摘要:

AbstractThis paper argues that the succession/performance relationship is a function of two distinct, complementary concepts: manager effects and succession effects. Hypotheses are tested using a cross‐sectional/longitudinal research design, with a sample of 209 large corporations. The results suggest that announcements of CEO changes are typically associated with a reduction in the value of the firm, as reflected in the perceptions of the stock market, and that CEO successors tend to significantly influence the production and investment decisions of their firms. These results hold for both insider and outsider successio

ISSN:0143-2095    

DOI:10.1002/smj.4250080402

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

AbstractThis paper investigates whether publicly held firms which change to private ownership through management buyouts (ex‐public firms) possess characteristics prior to the change which differentiate them from firms which remain publicly owned. The financial characteristics of ex‐public firms for the year immediately prior to going private were analyzed. A multivariate framework was developed to determine which attributes best distinguished firms going private via management buyouts from similar firms not going private. A discriminant function was developed using seven ratios: (1) concentration of ownership, (2) cash flow to net worth, (3) cash flow to total assets, (4) price/earnings ratio, (5) price/book value ratio, (6) book value of depreciable assets in relation to original costs, and (7) dividend yield. The model demonstrated a classification accuracy of 77.8 percent for the original sample and 81.4 percent in a hold‐out sample validation. These findings imply that financial characteristics alone provide a means by which firms going private via management buyouts can be separated from others. Therefore one can argue that, regardless of the stated motive for going private, financial characteristics either are explicit decision variables or directly reflect non‐financial reasons for management

ISSN:0143-2095    

DOI:10.1002/smj.4250080403

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

AbstractThis paper examines the literature on strategic groups and extends it: first, by clarifying the distinction between two alternate approaches to forming groups, emphasizing that multivariate group analysis can be used to conserve information not only summarize it as bivariate grouping does; second, by focusing attention on the importance of asymmetrical mobility barriers and competitive advantage in the process of industry consolidation and concentration; and third, by linking groups and the concept of contestability in an effort to make some progress towards explaining the evolution of industry structure.

ISSN:0143-2095    

DOI:10.1002/smj.4250080404

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

AbstractThis paper is concerned with identifying influences on the competitive performance of companies involved in the U.K. brewing industry. It seeks to identify key strategic characteristics, relate these to company performance and move towards an explanation of the influences that emerge as influencing competitive standing. It argues that diversification strategies must be studied as an aspect of industry structure, and shows that more focused, limited diversification and regional brewing strategies may be preferable in the context of the U.K. brewing industry. The research findings conflict with those of many previous studies which research the diversification strategies of primarily large firms (both in the U.S. and the U.K.) drawn from across‐industry samples (e.g. the Fortune 500 firms) and which identify superior performance for related diversification strategies. The study therefore provides support for the hypothesis that there is an optimum level of diversification within an industry which balances economies of scope and diseconomies of organizational scale. In the context of the U.K. brewing industry the traditional single or dominant business brewers seem to have found the strategy which matches firms effectively with the important characteristics of industry structur

ISSN:0143-2095    

DOI:10.1002/smj.4250080405

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

AbstractConcepts from the literature on the relationship between environmental variation and strategic change are used to analyze the effects of deregulation on strategic management in the railroad industry. Specific hypotheses are presented about the impact of regulation and change in regulation on strategy, strategic change and performance. A survey of experts identified the strategies of 27 railroads prior to and after deregulation. Five different railroad strategies and five different kinds of strategic changes are identified and described. Results suggest that most firms changed their strategies in response to environmental variation, and that those that did change their strategics out‐performed those that did not. Among the strategic changes, those involving innovation and contingency strategies were found to be the most profitable. Other empirical results are presented and discusse

ISSN:0143-2095    

DOI:10.1002/smj.4250080406

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

AbstractThis research investigates the conceptual argument that acquisitions which are related in product/market or technological terms create higher value than unrelated acquisitions. Related acquisitions are found to have greater total dollar gains than unrelated acquisitions. Acquired firms in related acquisitions have substantially higher gains than acquired firms in unrelated acquisitions. These findings indicate that related target firms benefit more from acquisition than unrelated target firms. Implications of these findings for managers are discussed.

ISSN:0143-2095    

DOI:10.1002/smj.4250080407

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

AbstractIn a study of the impact of human resource planning an organization performance, statistical tests did not indicate significant differences between the performance of firms using formal human resource planning and firms that do not. There was an indication of a positive change in performance after the initiation of human resource planning, relative to non‐users of such system

ISSN:0143-2095    

DOI:10.1002/smj.4250080408

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

AbstractEvery organization reflects the background of its most powerful top managers; what the organization does and the way it carries out its functions could be explained, in part at least, by the profile of its upper echelon. The relationship between the strategic orientation of three tobacco companies, the proportion of executives recruited from outside the company and the proportion of executives from different functional backgrounds in the upper echelon of the companies is the focus of this paper.

ISSN:0143-2095    

DOI:10.1002/smj.4250080409

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

摘要:

AbstractThe concept of statistical power was reviewed, and the power of 44 recently published empirical studies in strategic management was analyzed. Using small, medium, and large estimates of effect size, standardized 0.05 α, and assuming nondirectional nulls, the mean power figures were 0.23, 0.59, and 0.83 for the three levels, respectively. These results were generally similar to findings in other social sciences and were considered particularly important for strategic management research, given the correlational nature of many strategic management investigations and the complexity and evolving stage of the field which make small effect size more likely. Ways to improve statistical power in strategic management research were discussed

ISSN:0143-2095    

DOI:10.1002/smj.4250080410

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY

ISSN:0143-2095    

DOI:10.1002/smj.4250080401

出版商:John Wiley&Sons, Ltd.    

年代:1987

数据来源: WILEY