A Bridge Too Far: Divestiture as a Strategic Reaction to Status Inconsistency

This study focuses on the market identities of firms and suggests that identity ambiguity is caused not only by bridging horizontal product categories but also by status inconsistency stemming from bridging vertical status categories. Focusing specifically on how firms reduce status inconsistency by restructuring their business portfolios, we argue that status inconsistency motivates firms to divest business units to present a more coherent vertical market identity. Emphasizing the interplay between horizontal and vertical identity ambiguity, we argue furthermore that status-inconsistent units that are related to the core business units within a firm are more likely to be divested. Using a comprehensive sample of publicly traded U.S. firms from 1998 to 2014, we report that status inconsistency increases the likelihood of divestiture that decreases status inconsistency, particularly for high-status firms. Moreover, although status-inconsistent units are generally more likely to be divested, this effect is ...

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$$\textsf{U}$$\end{document} ‐shaped curve, taking care to specify key scope conditions on the social‐psychological orientations of the actors, the characteristics of the status structure, and the nature of the relevant actions. It also validates the conjecture in two settings that both meet such conditions and allow for the elimination of confounding effects: the Silicon Valley legal services market and the market for investment advice. These results inform our understanding of how an actor's status interacts with her role incumbency to produce differential conformity in settings that meet the specified scope conditions.

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title: How exploitation impedes and impels exploration: Theory and evidence
abstract: This study suggests that strategy and organizational scholars seeking to analyze the impact of exploitation on exploration would benefit by moving away from the generally assumed unitary perspective on exploitation. Specifically, we propose a multifaceted perspective on exploitation by theoretically and empirically distinguishing between repetitive exploitation versus incremental exploitation. We argue that repetitive exploitation can impede exploration and delay firms' responses to environmental changes, while incremental exploitation can impel exploration and accelerate firms' responses to environmental changes. We test our arguments using extensive longitudinal data from the hard disk drive (HDD) industry, and our supportive empirical findings highlight the relevance of our distinction between the two types of exploitation and their very different effects on exploration. 
 
 This study offers a solution to the puzzle of why many believe firms cannot excel at advancing existing practices and developing new initiatives, typically described as the trade-off between exploitation and exploration. We introduce the distinction between repetitive and incremental exploitation and show that only the former type of innovation generates rigidity toward exploration, whereas the latter actually promotes exploration. More specifically, our evidence from the hard disk drive industry shows that those firms emphasizing incremental innovation (as opposed to repetition of their existing practices) were most likely to remain explorative over time, whereas firms emphasizing more repetitive innovation proved less open to changes. We discuss the implications of our findings as suggesting that firms seeking to optimize their innovativeness over the long term should strive to remain active in incrementally innovating their existing practices.

title: Breaking up is hard to do: Irrational inconsistency in commitment to an industry peer network
abstract: This paper strengthens the basis for a key claim of contemporary economic sociology — that strong ties among capitalists cannot be reduced to rational considerations. Support for this claim has been limited by reliance on an external standard of rationality, whereby irrationality in commitment to a partner or network is based on an observer’s evaluation of an actor’s interests. In this article we address this limitation by developing an internal standard for assessing the rationality of an actor’s commitment, which is derived from Davidson’s (1980) definition of akrasia or ‘incontinence.’ In addition, we clarify the mechanisms that produce ‘akratic’ commitment among capitalists: (a) short-term emotions that overwhelm rational calculation; and (b) a sense of loyalty that leads one to incorporate others’ interests into one’s own. Finally, we provide systematic evidence of akratic commitment and the proposed mechanisms from studies of an industry peer network in the remodeling construction industry.

title: An Introduction to Survival Analysis Using Stata
abstract: An Introduction to Survival Analysis Using Stata, Third Edition provides the foundation to understand various approaches for analyzing time-to-event data. It is not only a tutorial for learning survival analysis but also a valuable reference for using Stata to analyze survival data. Although the book assumes knowledge of statistical principles, simple probability, and basic Stata, it takes a practical, rather than mathematical, approach to the subject. This updated third edition highlights new features of Stata 11, including competing-risks analysis and the treatment of missing values via multiple imputation. Other additions include new diagnostic measures after Cox regression, Statas new treatment of categorical variables and interactions, and a new syntax for obtaining prediction and diagnostics after Cox regression. After reading this book, you will understand the formulas and gain intuition about how various survival analysis estimators work and what information they exploit. You will also acquire deeper, more comprehensive knowledge of the syntax, features, and underpinnings of Statas survival analysis routines.

