Inherited agglomeration effects in hedge fund spawns

Figueiredo, Rui J. P. de; Meyer‐Doyle, Philipp; Rawley, Evan

doi:10.1002/smj.2048

Cited by 63 publications

(42 citation statements)

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“…Our findings thus supplement existing studies on the intricacies of the resources allocation process (Kor and Leblebici, 2005;Sirmon, Gove, and Hitt, 2008;Sirmon, Hitt, and Ireland, 2007) as well as existing studies that stress both the individual and firm-level drivers of firm capabilities and performance as well as the interactions between factors at both levels (Felin et al, 2012;de Figueiredo, Meyer-Doyle, and Rawley, 2013;Eggers and Kaplan, 2009;Helfat et al, 2007).…”

Section: Discussionsupporting

confidence: 85%

“…In particular, our results highlight how individual influence derived from firm‐specific human capital influences the firm's resource allocation process, and how organizational design elements such as compensation systems can inhibit the potentially adverse impact of powerful individuals on firm‐level processes and outcomes. Our findings thus supplement existing studies on the intricacies of the resources allocation process (Kor and Leblebici, ; Sirmon, Gove, and Hitt, ; Sirmon, Hitt, and Ireland, ) as well as existing studies that stress both the individual and firm‐level drivers of firm capabilities and performance as well as the interactions between factors at both levels (Felin et al ., ; de Figueiredo, Meyer‐Doyle, and Rawley, ; Eggers and Kaplan, ; Helfat et al ., ).…”

Section: Discussionmentioning

confidence: 99%

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Alleviating managerial dilemmas in human‐capital‐intensive firms through incentives: Evidence from M&A legal advisors

Chatain

Meyer‐Doyle

2016

Strategic Management Journal

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Research summary: We examine how human‐capital‐intensive firms deploy their human assets and how firm‐specific human capital interacts with incentives to influence this deployment. Our empirical context is the UK M&A legal market, where micro‐data enable us to observe the allocation of lawyers to M&A mandates under different incentive regimes. We find that law firms actively equalize the workload among their lawyers to seek efficiency gains, while “stretching” lawyers with high firm‐specific capital to a greater extent. However, lawyers with high firm‐specific capital also appear to influence the staffing process in their favor, leading to unbalanced allocations and less sharing of projects and clients. Paradoxically, law firms may adopt a seniority‐based rent‐sharing system that weakens individual incentives to mitigate the impact of incentive conflicts on resource deployment. Managerial summary: The study highlights the dilemmas when professional service firms allocate their key individuals to incoming projects, and the role that monetary incentives play in aggravating or alleviating these dilemmas. In the context of UK M&A law firms, we find that partners have a tendency to be attached to too many projects and not to share enough work, which is exacerbated when individual monetary incentives are stronger. Firms adopting a seniority based incentive system (lockstep system) are able to alleviate this effect. This implies that there is a trade‐off between rewarding personal performance versus balancing workloads and fostering collaboration among professionals. Copyright © 2015 John Wiley & Sons, Ltd.

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Section: Discussionsupporting

confidence: 85%

Section: Discussionmentioning

confidence: 99%

Alleviating managerial dilemmas in human‐capital‐intensive firms through incentives: Evidence from M&A legal advisors

Chatain

Meyer‐Doyle

2016

Strategic Management Journal

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“…We begin to address the impacts of unobserved selection into VC‐funding by using a matching approach to identify similar control firms (i.e., non‐VC‐backed ventures) for each VC‐backed venture. Like several other scholars, we implement a CEM approach to reduce imbalance in observable differences between treated and control groups (e.g., Aggarwal & Hsu, ; De Figueiredo, Meyer‐Doyle, & Rawley, ; Singh & Agrawal, ) . Consistent with previous research on technology ventures, we matched firms by selecting innovative productivity, founding year, and geographical location as matching criteria (Aggarwal & Hsu, ; Fitza et al, ; Hsu, ; Pahnke, Katila, & Eisenhardt, ).…”

Section: Analysis and Resultsmentioning

confidence: 99%

Does VC backing affect brand strategy in technology ventures?

