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Item type:Publication, Growth paths and routes to exit: 'shadow of death' effects for new firms in Japan(Springer, 2020-04-22)Research has recently emphasized that the non-survival of entrepreneurial firms can be disaggregated into distinct exit routes such as merger and acquisition (M&A), voluntary closure, and failure. Firm performance is an alleged determinant of exit route. However, there is a lack of evidence linking exit routes to their previous growth performance. We contribute to this gap by analyzing a cohort of incorporated firms in Japan and find some puzzles for the standard view. Our empirical analysis suggests that sales growth generally reduces the probability of exit by merger, voluntary liquidation, and also bankruptcy. However, the relationship is U-shaped—such that rapid growth actually increases the probability of exit. More generally, each of the three exit routes can occur all across the growth rate distribution. Large firms are more likely to exit via merger or bankruptcy, while small firms are more likely to exit via voluntary liquidation. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Case study: Relationship between gold-copper prices and mining share prices on the New York, Toronto, and Australian stock exchanges, an application of structural equation modeling(Springer Science+Business Media, 2025-12-01)Public mining companies list their shares on stock exchanges. The price of these mining shares is a product of the influence of various factors that are crucial to the prices of metals. Thus, this study evaluates an explanatory model of the share prices of mining sector companies and their relationship with the prices of the metals they produce, such as gold and copper. It adopts an explanatory design with observable variables using a quantitative approach. Data were collected from the transaction summaries of three mining companies listed on the New York, Toronto, and Australian Stock Exchanges. A relationship was found between gold and copper prices and the share prices on the stock exchanges of large gold- and copper-producing mining companies. Additionally, companies that produce only copper and not gold are also influenced by the price of gold, despite not producing this metal. The share prices of medium and small mining companies were primarily due to other factors. An explanatory model was proposed and developed for the variables of interest that empirically confirmed the reviewed theoretical proposals and revealed new and important findings. Using structural equation modelling (SEM) and multiple regression allowed simultaneous analysis of the study variables, which is superior to previous approaches with more limited statistical tools that use simple correlation or regression.2 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Assessing technological strategies and innovation in South American manufacturing firms' performance: the role of women managers(Emerald Publishing Limited, 2026-06-30)This study aims to examine how technological strategies and innovation, as well as the women managers, relate with firm performance in South American manufacturing firms. Design/methodology/approach The data set used in the study includes information for 1,712 manufacturing firms across seven South American countries for 2017. A series of regression models estimated via OLS was computed to test the proposed hypotheses. Findings The core findings indicate that technological strategies – internal R&D spending and technology licensing – are positively correlated with firm performance. On the contrary, among the sampled firms, product innovation is positively correlated to profit levels, whereas process innovation is not. In addition, while firms with a greater proportion of women in middle manager positions exhibit substantially higher performance levels, having a woman as a top manager has not. Research limitations/implications Policymakers should support the development of balanced innovation strategies that combine R&D with technology acquisition, while promoting greater inclusion of women in management teams, particularly in SMEs where external sourcing is more impactful. The cross-sectional design of the study limits causal inference; future research should conduct longitudinal and multi-industry studies to explore the tested relationships in dynamic contexts with evolving learning and human capital contingencies. Practical implications Managers should adopt more balanced “make-or-buy” innovation strategies, according to the size of the firm. Women at the middle manager level improve strategic innovation execution, highlighting the need for more inclusive organizational structures in Latin American firms. These insights can guide strategic investments and human resource practices to enhance performance outcomes. Originality/value This study makes a significant contribution to the strategic management literature in three key ways. First, it demonstrates the complementarity of internal and external technological strategies in emerging settings. Second, it highlights distinct performance associations of product versus process innovation, revealing underexplored bottlenecks in process implementation and new product commercialization. Finally, this research offers novel insights into how women at different managerial levels are related to firm performance.