Newsletter Corporate Strategy Interest Group

Newsletter PAGE 1 Newsletter Summer 2018 Corporate Strategy Interest Group Corporate Strategy Interest Group

Summer 2018

Letter from the Chair

Dear Members of the Corporate Strategy IG: IN THIS ISSUE

We are looking forward to a great conference in Paris. Please read through this newsletter for an overview of all our Corporate Strategy sessions, as prepared by • Letter from the Chair Program Chair Guoli Chen and the Representatives-at-Large. I would like to thank each of the other officers and our Representatives at Large for their important work. • SMS 2018 Paris

We also wanted to make you aware of two cool Sunday sessions for our IG: Corporate Strategy Pre-Conference Session 937 - Signaling Theory: Economic and Behavioral Perspectives with Ivana Program Naumovska, Brian Connelly, David Gomulya, Margarethe Wiersema, and Maurizio Zollo • SMS 2018 Paris Corporate Strategy Session 932 - Toward Big Data: A Modern Workflow for Data Management with Federico Aime and Jason Kiley Conference Program

• SMS 2018 Paris In addition, you are invited to the Corporate Strategy Interest Group Social Event at the Annual Conference in Paris. Join your colleagues at Café Oz, where we’ll have Corporate Strategy drinks and appetizers from 1900 to 2100 on Sunday evening, September 23, 2018. The Reviewers venue is just a short 7-minute walk from the conference hotel. We hope you can join us! • Upcoming SMS Special Moreover, we invite anyone willing to serve as a future officer of the IG to come to the business meeting and social hour, and talk to the current officers. The duties are not Conferences onerous, and your service is appreciated. Please make nominations (including self- • Corporate Strategy IG nominations) to any of the IG officers by October 1. My email address is [email protected], Guoli Chen’s is [email protected], and Mario Social Event Schijven’s is [email protected]. We would be happy to discuss the various officer • Corporate Strategy IG roles with anyone interested. Webcast We will also recognize the best reviewers for the conference at the business meeting in • SMS Corporate Strategy Paris. Thanks again to all who completed reviews. Your efforts are acknowledged in this newsletter. IG 2018/19 Team • Corporate Strategy Lastly, we are excited to announce our IG’s first webcast on Friday, July 27 at 10am EDT! Guoli Chen, John Joseph, Başak Topaler and myself will be panelists for a Domain Statement discussion on “Global Perspectives of Business Academia.” You can join the webinar • Contact Us by registering here: https://zoom.us/webinar/register/WN_aWMFbDhqTdeHWtc8qEGtQg

We look forward to seeing you in Paris!

Caterina, Guoli, and Mario

PAGE 2 Newsletter Summer 2018 Corporate Strategy Interest Group

SMS 2018 Paris Corporate Strategy Pre-Conference Program

Saturday Workshop and Sunday IG Session Highlights

Please join us for these exciting pre-conference interest group activities!

1. Saturday, September 22, 2018, 9:00 - 12:00: Junior Faculty Professional Development Workshop

The Knowledge and Innovation, Cooperative Strategy, Competitive Strategy, and Corporate Strategy Interest Groups are pleased to co-sponsor a paper development workshop and future research directions workshop for junior faculty on Saturday September 22th, 2018 from 9AM until 12PM followed by lunch.

Workshop organizers: Manuela Hoehn-Weiss, Oregon State University; Denisa Mindruta, HEC Paris; Kristina Vaarst Andersen, University of Southern Denmark; Francesco Di Lorenzo, Copenhagen Business School; Claudine Gartenberg, University of Pennsylvania; Jiao Luo, University of Minnesota; Marie-Ann Betschinger, HEC Montreal; and Ivana Naumovska, INSEAD Panelists & Facilitators: Luca Berchicci, Rotterdam School of Management; Alfonso Gambardella, Bocconi University; Corey Phelps, McGill University; Deepak Somaya, University of Illinois at Urbana-Champaign; Gurneeta Vasuveda, University of Minnesota; Anu Wadhwa, Imperial College London; Janet Bercovitz, University of Colorado; Pierre Dussauge, HEC Paris; Xavier Martin, Tilburg University; Kyle Mayer, University of Southern California; Thomas Mellewigt, Free University of Berlin; Pinar Ozcan, University of Warwick; Ithai Stern, INSEAD; Rajshree Agarwal, University of Maryland; Olivier Chatain, HEC Paris; J.P. Eggers, New York University; Sendil Ethiraj, London School of Business; Martin Ganco, University of Wisconsin; Francisco Polidoro, University of Texas at Austin; Brian Wu, University of Michigan; John Haleblian, University of California-Riverside; Bruce Lamont, Florida State University; Maurizio Zollo, Bocconi University; Riitta Katila, Stanford University; Vibha Gaba, INSEAD; and Marco Ceccagnoli, Georgia Institute of Technology

