Corporate strategy deviation and institutional investor recognition: complex network-based and graph clustering analysis
Abstract
In this paper, the quantitative analysis is implemented on the relationship between strategy deviation of listed firms and institutional investors’ recognition. For research methodology, financial complex networks and clustering techniques are employed to measure the de-gree of recognition by creating links to the common stockholding behaviour of institutional investors. Besides, quarterly panel data from 2006 to 2020 are constructed for an innovative study of the degree of recognition of institutional investors’ strategy deviation of listed firms under different innovation fields, firm properties, and market style heterogeneity and asymmetry. The stability test is conducted by the transformation of the measures and methods, thereby effectively avoiding the “cluster fallacy”. We validate the mechanism by which the differences in strategic choices and propensities of listed firms affect capital market recognition, and enrich the microscopic research perspective and methodology on related issues.
First published online 26 October 2021
Keyword : complex networks, generalized clustering, corporate strategy, institutional investors
How to Cite
Lin, C., Liu, J., & Liu, P. (2021). Corporate strategy deviation and institutional investor recognition: complex network-based and graph clustering analysis. Technological and Economic Development of Economy, 27(6), 1383-1412. https://doi.org/10.3846/tede.2021.15498
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Benner, M. J. (2010). Securities analysts and incumbent response to radical technological change: Evidence from digital photography and internet telephony. Organization Science, 21(1), 42−62. https://doi.org/10.1287/orsc.1080.0395
Bentley, K. A., Omer, T. C., & Sharp, N. Y. (2013). Business strategy, financial reporting irregularities, and audit effort. Contemporary Accounting Research, 30(2), 780−817. https://doi.org/10.1111/j.1911-3846.2012.01174.x
Blanc Alquier, A. M., & Lagasse Tignol, M. H. (2006). Risk management in small- and medium-sized enterprises. Production Planning & Control, 17(3), 273−282. https://doi.org/10.1080/09537280500285334
Blondel, V. D., Guillaume, J. L., Lambiotte, R., & Lefebvre, E. (2008). Fast unfolding of communities in large networks. Journal of Statistical Mechanics: Theory and Experiment, 10. https://doi.org/10.1088/1742-5468/2008/10/P10008
Buzzell, R. D., & Gale, B. T. (1987). The PIMS principles: linking strategy to performance. Journal of Marketing, 53(2), 126−129. https://doi.org/10.1177/002224298905300210
Cappa, F., Cetrini, G., & Oriani, R. (2020). The impact of corporate strategy on capital structure: Evidence from Italian listed firms. The Quarterly Review of Economics and Finance, 76, 379−385. https://doi.org/10.1016/j.qref.2019.09.005
Cazavan-Jeny, A., & Jeanjean, T. (2006). The negative impact of R&D capitalization: A value relevance approach. European Accounting Review, 15(1), 37−61. https://doi.org/10.1080/09638180500510384
Carpenter, M. A. (2000). The price of change: The role of CEO compensation in strategic variation and deviation from industry strategy norms. Journal of Management, 26(6), 1179−1198.
https://doi.org/10.1177/014920630002600606
Chatterjee, A., & Hambrick, D. C. (2007). It’s all about me: Narcissistic chief executive officers and their effects on company strategy and perfor-mance. Administrative Science Quarterly, 52(3), 351−386. https://doi.org/10.2189/asqu.52.3.351
Chauhan, G. S., & Huseynov, F. (2016). Corporate financing and target behavior: New tests and evidence. Journal of Corporate Finance, 48, 840−856. https://doi.org/10.1016/j.jcorpfin.2016.10.013
Chebbi, H., Yahiaoui, D., Sellami, M., Papasolomoud, I., & Melanthiou, Y. (2020). Focusing on internal stakeholders to enable the implementation of organizational change towards corporate entrepreneurship: A case study from France. Journal of Business Research, 119, 209−217. https://doi.org/10.1016/j.jbusres.2019.06.003
Chen, M. J., & Miller, D. (1994). Competitive attack, retaliation and performance: An expectancy-valence framework. Strategic Management Journal, 15(2), 85–102. https://doi.org/10.1002/smj.4250150202
Chen, T. Q., He, J. M., & Li, X. D. (2017). An evolving network model of credit risk contagion in the financial market. Technological and Eco-nomic Development of Economy, 23(1), 22−37. https://doi.org/10.3846/20294913.2015.1095808
Chen, T., & Lin, C. (2017). Does information asymmetry affect corporate tax aggressiveness? Journal of Financial & Quantitative Analysis, 52(5), 2053−2081. https://doi.org/10.1017/S0022109017000576
Das, S., Sen, P. K., & Sengupta, S. (1998). Impact of strategic alliances on firm valuation. Academy of Management Journal, 41(1), 27−41. https://doi.org/10.2307/256895
DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147–160.
https://doi.org/10.2307/2095101
DiMaggio, P. J., & Powell, W. W. (1991). Introduction. In The new institutionalism in organizational analysis. University of Chicago Press.
