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This study examines how a corporate legal structure may affect borrowing costs. Corporate legal structure refers to the legal fragmentation of a firm...
Using a novel data set on corporate ownership and control, we show that the divergence between the control rights and cash-flow rights of a borrowing...
- July 2021
- Article
Multinationality and Capital Structure Dynamics: A Corporate Governance Explanation
By: Daniel Gyimah, Nana Abena Kwansa, Anthony K. Kyiu and Anywhere Sikochi
This paper examines the impact of corporate governance on capital structure dynamics. Using ordinary least squares regressions on 17,496 firm-year observations for 2,294 U.S. multinational companies (MNCs) over the period 1990–2018, we find that MNCs with strong...
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- 2021
- Working Paper
Spiritual Philanthropy in Emerging Markets
By: Valeria Giacomin and G. Jones
This working paper discusses the ethics and drivers of philanthropic foundations in emerging markets. A foundation organizes assets to invest in philanthropic initiatives. Previous scholarship has largely focused on developed countries, especially the United States,...
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- 2021
- Working Paper
MLS as a Sports Product—The Prominence of the World's Game in the U.S.
By: Stephen A. Greyser and Kenneth Cortsen
The purpose of this Working Paper is to analyze how soccer at the professional level in the U.S., with Major League Soccer as a focal point, has developed over the span of a quarter of a century. It is worthwhile to examine the growth of Major League Soccer (MLS) from...
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- March 2021
- Case
Astralis Group: Determining a Brand Strategy
By: Benjamin C. Esty, Mette Fuglsang Hjortshoej and Emilie Billaud
After launching a Danish esports company in July 2019, and going public in December 2019 with multiple brands associated with different games, the Astralis leadership team was contemplating a shift to a single, corporate brand. While the original arguments for...
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Keywords:
Brand Strategy;
Esports;
Video Games;
Corporate Scope;
Positioning;
Ecosystem;
Brands and Branding;
Strategy;
Business Ventures;
Business Startups;
Entrepreneurship;
Ethics;
Sports;
Competitive Strategy;
Value Creation;
Diversification;
Games, Gaming, and Gambling;
Sports Industry;
Entertainment and Recreation Industry;
Denmark;
Europe
- March–April 2021
- Article
How Venture Capitalists Make Decisions
By: Paul A. Gompers, Will Gornall, Steven Kaplan and Ilya Strebulaev
For decades now, venture capitalists have played a crucial role in the economy by financing high-growth start-ups. While the companies they’ve backed—Amazon, Apple, Facebook, Google, and more—are constantly in the headlines, very little is known about what VCs actually...
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- 2021
- Working Paper
Accounting for Product Impact in the Airlines Industry
By: George Serafeim and Katie Trinh
We apply the product impact measurement framework of the Impact-Weighted Accounts Initiative (IWAI) in two competitor companies within the airlines industry. We design a monetization methodology that allows us to calculate monetary impact estimates of fare...
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Keywords:
Product Innovation;
Impact;
Impact Investing;
Impact Measurement;
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Ratings;
Social Corporate Responsibility;
Corporate Social Responsibility;
Social Impact;
Aviation;
Product Design;
Product Positioning;
Society;
Product;
Environmental Sustainability;
Measurement and Metrics;
Framework;
Corporate Social Responsibility and Impact;
Air Transportation;
Air Transportation Industry
- November 2020 (Revised February 2021)
- Case
Integrating Beam Suntory (A)
By: David G. Fubini, Rawi Abdelal and David Lane
The spring 2014 acquisition of U.S. alcoholic spirits maker Beam Inc. by Japan’s Suntory Holdings vaulted Suntory from 15th to third-largest international spirits company in the world. Yet Suntory had borrowed nearly the entire $16 billion purchase price, and relied on...
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Keywords:
Family Business;
Communication;
Borrowing and Debt;
Globalization;
Corporate Governance;
Governing and Advisory Boards;
Retention;
Leadership;
Supply Chain;
Organizational Structure;
Ownership;
Relationships;
Conflict and Resolution;
Integration;
Value Creation;
Food and Beverage Industry;
Japan;
United States;
Chicago
- November 2020
- Supplement
Integrating Beam Suntory (B)
By: David G. Fubini, Rawi Abdelal and David Lane
Supplements (A) case: The spring 2014 acquisition of U.S. alcoholic spirits maker Beam Inc. by Japan’s Suntory Holdings vaulted Suntory from 15th to third-largest international spirits company in the world. Yet Suntory had borrowed nearly the entire $16 billion...
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Keywords:
Family Business;
Communication;
Borrowing and Debt;
Globalization;
Corporate Governance;
Governing and Advisory Boards;
Retention;
Leadership;
Supply Chain;
Organizational Structure;
Ownership;
Relationships;
Conflict and Resolution;
Integration;
Value Creation;
Food and Beverage Industry;
Japan;
United States;
Chicago
- Article
Corporate Headquarters in the Twenty-first Century: An Organization Design Perspective
By: Sven Kunisch, Markus Menz and David J. Collis
The corporate headquarters (CHQ) of the multi-business enterprise, which emerged as the dominant organizational form for the conduct of business in the twentieth century, has attracted considerable scholarly attention. As the business environment undergoes a...
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- November–December 2020
- Article
Getting Serious About Diversity: Enough Already with the Business Case
By: Robin Ely and David A. Thomas
Leaders may mean well when they tout the economic payoffs of hiring more women and people of color, but there is no research support for the notion that diversifying the workforce automatically improves a company’s performance. This article critiques the popular...
