Knowledge Spillover in Corporate Financing Networks : Embeddedness and the Firm's Debt Performance  

Oleh:

Uzzi, Brian ; Gillespie, James J.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 23 no. 7 (2002), page 595-618.
Topik: network; alliances; embeddedness; entrepreneurship; finance; networks

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.9 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Building on social embeddedness theory, we examine how the competencies and resources of one corporate actor in a network are transferred to another actor that uses them to enhance transactions with a third actor - a strategic process we dub "network transitivity". Focusing on the properties of network transitivity in the context of small - firm corporate finance, we consider how embedded relations between a fir and its banks facilitate the firm's access to distinctive capabilities that enable it to strategically manage its trade - credit financing relationships. We apply theory and original case - study fieldwork to ecplore the types of resources and competencies available through baank - firm relationships and to derive hypotheses about how embedded bank - firm relationships affect the strategy of small - to medium - sized firms. Using a separate large - scale data set, we then test the generalizability o f our hypotheses. Our qualitative analyses show that embedded bank - firm ties provide special governance arrangements that facilitate the firm's access to bank - centered informational and capital resources, which uniquely enhance the firm' ability to manage trade credit. Consistent with our arguments, outstatistical analyses show that small - to medium - sized firms with embedded ties to their bankers were more likely to take lucrative early - payment trade discounts and avoid costly late - payment penalties than were similar firms that lacked emebdeed ties - suggesting that social embeddedness beneficially affects the financial performance of the firm.

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