Doukas, J., & Switzer, L. (1992). The stock market’s valuation of R&D spending and market concentration. Journal of Economics & Business, 44(2), 95−114. https://doi.org/10.1016/0148-6195(92)90009-Y
Dvorsk, J., Belas, J., Gavurová, B., & Brabenec, T. (2021). Business risk management in the context of small and medium-sized enterprises. Eco-nomic Research-Ekonomska Istraživanja, 34(1), 1690−1708. https://doi.org/10.1080/1331677X.2020.1844588
Gao, J., Liang, Z., Shang, J., & Xu, Z. (2020). Remanufacturing with patented technique royalty under asymmetric information and uncertain mar-kets. Technological and Economic Development of Economy, 26(3), 599−620. https://doi.org/10.3846/tede.2019.10287
Geletkanycz, M. A., & Hambrick, D. C. (1997). The external ties of top executives: implications for strategic choice and performance. Administra-tive Science Quarterly, 42(4), 654−681. https://doi.org/10.2307/2393653
Habib, A., Hasan, M. M., & Jiang, H. (2017). Stock price crash risk: review of the empirical literature. Accounting & Finance, 58, 211−251. https://doi.org/10.1111/acfi.12278
Haunschild, P. R. (1993). Interorganizational imitation: the impact of interlocks on corporate acquisition activity. Administrative Science Quarterly, 38(4), 564–592. https://doi.org/10.2307/2393337
Haveman, H. A. (1993). Follow the leader: mimetic isomorphism and entry into new markets. Administrative Science Quarterly, 38(4), 593–627. https://doi.org/10.2307/2393338
Henry, A. O., Osei, D., & Franco, M. (2019). Leverage deviations and acquisition probability in the UK: The moderating effect of firms’ internal capabilities and deal diversification potential. European Management Review, 16(4), 1059–1077. https://doi.org/10.1111/emre.12307
Higgins, D., Omer, T. C., & Phillips, J. D. (2015). The influence of a firm’s business strategy on its tax aggressiveness. Contemporary Accounting Research, 32(2), 674–702. https://doi.org/10.1111/1911-3846.12087
Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R2, and crash risk. Journal of Financial Economics, 94(1), 67–86. https://doi.org/10.1016/j.jfineco.2008.10.003
Ittner, C. D., Larcker, D. F., & Rajan, M. V. (1997). The choice of performance measures in annual bonus contracts. The Accounting Review, 72(2), 231–255. https://www.jstor.org/stable/248554
Yin, K. D., Liu, Z., Huang, C., & Liu, P. D. (2020). Topological structural analysis of China’s new energy stock market: A multi-dimensional data network perspective. Technological and Economic Development of Economy, 26(5), 1030–1051. https://doi.org/10.3846/tede.2020.12723
Jin, L., & Myers, S. C. (2006). R2 around the world new theory and new tests. Journal of Financial Economics, 79(2), 257–292. https://doi.org/10.1016/j.jfineco.2004.11.003
Keating, A. S., & Zimmerman, J. L. (1999). Depreciation-policy changes: Tax, earnings management, and investment opportunity incentives. Jour-nal of Accounting & Economics, 28(3), 359–389. https://doi.org/10.1016/S0165-4101(00)00004-5
Kinney, Jr. W. R., & McDaniel, L. S. (1989). Characteristics of firms correcting previously reported quarterly earnings. Journal of Accounting and Economics, 11(1), 71–93. https://doi.org/10.1016/0165-4101(89)90014-1
Kothari, P., Patel, S., Brown, P., Obara, L., & O’Malley, S. (2002). A prospective double‐blind randomized controlled trial comparing the suitabil-ity of KTP laser tonsillectomy with conventional dissection tonsillectomy for day case surgery. Clinical Otolaryngology, 27(5), 369–373. https://doi.org/10.1046/j.1365-2273.2002.00596.x
Kothari, S. P., Shu, S., & Wysocki, P. D. (2009). Do managers withhold bad news? Journal of Accounting Research, 47(1), 241–276. https://doi.org/10.1111/j.1475-679X.2008.00318.x
Lara, J. M. G., Osma, B. G., & Penalva, F. (2011). Conditional conservatism and cost of capital. Review of Accounting Studies, 16(2), 247–271. https://doi.org/10.1007/s11142-010-9133-4
Li, D. F., & Liu, P. D. (2020). Big data and intelligent decision methods in economy, innovation and sustainable development. Technological and Economic Development of Economy, 26(5), 970–973. https://doi.org/10.3846/tede.2020.13354
Li, R., Cui, Y., & Zheng, Y. (2021). The impact of corporate strategy on enterprise innovation based on the mediating effect of corporate risk-taking. Sustainability, 13(3), 1023. https://doi.org/10.3390/su13031023
Miles, R. E., & Snow, C. C. (2003). Organizational strategy, structure, and process. Stanford University Press.
