Roberto Ragozzino | Nova School of Business and Economics - Universidade Nova de Lisboa (original) (raw)
Papers by Roberto Ragozzino
Proceedings - Academy of Management, 2015
More and more organizations are claiming their commitment to Corporate Social Responsibility (CSR... more More and more organizations are claiming their commitment to Corporate Social Responsibility (CSR). The literature has investigated both institutional and stakeholder pressures as antecedents of CS...
Journal of Management, Jan 24, 2023
In this study we explore whether celebrity CEOs use certain types of language that affect stakeho... more In this study we explore whether celebrity CEOs use certain types of language that affect stakeholders’ perceptions more than noncelebrity CEOs do during earnings calls. We focus specifically on the sociocognitive processes associated with possessing celebrity and how they are likely to influence celebrity CEOs’ language use. We argue that the sociocognitive outcomes associated with the confidence and sense of authority resulting from the CEOs’ celebrity will increase the likelihood they use more relatively positive, concrete, certain, and self-regarding language, all of which can influence stakeholders’ reactions. We also distinguish between A-list and B-list celebrities, and expect greater celebrity will result in greater language attribute use. Based on 8,203 quarterly earnings call transcripts involving celebrity and noncelebrity CEOs, we find general support for our hypotheses. A-list celebrities employ all four language attributes more than both B-list celebrities and noncelebrities, but B-list celebrities differ from noncelebrities only with respect to some language attributes. Our study contributes to the celebrity literature by enhancing our understanding of how achieving celebrity, and the degree of celebrity achieved, affects CEOs’ behaviors. We also contribute to the corporate communications literature by demonstrating how the sociocognitive processes and outcomes associated with CEO celebrity affect language use that can influence stakeholders’ confidence in what the CEO says, even if it reveals no new information.
This chapter aims to provide a succinct review of the state-of-the-art academic literature on the... more This chapter aims to provide a succinct review of the state-of-the-art academic literature on the topic of venture capital firms and their involvement in entrepreneurial ventures. Specifically, the chapter focuses on the relationship between the presence of VC firms and two key entrepreneurial outcomes: (a) strategic alliances, defined as the formation of cooperative agreements with strategic partners for the purpose of advancing the entrepreneurial firm’s competitiveness, and (b) liquidity events, defined as the sale of ownership to the general public through an initial public offering (IPO), or to a specific buyer through an acquisition. The chapter also highlights some key questions that remain unanswered, as well as a few areas of inquiry that challenge our common wisdom and give rise to controversy.
Proceedings - Academy of Management, 2014
This paper investigates how venture capitalists' involvement in new ventures affects the like... more This paper investigates how venture capitalists' involvement in new ventures affects the likelihood of entrepreneurial exit, either via an acquisition or an initial public offering. We examine the prominence of VCs, as well as the timing, duration and magnitude of their investments in new ventures. We find that each of these dimensions directly explains entrepreneurial exit, although their effects tend to differ depending on whether the exit occurs via an acquisition or an IPO. These results withstand several robustness checks and offer a more precise account of how the relationship between new ventures and VC firms unfolds in the first years of the entrepreneurial cycle.
Strategic Organization, Jun 19, 2020
Corporate governance has received substantial scholarly attention for decades, although the focus... more Corporate governance has received substantial scholarly attention for decades, although the focus of this research has by and large been on publicly traded for-profit organizations. However, agency problems are increasingly recognized in nonprofits. As such, we examine the application of corporate governance logic in the context of nonprofits. Our study relies on nearly a decade of data spanning 6853 US-based charities and comprising nearly US$346 billion in total revenue. Our results show that common corporate governance practices—such as independent boards, chief executive officer oversight, and transparency—enhance the degree to which donor contributions are allocated toward a charity’s mission. Overall, we assess the broader applicability and benefits of corporate governance and build on literature highlighting links between for-profit and nonprofit organizations. In doing so, we demonstrate the usefulness of governance in this economically and socially consequential context.
Social Science Research Network, 2023
Social Science Research Network, 2011
T his paper extends information economics in corporate strategy and organizational governance res... more T his paper extends information economics in corporate strategy and organizational governance research by using signaling theory to explain firms' market entry modes. We exploit features of the initial public offering (IPO) context to investigate how signals on newly public firms shape other companies' governance choices to form joint ventures with them versus acquiring them. We also develop theoretical arguments on how the value of these signals will vary across exchange partners. The results reveal that companies are more apt to acquire, versus partner with, IPO firms taken public by reputable investment banks compared with IPO firms associated with less prominent underwriters. Venture capitalist backing also appears to be a valuable signal for prospective acquirers, particularly when the acquirer and target reside in different industries and possess dissimilar knowledge bases. We also present evidence that signals affect target selection and the emergence of market segmentation for joint venture partners and acquisition candidates.