title: Institutional Logics and Power Sources: Merger and Acquisition Decisions
abstract: Institutional theory has explained the greater prevalence of many strategic actions by increases in their legitimacy over time, but it has not explained how firms choose among actions backed by com...

title: Standing out from the crowd: the visibility-enhancing effects of IPO-related signals on alliance formation by entrepreneurial firms
abstract: In this study, we explore how multiple signals related to entrepreneurial companies at the time of their initial public offering (IPO) influence the firms' ability to acquire non-financial resources over time. Specifically, the study looks at how signals based on investors' initial reactions to the IPO, analyst coverage and affiliations with experienced venture capitalists and prominent underwriters combine to enhance the IPO firm's visibility and reduce uncertainty, thereby influencing its ability to form post-IPO alliances. We also consider the extent to which the effects of each of the signals are sustained or diminish over time.Their analysis of 404 IPOs conducted by technology companies between 1995 and 2000 shows that these signals are positively related to alliance formation patterns, and that the effects of these signals deteriorate at different rates over time.

title: From Hot Cakes to Cold Feet: A Contingent Perspective on the Relationship between Market Uncertainty and Status Homophily in the Formation of Alliances
abstract: In this study, we reconsider the classical positive association between the level of market uncertainty and an organization's propensity to form ties with organizations of similar status. Although prior research argues that the greater the uncertainty, the higher the level of status homophily, we suggest that this relationship is contingent upon framing that affects positive or negative valence towards uncertainty. In an up market, organizations tend to frame uncertainty as upside risk, and thus will subsequently favour explorative uncertainty-mitigation devices; whereas, in a down market, organizations primarily frame uncertainty as downward risk, and thus will rely on more conservative uncertainty-mitigation mechanisms. We therefore predict that a greater number of status-heterophilous ties will be formed in an up market than in a down market. We discuss the implications of our results for status theory and more broadly for research on strategic decision making under uncertainty.

title: Power and Centrality: A Family of Measures
abstract: Although network centrality is generally assumed to produce power, recent research shows that this is not the case in exchange networks. This paper proposes a generalization of the concept of centrality that accounts for both the usual positive relationship between power and centrality and Cook et al.'s recent exceptional results.

title: What's in a Name? Reputation Building and Corporate Strategy
abstract: Firms compete for reputational status in institutional fields. Managers attempt to influence other stakeholders' assessments by signaling firms' salient advantages. Stakeholders gauge firms' relati...

title: The impact of norm-conforming behaviors on firm reputation
abstract: Deviance from social norms has been extensively examined in recent strategy research, leaving the strategic implications of conformity largely unexplored. In this article, we argue that firms can elect to conform to a norm along two dimensions: compliance with the goal and level of commitment to the procedures. We then produce a typology of four norm-conforming behaviors, which allows us to isolate differentiated effects of conformity on firm reputation. We examine the corporate environmental disclosures of 90 U.S. firms and find that firms derive different reputational rewards depending on whether they conform to the goal or procedure dimension of the environmental transparency norm. In addition, the relationship between conformity and reputation is moderated by the firm's prior reputation and the stringency of the normative environment.

title: Status Evolution and Competition: Theory and Evidence
abstract: In this study, we (1) clarify and distinguish the concept of status, (2) identify and analyze the institutional and organizational factors that can lead to differences in organizational status over...

title: Requisite expertise, firm reputation, and status in venture capital investment allocation decisions
abstract: Drawing together research in the upper echelon perspective, strategy, and organizational sociology, this paper examines (1) the relationship between the finance expertise of a venture capital (VC) firm's management team and investment selection, and (2) the moderation of this relationship by the VC firm's social position. We find that while finance expertise is associated with a lower proportion of early-stage investments, this relationship is weaker for firms with high reputation and stronger for firms with high status. We conclude with a discussion of the importance and nuances of external image considerations on investment decisions as well as insights into the importance of the requisite nature of expertise.

