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《Strategic Management Journal.》
2020年NO.13(Vol.41)

一、本期目录

1、Selling your soul to the devil? The importance of independent ownership to identity distinctiveness for oppositional categories

Blake D. Mathias;Annelore Huyghe;David W. Williams

2、Knowledge, routines, and cognitive effects in nonmarket selection environments: An examination of the regulatory review of innovations

Francisco Polidoro Jr.

3、What do multiple objectives really mean for performance? Empirical evidence from the French manufacturing sector

Tomasz Obloj;Metin Sengul

4、From litigation to innovation: Firms' ability to litigate and technological diversification through human capital

Martin Ganco;Cameron D. Miller;Puay Khoon Toh

5、Identifying internal markets for resource redeployment

Teresa A. Dickler;Timothy B. Folta

6、Converting inventions into innovations in large firms: How inventors at Xerox navigated the innovation process to commercialize their ideas

Natalya Vinokurova;Rahul Kapoor

7、Activist hedge fund success: The role of reputation

Margarethe Wiersema;Albert Ahn;Yu Zhang

8、Strategic behavior by market intermediaries

Daniel M. Olson;David M. Waguespack

二、本期摘要与关键词

Selling your soul to the devil? The importance of independent ownership to identity distinctiveness for oppositional categories

Blake D. Mathias;Annelore Huyghe;David W. Williams

【Abstract】Oppositional categories emerge in direct ideological opposition to incumbent mass producers. In doing so, these oppositional categories, especially craft‐based ones, emphasize their size (small), ownership (independence), and production methods (traditional) as important identity codes—critical for maintaining their distinctiveness from the incumbent category. However, we lack theoretical insights into how oppositional category members respond as (former) members defect by joining the incumbent category they challenge and ideologically oppose. Therefore, taking an identity lens, our study explores the following research question: As members sell to incumbents, how do the remaining members of the oppositional category attempt to maintain the distinctiveness of the collective identity? Our findings reveal incumbents' acquisitions of oppositional members open the opportunity to elevate the importance of ownership (independence) as a distinctive identity code. </p> Managerial Summary <p>Craft categories often emerge by opposing large, dominant corporations. This David versus Goliath mentality helps establish distinct differences between the two groups of firms. However, as owners of the craft organizations grow and sell (to the opposition), this can erode the core attributes that originally made the craft category distinct. We find that as craft brewers sold their breweries to mass producers it did just that—led to considerable confusion in what constitutes a “craft brewery.” However, the craft brewing collective rallied together to identify “independence” as the core feature of craft brewers—one that cannot be bought or copied by the opposition—in hopes they can maintain their distinctiveness from mass producers.

【Keywords】craft beer industry;craft‐based organizations;market categories;oppositional identity;qualitative methods

Knowledge, routines, and cognitive effects in nonmarket selection environments: An examination of the regulatory review of innovations

Francisco Polidoro Jr.

【Abstract】Evolutionary models of technological evolution highlight the cognitive underpinning of routines that shape organizational adaptation. However, research thus far has overlooked the possibility that cognitive effects might also shape selection. This study redresses this imbalance by examining nonmarket selection, focusing for that purpose on the regulatory review of innovations. It proposes that the more knowledge about different technologies is available to regulatory agencies, the more evaluation incongruities they face when evaluating a focal innovation, which increases the time for its regulatory review. It also proposes that this effect is attenuated when regulatory agencies are more frequently confronted with innovations drawing on new technologies. By elucidating cognitive effects that shape nonmarket selection, this study has theoretical implications for research on technological evolution and organizational learning.This study highlights influences on the regulatory review of innovations, an important hurdle that firms in many industries must clear before launching innovations into the market. The regulatory review of an innovation is largely thought to be facilitated by knowledge about that innovation and the technology on which it builds. But, this view overlooks that knowledge about other technologies that exist in the same domain of an innovation can create evaluation incongruities that hamper its regulatory review, extending its regulatory review time. This effect is attenuated when regulatory agencies are more frequently confronted with new technologies, which makes them more aware of distinctions that different technologies entail, thus reducing incongruities in the review of subsequent innovations.

【Keywords】evaluation routines;nonmarket selection;organizational cognition;organizational learning;technological evolution

What do multiple objectives really mean for performance? Empirical evidence from the French manufacturing sector

Tomasz Obloj;Metin Sengul

【Abstract】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. 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.

【Keywords】behavioral strategy;multiple objectives;organization design;performance paradox

From litigation to innovation: Firms' ability to litigate and technological diversification through human capital

Martin Ganco;Cameron D. Miller;Puay Khoon Toh

【Abstract】When firms diversify technologically, they often acquire human capital from competitors. Legal challenges emerge when intellectual property (IP) safeguards are involved. We examine a firm's ability to initiate IP litigation or protect against litigation (i.e., litigation ability) as an antecedent to its technological diversification. We demonstrate that an unexpected reduction in firm's litigation ability is associated with a temporary decline in its entry into new technological domains. Furthermore, we find that the negative effect is stronger when the firm's existing inventors cannot be easily utilized in the new domain or when interfirm mobility in the new domain is low. These findings extend prior work by highlighting a proactive role of the firm's litigation ability that spans beyond protecting the firm's existing IP. To diversify successfully, the firm often needs new knowledge that can be acquired by hiring new research personnel. However, these inventors may come from competitors and their knowledge may be protected by IP safeguards. We examine how the firm's ability to initiate and protect against IP litigation influences its technological diversification. We find that an unexpected reduction in a firm's ability to litigate temporarily reduces its expansion. The negative effect is magnified when considering expansion into domains where the firm's existing inventors cannot be utilized or where the intermobility of inventors is low. Our findings suggest that the ability to both protect IP and avoid litigation are important factors in a firm's diversification strategy.

