@article{MammenAlessandriWeiss2021, author = {Mammen, Jan and Alessandri, Todd M. and Weiss, Martin}, title = {The risk implications of diversification: Integrating the effects of product and geographic diversification}, series = {Long Range Planning}, volume = {54}, journal = {Long Range Planning}, number = {1}, publisher = {Elsevier BV}, issn = {0024-6301}, doi = {10.1016/j.lrp.2019.101942}, pages = {17}, year = {2021}, abstract = {The risk implications of product diversification have received considerable attention from scholars. However, our understanding of the effects of geographic diversification on risk is more limited. Relying on resource-based theory to frame our arguments, we argue that despite some similarities, the two types of diversification have differing effects on firm risk. We first establish the risk reducing effects for product diversification. We then integrate the unique aspects of geographic diversification that serve as a boundary condition to the RBV perspective, arguing for the risk increasing effects of geographic diversification. Finally, since many firms pursue both forms of diversification simultaneously, we explore the joint effects of both product and geographic diversification. We test our hypotheses in a longitudinal model on a sample of S\&P 500 firms. Our findings suggest that total product diversification, as well as related diversification reduce risk, while total geographic diversification increases risk. Furthermore, our data provide evidence of a complex combination of joint effects of these two forms of diversification. These findings offer a more complete understanding of the risk effects of corporate diversification.}, language = {en} } @article{Mammen2020, author = {Mammen, Jan}, title = {Wealth creation through corporate diversification - the bondholders' perspective}, series = {Investment Management and Financial Innovations}, volume = {17}, journal = {Investment Management and Financial Innovations}, number = {4}, publisher = {LLC CPC Business Perspectives}, issn = {1810-4967}, doi = {10.21511/imfi.17(4).2020.09}, pages = {94 -- 101}, year = {2020}, abstract = {The influence of corporate diversification on firm value is an important field in strategy research. Studies in strategic management and finance research have analyzed value creation through product and geographic diversification from a shareholder's perspective. This study completes this picture by analyzing the bondholders' perspective. It is suggested that product diversification creates value for bondholders, while geographic diversification destroys bondholder value. The hypotheses are tested on a sample of S\&P 1,200 firms in 2001-2011 using a fixed-effects panel model. Drawing on prior research, bondholder value creation is measured using the Merton model. The empirical results support the hypothesis that bondholders gain value through product diversification but lose value through geographic diversification. Considering prior research results, these results show that product diversification is preferable for bondholders, while geographic diversification is preferable from a shareholder's perspective. The opposite effects of both diversification strategies on shareholders, respectively, bondholders offer an important new perspective on corporate diversification. The results show that firms with a high level of corporate debt should struggle to justify a strategy involving geographic dispersion of activities and support a more diversified product portfolio strategy. This study also offers several avenues for investigating the bondholder's perspective on corporate diversification in more detail.}, language = {en} } @article{JungeGrafVlachyMammenetal.2021, author = {Junge, Sebastian and Graf-Vlachy, Lorenz and Mammen, Jan and Meinhardt, Ralf and Gudd, Christian}, title = {The illusion of independence: Spun-off firms' risk-taking as a function of status and attachment to the parent firm}, series = {Long Range Planning}, volume = {54}, journal = {Long Range Planning}, number = {1}, publisher = {Elsevier BV}, issn = {0024-6301}, doi = {10.1016/j.lrp.2020.101966}, pages = {16}, year = {2021}, abstract = {This paper examines the post-divestiture behavior of spun-off firms. Drawing on the spin-off literature and middle-status conformity theory, we argue that spun-off firms—as newly independent and publicly traded firms—tend to limit their risk-taking behavior to match the expectations of a crucial audience, i.e., security analysts. Following the logic of middle-status conformity theory, we hypothesize that firms with mid-level status are particularly susceptible to analysts' pressures, whereas high- and low-status firms are free to take greater risks. Crucially, however, we propose that this relationship is less pronounced for spun-off firms that are more attached to their parent firms, as formal and informal linkages between these two types of firms can endure beyond the separation and limit spun-off firms' independence. Using a dataset of 102 spin-off transactions occurring between 1995 and 2010, we find empirical support for a U-shaped relationship between spun-off firms' status and risk-taking. This relationship is attenuated when spun-off firms are more attached to their parents. We contribute to the spin-off literature by demonstrating that a spun-off firm's post-divestiture behavior is determined by the capital market audience's expectations and the attachment to the parent firm. In so doing, we also contribute to the literature on middle-status conformity theory by identifying a boundary condition of the theory. Additionally, we make a methodological contribution by combining ideas from the spin-off and institutional theory literature to develop a particularly comprehensive measure of attachment.}, language = {en} } @article{Mammen2021, author = {Mammen, Jan}, title = {How aspiration and expectation shortfalls drive strategic investments}, series = {Problems and Perspectives in Management}, volume = {19}, journal = {Problems and Perspectives in Management}, number = {1}, publisher = {LLC CPC Business Perspectives}, issn = {1727-7051}, doi = {10.21511/ppm.19(1).2021.39}, pages = {470 -- 476}, year = {2021}, abstract = {Performance feedback is an important concept to explain managerial risk taking. This paper aims to distinguish between two forms of performance feedback: A performance shortfall can be positively or negatively associated with risk inclination. The first effect arises for a shortfall from aspirations, while the second effect occurs if there is a shortfall from expectations. The hypotheses are tested on a sample of S\&P 1500 firms over a period of 19 years (1992-2010) using a fixed effects regression model. The empirical results suggest that missing aspirations increases the likelihood of risk taking in the form of higher strategic investments. Missing expectations in contrast diminishes managerial power and discretion to engage in risk taking and thus lowers strategic investments. The results further support the idea that both effects reinforce each other, suggesting that shortfalls from expectations and aspirations have an interactive effect. By distinguishing between these two sides of performance feedback, this study provides an improved understanding on managerial risk taking. Additionally, this paper highlights how motivation and power interact when analyzing managerial risk taking.}, language = {en} } @article{SchoettelerLiberaBilgramSchoetteleretal.2025, author = {Sch{\"o}tteler Libera, Pedro and Bilgram, Volker and Sch{\"o}tteler, Sebastian and Mammen, Jan}, title = {ChatGPT in the Working World: A Qualitative Study}, series = {Information Resources Management Journal (IRMJ)}, volume = {38}, journal = {Information Resources Management Journal (IRMJ)}, number = {1}, publisher = {IGI Global}, doi = {10.4018/IRMJ.386593}, pages = {26}, year = {2025}, abstract = {The authors investigated how ChatGPT transforms workplace tasks by analyzing qualitative survey responses from 78 U.S. professionals in the fields of software, marketing, and academia. This study addresses a gap in understanding the malleability of generative artificial intelligence in diverse professional contexts, a need underscored by ChatGPT's rapid adoption and mixed impact on work practices. Using a qualitative survey deployed via a validated platform, the authors collected open-ended responses about tasks, challenges, and opportunities. Responses were inductively coded to compare domain-specific applications. The findings show that although ChatGPT is widely used across sectors for tasks such as content creation, research, and idea generation, certain tasks—such as coding in software, strategic communication in marketing, and knowledge acquisition in academia—diverge. The results emphasize the importance of context-sensitive integration strategies and bottom-up adoption approaches to maximize the benefits of artificial intelligence while mitigating risks.}, language = {en} }