Offsetting Illegitimacy? How Pressures from Securities Analysts Influence Incumbents in the Face of New Technologies
研究证券分析师推荐如何影响企业在技术变革期的战略投资，发现企业通过增加股票回购来抵消负面推荐带来的不合法性压力。
We study how analysts' recommendations affect firms' strategies during radical technological shifts. We find, from our study of firms in three industries undergoing technological change, that analysts' recommendations trigger changes in strategic investments during periods of uncertain technological change. We also find that firms that make high investments despite negative analysts' recommendations announce a higher value of share repurchases, an action that may offset the growing illegitimacy of these increased investments by signaling alignment with shareholders' interests. Radical technological changes provide a source of exogenous variation that contributes to explanation of how firms balance technological pressures for adaptation and institutional pressures for legitimacy.