This paper studies how managers plan under uncertainty. In a new survey panel on German manufacturing firms, we show that uncertainty reflects change: Planning incorporates higher subjective uncertainty about future sales growth when the firm has just experienced unusual growth, and more so if...

We investigate how luck, namely, changes in a firm’s performance beyond the CEO’s control, affects strategic risk-taking. Fusing upper echelons theory with insights from psychology and behavioral strategy research, we hypothesize that there is a positive association between luck and...

The current literature on the adoption of enterprise risk management (ERM) abstracts from the issue of its strategic context. Accounting for the interplay between ERM and various individual risk management (IRM) practices, this paper presents a theoretical basis to study the strategic...

This paper theoretically and empirically studies the impact of corporate governance level on firms' choice in two political strategies: lobbying and making political contributions. The theoretical model implies that managers, who care more about personal interests in short run, prefer making...

This paper investigates the reasons for the lack of long-term persistence in the investment performance of actively managed equity mutual funds. We document that the responses of investors, fund managers, and investment management companies to past performance affect future performance....

This paper analyses the financing decisions of publicly traded companies in Turkey by estimating a dynamic capital structure model and using a panel of 227 industrial firms during the period 1990 to 2002. The approach adopted in this study allows for unobserved time-invariant firm heterogeneity...

The purpose of this study is to examine the performance consequences of misalignment among business strategy, organizational configurations and management accounting systems. Based on a questionnaire surveys conducting in publicly held manufacturing companies listed in Indonesia Stock Exchange,...

This study investigates how the performance of venture capital-backed companies is influenced by institutional factors and venture capital (VC) strategies in China. We conducted empirical analysis using national-level data and data obtained from companies listed on China’s Growth Enterprise...

This study tests the relationship between financial leverage and firm performance. Previous studies found mixed results (e.g., Gill et al. 2011, Mouna et al. 2017, and Abubaker (2015). Some suggest including the effect of the firms' business strategy and the degree of competitiveness on the...