Choosing the right network strategy to manage exploration processes

We develop a social capital model that explains how networks of interorganizational relationships can be structured to manage exploration processes directed at gaining competitive advantage in different environmental contexts. We argue that a networkstructure of low density and high strength of relationships is beneficial if the main goal of the network is to actively configure the environment, e.g. under conditions of high environmental complexity. In contrast, a network structure of high density and low strength of relationships is advantageous if the adaptation to changing environmental conditions is the main concern of the embedded organizations, e. g., in contexts characterized by high environmental variability

evidence from a stakeholder environment ; presented at the 25th annual international conference Strategic Management Society, 2005, Orlando, USA

Based on a sample of large, publicly traded German companies, we study performance implications of CEO dismissals. We find that measures of accounting performance are good predictors of CEO dismissal events: Low pre- succession accounting performance increases the probability of dismissals. However, replacement CEOs do not manage to turn things around because they do not experience significant increases in either operating or market performance during a two-year post-succession period

The influence of the board chairman on CEO dismissals and replacements ; Paper presented at the 26th annual conference of the Strategic Management Society, Vienna, October 2006

Based on a sample of large, publicly traded German companies, we study performance implications of CEO duality for executive succession events. We find that CEO dismissals are more frequent at low levels of pre-succession market-based performance and CEO duality. Postsuccession sales growth and operating earnings are higher for firms with CEO dismissals and CEO duality. Our results provide partial support to stewardship theory and no support to agency theory