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- October 2020
- Article
Corporate Legal Structure and Bank Loan Spread
This study examines how a corporate legal structure may affect borrowing costs. Corporate legal structure refers to the legal fragmentation of a firm into multiple, separately incorporated entities. This fragmentation is bound to be a factor when lenders determine the...
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- September 2020
- Case
Apple Bets on Augmented Reality
By: Rory McDonald, David Lane and Mel Martin
In 2020, augmented reality (AR) was still a nascent technology with blockbuster potential, one which Apple was actively developing as its iPhone franchise waned. But the emergence of AR was uneven, including the disappointing Google Glass and the unexpected viral...
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- August 2020
- Article
Improving Working Conditions in Global Supply Chains: The Role of Institutional Environments and Monitoring Program Design
By: Jodi L. Short, Michael W. Toffel and Andrea R. Hugill
Activism seeking to improve labor conditions in global supply chains has led many transnational corporations to adopt codes of conduct and monitor suppliers for compliance. Drawing on thousands of audits conducted by a major social auditor, we identify structural...
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- June 2020 (Revised October 2020)
- Case
What Went Wrong with Boeing's 737 Max?
By: William W. George and Amram Migdal
This case describes the development of the Boeing 737 Max airplane model and the events leading up to two tragic plane crashes, in which a total of 346 people died: the crash of Lion Air flight 610 on October 29, 2018, in Indonesia, and the crash of Ethiopian Airlines...
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Keywords:
Communication;
Communication Intention and Meaning;
Communication Strategy;
Forms of Communication;
Announcements;
Decision Making;
Decision Choices and Conditions;
Judgments;
Ethics;
Moral Sensibility;
Values and Beliefs;
Globalization;
Global Strategy;
Governance;
Corporate Accountability;
Governance Controls;
Human Resources;
Resignation and Termination;
Leadership;
Leadership Style;
Management;
Business or Company Management;
Crisis Management;
Management Practices and Processes;
Management Skills;
Management Style;
Management Systems;
Risk Management;
Time Management;
Markets;
Demand and Consumers;
Market Platforms;
Supply and Industry;
Duopoly and Oligopoly;
Industry Structures;
Operations;
Product Development;
Organizations;
Organizational Change and Adaptation;
Organizational Culture;
Outcome or Result;
Failure;
Success;
Planning;
Strategic Planning;
Problems and Challenges;
Relationships;
Business and Community Relations;
Business and Government Relations;
Business and Stakeholder Relations;
Risk and Uncertainty;
Safety;
Strategy;
Transportation;
Air Transportation;
Aerospace Industry;
Air Transportation Industry;
Africa;
Ethiopia;
Asia;
Indonesia;
North and Central America;
United States;
Seattle;
Chicago
- June 2020
- Case
Recovering Trust After Corporate Misconduct at Wells Fargo
By: Suraj Srinivasan and Jonah S. Goldberg
The case describes widespread misconduct at Wells Fargo Community Bank in the period leading up to 2017 and the company’s subsequent attempts to improve internal controls, company culture, and corporate governance. The case examines the potential causes of large scale...
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- April 2020
- Case
The Board's Role in Refocusing Bahrain Development Bank
By: Paul M. Healy and Alpana Thapar
In March 2016, Bahrain Development Bank’s (BDB) existing board term came to an end and Khalid Al Rumaihi was appointed the new chairman. Determining a need for change, he immediately overhauled the board and replaced BDB’s long-standing CEO. The new board quickly...
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- March 2020
- Technical Note
Intrapreneurship: Leading Innovation Efforts in Established Organizations
By: Karen G. Mills and Annie Dang
“Intrapreneurship” is the use of entrepreneurial management techniques within established companies to create new environments that foster innovation. Mature firms have consistently faced risk of elimination from competitors, shifting consumer preferences, and...
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- February 2020
- Case
Klöckner & Co: Steeling for a Digital World
By: Scott Duke Kominers and Carin-Isabel Knoop
Hoping to get ahead of potential digital disruption at Klöckner & Co.—one of the world’s largest steel and metal distributors—CEO Gisbert Rühl set up both kloeckner.i (KCI), an internal transformation arm, and XOM Materials (XOM), an independent industry platform. KCI...
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- January 2020
- Case
Governing PG&E
By: Lynn S. Paine and Will Hurwitz
The five commissioners of the California Public Utilities Commission (CPUC) listened intently at a public forum in April 2019 as PG&E Corporation’s out-going chairman Richard Kelly described the company’s proposed new board. PG&E, which provided electricity and natural...
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Keywords:
Bankruptcy;
Board Of Directors;
Board Dynamics;
Business Ethics;
Business Model Innovation;
Corporate Boards;
Energy Efficiency;
Environmental And Social Sustainability;
Government And Business;
Hedge Funds;
Institutional Investors;
Legal Aspects Of Business;
Regulated Monopolies;
Regulation;
Shareholders;
Stakeholder Management;
Strategy And Execution;
Utilities;
Insolvency and Bankruptcy;
Governing and Advisory Boards;
Ethics;
Capital Structure;
Climate Change;
Corporate Accountability;
Corporate Governance;
Environmental Sustainability;
Executive Compensation;
Leadership;
Management;
Safety;
Business and Government Relations;
Energy Industry;
Utilities Industry;
California;
United States
- December 2019 (Revised May 2021)
- Case
The Dutch East India Company in 1612 (A)
By: Lynn S. Paine and Giuseppe Dari-Mattiacci
The Dutch East India Company’s board of directors must decide what to do about an impending legal requirement to liquidate the company’s assets and return to shareholders their capital and any profits earned during a ten-year lock-up period. The charter granted to the...
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