메뉴 건너뛰기




Volumn 36, Issue 7, 2015, Pages 1017-1034

Examining a key corporate role: The influence of capital allocation competency on business unit performance

Author keywords

business unit performance; capital allocation competency; corporate effect; corporate strategy; overinvestment

Indexed keywords

PLANNING;

EID: 84930599479     PISSN: 01432095     EISSN: 10970266     Source Type: Journal    
DOI: 10.1002/smj.2264     Document Type: Article
Times cited : (63)

References (67)
  • 1
    • 0039604680 scopus 로고    scopus 로고
    • Information asymmetry, R&D, and insider gains
    • Aboody D, Lev B,. 2000. Information asymmetry, R&D, and insider gains. Journal of Finance 55: 2747-2766.
    • (2000) Journal of Finance , vol.55 , pp. 2747-2766
    • Aboody, D.1    Lev, B.2
  • 2
    • 0141792308 scopus 로고    scopus 로고
    • Corporate effects and dynamic managerial capabilities
    • Adner R, Helfat CE,. 2003. Corporate effects and dynamic managerial capabilities. Strategic Management Journal 24: 1011-1025.
    • (2003) Strategic Management Journal , vol.24 , pp. 1011-1025
    • Adner, R.1    Helfat, C.E.2
  • 3
    • 84884991599 scopus 로고    scopus 로고
    • Looking backward instead of forward: Aspiration-driven influences on the efficiency of the capital allocation process
    • Arrfelt M, Wiseman RM, Hult T,. 2013. Looking backward instead of forward: aspiration-driven influences on the efficiency of the capital allocation process. Academy of Management Journal 56: 1081-1103.
    • (2013) Academy of Management Journal , vol.56 , pp. 1081-1103
    • Arrfelt, M.1    Wiseman, R.M.2    Hult, T.3
  • 7
    • 84989143803 scopus 로고
    • Corporate linkages and organizational environment: A test of the resource dependence model
    • Boyd BK,. 1990. Corporate linkages and organizational environment: a test of the resource dependence model. Strategic Management Journal 11: 419-430.
    • (1990) Strategic Management Journal , vol.11 , pp. 419-430
    • Boyd, B.K.1
  • 8
    • 84989143765 scopus 로고
    • CEO duality and firm performance: A contingency model
    • Boyd BK,. 1995. CEO duality and firm performance: a contingency model. Strategic Management Journal 16: 301-312.
    • (1995) Strategic Management Journal , vol.16 , pp. 301-312
    • Boyd, B.K.1
  • 9
    • 31044445688 scopus 로고    scopus 로고
    • Understanding interaction models: Improving empirical analyses
    • Brambor T, Clark WR, Golder M,. 2006. Understanding interaction models: improving empirical analyses. Political Analysis 14: 63-82.
    • (2006) Political Analysis , vol.14 , pp. 63-82
    • Brambor, T.1    Clark, W.R.2    Golder, M.3
  • 11
    • 0002106834 scopus 로고    scopus 로고
    • Predicted change in operational synergy and post-acquisition performance of acquired businesses
    • Brush TH,. 1996. Predicted change in operational synergy and post-acquisition performance of acquired businesses. Strategic Management Journal 17: 1-24.
    • (1996) Strategic Management Journal , vol.17 , pp. 1-24
    • Brush, T.H.1
  • 12
    • 84930583629 scopus 로고    scopus 로고
    • The relative influence of industry and corporation on business segment performance: An alternative estimate
    • Brush TH, Bromiley P, Hendrickx M,. 1999. The relative influence of industry and corporation on business segment performance: an alternative estimate. Strategic Management Journal 88: 109-133.
    • (1999) Strategic Management Journal , vol.88 , pp. 109-133
    • Brush, T.H.1    Bromiley, P.2    Hendrickx, M.3
  • 13
    • 0009933769 scopus 로고    scopus 로고
    • Explaining the diversification discount
    • Campa JM, Kedia S,. 2002. Explaining the diversification discount. Journal of Finance 57: 1731-1762.