PAGE 3 Newsletter Summer 2018 Corporate Strategy Interest Group

2. Sunday, September 23, 2018, 08:00 - 09:15, Session 937: Signaling Theory: Economic and Behavioral Perspectives Management and organizational research using signaling theory has gained momentum in recent years, incorporating in the study of signals a wide range of information cues and symbolic representations that do not conform to the definition of signals from an information economics perspective. While this broader use has enabled the study of a more holistic range of communications, it has come at the cost of precision on understanding what constitutes signals and how they work and why. The goal of the session is to discuss signaling theory from the economic and the behavioral perspective, reviewing diverse array of management research and highlighting avenues for future work.

Session Leader: Ivana Naumovska, INSEAD

Panelists • Brian Connelly, Auburn University • David Gomulya, Singapore Management University • Margarethe Wiersema, University of California, Irvine • Maurizio Zollo, Bocconi University

3. Sunday, September 23, 2018, 11:15 - 12:30, Session 932: Toward Big Data: A Modern Workflow for Data Management Across research domains, there is a growing interest in analyzing granular, high-volume data using machine learning techniques, which is often referred to as “big data.” For many researchers, a key challenge is handling and preparing data for analysis. This session offers a set of principles and a demonstrated workflow that scales from traditional archival analyses to machine learning using the Python ecosystem of data tools and Jupyter notebooks. The example workflow in the session combines M&A announcement data with media coverage data. This session has three primary objectives. First, we clarify that using Python for data management is more similar to existing software than many researchers realize, and that programming knowledge is helpful but not necessary. Second, we suggest that practices that promote scientific reproducibility primarily benefit the researcher in the future rather than having only a community benefit. Finally, we demonstrate a workflow using a Jupyter notebook, including a shared repository that includes the session’s contents and underlying philosophy. Session Leader: Federico Aime, Oklahoma State University Panelist: Jason Kiley, Oklahoma State University

PAGE 4 Newsletter Summer 2018 Corporate Strategy Interest Group SMS 2018 Paris Corporate Strategy Conference Program

Sunday, September 23, 16:00-17:15 Monday, September 24, 08:00-09:15 (Session 1064) (Session 1066) Market reaction to acquisitions Corporate venture capital Session leader: Joao Cotter Salvado, London Business Session leader: Gary Dushnitsky, London Business School School

Penalized or Prized? Stock Market Reaction to Corporate Venture Capital – A Meta-Analysis of Acquisition Complexity Performance Coherences Panos Desyllas, University of Bath Daniel Fischer, Leibniz University of Hanover Martin C. Goossen, Tilburg University Christiana Weber, Leibniz University Hanover Corey Phelps, McGill University Christopher Schlaegel, Maastricht University

