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1 – 10 of 136David King, Elio Shijaku and Ainhoa Urtasun
The authors propose and test a theoretical framework that develops and analyzes precursors to firm acquisitions to determine if acquirers differ from other firms.
Abstract
Purpose
The authors propose and test a theoretical framework that develops and analyzes precursors to firm acquisitions to determine if acquirers differ from other firms.
Design/methodology/approach
The authors use longitudinal, archival data from a sample of the largest firms in the global pharmaceutical industry from 1991 to 2012 with 1,327 firm-year observations.
Findings
The authors integrate prior research to show that the firm characteristics involving (1) R&D investment, (2) prior experience and (3) network centrality influence the likelihood that a firm will complete an acquisition.
Originality/value
In contrast to research focusing on the performance of acquiring firms, the authors show that firm characteristics predict acquisition activity by highlighting that acquiring firms differ from other firms. The authors also develop how network synergies can be realized by acquirers that have information advantages from more central network positions.
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The literature mainly concentrates on the relationships between externally oriented digital transformation (ExtDT), big data analytics capability (BDAC) and business model…
Abstract
Purpose
The literature mainly concentrates on the relationships between externally oriented digital transformation (ExtDT), big data analytics capability (BDAC) and business model innovation (BMI) from an intra-organizational perspective. However, it is acknowledged that the external environment shapes the firm's strategy and affects innovation outcomes. Embracing an external environment perspective, the authors aim to fill this gap. The authors develop and test a moderated mediation model linking ExtDT to BMI. Drawing on the dynamic capabilities view, the authors' model posits that the effect of ExtDT on BMI is mediated by BDAC, while environmental hostility (EH) moderates these relationships.
Design/methodology/approach
The authors adopt a quantitative approach based on bootstrapped partial least square-path modeling (PLS-PM) to analyze a sample of 200 Italian data-driven SMEs.
Findings
The results highlight that ExtDT and BDAC positively affect BMI. The findings also indicate that ExtDT is an antecedent of BMI that is less disruptive than BDAC. The authors also obtain that ExtDT solely does not lead to BDAC. Interestingly, the effect of BDAC on BMI increases when EH moderates the relationship.
Originality/value
Analyzing the relationships between ExtDT, BDAC and BMI from an external environment perspective is an underexplored area of research. The authors contribute to this topic by evaluating how EH interacts with ExtDT and BDAC toward BMI.
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Minyeon Han, Dong-Hyun Lee and Hyoung-Goo Kang
This paper aims to replicate 148 anomalies and to examine whether the performance of the Korean market anomalies is statistically and economically significant. First, the authors…
Abstract
This paper aims to replicate 148 anomalies and to examine whether the performance of the Korean market anomalies is statistically and economically significant. First, the authors observe that only 37.8% anomalies in the universe of the KOSPI and the KOSDAQ and value-weighted portfolios have t-statistics that exceed 1.96. When the authors impose a higher threshold (an absolute value of t-statistics of 2.78), only 27.7% of the 148 anomalies survive. Second, microcaps have large impacts. The results vary significantly depending on whether the sample included stocks in the KOSDAQ and whether value-weighted or equal-weighted portfolios are used. The results suggest that data mining explains large portion of abnormal returns. Any tactical asset allocation strategies based on market anomalies should be applied very cautiously.
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This paper aims to draw attention to a broad range of experimental institutional initiatives which operate in the absence of a global antitrust regime. The purpose of this paper…
Abstract
Purpose
This paper aims to draw attention to a broad range of experimental institutional initiatives which operate in the absence of a global antitrust regime. The purpose of this paper is to offer food for thought to scholars in other fields of international trade law facing challenges from divergent national regimes.
Design/methodology/approach
Taking inspiration from political science literature on institutions, this paper crafts a broad analytical lens which captures various organisational forms (including networks), codes (including soft law) and culture (including epistemic communities). The strength and shortcomings of traditional “bricks and mortar” institutions such as the European Union (EU) and General Agreement Tariffs and Trade/World Trade Organisation are first examined. Then, the innovative global network of International Competition Network (ICN) is analysed.
Findings
It highlights the value of the global antitrust epistemic community in providing a conducive environment for extensive recourse to “soft law”. Examples from the EU and the ICN include measures which find expression in enforcement tools and networks. These initiatives can be seen as experimental responses to the challenges of divergent national antitrust regimes.
Research limitations/implications
It is desktop research rather than empirical field work.
Practical implications
To raise awareness outside the antitrust scholarly community of the variety of experimental institutional initiatives which have evolved, often on a soft law basis, in response to the challenges experienced by national enforcement agencies and businesses operating in the absence of a global antitrust regime.
Originality/value
It offers some personal reflections on the ICN from the author’s experience as a non-governmental advisor. It draws attention to the ICN’s underappreciated range of educational materials which are freely available on its website to everyone. It submits that the ICN template offers interesting ideas for other fields of international trade law where a global regime is unrealisable. The ICN is a voluntary virtual network of agencies collaborating to agree ways to reduce clashes among national regimes. Its goal of voluntary convergence is portrayed as standardisation rather than as absolute congruence. Even if standardisation of norms/processes is too ambitious a goal in other fields of international trade law, the ICN model still offers inspiration as an epistemic community within an inclusive and dynamic forum for encouraging debate and creating a culture of learning opportunities where familiarity and trust is fostered.
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Carl Henning Christner and Ebba Sjögren
This paper aims to analyse the longitudinal performative effects of accounting, focusing on how accounting shapes the stability/instability of economic frames over time.
Abstract
Purpose
This paper aims to analyse the longitudinal performative effects of accounting, focusing on how accounting shapes the stability/instability of economic frames over time.
Design/methodology/approach
To explore the performative effects of accounting over time, a longitudinal case study narrates the transformation of a large, listed manufacturing company's financial strategy over 20 years. Using extensive document collection, the authors trace the shift from an “industrial” frame to a “shareholder value” frame in the mid-1990s, followed by the gradual entrenchment of this shareholder value frame until its decline in the wake of the financial crisis in 2008.
Findings
Our findings show how accounting has different performative temporalities, capable of precipitating sudden shifts between different economic frames and stabilising an ever-more entrenched and narrowly defined enactment of a specific frame. We conceptualise these different temporalities as performative moments and performative momentum respectively, explaining how accounting produces these performative effects over time. Moreover, in contrast to extant accounting research, the authors provide insight into the performative role of accounting not only in contested but also “cold” situations marked by consensus regarding the overarching economic frame.
Originality/value
Our paper draws attention to the longitudinal performative effects of accounting. In particular, the analysis of how accounting entrenches and refines economic frames over time adds to prior research, which has focused mainly on the contestation and instability of framing processes.
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Abstract
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