-凯发k8游戏
��ࡱ�>�� ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������u �r���bjbj�n�n2���a��a��
�������""������������8���$��rl��������rrrrrrr$t��v<;r������;r����4pr�"����r�r�����pf!b������rfr0�r�v#r�vv2�v�en��������;r;ru�����r�������������������������������������������������������������������������v���������"qs: organization science
volume 34, issue 2, mar/apr 2023
1. title: how the basis for status perceptions varies with perceiver status.
authors: tan, david; rider, christopher i.
abstract: we posit a novel mechanism�socially endogenous calibration�whereby the tendency to align with others' perceptions of organizational status varies systematically with the status of a perceiver's own organization. we specifically theorize that members of higher-status organizations perceive larger and more correlated status differences among other organizations than members of lower-status organizations do. using a simulation, we demonstrate how socially endogenous calibration yields these predictions even when quality is uniform across organizations. we further present empirical support for our arguments by analyzing data on individual-level prestige ratings of u.s. law firms. integrating socially endogenous calibration with prevailing status perspectives based on quality uncertainty, we conclude by elaborating a novel research agenda on stability and instability in organizational status hierarchies.
2. title: in institutions we trust? trust in government and the allocation of entrepreneurial intentions.
authors: eesley, charles; lee, yong suk.
abstract: whether entrepreneurship generates economic growth depends on the institutional environment due to its impact on the mix of productive and unproductive entrepreneurship in the economy. the incentive structure embedded in each society affects whether talented people become entrepreneurs and potentially, the extent to which they engage in more productive forms of entrepreneurship. we examine how trust in institutions affects the entrepreneurial intentions of potentially productive entrepreneurs. we utilize the unique event surrounding the impeachment of south korea's previous president. the event improved people's trust in the government because it was ultimately the people's protests and demands that led to the impeachment of the president for influence peddling and extracting personal rents from businesses. by surveying the same individuals before and after the impeachment ruling, we identify people's changes in trust in government and various institutions. we find that increased trust in institutions increases one's intent to start a business within five years. moreover, we show that the relationship between trust in institutions and entrepreneurial intention is significantly stronger for engineering majors from top universities. supplemental material: the e-companion is available at https://doi.org/10.1287/orsc.2022.1583.
3. title: specialists, generalists, or both? founders' multidimensional breadth of experience and entrepreneurial ventures' fundraising at ipo.
authors: souitaris, vangelis; peng, bo; zerbinati, stefania; shepherd, dean a.
abstract: different streams of research have led to contradictory conclusions about the venture performance implications of founders' breadth of experience. although extant empirical studies have explored the performance implications of founders' breadth of experience at the start-up stage, we focus on the later stage of the initial public offering (ipo). we theorize that investors categorize venture founders based on two salient dimensions�their industry and functional background�and we relate this categorization to resource acquisition at ipo. to test our model, we use a hand-collected data set of 175 entrepreneurial ipos in the alternative investment market in london (2002�2013) and two randomized experiments. we theorize and find that compared with entrepreneurial ventures with a lead founder specializing in one industry or one function, investors generally devalue those with a category-spanning lead founder (a generalist). however, devaluation is less severe when a lead founder is a generalist in one dimension (e.g., industry) but a specialist in the other dimension (e.g., function). we also theorize and empirically test trust as a mechanism for the generalist penalty. specifically, audience members (investors) have low trust in a generalist producer (founder) in contexts where the two parties consider entering into a partnership (equity investment at ipo), and so that generalist producer is devalued. finally, we show that an external expert endorsement�in our case, from intensive venture capital affiliations�offsets the generalist penalty, especially when category spanning occurs in multiple category dimensions. funding: this work was supported by the university of st. gallen and the natural science of china [grant 71832012]. supplemental material: the e-companion is available at https://doi.org/10.1287/orsc.2022.1581.
