Horizon problem and firm innovation: The influence of CEO career horizon, exploitation and exploration on breakthrough innovations

Research Policy - Tập 46 - Trang 1801-1809 - 2017
Sam Yul Cho1, Sang Kyun Kim2
1Department of Strategy and Entrepreneurship, College of Business, Oregon State University, Corvallis, OR 97331, United States
2Department of Organization and Human Resources, School of Business, Sungkyunkwan University, Seoul, 03063, Korea

Tài liệu tham khảo

Abernathy, 1978, Patterns of industrial innovation, Technol. Rev., 80, 40 Ahuja, 2001, Entrepreneurship in the large corporation: a longitudinal study of how established firms create breakthrough inventions, Strateg. Manage. J., 22, 521, 10.1002/smj.176 Ahuja, 2005, Managerial foresight and attempted rent appropriation: insider trading on knowledge of imminent breakthroughs, Strateg. Manage. J., 26, 791, 10.1002/smj.474 Ahuja, 2008, Moving beyond schumpeter: management research on the determinants of technological innovation, Acad. Manage. Ann., 2, 1, 10.5465/19416520802211446 Anderson, 1990, Technological discontinuities and dominant designs: a cyclical model of technological change, Adm. Sci. Q., 604, 10.2307/2393511 Baltagi, 2008 Barker, 2002, CEO characteristics and firm R&D spending, Manage. Sci., 48, 782, 10.1287/mnsc.48.6.782.187 Baron, 1986, The moderator-mediator variable distinction in social psychological research: conceptual, strategic, and statistical considerations, J. Pers. Soc. Psychol., 51, 1173, 10.1037/0022-3514.51.6.1173 Baum, 2000, Making the next move: how experiential and vicarious learning shape the locations of chains' acquisitions, Adm. Sci. Q., 45, 766, 10.2307/2667019 Beckman, 2004, Friends or strangers? Firm-specific uncertainty, market uncertainty, and network partner selection, Organiz. Sci., 15, 259, 10.1287/orsc.1040.0065 Benner, 2003, Exploitation, exploration, and process management: the productivity dilemma revisited, Acad. Manage. Rev., 28, 238, 10.5465/amr.2003.9416096 Brickley, 1999, What happens to CEOs after they retire? New evidence on career concerns, horizon problems, and CEO incentives, J. Financial Econ., 52, 341, 10.1016/S0304-405X(99)00012-4 Cameron, 2009 Chaney, 1992, New product innovations and stock price performance, J. Bus. Finance Account., 19, 677, 10.1111/j.1468-5957.1992.tb00651.x Chatterjee, 2011, Executive personality, capability cues, and risk taking how narcissistic CEOs react to their successes and stumbles, Adm. Sci. Q., 56, 202, 10.1177/0001839211427534 Chen, 1996, Technological expansion: the interaction between diversification strategy and organizational capability, J. Manage. Stud., 33, 649, 10.1111/j.1467-6486.1996.tb00813.x Cheng, 2004, R&D expenditures and CEO compensation, Account. Rev., 79, 305, 10.2308/accr.2004.79.2.305 Cohen, 1990, Absorptive capacity: a new perspective on learning and innovation, Adm. Sci. Q., 35, 128, 10.2307/2393553 Cyert, 1963 Damanpour, 1989, The relationship between organizational size and innovation Damanpour, 1991, Organizational innovation: a meta-analysis of effects of determinants and moderators, Acad. Manage. J., 34, 555, 10.2307/256406 Dechow, 1991, Executive incentives and the horizon problem: an empirical investigation, J. Account. Econ., 14, 51, 10.1016/0167-7187(91)90058-S Deeds, 2000, Dynamic capabilities and new product development in high technology ventures: an empirical analysis of new biotechnology firms, J. Bus. Venturing, 15, 211, 10.1016/S0883-9026(98)00013-5 Dosi, 2000 Ettlie, 1984, Organization strategy and structural differences for radical versus incremental innovation, Manage. Sci., 30, 682, 10.1287/mnsc.30.6.682 Galasso, 2011, CEO overconfidence and innovation, Manage. Sci., 57, 1469, 10.1287/mnsc.1110.1374 Gatignon, 2002, A structural approach to assessing innovation: construct development of innovation locus, type, and characteristics, Manage. Sci., 48, 1103, 10.1287/mnsc.48.9.1103.174 Griliches, 1990 Hage, 1973, Elite values versus organizational structure in predicting innovation, Adm. Sci. Q., 279, 10.2307/2391664 Hall, 2001 Hall, 2005, Market value and patent citations, Rand J. Econ., 36, 16 Hambrick, 1987, Managerial discretion: A bridge between polar views of organizational outcomes, 369 Hambrick, 1984, Upper echelons: The organization as a reflection of its top managers, Acad. Manage. Rev., 9, 193, 10.2307/258434 Hambrick, 1983, Business unit strategy and changes in the product R&D budget, Manage. Sci., 29, 757, 10.1287/mnsc.29.7.757 Hausman, 1984 Hayward, 1997, Explaining the premiums paid for large acquisitions: evidence of CEO hubris, Adm. Sci. Q., 42, 103, 10.2307/2393810 Hayward, 2004, Believing one's own press: the causes and consequences of CEO celebrity, Strateg. Manage. J., 25, 637, 10.1002/smj.405 He, 2004, Exploration vs. exploitation: an empirical test of the ambidexterity hypothesis, Organiz. Sci., 15, 481, 10.1287/orsc.1040.0078 Heider, 2013 Hill, 2003, The performance of incumbent firms in the face of radical technological innovation, Acad. Manage. Rev., 28, 257, 10.2307/30040712 Hirshleifer, 2012, Are overconfident CEOs better