管理学顶刊Strategic Management Journal 2023年第1期
Strategic Management Journal 2023年第1期
January 2023, Volume 44, Issue 1
——更多动态，请持续关注gzh：理想主义的百年孤独
1.Empirical inquiry without hypotheses: A question‐driven, phenomenon‐based approach to strategic management research
无假设的实证调查：一种由问题驱动的、基于现象的战略管理研究方法
Melissa E. Graebner
Anne Marie Knott
Marvin B. Lieberman
Will Mitchell
Research Summary
Many advances in strategic management have resulted from the application of formal deductive methods, based on tests of specific hypotheses derived from theory. Nonetheless, numerous important research topics involve phenomena that are novel and/or causally complex and so resist basic hypothetico‐deductive logic. As a result, many of the most important findings in strategy research have come from open‐ended studies of relevant phenomena. The special issue of the SMJ on “Question‐Driven and Phenomenon‐Based Empirical Strategy Research” presents innovative ideas for question‐driven research and expands the toolkit of research approaches. In this introduction we describe the twelve articles in the special issue, focusing on how they contribute to continued development of the question‐driven approach to research in strategic management.
战略管理方面的许多进展都是由于正式演绎方法的应用，基于从理论中得出的特定假设的检验。尽管如此，许多重要的研究课题都涉及到一些新颖的和/或因果关系复杂的现象，这种课题抵制了基本的假设-演绎逻辑。因此，战略研究中许多最重要的发现都来自于对相关现象的开放式研究。SMJ关于“问题驱动和基于现象的实证策略研究”的特刊提出了问题驱动研究的创新思想，并扩展了研究方法的工具包。在本介绍中，我们描述了特刊中的12篇文章，重点是它们如何有助于战略管理研究中问题驱动研究方法的持续发展。
Managerial Summary
One of the frustrations managers have with academic research is that it tends to be driven by questions that are theoretically interesting or lend themselves to clever econometrics. Accordingly, the results can lack managerial relevance. We highlight research that takes the opposite approach—identifying important business phenomena and devising empirical approaches to characterize them and derive managerial implications. In this introductory article, we briefly summarize the studies in the special issue, showing how they answer a diverse set of questions using a range of methods.
管理者对学术研究的挫折之一是，它往往是由理论上有趣的问题或聪明的问题驱动的计量经济学。因此，这些结果可能缺乏管理方面的相关性。我们强调了采取相反方法的研究——识别重要的商业现象，并设计出有经验的方法来描述它们的特征，并推导出管理含义。在这篇介绍性的文章中，我们简要地总结了特刊中的研究，展示了他们如何使用一系列的方法来回答不同的问题。
DOI: 10.1002/smj.3393
2.Entry diversion: Deterrence by diverting submarket entry
进入转移：通过转移次级市场进入来进行阻止
Bilgehan Uzunca
Bruno Cassiman
Research Summary
Going back to Bain (1956), strategy scholars have long recognized the importance of deterring entry for sustaining incumbents' profits in an industry. We introduce a new mechanism, entry diversion, to better understand the empirical phenomenon of persistent firm entry in spite of investments in entry deterrence by incumbents in some industries. Entry diversion happens when preemptive strategic investments by incumbents decrease the expected future profits from a target submarket such that entrants choose to enter another submarket within the same industry. Empirical evidence from the global semiconductor manufacturing industry suggests that incumbents expand their capacities beyond demand growth, and that these investments effectively divert entry into other submarkets. Greenfield entrants are more responsive to entry diversion than incumbents.
回到贝恩（1956），战略学者早就认识到阻止进入对维持现有行业利润的重要性。我们引入了一种新的机制，即进入转移，以更好地理解尽管某些行业的现有者投资阻止进入，但持续坚定进入的经验现象。当现有者先发制人的战略投资降低了目标子市场的预期未来利润，使进入者选择进入同一行业的另一个子市场时，就会发生进入转移。来自全球半导体制造业的经验证据表明，现有企业的扩张能力超出了需求增长，而这些投资有效地转移了进入其他次级市场的机会。新进入的企业比现有企业更容易受到市场转移的影响。
Managerial Summary
Managers have long understood that deterring entry of new players into their industry could sustain their firms' profits. In this article, we introduce a new mechanism, entry diversion, where the incumbent diverts potential entrants from its submarket toward other submarkets in the same industry. Entry diversion happens when preemptive strategic investments by incumbents decrease the expected future profits of the entrant in a submarket of the industry such that the entrant chooses not to enter the incumbent's submarket. Contrary to entry deterrence, new players will still enter the industry but settle in different submarkets. Empirical evidence from the global semiconductor manufacturing industry suggests that incumbents expand their capacities beyond demand growth, and that these investments effectively divert entry into other submarkets.
