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  • 1
    Online Resource
    Online Resource
    Bingley, U.K. :Emerald,
    UID:
    almahu_9949068934002882
    Format: 1 online resource (xviii, 373 p.)
    ISBN: 9781783504947 (electronic bk.) :
    Series Statement: Advances in strategic management, v. 31
    Content: Strategy and finance are closely interrelated in the practice of management. With the increased informational demands resulting from regulatory changes such as Sarbanes Oxley and Regulation Fair Disclosure, the boundary between the roles of CEO and CFO has become blurred. Moreover, the global financial crisis has made the interdependence between corporate financial policies and firms strategies painfully salient. In academic research however, the two fields have by and large developed independently of each other. Advances in strategic management 31 (Finance and strategy) fills this gap with rigorous research papers that bridge the strategy and finance fields by building on them. It encompasses a range of combinations among the two main subdivisions of strategy researchcorporate strategy and business (competitive) strategyand the two main subdivisions of finance researchcorporate finance and capital markets. It includes theoretical and empirical contributions, and spans different underlying disciplines and research methodologies, consistent with the variety that exists amongst these two fields.
    Note: Investments in recessions / Eirik Sjåholm Knudsen, Lasse B. Lien -- The effect of institutional factors on the value of corporate diversification / Venkat Kuppuswamy, George Serafeim, Belén Villalonga -- Termination payment provisions in acquisitions : an information economics perspective / Cheng-Wei Wu, Jeffrey J. Reuer -- Can you believe it? Managerial discretion and financial analysts' responses to management earnings forecasts / Guoli Chen, Craig Crossland -- Financial health and partner attractiveness in the market for inter-firm collaboration / Fabio Zambuto, M.V. Shyam Kumar, Jonathan P. O'Brien -- Active involvement of private equity firms in portfolio companies and its performance effects / Christian Landau -- When do venture capitalists become board members in new ventures? / Haemin Dennis Park, H. Kevin Steensma -- Ownership effects on unrelated diversification : an institutions' perspective / Nikolaos Kavadis, Xavier Castañer -- How innovation can affect ownership structure : the case of transient and dedicated institutional investors / Abdullah A. Alshwer, Edward Levitas -- How innovation shapes a firm's survival profile : takeovers, regulatory and voluntary delistings / Silvio Vismara, Andrea Signori -- The role of R&D in entrepreneurial finance and performance / Alicia Robb, Robert Seamans.
    Additional Edition: ISBN 9781783504930
    Language: English
    URL: Volltext  (URL des Erstveröffentlichers)
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  • 2
    UID:
    gbv_1922767557
    ISBN: 9781783504947
    Content: Purpose To show that differences in the extent to which firms engage in unrelated diversification can be attributed to differences in ownership structure. Methodology/approach We draw on longitudinal data and use a panel analysis specification to test our hypotheses. Findings We find that unrelated diversification destroys value; pressure-sensitive Anglo-American owners in a firm’s equity reduce unrelated diversification, whereas pressure-resistant domestic owners increase unrelated diversification; the greater the firm’s free cash flow, the greater the negative effect of pressure-sensitive Anglo-American owners on unrelated diversification. Research limitations/implications We contribute to corporate governance and strategy research by bringing in owners’ institutional origin as a shaper of owner preferences in particular with regards to unrelated diversification. Future research may expand our investigation to more than one home institutional context, and theorize on institutional origin effects beyond the dichotomy between Anglo-American and non-Anglo-American (not oriented toward shareholder value maximization) owners. Practical implications Policy makers, financial analysts, owners, and managers may want to reflect about the implications of ownership structure, as well as promoting or joining corporations with particular ownership configurations. Social implications A shareholder value-destroying strategy, such as unrelated diversification has adverse consequences for society at large, in terms of opportunity costs, that is, resources could be allocated to value-creating activities instead. Promoting an ownership configuration that creates value should contribute to social welfare. Originality/value Owners may not be exclusively driven by shareholder value maximization, but can be influenced by normative beliefs (biases) stemming from the institutional context they originate from.
    In: Finance and strategy, Bingley, U.K. : Emerald, 2014, (2014), Seite 253-288, 9781783504947
    In: Emerald Group Publishing Limited
    In: year:2014
    In: pages:253-288
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 3
    UID:
    gbv_1922767522
    ISBN: 9781783504947
    Content: We extend theories of the firm to the entrepreneurial finance setting and argue that R&D-focused start-up firms will have a greater likelihood of financing themselves with equity rather than debt. We argue that mechanisms which reduce information asymmetry, including owner work experience and financier reputation, will increase the probability of funding with more debt. We also argue that start-ups that correctly align their financing mix to their R&D focus will perform better than firms that are misaligned. We study these ideas using a large nationally representative dataset on start-up firms in the United States.