The Effect of Acquisitions on Customers: Twitter Corporate Venture Capital Performance: A Meta- Evidence from the Dollar Tree-Family Dollar Analysis Acquisition Peiyuan Huang, University of Pittsburgh Amirhossein Zohrehvand, University College London Ravi Madhavan, University of Pittsburgh Bart Vanneste, University College London Two Sides of the Same Coin: Transferability, Acquisitions and the Visual Representation of Appropriability and External Corporate Venturing Strategy Christopher Albert Sabel, BI Norwegian Business Joao Cotter Salvado, London Business School School Freek Vermeulen, London Business School Amir Sasson, BI Norwegian Business School Maima Aulia Syakhroza, University of Cambridge Organizing Innovation in High-Tech Ventures: The Market Value Spillovers of Mergers and CVC Financing and Patent Sales Acquisitions: Disentangling Rivalry and Francesco Di Lorenzo, Copenhagen Business School Technological Signaling Effects Wolfgang Sofka, Copenhagen Business School Marco Testoni, University of California, Los Angeles You Can’t Have Your Cake And Eat It Too: Performance Trade-Offs In Corporate Venturing Jitse Duijsters, Erasmus University Rotterdam Vareska Van de Vrande, Erasmus University Rotterdam Justin Jansen, Erasmus University Rotterdam

PAGE 5 Newsletter Summer 2018 Corporate Strategy Interest Group Monday, September 24, 09:30-10:45 Monday, September 24, 15:30-16:45 (Session 1068) (Session 1076) Resource reallocation and What drives performance? redeployment (I) Session leader: Maurizio Zollo, Bocconi University Session leader: Yasemin Kor, University of Cambridge Business Model Relatedness as an Antecedent of Firm Performance Resource Redeployment Among Siblings: Evidence Adrian Lüthge, Technical University of Berlin from the Global Retail Sector Ulrich Pidun, Boston Consulting Group GmbH Timo Sohl, Pompeu Fabra University Dodo zu Knyphausen-Aufsess, Technical University of Berlin The Degree of Corporate-Level Resource Re- Allocation in the Multi-Business Firm What Drives M&A Performance? A Fuzzy Set Niklas Lindlbauer, University of Cambridge Approach Yasemin Kor, University of Cambridge Emanuele Bettinazzi, EMLYON Business School Mario Schijven, University of Illinois at Urbana- Extending Theory of Resource Redeployment to Champaign Financial Resources: Evidence from Corporate Maurizio Zollo, Bocconi University Internal Capital Markets Ghahhar Zavosh, SKEMA Business School Performance Implications of the Buy-to-Make Sourcing Strategy Sequence in Response to a Managing Coopetition within Multibusiness Firms: Disruptive Innovation Shock A Focus on the Production Allocation Process Woo-Yong Park, Hong Kong Polytechnic University Rosanna Amata, University of Catania Todd Zenger, University of Utah Giovanni Battista Dagnino, University of Rome LUMSA Can Managers’ Due Diligence Efforts Increase the Anna Minà, Kore University of Enna Value of Acquisitions? Evidence from Cellphone Pasquale Massimo Picone, University of Bergamo Tracking Data Marco Testoni, University of California, Los Angeles Monday, September 24, 14:00-15:15 Mariko Sakakibara, University of California, Los (Session 1073) Angeles Keith Chen, University of California, Los Angeles Resource reallocation and redeployment (II) Monday, September 24, 17:15-18:30 Session leader: Sea-Jin Chang, National University of (Session 1074) Singapore Synergy and M&A Dynamic Resource Reallocation and Firm Session leader: Exequiel Hernandez, University of Performance Pennsylvania Sea-Jin Chang, National University of Singapore Yoichi Matsumoto, Kobe University Synergy: Definition, Typology, and Dynamics Emilie Feldman, University of Pennsylvania Redeployment in Diversified Firms: A Financial Exequiel Hernandez, University of Pennsylvania Market Estimation of Performance and Volatility Teresa Antonia Dickler, IE Business School The Interplay Between Synergy and Resource Timothy Folta, University of Connecticut Redeployment: Diversification’s Effects on Core Marco Giarratana, IE Business School Business Activity and Performance Juan Santalo, IE Business School Ayesha Malhotra, University of Calgary Oleksiy Osiyevskyy, University of Calgary Allocation and Redeployment: Examining Temporal and Location Properties of Physical Aspirations of Peers –A Neglected Antecedent of Resources Used in Tasks Organizational Aspiration Level? Evidence from Samina Karim, Northeastern University M&A Synergy Targets Chi-Hyon Lee, George Mason University Di Bian, University of St.Gallen Manuela Hoehn-Weiss, Oregon State University Tomi Laamanen, University of St. Gallen

