond to some acquisitions positively and others negatively. We find that the way acquiring and target firms have created shareholder value in the past, and the information conveyed in the acquisition announcements are important determinants of investors' differential reactions to acquisitions. Our findings show that while investors generally react positively to acquisitions by firms known for creating value either through dividends or growth, their reactions become negative when a firm known for value creation through dividends acquires a target known for value creation through growth. We further find that managers can favorably influence investor reactions by making it salient in the acquisition announcement how the acquisition is intended to exceed investors' value creation expectations from the acquiring firm.
参考文献：Blagoeva, Radina R., et al. “Who Violates Expectations When? How Firms’ Growth and Dividend Reputations Affect Investors’ Reactions to Acquisitions.” Southern Medical Journal, vol. 41, no. 9, 2020, pp. 1712–1742.