Forti

Munari

Zhang

2019

Strategic Entrepreneurship

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Research Summary: The resource-based view of the firm characterizes brands as important resources for firm growth and competitive advantage. Existing studies offer theory and evidence that venture capital (VC) backing enhances the growth of new technology ventures along different dimensions. It is not clear, however, whether and how VC backing affects the development of brand assets. In a study of VC-backed and non-VCbacked nanotechnology ventures in the United Kingdom, we find a positive association between VC backing and the development of brand assets. We also find that VC-backed technology ventures tend to create brand assets with a wider scope, which can be deployed across multiple different product-markets.Managerial Summary: Brand strategy is critical for the success of entrepreneurial firms and can be challenging for firms operating in nascent industries that aim to commercialize innovations stemming from general purpose technologies. Such firms face dilemmas on whether to diversify or not into different product-markets, how many brand assets to develop, and whether to leverage a brand asset across multiple product categories. In a study of nanotechnology ventures, we find that VC-backing can affect the development of brand strategy: VCbacked ventures tend to develop more brand assets compared with non-VC-backed ventures and tend to create brand assets with a wider scope, which can be deployed across multiple different product-markets. K E Y W O R D S brands, new venture strategies, resource-based view, technology ventures, venture capital

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“…Matching treatment and control groups on relevant observable characteristics is likely to mitigate selection bias concerns as it creates a subsample of comparable firms. Propensity score matching (Rosenbaum and Rubin 1983) is often a popular procedure among strategy scholars for estimating the influence of noncomparable control and treatment group observations that are off the common support of an estimated propensity score distribution and allows for the elimination of incomparable observations (e.g., Chang et al 2013, de Figueiredo et al 2013, Leone and Reichstein 2012, Rawley and Simcoe 2010. Yet, recent studies (Blackwell et al 2009, Iacus et al 2012, King et al 2011 suggest that propensity score matching (PSM) may, in fact, degrade inferences relative to not matching at all, and that CEM is likely to produce matched samples that are more balanced.…”

Section: Matchingmentioning

confidence: 99%

Market Entry by High Technology Startups: The Effect of Competition Level and Startup Innovativeness

Hashai

Markovich

2017

Strategy Science

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To cite this article: Niron Hashai, Sarit Markovich (2017) Market Entry by High Technology Startups: The Effect of Competition Level and Startup Innovativeness. Strategy Science 2(3):141-160. https://doi. Please scroll down for article-it is on subsequent pagesWith 12,500 members from nearly 90 countries, INFORMS is the largest international association of operations research (O.R.) and analytics professionals and students. INFORMS provides unique networking and learning opportunities for individual professionals, and organizations of all types and sizes, to better understand and use O.R. and analytics tools and methods to transform strategic visions and achieve better outcomes. For more information on INFORMS, its publications, membership, or meetings visit http://www.informs.org Abstract. We study the level of market competition as a determinant for the propensity of cooperation between startups entering new markets and incumbents operating in these markets. We provide ample empirical evidence suggesting that startups and incumbents are more likely to cooperate in the commercialization of startups' technological innovations in markets with either high or low competition levels than in markets with moderate competition levels. Importantly, we further show that startups' innovativeness has a contingent effect-it encourages cooperation at low-to-moderate levels of competition, but encourages competition at moderate-to-high levels of competition.

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Inherited agglomeration effects in hedge fund spawns

Cited by 63 publications

References 50 publications

Alleviating managerial dilemmas in human‐capital‐intensive firms through incentives: Evidence from M&A legal advisors

Alleviating managerial dilemmas in human‐capital‐intensive firms through incentives: Evidence from M&A legal advisors

Does VC backing affect brand strategy in technology ventures?

Market Entry by High Technology Startups: The Effect of Competition Level and Startup Innovativeness

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