管理者们已经理解阻止新参与者进入他们的行业可以维持他们公司的利润。在本文中，我们介绍了一种新的机制，即进入转移，即现有者将潜在的进入者从其次级市场转移到同一行业的其他次级市场。当现有者先发制人的战略投资降低了进入者在行业次级市场的预期未来利润，使进入者选择不进入现有者的次级市场时，就会发生进入转移。与进入威慑相反，新的参与者仍将进入该行业，但将定居在不同的次级市场。来自全球半导体制造业的经验证据表明，现有企业的扩张能力超出了需求增长，而这些投资有效地转移了进入其他次级市场的机会。
DOI: 10.1002/smj.3128
3.The firm as an architect of polycentric governance: Building open institutional infrastructure in emerging markets
公司作为多中心治理的架构者：在新兴市场建立开放的制度基础设施
Aline Gatignon
Laurence Capron
Research Summary
We apply pattern‐matching techniques to contrast qualitative case study data with perspectives from strategic management and institutional economics about how a firm can address voids in market‐based institutions. We identify a novel approach whereby the firm builds an open institutional infrastructure (OII) by investing in a pool of resources widely accessible beyond its exchange partners. To collectively govern OII, the firm must empower other actors within multilateral cross‐sector partnerships, and it must enforce the resulting rules through relational norms based on alignment between public and private value creation. These findings, achieved by adapting Elinor Ostrom's principles of polycentric governance to corporate actors who take the lead in building OII, advance our understanding of new organizational forms that transcend the traditional boundaries of firms and markets.
我们运用模式匹配技术，将定性案例研究数据与战略管理和制度经济学的观点进行对比，探讨企业如何解决以市场为基础的制度中的空白。我们确定了一种新颖的方法，即公司通过投资于一个在交易所合作伙伴之外广泛可用的资源池来建立一个开放的制度基础设施(OII)。为了共同管理OII，企业必须在多边跨部门合作伙伴关系中授权其他行为者，并且必须通过基于公共和私人价值创造之间一致性的关系规范来执行由此产生的规则。这些发现是通过将埃莉诺·奥斯特罗姆的多中心治理原则适用于率先建立OII的企业参与者而实现的，它促进了我们对超越企业和市场传统界限的新组织形式的理解。
Managerial Summary
Emerging markets typically present additional obstacles for business operations because they lack the necessary underlying institutional infrastructure such as access to capital and labor markets. We introduce a new way for firms to overcome these obstacles—which we call building an OII—by investing in such infrastructure themselves and making it available to their commercial partners, local communities, and even to competitors. Firms must empower those actors to take the lead in collectively defining the rules for accessing this infrastructure, by orchestrating cross‐sector partnerships. This process creates relational norms around the alignment of public and private interests, which ultimately can promote firms' competitive advantage.
新兴市场通常会给企业经营带来额外的障碍，因为它们缺乏必要的底层制度基础设施，比如进入资本和劳动力市场的渠道。我们为企业介绍了一种克服这些障碍的新方法——我们称之为建立OII——即自己投资此类基础设施，并将其提供给其商业合作伙伴、当地社区，甚至竞争对手。企业必须通过组织跨部门合作伙伴关系，授权这些行为体率先集体制定使用这些基础设施的规则。这一过程创造了围绕公共利益和私人利益的关系规范，最终可以促进企业的竞争优势。
DOI: 10.1002/smj.3124
4.The entrepreneurial process: Evidence from a nationally representative survey
创业过程：来自全国代表性调查的证据
Victor M. Bennett
Aaron K. Chatterji
Research Summary
Scholars have traditionally characterized the variation in firm performance as determined by conditions after entry, where the entry decision is a one‐shot binary choice determined by cost–benefit analysis. However, recent theoretical work has posited that the entry decision is an outcome of a learning process and that the information acquired during the pre‐entry period shapes subsequent performance dynamics. We provide the first systematic data on the pre‐entry period using a nationally representative survey. We document the activities that prospective entrants undertake, finding variation according to opportunity costs, prior experience, and confidence levels. Our results suggest the pre‐entry period is shaped by a series of choices by prospective entrants as they contemplate entry, further exploration, or ending the entrepreneurial process.
