Browsing by Author "Wang, Xinchun"
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Item The effects of past financial performance on firms’ short-term and long-term marketing strategies(2015-08) Wang, Xinchun; Dass, Mayukh; Arnett, Dennis B.; Shropshire, ChristineWhen firms experience unfavorable financial performance, how do they respond? Using a resource-advantage theoretic lens, this study examines how past firm performance affects firms’ future marketing strategies. In particular, the dissertation investigates the effects of past financial performance on firms’ both short-term and long-term marketing strategies. Using a multi-source dataset of 159 S&P 500 companies from 2007-2013, the study finds that (1) a firm’s past financial performance influences its both short-term and long-term marketing strategies but in different ways. Specifically, a firm’s short-term marketing investment is a positive function of its past financial performance, while there is a negative relationship between past financial performance and long-term marketing investment; (2) This process is influenced by a firm’s internal environment (e.g., top management entrepreneurial orientation and resources slack) and external environment (e.g., industry competition and industry growth rate). This dissertation contributes to the existing literature by linking performance back to marketing strategies. Also, by combining a firm’s internal and external factors, this dissertation provides a more comprehensive theoretical foundation for explaining a firm’s strategic change process. These findings have implications for managers interested in understanding the conditions under which their organizations should make changes to their marketing strategies.Item Two essays on the role of marketing in new venture investments(2023-05) Li, Yuewu; Dass, Mayukh; Arnett, Dennis; Marin, Alejandra; Wang, XinchunThe dissertation focuses on understanding the role of marketing in the venture capital market, specifically regarding the role of marketing in ventures and venture capital investments. The first chapter specifically focuses on the effects of branding efforts on early-stage ventures’ first-round financing performance. Drawing on signaling theory, this chapter proposes that when ventures invest in branding efforts, that investment can effectively reflect their underlying marketing capabilities and thus reduce the information asymmetry between investors and ventures. As a result, investors will perceive better organizational legitimacy and thus be more willing to invest in these ventures. In addition, the study theorizes and examines a set of boundary conditions, including investor strategic orientation and venture environmental context, on the signaling role of venture branding efforts. The second chapter adopts the corporate investors’ perspective and examines the impacts of the innovation of acquired entrepreneurial ventures on the innovativeness rejuvenation of corporate investors through the lens of acculturation theory. As they mature, some firms gradually lose their funding innovativeness and become conservative due to a variety of reasons. Given the importance of innovation, this diminished innovativeness could cause competitive disadvantages for firms in a fast-changing environment. Additionally, chapter II proposes a managerially actionable means for mature firms to rejuvenate their innovativeness. I suggest that by acquiring entrepreneurial ventures and forming an intercultural relation, established firms can re-expose themselves to an innovation-prone entrepreneurial culture and could potentially rejuvenate their innovativeness. I also examine the role of both parties’ CEO power in the innovation transplanting process, using agency theory and upper echelons theory.