title: (Un)Tangled
abstract: We explore the relationship between status and reputation, examining how its dynamics change over time as these two intangible assets coevolve and how reputation and status are influenced by participation in highly visible events. Using a sample of more than 400 newly founded venture capital (VC) firms, we find that reputation and status positively influence each other but that reputation has a greater effect on status, particularly when firms are older. We also find that the effect of past status on current status weakens as VC firms age, but the relationship between past and current reputation remains consistent with age. Furthermore, our findings show that participating in big hits—blockbuster initial public offerings—has a positive relationship with status when firms are young and a positive relationship with reputation when firms are older, and it helps low-status and low-reputation firms more than it helps high-status and high-reputation firms. This study helps differentiate status and reputation, shows how they coevolve, and provides insight into how new firms build these important intangible assets.

title: THE LIABILITY OF GOOD REPUTATION: A STUDY OF PRODUCT RECALLS IN THE U.S. AUTOMOBILE INDUSTRY.
abstract: The article explores the ways in which organizational reputation responds to the revelation of product defects or quality problems, as evidenced by formal product recalls in the U.S. automobile ind...

title: Understanding corporate coherence: Theory and evidence
abstract: Multiproduct firms are perceived to be coherent in their scope, yet there is no strong theoretical foundations to explain coherence in modern industrial organization theory. This paper shows that as U.S. manufacturing firms grow more diverse, they maintain a constant level of coherence between neighboring activities. This finding runs counter to the idea that firms with many activities are generally more ‘incoherent’. A framework is then presented which appeals to the nature of enterprise learning, path dependencies, and the nature of the selection environment to explain the ubiquity of coherent diversifiers.

title: DOWNSCOPING: How to Tame the Diversified Firm
abstract: The article reviews book “Downscoping: How to Tame the Diversified Firm,” by Robert E. Hoskisson and Michael A. Hitt.

title: The Dynamics of Organizational Status
abstract: This paper examines the growth (and decline) of organizational status. It is argued that an organization's status is determined by two factors: past performance outcomes and the status of the organization's affiliates. The better the past performance outcomes and the higher the status of the affiliates, the greater the organization's growth in status. This basic proposition is tested in an examination of status changes among investment banks in the non-investment grade market between 1981 and 1987. Implications and extensions are discussed in the conclusion.

title: Interaction terms in logit and probit models
abstract: The magnitude of the interaction effect in nonlinear models does not equal the marginal effect of the interaction term, can be of opposite sign, and its statistical significance is not calculated by standard software. We present the correct way to estimate the magnitude and standard errors of the interaction effect in nonlinear models.

title: Better Together? Signaling Interactions in New Venture Pursuit of Initial External Capital
abstract: After new ventures have exhausted the limited financial resources of founders, family, and friends, they often pursue initial external capital. To secure investment, entrepreneurs can signal about ...

title: The Best of Both Worlds: The Benefits of Open-specialized and Closed-diverse Syndication Networks for New Ventures' Success.
abstract: Open networks give actors non-redundant information that is diverse, while closed networks offer redundant information that is easier to interpret. Integrating arguments about network structure and the similarity of actors' knowledge, we propose two types of network configurations that combine diversity and ease of interpretation. Closed-diverse networks offer diversity in actors' knowledge domains and shared third-party ties to help in interpreting that knowledge. In open-specialized networks, structural holes offer diversity, while shared interpretive schema and overlap between received information and actors' prior knowledge help in interpreting new information without the help of third parties. In contrast, actors in open-diverse networks suffer from information overload due to the lack of shared schema or overlapping prior knowledge for the interpretation of diverse information, and actors in closed-specialized networks suffer from overembeddedness because they cannot access diverse information. Using CrunchBase data on early-stage venture capital investments in the U.S. information technology sector, we test the effect of investors' social capital on the success of their portfolio ventures. We find that ventures have the highest chances of success if their syndicating investors have either open-specialized or closed-diverse networks. These effects are manifested beyond the direct effects of ventures' or investors' quality and are robust to controlling for the possibility that certain investors could have chosen more promising ventures at the time of first funding.

