The role of top managers in shaping the performance of the firms that employthem represents a central issue to strategic management research. Indeed, a substantialamount of research has examined potential linkages between the characteristics of topmanagers and firm performance. However the...

Scholars have increasingly recognized the importance of institutional owners inthe life of the firm and have sought to explain how and when these owners influencefirm-level strategies. In spite of evidence that these owners can and do affect broadstrategies, there is little empirical support for...

Privatization is defined as the sale of state-owned assets by governmental agencies to private investors (e.g., Megginson, Nash, Netter, and Poulsen, 2004; Villalonga, 2000). Research on privatization has focused on privatization techniques (e.g., share issue privatization or voucher privatization),...