Person: Moschieri, Caterina
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Caterina
Last Name
Moschieri
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IE University
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IE Business School
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Strategy
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Publication When theory doesn't meet practice: Do firms really stage their investments?(Academy of Management, 2013-11-08) Moschieri, Caterina; Ragozzino, Roberto; Portuguese Foundation for Science and Technology; https://ror.org/02jjdwm75Theory has often discussed the benefits of adopting a staged investment strategy in mergers and acquisitions when investments hold uncertain prospects. Specifically, firms should enter into a cooperative agreement, such as a strategic alliance, before they eventually decide to buy out a partner. In this paper, we first review the theoretical arguments supporting such an approach and then provide evidence showing that staged investments in mergers and acquisitions are far less frequent than theory predicts. We analyze a sample of 24,495 global transactions that occurred between 1995 and 2010 and find that firms stage mergers and acquisitions in only 1.26% of all deals. This figure changes little after we control for transaction- and environmental-level considerations. We propose several explanations of why staged investments are seldom used in practice, despite their theoretical properties.Publication Research on corporate divestitures: A synthesis(Cambridge University Press, 2015-02-02) Moschieri, Caterina; Mair, Johanna; https://ror.org/02jjdwm75Divestitures, understood as the parent company's disposal and sale of assets, facilities, product lines, subsidiaries, divisions and business units, are emerging as a central topic of research in several areas. Yet our understanding of these operations is still limited. For example, it is still not clear whether divestitures are merely a reflection of the economic cycle, a means to correct or reverse previous strategic decisions, or a proactive strategic option. Integrating literature in finance, strategy, and organisational behaviour, this paper offers a comprehensive picture of divesting modes, antecedents, mechanisms and outcomes of divestitures. It integrates empirical findings and theoretical contributions into a researchable whole, in order to identify common themes and gaps in existing research. The final objective of this analysis and review is to propose meaningful avenues for future research to improve knowledge on divestitures.Publication The organizational implications of Brexit(Springer, 2019-03-19) Moschieri, Caterina; Blake, Daniel J.; Fundación Ramón Areces; https://ror.org/02jjdwm75This point-of-view article examines the organizational implications of the UK’s exit from the European Union (Brexit). We identify the effects of Brexit on firms’ transaction costs in cross-border trade within Europe and highlight the importance of EU residency to secure licenses to operate. We also address how access to skilled labor may be affected by rising restrictions to immigration. Finally,we discuss the possible implications of Brexit for the organizational design of British firms and foreign firms operating in the UK. © 2019,The Author(s).Publication Are strategy researchers worse strategy teachers in business schools?(IE University, 2019-05-14) Santaló, Juan; Moschieri, Caterina; Spanish Ministry of Economy; European Regional Development Fund; https://ror.org/02jjdwm75In this study we examine whether in business schools a professor’s research quality impacts her performance in the classroom. We build a novel dataset of students’ teaching evaluations of 922 strategic management courses in a top-ranked business school in Spain in the period 2011-2016 linking it to the publication outcome of each professor. We find a significant positive association between research quality measured by the sum of the number of publications in a six-year interval and students’ evaluations of teaching. Specifically, we find that an increase of two standard deviations on our variable of research quality is associated to an increase in students’ evaluations equivalent to the jump from being a median professor to being in the top quartile of best performers in class. Moreover, we find that a professor with four publications in a six year period increases the likelihood of her students choosing strategy elective courses up to 21.5 percent. We also find a positive and strongly significant interaction of research quality with course length, suggesting that the benefits of research may emerge specifically in longer courses. These findings extend the current discourse on the impact of research on teaching to strategic management courses in business schools.Financiado por parcialmente: Ministerio de EconomÃa, Industria y Competitividad TÃtulo: How do institutional forces shape firms' strategic decisions? Acrónimo: IFS Numero: ECO2016-77205-P