Strategic Management: Corporate strategy, corporate governance, strategic leadership
Entrepreneurship: Entrepreneurial career trajectories
International Business: Internationalization strategies of emerging market multinationals
Research Methods: Quantitative methods (e.g., difference-in-differences, sequence analysis, meta-analysis)
Energy Transition
Navigating Investor-Firm Dynamics: Mutual Dependence and Power Imbalance in Fossil Fuel Divestitures
in collaboration with Heechun Kim.
This study examines how firm–investor interdependence structures influence corporate energy transition strategies, focusing on ESG-driven divestitures in the U.S. oil and gas sector. Drawing on resource dependence theory (RDT), we develop a relational framework that decomposes firm–investor interdependence into mutual dependence and power imbalance, distinguishing between long-term institutional investors (LIIs) and short-term institutional investors (SIIs). We hypothesize that LII–firm mutual dependence is positively associated with ESG divestitures, while SII–firm mutual dependence is negatively associated; LII–firm power imbalance is negatively associated with ESG divestitures, while SII–firm power imbalance is positively associated. Furthermore, we predict that power imbalance moderates these effects by weakening the influence of mutual dependence on firm strategic adaptation. Using a panel dataset of 382,685 firm–investor–year observations from 218 publicly traded U.S. oil and gas firms (2000–2021), our ordered logistic regression analyses support these predictions. We find that LII–firm mutual dependence increases the likelihood of transformative ESG divestitures, but this effect is weakened under greater LII–firm power imbalance. Conversely, SII–firm mutual dependence decreases the likelihood of ESG divestitures, yet this negative effect is attenuated when SII–firm power imbalance increases. This study brings mutual dependence and power imbalance into the explanation of contractionary strategic responses like divestitures, offering deeper insights to resource dependence theory, which has traditionally focused on absorptive constraints.
Governance Crosswinds: Investor Influence, Political Ideology, and Energy Transition Strategy
in collaboration with Heechun Kim.
This study investigates how heterogeneous institutional investors influence corporate energy transition strategies in the U.S. oil and gas sector and how these relationships are conditioned by political ideology at both firm and national levels. Drawing on a panel of 1,780 firm-year observations from 244 publicly listed U.S. oil and gas firms between 2000 and 2021, we examine two types of energy transition activity: fossil fuel divestitures and green investments. Integrating resource dependence theory with upper echelons theory, we find that institutional investor influence is not uniform but filtered through internal leadership ideologies and external political environments. Specifically, long-term institutional ownership is positively associated with both divestitures and green investments, while short-term ownership is negatively associated with these outcomes. The positive influence of long-term investors on fossil fuel divestitures is attenuated when firms are led by Republican-leaning CEOs or boards. In contrast, the constraining effect of short-term investors on green investments is amplified under Republican-leaning CEOs and during Republican presidential administrations, and the positive effect of long-term investors is similarly weakened under Republican federal leadership. These findings highlight that ownership structures, internal governance ideologies, and multilevel political environments jointly shape firms’ strategic responses to climate change through both structural dependence and managerial interpretation.
Family Firms
The Colors of Acquirers as Owner-Controlled Firms: Effects on Acquisition Premiums and Shareholder Wealth Within China
in collaboration with Heechun Kim and Daniel Zyung.
We introduce an owner control model to examine the influence of family versus state control on the outcomes of acquiring firms. Specifically, our focus is on assessing acquisition premiums and post-acquisition market performance in family firms versus state-owned enterprises (SOEs) in China. Analyzing 772 domestic acquisitions of public targets conducted by 519 Chinese listed firms from 2004 to 2019, we find that family firms, particularly those led by family CEOs, exhibit a greater propensity than SOEs to offer higher premiums for diversifying acquisitions. This finding is consistent with the contextualized mixed gamble logic of acquisition premiums that we propose. Additionally, employing signaling theory, we explore the conditions under which negative investor reactions are less likely to manifest in response to overpaid acquisitions. Notably, our research demonstrates that family acquirers, especially those led by family CEOs, face reduced stock market penalties for their overpaid acquisitions. In the short term, they even witness an increase in shareholder wealth. This suggests that investors perceive family control as a more reliable signal compared to state control. Taken together, our study not only contributes to a nuanced understanding of family control and state control in the context of acquisition outcomes but also provides practical implications.
