Meta-analyses of Post-acquisition Performance: Indications of Unidentified Moderators

Empirical research has not consistently identified antecedents for predicting post-acquisition performance. We employ meta-analytic techniques to empirically assess the impact of the most commonly researched antecedent variables on post-acquisition performance. We find robust results indicating that, on average and across the most commonly studied variables, acquiring firms’ performance does not positively change as a function of their acquisition activity, and is negatively affected to a modest extent. More importantly, our results indicate that unidentified variables may explain significant variance in post-acquisition performance, suggesting the need for additional theory development and changes to M&A research methods

Corporate Governance in the Small Firm: Prescriptions for CEOS and Directors

Examinations of boards of directors of smaller corporations have been largely absent from the academic literature. This study addresses this void by examining several aspects of commonly prescribed board configurations for entrepreneurial (high growth) and small (stable growth ) corporations. Specifically, we address board composition and board leadership structure, as well as the impact of officer and director stock holdings and institutional holdings. Stepwise multiple regression analysis  reveals  that  these  governance   variables significantly  add  to  the  explanation of financial performance for both sets of firms. The implications of these findings for Chief Executive Officers (CEOs) and boards of directors are discussed

Purchasing From Minority Small Businesses

This article employs a transaction costs framework to analyze the problems of Minority Business Enterprise (MBE) purchasing programs. The results from field surveys of small minority firms and corporate purchasing personnel indicate that program participants face differences in transaction costs and in their preferences of ways to overcome these costs. In the majority of situations, minority firms face higher transaction costs than do their corporate purchasing counterparts. The article offers recommendations for improving the performance of MBE purchasing programs, and the policy implications for these programs are discussed

The Value Orientations of Minority and Non-Minority Small Business Owners

This study examines value orientations of minority and non-minority small business owners and contrasts their perceived similarity with corporate customers. Six categories of organizational values, including the values of collectivism, duty, rationality, novelty, materialism, and power are examined. Analyses of a sample of 252 small business firms Indicate that minority owners differ from non-minority owners in their value orientations; and are significantly different from non-minority owners in the degree to which they perceive organizational value similarity with customers. However, the levels of perceived value similarity with corporate customers did not vary among the minority groups (i.e. blacks, Hispanics, Asians, and Native Americans). An implication is that value orientation may be an important component in the process of aligning the minority business firm with its environment. Further, a value system may be guiding the behavior of the minority small business owners against the overwhelming odds of racial/ethnic dissimilarities

The Relationship Between Minority Business Enterprises and Corporate Purchasing Personnel: Perceptions from Both Sides of the Table

This paper addresses the nature of the difficulties MBEs face when conducting business with large companies through MBE purchasing programs. Data collected from MBEs and purchasing personnel were analyzed with logistic regression to demonstrate that MBEs and their corporate purchasing counterparts have different perceptions across human, environmental, and organizational dimensions of transaction cost economics. These differences help to explain the problems: (1) that MBEs have in selling to large companies and the problems that MBEs and purchasing personnel have in implementing MBE purchasing programs; (2) of reaching agreement in the marketplace; and, (3) of collectively pursuing the economic development of the minority business community. We offer recommendations for improving the relationship between these parties

Composition of the Top Management Team and Firm International Diversification

This study investigates the impact of various top management team characteristics on firm international diversification. Relying on data from 126 firms in the electronics industry, we find that certain top management team characteristics are related to international expansion. Specifically, results indicate that lower average age, higher average tenure, higher average elite education, higher average international experience, and higher tenure heterogeneity are associated with firm international diversification. The study reinforces the importance of top management team composition in internationalization decisions and suggests further research in this context.Yeshttps://us.sagepub.com/en-us/nam/manuscript-submission-guideline

Assessing the Independence of the Board Chairperson: Fact or Fallacy?

Corporate observers have recently devoted increased effort at encouraging corporations to separate the positions of CEO and board chairperson. The primary rationale driving this action is that board chairpersons who do not also serve as CEO are believed to be more independent from firm management than are those board chairpersons who also serve as CEO. Separation of these positions may be especially important in entrepreneurial firms where the founder often remains active in firm affairs. An investigation of Inc. 100 corporations indicates that separate chairpersons do, in fact, differ with respect to tenure as CEO, tenure with the company, stock holdings, and founder status when compared to CEOs who serve simultaneously as chairperson of the board. On two additional dimensions (extent of familial relationships, inside/outside succession), however, separate and joint CEO/board chairpersons cannot be distinguished