4. title: for better and worse: how proactive personality alters the strain responses to challenge and hindrance stressors.
authors: nielsen, jordan; firth, brady; crawford, eean.
abstract: employees with a proactive personality tend to show exceptional initiative and perseverance, suggesting that they are relatively impervious to stressors. yet some evidence suggests that proactive personality may exacerbate the effect of stressors on strain. in this study, we clarify these conflicting ideas by systematically distinguishing between different types of chronic work stressors. integrating the conservation-of-resources model and the challenge�hindrance stressor framework, we suggest that employees with more proactive personalities are especially sensitive to the extent to which chronic work stressors are amenable to their resource investments. specifically, we hypothesize that, for more proactive employees, challenge stressors (opportunities more amenable to resource investment) lead to less strain (i.e., emotional exhaustion and turnover intentions) but also that hindrance stressors (demands less amenable to proactive expectations of achievement) lead to relatively more strain. we further propose perceived organizational support as a mediator of these interactive effects wherein challenging opportunities are interpreted by proactive employees as particularly indicative of high support and hindering demands as particularly indicative of low support, ultimately leading to lower and higher perceptions of strain, respectively. a three-wave survey of 256 architects generally supports these hypotheses: the effects of challenge stressors on emotional exhaustion and turnover intentions were significantly attenuated and the effects of hindrance stressors on these outcomes were significantly exacerbated for more proactive people. these effects were mediated (partially for exhaustion, fully for turnover intentions) by perceived support. follow-up analysis demonstrates that this interactive effect extends to turnover behavior 2.5 years later, fully mediated by perceived support.
5. title: when does the pre-entry experience of new entrants improve their performance? a meta-analytical investigation of critical moderators.
authors: cao, zhi; posen, hart e.
abstract: although pre-entry experience is widely regarded as a critical asset that positively influences new entrant performance, empirical support is mixed. to address this inconsistency, we conduct a meta-analysis of the empirical findings in 272 papers. we draw theoretically on the organizational learning literature to argue that the pre-entry experience�new entrant performance relationship is contingent on the characteristics of pre-entry experience, the environmental context of the new entrant, and the interaction between the two. in particular, we examine the effects of two levels of pre-entry experience (firm and founder), four types of founder-level pre-entry experience (entrepreneurial, managerial, industry, and functional experience), and two types of environments (industry and institutional). the meta-analysis results show a significant and positive correlation between founder-level pre-entry experience and economic performance of 0.07. likewise, the failure rates of spinouts and diversifying entrants are 11% lower than that of start-ups. the moderating analysis results show that the correlation of founder-level pre-entry experience and economic performance is lower in knowledge- or technology-intensive (kti) industries and higher in low-kti manufacturing and service industries. the correlation is also higher in institutional environments with high power distance and individualism. these findings provide compelling new evidence for the importance of pre-entry experience and advance our understanding of the boundary conditions on the pre-entry experience�new entrant performance relationship. supplemental material: the online appendix is available at https://doi.org/10.1287/orsc.2022.1589.
6. title: gatekeeping and the use of contested practices in creative industries: the case of fur in fashion.
authors: godart, fr�d�ric; hsu, greta; negro, giacomo.
abstract: in creative industries, a producer's choice to use specific cultural practices is often driven by considerations of industry-specific notions of creativity and artistic vision. creative producers claim autonomy over which practices are deemed desirable or legitimate, creating resistance to influences from outside the industry, such as from social movements. this study proposes that in such contexts, externally-driven change depends on the role of prominent gatekeepers. we consider how shifts in their discourse translate and amplify external social movement pressures for producers. we further argue that higher-status producers respond more to the changing discourse of these gatekeepers, to whom they are more tightly connected. this leads to a dynamic that is counterintuitive in the context of creative industries in which higher-status producers, who can benefit most from preserving the status quo, show greater responsiveness to external pressures when translated through gatekeeper discourse. our empirical analysis uses a unique data set related to a prototypical contested practice: fur use in high-end fashion. these findings highlight the complex role of gatekeepers in creative industries and indirect pathways through which external social movements drive change. supplemental material: the online appendix is available at https://doi.org/10.1287/orsc.2022.1591.