Social Science Research Network, 2023
Handbook of Research on Competitive Strategy
Wiley Encyclopedia of Management, 2015
Academy of Management Proceedings, 2012
We seek to identify the key characteristics that allow some firms to acquire valuable entrepreneu... more We seek to identify the key characteristics that allow some firms to acquire valuable entrepreneurial resources and others not to. This question is central to how firms are able to create and sustain a competitive advantage. The backdrop of this study is the phenomenon of dual tracking, which consists of the acquisition of entrepreneurial firms shortly after they undergo an initial public offering. The results reveal that firms that 1) are geographically proximate, 2) have prior ties with the target, and 3) are situated in the same industry as the target are more likely to engage in dual tracking than other firms. These results withstand several robustness checks.
A New Generation in International Strategic Management
General rights Copyright and moral rights for the publications made accessible in the public port... more General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal ? Take down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim.
Wiley Encyclopedia of Management, 2015
This article highlights the important consequences of initial public offerings (IPOs) for firms o... more This article highlights the important consequences of initial public offerings (IPOs) for firms operating in international markets. In a nutshell, going public can enhance a firms' ability to gain access to the economies made available by globalization. Additionally, the endorsement of prominent figures during the IPO process can also produce long-term benefits for firms wishing to operate across borders. Keywords: IPOs; strategic alliances; acquisitions; VC; investment banks; underwriters
The Journal of High Technology Management Research, 2006
I examine whether the unique attributes of new ventures cause these firms to experience different... more I examine whether the unique attributes of new ventures cause these firms to experience different M&A outcomes vis-à-vis established firms. I also wish to test how the differences between these two classes of buyers play out in acquisitions of privatelyheld and newly-incorporated targets. Drawing from a sample of high-technology acquisitions, the results show that new ventures experience lower average performance in general, as well as when the target is itself a new venture. Yet, they outperform established firms when the target is a privately-held entity. The findings demonstrate that the challenges and opportunities of firms shift through the first few years of their existence, directly affecting the outcomes of their M&A activity.
Management International Review, 2009
ABSTRACT • This paper examines cross-border mergers and acquisitions undertaken by U.S. companies... more ABSTRACT • This paper examines cross-border mergers and acquisitions undertaken by U.S. companies to determine whether geographic distance directly affects these firms’ governance decisions. • We find that U.S. firms tend to acquire higher stakes in geographically proximate targets than in remote ones. • The paper also investigates the moderating effect of geographic distance on cultural distance and political risk. We find that as these two hazards increase, acquirers prefer shared ownership for proximate deals, and full ownership for acquisitions of geographically distant targets. These findings indicate that the previously-reported effects of cultural distance and political risk on FDI are not absolute, but they are moderated by geographic distance.
Long Range Planning, 2020
Abstract In this paper, we predict that venture capital (VC) backed initial public offerings (IPO... more Abstract In this paper, we predict that venture capital (VC) backed initial public offerings (IPOs) will attract more attention than non-VC-backed IPOs, as VCs offer important signals to investors searching for information about entrepreneurial firms. We use a measure developed by Google (i.e., Trends) to capture the spikes in investors' attention experienced by firms in the time period surrounding their IPOs. Our results demonstrate that firms backed by VCs enjoy a far greater spike in attention than their counterparts. Furthermore, we find that firms with more prominent VCs, a larger number of VCs, and VCs situated at farther geographic distances exhibit significantly greater spikes in investors’ attention during the week of their IPO. Combined, the findings show a clear demarcation between entrepreneurial firms with or without VC backing, they bring to the fore new upshots stemming from the relationship between VCs and entrepreneurial firms, and they raise new potential questions on this relationship and beyond.
Academy of Management Perspectives, 2017
The version presented here may differ from the published version or, version of record, if you wi... more The version presented here may differ from the published version or, version of record, if you wish to cite this item you are advised to consult the publisher's version. Please see the 'permanent WRAP URL' above for details on accessing the published version and note that access may require a subscription.
Academy of Management Perspectives, 2016
Two main academic areas that have devoted their attention to the study of real options are financ... more Two main academic areas that have devoted their attention to the study of real options are financial economics and strategy. Despite significant progress made by each field separately towards our understanding of the theory and application of real options, opportunities exist for more cross-fertilization and the development of a more interdisciplinary knowledge base and research agenda. Furthermore, some new and relevant areas of study have deserve attention. In this paper, we take stock of the field of real options, focusing on the fundamental theoretical differences and remaining gaps between financial economics and strategy research, and we offer specific suggestions for future work to narrow this gap.
