Purpose – Ever since Sarasvathy’s (2001) seminal article, scholars have sought to test effectuation’s affect on firm performance. Although recent work has begun the arduous process of testing effectuation’s effect on entrepreneurial performance, there is still much to learn about its impact on firm performance. One such area is the relationship between effectuation and innovation. The purpose of this paper is to first, propose a scale suitable to the explication of the effectuation construct relative to innovation. Second, it proposes a more parsimonious scale for the measurement of innovation. Third, these scales are tested relative to firm performance. Design/methodology/approach – This paper develops and tests a structural model, which investigates aspects of effectuation as mediators between innovation orientation and product/service innovation. This is accomplished using a sample of 169 electronic product manufacturing-based small and medium-sized enterprises (SMEs). Subjective measures of performance are used as the dependent variable. Findings – The three most widely used measures of innovativeness were found to break cleanly into two sub-constructs, namely innovation orientation and product/service innovation. Effectuation measures included means (who I know), leverage contingencies (experimentation), pre-commitments and affordable loss. Means and leverage contingencies were found to positively mediate innovation orientation and product/service innovation leading to increased firm performance. Affordable loss did not show a mediating role, but had a direct effect on firm performance. Research limitations/implications – This study establishes two distinct sub-constructs of firm-level innovation; namely innovation orientation and product/service innovation. Second, by testing an innovation-centric effectuation model, this research establishes an empirical relationship between effectuation, innovation and firm performance. Practical implications – Practical implications include establishing a relationship between means, leverage contingencies and innovation-performance, indicating that the ways through which small and medium-sized enterprises use their innovation networks may affect innovation outcomes and ultimately firm performance. Originality/value – This research establishes an empirical relationship between effectuation, innovation and firm performance, extending effectuation theory from the entrepreneurship to the innovation literature.

This study focuses on cyclical behavior in the restaurant industry, types of strategy choices made by the casual dining industry, and the use of the industry cycle to make a timing decision of strategy choice. The main idea of this study is that the phases of the industry cycle differently support a firm's strategy choice, so the use of the cycle allows firms to find the right time for a particular strategy choice. This is done by developing and understanding of the restaurant industry cycle and determining the phase of the cycle that possesses different opportunities and threats. This is followed by identifying strategy choices adopted by casual dining firms through a content analysis. Next, a casual dining firm's responses to phases of the industry cycle are investigated. Using an individual firm's data regarding performance and the emphasis of strategy choice over the industry cycle, this study undertakes an investigation into whether the effect of a strategy choice adopted by a firm varies according to the phase of the restaurant industry cycle. The results of the study revealed that the movements of the restaurant industry cycle have unique timing, duration, and amplitude, and that casual dining firms adopt thirteen distinct types of strategy choices. Firms change strategy choices to respond to change in the industry cycle phase. Summarizing these findings, the study found that the effects of strategy choices on firm performance differed according to the cyclical change of the industry environment so adjusting strategy choices over the industry cycle is critical to outperform competitors This study aims at providing a relevant framework for using the industry cycle as a tool for well-timed strategy choices in the casual theme restaurant industry. In practice, by utilizing the industry cycle, executives would be better able to assess possible success or failure of a particular strategy at different phase of the industry cycle, and to determine the timing relevance as it relates to new investments or asset allocation. Managing the industry cycle allows firms to have an appropriate strategic portfolio to maximize their outcomes and sustain competitive advantage over long periods of time. / Ph. D.

京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第19951号 / 経博第538号 / 新制||経||279(附属図書館) / 33047 / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 劉 徳強, 教授 岩本 武和, 准教授 矢野 剛 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DGAM

The purpose of this research is to understand how data analytics talent has been helping to improve firm performance. Given that firms have been hiring expensive and rare data talent aggressively to build their data analytics capabilities, the motivation of this research is to understand the kind impact this talent is having on firm performance. This research also examines the extent to which this talent has helped firms increase their revenue and improve their profitability and looks at this phenomenon by firm size and by industry membership. The research finds that the impact of data talent is higher in larger firms when compared to smaller firms. The research also finds that the impact of data talent on firm performance varies by industry membership, with some industries having a higher impact on improving revenue whereas some industries seeing impact on reducing costs. The research finally looks at explaining this difference in impact on revenue and cost with the help of the skills of the talent these firms are looking for. It finds that the type of skills requested by firms in data talent have a relationship with type of impact this talent can make on firm performance. There are important insights for Chief Data/Analytics Officers to align their organizations to contribute towards the performance of their firm, especially given the financial position of the firm. Some firms need to improve revenues whereas others have a need to cut costs. If a firm has a significant opportunity to reduce costs, but its data strategy is aligned towards improving revenue it becomes difficult to translate goals into action. The insight in this paper allows Chief Data/Analytics Officers to align their talent strategy towards the goals of the firm. / Business Administration/Strategic Management