Miles, R. E., Snow, C. C., Meyer, A. D., & Coleman, H. J. (1978). Organizational strategy, structure, and process. The Academy of Management Review, 3(3), 546–562. https://doi.org/10.5465/amr.1978.4305755
Newman, M. E. J., & Girvan, M. (2004). Finding and evaluating community structure in networks. Physical Review E, 69(2), 026113. https://doi.org/10.1103/PhysRevE.69.026113
Pareek, A. (2012). Information networks: Implications for mutual fund trading behavior and stock returns. SSRN Electronic Journal, 2. https://doi.org/10.2139/ssrn.1361779
Park, J. I., & Hee, J. S. (2017). The relation between corporate tax aggressiveness and future financial performance. Journal of Taxation and Ac-counting, 18(3), 145–182. https://doi.org/10.35850/KJTA.18.3.06
Prahalad, C. K., & Hamel, G. (1990). The core competence of the corporation. Harvard Business Review, 68(3), 275–292. https://doi.org/10.1007/3-540-30763-X_14
Rajagopalan, N. (1997). Strategic orientations, incentive plan adoptions, and firm performance: Evidence from electric utility firms. Strategic Management Journal, 18(10), 761–785. https://doi.org/10.1002/(SICI)1097-0266(199711)18:10<761::AID-SMJ906>3.0.CO;2-2
Rajagopalan, N., & Spreitzer, G. M. (1997). Toward a theory of strategic change: A multi-lens perspective and integrative framework. Academy of Management Review, 22(1), 48–79. https://doi.org/10.5465/amr.1997.9707180259
Salehi, M., & Arianpoor, A. (2021). The relationship between business strategy and management entrenchment. International Journal of Produc-tivity and Performance Management. https://doi.org/10.1108/IJPPM-06-2020-0288
Salehi, M., & Ghasempour, F. (2021). Material internal control weakness with intangible assets, capital structure and commercial risk. Management Research Review, 44(7), 1059–1082. https://doi.org/10.1108/MRR-06-2020-0335
Salehi, M., Dashtbayaz, M. L., & Abdulhadi, K. H. (2020a). The relationship between managerial entrenchment and firm risk‐taking on social re-sponsibility disclosure. Journal of Public Affairs. https://doi.org/10.1002/pa.2511
Salehi, M., Naeini, A., & Rouhi, S. (2020b). The relationship between manager’ narcissism and overconfidence on corporate risk-taking. The TQM Journal. https://doi.org/10.1108/TQM-07-2020-0168
Shaikh, I. A., & O’Connor, G. C. (2020). Understanding the motivations of technology managers in radical innovation decisions in the mature R&D firm context: An agency theory perspective. Journal of Engineering and Technology Management, 55, 101553. https://doi.org/10.1016/j.jengtecman.2020.101553
Suijs, J. (2008). On the value relevance of asymmetric financial reporting policies. Journal of Accounting Research, 46(5), 1297–1321. https://doi.org/10.1111/j.1475-679X.2008.00309.x
Tang, J., Crossan, M., & Rowe, W. G. (2011). Dominant CEO, deviant strategy, and extreme performance: the moderating role of a powerful board. Journal of Management Studies, 48(7), 1479–1503. https://doi.org/10.1111/j.1467-6486.2010.00985.x
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