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 How Regulations and Consumers’ Perceptions Moderate the Impact of Airbnb on Real Estate Prices(Academy of Managemetn, 2024-01-24) Meggiorin, Katia; Moschieri, Caterina; https://ror.org/02jjdwm75The sharing economy facilitates private transactions among individuals and is thought to increase the demand for and the price of the resources transacted. This study focuses on Airbnb and real estate prices. It explores whether consumers’ perceptions, specifically about spanner hosts—firms that shift properties from the long-term rental market onto the Airbnb platform, spanning the two markets—contribute to the increase of real estate prices attributable to the sharing economy. Using longitudinal data of Airbnb hosts in 10 major U.S. cities over seven years, we discover that spanning firms (and not individuals listing only one property) are responsible for the price increase of real estate properties. We also find that this increase can be weakened by changes in consumers’ perceptions and the regulation of the sharing economy—that separate the spanner host category from other categories in the industry (e.g., the individuals listing only one property). Finally, we find that the moderating effect of regulations is associated with changes in consumers’ perceptions of the typical sharing economy host when the regulation change is discussed, not with regulation enforcement. The more consumers become aware of spanners on Airbnb, the less those spanners affect the real estate prices, even before the law is enforced.Publication Why Do Some Multinational Firms Respond Better Than Others to the Hostility of Host Governments? Proximal Embedding and the Side Effects of Local Partnerships(Wiley, 2022-03-01) Moschieri, Caterina; Ravasi, Davide; Huy, Quy; Fundación Ramón Areces; https://ror.org/02jjdwm75Using a multiple-case study of alleged expropriations reported before the World Bank, we examine how multinational companies (MNC) react to the escalating hostility of host governments. Our study reveals how different choices regarding the interaction with local nonmarket stakeholders – which we refer to as proximal vs. mediated embedding – shape how managers respond to these disputes by affecting their ability to collect, process and interpret information, and to act upon it in a way that effectively mobilizes local and international support. In contrast to the prevailing view that local partners in international joint ventures shelter MNCs from abuse from political authorities, our findings show that primary reliance on local partners to manage the local nonmarket environment can actually reinforce a liability of outsidership and even create a ‘liability of insidership’, to the extent that relying on local partners prevents the MNC from establishing quality connections with a broad range of nonmarket stakeholders, reducing its alertness and responsiveness to hostile acts from host governments.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 The European M&A Industry: A Market in the Process of Construction(Academy of Management, 2009-11) Moschieri, Caterina; Campa, José Manuel; ATKearney; https://ror.org/02jjdwm75In 2007, for the first time in recent history, the volume of mergers and acquisitions by European companies surpassed that of their U.S. counterparts. This paper provides a comprehensive overview of the trends and drivers of this surge in M&A activity in the European Union. It reviews the role of the European Commission in fostering a level playing field for takeover activity and the key characteristics of M&A deals in Europe. Despite evidence of significant progress toward the development of a homogeneous market for M&As, important differences still hold among European countries both in the rules and in the patterns that M&A activity takes. The analysis suggests that this dissimilarity between Europe and the U.S. is not solely linked to the existence of a harmonized market but rather arises from unique institutional characteristics ingrained in the corporate structure of companies, which differ among European countries. This raises questions about the generalizability of current research on North American M&As to the European context.Publication The Perverse Consequence of Firms’ Negative Publicity in Stigmatized Industries: CEOs' Board Appointments(Sage Journal, 2022-11-24) Sadri, Mohamad; Moschieri, Caterina; https://ror.org/02jjdwm75This study examines whether and when, in a stigmatized industry, firms’ negative publicity can lead to the appointment of their CEOs to the boards of directors of other firms within that sector. Building on research on ingroup identification and on stigma, we propose that within a stigmatized industry, when a firm receives negative publicity, its CEO is more likely to join the board of other firms in the industry, possibly because these other firms interpret the negative publicity as a sign of the social identification of the CEO with the stigmatized industry. We also suggest that this relationship is more likely when the negative publicity reveals information otherwise not available about the CEO. We test our hypotheses using a novel, hand-collected dataset of 408 CEOs in 205 firms in the global arms industry, between 1998 and 2017, and find that within this stigmatized industry, when a firm receives negative publicity, its CEO is more likely to join the board of other firms in the industry, and that lower levels of CEOs’ reputational capital and visibility magnify this effect. Our findings advance the conversations in stigma research about upper echelons, highlighting the importance of internal and external actors and of the type of stigma, when investigating the consequences of stigma for upper echelons’ careers.Publication A dynamic long-term approach to internationalization: Spanish publishing firms’ expansion and emigrants in Mexico (1939–1977)(Springer Nature, 2022-02-14) Moschieri, Caterina; Fernandez Moya, Maria; https://ror.org/02jjdwm75This study examines how firms with scarce market and non-market resources can succeed in internationalizing, even in a host country that lacks trade and diplomatic relationships with the firms’ home country. With a hand-collected, historical database of the Spanish publishing industry’s investments in Mexico over the 20th century, we find that in a context of suspension of bilateral trade agreements and diplomatic relationships between Spain and Mexico, Spanish publishing firms leveraged Spanish emigrants to internationalize in the Mexican market, initially through exports, then through distribution and local commercial subsidiaries, and finally through local production. Spanish publishers progressively used emigrants to develop social and cultural support, to help establish formal and informal rules, procedures, and norms of institutions and to lobby in Mexico. Combining historical and inductive analyses, we offer a novel perspective on firms’ internationalization through a changing use of emigrants to endogenize the cultural, trade, and political distance between the home and the host country, and we develop new theoretical insights on the social, cultural, and political embeddedness of firms.Publication Are firms with foreign CEOs better citizens? A study of the impact of CEO foreignness on corporate social performance(Springer Nature, 2020-11-20) Bertrand, Olivier; Betschinger, Marie Ann; Moschieri, Caterina; https://ror.org/02jjdwm75This study examines whether firms’ corporate social performance (CSP) varies when local firms have foreign CEOs. Building on the social identity perspective, we argue that because foreign CEOs are perceived as outgroup (or nonprototypical) leaders by the local firms’ stakeholders, local firms with foreign CEOs need to achieve a higher level of CSP than do local firms with local CEOs to enhance their legitimacy and trustworthiness. Furthermore, we propose that the predicted difference in CSP between foreign and local CEO-led firms will be larger (a) for more authentic and thus trust-enhancing CSR activities and (b) in those socio-economic environments where the salience of CEO foreignness and thus the need to build trustworthiness with locals is more pronounced. In a sample of 1001 local firms across 18 developed countries during the period between 2003 and 2015, our empirical results support most of our predictions.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