Matching Items (9)
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Description
By matching a CEO's place of residence in his or her formative years with U.S. Census survey data, I obtain an estimate of the CEO's family wealth and study the link between the CEO's endowed social status and firm performance. I find that, on average, CEOs born into poor families

By matching a CEO's place of residence in his or her formative years with U.S. Census survey data, I obtain an estimate of the CEO's family wealth and study the link between the CEO's endowed social status and firm performance. I find that, on average, CEOs born into poor families outperform those born into wealthy families, as measured by a variety of proxies for firm performance. There is no evidence of higher risk-taking by the CEOs from low social status backgrounds. Further, CEOs from less privileged families perform better in firms with high R&D spending but they underperform CEOs from wealthy families when firms operate in a more uncertain environment. Taken together, my results show that endowed family wealth of a CEO is useful in identifying his or her managerial ability.
ContributorsDu, Fangfang (Author) / Babenko, Ilona (Thesis advisor) / Bates, Thomas (Thesis advisor) / Tserlukevich, Yuri (Committee member) / Wang, Jessie (Committee member) / Arizona State University (Publisher)
Created2018
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Description
The purpose of this paper is to examine the existing bodies of research on the validity and value of cognitive intelligence and emotional intelligence in relation to top management teams (TMTs) and how those relate to TMT integration and firm performance. The approach of this paper is an aggregation and

The purpose of this paper is to examine the existing bodies of research on the validity and value of cognitive intelligence and emotional intelligence in relation to top management teams (TMTs) and how those relate to TMT integration and firm performance. The approach of this paper is an aggregation and summary of empirical research to propose a theoretical model of how emotional intelligence directly relates to firm performance. Findings of several researchers show that cognitive intelligence matters to individual performance across the board and that emotional intelligence matters to leadership, team integration, and firm performance in various contexts. Practical implications are higher levels of emotional intelligence lead to high firm performance by augmenting high cognitive intelligence levels that executives already have. The unique context of top management teams provides original insight into the value of high emotional intelligence when trying to achieve TMT integration in order to reach better firm performance. Propositions and future research directions give way to further solidification of the thesis.
ContributorsBrandlin, Daniela Patricia (Author) / Peterson, Suzanne (Thesis director) / McKinnon, David (Committee member) / Barrett, The Honors College (Contributor) / Department of Management (Contributor) / Hugh Downs School of Human Communication (Contributor)
Created2015-05
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Description
With many recent events, such as the 2008 Financial Crisis, still under heavy scrutiny from the public, the payment received by executives at some of the major US banking institutions has been at the center of a major debate: are bank executives overpaid? While many people have attempted to answer

With many recent events, such as the 2008 Financial Crisis, still under heavy scrutiny from the public, the payment received by executives at some of the major US banking institutions has been at the center of a major debate: are bank executives overpaid? While many people have attempted to answer this question, it is important to look at historical data and determine whether banks tie executive pay to the performance of the firm. The authors gathered historical 10-K data on firm performance at five major banks (Bank of America, Citigroup, JP Morgan, US Bancorp, and Wells Fargo), as well as Proxy Statement data on how top-5 executives were being paid at these banks. Correlations between how the firm performed during a given year and what the executive officers of the bank were paid were calculated, to see whether the two subjects correlated with one another. Results were mixed-certain banks drew large correlations between the pay of executives and firm performance, while other banks did not. Interpretation of such data leads to a belief that some banks rely on overall firm performance when setting pay packages for executives, while other banks do not, perhaps using internal measures of performance unknown to the public. Extensive further research could be conducted on this issue to determine what other measures might play a more prominent role when it comes to deciding pay for executives at big banks.
ContributorsScheven, Tyler (Co-author) / Mayer, Robert (Co-author) / LePine, Marcie (Thesis director) / Budolfson, Arthur (Committee member) / Sampedro, Louie (Committee member) / Barrett, The Honors College (Contributor) / Department of Finance (Contributor) / Department of Management (Contributor)
Created2013-05
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Description
Shareholder Activism is a mechanism by which investors who hold a significant but

non-majority percentage of a company’s stock, exercise their voting rights, participate in

corporate governance and influence operational decisions of target companies. The

purpose is improve corporate governance, increase firm performance and boost share

-holders’ returns. Existing studies of shareholder activism, based

Shareholder Activism is a mechanism by which investors who hold a significant but

non-majority percentage of a company’s stock, exercise their voting rights, participate in

corporate governance and influence operational decisions of target companies. The

purpose is improve corporate governance, increase firm performance and boost share

-holders’ returns. Existing studies of shareholder activism, based largely in mature

capital markets like the US, come to different conclusions regarding its impact on firm

performance.

In this paper, I collect data on shareholder activism events in the China A Share

market between 2006 and 2016. The sample includes 60 companies targeted by 42

activist investors over this period. I find that institutional investors, typically industrial

capital and private funds, playing an increasingly important role in corporate governance

of Chinese listed companies through activism. The disclosure of the holdings of activists

results in large gains in the target firm. I also find subsequent improvements in long

-term operational performance of target firms. Activist investors in China focus on

smaller targets and those characterized by higher agency costs and lower operating

performance. Activists appear to be largely concerned with improvements in business

strategy and M&A activity. Non-hostile behavior is more likely to be related to successful

activism in China. In addition to statistical evidence, I present case studies of the

“BaoWan dispute” and the activist investment of Butterfly Capital in two firms,

“Guonong” and “Xiuqiang”. The case studies highlight the mechanism employed by these

firms to influence performance.