    In: Finance and strategy, Bingley, U.K. : Emerald, 2014, (2014), Seite 341-373, 9781783504947
    In: Emerald Group Publishing Limited
    In: year:2014
    In: pages:341-373
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    Online Resource
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    UID:
    gbv_1922767506
    ISBN: 9781783504947
    In: Finance and strategy, Bingley, U.K. : Emerald, 2014, (2014), Seite i, 9781783504947
    In: Emerald Group Publishing Limited
    In: year:2014
    In: pages:i
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    UID:
    gbv_1922767603
    ISBN: 9781783504947
    Content: In M&A markets, acquirers face a hold-up problem of losing the value of investments they make in due diligence, negotiations, and post-acquisition planning if targets would pursue the options of waiting for better offers or selling to an alternative bidder. This chapter extends information economics to the literature on M&A contracting by arguing that such contracting problems are more likely to occur for targets with better outside options created by the information available on their resources and prospects. We also argue that acquirers address these contracting problems by using termination payment provisions to safeguard their investments. While previous research in corporate strategy and finance has suggested that certain factors can facilitate an acquisition by reducing a focal acquirer’s risk of adverse selection (e.g., signals, certifications), we note that these same factors can make the target attractive to other potential bidders and can exacerbate the risk of hold-up, thereby leading acquirers to use termination payment provisions as contractual safeguards.
    In: Finance and strategy, Bingley, U.K. : Emerald, 2014, (2014), Seite 69-102, 9781783504947
    In: Emerald Group Publishing Limited
    In: year:2014
    In: pages:69-102
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    UID:
    gbv_192276759X
    ISBN: 9781783504947
    Content: Financial analysts act as crucial conduits of information between firms and stakeholders. However, comparatively little is known about how these information intermediaries evaluate the believability and importance of corporate disclosures. We argue that a firm’s level of managerial discretion, or latitude of executive action, acts as a cue for financial analysts, which helps them interpret and respond to voluntary management earnings forecasts. Our study provides strong, robust evidence that financial analysts find management forecasts significantly less believable in low-discretion than in high-discretion environments, and therefore tend to be much less responsive to these forecasts. We also show that managerial discretion is especially impactful on analysts’ responses in those circumstances where analysts are typically most uncertain about how to interpret management forecasts.
    In: Finance and strategy, Bingley, U.K. : Emerald, 2014, (2014), Seite 103-143, 9781783504947
    In: Emerald Group Publishing Limited
    In: year:2014
    In: pages:103-143
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
    UID:
    gbv_1922767549
    ISBN: 9781783504947
    Content: This study empirically examines the relationship between institutional ownership and innovation activity in the unique setting of the clinical trials for US biopharmaceutical companies. We used multiple statistical techniques in the period from 1990 through 2006 for firms in the biopharmaceutical industry to examine this relationship. Contrary to the widely believed relationship discussed in the literature, our findings suggest that institutional investors vary in their reactions to innovative progress. Specifically, we find that institutional investors with a long-term investment horizon (i.e., dedicated owners) increase their holdings of a firm’s equity as the number of the firm’s products increases in phases I and II of FDA clinical trials. These findings are robust for heteroskedasticity and autocorrelation as well as for different operationalizations of the change of institutional ownership.
    In: Finance and strategy, Bingley, U.K. : Emerald, 2014, (2014), Seite 291-319, 9781783504947
    In: Emerald Group Publishing Limited
    In: year:2014
    In: pages:291-319
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 8
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    UID:
    gbv_1922767514
    ISBN: 9781783504947
    In: Finance and strategy, Bingley, U.K. : Emerald, 2014, (2014), Seite iv, 9781783504947
    In: Emerald Group Publishing Limited
    In: year:2014
    In: pages:iv
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 9
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    UID:
    gbv_1922767484
    ISBN: 9781783504947
    In: Finance and strategy, Bingley, U.K. : Emerald, 2014, (2014), Seite vii-viii, 9781783504947
    In: Emerald Group Publishing Limited
    In: year:2014
    In: pages:vii-viii
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 10
    Online Resource
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    UID:
    gbv_1922767476
    ISBN: 9781783504947
    In: Finance and strategy, Bingley, U.K. : Emerald, 2014, (2014), Seite ii, 9781783504947
    In: Emerald Group Publishing Limited
    In: year:2014
    In: pages:ii
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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