title: How Cinderella Became a Queen
abstract: Using a case study of the Italian spirit grappa, we examine status recategorization—the vertical extension and reclassification of an entire market category. Grappa was historically a low-status product, but in the 1970s one regional distiller took steps that led to a radical break from its traditional image, so that in just over a decade high-quality grappa became an exemplar of cultured Italian lifestyle and held a market position in the same class as cognac and whisky. We use this context to articulate “theorization by allusion,” which occurs through three mechanisms: category detachment—distancing a social object from its existing category; category emulation—presenting that object so that it hints at the practices of a high-status category; and category sublimation—shifting from local, field-specific references to broader, societal-level frames. This novel theorization is particularly appropriate for explaining change from low to high status because it avoids resistance to and contestation of such change (by customers, media, and other sources) as a result of status imperatives, which may be especially strong in mature fields. Unlike prior studies that have examined the status of organizations within a category, ours foregrounds shifts in the status and social meaning of a market category itself.

title: Status crystallization: A non-vertical dimension of social status
abstract: IN recent years there have been numerous indications that, in the analysis of social stratification, sociology is rapidly outgrowing the classical conceptual schemes inherited from the past. Critically inclined students have come increasingly to recognize the inability of the older schemes to incorporate many of the findings of present day research, or to adapt themselves to newer theoretical concerns. This trend is evident even with respect to such a basic matter as the manner in which the vertical structure of groups is conceived. From Aristotle to Marx to Warner, most social philosophers and social scientists have described the vertical structure of human groups in terms of a single hierarchy in which each member occupies a single position. Different exponents of this traditional scheme have not always agreed regarding the nature or characteristics of this hierarchical structure. Nevertheless, all have shared the common conception of a unidimensional structure. Since Max Weber's day, however, this traditional approach has come to be criticized by a growing number of sociologists, who have argued that the uni-dimensional view is inadequate to describe the complexities of group structure. These critics have maintained that the structure of human groups normally involves the coexistence of a number of parallel vertical hierarchies which usually are imperfectly correlated with one another. If this newer approach is sound, the traditional conception of individual or family

title: Consistent Estimation of the Fixed Effects Ordered Logit Model
abstract: The paper re-examines existing estimators for the panel data fixed effects ordered logit model, proposes a new one, and studies the sampling properties of these estimators in a series of Monte Carlo simulations. There are two main findings. First, we show that some of the estimators used in the literature are inconsistent, and provide reasons for the inconsistency. Second, the new estimator is never outperformed by the others, seems to be substantially more immune to small sample bias than other consistent estimators, and is easy to implement. The empirical relevance is illustrated in an application to the effect of unemployment on life satisfaction.

title: Imprint–environment Fit and Performance
abstract: Using a longitudinal study of professionals in two information technology services firms, as well as interview data, this paper illuminates how organizational fortunes influence individual performance over time, examining how the economic situation of an organization leaves a lasting imprint on new employees and how that imprint affects subsequent job performance. The core hypothesis, supported by the results, is that the more similar the initially experienced level of organizational munificence is to the level of munificence in a subsequent period, the higher an individual’s job performance. This relationship between what I call “imprint–environment fit” and performance is contingent on the individual’s career stage when entering the organization and the influence of secondhand imprinting resulting from the social transmission of others’ imprints. A possible implication of the core hypothesis may be a “curse of extremes,” whereby both very high and very low levels of initial munificence are associated with lower average performance during a person’s subsequent tenure. One mechanism underlying these patterns is that employees socialized in different resource environments develop distinct approaches to problem solving and client interactions, which then lead to varying levels of imprint–environment fit in subsequent resource environments.

