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管理学workshop:Optimal Diversification: How Organizational Category Affects Audiences’ Evaluation on Firms’ Diversification Strategies
发布日期：2019-03-21 12:00 来源：
Time: March 21th, 2019(Thursday) 10:00-11:30Location: Zhifuxuan Meeting Room, National School of Development, Peking UniversitySpeaker: Prof. Jane Lu (吕文珍)Optimal Diversification: How Organizational Category Affects Audiences’ Evaluation on Firms’ Diversification StrategiesJane Lu (China Europe International Business School)Zhou Xiaoyu (Shanghai Technology University)AbstractPrior research on the relationship between diversification and performance has mostly focused on the firm-side characteristics and ignored stakeholder-side influences. Recent developments in organizational theory suggest that a firm’s optimal distinctiveness rests on a constant interplay between managerial agency and stakeholders evaluation and we argue that one possible way for firms to attain optimal diversification is to use audiences’ category taken-for-grantedness. We situate our study in the reactions from two important types of stakeholders, security analysts and mass investors, to diversification of two categories of firms, developed economy firms and emerging market firms. In a sample 2,163 US listed firms in the manufacturing industry between 2003 and 2017, we find that the “diversification discount on legitimacy”, in terms of analyst coverage, is mitigated in the category of emerging market firms but less so among those with less developed institutions while “diversification discount on valuation,” in terms of corporate market value, is mitigated in the category of emerging market firms and is especially so among those with less developed institutions.About the Speaker吕文珍博士（Jane Lu）是中欧国际工商学院管理学教授、鹏瑞战略学教席教授、中欧新兴市场研究中心主任。加入中欧之前，她在墨尔本大学管理与营销学系担任管理学教授、李白（James Riady）亚洲商业和经济学教席教授。吕博士毕业于加拿大韦仕敦大学获得管理学博士学位，并在中欧国际工商学院获得工商管理硕士学位。她的研究兴趣主要集中在国际战略方面，如外商直接投资的区位选择、市场进入模式选择以及战略联盟选择。她最近的研究依然以国际战略为主线，重点探讨新兴市场的企业及他们的国际化问题。吕博士的研究成果发表在众多知名学术期刊上，如《管理学会期刊》、《管理科学季刊》、《管理学报》和《商业风险杂志》等。她是《亚洲-太平洋管理杂志》的主编，同时还是几家知名学术期刊的编委会成员，如《管理与组织评论》、《国际商务研究杂志》、《管理研究期刊》以及《商业研究期刊》。吕博士在教学研究领域曾多次获奖，如2015至2016年战略管理协会会议最佳论文提名奖、2014年美国管理学会Dom Cabral基金最佳论文奖、2008年澳大利亚与新西兰管理协会战略领域最佳论文奖等。For further information about the speaker, please visit: http://cn.ceibs.edu/ljane
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管理学workshop:Optimal Diversification: How Organizational Category Affects Audiences’ Evaluation on Firms’ Diversification Strategies
发布日期：2019-03-21 12:00 来源：
Time: March 21th, 2019(Thursday) 10:00-11:30Location: Zhifuxuan Meeting Room, National School of Development, Peking UniversitySpeaker: Prof. Jane Lu (吕文珍)Optimal Diversification: How Organizational Category Affects Audiences’ Evaluation on Firms’ Diversification StrategiesJane Lu (China Europe International Business School)Zhou Xiaoyu (Shanghai Technology University)AbstractPrior research on the relationship between diversification and performance has mostly focused on the firm-side characteristics and ignored stakeholder-side influences. Recent developments in organizational theory suggest that a firm’s optimal distinctiveness rests on a constant interplay between managerial agency and stakeholders evaluation and we argue that one possible way for firms to attain optimal diversification is to use audiences’ category taken-for-grantedness. We situate our study in the reactions from two important types of stakeholders, security analysts and mass investors, to diversification of two categories of firms, developed economy firms and emerging market firms. In a sample 2,163 US listed firms in the manufacturing industry between 2003 and 2017, we find that the “diversification discount on legitimacy”, in terms of analyst coverage, is mitigated in the category of emerging market firms but less so among those with less developed institutions while “diversification discount on valuation,” in terms of corporate market value, is mitigated in the category of emerging market firms and is especially so among those with less developed institutions.About the Speaker吕文珍博士（Jane Lu）是中欧国际工商学院管理学教授、鹏瑞战略学教席教授、中欧新兴市场研究中心主任。加入中欧之前，她在墨尔本大学管理与营销学系担任管理学教授、李白（James Riady）亚洲商业和经济学教席教授。吕博士毕业于加拿大韦仕敦大学获得管理学博士学位，并在中欧国际工商学院获得工商管理硕士学位。她的研究兴趣主要集中在国际战略方面，如外商直接投资的区位选择、市场进入模式选择以及战略联盟选择。她最近的研究依然以国际战略为主线，重点探讨新兴市场的企业及他们的国际化问题。吕博士的研究成果发表在众多知名学术期刊上，如《管理学会期刊》、《管理科学季刊》、《管理学报》和《商业风险杂志》等。她是《亚洲-太平洋管理杂志》的主编，同时还是几家知名学术期刊的编委会成员，如《管理与组织评论》、《国际商务研究杂志》、《管理研究期刊》以及《商业研究期刊》。吕博士在教学研究领域曾多次获奖，如2015至2016年战略管理协会会议最佳论文提名奖、2014年美国管理学会Dom Cabral基金最佳论文奖、2008年澳大利亚与新西兰管理协会战略领域最佳论文奖等。For further information about the speaker, please visit: http://cn.ceibs.edu/ljane
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