Rapid internationalization and long-term performance: The knowledge link

Drawing on the knowledge-based view and organizational learning theory, we develop and test a set of hypotheses to provide a first attempt at analyzing the effect of speed of internationalization on long-term performance. Using a panel-data sample of Spanish listed firms (1986-2010), we find that there is an inverted U-shaped relationship between speed of internationalization and long-term performance. We also find that whereas technological knowledge steepens this relationship, the diversity of prior international experience flattens it. Our results contribute to the existing IB literature on the performance of FDI, cross-country knowledge transferability, and nonsequential entry

Análisis de la relación entre la estrategia de diversificación y el desempeño de la empresa: el rol del ciclo económico

[EN] The relationship between corporate strategies and firm performance has been one of the key debates in the discipline of Strategic Management. There are studies that analyse the moderating role that certain variables may play in that relationship. These variables tend to refer to aspects within the firm or, at the very least, within the competitive environment in which a firm operates. Nevertheless, the empirical evidence on the part the general environment plays from an economic perspective is much less common, and focuses on large corporations and on periods of economic growth. Accordingly, using a panel of 1,828 Spanish manufacturing firms of different sizes, an analysis is conducted of the differences in Return On Assets (ROA), Growth in Sales (GS) and Labor Productivity (LP) between specialised firms, those with related diversification, and those with unrelated diversification, between 2002 and 2011, in which there was a period of growth alternated with another one of economic recession. Although some superiority is noted of related diversification and specialisation over unrelated diversification, the differences between strategies are less significant in periods of economic recession, and vary according to the dimension of performance considered. These results reveal the need to consider the economic cycle as a contingent factor that affects the impact corporate strategies have on firm performance.[ES] La relación entre las estrategias corporativas y el desempeño empresarial ha sido uno de los debates centrales en la disciplina de la dirección estratégica. Diversos estudios analizan el rol moderador que juegan diversas variables en esta relación. Dichas variables tienden a referirse a aspectos internos de la empresa o, si acaso, a aspectos del entorno competitivo en el que la empresa opera. Sin embargo, es más escasa la evidencia empírica sobre el rol que desempeña el entorno general y suele enfocarse en grandes empresas y en períodos de crecimiento económico. En consecuencia, utilizando un panel de 1.828 empresas manufactureras españolas de diferentes tamaños, se realiza un análisis de las diferencias de rentabilidad sobre activos, crecimiento de ventas y productividad laboral entre empresas especializadas, con diversificación relacionada y con diversificación no relacionada, entre los años 2002 y 2011, en los cuales hubo un período de crecimiento alternado con otro de recesión económica. Aunque se destaca cierta superioridad de la diversificación relacionada y la especialización sobre la diversificación no relacionada, las diferencias entre estrategias son menos significativas en los períodos de recesión económica y varían de acuerdo a la dimensión de desempeño considerada. Estos resultados revelan la necesidad de considerar el ciclo económico como un factor contingente que afecta el impacto que las estrategias corporativas tienen sobre el desempeño de la empresa.This paper has been supported by Project ECO2015-67434-R of Spanish Ministry of Economy and Competitiveness (Spain) and for the Excellent Research Group “Strategor” of URJC-Bank of Santander

The Cocoon Nebula and its ionizing star: do stellar and nebular abundances agree?

(Abridged) Main sequence massive stars embedded in an HII region should have the same chemical abundances as the surrounding nebular gas+dust. The Cocoon nebula, a close-by Galactic HII region ionized by a narrow line B0.5 V single star (BD+46 3474), is an ideal target to perform a detailed comparison of nebular and stellar abundances in the same Galactic HII region. We investigate the chemical content of O, N and S in the Cocoon nebula from two different points of view: an empirical analysis of the nebular spectrum and a detailed spectroscopic analysis of its ionizing B-type star using state-of-the-art stellar atmosphere modeling. By comparing the stellar and nebular abundances, we aim to indirectly address the long-standing problem of the discrepancy found between abundances obtained from collisionally excited lines (CELs) and optical recombination lines in photoionized nebulae. We collect spatially resolved spectroscopy of the Cocoon nebula and a high resolution optical spectrum of its ionizing star. Standard nebular techniques are used to compute the physical conditions and gaseous abundances of O, N and S. We perform a self-consistent spectroscopic abundance analysis of BD+46 3474 based on the atmosphere code FASTWIND to determine the stellar parameters and Si, O, and N abundances. The Cocoon nebula and its ionizing star, located at a distance of 800+-80 pc, have a very similar chemical composition as the Orion nebula and other B-type stars in the solar vicinity. This result agrees with the high degree of homogeneity of the present-day composition of the solar neighbourhood as derived from the study of the local cold-gas ISM. The comparison of stellar and nebular CELs abundances in the Cocoon nebula indicates that O and N gas+dust nebular values are in better agreement with stellar ones assuming small temperature fluctuations, of the order of those found in the Orion nebula.Comment: Accepted for publication in A&A. 13 pages, 7 tables and 6 figure

Longevity of strategic alliances between competitors: A dynamic value creation approach

Strategic alliances (SAs) present both a high value creation potential as well as entailing high management costs. Research on SA duration has generally focused on factors that affect management costs. The underlying logic in these papers is that factors that increase management costs reduce the likelihood of SA survival and, therefore, SA longevity. The basic assumption is that these factors do not affect the rent-generating potential of the SA. However, we argue that certain factors that increase management costs also increase the rent-generating potential. In particular, this is the case in SAs between competitors. This view complements that of SAs between competitors as learning races. The purpose of the present paper is to shed light on the question of how the fact that the partners in a SA are competitors affects the SA's chances of survival and its longevity.Strategic alliances; value creation;