I conclude with policy recommendations and direction for further research.
ContributorsXie, Fenghua (Author) / Wahal, Sunil (Thesis advisor) / Yan, Hong (Thesis advisor) / Lee, Peggy (Committee member) / Arizona State University (Publisher)
Created2017
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Description
Affected by the macro environment factors, such as economic growth rate of decline, China's real estate market net profit growth rate decline gradually. With the central limit of limited loans and a series of sound policy introduced, the real estate market is gradually showing signs of stabilizing, the industry overall

Affected by the macro environment factors, such as economic growth rate of decline, China's real estate market net profit growth rate decline gradually. With the central limit of limited loans and a series of sound policy introduced, the real estate market is gradually showing signs of stabilizing, the industry overall revenue increase, but the profit rate began to decline, how to improve the performance of enterprises to profit growth, has become a practical problem enterprises must face.

Through theoretical research and case analysis, research management innovation impact on business performance. Effect of Zhong’an real estate marketing partner and business partner system on corporate performance, in order to validate the research theme. The main conclusions are as follows:

(1) Management innovation has significantly enhance enterprise performance. The effectiveness of the marketing partner and business partner has significantly enhance enterprise performance. Business partner has a great role in promoting the operation of the project management, is the overall level of a project management; marketing partners, is mainly in terms of sales and cost impact on enterprise performance.

(2) Partner institution granting autonomous decision-making team, reduced decision-making mistakes to achieve an efficient management; at the same time encourage and cultivate internal talent, improve the staff's initiative and enthusiasm.
ContributorsShi, Zhongan (Author) / Hwang, Yuh-Chang (Thesis advisor) / Qian, Jun (Thesis advisor) / Pei, Ker-Wei (Committee member) / Arizona State University (Publisher)
Created2017
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Description
Firms compete for profitable positions in their technological environments by capitalizing on their design and other capabilities to conceive and realize marketplace strategies more effectively and more efficiently than rivals do. However, research on how technological environment characteristics change the payoff from these capabilities is minimal. Given that possessing superior

Firms compete for profitable positions in their technological environments by capitalizing on their design and other capabilities to conceive and realize marketplace strategies more effectively and more efficiently than rivals do. However, research on how technological environment characteristics change the payoff from these capabilities is minimal. Given that possessing superior firm capabilities is a primary source of competitive advantage for firms, this study seeks to fill these critical research gaps in the literature. This dissertation, which is composed of two essays, seeks to answer what capabilities pay off more in various technological conditions. It benefits from the most comprehensive sample to date that includes 2132 publicly traded firms in the United States (US) over 34 years. All the technological industry conditions are captured by using the entire data of utility patents in the US. The first essay shows that design is a firm capability that enhances sales growth. Its effect, however, is attenuated by technology intensity because, in markets with high technology intensity, design attributes become less salient. Moreover, technological competitive intensity and maturity amplify design capability’s positive effect because when technical attributes of products provide limited differentiation, design attributes receive more attention, and consumers overweight them in decision making. The second essay examines the effect of marketing and research and development (R&D) capabilities on return on assets (ROA) in three technological market conditions: Technological turbulence, uncertainty, and acceleration. It shows that all the technological environments amplify the positive ROA performance outcomes from marketing capability, with technological turbulence having the most potent effect. R&D capability, however, is most influential in technologically accelerating markets. Finally, the second essay unveils that marketing and R&D capabilities are complementary only in technologically turbulent markets. These studies thus provide valuable insights to researchers and managers on the payoff from these capabilities and offer new guidance on which capabilities firms should emphasize on under different technological market conditions.
ContributorsJanani, Saeed (Author) / Wiles, Michael A. (Thesis advisor) / Rubera, Gaia (Committee member) / Mishra, Saurabh (Committee member) / Arizona State University (Publisher)
Created2020
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Description
Firms have increasingly taken on the commitment to sustainability due to environmental and social concerns. Environmental and social sustainability can create firm value and social welfare through cost reduction and revenue growth. While indicating a desire to do more, firms face challenges while engaging with stakeholders in their supply chains

Firms have increasingly taken on the commitment to sustainability due to environmental and social concerns. Environmental and social sustainability can create firm value and social welfare through cost reduction and revenue growth. While indicating a desire to do more, firms face challenges while engaging with stakeholders in their supply chains – suppliers and consumers. Suppliers are key partners to achieve cost reduction while customers can be the driver for revenue growth. If firms do not overcome the challenges properly, such a win-win situation of both firms and their supply chain stakeholders may not exist. This dissertation aims to understand and suggest ways to overcome the challenges which firms and their supply chain stakeholders face while collaboratively pursuing sustainability.

