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In this study, we examine how the relationship between the level of strategic change in the pattern of resource allocation and firm performance differs between firms led by outside CEOs and those led by inside CEOs. Based on longitudinal data on the tenure histories of 193 CEOs who left office between 1993 and 1998, we find that the level of strategic change has an inverted U-shaped relationship with firm performance. As the level of change increases from slight to moderate, performance increases; as the level of change increases from moderate to great, performance declines. Further, we find that this inverted U-shaped relationship differs between firms led by outside CEOs and those led by inside CEOs. That is, both the positive effect of strategic change on firm performance when the level of change is relatively low and the negative effect of strategic change on firm performance when the level of change is relatively high are more pronounced for outside CEOs than for inside CEOs. Supplementary analyses also suggest that this difference between outside and inside CEOs exists in later years but not in the early years of CEO tenure.

We examine how new biotechnology firms (NBFs) select pharmaceutical firms as R&D allies as a function of value creation and value appropriation considerations. We develop a theoretical framework to understand partnering decisions accounting for both, a potential partner's ability as well as incentives to appropriate and create value within an R&D alliance. Our empirical findings show that NBFs are more likely to ally with pharmaceutical firms with the ability to create value, as long as these firms have the incentives to use their skills to create rather than appropriate value. Our study highlights the double-edged sword nature of value creation skills and provides a deeper understanding into the contextual factors that determine when potential R&D partners will perceive such skills as increasing appropriation risks.

This study examines the performance implications of the fit between strategic orientations and incentive plan characteristics. Research hypotheses are based on a framework that draws upon managerial discretion and agency theories to identify the links between firm strategy, managerial motivation and control, managerial risk-bearing, and incentive plan characteristics. A pooled cross-sectional, time series research design is used to test hypotheses in a sample of 50 electric utility firms. Consistent with theory, results indicate that annual bonus plans that use cash incentives and accounting measures of performance lead to better performance among firms with Defender strategic orientations. In contrast, firms with Prospector strategic orientations realize performance benefits when they adopt stock-based incentive plans and use market measures to evaluate managerial performance.

In this study we provide evidence that firms considering entering new markets are more likely to appoint directors with experience in those markets; and subsequently, we show that directors' market experience increases the likelihood of new-market entry. Moreover, we explore the presence of constraints in both, acquiring experienced directors and utilizing their experience. Specifically, we find that experienced directors are less likely to join firms with financial restatements in the recent past as well as firms with a lower status than the firms where they currently serve. In addition, we find that interlocking directors' experience is less likely to lead to new-market entry for firms that lack new-product development experience and that exhibit a high level of market overlap with interlocked firms.

Based on 134 CEO succession events in nondiversified, manufacturing firms, this study examines the relationships between industry structure and the characteristics of CEO successors. The paper also explores the performance implications of the fit between industry structure and CEO successors. Results indicate that industry structure plays an important, but not pervasive, role in explaining variations in newly selected CEOs. Specifically, the higher the level of industry product differentiation, the lower the organizational tenure, the higher the educational level and the greater the likelihood of a nonthroughput background in the CEO successor; the higher the industry growth rate, the lower the organizational tenure and age of the CEO successor. However, findings provide very limited support for the normative view that firms which match CEO successor characteristics to industry structure realize better postsuccession performance than those with lower levels of fit.

We respond to Mason and Drakeman's comment on our published paper titled \"Are All 'Sharks' Dangerous? New Biotechnology Ventures and Partner Selection in R&D Alliances\" (Diestre and Rajagopalan, 2012). We discuss both their survey analysis and alternative explanation and conclude that neither of them, invalidates our theoretical premise and our empirical conclusions.

This study extends work on independent directors to examine the influence of their human capital and social capital on investor reactions to the board's CEO selection decision. We predict that human capital, as represented by the board's CEO experience and industry experience, and social capital, as represented by directors' co-working experience on the board and external directorship ties to other corporate boards, will influence the stock market reactions to new CEO appointments. In a sample of 208 new CEO appointment events in U.S. manufacturing firms between 1999 and 2003, we found that the stock market reacted favorably to the appointments made by boards with higher levels of human and social capital. We also found that the effect of internal social capital was stronger when the new CEO was an insider rather than an outsider. The implications of the results for director selection and CEO succession are discussed.

We respond to Mason and Drakeman's comment on our published paper titled 'Are All 'Sharks' Dangerous? New Biotechnology Ventures and Partner Selection in RandD Alliances' (Diestre and Rajagopalan, 2012). We discuss both their survey analysis and alternative explanation and conclude that neither of them invalidates our theoretical premise and our empirical conclusions. Copyright © 2014 John Wiley & Sons, Ltd. Copyright John Wiley & Sons. Reproduced with permission. An electronic version of this article is available online at http://www.interscience.wiley.com