7. title: just diverse among themselves: how does negative performance feedback affect boards' expertise vs. ascriptive diversity?
authors: jung, heejung; lee, yonghoon g.; park, sun hyun.
abstract: we investigate how negative performance feedback affects board diversity, which is instrumental in shaping a firm's strategic change. when a firm underperforms compared with its aspiration, its board is motivated to promptly address the underperformance. the board needs to not only help search for strategic alternatives but also quickly build consensus around its strategic reorientation. these two motivations lead the board to value two dimensions of diversity among its members differently. on the one hand, to understand the problem of underperformance and find a solution, the board is motivated to seek new expertise, avoiding redundancy in the pool of expertise already represented in the boardroom. this results in a higher level of diversity in director expertise. on the other hand, the urgent need to build consensus prompts the board to value trust and solidarity and to avoid potential conflict among directors. because people perceive others with similar ascriptive backgrounds as trustworthy, changes in the board of an underperforming firm are likely to yield a lower level of diversity in its members' ascriptive backgrounds. these changes in board are affected by the committee chairs of the board whose power and influence are significant in the boardroom. analyses of the boards of 733 u.s. listed manufacturing firms show that when a firm underperforms compared with its aspirations, it increases the board expertise diversity, but decreases the board ascriptive diversity. when chairs on the board are gender or racial minorities, the negative association between underperformance and the board ascriptive diversity is weakened. supplemental material: the e-companion is available at https://doi.org/10.1287/orsc.2022.1595.
8. title: does investor gender matter for the success of female entrepreneurs? gender homophily and the stigma of incompetence in entrepreneurial finance.
authors: snellman, kaisa; solal, isabelle.
abstract: female support of other women has been put forth as a remedy to the gender gap across many domains. yet the potential costs associated with gender homophily are not well understood. we propose that homophily aggravates negative gender bias in evaluation. focusing on the context of entrepreneurship, we theorize that future investors will discount a female entrepreneur's competence as the key factor in an early-stage investment decision, when the investment comes from a female investor. consequently, female-backed female entrepreneurs may struggle to raise additional funds from new investors. in a field study of venture-backed startups, we find that firms with female founders who received funding from female rather than male vcs are two times less likely to raise additional financing. we find no equivalent investor gender effect for male-founded firms. in an experimental study, we find that pitches by female-backed female entrepreneurs receive lower evaluations compared with all other pitches, and that this is driven by perceptions of entrepreneur competence. our findings suggest that well-intentioned calls for women to invest in women not only place an undue burden on female investors, but may also undermine the long-term success of female entrepreneurs. supplemental material: the e-companion is available at https://doi.org/10.1287/orsc.2022.1594.
9. title: settlement constellations and the dynamics of fields formed around social and environmental issues.
authors: buchanan, sean; zietsma, charlene; matten, dirk.
abstract: firms are increasingly responding to social and environmental issues in highly complex and heterogeneous organizational fields that transcend national boundaries. yet, we still have a limited understanding of how these fields are structured and the implications of structural variation on how issues are addressed over time. we advance theory in this area by arguing that issue fields are characterized by varying settlement constellations that structure these fields. we develop a typology of three settlement constellations�unified, fragmented, and bifurcated�and describe their impact on field structure and the challenges they raise for addressing field-defining issues. we then theorize the evolution of fields with different settlement constellations and explain how and why constellations are sustained over time as well as when they may change. our paper helps advance theory on organizational fields, private regulation, and firm responses to social and environmental issues. more broadly, our paper highlights the unique position of organizational and institutional scholars to examine complex social and environmental issues, or "grand challenges."
10. title: your presence is requested: mindfulness infusion in workplace interactions and relationships.
authors: reina, christopher s.; kreiner, glen e.; rheinhardt, alexandra; mihelcic, christine a.
abstract: in an increasingly fast-paced work environment filled with distractions, an overabundance of information, and complex decision making, scholars and practitioners alike have begun to recognize the need to slow down and direct attention to the present moment. as such, the study and implementation of mindfulness in the workplace has received growing attention in recent years. this body of work, however, is preoccupied with the outcomes of individual- and collective-level mindfulness, largely ignoring mindfulness as brought into workplace interactions and relationships. in this study, we take a qualitative, grounded theory approach wherein we put forth and unpack a model of interpersonal mindfulness infusion: the process whereby individuals instill their mindfulness into their workplace interactions and relationships. we further distinguish between formal and informal and self- and other-focused mindfulness practices. we show how these practices underlie the mindfulness infusion process and can enhance workplace interactions and relationships. in doing so, we contribute to the organizational literature on mindfulness and positive relationships at work.