title: Regression Methods in Biostatistics: Linear, Logistic, Survival and Repeated Measures Models
abstract: Being newly immersed in the upstream part of the oil business, I just recently had my first work session with data in ARC–GIS®. The project involves subsurface geographical modeling. Obviously I had considerable interest in discovering if the methodology in this book would enhance my modeling capabilities. The book is for social scientists, but I had no difficulty imagining my own important oil exploration application within the framework of geographically weighted regression (GWR). The first chapter nicely explains what is unique in this book. A standard regression model using geographically oriented data (the example is housing prices across all of England) is a global representation of a spatial relationship, an average that does not account for any local differences. In y = f (x), imagine a whole family of f ’s that are indexed by spatial location. That is the focus of this book. It is about one form of local spatial modeling, which is GWR. A more general resource for this topic is the earlier book by Fotheringham and Wegener (2000), which escaped the notice of Technometrics. Imagine a display of model parameters in a geographical information system (GIS) and you will understand the focus for this book. The authors note, “only where there is no significant spatial variation in a measured relationship can global models be accepted” (p. 10). The second chapter develops the basis of GWR. It analyzes the housing sales prices versus the 33 boroughs in London and begins by fitting a conventional multiple regression model versus housing characteristics. The GWR is motivated by differences in the regression models fitted separately by borough. The GWR is a spatial moving-window approach with all data distances weighted versus a specific data point using a weighting function and a bandwidth. A GIS can then be used to evaluate the spatial dependency of the parameters. As in kriging, local standard errors also are calculated. The chapter also provides all the math. Chapter 3 comprises several further considerations: parameters that are globally constant, outliers, and spatial heteroscedasticity. The first issue leads to hypothesis tests for model comparison using an Akaike information criterion (AIC). Local outliers are hard to detect. Studentized (deletion) residuals are recommended. The outliers can be plotted geographically. Robust regression is suggested as a less computationally intensive alternative. Hetereoscedasticity is harder to handle. Chapter 4 adds statistical inference to the capabilities of GWR: both a confidence interval approach using local likelihood and an AIC method. Four additional methodology chapters present various extensions of GWR. Chapter 5 considers the relationship between GWR and spatial autocorrelation, and includes a combined version of GWR and spatial regression using some complex hybrid models. Chapter 6 examines the relationship of scale and zoning problems in spatial analysis to GWR. Chapter 7 introduces the use of initial exploratory data analysis using geographically weighted statistics, which are based on the idea of using a kernel around each data point to create weights. Univariate statistics and correlation coefficients are defined for exploring local patterns in data. A final set of extensions in Chapter 8 discusses regression models with non-Gaussian errors, logistic regression, local principal components analysis, and local probability density estimation. The methods all use some kind of distributional model. The million-dollar question for me is always, “What about software?” The authors have a stand-alone program, GWR 3, available in CD–ROM by contacting the authors. Basically the drill with GWR 3 is to gather your data, use Excel to transform and reformat the data for GWR 3, use GWR 3 to produce a set of coefficients, and feed those coefficients to your favorite GIS to produce your maps. Forty pages of discussion about using the software are provided. A final epilogue chapter also discusses embedding GWR in R or Matlab and includes some references to people who have done that type of work. I probably would not have read this book if I had not happened to have had it in my briefcase on a visit with the exploration technologists. Though inclusive of appropriate mathematical development, this material is readily approachable because of the many illustrations and the pages and pages of GIS displays. The authors unabashedly present much of the material as their developmental work, so GWR offers a lot of opportunity for research and further development through novel applications and extensions.