Resource Redeployment in Multi-Business Firms: Using M&A Contract as a Tool to Unpack the An Empirical Examination Deal-Making Process between Acquirers and Jasmina Chauvin, Georgetown University Targets Christopher Poliquin, Harvard University Zhe Xing, University of Southern California

PAGE 6 Newsletter Summer 2018 Corporate Strategy Interest Group Tuesday, September 25, 8:00-9:15 Tuesday, September 25, 16:00 - 17:15 (Session 1072) (Session 1075) Knowledge & innovation and corporate Role of institutions and advisors strategy Session leader: Alexander Wallot, University of St. Session leader: Sharon Alvarez, University of Gallen Pittsburgh The Role of Institutions in Rival Responses to M&a Do Star Scientists Actions Shape Firms’ Announcements of Competitors Acquisition Strategy? Valentina Fani, U. of Lausanne, HEC Lausanne Martin C. Goossen, Tilburg University Dimitrija Kalanoski, HEC Lausanne, University of Louis Mulotte, Tilburg University Lausanne Olivier Bertrand, FGV-EBAPE What Money Can’t Buy: Acquiring Innovative Capability Through M&A Managing Cross-Border Mergers and Acquisitions: Dongwook Kim, University of Pittsburgh A Review of Successes and Failures Sharon Alvarez, University of Pittsburgh Maureen Meadows, Coventry University

Ruling The Airwaves: Sharing Knowledge The Role of Financial Advisors in Acquisition Through Within-Industry Diversification Premiums Jamal Shamsie, Michigan State University Jianan Li, University of Texas at Dallas Michael Mannor, University of Notre Dame Alan Eisner, Pace University External Knowledge is (Bargaining) Power: Impact Helaine Korn, City University of New York of Financial Advisor Individuals’ Experience on M&A Premia Governance Mode and Performance of Knowledge- Alexander Wallot, University of St. Gallen Based Products: Evidence from Vertical Xena Welch Guerra, University of St. Gallen Collaborations in the Television Industry Yongwook Paik, Washington University in St. Louis Yujin Kim, Shanghai Tech University Evan Rawley, University of Minnesota

Tuesday, September 25, 11:00-12:15 (Session 1070) Firm scope: corporate acquisition and divestiture Session leader: Patia McGrath, University of North Carolina at Chapel Hill

How Do Firms Accumulate Experience and What A Pay Inequality and Corporate Divestitures Emilie Feldman, University of Pennsylvania Claudine Gartenberg, University of Pennsylvania Julie Wulf, National Bureau of Economic Research

What Firms Do Versus What Markets Reward: The Case of Divestiture Patia McGrath, University of North Carolina at Chapel Hill

An Examination of Firms’ Inducements and Opportunities to Implement Discontinuous Strategic Renewal Sandip Basu, City University of New York Helaine Korn, City University of New York

A Competing Risks Analysis of Two Interrelated Strategies: Making an Acquisition and/or Being Acquired Zafeira Kasrtinaki, Brunel Business School

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Tuesday, September 25, 17:30-18:45 Tuesday, September 25, 17:30-18:45 (Session 1065) (Session 1067) Borrow and/or buy IPO Session leader: Xiaoli Yin, Baruch College Session leader: Markus Fitza, Frankfurt School of Finance & Management Borrow and Buy: Complementarity and Substitutability of Acquirers’ Alliances and Going Private as a Solution to Public Market Technology Acquisitions Disagreement: Information Asymmetry, R&D Paul Nary, University of Pennsylvania Investments, and Privatizations Rosa Kim, University of Minnesota Industry Determinants of the “Merger versus Alliance” Decision: An Analysis of Manufacturing What Happens To Firms After Their IPO? Stylized Industry Facts of Survival Xiaoli Yin, Baruch College Asli Musaoglu Arikan, Kent State University Mark Shanley, University of Illinois at Chicago Mina Lee, Xavier University The Role of Rhetorical Modes in Firm Uncertainty and Performance The Alliance Formation of Japanese Keiretsu Michael McLeod, Wichita State University Member Firms Keith Brigham, Texas Tech University Tianyou Hu, King Fahd University of Petroleum and Gaylen Chandler, Wichita State University Minerals G Tyge Payne, Texas Tech University Andrew Delios, National University of Singapore Joshua Sears, Texas Tech University Shu Yu, City University of Hong Kong Intergenerational and Status Effects on Female How Power Crowds Out Creativity: Integrating Top Management Team Promotions in US IPO’s Culture Related Design Competencies in Brandon Fleming, University of Washington Tacoma International Feature Film Production Sophie Leroy, University of Washington Bothell Christian Opitz, Zeppelin University Frederic Gruninger, Zeppelin University Initial Public Offerings: An Internal Stakeholder Wolfgang Burr, University of Stuttgart Perspective Tyler Whittle, Stanford University Charles Eesley, Stanford University

