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Ma, Yao

Nom
Ma, Yao
Affiliation principale
Fonction
Assistante/Doctorante
Email
yao.ma@unine.ch
Identifiants
https://libra.unine.ch/handle/123456789/1275

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  • Publication
    Accès libre
    Segmentally aware: know when to merge and when to purge
    (2019-12-11)
    Ma, Yao 
    ;
    Xu, Jiahua
    Purpose The purpose of this paper is to hone in on the degree of segment-level integration relative to corporate post-merger performance. Design/methodology/approach The sample consists of 89 segments in 29 combined companies resulting from large mergers and acquisitions (M&A) transactions between 2001 and 2014 in the pharmaceutical and chemical industries worldwide. The authors track the change through M&A in performance of segments with different integration forms as well as performance of entire companies with different integration levels. Findings The authors find that integrating the segments from the target significantly improves the acquirer’s overall performance, as well as the concerned segments’ performance, following an M&A transaction. Whereas the segments from the target company, when left unintegrated, not only exhibit subpar performance among all the segments, but also appear responsible for the worsening corporate performance. Various possible reasons for this contrast are discussed. Originality/value This paper raises awareness of the significance of segment-level analyses, and contributes to the post-merger integration (PMI) research by examining the influence of structural integration on operating segments. To the best of our knowledge, this paper is the first to investigate integration forms and the post-merger financial performance of various segments within companies.
  • Publication
    Restriction temporaire
    Why outsider CEOs bring less change: A relational perspective
    (2021-7-20)
    Ma, Yao 
    ;
    Georgakakis, Dimitrios
    ;
    Jonczyk Sédès, Claudia 
    In this study, we examine the effect of new CEO origin on post-succession strategic change in firms facing turnaround situations. Taking a ‘relational perspective’ of CEO succession, we argue that the degree to which new CEO origin associates with strategic change depends on the relational network between the new CEO and board members prior to succession. Using data from 95 new CEOs nominated by companies in turnaround situations between 1993 and 2015, we conduct an empirical quantitative study and find that outsider CEOs bring less strategic change in firms facing turnaround conditions, and this effect is weaker in the later years of a new CEO’s tenure. Moreover, we find that CEO-board relation mediates the relationship between new CEO origin and strategic change; in the other words, outsider CEOs tend to hold fewer stronger ties with board members, and thus bring lower degree of strategic change to the firm after their succession. Our paper contributes to the corporate turnaround literature by offering a nuanced exploration of CEO replacement in turnaround situations with empirical evidence. Meanwhile, it contributes to extant literature on CEO succession by underscoring the important role of the CEO-board relation when a new CEO takes charge with the mandate to bring about strategic change (e.g., in turnaround conditions).
  • Publication
    Restriction temporaire
    Why outsider CEOs do (not) bring strategic change: A relational perspective
    (2022-7-20)
    Ma, Yao 
    ;
    Georgakakis, Dimitrios
    ;
    Jonczyk Sédès, Claudia 
    In this study, we examine the conditional indirect effect of new CEO outsiderness on post-succession strategic change through new CEO’s internal and external social networks. Following the contingency perspective, we distinguish the CEO succession events occurring in firms facing a turnaround situation from a business-as-usual situation and discuss the opposite effect of new CEO outsiderness on post-succession strategic in these business situations. We take a relational perspective and argue that such contradiction attributes to incoming CEO’s relational network with firm’s board members and with external business elites, prior to succession. Using data on 2208 new CEOs nominated by S&P 1500 companies between 2000 and 2017, we conduct an empirical quantitative study and find that both new CEO-board network and new CEO’s external network mediate the link between new CEO outsiderness and post-successional strategic change. Externally-recruited CEOs tend to have a weaker internal network and a larger external network, which results in higher degree of strategic change in a business-as-usual situation, but lower strategic change in firms facing turnaround situations. Our paper contributes to work on CEO succession by underscoring the important role of CEO internal and external networks when a new CEO is appointed in different firm situations. We also contribute to social network theory by discussing contexts where social networks may be obstacles rather than accelerators for changes.
  • Publication
    Restriction temporaire
    New CEO Succession Origin and Strategic Change in Turnaround Situations: A Relational Perspective
    (2021-7-29)
    Ma, Yao 
    ;
    Jonczyk Sédès, Claudia 
    ;
    Georgakakis, Dimitrios
    We study the effect of new CEO succession origin on strategic change in firms facing turnaround situations. Taking a ‘relational perspective’ of CEO succession, we argue that the degree to which outside CEO succession associates with strategic change depends on the relational network between the outside CEO and key incumbent executives prior to succession. Using data from 108 companies with new CEOs in turnaround situations between 1993 and 2015, we find that high CEO outsiderness has a negative effect on strategic change in firms facing turnaround conditions – while this effect is weaker in the later years of the new CEO’s tenure. We further find that outsider CEOs with more connected intra-TMT network brings a higher degree of strategic change to the firm early after succession. Overall, our paper contributes to the extant literature on CEO succession by underscoring the important role of the relational CEO-TMT interface when a new CEO takes charge with the mandate to bring about strategic change (i.e., in turnaround conditions).
  • Publication
    Restriction temporaire
    Why outsider CEOs bring less change: A relational perspective
    (2021-7-8)
    Ma, Yao 
    ;
    Jonczyk Sédès, Claudia 
    ;
    Georgakakis, Dimitrios
    Extant research on Chief Executive Officer (CEO) succession has long questioned whether the appointment of a new CEO is beneficial, or detrimental, for firms facing conditions of financial distress (Finkelstein, Hambrick & Cannella, 2009). Our paper attends to answer this question by adopting a relational perspective to study the link between new CEO succession origin and strategic change in turnaround conditions. Specifically, we argue, that the degree to which outside CEO succession associates with strategic change depends on the relational network the outsider CEO has established with key incumbent board members prior to succession.