11. title: when do firms crack under pressure? legal professionals, negative role models, and organizational misconduct.
authors: gonsalves, leroy.
abstract: strain theory has long been invoked to explain organizational misconduct, with underperformance creating pressure for firms to engage in morally objectionable activities. in this paper, i examine whether underperformance increases the risk of organizational misconduct. drawing on institutional arguments about professions and social learning, i further predict that when experiencing performance strain, legal professionals will push the boundaries of the law, increasing the risk of misconduct if they have influence over decision making. however, industry peers caught engaging in misconduct should serve as negative role models, reducing the risk of the firm resorting to misconduct to overcome performance shortfalls. i test and find support for these predictions using longitudinal data on material legal claims filed against s&p 1500 firms between 2000 and 2017. the study extends the strain theory of organizational misconduct, identifying how legal professionals and negative role models shape firms' strategic responses to performance pressure.
12. title: public opinion and impression management in the communication of performance during the second iraq war.
authors: audia, pino g.; rousseau, horacio e.; stimmler, mary kate.
abstract: although studies show that organizations engaged in controversial actions often aim to minimize the release of threatening information, scholars know relatively little about what may prompt organizations to increase transparency in these situations. in this study, we focus on support from public opinion as a condition that may influence the disclosure of sensitive performance information to the public. using the second iraq war as an empirical context, we focus on the extent to which public officials�pentagon spokespersons�release and frame information about war performance. this outcome is critical because the way in which organizations communicate their performance to outsiders has often been regarded as a key defensive impression management tactic. we hypothesize that high public support for the war will increase the likelihood that pentagon officials release information about sensitive combat performance indicators in their press briefings and identify contingencies, such as adversity and organizational spokespersons' power, that moderate this relationship. we also explore whether high public support decreases the strategic use of alternate performance frames that emphasize metrics that signal progress toward a desirable end state. using a unique data set based on the coding of press briefings, public opinion data, and other public sources, we find support for several of our hypotheses. we discuss implications for understanding the relationship between public opinion and impression management and highlight the importance of extending this research to nongovernmental organizations. supplemental material: the online appendix is available at https://doi.org/10.1287/orsc.2022.1598.
13. title: managing the double bind: women directors' participation tactics in the gendered boardroom.
authors: trzebiatowski, tiffany; mccluney, courtney; hernandez, morela.
abstract: women leaders who fail to manage the double bind by displaying both warmth and competence can face backlash, creating pressure for women to invest thought, time, and effort into their self-presentation. research to date lacks theoretical insights around how women in the highest levels of leadership manage the double bind in natural settings. our inductive study of interviews with 43 women directors on u.s. publicly traded company boards offers an insider's perspective of participation tactics that women use to manage the double bind in male-dominated contexts. we found two features unique to advisory roles�a requirement that advisors possess a large breadth of knowledge and a time constraint whereby advisors meet less frequently with their peers�that suggest women directors adapt and learn how to participate on gendered boards. we uncovered six gendered participation tactics that mitigate stereotypical concerns for women to appear warm and/or competent on boards. we further reveal how women directors selectively use specific gendered participation tactics over others to effectively achieve their participation aims, which, in turn, helps them avoid backlash for mismanaging the double bind. finally, we find that this matching process is constrained by the amount and scope of use related to the unique features of the advisory role. the emergence and trade-offs between the use of these novel gendered participation tactics deepen our theoretical understanding of women's participation in advisory roles. supplemental material: the e-companion is available at https://doi.org/10.1287/orsc.2022.1599.