传统上，学者们认为企业绩效的变化是由进入后的条件决定的，其中进入决策是由成本效益分析决定的一次性二元选择。然而，最近的理论研究认为，进入决策是学习过程的结果，进入前获得的信息决定了随后的绩效动态。我们使用具有全国代表性的调查提供了关于进入前阶段的第一个系统数据。我们记录了潜在进入者所从事的活动，根据机会成本、先前的经验和信心水平寻找变化。我们的研究结果表明，进入前阶段取决于潜在进入者在考虑进入、进一步探索或结束创业过程时的一系列选择
Managerial Summary
We created and implemented a nationally representative survey on the entrepreneurial activities of Americans. Several interesting findings emerged. First, approximately a third of Americans report having had a business idea in the past 5 years, motivated in the vast majority of cases by lifestyle concerns rather than the pursuit of significant business opportunities. Fewer than half of those who considered starting a business take even the lowest cost steps, like searching the Internet for potential competitors or speaking with a friend. Our findings reveal an entrepreneurial process which involves a significant pre‐entry period where prospective entrepreneurs seek to acquire information about the quality of their idea, perform administrative tasks to prepare for launch and encounter frictions that impede their progress.
我们创建并实施了一项关于美国创业活动的全国代表性调查。一些有趣的发现出现了。首先，大约三分之一的美国人表示在过去五年中有过创业想法，绝大多数情况下是出于对生活方式的考虑，而不是为了追求重大的商业机会。在考虑创业的人中，只有不到一半的人采取了成本最低的步骤，比如上网搜索潜在的竞争对手或与朋友交谈。我们的研究结果揭示了一个创业过程，其中包括一个重要的进入前阶段，在此期间，潜在的企业家寻求获得关于其想法质量的信息，执行行政任务以准备启动，并遇到阻碍其进展的摩擦。
DOI: 10.1002/smj.3077
5.The risk of being ranked: Investor response to marginal inclusion on the 100 Best Corporate Citizens list
被排名的风险:投资者对入选100位最佳企业公民榜单的反应
Ben W. Lewis
W. Chad Carlos
Research Summary
Despite the proliferation of lists and rankings that recognize firms for superior performance, empirical studies have been limited in their ability to causally evaluate how inclusion for the marginal firm influences shareholder value. We address this limitation by examining how investors responded to firms that were barely included or excluded from the 100 Best Corporate Citizens list. Contrary to prevailing theoretical expectations, our findings indicate that marginal firms that were included in the ranking experienced negative abnormal returns compared to marginal firms that were excluded. We discuss the theoretical implications of these findings and how they inspire future research questions for scholarship on rankings and status. We also discuss implications for managers that question whether and when being ranked results in financial benefits or liabilities.
尽管现在有大量的名单和排名来表彰表现卓越的公司，但实证研究在因果评估纳入边际公司如何影响股东价值方面的能力有限。我们通过研究投资者对几乎没有被列入或排除在100位最佳企业公民名单之外的公司的反应来解决这一限制。与普遍的理论预期相反，我们的研究结果表明，与被排除在外的边际公司相比，被列入排名的边际公司经历了负的异常回报。我们讨论了这些发现的理论含义，以及它们如何启发未来关于排名和地位的奖学金研究问题。我们还讨论了对那些质疑排名是否以及何时会导致财务利益或负债的管理者的影响。
Managerial Summary
Because being ranked is generally seen as an important strategic objective for companies, managers must carefully consider how much attention and resources to allocate toward this pursuit. Although existing research suggests that being ranked can be beneficial, we have a limited understanding about whether barely making a ranked list is worth the effort. We provide new insights for managers by showing that investors not only respond negatively to marginal inclusion on a ranking but also provide suggestions for how companies might counteract this effect. Specifically, our results suggest that making consistent, focused investments that are relevant to external stakeholders may buffer organizations from the potential negative effects of marginal inclusion on a ranking. These insights may also inspire managers to reconsider their firms' commitments to being ranked.
