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Selected recent publications in the top management and economics journals

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Inter-Unit Executive Redeployment in Multiunit Firms: Evidence from Korean Business Groups

( Chang, Sea-Jin | Kim, Young-Choon | Park, Sangchan )

ORGANIZATION SCIENCE2024-05

Abstract

Building on the literature on resource reconfiguration theory, we formulate a new theoretical framework that explains how executive redeployment within a diversified firm transfers different types of human capital embodied in executives to different units facing specific business challenges. In the empirical context of Korean business groups, we find that executives with unit-specific human capital, like turnaround experience, competitive experience, and international expansion experience, are redeployed to units with corresponding business challenges like financial difficulties, intensifying competition, and early-stage international expansion, respectively. We also show that executives with unit-generic human capital, like corporate management practices and interunit coordination experiences, are redeployed to younger units seeking to establish corporate-level policies and practices. Additional analyses also show that the value of firm-specific human capital in driving the redeployment of executives is contingent on their functional orientation and seniority.

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Reproducibility in Management Science

MANAGEMENT SCIENCE2024-03

Abstract

With the help of more than 700 reviewers, we assess the reproducibility of nearly 500 articles published in the journal Management Science before and after the introduction of a new Data and Code Disclosure policy in 2019. When considering only articles for which data accessibility and hardware and software requirements were not an obstacle for reviewers, the results of more than 95% of articles under the new disclosure policy could be fully or largely computationally reproduced. However, for 29% of articles, at least part of the data set was not accessible to the reviewer. Considering all articles in our sample reduces the share of reproduced articles to 68%. These figures represent a significant increase compared with the period before the introduction of the disclosure policy, where only 12% of articles voluntarily provided replication materials, of which 55% could be (largely) reproduced. Substantial heterogeneity in reproducibility rates across different fields is mainly driven by differences in data set accessibility. Other reasons for unsuccessful reproduction attempts include missing code, unresolvable code errors, weak or missing documentation, and software and hardware requirements and code complexity. Our findings highlight the importance of journal code and data disclosure policies and suggest potential avenues for enhancing their effectiveness.

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Optimal Subsidy Policy for Innovation: Technology Push and Demand Pull

( Chung, Hakjin | Ahn, Hyun-Soo | Lee, Myeonghun | Kim, Sang Won )

PRODUCTION AND OPERATIONS MANAGEMENT2024-03

Abstract

Government plays a critical role in developing and adopting new products with social benefits. We study how the government should mix two different subsidies-a technology-push subsidy, which awards manufacturers for cost-reducing R&D efforts, and a demand-pull subsidy, which directly rewards customers-when multiple firms compete in the presence of spillover. We develop a model with the government and two firms: The government first announces a subsidy policy, then the two firms decide R&D investments to reduce production costs and sell the products. We analyze how the optimal subsidy policy and resultant market outcomes change in the social benefit of the product and the spillover level. We find that the government should use a different subsidy policy depending on the social benefit of the product. When the social benefit is low, no subsidy should be given, letting the two firms make discretionary R&D efforts without any inducement. When the social benefit is modest, the government should only give a push subsidy and let the firms lead production adoptions with cost-reducing R&D. When the social benefit is large, the government should provide both subsidies, but the dependence on the pull subsidy increases. We also study how the spillover level influences the optimal subsidy. As knowledge spillover increases, we find that the government should increase the push subsidy to offset the losses incurred by the cost leader. We contribute to the literature by offering policy insights on how the government should design subsidies to maximize the adoption of products with social benefits.

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Agency Frictions and Procurement: New Evidence from US Electricity Restructuring

( Abito, Jose Miguel | Han, Jin Soo | Houde, Jean-Francois | van Benthem, Arthur A. )

JOURNAL OF INDUSTRIAL ECONOMICS2024-03

Abstract

This article presents new quantitative evidence of the sources of efficiency benefits from deregulation. We estimate the heterogeneous effects of plant divestitures on fuel procurement costs during the restructuring of the U.S. electricity industry. Guided by economic theory, we focus on three mechanisms and find that restructuring reduced fuel procurement costs for firms that (i) were not subject to earlier incentive-regulation programs, (ii) had relatively strong bargaining power as coal purchasers after restructuring, and (iii) were locked in with disadvantaged coal contracts prior to restructuring.

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Robust Risk Quantification via Shock Propagation in Financial Networks

( Ahn, Dohyun | Chen, Nan | Kim, Kyoung-Kuk )

OPERATIONS RESEARCH2024-01

Abstract

Given limited network information, we consider robust risk quantification under the Eisenberg-Noe model for financial networks. To be more specific, motivated by the fact that the structure of the interbank network is not completely known in practice, we propose a robust optimization approach to obtain worst-case default probabilities and associated capital requirements for a specific group of banks (e.g., systemically important financial institutions) under network information uncertainty. Using this tool, we analyze the effects of various incomplete network information structures on these worst-case quantities and provide regulatory insights into the collection of actionable network information. All claims are numerically illustrated using data from the European banking system.

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