    • (2002) Journal of Finance , vol.57 , pp. 1731-1762
    • Campa, J.M.1    Kedia, S.2
  • 15
    • 38049065466 scopus 로고    scopus 로고
    • It's all about me: Narcissistic chief executive officers and their effects on company strategy and performance
    • Chatterjee A, Hambrick DC,. 2007. It's all about me: Narcissistic chief executive officers and their effects on company strategy and performance. Administrative Science Quarterly 52: 351-386.
    • (2007) Administrative Science Quarterly , vol.52 , pp. 351-386
    • Chatterjee, A.1    Hambrick, D.C.2
  • 17
    • 33646566562 scopus 로고    scopus 로고
    • Strategic investments in Japanese corporations: Do foreign portfolio owners foster underinvestment or appropriate investment?
    • David P, Yoshikawa T, Chari MDR,. 2006. Strategic investments in Japanese corporations: do foreign portfolio owners foster underinvestment or appropriate investment? Strategic Management Journal 27: 591-600.
    • (2006) Strategic Management Journal , vol.27 , pp. 591-600
    • David, P.1    Yoshikawa, T.2    Chari, M.D.R.3
  • 18
    • 0002004281 scopus 로고
    • Industry structure, market rivalry and public policy
    • Demsetz H,. 1974. Industry structure, market rivalry and public policy. Journal of Law and Economics 16: 1-9.
    • (1974) Journal of Law and Economics , vol.16 , pp. 1-9
    • Demsetz, H.1
  • 20
    • 4444263616 scopus 로고    scopus 로고
    • FASB (Financial Accounting Standards Board). Statement of Financial Accounting Standards No. 131. FASB: Norwalk, CT
    • FASB (Financial Accounting Standards Board). 1997. Disclosures about Segments of an Enterprise and Related Information. Statement of Financial Accounting Standards No. 131. FASB: Norwalk, CT.
    • (1997) Disclosures about Segments of An Enterprise and Related Information
  • 21
    • 0035536258 scopus 로고    scopus 로고
    • Navigating the competitive landscape: The drivers and consequences of competitive aggressiveness
    • Ferrier WJ,. 2001. Navigating the competitive landscape: the drivers and consequences of competitive aggressiveness. Academy of Management Journal 44: 858-877.
    • (2001) Academy of Management Journal , vol.44 , pp. 858-877
    • Ferrier, W.J.1
  • 22
    • 0033176897 scopus 로고    scopus 로고
    • The role of competitive action in market share erosion and industry dethronement: A study of industry leaders and challengers
    • Ferrier WJ, Smith KG, Grimm CM,. 1999. The role of competitive action in market share erosion and industry dethronement: a study of industry leaders and challengers. Academy of Management Journal 42: 372-388.
    • (1999) Academy of Management Journal , vol.42 , pp. 372-388
    • Ferrier, W.J.1    Smith, K.G.2    Grimm, C.M.3
  • 23
    • 0034339412 scopus 로고    scopus 로고
    • Looking forward and looking backward: Cognitive and experiential search
    • Gavetti G, Levinthal D,. 2000. Looking forward and looking backward: cognitive and experiential search. Administrative Science Quarterly 45: 113-137.
    • (2000) Administrative Science Quarterly , vol.45 , pp. 113-137
    • Gavetti, G.1    Levinthal, D.2
  • 24
    • 84993098032 scopus 로고
    • Organizational size and change: Diversification in the savings and loan industry after deregulation
    • Haveman HA,. 1993. Organizational size and change: diversification in the savings and loan industry after deregulation. Administrative Science Quarterly 38: 20-50.
    • (1993) Administrative Science Quarterly , vol.38 , pp. 20-50
    • Haveman, H.A.1
  • 25
    • 0031094431 scopus 로고    scopus 로고
    • Explaining the premiums paid for large acquisitions: Evidence of CEO Hubris
    • Hayward MLA, Hambrick DC,. 1997. Explaining the premiums paid for large acquisitions: evidence of CEO Hubris. Administrative Science Quarterly 42: 103-127.