因为排名通常被视为公司的一个重要战略目标，管理者必须仔细考虑为这一目标分配多少注意力和资源。尽管现有的研究表明，排名可能是有益的，但我们对勉强排名是否值得付出努力的理解有限。我们通过展示投资者不仅对排名中的边际排名做出负面反应，而且还为公司如何抵消这种影响提供了建议，为经理们提供了新的见解。具体而言，我们的研究结果表明，与外部利益相关者相关的持续、有重点的投资可能会缓冲组织对排名的边际纳入的潜在负面影响。这些见解也可能激励经理们重新考虑他们公司对排名的承诺。
DOI: 10.1002/smj.3083
6.Entrepreneurial teams' acquisition of talent: Evidence from technology manufacturing industries using a two‐sided approach
创业团队对人才的获取:来自技术制造业的证据，采用双向方法
Florence Honoré
Martin Ganco
Registered:
Research summary
One of the established findings in the spinout literature is that founders with prior industry experience assemble larger entrepreneurial teams and create better‐performing startups. We examine the role of prior industry experience in the startups' next stage—its hiring of new employees. We tackle two empirical challenges—the mutual aspect of hiring and the effect of unobserved variables on employees' earnings using a two‐sided matching model. Our results reveal that even firms founded by entrepreneurs without industry experience can attract new employees with such experience if the founders start with a large entrepreneurial team. Further, startups provide new hires with an earnings premium for their industry experience. Our approach illustrates the benefits of matching models over traditional regressions.
分拆文献中的一个既定发现是，具有先前行业经验的创始人可以组建更大的创业团队，创建业绩更好的初创公司。我们考察了之前的行业经验在创业公司的下一阶段——招聘新员工——中的作用。我们利用双侧匹配模型解决了两个实证挑战——招聘的相互方面和未观察到的变量对员工收入的影响。我们的研究结果表明，即使是由没有行业经验的企业家创办的公司，如果创始人从一个大型创业团队开始，也可以吸引有这些经验的新员工。此外，初创公司会根据新员工的行业经验为他们提供额外的收入。我们的方法说明了匹配模型相对于传统回归的好处。
Managerial summary
Growing startups face the question of who to hire and how much to compensate the new hires. Simultaneously, prospective new hires ask which startup to join and how much their salary will be. We explore these questions using a novel method that tackles the mutual selection process. In the context of five technological manufacturing industries, we find that having industry experience within founding teams may not be necessary to attract new hires with high quality if the startup can signal its own quality through other means such as having a larger founding team. Our results indicate that startups prefer employees with industry experience for which startups offer a wage premium. Thus, employees seeking startup employment benefit from gaining industry experience prior to joining a startup.
成长中的初创公司面临着雇佣谁以及给新员工多少补偿的问题。同时，潜在的新员工会询问加入哪家初创公司以及他们的薪水是多少。我们使用一种解决相互选择过程的新方法来探索这些问题。在五个科技制造业的背景下，我们发现，如果创业公司可以通过拥有更大的创始团队等其他方式来展示自己的质量，那么在创始团队中拥有行业经验可能并不需要吸引高质量的新员工。我们的研究结果表明，创业公司更喜欢有行业经验的员工，因为创业公司会提供更高的工资。因此，在加入初创公司之前获得行业经验对寻求初创公司职位的员工有好处。DOI: 10.1002/smj.3127
7.The performance effects of creative imitation on original products: Evidence from lab and field experiments
创造性模仿对原始产品的性能影响:来自实验室和现场实验的证据
Liangyan Wang
Brian Wu
Cornelia Pechmann
Yitong Wang
Research Summary
A market entrant often challenges the incumbent using creative imitation: The entrant creatively combines imitated aspects of the original with its own innovative characteristics to create a distinct offering. Using lab and field experiments to examine creative imitation in China, we find the effects of creative imitations on the originals depend on the creative imitation's quality. We explore the underlying mechanisms, and show that including a low‐quality creative imitation in the retail choice set increases satisfaction with and choice of the original, while a moderate‐quality creative imitation does the opposite. Moreover, creative imitation affects consumers' satisfaction with the original by influencing whether their experience with the original verifies their expectations. Our paper reveals creative imitation effects to help incumbent firms effectively address them.
市场进入者通常使用创造性模仿来挑战现有者:进入者创造性地将模仿的方面与自己的创新特征结合起来，创造出独特的产品。通过对中国创造性模仿的实验室实验和现场实验，我们发现创造性模仿对原作的影响取决于创造性模仿的质量。我们探索了潜在的机制，并表明在零售选择集中包括低质量的创意模仿会增加对原版的满意度和选择，而中等质量的创意模仿则相反。此外，创造性模仿通过影响消费者对原作的体验是否验证其预期来影响消费者对原作的满意度。本文揭示了创造性模仿效应，以帮助现有企业有效地解决这一问题。
Managerial Summary
When the incumbent is challenged by an entrant using creative imitation, consumers may react differently to the incumbent, and understanding consumers' reactions allows the incumbent to make better strategic decisions about how to address the challenge. Using lab and field experiments, we investigate creative imitations with two quality levels common in our empirical context, low quality and moderate quality, and examine how and why they differentially affect the originals. We find the presence of a low‐quality creative imitation actually increased choice of the original by enhancing consumers' satisfaction with it, while a moderate‐quality creative imitation reduced choice of the original by undermining satisfaction with it. Our research suggests the incumbent should address moderate‐quality creative imitations' challenges to customer satisfaction, while temporarily tolerating low‐quality creative imitations.
