Social network contingency, symbolic management, and boundary stretching

Markóczy, Ĺıvia; Sun, Sunny Li; Peng, Mike W.; Shi, Weichao; Ren, Bin

doi:10.1002/smj.2072

Cited by 121 publications

(97 citation statements)

References 98 publications

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“…Given that the listed firms in China are characterized by ownership concentration and the dominance of controlling shareholders, this agency argument may not apply because CEOs with duality may still have limited power over the large controlling shareholders who usually can decide whether to combine the CEO and board chair positions. The empirical evidence is largely consistent with this prediction, showing that duality does not decrease CEO turnover (Chang & Wong, 2009;Lau et al, 2007) or increase CEO compensation Conyon & He, 2011Markoczy et al, 2013). Other studies also find no evidence that duality increases financial fraud and earnings management (Chen et al, 2006;Firth et al, 2011;Liu & Lu, 2007;Yuan et al, 2008) or decreases firm performance (Huang & Zhao, 2008;Li & Naughton, 2007;Shen & Lin, 2009).…”

Section: Internal Mechanism: Boards Of Directorsmentioning

confidence: 77%

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Empirical Research on Corporate Governance in China: A Review and New Directions for the Future

2015

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The ownership structure of Chinese firms has experienced significant changes over the last three decades, including the development of a fast growing stock market through which a large number of domestic firms have become publicly traded corporations. These changes have drawn increasing attention from researchers of corporate governance. In this article, we review the empirical research on corporate governance in China, with a focus on the internal and external governance mechanisms that have been investigated and the findings about the effectiveness of these mechanisms. On the basis of our review of 132 studies, we summarize the major findings and discuss the limitation of agency theory in understanding the governance issue in Chinese firms. We offer several ideas (e.g., the importance of the social context, new conceptualization of governance, different outcomes of governance, and data/method issues) for a new agenda to guide future research in the corporate governance of firms operating in the Chinese and other emerging economy contexts.

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Section: Internal Mechanism: Boards Of Directorsmentioning

confidence: 77%

“…For example, the relation between state ownership and executive pay is either negative (Adithipyangkul & Zhang, 2011;Conyon & He, 2011Firth et al, 2007) or insignificant Firth, Fung, & Rui, 2006a;Markoczy et al, 2013). The same is true about the relation between state ownership and executive turnover.…”

Section: Internal Mechanism: Ownership Structurementioning

confidence: 90%

Empirical Research on Corporate Governance in China: A Review and New Directions for the Future

2015

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“…For instance, Peng (2012) known to be the fastest firm growth strategy. Since CEOs' compensation is significantly determined by the size of the firm, they have a strong incentive to make their firms bigger (Markoczy, Sun, Peng, Shi, & Ren, 2013). This seems a plausible hypothesis given the generally low quality of corporate governance in EE (Filatochev et al, 2013;Globerman et al, 2011).…”

Section: Managerial Self-interest and Hubrismentioning

confidence: 96%

Mergers and acquisitions in and out of emerging economies

Лебедев

Peng

Xie

et al. 2015

Journal of World Business

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252

219

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“…This directly contributes to the literature on sensemaking, which is yet to examine the effect of efforts at sensegiving, accomplished via language, on the sensemakers (Weick et al, ). These results could have important implications for the emerging stream of research in strategic management that focuses on the symbolic management of organizational stakeholders (Fiss and Zajac, ; Markóczy et al, ; Westphal and Zajac, ).…”

Section: Introductionmentioning

confidence: 82%

Riding off into the Sunset: Organizational Sensegiving, Shareholder Sensemaking, and Reactions to CEO Retirement

Bilgili

Campbell

Ellstrand

et al. 2017

J Management Studies

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We test hypotheses derived from resource dependence and sensemaking/sensegiving theoretical lenses in the context of CEO succession, focusing on an under‐researched yet prevalent type of executive turnover – CEO retirement. Using event study methodology and a sample of CEO retirements from S&P 1500 firms during the 2003–12 period, we find that, all else equal, shareholders’ perceptions of organizations’ capacity to serve their interests are adversely affected when a retirement related change occurs in the leadership structure. Specifically, in line with resource dependence theory, we find that CEO retirement disclosures typically generate negative abnormal returns. Furthermore, in line with the sensemaking perspective, we find that the magnitude of shareholders’ reactions is contingent on the lexical sensegiving cues contained in the organizational narratives that are released to capital markets via executive retirement announcements. Overall, our theory and results point to CEO retirement events as consequential in the eyes of shareholders, challenging an important assumption of extant succession research. Moreover, they suggest that shareholders’ interpretation of these events is influenced by organizational sensegiving, highlighting the important role of organizational communication around succession events.

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Social network contingency, symbolic management, and boundary stretching

Cited by 121 publications

References 98 publications

Empirical Research on Corporate Governance in China: A Review and New Directions for the Future

Empirical Research on Corporate Governance in China: A Review and New Directions for the Future

Mergers and acquisitions in and out of emerging economies

Riding off into the Sunset: Organizational Sensegiving, Shareholder Sensemaking, and Reactions to CEO Retirement

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