title: Modeling Survival Data: Extending the Cox Model
abstract: and calibration activities in several models. The included papers are A hybridMarquardt-Simulated Annealing method for solving the groundwater inverse problem; Calibration of the Oro Moraine multi-aquifer system—fole of geology and objective function; In uence of pumping head data in the conditional estimation of a transmissivity  eld; Calibration of a 3-D groundwater model of the post-Permian sedimentary cover at the Morsleben radioactive waste repository site; Calibration of 3-D transient groundwater  ow models for fractured rock; Guidelines for model calibration and application to  ow simulation in the Death Valley regional groundwater system; A comparison of solute-transport solution techniques based on inverse modelling results; A new look at traditional deterministic  ow models and their calibration in the context of randomly heterogeneous media; Computational aspects of the coupled inversion of groundwater  ow and mass transport; Determination of the hydraulic properties of a multilayered aquifer from pumping test data using genetic algorithms; Automatic model calibration using a universal approximator; Three-dimensional inverse modelling of pneumatic tests in unsaturated fractured rocks; Calibration and sensitivity analysis of the 3-D Cape Cod tracer test; and The bene t of using data on canal seepage and tracer concentration in aquifer parameter estimation. The fourth section, Reliability of Model Prediction, is comprised of nine papers comparing model predictions with observed in situ values and with alternative modeling approach results. The applicable titles are Predictive modelling of  ow in a two-dimensional intermediate-scale, heterogenous porous media; Uncertainty analysis of groundwater heads around underground storage caverns due to the spatial variability of hydraulic conductivity; An optimal decision for contaminant plume capture design in a groundwater system under parameter and boundary uncertainty; Computationally ef cient methods for the quantication of uncertainties in groundwater modelling; Uncertainty propagation using the point estimate method; Linking groundwater, contaminant transport, and water distribution models to determine the uncertainty of drinking water contaminant exposure; Reliability-based evaluation of groundwater remediation strategies; Stochastic well capture zones in fully, leaky, and randomly con ned, heterogeneous aquifers; and Contaminant transport modelling under random sources. The  fth section, Comprehensive Use of Field Information, is the smallest major section with only seven included papers. This section addresses the use of larger scale and regional data of less traditional nature in further re ning groundwater studies. The paper titles in this section include Value of seismic data for the risk assessment of mass transport—a case study; Modelling of radon-222 as a proxy for vapour phase transport in the unsaturated zone; Methodology for the hydraulic characterization of a granite block; Modelling the tritium release from underground nuclear tests performed at Mururoa and Fangataufa—a conservaive estimate based on uncertain data; Variational data assimulation of soil moisture and temperature from remote sensing observations; Conditional geostatistical modelling of an alluvial aquifer system characterized by poor-quality shallow groundwater; and Estimation of the sustainable yield of a borehole including boundary information, drawdown derivatives and uncertainty propagation. The sixth and  nal section, Nonlinear and Coupled Flow and Transport Modelling, consists of 21 papers that are further divided into four sub-topics: Density Flow Modelling with  ve papers, seven Multiphase Modelling papers, six Reactive Transport Modelling papers, and three in the Coupled Surface Water and Groundwater Modelling sub-section. The  rst sub-section deals with modeling  ow due to or in uenced by solute concentration gradients in saturated media. The titles under this heading include On modelling density driven  ow; A comparison of different model concepts of saltwater intrusion processes; Three-dimensional densitydependent calculation of matrix fracturer  ow; A three-dimensional physical model for veri cation of variable density  ow codes; and Conceptual and numerical modelling of density induced migration of radioactive contaminants at the Lake Karachai waste disposal site. The second sub-section deals with problems associated with multiphase modeling such as heterogeneously distributed residual nonaqueous phase liquids, unsaturated  ows, immiscible phases, and surfactant in uenced phases. The seven papers titles in this sub-section are Characterization of residual NAPL using partitioning tracers—temporal movement analysis; Error propagation in the Newton-based solution control of unsaturated  ow; Reliability of models for isothermal and non-isothermal multiphase processes in porous media; Two-phase  ow simulation of water-sealing of compressed air storage under cyclic pressure change in an unlined rock cavern; The inuence of interfacial tension reduction on organic liquid migration—numerical and experimental comparisons; Multiphase modelling of gas storage in aquifer with automatic calibration and condence limits; and DNAPL spill and plume migration in a naturally heterogeneous aquifer analogue. Papers in the third sub-section include Transfer of tracer data to mixingcontrolled reactive transport; Estimation of sequential degradation rates of perchloroethylene by “history matching”; Multicomponent solute transport model with cation exchange in a redox subsurface environment; Reactive transport modelling with simulator MODCALIF-CHEM—prediction of the environmental impact of lignite dump waters; Assessing uncertainty in remediation by natural attenuation of a petroleum hydrocarbon contaminated site; and In situ measurements and numerical simulation of nitrate leaching from farm soil. The  nal three papers address some of the linkages and hydraulic interactions associated with coupled surface and groundwater systems modeling. The titles include Coupling groundwater models to external simulation models— strategies and application to surface waters; Modelling groundwater recharge from intermittently  ooded areas by calibration of time dependent leakage parameters; and Application of a physically-based numerical model of surface and subsurface water  ow and solute transport. Although this book will be useful for individuals with closely related problems or areas of interest, it is unlikely to be of much value to the majority of Technometrics readers.

title: Regression Diagnostics Identifying Influential Data And Sources Of Collinearity
abstract: Thank you for reading regression diagnostics identifying influential data and sources of collinearity. Maybe you have knowledge that, people have look numerous times for their favorite books like this regression diagnostics identifying influential data and sources of collinearity, but end up in infectious downloads. Rather than enjoying a good book with a cup of coffee in the afternoon, instead they are facing with some infectious bugs inside their desktop computer.