当在位者受到使用创造性模仿的新进入者的挑战时，消费者可能会对在位者做出不同的反应，而理解消费者的反应可以让在位者就如何应对挑战做出更好的战略决策。通过实验室和现场实验，我们研究了在我们的经验环境中常见的两种质量水平的创造性模仿，低质量和中等质量，并研究了它们如何以及为什么会对原件产生不同的影响。我们发现，低质量的创意仿制品实际上会提高消费者对原作的满意度，从而增加消费者对原作的选择;而中等质量的创意仿制品则会降低消费者对原作的满意度，从而减少消费者对原作的选择。我们的研究表明，在任者应解决中等质量的创造性模仿对客户满意度的挑战，同时暂时容忍低质量的创造性模仿。
DOI: 10.1002/smj.3094
8.What is a pivot? Explaining when and how entrepreneurial firms decide to make strategic change and pivot
什么是轴心?解释创业型公司何时以及如何决定进行战略变革和转向
Jacqueline Kirtley
Siobhan O'Mahony
Research Summary
Most theories of strategic change focus on how large, established firms recognize or fail to recognize the need for strategic change. Little research examines how early‐stage entrepreneurs decide when and how to change their strategies. With a longitudinal field study of seven entrepreneurial firms developing innovations in energy and cleantech, we examined 93 strategic decisions at risk for change. We found that decision‐makers chose to change their strategies only after new information conflicted with or expanded their beliefs. Furthermore, a pivot, or strategic reorientation, was not achieved with a single decision, but by incrementally exiting or adding strategy elements over time, accumulating into a pivot. We contribute a grounded definition of what constitutes a pivot and explain when and how entrepreneurial firms pivot.
大多数战略变革理论关注的是大型、成熟的企业如何认识到或未能认识到战略变革的必要性。很少有研究调查早期创业者如何决定何时以及如何改变他们的战略。通过对七家发展能源和清洁技术创新的创业公司进行纵向实地研究，我们考察了93项面临变革风险的战略决策。我们发现，决策者只有在新信息与他们的信念相冲突或扩大了他们的信念后，才会选择改变他们的策略。此外，一个支点或战略调整不是通过一个单一的决策来实现的，而是通过随着时间的推移逐步退出或添加战略元素，积累成一个支点。我们提供了一个关于什么构成支点的基础定义，并解释了创业公司何时以及如何支点。
Managerial Summary
The term “pivot” is used extensively by practitioners and scholars alike, yet little is known about when and how entrepreneurial firms actually choose to change their strategies and when that change constitutes a pivot. We find that entrepreneurial firms choose to change their strategies only after receiving new information that conflicts with or expands their beliefs about their firm or uncertainties they face. However, this is more rare than the norm. Rather than make wholesale change with one decision, firms incrementally exit or add a single element to their strategies. A firm pivots and reorients their strategic direction by reallocating or restructuring the firm's activities, resources, and attention through an accumulated series of decisions to address the on‐going stream of problems and opportunities early‐stage firms confront.
“支点”一词被从业者和学者广泛使用，但很少有人知道创业型企业何时、如何选择改变战略，以及这种改变何时构成支点。我们发现，创业型企业只有在接收到与他们对公司的信念或面临的不确定性相冲突或扩大的新信息后，才会选择改变战略。然而，这种情况比正常情况更少见。企业不是通过一个决定进行大规模的改变，而是逐步退出或在战略中添加单一元素。一个公司通过重新分配或重组公司的活动、资源和注意力来调整其战略方向，通过一系列累积的决策来解决处于早期阶段的公司所面临的持续不断的问题和机遇。
DOI: 10.1002/smj.3131
9.Are U.S. firms becoming more short‐term oriented? Evidence of shifting firm time horizons from implied discount rates, 1980–2013
美国公司是否会变得更加具有短期导向性？来自1980-2013年公司隐含贴现率发生变化的证据
Rachelle C. Sampson
Yuan Shi
Research Summary
We provide evidence that investors in U.S. public markets are increasingly discounting firms' expected future cash flows during 1980–2013. This trend is shown not only on average across firms, but also within firms over time after alternative explanations are accounted for. To corroborate a link with firm time horizons, we estimate the relationship between an implied discount rate (“IDR”) and factors relevant to firm long‐term strategy. We find that IDR is correlated in expected ways with firm investments, management incentives, financial health, ownership, and external pressures—measures that have been argued to correlate with firm time horizons. This article represents one of the first attempts to document market‐wide evidence of shortening firm time horizons. These changing horizons bear important implications for firm strategy.