In this dissertation, Essay 1 draws upon agency theory and corporate governance to classify control enhancing corporate governance provisions and to examine the use of these provisions within the context of publicly traded family firms. I argue that publicly traded family firms will differ from publicly traded nonfamily firms in terms of the frequency of the use of different types of control enhancing governance provisions. Specifically, I argue that family ownership will influence the frequency of the use of provisions and family management will moderate the relationships between family ownership and the frequency of the use of governance provisions. I develop and test the hypotheses on a sample of 386 of S&P500 firms. Findings do not support the hypothesized relationships. A rationale for the non-significant relationships is also provided. In Essay 2, drawing upon agency theory and the extant family governance literature, I examine the link between family involvement, the use of governance provisions, and firm performance. I suggest that the frequency of the use of different types of control enhancing governance provisions differentially influence the relationship between family involvement (i.e. family ownership and family management) in the business and firm performance. I develop and test the hypotheses on 386 of the S&P500 firms. Findings support the hypotheses suggesting the moderation effects of (a) the frequency of the use of provisions protecting controlling owners in terms of their sustainability of controlling status on the inverted u-shaped relationship between family ownership and firm performance, (b) the frequency of the use of provisions protecting management legally on the inverted u-shaped relationship between family ownership and firm performance, (c) the frequency of the use of provisions protecting controlling owners in terms of their voting rights on the inverted u-shaped relationship between family management and firm performance, (d) the frequency of the use of provisions protecting noncontrolling owners on the inverted u-shaped relationship between family management and firm performance, and (e) the frequency of the use of provisions protecting management monetarily on the inverted u-shaped relationship between family management and firm performance. Finally, results, future research directions, and implications for practice are discussed.

The proliferation of female entrepreneurs, especially in developing countries, instigated this study, to understand their judgement and decision-making processes in the highly complex and uncertain entrepreneurial landscape within which they need to thrive. The study focused on cognitive bias and its effects on risk perception and firm performance, particularly in female entrepreneurs. This study took a quantitative approach to analyse the effects of cognitive bias. A cross sectional explanatory research design, using a combination of purposive and snowballing non-probability sampling strategies, yielded a sample of 75 female entrepreneurs. The data collected on their risk perception, which is believed to be a determinant of success, was analysed using Pearson’s correlations, paired t-tests and multivariate regression statistical techniques. The key findings of this study are based on the evaluation of four research hypotheses were; a weak negative relationship exists between overconfidence and risk perception; a positive relationship exists between overoptimism and risk perception; and no relationship exists between self-efficacy and risk perception. With regard to firm performance, none of the cognitive biases or risk perceptions were found to have any statistically significant relationship. This study brought a different dimension to the effects of cognitive bias, as its findings mostly contradicted existing literature. / Mini Dissertation (MBA)--University of Pretoria, 2021. / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

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The connotation that intellectual capital (IC) replaces physical assets as the major source of competitive advantage (CA) is now generally accepted in both management and accounting literature. Thus, IC management has become a major concern for management regarding enhancing firm performance (FP). The main objective of this thesis is to examine the relationship between IC and FP and whether this relationship is direct or indirect through the firm’s CA, IC management tool use (through balanced scorecard (BSC) implementation) and the success in the use of the IC management tool. To achieve this objective, this thesis is divided into three research frameworks. The first framework examines the mediating effect of CA on the relationship between IC and FP. The second framework focuses on the mediating effect of BSC implementation on the relationship between IC and firms’ CA and performance. The third framework investigates the mediating effect of the success factors and BSC implementation success on the relationship between BSC implementation extent, CA and FP. This study used both quantitative and qualitative data. The quantitative data were collected using a questionnaire sent to 192 Omani firms with a response rate of 54%. Depending on the survey participants’ willingness and availability, 32 interviews were also conducted in order to support the results from the survey further. The results suggest that the relationship between IC and FP is indirect through the mediation impact of the extent and success of BSC implementation, the success factors and CA.

