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Firing Costs and the Decoupling of Technological Invention and Post-Invention Investments
In: Columbia Business School Research Paper Forthcoming
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Innovation, Short-termism, and the Cost of Strong Corporate Governance
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Cog in the Wheel: Resource Release and the Scope of Interdependencies in Corporate Adjustment Activities
In: Columbia Business School Research Paper No. 18-67
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Managerial Political Power and Reallocation of Value in the Internal Capital Market
In: Columbia Business School Research Paper Forthcoming
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License to Fire? Unemployment Insurance and the Moral Cost of Layoffs
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License to Fire? Unemployment Insurance and the Moral Cost of Layoffs
In: IZA Discussion Paper No. 13497
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Strategic Upward Striving Toward $100 Million Revenue: Setting Goals to Attract External Attention
In: Organization science, Band 35, Heft 3, S. 974-993
ISSN: 1526-5455
We provide evidence that in certain contexts, firms set upward-striving goals and that this upward striving yields significant performance and visibility benefits. We develop a model of variable attention in which, as firms' performance levels approach cognitively salient round numbers, managers strategically shift their focus from easier-to-reach goals based on historical and social reference points to more challenging goals that provide external visibility and capital market benefits. As one specific yet important instance of an upward shift in attention, we document a significant increase in revenue growth rates as firms' annual revenue approaches $100 million. Firms achieving this goal obtain discontinuous increases in analyst and media coverage, investment by new institutional investors, and executive compensation. We find no evidence of decreased investment efficiency or profitability, suggesting that managers typically build slack into their goal levels. Our theory extends to goals based on other salient round numbers, such as revenue of $10 million, $500 million, and $1 billion. This study recasts behavioral theory of firm research in an open systems perspective, highlighting the externally directed aspects of firm goal setting. Supplemental Material: The online appendices are available at https://doi.org/10.1287/orsc.2021.15148 .
Vaulting into the Spotlight: Upward-striving Toward the $100 Million Revenue Goal
In: Columbia Business School Research Paper No. 17-83
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The Influence of Hierarchy on Idea Generation and Selection in the Innovation Process
In: Organization Science, Forthcoming
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