我们提供的证据表明，美国公开市场的投资者越来越多地贴现公司在1980-2013年期间的预期现金流。这一趋势不仅在公司间平均表现出来，而且在考虑了其他解释后，随着时间的推移，在公司内部也表现出来。为了证实与企业时间范围之间的联系，我们估计了隐含贴现率(“IDR”)与企业长期战略相关因素之间的关系。我们发现，IDR与企业投资、管理层激励、财务健康、所有权和外部压力(这些指标一直被认为与企业时间范围相关)以预期的方式相关。本文是记录缩短公司时间范围的全市场证据的首次尝试之一。这些不断变化的视野对企业战略具有重要意义。
Managerial Summary
Whether U.S. firms have become more short‐term oriented remains an active debate among managers, investors, researchers, and policymakers. In this study, we report that investors have been increasingly discounting the expected future returns of public firms over the last three decades. We find that a firm's discounting rate is explained by signals of its long‐term strategy, including investment decisions, ownership structure, financial health, executive compensation scheme, and short‐term pressures from the external environment. Our findings indicate a market‐wide contraction of firm time horizons, highlighting firm characteristics that suggest how and why firms differ in their time horizons. These demonstrated relationships may help guide firms in devising investment strategies as well as external communications to attract investors that share a firm's preferred time horizon.
美国公司是否变得更加短视仍然是管理者、投资者、研究人员和政策制定者之间的一个活跃的争论。在这项研究中，我们报告说，在过去30年里，投资者越来越多地贴现上市公司的预期未来回报。我们发现，公司的贴现率是由其长期战略信号来解释的，包括投资决策、所有权结构、财务健康状况、高管薪酬方案和来自外部环境的短期压力。我们的研究结果表明，市场范围内企业时间范围的收缩，突出了企业特征，说明了企业在时间范围上的差异是如何以及为什么。这些关系可以帮助指导公司制定投资策略，以及外部沟通，以吸引与公司偏好时间范围相同的投资者。
DOI: 10.1002/smj.3158
10.Changing the channel: Digitization and the rise of “middle tail” strategies
渠道转换:数字化与“中尾”战略的兴起
Mary J. Benner
Joel Waldfogel
Research Summary
Prior research has studied whether digitization shifts demand away from mass‐appeal blockbusters toward a “long tail” of existing products. We extend this work by studying whether digitization influences the products created. Using unique data on movies, we examine whether the reduced costs of production and new digital distribution channels spur producers to create products aimed at smaller audiences. We employ a flexible, transparent, and largely graphical empirical approach to document changes unfolding with digitization. We find growth in both intended blockbuster and long tail products, but also, the rise of a “middle tail,” movies distributed via digital channels, with budgets suggesting commercial intent but well below the averages for theatrical distribution. The new middle tail is largely due to newcomers rather than major incumbents.
先前的研究已经研究了数字化是否会将需求从具有大众吸引力的大片转移到现有产品的“长尾”。我们通过研究数字化是否会影响所创造的产品来扩展这项工作。利用电影的独特数据，我们研究了制作成本的降低和新的数字发行渠道是否会刺激制片人创造针对小众观众的产品。我们采用一种灵活、透明且主要是图形化的经验方法来记录随着数字化而展开的变化。我们发现大片和长尾产品都在增长，但“中尾”电影也在增长，即通过数字渠道发行的电影，其预算显示出商业意图，但远低于院线发行的平均水平。新的中尾在很大程度上是由于新来者，而不是主要的在位者。
Managerial Summary
Digitization has reduced the costs to create movies, while also enabling new distribution channels that avoid the high costs of theatrical distribution. With lower costs, movies no longer need to be “blockbusters” at the box office to be financially successful. In this article, we study whether digitization has spurred an increase in lower‐budget movies that are not aimed for release in theaters. We find that digitization has unleashed a large number of very low budget movies that attract little commercial attention (i.e., the “long tail”). However, we also find an increase in a new category of movies with budgets between $100,000 and $10 million, aimed at smaller audiences via new digital distribution channels. We show growth in this “middle tail” following digitization.
