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link between CEO compensation, CEO resource allocation decisions, and firm performance
Title
The link between CEO compensation, CEO resource allocation decisions, and firm performance.
Creator
Dahmus, Sue Ann., Florida Atlantic University, Golden, Peggy A.
Abstract/Description
The relationship between the compensation (total and percent at risk) of 240 CEOs from 1986 to 1991, and several CEO resource allocation decisions (R&D, advertising, employees, business segments, and acquisitions) and subsequent firm performance was explored. The firms (Forbes-CEOs of the largest 800 public companies) had the same CEO for the entire period. The resource allocation decisions and the measures of firm performance (ROA, ROE, ROI, ROS, cashflow/sales, and stock return) were...
Show moreThe relationship between the compensation (total and percent at risk) of 240 CEOs from 1986 to 1991, and several CEO resource allocation decisions (R&D, advertising, employees, business segments, and acquisitions) and subsequent firm performance was explored. The firms (Forbes-CEOs of the largest 800 public companies) had the same CEO for the entire period. The resource allocation decisions and the measures of firm performance (ROA, ROE, ROI, ROS, cashflow/sales, and stock return) were obtained from COMPUSTAT. The number of acquisitions was obtained from Mergers and Acquisitions. The percent of CEO compensation at risk was found to be associated with the change in R&D and the change in the number of business segments. Total CEO compensation was found to be positively associated with the change in advertising expenses, the change in the number of employees, and the change in the number of acquisitions. A principal components analysis indicated that the performance measures loaded on two factors, representing firm profitability and returns to stockholders. The relationship between CEO compensation and firm performance was explored using two stage simultaneous equations. The model considered the effects of prior firm performance on the relationship. The amount of total CEO compensation and the percent of CEO compensation at risk were found to be positively associated with subsequent firm profitability for several years. Total CEO compensation and the percent of CEO compensation at risk were positively associated with subsequent return to stockholders in one year. However, the results were not consistent across all the years of the study and the amounts of firm performance explained by the models were small.
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Date Issued
1994
PURL
http://purl.flvc.org/fcla/dt/12393
Subject Headings
Chief executive officers--Salaries, etc--United States, Executives--Salaries, etc--United States, Incentives in industry--United States, Executive ability, Industrial productivity--Evaluation
Format
Document (PDF)
meta-analytic review of the diversification-performance relationship: Aggregating findings in strategic management
Title
A meta-analytic review of the diversification-performance relationship: Aggregating findings in strategic management.
Creator
Perry, Susan Ross, Florida Atlantic University, Golden, Peggy A.
Abstract/Description
This study discusses the theoretical and methodological issues in the diversification-performance literature and presents a meta-analysis of 50 studies with 169 separate effects of the diversification-performance relationship. The overall objective of this study was to answer the primary question: What is the relationship between diversification strategies and corporate performance? In addition, this study aimed to determine if the inconsistencies found in the diversification-performance...
Show moreThis study discusses the theoretical and methodological issues in the diversification-performance literature and presents a meta-analysis of 50 studies with 169 separate effects of the diversification-performance relationship. The overall objective of this study was to answer the primary question: What is the relationship between diversification strategies and corporate performance? In addition, this study aimed to determine if the inconsistencies found in the diversification-performance relationship across studies is attributable to moderator variables such as: (1) measurement of diversification, (2) measurement of performance, (3) source of data, (4) time period, and (5) industry effects. A final objective of this study was to illustrate the usefulness of meta-analytic techniques for reviewing and synthesizing empirical literature in strategic management. The results suggest that related diversified firms have higher accounting- and market-based returns and lower levels of total risk than unrelated diversified firms. These results are consistent with the predictions of agency theories of diversification. The results further indicate that related diversifiers have lower levels of systematic risk than unrelated diversifiers, a result consistent with the predictions of the traditional strategic management perspective of diversification. The results of the subgroup and combined meta-analyses of moderator effects indicate that the use of different measures of diversification (e.g., Rumelt's categories vs. SIC-based continuous), different measures of performance (accounting- vs. market-based), and source of data (e.g., primary vs. secondary) significantly influenced the relationship between diversification strategies and performance. The relationship was not affected by the time period of studies or industry effects. The findings are discussed in terms of their implications for practice and for future research.
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Date Issued
1998
PURL
http://purl.flvc.org/fcla/dt/12566
Subject Headings
Diversification in Industry, Corporate Profits, Strategic Planning
Format
Document (PDF)
Influences on the performance of organizational knowledge transfer
Title
Influences on the performance of organizational knowledge transfer.
Creator
Meckler, Mark Robert, Florida Atlantic University, Golden, Peggy A.
