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    Slack resources, firm performance and the institutional context: Evidence from privately held European firms

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    Publication type
    FT ranked journal article  
    Author
    Vanacker, Tom
    Collewaert, Veroniek
    Shaker A., Zahra
    Publication Year
    2017
    Journal
    Strategic Management Journal
    Publication Volume
    38
    Publication Issue
    6
    Publication Begin page
    1305
    Publication End page
    1326
    
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    Abstract
    Integrating the behavioral and institutional perspectives, we propose that a country's formal institutions, particularly its legal frameworks, affect managers' deployment of slack resources. Specifically, we explore the moderating effects of creditor and employee rights on the performance effects of slack. Using longitudinal data from 162,633 European private firms in 26 countries, we find that financial slack enhances firm performance at diminishing rates, whereas human resource (HR) slack lowers performance at diminishing rates. However, financial slack has a more positive effect on firm performance in countries with weaker creditor rights, whereas HR slack has a more negative effect on performance in countries with stronger employee rights. The results provide a richer view of the relationship between slack and firm performance than currently assumed in the literature.
    Keyword
    Creditor Rights, Employee Rights, Slack Resources, Performance, Private Firms
    Knowledge Domain/Industry
    Entrepreneurship
    DOI
    10.1002/smj.2583
    URI
    http://hdl.handle.net/20.500.12127/5629
    ae974a485f413a2113503eed53cd6c53
    10.1002/smj.2583
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