Organizational Identity Change and Stakeholder Influence: The Role of Power in Shaping 'Who We Are' Miles Zachary, Auburn University Jonathan Bundy, Arizona State University Nathan Hayes, Texas Tech University G Tyge Payne, Texas Tech University

PAGE 8 Newsletter Summer 2018 Corporate Strategy Interest Group SMS 2018 Paris Corporate Strategy Reviewers

Many thanks to those Corporate Strategy IG members who served as reviewers for the Paris Conference! The reviewers in our IG included:

Todd Alessandri Nikolaos Kavadis Mohamad Hasan Sadri Karami Luis Almeida Costa Apalak Khatua Arkadiy Sakhartov Mishari Alnahedh Eun-Hee Kim Mario Schijven Nicholas Argyres David King Joshua Sears Asli Musaoglu Arikan Kalin Kolev Matthew Semadeni Ilgaz Arikan Yasemin Kor Metin Sengul Paolo Aversa Arno Kourula Jennifer Sexton Donald Bergh Shyam Kumar Katsuhiko Shimizu Olivier Bertrand Anna Lamin Christine Shropshire Marie-Ann Betschinger Bruce Lamont Rosario Silva Daniel Blake Sai Lan David Souder David Boss Joonmahn Lee Christian Stadler Doug Bosse Seung-Hyun Lee Uriel Stettner Richard Brown Edward Levitas Katalin Takacs Haynes Joanna Campbell Yong Li Yi Tang Natalie Carlson Elizabeth Lim Yinuo Tang Saikat Chaudhuri Johannes Luger Laszlo Tihanyi Pao-Lien Chen Daniel Mack Bart Vanneste Xing Chen Mani Mamik Ana Venancio Kitty Chiu Michael Mayer Elena Vidal Sana Chiu Patia McGrath William Wan Brian Connelly Philipp Meyer-Doyle Danqing Wang Michael Cummings Hana Milanov Heli Wang Marie-Ann Betschinger Naga Lakshmi Damaraju Doug Miller Sharon Watson Marie-Ann Betschinger Juan Delgado García Yuri Mishina Libby Weber Marie-Ann Betschinger Teresa Antonia Dickler Mahka Moeen Xena Welch Guerra Marie-Ann Betschinger Gregory Fisher Jungbien Moon Georg Wernicke Markus Fitza Francisco Morales Curtis Wesley Sanjay Goel Caterina Moschieri Michael Withers Matthew Grimes Ivana Naumovska Adam Wowak Kathryn Harrigan Hermann Ndofor Jun Xia Donald Hatfield Frank W. Ng Yingzhao Xiao Olga Hawn Anne Norheim-Hansen Yuehua Xu Ralph Heidl Jonathan O'Brien Junichi Yamanoi Aaron Hill Hugh O'Neill Daphne Yiu Jacky Hong Sun Hyun Park Michele E. Yoder Ying-Ying Hsieh Martina Pasquini Cyndi Man Zhang Kenneth Huang Seemantini Pathak Xiaoyu Zhou Timothy Hubbard Dorota Piaskowska Yue Maggie Zhou S.Hossein Jalali Evan Rawley David Hongquan Zhu Sharon James Patrick Reinmoeller Hong Zhu Ribuga Kang Joan E. Ricart Hongjin Zhu

PAGE 9 Newsletter Summer 2018 Corporate Strategy Interest Group Upcoming SMS Special Conferences