Do Better-Connected Heir CEOs Always Perform Better? A Meritocratic Nepotism Mode
in collaboration with Heechun Kim, Hicheon Kim, & Seung-Hwan Jeong.
Our study develops a relational model of good nepotism to explain why and under what conditions family firms get better financial returns on hereditary nepotism, defined here as the appointment of heir CEOs who are their founders’ descendants. This model holds that family firms fare better when their heir CEOs are better-connected with interacting firms and the government. To test its theoretical predictions, we analyze data on 880 China-based publicly traded family firms that experienced the departure of professional (non-family) CEOs between 2005 and 2019. Our results indicate that family firms that promote heir CEOs outperform their counterparts that appoint professional CEOs. Consistent with our model, we also find that family firms do get a higher return on nepotism, especially when their heir CEOs have board connections and political connections. We further take an institutional fit approach to reveal institutional boundary conditions for those moderating effects. Our results show that family firms whose heir CEOs have board connections perform better when headquartered in regions with strong market institutions, but that the opposite is true for political connections. Our study concludes by discussing implications for research on family firms, as well as on CEO succession and relational social capital.
Entrepreneurial Career Trajectories
Entrepreneurial Career Trajectories: An Exploratory Life-Course Perspective
in collaboration with Seok-Woo Kwon.
This study investigates the relationship between age and entrepreneurial career trajectories using a life course perspective. Utilizing data from the National Longitudinal Survey of Youth, we address three primary questions: (1) What patterns of entrepreneurial trajectories do individuals exhibit from early adulthood through middle adulthood? (2) Does family wealth in adolescence influence the career trajectory of entrepreneurs? (3) How do individuals' entrepreneurial trajectories influence their economic outcomes, such as wealth and income, in post-middle adulthood? Employing Group-Based Trajectory Models (GBTM), we identify four distinct entrepreneurial career trajectories: never-entrepreneurs, early adulthood entrepreneurs, middle adulthood entrepreneurs, and career-persistent entrepreneurs. The study also finds that higher family income during adolescence is associated with the trajectory of career-persistent entrepreneurship, which leads to higher wealth and income in post-middle adulthood than is the case for those in other career trajectories.
Seok-Woo Kwon & Xiaoying Wang. Entrepreneurial Career Trajectories: An Exploratory Life-Course Perspective.
- Entrepreneurship Theory and Practice (final revision invited after second-round R&R, editor review only)
Xiaoying Wang & Heechun Kim. Navigating Investor-Firm Dynamics: Mutual Dependence and Power Imbalance in Fossil Fuel Divestitures.
- Conference presentation: AOM 2025; ASAC 2025; SMS 2025
Xiaoying Wang & Heechun Kim. Governance Crosswinds: Investor Influence, Political Ideology, and Energy Transition Strategy
- Innovation in Student Research Award Recipient, Administrative Sciences Association of Canada (ASAC) Conference 2025
Xiaoying Wang & Heechun Kim. Navigating Political Currents: CEO Ideology and Government Influence on Corporate Divestitures.
- Conference presentation: AOM 2025; ASAC 2025
Heechun Kim, Xiaoying Wang, & Daniel Zyung. The Colors of Acquirers as Owner-Controlled Firms: Effects on Acquisition Premiums and Shareholder Wealth Within China.
- Best Paper Award at International Corporate Governance Society (ICGS) Conference 2024
Xiaoying Wang. Environmental Regulation and Strategic Change: A Systemic Literature Review.