数字化降低了电影制作成本，同时也催生了新的发行渠道，从而避免了影院发行的高额成本。随着成本的降低，电影不再需要票房上的“大片”来获得经济上的成功。在本文中，我们将研究数字化是否刺激了非院线发行的低成本电影的增长。我们发现，数字化催生了大量低成本电影，这些电影几乎不吸引商业关注(即“长尾效应”)。然而，我们也发现预算在10万美元至1000万美元之间的新类别电影有所增加，这些电影通过新的数字发行渠道面向较小的观众。我们在数字化之后的“中间尾巴”中看到了增长。
DOI: 10.1002/smj.3130
11.Bad bets: Nonlinear incentives, risk, and performance
错误的赌注：非线性激励、风险和绩效
Rui J. P. de Figueiredo
Evan Rawley
Orie Shelef
Research Summary
This article examines the consequences of incentive slope and shape on performance and risk‐taking. It focuses on how slope—incentive intensity—influences risk‐taking, and how shape—nonlinearity—influences performance. We use quasi‐random variation in the context of the hedge‐fund industry to separate slope and shape effects. Our results demonstrate that shape has large and important effects on performance, and that slope affects risk‐taking. The evidence suggests that poor performance in the industry is often due to bad bets—excessive risk‐taking that reduces performance—taken in response to nonlinear incentives. The findings suggest that, although nonlinear incentives are widely used, they can, under certain circumstances, predictably produce pernicious effects on organizational performance.
本文考察了激励斜率和形状对绩效和风险承担的影响。它着重于斜坡-激励强度-如何影响风险承担，以及形状-非线性-如何影响绩效。我们在对冲基金行业的背景下使用准随机变化来分离斜率和形状效应。我们的研究结果表明，形状对性能有很大而重要的影响，而坡度会影响风险承担。有证据表明，该行业表现不佳往往是由于错误的赌注——过度冒险降低了业绩——对非线性激励的响应。研究结果表明，尽管非线性激励被广泛使用，但在某些情况下，它们可以预见地对组织绩效产生有害影响。
Managerial Summary
This article examines how nonlinear incentive contracts—such as contracts that reward performance above a threshold substantially more than below it—influence managerial behavior. Using the hedge‐fund industry, in which nonlinear incentives are ubiquitous, as a laboratory, we find that nonlinear incentive schemes cause managers who are “close” to, but below, the performance threshold to take bad bets—excessive risk‐taking that reduces performance. The findings suggest that, although nonlinear incentives are widely used, they can, under certain circumstances, predictably produce pernicious effects on organizational performance.
本文研究了非线性激励契约(例如，对高于阈值的绩效的奖励远远高于低于阈值的绩效的奖励)如何影响管理行为。以非线性激励无处不在的对冲基金行业为实验室，我们发现非线性激励方案会导致那些“接近”但低于绩效阈值的经理进行错误的押注——过度承担风险会降低绩效。研究结果表明，尽管非线性激励被广泛使用，但在某些情况下，它们可以预见地对组织绩效产生有害影响。
DOI: 10.1002/smj.3111
12.Whom should a leader imitate? Using rivalry‐based imitation to manage strategic risk in changing environments
领导者应该模仿谁?利用基于竞争的模仿来管理不断变化的环境中的战略风险
Dmitry Sharapov
Jan‐Michael Ross
Research Summary
We study the performance implications of dynamic environments for a leader's rivalry‐based imitation efforts in a setting with multiple rivals. We disentangle competitive interactions from environmental changes to show that a leader's simple rules to either imitate the closest rival in terms of attributes (her neighbor) or the closest rival in terms of rank (her challenger) can help to maintain the performance gap to her competitors. Using a computational model and an empirical test, we find that environmental changes alter the trade‐offs between imitation accuracy and the responsiveness to threats from distant rivals. Consequently, when environmental changes are infrequent and minor, neighbor imitation is more effective in maintaining the lead, whereas challenger imitation prevails as environmental changes become more frequent and substantial.