    • (1997) Administrative Science Quarterly , vol.42 , pp. 103-127
    • Hayward, M.L.A.1    Hambrick, D.C.2
  • 28
    • 58149316274 scopus 로고
    • Internal capital market controls and financial performance in multidivisional firms
    • Hill CWL,. 1988. Internal capital market controls and financial performance in multidivisional firms. Journal of Industrial Economics 37: 67-83.
    • (1988) Journal of Industrial Economics , vol.37 , pp. 67-83
    • Hill, C.W.L.1
  • 29
    • 1542334862 scopus 로고
    • Cooperative versus competitive structures in related and unrelated diversified firms
    • Hill CWL, Hitt MA, Hoskisson RE,. 1992. Cooperative versus competitive structures in related and unrelated diversified firms. Organization Science 3: 501-521.
    • (1992) Organization Science , vol.3 , pp. 501-521
    • Hill, C.W.L.1    Hitt, M.A.2    Hoskisson, R.E.3
  • 30
    • 29444454014 scopus 로고    scopus 로고
    • Business segment performance redux: A multilevel approach
    • Hough JR,. 2006. Business segment performance redux: a multilevel approach. Strategic Management Journal 27: 45-61.
    • (2006) Strategic Management Journal , vol.27 , pp. 45-61
    • Hough, J.R.1
  • 31
  • 32
  • 33
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen MC,. 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48: 831-880.
    • (1993) Journal of Finance , vol.48 , pp. 831-880
    • Jensen, M.C.1
  • 34
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen MC, Meckling WH,. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3: 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 35
    • 0002731826 scopus 로고
    • Timid choices and bold forecasts: A cognitive perspective on risk taking
    • Kahneman D, Lavallo D,. 1993. Timid choices and bold forecasts: a cognitive perspective on risk taking. Management Science 39: 17-31.
    • (1993) Management Science , vol.39 , pp. 17-31
    • Kahneman, D.1    Lavallo, D.2
  • 36
    • 34447505493 scopus 로고
    • A generalized interpretation of the Herfindahl index
    • Kelly WA,. 1951. A generalized interpretation of the Herfindahl index. Southern Economic Journal 48: 50-57.
    • (1951) Southern Economic Journal , vol.48 , pp. 50-57
    • Kelly, W.A.1
  • 37
    • 84911059380 scopus 로고
    • Tobin's q, corporate diversification, and firm performance
    • Lang L, Stulz R,. 1994. Tobin's q, corporate diversification, and firm performance. Journal of Political Economy 102: 1248-1280.
    • (1994) Journal of Political Economy , vol.102 , pp. 1248-1280
    • Lang, L.1    Stulz, R.2
  • 38
    • 0009036929 scopus 로고
    • Why are the parts worth more than the sum? Chop Shop, a corporate valuation model
    • In, Conference Series, No. 31, Brown L.E. Rosengren E.S. (eds). Federal Reserve Bank: Boston, MA
    • LeBaron D, Speidell LS,. 1987. Why are the parts worth more than the sum? Chop Shop, a corporate valuation model. In The Merger Boom, Conference Series, No. 31, Brown LE, Rosengren ES, (eds). Federal Reserve Bank: Boston, MA; 78-95.
    • (1987) The Merger Boom , pp. 78-95
    • Lebaron, D.1    Speidell, L.S.2
  • 39
    • 0000359490 scopus 로고    scopus 로고
    • Toward a synthesis of the resource-based and dynamic-capability views of rent creation
    • Makadok R,. 2001. Toward a synthesis of the resource-based and dynamic-capability views of rent creation. Strategic Management Journal 22: 387-401.
    • (2001) Strategic Management Journal , vol.22 , pp. 387-401
    • Makadok, R.1
  • 40
    • 0042594657 scopus 로고    scopus 로고
    • Do conglomerate firms allocate resources inefficiently across industries? Theory and evidence
    • Maksimovic V, Phillips G,. 2002. Do conglomerate firms allocate resources inefficiently across industries? Theory and evidence. Journal of Finance 2: 721-767.
    • (2002) Journal of Finance , vol.2 , pp. 721-767
    • Maksimovic, V.1    Phillips, G.2
  • 41
    • 0035534611 scopus 로고    scopus 로고
    • Capital investment as investing in organizational capabilities: An empirical grounded process model
    • Maritan CA,. 2001. Capital investment as investing in organizational capabilities: an empirical grounded process model. Academy of Management Journal 44: 513-522.