14. title: collaborations and innovation in partitioned industries: an analysis of u.s. feature film coproductions.
authors: jia, ruo; lewis, demetrius; negro, giacomo.
abstract: in partitioned industries, a small number of generalist organizations occupy the center of the market, whereas a much larger number of specialists populate the periphery. the role of collaborations within and across the center-periphery boundary in these industries has been underexplored. we propose that hybrid collaborations between organizations in the center and periphery�combining the broad resource base of generalists with the focused knowledge of specialists�encourage product innovation and result in enhanced organizational adaptation for both populations. we test these ideas in the u.s. motion picture industry, where film production companies face significant unpredictability of success and fluctuating audience tastes. we find that generalist and specialist production companies that partner to produce films introduce more creative content in their films compared with those that collaborate in the same population or produce alone. generalist film companies benefit further from these collaborations through increased competitive differentiation of their films from other generalists in subsequent productions, whereas specialists experience lower exit rates. these findings suggest that interorganizational collaborations between generalists and specialists provide effective adaptive strategies to compete in markets with uncertain demand and shifting audience preferences. these strategies can sustain, rather than weaken, industry partitioning. funding: this work was funded by an ad hoc research grant from emory university. supplemental material: the online appendix is available at https://doi.org/10.1287/orsc.2022.1600.
15. title: the dual challenge of search and coordination for organizational adaptation: how structures of influence matter.
authors: ko�ak, �zgecan; levinthal, daniel a.; puranam, phanish.
abstract: organizations increasingly need to adapt to challenges in which search and coordination cannot be decoupled. in response, many have experimented with "agile" and "flat" designs that dismantle traditional forms of hierarchy to harness the distributed knowledge of specialized individuals. despite the popularity of such practices, there is considerable variation in their implementation as well as conceptual ambiguity about the underlying premise. does effective rapid experimentation necessarily imply the repudiation of hierarchical structures of influence? we use computational models of multiagent reinforcement learning to study the effectiveness of coordinated search in groups that vary in how they influence each other's beliefs. we compare the behavior of flat and hierarchical teams with a baseline structure without any influence on beliefs (a "crowd") when all three are placed in the same task environments. we find that influence on beliefs�whether it is hierarchical or not�makes it less likely that agents stabilize prematurely around their own experiences. however, flat teams can engage in excessive exploration, finding it difficult to converge on good alternatives, whereas hierarchical influence on beliefs reduces simultaneous uncoordinated exploration, introducing a degree of rapid exploitation. as a result, teams that need to achieve agility (i.e., rapid satisfactory results) in environments that require coordinated search may benefit from a hierarchical structure of influence�even when the apex actor has no superior knowledge, foresight, or capacity to control subordinates' actions. funding: puranam thanks the desmairis fund at insead for supporting the organizations and algorithms project. supplemental material: the online appendix is available at https://doi.org/10.1287/orsc.2022.1601.
16. title: the fa�ade, the face, and the sympathies: opening the black box of symbolic capital as a source of philanthropic attractiveness.
authors: shymko, yuliya; roulet, thomas j; de melo pimentel, bernardo.
abstract: although most studies on philanthropy have focused on corporate benefactors, limited attention has been given to beneficiaries and their characteristics. the literature thus falls short in explaining how the variance in the perceived value of those characteristics can condition the philanthropic attractiveness of recipients for donors. drawing from bourdieu's concept of symbolic capital and qualitative insights drawn from our empirical context of philanthropy in the field of cultural production in the russian federation, we argue that the attractiveness of cultural organizations for potential corporate benefactors depends on a range of determinants, which we classify under the broad umbrellas of respectability and reputability. by using political orientation as a moderator, we show that, although respectability is an indiscriminately attractive part of symbolic capital, reputability, associated with artistic celebrity and renown, can become a deterrent to potential donors when it augments the risk of jeopardizing their relationship with the government. we also demonstrate that a board of trustees, which signals openness to stakeholder involvement, diminishes the returns of reputability for potential donors. we test our hypotheses using original and representative longitudinal data on 449 russian theaters (2004�2011). taking an indirect recursive approach to estimate models with high-dimensional fixed effects, we find strong support for our hypotheses across a variety of econometric specifications. our research offers a unique focus on the beneficiary side of the beneficiary-benefactor relationship, which has both theoretical and practical implications for the literatures on corporate philanthropy, and cultural industries. supplemental material: the online appendices are available at https://doi.org/10.1287/orsc.2022.1603.
