Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns

Research on the topic of entrepreneurial orientation (EO) continues to proliferate. Nonetheless, the conceptualization and measurement of this construct are matters of ongoing discussion and debate...

https://journals.sagepub.com/doi/pdf/10.1177/1042258718773181

Crafting High-Impact Entrepreneurial Orientation Research: Some Suggested Guidelines:

What roles do CEOs play in firm performance? To address this question, the management field has accumulated a substantial amount of research over the past three decades built on upper echelons theory (UET), which posits that CEO characteristics manifest in firm strategic actions and, in this way, future firm performance. Hence, there is a need to systematically amass and take stock of prior empirical findings for UET testing and development. We use meta-analytic techniques to synthesize prior UET research on the relationships among commonly studied CEO characteristics, firm strategic actions, and future firm performance. Based on 308 studies, metaanalytic results generally support UET’s predictions with a few exceptions: CEO characteristics (i.e., tenure, formal education, prior career experience, and positive self-concept) are significantly associated with firm strategic actions, which in turn are significantly related to future firm performance. Moreover, CEO characteristics (i.e., age, tenure, formal education, and prior career experience) are positively related to future firm performance. In addition, finegrained analyses have revealed interesting and important relationships between specific measures of CEO characteristics (e.g., CEO prior task experience) and firm outcomes (e.g., firm strategic actions that match with CEO prior task experience). Implications for theory, future research, and practice are discussed.

Do CEOs Matter to Firm Strategic Actions and Firm Performance? A Meta-Analytic Investigation Based on Upper Echelons Theory

https://www.diva-portal.org/smash/get/diva2:968078/FULLTEXT04

Managerial Risk Taking A Multitheoretical Review and Future Research Agenda

In the last years, scholarly attention was on a steady rise leading to a significant increase in the number of papers addressing different technological and organizational aspects of digital transformation. In this paper, we consolidate existing findings which mainly stem from the literature of information systems, map the territory by sharing important macro- and micro-level observations, and propose future research opportunities for this pervasive field. The paper systematically reviews 58 peer-reviewed studies published between 2001 and 2019, dealing with different aspects of digital transformation. Emerging from our review, we develop inductive thematic maps which identify technology and actor as the two aggregate dimensions of digital transformation. For each dimension, we derive further units of analysis (nine core themes in total) which help to disentangle the particularities of digital transformation processes and thereby emphasize the most influential and unique antecedents and consequences. In a second step, in order to assist in breaking down disciplinary silos and strengthen the management perspective, we supplement the resulting state-of-the-art of digital transformation by integrating cross-disciplinary contributions from reviewing 28 papers on technological disruption and 32 papers on corporate entrepreneurship. The review reveals that certain aspects, such as the pace of transformation, the culture and work environment, or the middle management perspective are significantly underdeveloped.

/pdf/digital-transformation-a-review-synthesis-and-opportunities-2c4bmad9yn.pdf

Digital transformation: a review, synthesis and opportunities for future research

Using a multidimensional framework of CEO temporal focus (the degree to which CEOs characteristically devote attention to perceptions of the past, present, and future), we propose that a company's rate of new product introduction (NPI) is predicted by a CEO's focus on each of the three distinct time frames in interaction with environmental dynamism. Based on a longitudinal (from 1996 to 2003) analysis of 221 firms in 19 industries, we show that, in stable environments, new products are introduced faster in firms headed by CEOs with high past focus, high present focus, and low future focus. In dynamic environments, new products are introduced faster in firms headed by CEOs with low past focus, high present focus, and high future focus. These findings demonstrate how CEO temporal attentional bias shapes the rate of NPI.

Bridging Yesterday, Today, and Tomorrow: CEO Temporal Focus, Environmental Dynamism, and Rate of New Product Introduction

How CEOs think and feel about time may have a big influence on their firms’ strategies. We examine how two distinct CEO temporal dispositions—time urgency (the feeling of being chronically hurried) and pacing style (one’s pattern of effort over time in working toward deadlines)—each influence corporate entrepreneurship, a key strategic behavior. We propose that CEOs’ temporal leadership—how they manage the temporal aspects of top management teams’ activities—mediates the relationships between their temporal dispositions and corporate entrepreneurship—firms’ innovation, corporate venturing, and strategic renewal activities. Using a sample of 129 small and medium-sized Chinese firms, we find that CEOs’ time urgency is positively related to their temporal leadership, which in turn is positively related to corporate entrepreneurship. We also examine the effects of three distinct pacing styles: early-action, meaning the CEO exerts the most effort early in the task process and relaxes as the deadline nears; ste...

It’s about Time! CEOs’ Temporal Dispositions, Temporal Leadership, and Corporate Entrepreneurship

We examine how the interplay between executive temporal depth (time horizons that executives consider when contemplating past and future events) and industry velocity (the rate at which new opportunities emerge and disappear in an industry) shapes competitive aggressiveness (a firm's propensity to challenge rivals directly and intensely in order to maintain or improve its market position) and firm performance. Based on panel data (from 1995 to 2000) from 258 firms in 23 industries, we found that executive temporal depth exhibited different patterns of relationships with competitive aggressiveness in low- and high-velocity industries. Moreover, competitive aggressiveness had a positive main effect on firm performance, but this effect was stronger in high-velocity industries than in low-velocity industries. Copyright © 2015 John Wiley & Sons, Ltd.

/pdf/the-clock-is-ticking-executive-temporal-depth-industry-3jie4lmgvb.pdf

The clock is ticking! Executive temporal depth, industry velocity, and competitive aggressiveness

Sounds novel or familiar? Entrepreneurs' framing strategy in the venture capital market

This study examines a unique CEO temporal characteristic—polychronicity (the extent to which CEOs prefer to engage in multiple projects simultaneously and believe that this is the best way of doing things). I propose that CEO polychronicity is a double-edged sword for firm innovation and that this relationship is contingent on the environmental and organizational contexts. Specifically, CEO polychronicity is positively related to firm innovation when firms operate in more dynamic environments, are relatively large and have poor past performance, but is negatively related to firm innovation when firms operate in less dynamic environments, are relatively small and have good past performance. Results based on survey data from 111 Chinese small and medium-sized enterprises (SMEs) largely support my hypotheses. This study makes contributions by being an initial attempt to examine CEO polychronicity and by identifying essential boundary conditions of the effect of CEO polychronicity on firm innovation.

Jianhong Chen

Papers

Bridging Yesterday, Today, and Tomorrow: CEO Temporal Focus, Environmental Dynamism, and Rate of New Product Introduction

It’s about Time! CEOs’ Temporal Dispositions, Temporal Leadership, and Corporate Entrepreneurship

The clock is ticking! Executive temporal depth, industry velocity, and competitive aggressiveness

Sounds novel or familiar? Entrepreneurs' framing strategy in the venture capital market

A juggling act: CEO polychronicity and firm innovation