The DOI matches its Crossref record; 73 of the 73 references it cites were found in a registry or an index.
The capital structure implications of pursuing a strategy of innovation
Abstract
In this paper, we argue that consideration of firm strategy can help illuminate the choices managers make between debt and equity financing. Within an industry, the form of competition that each firm chooses will determine the strategic value to the firm of maintaining financial slack. Our empirical analysis yields strong support for the proposition that financial slack should be a particularly critical strategic imperative for firms pursuing a competitive strategy premised on innovation. We also demonstrate that firms pursuing such a strategy that fail to recognize the value of financial slack are likely to perform poorly. Copyright © 2003 John Wiley & Sons, Ltd.
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Cites
Theory of the firm: Managerial behavior, agency costs and ownership structure
Jensen, M. C., & Meckling, W. H. (1976) · Journal of Financial Economics · doi:10.1016/0304-405x(76)90026-x · Cited by 71,491
Firm Resources and Sustained Competitive Advantage
Barney, J. (1991) · Journal of Management · doi:10.1177/014920639101700108 · Cited by 48,334
Firm resources and sustained competitive advantage
Barney, J. B. (2004) · Advances in Strategic Management · doi:10.1016/s0742-3322(00)17018-4 · Cited by 38,152
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
Jensen, M. C. (1986) · Cited by 17,275
The Cost of Capital, Corporation Finance and the Theory of Investment
Miller, M. H. (1958) · American Economic Review · Cited by 14,574
The theory of the growth of the firm
Penrose, E. (1996) · Long Range Planning · doi:10.1016/s0024-6301(96)90295-2 · Cited by 13,770
Knowledge of the firm, combinative capabilities, and the replication of technology
Kogut, B., & Zander, U. (1992) · Organization Science · doi:10.1287/orsc.3.3.383 · Cited by 12,939 · cited 2×
“Finally, some strategy researchers have suggested that firms may use acquisitions to expand their stock of knowledge (Huber, 1991; Karim and Mitchell, 2000; Kogut and Zander, 1992).”
BackgroundApplied Linear Statistical Models
Ziegel, E. R., Neter, J., Wasserman, W., & Kutner, M. (1992) · Technometrics · doi:10.2307/1269588 · Cited by 9,907
Agency costs of free cash flow, corporate finance, and takeovers
Jensen, M. C. (1996) · Corporate Bankruptcy · doi:10.1017/cbo9780511609435.005 · Cited by 9,306
Cited by
Board gender diversity and ESG disclosure: evidence from the USA
Manita, R., Bruna, M. G., Dang, R., & Houanti, L. (2018) · Journal of Applied Accounting Research · doi:10.1108/jaar-01-2017-0024 · Cited by 601
Ayaz, M., Mohamed Zabri, S., & Ahmad, K. (2021) · Managerial Finance · doi:10.1108/mf-11-2019-0586 · Cited by 52
Metadata
- Authors
- O'Brien, J. P.
- Venue
- Strategic Management Journal
- Publisher
- Wiley
- Published
- 2003-01-24
- Volume
- 24
- Issue
- 5
- Pages
- 415-431
- ISSN
- 0143-2095 (ISSN-L)
- 1097-0266
- OpenAlex
- W2116844904
- Cited by
- 601
- References
- 73
- FWCI
- 21.14
- Type
- journal article
- Language
- en
- Open access
- closed
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