- Best Paper Award at ASAC 2023
Heechun Kim, Hicheon Kim, Seung-Hwan Jeong, & Xiaoying Wang. Do Better-Connected Heir CEOs Always Perform Better? A Meritocratic Nepotism Model.
Longzhou Wang & Xiaoying Wang. Expressway Expansion, International Trade, and Spatial Imbalance.
- Under first-round review at Journal of International Economics
Xiaoying Wang, & Chunlai Chen. The Impact of Host-side Institutional Factors on Chinese Outward Foreign Direct Investment.
Xiaoying Wang & Longzou Wang. Unleashing the Untapped Potential: Maximizing the Impact of Difference-in-Differences Method in Strategic Management Research.
- Conference presentation: SMS 2023
Xiaoying Wang. Birds of a Feather: How CEO Homophily Influences Acquisition Completion and Subsequent Divestiture.
- Conference presentation: SMS 2023
Xiaoying Wang. “Blood Or Money”: Exploring the Internationalization Speed of Family vs. Non-Family Firms in Emerging Markets.
- Conference presentation: ASAC 2023
Wang, X. (2022). CEO Power and Acquisition Performance: A Meta-Analysis. In Finkelstein, S. & Cooper, C. L. Advances in Mergers and Acquisitions (pp. 117-148), Emerald Group Publishing Limited. DOI: https://doi.org/10.1108/S1479-361X20220000021007.
Wang, X., & Anwar, S. (2022). Institutional Distance and China’s Horizontal Outward Foreign Direct Investment. International Review of Economics & Finance, 78, 1-22. DOI: https://doi.org/10.1016/j.iref.2021.09.012. (ABDC: A; Pre-doctoral research)
于赫, & 王晓颖. (2021). 技术并购对企业创新能力的影响——来自医药企业的实证研究. 工业技术经济, 40(12), 25-34. (Pre-doctoral research)
王晓颖. (2018). 东道国自然资源禀赋, 制度禀赋与中国对 ASEAN 直接投资. 世界经济研究, 8, 123-134. (Pre-doctoral research)
王晓颖, & 周婉冰. (2018). 东道国制度质量, 超主权投资制度与中国对东盟直接投资. 亚太经济, (2), 103-113. (Pre-doctoral research)
陈诗波, 王书华, & 王晓颖. (2016). 创新能力影响城市发展的结构方程模型分析. 中国科技资源导刊, (3), 14-20. (Pre-doctoral research)
Xiaoying Wang. (2025). Navigating Investor-Firm Dynamics: Mutual Dependence and Power Imbalance Fossil Fuel Divestitures. STR Paper Session. The 85th Annual Meeting of the Academy of Management, Copenhagen, Denmark. (Pre-recorded presentation)
Xiaoying Wang. (2025). Navigating Political Currents: CEO Ideology and Government Influence on Corporate Divestitures. ONE Paper Session. The 85th Annual Meeting of the Academy of Management, Copenhagen, Denmark. (Pre-recorded presentation)
Xiaoying Wang. (2025). Mutual Dependence, Power Imbalance, and Divestiture Choices: Evidence from the U.S. Oil and Gas Industry. Track F: Corporate Strategy, The SMS 45th Annual Conference, San Francisco.
Xiaoying Wang. (2025). Navigating Investor-Firm Dynamics: Mutual Dependence and Power Imbalance in Fossil Fuel Divestitures. STR Division. Administrative Sciences Association of Canada (ASAC) 2025 Annual Conference, Waterloo, Canada.
Xiaoying Wang. (2025). Navigating Political Currents: CEO Ideology and Government Influence on Corporate Divestitures. SR Division. Administrative Sciences Association of Canada (ASAC) 2025 Annual Conference, Waterloo, Canada.