In the first essay, I investigate the financial impact of a buyer-initiated supplier-focused sustainability improvement program on suppliers’ profitability. The results indicate that a supplier sustainability program may lead to short-term financial loss but long-term financial gain for suppliers, and this effect is contingent on supplier slack resources. The second essay of this dissertation focuses on the consumers and investigates their reactions to two types of firm environmental sustainability claims – sustainable production versus sustainable consumption. The results indicate that firm sustainable consumption claims increase consumers’ purchase, thus leads to larger firm sales, whereas firm sustainable production claims decrease consumers’ buying intention, then result in smaller firm sales. Therefore, I show that, contrary to extant belief, firm environmental sustainability can decrease consumers’ intention to buy. Finally, a firm may be impacted when some of its upstream or downstream stakeholders, or its own operations, are impacted by a natural disaster, which are becoming more frequent due to climate change. In the third essay I study the joint effect of market attention and donation timing on firm stock returns based on the experiences of firms who donated to the 2017 Hurricane Harvey. I conclude that neither the first donors nor the followers can mitigate the negative stock returns due to disasters. However, firms who match their donation timing with market attention experience less negative stock market returns compared to other counterparts.
ContributorsCheng, Feng (Author) / Dooley, Kevin (Thesis advisor) / Han, Sang-Pil (Committee member) / Polyviou, Mikaella (Committee member) / Arizona State University (Publisher)
Created2020
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Description随着我国资本市场的快速发展,连续并购成为上市公司实现市值提升的重要策略,然而对于连续并购是否能实现有效价值创造和市值增长,国内外文献研究均没有一致的结论。本文研究连续并购对上市公司短期和长期绩效的影响,并探究管理层过度自信现象和学习效应、公司股权性质和并购交易特征等对结果的影响,就企业如何更好的发挥连续并购价值创造功能,避免潜在风险等方面提出相应建议。利用国泰安(CSMAR)并购重组数据库, 本文以2010-2017年A股公司为研究样本,通过事件研究法发现,连续并购能带来正的超额收益(CAR),但当连续并购阶次达到4阶时,市场反应明显变负。CAR随着阶次递增呈现下降趋势,证明了连续并购的财富递减效应。进一步地,本文发现首次并购成功带来的过度自信会导致高阶次并购绩效不断下降;管理层未经过充分学习和准备就进行的并购,会伤害公司短期绩效,并且可能阻碍公司更高阶的并购事件的发生。结果证明了管理者过度自信假说在A股市场的适用性,以及组织学习理论的部分解释能力。控制并购交易等因素后的多元回归结果和前述发现一致。 接下来,本文采用多元回归对连续并购长期绩效影响进行实证检验。在经营绩效方面,连续并购行为短期内不会产生明显负面影响,但随着并购的完成和新业务的开展,连续并购对经营业绩的负面影响逐渐凸显并显著,结果证实连续并购对公司长期经营业绩是有害的。交易特征变量、公司治理结构和财务状态一定程度上能够改善公司长期业绩。对于长期市场估值倍数,本文发现连续并购能够显著提升公司的市场估值倍数, 并且该正面影响随着并购的完成和新业务的开展不断增强。进一步探究发现,连续并购对经营绩效的负面影响只存在于国有企业,而连续并购对市场估值倍数的提升作用只存在于私有企业,从而解释了连续并购后经营绩效和市场化估值倍数结果相悖现象的出现。基于本文发现,文章最后向上市公司管理层的并购决策提出了相应建议。
ContributorsLi, Zhuang (Author) / Pei, Ker-Wei (Thesis advisor) / Yu, Xiaoyun (Committee member) / Arizona State University (Publisher)
Created2021
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Description
This study investigates the performance effects of cross-industry mergers and acquisitions (M&A) using a sample of firms listed in China’s Growth Entrepreses Market (GEM). Compared to firms listed in the Shanghai and Shenzhen Stock Exchanges, firms listed in the GEM are much smaller and tend to derive the majority of

This study investigates the performance effects of cross-industry mergers and acquisitions (M&A) using a sample of firms listed in China’s Growth Entrepreses Market (GEM). Compared to firms listed in the Shanghai and Shenzhen Stock Exchanges, firms listed in the GEM are much smaller and tend to derive the majority of their revenues from a single industry. I first analyze the motives for firms listed in the GEM to engage in M&As and propose a set of factors that may influence their likelihood of M&A activities. Using data on 55 cross-industry M&As between January 1, 2012 and December 31, 2016, I find that investor generally responded positively in short-term, as indicated by the positive accumulated abonormal returns over the first five trading days following the announcements. Meanwhile, I found no evidence that investors benefited from cross-industry M&As in long-term over three years after the event. Further analysis suggests that the short-term effects of cross-industry M&As by GEM listed firms were influenced by the target firm’s market valuation, whether the M&A was paid by cash, the amount of the payment, and the degree of difference between the acquiring firm’s and the target firm’s industries. These findings have important implications for the investors and senior executives of firms listed in the GEM.
ContributorsZhou, Wei (Author) / Shen, Wei (Thesis advisor) / Yu, Xiaoyun (Thesis advisor) / Jiang, Zhan (Committee member) / Arizona State University (Publisher)
Created2018