Proceedings - Academy of Management, 2015
More and more organizations are claiming their commitment to Corporate Social Responsibility (CSR... more More and more organizations are claiming their commitment to Corporate Social Responsibility (CSR). The literature has investigated both institutional and stakeholder pressures as antecedents of CS...
Journal of Management, Jan 24, 2023
In this study we explore whether celebrity CEOs use certain types of language that affect stakeho... more In this study we explore whether celebrity CEOs use certain types of language that affect stakeholders’ perceptions more than noncelebrity CEOs do during earnings calls. We focus specifically on the sociocognitive processes associated with possessing celebrity and how they are likely to influence celebrity CEOs’ language use. We argue that the sociocognitive outcomes associated with the confidence and sense of authority resulting from the CEOs’ celebrity will increase the likelihood they use more relatively positive, concrete, certain, and self-regarding language, all of which can influence stakeholders’ reactions. We also distinguish between A-list and B-list celebrities, and expect greater celebrity will result in greater language attribute use. Based on 8,203 quarterly earnings call transcripts involving celebrity and noncelebrity CEOs, we find general support for our hypotheses. A-list celebrities employ all four language attributes more than both B-list celebrities and noncelebrities, but B-list celebrities differ from noncelebrities only with respect to some language attributes. Our study contributes to the celebrity literature by enhancing our understanding of how achieving celebrity, and the degree of celebrity achieved, affects CEOs’ behaviors. We also contribute to the corporate communications literature by demonstrating how the sociocognitive processes and outcomes associated with CEO celebrity affect language use that can influence stakeholders’ confidence in what the CEO says, even if it reveals no new information.
This chapter aims to provide a succinct review of the state-of-the-art academic literature on the... more This chapter aims to provide a succinct review of the state-of-the-art academic literature on the topic of venture capital firms and their involvement in entrepreneurial ventures. Specifically, the chapter focuses on the relationship between the presence of VC firms and two key entrepreneurial outcomes: (a) strategic alliances, defined as the formation of cooperative agreements with strategic partners for the purpose of advancing the entrepreneurial firm’s competitiveness, and (b) liquidity events, defined as the sale of ownership to the general public through an initial public offering (IPO), or to a specific buyer through an acquisition. The chapter also highlights some key questions that remain unanswered, as well as a few areas of inquiry that challenge our common wisdom and give rise to controversy.
Proceedings - Academy of Management, 2014
This paper investigates how venture capitalists' involvement in new ventures affects the like... more This paper investigates how venture capitalists' involvement in new ventures affects the likelihood of entrepreneurial exit, either via an acquisition or an initial public offering. We examine the prominence of VCs, as well as the timing, duration and magnitude of their investments in new ventures. We find that each of these dimensions directly explains entrepreneurial exit, although their effects tend to differ depending on whether the exit occurs via an acquisition or an IPO. These results withstand several robustness checks and offer a more precise account of how the relationship between new ventures and VC firms unfolds in the first years of the entrepreneurial cycle.
Strategic Organization, Jun 19, 2020
Corporate governance has received substantial scholarly attention for decades, although the focus... more Corporate governance has received substantial scholarly attention for decades, although the focus of this research has by and large been on publicly traded for-profit organizations. However, agency problems are increasingly recognized in nonprofits. As such, we examine the application of corporate governance logic in the context of nonprofits. Our study relies on nearly a decade of data spanning 6853 US-based charities and comprising nearly US$346 billion in total revenue. Our results show that common corporate governance practices—such as independent boards, chief executive officer oversight, and transparency—enhance the degree to which donor contributions are allocated toward a charity’s mission. Overall, we assess the broader applicability and benefits of corporate governance and build on literature highlighting links between for-profit and nonprofit organizations. In doing so, we demonstrate the usefulness of governance in this economically and socially consequential context.
Social Science Research Network, 2023
Social Science Research Network, 2011
T his paper extends information economics in corporate strategy and organizational governance res... more T his paper extends information economics in corporate strategy and organizational governance research by using signaling theory to explain firms' market entry modes. We exploit features of the initial public offering (IPO) context to investigate how signals on newly public firms shape other companies' governance choices to form joint ventures with them versus acquiring them. We also develop theoretical arguments on how the value of these signals will vary across exchange partners. The results reveal that companies are more apt to acquire, versus partner with, IPO firms taken public by reputable investment banks compared with IPO firms associated with less prominent underwriters. Venture capitalist backing also appears to be a valuable signal for prospective acquirers, particularly when the acquirer and target reside in different industries and possess dissimilar knowledge bases. We also present evidence that signals affect target selection and the emergence of market segmentation for joint venture partners and acquisition candidates.