【Keywords】employee mobility;human capital;innovation;intellectual property;litigation;technological diversification

Identifying internal markets for resource redeployment

Teresa A. Dickler;Timothy B. Folta

【Abstract】This article explores one important way in which multi‐business firms have advantages over single‐business firms. By having flexibility to reallocate resources, such as human capital, production capacity, or equipment, between businesses in their portfolio, they may be able to efficiently expand in markets with strong opportunities and contract in less attractive markets. We provide empirical evidence confirming that compared to single‐business firms in the same industry and of the same size, businesses in multi‐business firms expand revenues 12% more aggressively, and retrench revenues 37% more aggressively, on average. This first generalizable test of the theory also reveals that the relative advantage of multi‐business firms escalates with lower internal resource adjustment costs, higher external transaction costs, and greater opportunity differences with the portfolio.In this article, we show an important way in which multi‐business firms have advantages over single‐business firms. By having flexibility to reallocate resources, such as employees, production capacity, or equipment, between businesses in their portfolio, they may be able to efficiently expand in markets with strong opportunities and contract in less attractive markets. We provide empirical evidence confirming that compared to similar single‐business firms in the same industry and of the same size, businesses in multi‐business firms expand revenues 12% more aggressively, and retrench revenues 37% more aggressively, on average. The article also provides theoretical predictions about when the advantage is most pronounced.

【Keywords】Teresa A. Dickler;Timothy B. Folta

Converting inventions into innovations in large firms: How inventors at Xerox navigated the innovation process to commercialize their ideas

Natalya Vinokurova;Rahul Kapoor

【Abstract】How can inventors in large firms navigate their organizations' innovation processes to commercialize breakthrough inventions? Using historical case studies of three breakthrough inventions at Xerox—office workstations, personal computers, and laser printers, we illustrate how inventors navigated multiple evaluation criteria across different organizational units to attract resources toward inventions. These criteria stemmed from Xerox's first successful breakthrough invention, the 914 copier and the specific objectives of the organizational units. We highlight two approaches deployed by Xerox inventors—searching across the organization for more favorable evaluation criteria and shaping the evaluation criteria to help attract resources. While searching leveraged the heterogeneity of evaluation criteria across the different organizational units, shaping required the presence of evaluative uncertainty with respect to the appropriate criteria for evaluating breakthrough inventions. The challenges of commercializing breakthrough inventions in large firms have been studied extensively through a lens of managerial decision‐making and resource allocation. This perspective has characterized the innovation process in large firms as one in which inventors confine themselves to idea generation, leaving idea commercialization to other actors, subject to organizational inertia. We develop a complementary perspective of the innovation process in which inventors may navigate organizational inertia by going beyond idea generation to attracting resources toward commercializing their breakthrough inventions. By offering a novel account of how inventors at Xerox navigated multiple evaluation criteria to commercialize their inventions, the study sheds light on an important yet overlooked aspect of the innovation process in large firms that can facilitate the commercialization of breakthrough inventions.

【Keywords】Natalya Vinokurova;Rahul Kapoor

Activist hedge fund success: The role of reputation

Margarethe Wiersema;Albert Ahn;Yu Zhang

【Abstract】Activist hedge funds are the new breed of corporate raiders, yet we know little about how the management and board of target firms respond to activist investors. Using a behavioral perspective, we propose that an activist's reputation for being confrontational conveys information to the target company as to what they are likely to encounter in an activist campaign. To avoid the potential adverse consequences of engaging in such a contest, we propose and find that target companies are more likely to settle with an activist known for being confrontational. Our study contributes to corporate governance research by providing insight into the importance of the social context surrounding activist campaigns and the role of reputation in influencing how companies respond to activist investors.Given that hedge fund activism is having a major impact on firm's strategic and financial decision‐making, it is important to understand how these activist investors influence companies. An activist campaign is a highly disruptive event leading to considerable ambiguity and uncertainty as to what is likely to transpire. Given this information void, our study finds that the board and management respond based on the reputation of the activist investor that has taken a stake in the company. That activist investors with a reputation for being hostile are more successful may be a defensive response on the part of management in order to avoid the potential adverse consequences of a hostile campaign. This has implications for corporate governance and the fiduciary duty of the board.

【Keywords】activist hedge funds;corporate governance;executive decision‐making;market signaling;reputation

Strategic behavior by market intermediaries

Daniel M. Olson;David M. Waguespack

【Abstract】We explore how information intermediaries preserve relationships with firms they cover and differentiate from competitors while also maintaining legitimacy with their audiences. We find that intermediaries evaluating movies and video games delay disclosing more negative reviews of heavily marketed products so that they do not coincide with the major product marketing push. We also find that media organizations artificially differentiate themselves from their competitors. We demonstrate that critics are more deviant when they can observe another's opinion and that differentiation increases when they tend to evaluate the same types of products. Our interpretation is that information intermediaries do not simply provide objective reviews, but instead appear strategic in balancing pressures from product “suppliers” and competitors as they compete for the attention of their audiences.We argue that film and video game reviews by professional media outlets reflect two types of strategic behavior. First, intermediaries evaluating movies and video games delay disclosing more negative reviews of heavily marketed products. Second, critics artificially deviate their review scores from those of close competitors. We conclude that information intermediaries do not simply provide objective reviews, but instead appear strategic in balancing pressures from product “suppliers” and competitors as they compete for the attention of their audiences.

【Keywords】critics;evaluation;intermediaries;movies;video games

会计前沿期刊跟踪栏目

跟踪人：刘玉洁西南财经大学

编辑人员：孟丹河北工业大学