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管理学workshop:Ownership Transition, Managerial Short-termism, and Exploratory versus Exploitative Innovation Strategy
发布日期：2016-06-02 09:15 来源：北京大学国家发展研究院
Ownership Transition, Managerial Short-termism, and Exploratory versus Exploitative Innovation Strategy
Time：June 2nd (Thursday) 10:30 -12noon
Location: Zhifuxuan, National School of Development, Peking U.
Speaker: Guoli Chen, Associate Professor of Strategy, INSEAD
Abstract
We examine the effect of transition from private to public ownership via initial public offerings (IPOs) on firms’ choices between exploratory and exploitative innovation strategy. We argue that, due to managerial short-termism associated with public equity market, newly public firms are more (less) likely to adopt exploitative (exploratory) innovation strategy. We also examine how this relation is moderated by the presence of insider sales, the threat of hostile takeovers, and the presence of transient institutional investors, all of which exacerbate managerial short-termism. We find strong support for our theory based on a sample of 291 IPO firms and their matched private firms over the period 1997-2008 and difference-in-differences analyses. We discuss our paper’s contribution to research on exploratory versus exploitative innovation and on corporate governance.
Guoli Chen is Associate Professor of Strategy at INSEAD. He received his PhD in strategic management from the Pennsylvania State University. He teaches Strategy, Value Innovation, Incentives Design and Corporate Governance to MBAs, Executives and PhD participants.
Guoli's research focuses on the influence of CEOs, top executives, and boards of directors on firms' strategic choices and organizational outcomes, as well as the interaction and dynamics in the top management team and CEO-board relationships. He is interested in organizational growth, renewal and corporate development activities, such as IPOs, M&As, innovation, globalization. He has published in several top academic journals, such as Administrative Science Quarterly, Academy of Management Journal, Strategic Management Journal, Organization Science, Journal of Business Venturing, Leadership Quarterly and Strategic Organization. His papers have received awards at the Academy of Management Conference and Strategic Management Society Conference. He was a representative-at-large at the Corporate Strategy and Corporate Governance interest group of Strategic Management Society and serves on the editorial board of Academy of Management Journal.
Prior to academia, Guoli worked as an investment banker at Daiwa Securities SMBC. He provided financial consulting in the areas of IPOs, fund raising, company restructuring.
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管理学workshop:Ownership Transition, Managerial Short-termism, and Exploratory versus Exploitative Innovation Strategy
发布日期：2016-06-02 09:15 来源：北京大学国家发展研究院
Ownership Transition, Managerial Short-termism, and Exploratory versus Exploitative Innovation Strategy
Time：June 2nd (Thursday) 10:30 -12noon
Location: Zhifuxuan, National School of Development, Peking U.
Speaker: Guoli Chen, Associate Professor of Strategy, INSEAD
Abstract
We examine the effect of transition from private to public ownership via initial public offerings (IPOs) on firms’ choices between exploratory and exploitative innovation strategy. We argue that, due to managerial short-termism associated with public equity market, newly public firms are more (less) likely to adopt exploitative (exploratory) innovation strategy. We also examine how this relation is moderated by the presence of insider sales, the threat of hostile takeovers, and the presence of transient institutional investors, all of which exacerbate managerial short-termism. We find strong support for our theory based on a sample of 291 IPO firms and their matched private firms over the period 1997-2008 and difference-in-differences analyses. We discuss our paper’s contribution to research on exploratory versus exploitative innovation and on corporate governance.
Guoli Chen is Associate Professor of Strategy at INSEAD. He received his PhD in strategic management from the Pennsylvania State University. He teaches Strategy, Value Innovation, Incentives Design and Corporate Governance to MBAs, Executives and PhD participants.
Guoli's research focuses on the influence of CEOs, top executives, and boards of directors on firms' strategic choices and organizational outcomes, as well as the interaction and dynamics in the top management team and CEO-board relationships. He is interested in organizational growth, renewal and corporate development activities, such as IPOs, M&As, innovation, globalization. He has published in several top academic journals, such as Administrative Science Quarterly, Academy of Management Journal, Strategic Management Journal, Organization Science, Journal of Business Venturing, Leadership Quarterly and Strategic Organization. His papers have received awards at the Academy of Management Conference and Strategic Management Society Conference. He was a representative-at-large at the Corporate Strategy and Corporate Governance interest group of Strategic Management Society and serves on the editorial board of Academy of Management Journal.
Prior to academia, Guoli worked as an investment banker at Daiwa Securities SMBC. He provided financial consulting in the areas of IPOs, fund raising, company restructuring.
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