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- W4286620524 abstract "We theorize that firms’ predilection for strategy uniqueness vs. commonness is a function of executives’ political ideologies and that the strategic fit between strategy uniqueness (vs. commonness) and liberalism (vs. conservatism) further explains the variation of firm value. The literature suggests that strategy uniqueness contributes to superior economic rent, whereas the difficult-to-evaluate characteristic hinders the executives’ selection of a unique strategy. It is called the uniqueness paradox resulting in managerial adverse selection. Although scholars have been attaching importance to unpack drivers of strategy uniqueness, they typically revolve around agency-centered explanations, and overlook managerial inner preferences for circumventing strategy uniqueness. To fill this gap, we explore how CEO political ideology shapes corporate strategy uniqueness. We find that CEO conservatism results in circumventing strategy uniqueness that is an adverse selection of corporate strategy. The negative relationship between CEO conservatism and strategy uniqueness is further moderated by social- and economic-based incentives. The social-based incentive is about how CEOs are evaluated, captured by board attribution tendency, while the economic-based incentive is about how CEOs are motivated, captured by compensation contract design. We also find that the fit between CEO political ideology and firm strategy (i.e., conservatism–commonness fit and liberalism–uniqueness fit) is associated with stronger financial performance. We test these hypotheses on a sample of S&P 1500 CEOs and find support for our predictions." @default.
- W4286620524 created "2022-07-23" @default.
- W4286620524 creator A5084098016 @default.
- W4286620524 date "2022-08-01" @default.
- W4286620524 modified "2023-10-16" @default.
- W4286620524 title "Lemons Market for Corporate Strategy? Political Ideology and Strategy Uniqueness" @default.
- W4286620524 doi "https://doi.org/10.5465/ambpp.2022.11000abstract" @default.
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