我们研究动态环境对领导者在有多个竞争对手的环境中基于竞争的模仿努力的绩效影响。我们将竞争相互作用从环境变化中分离出来，以表明领导者的简单规则，即在属性方面模仿最接近的竞争对手(她的邻居)或在级别方面模仿最接近的竞争对手(她的挑战者)，可以帮助保持与竞争对手的绩效差距。通过计算模型和实证测试，我们发现环境变化改变了模仿精度和对远方竞争对手威胁的反应能力之间的权衡。因此，当环境变化不频繁和轻微时，邻居模仿在保持领先地位方面更有效，而挑战者模仿则在环境变化更频繁和实质性时盛行。
Managerial Summary
By showing that imitating a lower‐ranked rival can help a leader to stay ahead, recent research has overturned the common thinking that imitation is only useful for those trying to catch up with the leader. However, these insights come from contexts in which the leader has only one competitor. Can imitation also be effective for a leader competing against multiple rivals, and whom should the leader imitate? We find that imitation can indeed help the leader to maintain their lead against multiple rivals, but that the choice of imitation target matters and should take the competitive environment into account. In relatively stable environments, imitating your most similar rival works best, while imitating whoever is in second place is a more effective approach in changeable environments.
最近的研究表明，模仿排名较低的竞争对手可以帮助领导者保持领先地位，这颠覆了人们普遍认为的模仿只对那些试图追赶领导者的人有用的想法。然而，这些见解来自于领导者只有一个竞争对手的情况。领导者在与多个对手竞争时，模仿是否也有效?领导者应该模仿谁?我们发现，模仿确实可以帮助领导者在面对多个竞争对手时保持领先地位，但模仿目标的选择很重要，应该考虑竞争环境。在相对稳定的环境中，模仿最相似的对手效果最好，而在多变的环境中，模仿排名第二的人是更有效的方法。
DOI: 10.1002/smj.3120
13.The effects of strategy and institutions on value creation and appropriation in firms: A longitudinal study of three telecom companies
战略和制度对企业价值创造和占有的影响:对三家电信公司的纵向研究
Philipp Kern
Howard Gospel
Research Summary
Strategic management has come to pay more attention to value creation and appropriation (VCA) among the firm's stakeholders, including customers, capital owners, and employees. Existing research has conceptualized this as a strategic choice bounded by the bargaining power of each stakeholder group, which, we argue, risks misattributing outcomes by neglecting structural constraints. Instead, these dynamics need to be understood within the wider institutional context shaping the behavior of managers and stakeholders. Using a question‐driven mixed‐methods approach, we investigate the evolution of VCA in three telecom companies located in different institutional systems—British Telecom, Deutsche Telekom, and Telecom Italia. Our findings suggest that national institutional and firm strategic effects must be considered together to understand patterns of VCA among stakeholders.
战略管理越来越重视企业利益相关者(包括客户、资本所有者和员工)之间的价值创造和分配(VCA)。现有的研究将其定义为一种受每个利益相关者群体议价能力限制的战略选择，我们认为，忽视结构性约束可能会导致结果的错误归属。相反，需要在塑造管理者和利益相关者行为的更广泛的制度背景下理解这些动态。使用问题驱动混合方法，我们调查了位于不同制度体系的三家电信公司(英国电信、德国电信和意大利电信)VCA的演变。我们的研究结果表明，要理解利益相关者之间的VCA模式，必须同时考虑国家制度和企业战略效应。
Managerial Summary
Using an emerging methodology, we quantify how three telecom firms (British Telecom, Deutsche Telecom, and Telecom Italia) have created and distributed economic value since privatization. Our focus is on explaining the extent to which various stakeholders—employees, customers, capital owners, and government—were able to appropriate the value created by the firms. Some similarities are found across the three companies, but we also found major differences. To explain patterns, we bring together (a) strategic decision making by managers within the firm and (b) constraints imposed by institutions outside the firm. We find both to be important, interlinked drivers of distributional patterns. The article gives managers and stakeholders a means to understand major changes and determinants of value creation and distribution.
使用一种新兴的方法，我们量化了三家电信公司(英国电信、德国电信和意大利电信)自私有化以来如何创造和分配经济价值。我们的重点是解释不同的利益相关者——员工、客户、资本所有者和政府——能够在多大程度上利用公司创造的价值。这三家公司之间存在一些相似之处，但我们也发现了重大差异。为了解释这些模式，我们将(a)企业内部管理者的战略决策和(b)企业外部机构施加的限制结合在一起。我们发现两者都是重要的、相互关联的分布模式驱动因素。本文为管理者和利益相关者提供了一种理解价值创造和分配的主要变化和决定因素的方法。
DOI: 10.1002/smj.3129