    • (2001) Academy of Management Journal , vol.44 , pp. 513-522
    • Maritan, C.A.1
  • 42
    • 0002770369 scopus 로고    scopus 로고
    • How much does industry matter, really?
    • Summer Special Issue
    • McGahan A, Porter M,. 1997. How much does industry matter, really? Strategic Management Journal, Summer Special Issue 18: 15-30.
    • (1997) Strategic Management Journal , vol.18 , pp. 15-30
    • McGahan, A.1    Porter, M.2
  • 43
    • 0036650773 scopus 로고    scopus 로고
    • What do we know about variance in accounting profitability?
    • McGahan A, Porter M,. 2002. What do we know about variance in accounting profitability? Management Science 48: 834-851.
    • (2002) Management Science , vol.48 , pp. 834-851
    • McGahan, A.1    Porter, M.2
  • 44
    • 23844553938 scopus 로고    scopus 로고
    • Comment on 'industry, corporate and business-segment effects and business performance: A non-parametric approach' by Ruefli and Wiggins
    • McGahan A, Porter M,. 2005. Comment on 'industry, corporate and business-segment effects and business performance: a non-parametric approach' by Ruefli and Wiggins. Strategic Management Journal 26: 873-880.
    • (2005) Strategic Management Journal , vol.26 , pp. 873-880
    • McGahan, A.1    Porter, M.2
  • 45
    • 0037302949 scopus 로고    scopus 로고
    • Competitive positioning within and across a strategic group structure: The performance of core, secondary and solitary firms
    • McNamara G, Deephouse DL, Luce RA,. 2003. Competitive positioning within and across a strategic group structure: the performance of core, secondary and solitary firms. Strategic Management Journal 2: 161-181.
    • (2003) Strategic Management Journal , vol.2 , pp. 161-181
    • McNamara, G.1    Deephouse, D.L.2    Luce, R.A.3
  • 46
    • 84899473036 scopus 로고
    • Sources and consequences of competitive inertia: A study of the U.S. Airline industry
    • Miller D, Chen MJ,. 1994. Sources and consequences of competitive inertia: a study of the U.S. airline industry. Administrative Science Quarterly 39: 1-23.
    • (1994) Administrative Science Quarterly , vol.39 , pp. 1-23
    • Miller, D.1    Chen, M.J.2
  • 47
    • 33646549624 scopus 로고    scopus 로고
    • A new perspective on a fundamental debate: A multilevel approach to industry, corporate, and business unit effects
    • Misangyi VF, Elms H, Greckhamer T, LePine JA,. 2006. A new perspective on a fundamental debate: a multilevel approach to industry, corporate, and business unit effects. Strategic Management Journal 27: 571-590.
    • (2006) Strategic Management Journal , vol.27 , pp. 571-590
    • Misangyi, V.F.1    Elms, H.2    Greckhamer, T.3    Lepine, J.A.4
  • 48
    • 0000388296 scopus 로고
    • Diversification, Ricardian rents, and Tobin's q
    • Montgomery CA, Wernerfelt B,. 1988. Diversification, Ricardian rents, and Tobin's q. Journal of Economics 19: 623-632.
    • (1988) Journal of Economics , vol.19 , pp. 623-632
    • Montgomery, C.A.1    Wernerfelt, B.2
  • 49
    • 0002663735 scopus 로고
    • From competitive advantage to corporate strategy
    • Porter ME,. 1987. From competitive advantage to corporate strategy. Harvard Business Review 65 (3): 43-59.
    • (1987) Harvard Business Review , vol.65 , Issue.3 , pp. 43-59
    • Porter, M.E.1
  • 50
    • 0003457920 scopus 로고    scopus 로고
    • The cost of diversity: The diversification discount and inefficent investment
    • Rajan R, Servaes H, Zingales L,. 2000. The cost of diversity: the diversification discount and inefficent investment. Journal of Finance 1: 35-80.
