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AbstractResearch Question/IssueConcentrated ownership is more the rule than the exception in weak institutional environments, and the absence of external control mechanisms, leading to ineffective legal enforcement, intensifies principal–principal agency issues. Our study examines how the structuring of the corporate board plays a vital role in informing foreign investors about the risk of being expropriated, which affects their decisions to make equity investments in firms in weak institutional regimes.Research Findings/InsightsUsing a sample of large listed Indian firms in the period 2010–2014, we hypothesize that the presence of affiliate directors on the board has a negative impact on foreign investments. Likewise, the presence of controlling owners‐directors on the board together with chief executive officers' additional directorial positions has an inverted U‐shaped impact on foreign investments.Theoretical/Academic ImplicationsBy making use of agency theory and focusing on the importance of foreign financing, our study highlighted the factors that deter foreign investors from providing capital to firms in weak institutional regimes. The use of this theoretical perspective, by emphasizing the differences in agency problems prevalent in strong versus weak institutional regimes, further suggested that examination of the structure of corporate boards is an important way to detect and gauge the potential for expropriation in countries suffering from weaknesses in investor protection.Practitioner/Policy ImplicationsOur study has important implications for corporations operating in markets suffering from a legal environment that offers little investor protection. Investors are less prone to invest in these countries, as the risk of expropriation by dominant shareholders means they cannot be sure of actually getting the putative return. Our work shows how corporations can structure their boards effectively to convince investors that they face less danger of expropriation and so attract foreign capital.

Using a dynamic capabilities lens, this study examines how technological and complementary capabilities affect firms' abilities to enter emerging technologies. The empirical evidence from a sample of pharmaceutical firms entering the new biotech fields indicates that both technological and complementary capabilities potentially affect firms' entry into emerging technologies and entry mode. However, the results also show that capabilities in the traditional technology and the emerging technology have different effects. Firms with capabilities in the emerging technology are more likely to enter new technological fields and more likely to use internal development in doing so. Complementary capabilities also increase the rate of entry into emerging technological fields. However, capabilities in traditional technology are found to be unrelated to the propensity to enter new fields, and to the choice of entry mode. These results are consistent with insights from the literature on dynamic capabilities and evolutionary theory. We examine the implications of these results for literatures on strategic alliances and technological competition.

AbstractManuscript TypeEmpiricalResearch Question/IssueAlthough non‐family managers (NFMs) can be expected to influence firm performance, this issue is largely under‐investigated. In this study, we examine how diversity inside the non‐family component of the top management team (non‐family team, or NFT) influences family firm performance. More specifically, we investigate the performance effects of three specific sources of NFT diversity (NFT size; NFT tenure diversity; and NFT dominant functional diversity).Research Findings/InsightsThe analysis of 584 survey responses by top managers representing 97 complete NFTs (and the related top management teams, TMTs) out of the top 500 family‐controlled firms in the Italian furniture industry indicates that (1) NFT‐dominant functional diversity improves firm performance; (2) a U‐shaped relationship exists between NFT tenure diversity and family firm performance; (3) an inverted U‐shaped relationship exists between NFT size and family firm performance. Additionally, we show that the relation between non‐family manager characteristics and firm performance is moderated by family dominance in the entire TMT, that is, the proportion of family to non‐family managers.Theoretical/Academic ImplicationsOur results call for further exploration regarding the demographic characteristics of non‐family managers and their effect on the performance of family firms. In this way, they have several implications for the family business literature, contributing to the growing debate on the socio‐emotional wealth (SEW) perspective of family firms' behaviors. Moreover, our results highlight the importance of better contextualizing research on strategic leadership and strategic leaders.Practitioner/Policy ImplicationsOur study suggests that the choice of outsiders should take into account not only their "market value" and reputation, but also the attributes of other NFMs among the company's executives, providing guidance to family owners in their decisions about professionalization.

Hoch, Andrea: Bedrohte Dächer der Welt. Bergvölker dieser Welt: Viel Folklore, wenig Rechte. - S. 14-17