Abstract/Description
Knowledge is a resource and an important asset that organizations leverage to attain their goals. In a competitive environment, efficient and effective transfer of knowledge within the firm is a strategic imperative. In each organization a system through which knowledge flows, arises by design and enactment. Like other resources, knowledge resources should flow to where they are needed, when they are needed. The flow of knowledge resources depends upon contextual characteristics of both the...
Show moreKnowledge is a resource and an important asset that organizations leverage to attain their goals. In a competitive environment, efficient and effective transfer of knowledge within the firm is a strategic imperative. In each organization a system through which knowledge flows, arises by design and enactment. Like other resources, knowledge resources should flow to where they are needed, when they are needed. The flow of knowledge resources depends upon contextual characteristics of both the organization and the knowledge itself. This dissertation investigates characteristics that affect the internal flow of organizational knowledge between departments and types of employees. The study of knowledge transfer lies within the domain of knowledge management, linking strategy, organization theory and organizational cognition research. Effective knowledge management systems enhance strategy implementation and help maximize returns on organizational knowledge. These systems can offer the firm competitive advantage in speed and navigability. Knowledge management has broad theoretical scope. For this research, I draw upon theory concerning business policy and strategy (the resource-based view of the firm, competitive advantage, strategic orientation), organizational theory and cognition (bounded rationality, organizational knowledge, event management, sensemaking), information technology (media richness, communication technology) and epistemology (critical naturalism). I offer a testable model that describes how (a) departmental membership influences; (b) strategic orientation, locus of attention, communication media, sources of meaning and perceived knowledge impedance characteristics that affect; (c) knowledge discernment behavior to determine; (d) the performance of organizational knowledge transfer. The theory offers managers a somewhat rational approach to understanding and manipulating knowledge flows in order to alter the performance of knowledge assets in their firm.
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Date Issued
2001
PURL
http://purl.flvc.org/fcla/dt/11945
Subject Headings
Knowledge Management, Organizational Sociology, Strategic Planning
Format
Document (PDF)
Corporate Social Responsibility and Strategic Performance: Realizing A Competitive Advantage through Corporate Social Reputation and a Stakeholder Network Approach
Title
Corporate Social Responsibility and Strategic Performance: Realizing A Competitive Advantage through Corporate Social Reputation and a Stakeholder Network Approach.
Creator
Peters, Richard C., Golden, Peggy A., Florida Atlantic University
Abstract/Description
This study provides an exploratory investigation of the link between Corporate Social Responsibility (CSR) and Firm Competitive Advantage. It poses two primary research questions (1) What valuable and rare resource does the firm acquire through CSR? and 2) How does the firm's approach to stakeholder management influence its ability to protect and enhance the value of this resource? Corporate Social Reputation, the perception of the firm by its internal and external stakeholders, is argued to...
Show moreThis study provides an exploratory investigation of the link between Corporate Social Responsibility (CSR) and Firm Competitive Advantage. It poses two primary research questions (1) What valuable and rare resource does the firm acquire through CSR? and 2) How does the firm's approach to stakeholder management influence its ability to protect and enhance the value of this resource? Corporate Social Reputation, the perception of the firm by its internal and external stakeholders, is argued to be the valuable and rare resource that CSR provides. By building positive stakeholder relationships through CSR the firm is able to positively influence stakeholder assessment and gain 'reputational capital'. The value of reputational capital lies in its ability to promote operational efficiency and engender product differentiation, which independently as well as in tandem, grant firms superior performance over their competitors. Corporate Social Reputation is also expected to be positively influenced by the finn's adoption of a 'network' approach to stakeholder management. Two specific network attributes: extensiveness and consistency are argued to promote reputational capital growth. Network Extensiveness is determined by the number and diversity of firmstakeholder relationships, whereas Network Consistency is concerned with the variability of firm behavior across its entire stakeholder network. The hypothesized model was evaluated via a longitudinal study of one hundred and fifty eight firms from multiple industries. Structural Equation Modeling (SEM) was employed to assess path coefficients as well as the goodness of fit of the measurement and structural models. The results provide support for the positive influence of CSR on Corporate Social Reputation, but no support for a significant relation between either Network Extensiveness or Network Consistency and Corporate Social Reputation. Also, the results indicate that Corporate Social Reputation directly, positively and significantly contributes to a firm's ability to achieve and sustain a Competitive Advantage for both an internal (Return on Assets) and external (Tobin's q) measure of firm financial performance. Further, the findings suggest that the contribution of CSR to financial performance may be indirect and facilitated through a step-wise process which requires the attainment of a positive and superior Corporate Social Reputation before Competitive Advantage can be achieved.
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Date Issued
2007
PURL
http://purl.flvc.org/fau/fd/FA00000609
Subject Headings
Social Responsibility of Business, Industrial Management--Moral and Ethical Aspects, Organizational Effectiveness, Strategic Planning, Competition--Social Aspects
Format
Document (PDF)
Corporate strategic reorientation and adjustment: A longitudinal analysis of the effects of top management teams
Title
Corporate strategic reorientation and adjustment: A longitudinal analysis of the effects of top management teams.