Yes / Purpose- Research on entrepreneurial orientation (EO) has concluded a positive link between EO and firm performance and that relationship depends on several contingencies. The paper derives insights from the absorptive capacity and contingency perspectives to introduce extraorganizational advice as a moderator of the relationship between EO and firm performance in a dynamic environment. Design/methodology/approach-Using survey data from 340 small and medium-sized enterprises (SMEs) in Ghana, the study examines the moderating influence of extraorganizational advice on the EO-firm performance relationship in dynamic environments. Findings-The study’s empirical findings suggest that extra-organizational advice amplifies the EO-performance relationship in dynamic environments. Research limitations/implications-The cross-sectional design of the study does not permit causal inferences to be made regarding the variables examined. Future studies may use longitudinal design to examine the causal links of the variables. Limitations aside, the study helps to answer how extra-organizational advice translates EO into improved performance in an environment characterised by constant flux. Practical implications- The results of this paper can assist entrepreneurs and policy-makers in understanding the dynamics and processes involved in implementing a strategic orientation to achieve higher performance. For SME managers, firm performance is determined by high levels of EO and extra-organizational advice in dynamic environments. The understanding of this issue can promote the development and maintenance of entrepreneurial ventures. Originality/value-The paper examines an important, but under-researched issue-the moderating effect of extra-organizational advice on the EO-performance relationship in dynamic environments. To the best of the authors’ knowledge, the present study pioneers research in this area.

The first essay shows that academic directors significantly increase firms' innovation. Following an academic director's death and relative to a non-academic director's death, the average firm reduces the number of citation-weighted patent applications by 30.7%. The number of patent applications also increases when an academic director becomes less busy after another company she holds directorship is acquired. Consistent with an advising channel, academic directors in STEM disciplines are particularly pro-innovation. In line with monitoring channels, firms with academic directors tend to dismiss CEOs who do not innovate and restrict real earnings management that waste financial resources. The relation between academic directors and innovation is not driven by PhD CEOs or non-academic PhD directors. Academic directors are associated with higher firm value at firms where innovation is more important but not at other firms. Overall, our results highlight the vital advising and monitoring roles academic directors play in corporate innovation. The second essay finds that pre-existing professional ties with a firm's board significantly increase a CEO candidate's probability of being hired by the firm. Considering all CEOs hired this year as potential candidates, a board-connection corresponds to a 152% increase in the probability the candidate is selected as CEO. Consistent with the hypothesis that boards select connected candidates to increase shareholder value, we find significantly greater firm performance improvement after CEO turnovers for firms hiring connected CEOs than those hiring unconnected CEOs. Further, the performance increases are significant only among firms with severe information asymmetry, large CEO termination risk, and high coordination costs. We also find that connected CEOs make better acquisitions than unconnected CEOs. These results suggest connected hiring increases firm performance because it reduces information asymmetry, CEO termination risk, and CEO-board coordination costs. Inconsistent with boards rendering favors to friends, connected CEOs are not awarded a larger pay package when they assume office. Overall, our results suggest that it pays for a firm to hire a CEO with pre-existing ties to the board. / Doctor of Philosophy / We see professors seating on corporate boards all the time. Why do firms hire them? Do they make firms innovate more because they have strong research orientation? The first essay finds that these directors enhance corporate innovation. They improve innovation with their STEM expertise. Because STEM disciplines are particularly relevant to production technology, they are able to advise the CEO about innovation. We also find that these directors make firms innovate more by linking CEO termination decisions to innovation and by preventing companies from wasting resources that could otherwise be used for innovation. Lastly, these directors improve firm value at firms where innovation is important. The board makes CEO recruiting decisions. We are interested in knowing (1) whether candidates are more likely to be hired if they already had a connection with the board; (2) whether these candidates outperform candidates without any connections. The second essay finds that having an acquaintance on the board helps a CEO candidate land the CEO position. We also find that these CEOs outperform CEOs without any connections. This is because there is little information gap between the connected CEO and the board. Also, the pre-existing connections allow the two parties to have better coordination.