17. title: prior experience of managers and maladaptive responses to performance feedback: evidence from mutual funds.
authors: gaba, vibha; lee, sunkee; meyer-doyle, philipp; zhao-ding, amy.
abstract: in this study, we examine how the prior experiences of decision makers systematically influence their assessment of and responses to negative performance feedback. we posit that, although greater and more specialized experiences enable managers to build relevant knowledge and expertise in specific domains, they also make them overconfident in their abilities and strategies. such experience-induced overconfidence further leads to distortions in the performance assessment process, hindering a firm's ability to recognize and respond to poor performance. we empirically test these arguments in the context of u.s. mutual fund managers making investment decisions in response to fund performance below aspirations. as hypothesized, we find that more experienced and more specialized fund managers change their investment decisions less when faced with negative performance feedback than managers who are less experienced and less specialized. in additional analyses, we further show that the lower responsiveness of more experienced (specialized) managers is associated with the fund's lower future performance, supporting our proposed theoretical mechanism (overconfidence). this study augments existing performance feedback research by showing how decision makers' prior experience can impede problem-solving behavior in organizations. it also contributes to the literature on human capital and organizational learning by documenting an unintended consequence of accumulated human capital on firm adaptive behavior. funding: this work was supported by insead research & development funds. supplemental material: the online appendix is available at https://doi.org/10.1287/orsc.2022.1605.
18. title: the returns to nonmarket strategies during institutional transitions: investor reactions to actor and tie characteristics.
authors: gatignon, aline; gama, marina a. b.; demello, rodrigo b.
abstract: we explain how investor perceptions of nonmarket strategies' legitimacy, and thereby value, change during institutional transitions toward greater legal compliance. indirect influence strategies should be better aligned with the transition and therefore become more legitimate than those associated with direct co-optation and control. moreover, investors should assess this alignment based on two defining characteristics of firms' nonmarket strategies, namely, the nonmarket actors and the ties involved. we, therefore, expect investors to value firms' ties to nongovernmental organizations (ngos) more than to political actors and ties formed via donations more than board ties. we test our hypotheses in the context of seven police raids that took place in brazil in 2014; these raids launched "operation car wash," an anticorruption probe that signaled to investors a shift toward greater legal compliance at that point in time. ultimately, we find that firms benefited the most when both nonmarket actors and ties were aligned with the institutional transition (i.e., ngo donations), and they suffered the most when both characteristics were misaligned (i.e., political board ties). our findings integrate nonmarket strategies' political and social facets by showing how actor and tie characteristics jointly explain their success or failure. they also contribute to explaining which firms will be better positioned to weather institutional transitions between legal capture and legal compliance. funding: this work was supported by get�lio vargas pesquisa-funda��o get�lio vargas; govil family faculty scholar award; wharton school, university of pennsylvania. supplemental material: the online appendices are available at https://doi.org/10.1287/orsc.2022.1616.
19. title: what's race got to do with it? the interactive effect of race and gender on negotiation offers and outcomes.
authors: leigh, angelica; desai, sreedhari d.
abstract: research suggests that women negotiators tend to obtain worse outcomes than men; however, we argue this finding does not apply to all women. integrating research on social hierarchies, gender in negotiations, and intersectional stereotype content, we develop a theoretical framework that explains the interactive effect of race and gender on offers and outcomes received in distributive negotiations. with a focus on black and white women and men negotiators, we predicted that stereotypes related to their race and gender lead black women negotiators to receive more favorable negotiation offers and outcomes than white women and black men negotiators and this effect is explained by ascriptions of dominance and prestige, respectively. results of three experimental studies involving diverse samples�online panel participants, individuals selling items on craigslist, and mba students�support these predictions. more specifically, we find that black women negotiators are perceived as more dominant than white women negotiators, and black women negotiators are ascribed greater prestige than black men negotiators. these ascriptions allow black women negotiators to receive more favorable negotiation offers and outcomes compared with white women and black men. these findings highlight the importance of jointly considering the influence of race and gender in negotiations. funding: this research was supported in part by funding offered to dr. sreedhari d. desai by the collins dawson endowment and the crist w. blackwell fund at the university of north carolina at chapel hill. supplemental material: the online supplement is available at https://doi.org/10.1287/orsc.2022.1629.