Creator
Peyrefitte, Joseph Armand, Florida Atlantic University, Golden, Peggy A.
Abstract/Description
The impact of executive cognitive bases and values on corporate strategic change was examined in a longitudinal study of the computer hardware industry. Corporate strategic change was separated into pattern and magnitude dimensions as suggested by Ginsberg (1988). These dimensions complement the logic of Tushman and Romanelli (1985) who suggest that organizations proceed through long periods of stability or adjustment, punctuated by periods of metamorphic change or reorientation. I proposed...
Show moreThe impact of executive cognitive bases and values on corporate strategic change was examined in a longitudinal study of the computer hardware industry. Corporate strategic change was separated into pattern and magnitude dimensions as suggested by Ginsberg (1988). These dimensions complement the logic of Tushman and Romanelli (1985) who suggest that organizations proceed through long periods of stability or adjustment, punctuated by periods of metamorphic change or reorientation. I proposed that executive cognitive bases and values would be associated with strategic reorientation but not strategic adjustment since executive perceptions and responses are the internal driving forces that direct and redirect organizations (Romanelli & Tushman, 1988). Panel data analysis techniques were used to test the hypotheses developed in this study. Corporate strategic reorientation and adjustment were operationalized by changes in unrelated and related diversification, and changes in between-stage and within-stage vertical integration, respectively. The mean organization tenure and functional background heterogeneity of top management teams were used as proxies for executive cognitive bases and values. Results provided overall support for the hypotheses. Mean organization tenure was negatively related to unrelated diversification change, while neither mean organization tenure nor functional background heterogeneity were associated with related diversification change. Functional background heterogeneity was positively related to between-stage vertical integration change, however, contrary to expectations, it was negatively related to within-stage vertical integration change. These findings confirm and extend the literature which relates managerial characteristics to strategic change.
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Date Issued
1996
PURL
http://purl.flvc.org/fcla/dt/12449
Subject Headings
Executives, Chief Executive Officers, Strategic Planning, Organizational Change, Organizational Behavior, Corporate Culture, Corporate Reorganizations
Format
Document (PDF)
Acquisition of Private Firms
Title
Acquisition of Private Firms.
Creator
Faifman, Leon, Ellis, Kimberly, Golden, Peggy, Florida Atlantic University, College of Business, Department of Management
Abstract/Description
Mergers and acquisitions (M&As) of private target firms is a common phenomenon and being acquired is the desired outcome for some private firms, as it is the path to wealth creation for these firm’s owners and investors. However, this M&A type has received limited attention in the literature, especially from the perspective of the target firm. Furthermore, neither a theoretical model to explain the phenomenon where the goal of the target firm is to be acquired in M&A, nor an indicator to...
Show moreMergers and acquisitions (M&As) of private target firms is a common phenomenon and being acquired is the desired outcome for some private firms, as it is the path to wealth creation for these firm’s owners and investors. However, this M&A type has received limited attention in the literature, especially from the perspective of the target firm. Furthermore, neither a theoretical model to explain the phenomenon where the goal of the target firm is to be acquired in M&A, nor an indicator to gauge wealth creation for such firms were identified in the review of the literature. This paper established that, because being acquired in a M&A may be the goal, the wealth generated from the M&A is the outcome or performance indicator for such firms. The outcomes of M&As depend, among other factors, on the acquiring firm’s perception of the target firm’s value. Thus, this paper coined the term ‘private firm’s attractiveness as an acquisition target’, and built on the resource based view of the firm and signaling theory to identify factors that influence a private firm’s attractiveness to acquirers. Furthermore, private firm’s attractiveness as an acquisition target was used as the bridge between the acquiring firm perspective and target firm perspective in a M&A. The resource-based view of the firm and the signaling theory were used jointly in building the theoretical framework for hypotheses development. Hypotheses were tested using a sample of 222 acquisitions of US private target firms by US public acquiring firms. Hierarchical regression with inverse mills ratio, as well as two-step Heckman model were used to address the potential selection hazard. Results provided strong support for most hypotheses, and showed that investor involvement, target firm’s industry innovativeness, and target firm’s emphasis on growth in human capital were positively related to the private firm’s attractiveness as an acquisition target. Furthermore, the effects of emphasis on growth in human capital were stronger when the target firm’s growth in revenue was lower and when the target firm operated in a more innovative industry. The effects of emphasis on growth in revenue were stronger when the target firm operated in a less innovative industry.
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Date Issued
2018
PURL
http://purl.flvc.org/fau/fd/FA00013168
Subject Headings
Mergers and Acquisitions, Consolidation and merger of corporations, Private companies
Format
Document (PDF)