    • (2000) Journal of Finance , vol.1 , pp. 35-80
    • Rajan, R.1    Servaes, H.2    Zingales, L.3
  • 53
    • 84989046113 scopus 로고
    • How much does industry matter?
    • Rumelt R,. 1991. How much does industry matter? Strategic Management Journal 12: 167-185.
    • (1991) Strategic Management Journal , vol.12 , pp. 167-185
    • Rumelt, R.1
  • 56
    • 0039056187 scopus 로고    scopus 로고
    • The value of diversification during the conglomerate merger wave
    • Servaes H,. 1996. The value of diversification during the conglomerate merger wave. Journal of Finance 51: 1201-1225.
    • (1996) Journal of Finance , vol.51 , pp. 1201-1225
    • Servaes, H.1
  • 57
    • 0039244094 scopus 로고    scopus 로고
    • Are internal capital markets efficient?
    • Shin H, Stulz R,. 1998. Are internal capital markets efficient? Quarterly Journal of Economics 113: 531-553.
    • (1998) Quarterly Journal of Economics , vol.113 , pp. 531-553
    • Shin, H.1    Stulz, R.2
  • 58
    • 70350243080 scopus 로고    scopus 로고
    • Contingencies within dynamic managerial capabilities: Interdependent effects of resource investment and deployment on firm performance
    • Sirmon DG, Hitt MA,. 2009. Contingencies within dynamic managerial capabilities: interdependent effects of resource investment and deployment on firm performance. Strategic Management Journal 13: 1375-1394.
    • (2009) Strategic Management Journal , vol.13 , pp. 1375-1394
    • Sirmon, D.G.1    Hitt, M.A.2
  • 59
    • 33846046765 scopus 로고    scopus 로고
    • Managing firm resources in dynamic environments to create value: Looking inside the black box
    • Sirmon DG, Hitt MA, Ireland RD,. 2007. Managing firm resources in dynamic environments to create value: looking inside the black box. Academy of Management Review 32: 273-292.
    • (2007) Academy of Management Review , vol.32 , pp. 273-292
    • Sirmon, D.G.1    Hitt, M.A.2    Ireland, R.D.3
  • 60
    • 52649103582 scopus 로고    scopus 로고
    • Earnings surprises, growth expectations, and stock returns or don't let an earnings torpedo sink your portfolio
    • Skinner DJ, Sloan RG,. 2003. Earnings surprises, growth expectations, and stock returns or don't let an earnings torpedo sink your portfolio. Review of Accounting Studies 7: 289-312.
    • (2003) Review of Accounting Studies , vol.7 , pp. 289-312
    • Skinner, D.J.1    Sloan, R.G.2
  • 61
    • 0342642164 scopus 로고
    • Knee-deep in the big muddy: A study of escalating commitment to a chosen course of action
    • Staw BM,. 1976. Knee-deep in the big muddy: a study of escalating commitment to a chosen course of action. Organizational Behavior and Human Performance 16: 27-44.
    • (1976) Organizational Behavior and Human Performance , vol.16 , pp. 27-44
    • Staw, B.M.1
  • 62
    • 0039054530 scopus 로고    scopus 로고
    • Internal capital markets and the competition for corporate resources
    • Stein JC,. 1997. Internal capital markets and the competition for corporate resources. Journal of Finance 1: 111-133.
    • (1997) Journal of Finance , vol.1 , pp. 111-133
    • Stein, J.C.1
  • 66
    • 0030509675 scopus 로고    scopus 로고
    • "austrian" and industrial organization perspectives on firm-level competitive activity and performance
    • Young G, Smith KG, Grimm CM,. 1996. "Austrian" and industrial organization perspectives on firm-level competitive activity and performance. Organization Science 7: 243-254.
    • (1996) Organization Science , vol.7 , pp. 243-254
    • Young, G.1    Smith, K.G.2    Grimm, C.M.3
  • 67
    • 0002017365 scopus 로고
    • Problems with the use of "moderator" variables
    • Zedeck S,. 1971. Problems with the use of "moderator" variables. Psychological Bulletin 76: 295-310.
    • (1971) Psychological Bulletin , vol.76 , pp. 295-310
    • Zedeck, S.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.