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"Business structures"
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A business ecosystem framework for SME development through associative and non-associative business structures in the digital age
Associative business structures (business associations) and non-associative business structures (those without any formal or juridical associative agreement) provide platforms to share knowledge, gain insights and collaborate. One additional benefit to participate in these structures is the opportunity for business development. In some cases, and especially for SMEs, they provide important market opportunities and access to relevant stakeholders. This literature review is aimed at identifying the concepts about associative and non-associative business structures in the context of the digital age and digital transformation. The most often referenced concepts (business networks/business relationships, the diversity of actors in a network/business ecosystems, innovative networks, and stakeholder networks/business associations) and not yet prominent concepts (digital associations/digital networks, digital ecosystems/digital environment and digital entrepreneurship, e-markets/e-business environment and e-clusters/e-hubs/digital innovation hubs) provide input and ideas of how associative business structures could be supportive and relevant for SME business development in the digital era. As a navigation aid and for future research, these concepts were summarized in a business ecosystem framework (BEF) for the digital age.
Journal Article
The Uppsala internationalization process model revisited: From liability of Foreignness to Liability of Outsidership
The Uppsala internationalization process model is revisited in the light of changes in business practices and theoretical advances that have been made since 1977. Now the business environment is viewed as a web of relationships, a network, rather than as a neoclassical market with many independent suppliers and customers. Outsidership, in relation to the relevant network, more than psychic distance, is the root of uncertainty. The change mechanisms in the revised model are essentially the same as those in the original version, although we add trust-building and knowledge creation, the latter to recognize the fact that new knowledge is developed in relationships.
Journal Article
Business model innovation and competitive imitation: The case of sponsor-based business models
This paper provides the first formal model of business model innovation. Our analysis focuses on sponsor-based business model innovations where a firm monetizes its product through sponsors rather than setting prices to its customer base. We analyze strategic interactions between an innovative entrant and an incumbent where the incumbent may imitate the entrant's business model innovation once it is revealed. The results suggest that an entrant needs to strategically choose whether to reveal its innovation by competing through the new business model, or conceal it by adopting a traditional business model. We also show that the value of business model innovation may be so substantial that an incumbent may prefer to compete in a duopoly rather than to remain a monopolist.
Journal Article
A dynamic capabilities-based entrepreneurial theory of the multinational enterprise
This paper develops a dynamic capabilities-based theory of the multinational enterprise (MNE). It first reviews scholarship on the MNE, with a focus on what has come to be known as \"internalization\" theory. One prong of this theory develops contractual/transaction cost-informed governance perspectives; and another develops technology transfer and capabilities perspectives. In this paper, it is suggested that the latter has been somewhat neglected. However, if fully integrated as part of a more complete approach, it can buttress transaction cost/governance issues and expand the range of phenomena that can be explained. In this more integrated framework, dynamic capabilities coupled with good strategy are seen as necessary to sustain superior enterprise performance, especially in fast-moving global environments.Entrepreneurial management and transformational leadership are incorporated into a capabilities theory of the MNE. The framework is then used to explain how strategy and dynamic capabilities together determine firm-level sustained competitive advantage in global environments. It is suggested that this framework complements contract-based perspectives on the MNE and can help integrate international management and international business perspectives.
Journal Article
Do Peer Firms Affect Corporate Financial Policy?
We show that peer firms play an important role in determining corporate capital structures and financial policies. In large part, firms' financing decisions are responses to the financing decisions and, to a lesser extent, the characteristics of peer firms. These peer effects are more important for capital structure determination than most previously identified determinants. Furthermore, smaller, less successful firms are highly sensitive to their larger, more successful peers, but not vice versa. We also quantify the externalities generated by peer effects, which can amplify the impact of changes in exogenous determinants on leverage by over 70%.
Journal Article
Does female representation in top management improve firm performance? A panel data investigation
We argue that female representation in top management brings informational and social diversity benefits to the top management team, enriches the behaviors exhibited by managers throughout the firm, and motivates women in middle management. The result should be improved managerial task performance and thus better firm performance. We test our theory using 15 years of panel data on the top management teams of the S&P 1,500 firms. We find that female representation in top management improves firm performance but only to the extent that a firm's strategy is focused on innovation, in which context the informational and social benefits of gender diversity and the behaviors associated with women in management are likely to be especially important for managerial task performance.
Journal Article
The role of external knowledge sources and organizational design in the process of opportunity exploitation
Research highlights the role of external knowledge sources in the recognition of strategic opportunities but is less forthcoming with respect to the role of such sources during the process of exploiting or realizing opportunities. We build on the knowledge-based view to propose that realizing opportunities often involves significant interactions with external knowledge sources. Organizational design can facilitate a firm's interactions with these sources, while achieving coordination among organizational members engaged in opportunity exploitation. Our analysis of a double-respondent survey involving 536 Danish firms shows that the use of external knowledge sources is positively associated with opportunity exploitation, but the strength of this association is significantly influenced by organizational designs that enable the firm to access external knowledge during the process of exploiting opportunities.
Journal Article
Corporate Governance and Corporate Social Responsibility Disclosure: Evidence from the US Banking Sector
There is a distinct lack of research into the relationship between corporate governance and corporate social responsibility (CSR) in the banking sector. This paper fills the gap in the literature by examining the impact of corporate governance, with particular reference to the role of board of directors, on the quality of CSR disclosure in US listed banks' annual reports after the US sub-prime mortgage crisis. Using a sample of large US commercial banks for the period 2009–2011 and controlling for audit committee characteristics, board meeting frequency, and banks' profitability, size and risk, we find evidence that board independence and board size, the two board characteristics usually associated with the protection of shareholder interests, are positively related to CSR disclosure. This indicates that, with regard to CSR disclosure, more independent boards of directors and larger boards are the internal corporate governance mechanisms which promote both shareholders' and other stakeholders' interests. Contrary to our expectations, CEO duality also impacts positively on CSR disclosure. From an agency-theoretical viewpoint, this suggests that powerful CEOs may promote transparency about banks' CSR activities for their private benefits. While this could indicate that powerful CEOs are under particular pressure to appease stakeholders' concerns that they might abuse their power by providing a high degree of CSR disclosure, it could also be a sign of managerial risk aversion or managers' private reputational concerns.
Journal Article
Meta-organization design: Rethinking design in interorganizational and community contexts
This article provides conceptual foundations for analyzing organizations comprising multiple legally autonomous entities, which we call meta-organizations. We assess the antecedents of the emergence of such collectives and the design choices they entail. The article identifies key parameters on which such meta-organizations' designs differ from each other. It also presents a taxonomy that elucidates how such forms of collective action vary and the constraints they must address to be successful We conclude with implications for research on meta-organizational design.
Journal Article