Heechun Kim, Xiaoying Wang, Jinyong Daniel Zyung. (2024). The Color of Acquirers as Owner-Controlled Firms: Its Effects on Acquisition Premiums and Post-Acquisition Market Performance in China. The 10th Annual International Corporate Governance Society Conference (ICGS), Tempe, Arizona. (Presented by a co-author)
Seok-Woo Kwon & Xiaoying Wang. (2024). "Entrepreneurial careers and “career entrepreneurs”. The 119th American Sociological Association (ASA) Annual Meeting, Montréal, Québec, Canada. (Presented by a co-author)
Xiaoying Wang. (2023). Unleashing the Untapped Potential: Maximizing the Impact of Difference-in-Differences Method in Strategic Management Research. RM Community. SMS 43th Annual Conference, Toronto, Ontario, Canada.
Xiaoying Wang. (2023). Birds of a Feather: How CEO Homophily Influences Acquisition Completion and Subsequent Divestiture. The SMS 43th Annual Conference, Toronto, Ontario, Canada.
Xiaoying Wang. (2023). Environmental Regulation and Strategic Change: A Systemic Literature Review. SR Division. Administrative Sciences Association of Canada (ASAC) 2023 Annual Conference, Toronto, Ontario, Canada.
Xiaoying Wang. (2023). “Blood or money”: exploring the internationalization speed of family vs. Non-family firms in emerging market. IB Division. Administrative Sciences Association of Canada (ASAC) 2023 Annual Conference, Toronto, Ontario, Canada.
Xiaoying Wang. (2022). CEO Power and Acquisition Performance : A Meta-Analysis. STR Division. Administrative Sciences Association of Canada (ASAC) 2022 Annual Conference, Halifax, Nova Scotia, Canada.
Heechun Kim, Xiaoying Wang, Jinyong Daniel Zyung. (2021). Family CEOs, Acquisition Premiums, and Stock Market Performance of Domestic Acquisitions. The 81th Annual Meeting of the Academy of Management, Virtual.
Heechun Kim, Xiaoying Wang, Jinyong Daniel Zyung. (2021). Family CEOs, Acquisition Premiums, and Stock Market Performance of Domestic Acquisitions. The SMS 41st Annual Conference, Virtual.
Xiaoying Wang. (2018). Linder Hypothesis for FDI Reconsidered: From An Institutional Perspective. The 30th Chinese Economics Society Australia (CESA) Annual Conference. Sydney, Australia.
Xiaoying Wang. (2023). AI in Research. Brown Bag Series, Haskayne School of Business, University of Calgary, Calgary, Canada.
Xiaoying Wang & Chunlai Chen. (2019). The Impact of Host-side Institutional Factors on Chinese Outward Foreign Direct Investment. SGMA Area Seminar, University of Calgary, Calgary, Canada.
Xiaoying Wang. (2018). Linder Hypothesis for FDI Reconsidered: An Institutional Perspective. China Economy Program (CEP) Research Seminar, Crawford School of Public Policy, Australian National University, Canberra, Australia.
Xiaoying Wang. (2025). SR virtual b - Fighting the current: The SME and NFP Experience. Administrative Sciences Association of Canada (ASAC) 2025 Annual Conference, Waterloo, Canada.
2025 - Innovation in Student Research Award, ASAC - $2,500
2023 - Doctoral Completion Scholarship, University of Calgary - $10,000
2022 - Dean’s Doctoral Scholarship, University of Calgary - $15,000
2022 - Enbridge Corporate Sustainability Award (Doctoral), University of Calgary - $10,000
2021 - Alberta Graduate Excellence Scholarship (AGES), University of Calgary - $15,000
2020 - Pre-candidacy Award, University of Calgary - $400
2019 - PhD Graduate Scholarship, University of Calgary (2019-2024)
2017 - Chinese Government Scholarship, Chinese Scholarship Council - 100,000 CNY (2017-2018)
2016 - Freshman Scholarship, Chinese Academy of Social Sciences - 8,000 CNY
2015 - National Scholarship, Chinese Academy of Social Sciences - 10,000 CNY
2015 - Major Award, Chinese Academy of Social Sciences - 1,500 CNY
2014 - Excellent Graduate Student of Hebei Province