Person: Giarratana, Marco
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Marco
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Giarratana
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IE University
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IE Business School
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Strategy
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Publication Leveraging synergies versus resource redeployment: Sales growth and variance in product portfolios of diversified firms(Wiley, 2021-04-02) Pasquini, Martina; Giarratana, Marco; Santaló, Juan; State Research Agency; https://ror.org/02jjdwm75Research Summary This article analyzes the relationship between sales growth and variance for diversified firms. Distinguishing product niches linked by scale free versus non-scale free resources, this study predicts that the more a firm diversifies leveraging on a non-scale free resource, the more likely its sales growth and variance are positively correlated. However, this relationship is negatively moderated by the presence of a scale-free resource such that the presence of scale-free resources of high value implies a negative correlation. These theoretical intuitions are consistent with data from 2008 to 2013, reflecting firm sales growth rates in five industries spanning 45 product niches in seven EU countries and the United Kingdom. These industries prioritize shelf space as a non-scale free resource, and brand as a scale free resource. Managerial Summary Diversifiers may base their value creation either in pursuing synergies or in exploiting the benefits derived by internal resource redeployment across products or across industries. Here, we highlight the different managerial implications on risk/performance structure derived from diversification based on resource redeployment compared to diversified companies exploiting synergies. Can the disparity of sales growth between products of the same firm's portfolio be good for the corporate performance? Here, we show that diversification based on resource redeployment goes hand in hand with a positive relation between overall firm growth and variance of results within the same firm. On the contrary, firm diversification based on synergies implies a negative relationship between within firm disparity and overall firm growth.Publication Product portfolio performance in new foreign markets: The EU trademark dual system(Elsevier, 2018-07-24) Barroso, Alicia; Pasquini, Martina; Giarratana, Marco; European Commission; https://ror.org/02jjdwm75How do intellectual propriety rights (IPRs) help firms profit from their innovation? Innovation literature frequently turns to patents to measure innovative IPR, but more recent work shifts focus to the other side of IPR, namely, trademarks. This article therefore discusses the effects of trademark strategies when companies decide to introduce their product portfolios in a new foreign market. Entrants might opt for a common trademark across different country markets (integration) or use several country-specific trademarks (responsiveness). This empirical study exploits the quasi-natural experiment created by the tariff shock that affected Spain when it joined the European Union in the 1990s. Data from the automotive industry reveal how non-European companies that already operated in other European countries sought to enter Spain rapidly, using various trademark strategies. The product portfolio characteristics are fixed at entry, so this study can specify how and when trademark responsiveness versus integration affects firm performance. The results reveal that trademark responsiveness increases firm performance if the firms suffer high liabilities of foreignness or newness.Publication For Purpose Enterprises and Hybrid Organizational Forms: Implications for Governance and Strategy(2023-09-20) Pasquini, Martina; Giarratana, Marco; https://ror.org/02jjdwm75Nowadays, a company’s social purpose has become a key factor that should be considered in organisational design and strategic decision-making. For-purpose enterprises are for-profit, financially self-sustained organisations, which embed a social aim as one of their main objectives. Companies that simultaneously must envisage a double purpose, namely, social and competitive, face an even greater complexity, i.e., a likely risk of internal logics’ tensions and structural drifts. Scholars have proposed different theoretical and operative frameworks; on the one hand, they describe ad hoc business models to foster synergies between the social impact and economic and competitive-oriented actions. On the other hand, they also try to focus on an organization’s governance, suggesting incentive schemes and organizational designs that could smooth trade-offs and tensions, which could jeopardize a company’s viability. This piece aims at building a comprehensive overview of the studies that, in different fields, have contributed to the understanding of businesses with purposes under different angles. Following Mitnick et al. (2021), scholars have differentiated two clusters of studies: i) instrumental–strategic–economic stream; ii) injunctive–social–behavioural. The first approach perceives as critical the balance between social-oriented aims and profit with a viable business model. Under this perspective, the concept of synergies between the two aims is critical. Its mainstream framework is the stakeholder theory approach, while recent approaches, rooted especially in marketing and strategic human capital studies, bring to the central stage how corporate social responsible actions develop social identity processes with focal stakeholders, which are responsible for reciprocity behaviours. These different perspectives, although complementary, could imply significant differences for the organisation design, product strategy, and the role and power of the chief sustainability officer as well as allocation of resources and capabilities. The second group of studies, i.e., injunctive–social–behavioural, is focused on understanding how to maintain active social aims under economic and competitive constrains. These works are particularly focused in investigating the intrinsic motivations of doing good and the type of tensions that could arise in organizations with a social mission. The works thus analyse the potential drifts, risks, and solutions that could mitigate tension and trade-offs. In this stream, the first line of work is related to social entrepreneurship, especially in developing countries, while the second is more focused on human resource incentive schemes and organizational designs that preserve a company’s social goals under economic constrains. In sum, providing a general and actualized map of the research related to for-purpose enterprises, this article aims to highlight the focal points of investigation that could generate new management theory developments.