SMS SPECIAL CONFERENCE IN LAS VEGAS From Isolation to Integration in the C-Suite: Consolidating Our Gains in Strategic Leadership Research

March 28-30, 2019

Conference information: https://www.strategicmanagement.net/las-vegas

SMS SPECIAL CONFERENCE IN FRANKFURT Hits and Misses: Strategic Decisions in an Uncertain World

June 13-15, 2019

Conference information: https://www.strategicmanagement.net/frankfurt

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Corporate Strategy IG Social Event

SMS Paris: Corporate Strategy Off-site Evening Event

You are invited to the Corporate Strategy Interest Group Social Event at the Annual Conference in Paris. Join your colleagues at Café Oz, where we’ll have drinks and appetizers from 1900 to 2100 on Sunday evening, September 23, 2018. It is just a short 7-minute walk from the SMS conference venue. We hope you can join us! DATE: Sunday, September 23rd TIME: 1900-2100 VENUE: Café Oz ADDRESS: 3 Place Denfert-Rochereau, 75014 Paris WEBSITE: https://cafe-oz.com/fr/denfert-rochereau.html Please note that this event is limited to 50 IG members. Please use the sign-up link (coming soon!) to reserve your spot.

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Corporate Strategy IG Webcast

The SMS Corporate Strategy Interest Group is excited to host its first webcast on Friday, July 27 at 10am EDT! We would like to invite you to participate virtually in a panel discussion on “Global Perspectives of Business Academia.”

Have you ever wondered how the job hunt and interview process in business academia may vary around the globe? How the teaching experience and classroom dynamics may change across regions? And what about research – are there differences in funding models and data opportunities internationally? Intrigued by these questions? Then this webcast is for you!

Four fantastic panelists have kindly agreed to share their perspectives with us:

Guoli Chen, INSEAD John Joseph, University of California, Irvine Caterina Moschieri, IE Business School Başak Topaler, Kadir Has University

The SMS Office is graciously hosting the webcast on Zoom and Patia McGrath (University of North Carolina at Chapel Hill) will serve as moderator.

Participants can join the webinar by registering here: https://zoom.us/webinar/register/WN_aWMFbDhqTdeHWtc8qEGtQg

We hope you are able to join us on July 27 at 10am EDT! For those who are unable to attend the live session, a recording will be available shortly after the webcast.

PAGE 12 Newsletter Summer 2018 Corporate Strategy Interest Group SMS Corporate Strategy Interest Group 2018 Team

Chairperson Program Chair Associate Program Chair Caterina Moschieri Guoli Chen Mario Schijven INSEAD Univ. of Illinois at Urbana-Champaign IE Business School

2018 Representatives at Large

Olivier Bertrand Marie-Ann Patia McGrath FGV-EBAPE Betschinger University of North HEC Montreal Carolina at Chapel Hill

2019 Representatives at Large

Federico Aime Ivana Naumovska Martina Pasquini Oklahoma State Univ. INSEAD IE University

PAGE 13 Newsletter Summer 2018 Corporate Strategy Interest Group

Corporate Strategy Domain Statement

The Corporate Strategy Interest Group considers the decisions, actions and outcomes associated with an organization's portfolio of business lines. The research and practice of corporate strategy considers actions associated with changing the firm's scope and profile of business lines including vertical integration, mergers and acquisitions, divestitures, corporate diversification strategy/organization, implementation and performance. Recent research considers how resources shape a firm's scope and relatedness of business lines, how firm resource composition influence merger and acquisition outcomes, how diversified firms are managed most effectively and why and when divestiture becomes viable. Other areas of interest include how a firm's resources impact upon its growth and divestment decisions, when different modes of growth and reduction are used, and what tradeoffs exist among various types of diversification strategy and its organization alternatives. Corporate strategy draws from a wide range of theories and methods to help explain the determinants and performance outcomes of managing the scope and boundaries of the diversified firm.

If you have any questions about the Corporate Strategy IG, contact Caterina Moschieri at [email protected], Guoli Chen at [email protected], or Mario Schijven at [email protected].