Social Science Research Network, 2023
Handbook of Research on Competitive Strategy
Wiley Encyclopedia of Management, 2015
Academy of Management Proceedings, 2012
We seek to identify the key characteristics that allow some firms to acquire valuable entrepreneu... more We seek to identify the key characteristics that allow some firms to acquire valuable entrepreneurial resources and others not to. This question is central to how firms are able to create and sustain a competitive advantage. The backdrop of this study is the phenomenon of dual tracking, which consists of the acquisition of entrepreneurial firms shortly after they undergo an initial public offering. The results reveal that firms that 1) are geographically proximate, 2) have prior ties with the target, and 3) are situated in the same industry as the target are more likely to engage in dual tracking than other firms. These results withstand several robustness checks.
A New Generation in International Strategic Management
General rights Copyright and moral rights for the publications made accessible in the public port... more General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal ? Take down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim.
Wiley Encyclopedia of Management, 2015
This article highlights the important consequences of initial public offerings (IPOs) for firms o... more This article highlights the important consequences of initial public offerings (IPOs) for firms operating in international markets. In a nutshell, going public can enhance a firms' ability to gain access to the economies made available by globalization. Additionally, the endorsement of prominent figures during the IPO process can also produce long-term benefits for firms wishing to operate across borders. Keywords: IPOs; strategic alliances; acquisitions; VC; investment banks; underwriters
The Journal of High Technology Management Research, 2006
I examine whether the unique attributes of new ventures cause these firms to experience different... more I examine whether the unique attributes of new ventures cause these firms to experience different M&A outcomes vis-à-vis established firms. I also wish to test how the differences between these two classes of buyers play out in acquisitions of privatelyheld and newly-incorporated targets. Drawing from a sample of high-technology acquisitions, the results show that new ventures experience lower average performance in general, as well as when the target is itself a new venture. Yet, they outperform established firms when the target is a privately-held entity. The findings demonstrate that the challenges and opportunities of firms shift through the first few years of their existence, directly affecting the outcomes of their M&A activity.
Management International Review, 2009
ABSTRACT • This paper examines cross-border mergers and acquisitions undertaken by U.S. companies... more ABSTRACT • This paper examines cross-border mergers and acquisitions undertaken by U.S. companies to determine whether geographic distance directly affects these firms’ governance decisions. • We find that U.S. firms tend to acquire higher stakes in geographically proximate targets than in remote ones. • The paper also investigates the moderating effect of geographic distance on cultural distance and political risk. We find that as these two hazards increase, acquirers prefer shared ownership for proximate deals, and full ownership for acquisitions of geographically distant targets. These findings indicate that the previously-reported effects of cultural distance and political risk on FDI are not absolute, but they are moderated by geographic distance.
Long Range Planning, 2020
Abstract In this paper, we predict that venture capital (VC) backed initial public offerings (IPO... more Abstract In this paper, we predict that venture capital (VC) backed initial public offerings (IPOs) will attract more attention than non-VC-backed IPOs, as VCs offer important signals to investors searching for information about entrepreneurial firms. We use a measure developed by Google (i.e., Trends) to capture the spikes in investors' attention experienced by firms in the time period surrounding their IPOs. Our results demonstrate that firms backed by VCs enjoy a far greater spike in attention than their counterparts. Furthermore, we find that firms with more prominent VCs, a larger number of VCs, and VCs situated at farther geographic distances exhibit significantly greater spikes in investors’ attention during the week of their IPO. Combined, the findings show a clear demarcation between entrepreneurial firms with or without VC backing, they bring to the fore new upshots stemming from the relationship between VCs and entrepreneurial firms, and they raise new potential questions on this relationship and beyond.
Academy of Management Perspectives, 2017
The version presented here may differ from the published version or, version of record, if you wi... more The version presented here may differ from the published version or, version of record, if you wish to cite this item you are advised to consult the publisher's version. Please see the 'permanent WRAP URL' above for details on accessing the published version and note that access may require a subscription.
Academy of Management Perspectives, 2016
Two main academic areas that have devoted their attention to the study of real options are financ... more Two main academic areas that have devoted their attention to the study of real options are financial economics and strategy. Despite significant progress made by each field separately towards our understanding of the theory and application of real options, opportunities exist for more cross-fertilization and the development of a more interdisciplinary knowledge base and research agenda. Furthermore, some new and relevant areas of study have deserve attention. In this paper, we take stock of the field of real options, focusing on the fundamental theoretical differences and remaining gaps between financial economics and strategy research, and we offer specific suggestions for future work to narrow this gap.