search query: @author Pollock, T.G. / total: 2
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| Author: | Carpenter, M.A. Pollock, T.G. Leary, M.M. |
| Title: | Testing a model of reasoned risk-taking: Governance, the experience of principals and agents, and global strategy in high-technology IPO firms |
| Journal: | Strategic Management Journal
2003 : SEP, VOL. 24:9, p. 803-820 |
| Index terms: | Corporate governance Risk management Top management Internationalization Initial public offerings Venture capital High technology USA |
| Language: | eng |
| Abstract: | Research on the governance of risky ventures, like the initial public offerings (IPOs) of high-technology firms, has done little to shed light on potential relationships between governance and the strategies pursued by risky firms, nor has it taken into account the complementary role of key stakeholders in affecting those strategies. The authors of this study integrate agency and behavioral perspectives to develop a theory of "reasoned risk-taking," whereby the nature of risks undertaken is a consequence of the interaction of governance mechanisms and stakeholder characteristics. The theory is demonstrated by predicting when corporate governance should be associated with strategic risk-seeking beyond a firm's technical core - as seen in the degree to which it has expanded internationally. The authors find that technology-based IPO firms are less likely to have extensive global sales when they are backed by a VC. |
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