Article history: Received 6 June 2012 Received in revised form 18 March 2013 Accepted 21 June 2013 Available online 11 July 2013 Although the effects of corporate reputation on competitive advantage are well documented, the mechanisms that explain those effects remain unclear. We develop and test a theoretical model to investigate how relational capital mediates the impact of corporate reputati...

Social Capital theory has tended to treat social cohesion as a mere aggregation of individual and community level characteristics, ignoring the long tradition of theory on social solidarity and social cohesion at the societal level. However, the key indicators of social capital – associational membership and social trust – do not co-vary cross nationally and societies rich in community level so...

Questions about capital formation and the implications of a potentially increasing scarcity of financial capital in the United States have recently emerged as important public issues, not just as a matter of long~range planning but as an object of concern in ~the medium run, too. There are reasons for expecting both the overall scarcity of investment capital and, perhaps more importantly, the r...

Human and social capital development are discussed in the context of increasing corporate IQ, defined as distributed intelligence (DI) in firms, as the basis of economic rent generation. A review of complexity science shows that adaptive tension dynamics (Lorenz energy-differentials) may be used to foster adaptively efficacious DI appreciation. The optimal region for rapidly improving adaptive ...

In contrast to the focus of much of the literature on the role of capital markets in hastening convergence in corporate governance practices worldwide, we document the role played by the globalization of product and talent markets in affecting corporate governance of firms in the Indian software industry. We discuss several possible reasons why a particular firm, Infosys, has emerged as the exe...

In general, corporations in high-tech industries pursue Corporate Venture Capital investments for financial and strategic objectives. In particular, a large number of corporations have invested in e-business ventures in order to enhance innovation and entrepreneurship within the firm’s network. The achievement of strategic objectives is often comparatively difficult to measure and may take seve...

This paper investigates the e¤ect of country-level …nancial development on the formation of corporate groups. Since cross-country regressions are hard to interpret in a causal sense, we use exogenous industry measures to investigate a speci…c channel through which …nancial development may a¤ect group a¢ liation: internal capital markets. Using a comprehensive …rm-level dataset on European corpo...

Standards-setters, regulators and academics believe that corporate websites may enhance the flow of voluntary disclosure to the capital market and other stakeholders. Management’s use of corporate websites for investor relations purposes is a common practice, yet we know little about how these websites affect investors. In this study, we analyze seven corporate websites disclosures categories t...

This paper explores the hypothesis that the rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. Using a new measure, we show that intangible capital is the most important firm-level determinant of corporate cash holdings. Our measure accounts for almost as much of the secular increase in cash since the 1980s as all other d...

This paper analyzes the evolution of capital investment strategy at Catholic Healthcare West (CHW) between 1996 and 2005, as the forty-hospital system reversed its financial losses and diversified into ambulatory services and high-growth markets. The system developed a formal process for allocating capital among profitable facilities and those providing charitable services in communities with h...