innovators?, J. Finance, 67, 1457, 10.1111/j.1540-6261.2012.01753.x Jansen, 2006, Exploratory innovation, exploitative innovation, and performance: effects of organizational antecedents and environmental moderators, Manage. Sci., 52, 1661, 10.1287/mnsc.1060.0576 Kang, 2015, Labor market evaluation versus legacy conservation: what factors determine retiring CEOs' decisions about long-term investment?, Strateg. Manage. J., 37, 389, 10.1002/smj.2234 Katila, 2002, Something old, something new: a longitudinal study of search behavior and new product introduction, Acad. Manage. J., 45, 1183, 10.2307/3069433 Kim, 2013, Search behavior of the diversified firm: the impact of fit on innovation, Strateg. Manage. J., 34, 999, 10.1002/smj.2038 Kor, 2006, Direct and interaction effects of top management team and board compositions on R&D investment strategy, Strateg. Manage. J., 27, 1081, 10.1002/smj.554 Krause, 2014, Last dance or second chance? Firm performance, CEO career horizon, and the separation of board leadership roles, Strateg. Manage. J., 35, 808, 10.1002/smj.2139 Leonard, 1992, Core capabilities and core rigidities: a paradox in managing new product development, Strateg. Manage. J., 13, 111, 10.1002/smj.4250131009 Levinthal, 1981, A model of adaptive organizational search, J. Econ. Behav. Organiz., 2, 307, 10.1016/0167-2681(81)90012-3 Levinthal, 1993, The myopia of learning, Strateg. Manage. J., 14, 95, 10.1002/smj.4250141009 Makri, 2006, CEO incentives, innovation, and performance in technology-intensive firms: a reconciliation of outcome and behavior-based incentive schemes, Strateg. Manage. J., 27, 1057, 10.1002/smj.560 March, 1991, Exploration and exploitation in organizational learning, Organiz. Sci., 2, 71, 10.1287/orsc.2.1.71 Matta, 2008, The accentuated CEO career horizon problem: evidence from international acquisitions, Strateg. Manage. J., 29, 683, 10.1002/smj.680 McClelland, 2012, CEO career horizon and tenure: future performance implications under different contingencies, J. Bus. Res., 65, 1387, 10.1016/j.jbusres.2011.09.003 McGrath, 2001, Exploratory learning, innovative capacity, and managerial oversight, Acad. Manage. J., 44, 118, 10.2307/3069340 Miller, 2007, The use of knowledge for technological innovation within diversified firms, Acad. Manage. J., 50, 307, 10.5465/amj.2007.24634437 Nelson, 1982 Neter, 1996 Palepu, 1985, Diversification strategy, profit performance and the entropy measure, Strateg. Manage. J., 6, 239, 10.1002/smj.4250060305 Phene, 2006, Breakthrough innovations in the US biotechnology industry: the effects of technological space and geographic origin, Strateg. Manage. J., 27, 369, 10.1002/smj.522 Rosenkopf, 2001, Beyond local search: boundary-spanning, exploration, and impact in the optical disk industry, Strateg. Manage. J., 22, 287, 10.1002/smj.160 Ross, 1977, The intuitive psychologist and his shortcomings: distortions in the attribution process, Adv. Exp. Soc. Psychol., 10, 173, 10.1016/S0065-2601(08)60357-3 Schilling, 2007, Interfirm collaboration networks: the impact of large-scale network structure on firm innovation, Manage. Sci., 53, 1113, 10.1287/mnsc.1060.0624 Seo, 2014, The role of CEO relative standing in acquisition behavior and CEO pay, Strateg. Manage. J., 36, 1877, 10.1002/smj.2316 Smith, 2005, Managing strategic contradictions: a top management model for managing innovation streams, Organiz. Sci., 16, 522, 10.1287/orsc.1050.0134 Sobel, 1982, Asymptotic confidence intervals for indirect effects in structural equation models, Sociol. Methodol., 13, 290, 10.2307/270723 Srivastava, 2011, When do relational resources matter? Leveraging portfolio technological resources for breakthrough innovation, Acad. Manage. J., 54, 797, 10.5465/amj.2011.64870140 Tang, 2012, What I see, what I do: how executive hubris affects firm innovation, J. Manage., 41, 1698 Teece, 1986, Profiting from technological innovation: implications for integration, collaboration, licensing and public policy, Res. Policy, 15, 285, 10.1016/0048-7333(86)90027-2 Trajtenberg, 1990, A penny for your quotes: patent citations and the value of innovations, Rand J. Econ., 21, 172, 10.2307/2555502 Tzabbar, 2014, Can opportunity emerge from disarray? An examination of exploration and exploitation following star scientist turnover, J. Manage., 40, 449 Uotila, 2009, Exploration, exploitation, and financial performance: analysis of S&P 500 corporations, Strateg. Manage. J., 30, 221, 10.1002/smj.738 Westley, 1989, Visionary leadership and strategic management, Strateg. Manage. J., 10, 17, 10.1002/smj.4250100704 Wu, 2005, CEO tenure and company invention under differing levels of technological dynamism, Acad. Manage. J., 48, 859, 10.5465/amj.2005.18803927 Yadav, 2007, Managing the future: CEO attention and innovation outcomes, J. Market., 71, 84, 10.1509/jmkg.71.4.084 Zhou, 2010, Technological capability, strategic flexibility, and product innovation, Strateg. Manage. J., 31, 547 Zona, 2016, Agency models in different stages of CEO tenure: the effects of stock options and board independence on R&D investment, Res. Policy, 45, 560, 10.1016/j.respol.2015.10.012