20. title: academic entrepreneurship: entrepreneurial advisors and their advisees' outcomes.
authors: roche, maria p.
abstract: the transfer of complex knowledge and skills is difficult, often requiring intensive interaction and extensive periods of coworking between a mentor and mentee, which is particularly true in apprenticeship-like settings and on-the-job training. this paper studies a context that quintessentially describes this type of learning: the academic laboratory. i focus on ways a change in the attention of a principal investigator, moving to entrepreneurship, may influence knowledge transmission and skill development by examining the relationship of this change with their phd students' scientific productivity and careers. to do so, i rely on novel restricted-access data encompassing faculty and phd students in computer sciences, engineering, and the life sciences who were active at an elite u.s. research university from 2001 to 2017. the results suggest a substantial negative association between a professor's entrepreneurial activity and the short- and long-run publication output of the phd students they train. furthermore, i detect a decrease in students' likelihood of becoming professors themselves but an increase in their likelihood of working for consulting firms on graduation. finally, i provide evidence suggesting that changes in trainee development are the most feasible drivers of the results rather than changes in trainee research orientation, selection, or life cycle effects. funding: this work was supported by the national science foundation [nsf scisip dissertation improvement grant 1933387]. the author thanks the harvard business school division of research and faculty development for further financial support. supplemental material: the online appendix is available at https://doi.org/10.1287/orsc.2022.1633.
&')035679b�����ʸʩʸ��wobtf9thj�5�ojqj^jo(hsv�hsv�5�ojqj^jh�"�hu<�5�ojqj^jh�ud5�ojqj^jo(h�"�h�"�o(&h�"�h�"�5�cjojqj^jajo(h&5�cjojqj^jajh
2e5�cjojqj^jajhsv�5�cjojqj^jaj#hsv�hsv�5�cjojqj^jaj#h�"�h�"�5�cjojqj^jaj h$-�5�cjojqj^jajo(#hsv�hsv�5�cjojqj^jaj678��kl�� ,�lm��"�"#6#����������������������gd�psgd)w�gd.�gd$?�gdto�gd~3�gd�l$gd%j,gdsv�gdu<�gd�"�$a$gdt4������jklmouv�����������˽�����y�k[y��ky=hih�l$ojqj^jo(h~3�h�l$5�ojqj^jo(hvi�h�l$5�ojqj^jo(h�4h�45�ojqj^jh�l$h�l$5�ojqj^jh�l$5�ojqj^jo(hsv�hj�5�ojqjo(hsv�ht4ojqj^jo(hsv�hsv�ojqj^jhihj�ojqj^jo(h�"�hu<�5�ojqj^jht45�ojqj^jo(h~3�h~3�5�ojqj^jhicy5�ojqj^j�* ,-./56����
klmn���Ϳ��͜���~n�`sf�9hs/�5�ojqj^jo(hihanojqj^jh�e�h�e�ojqj^jh�)hto�ojqj^jo(h~3�hto�5�ojqj^jo(h~3�h~3�5�ojqj^jhvi�hto�5�ojqj^jo(h�e�h�e�5�ojqj^jhto�hto�5�ojqj^jhto�hto�h�"�h�`�5�ojqj^jhto�5�ojqj^jo(h%j,5�ojqjo(hihu<�ojqj^jo(h�4h�4ojqj^jnpvw����
�"�"�"�"�"�"�"#���ȸ�֪�㜏�sfxjf<h�8�h�8�5�ojqj^jh�psh�ps5�ojqj^jh�"�h)w�5�ojqj^jh�ps5�ojqj^jo(h.�h)w�5�ojqjo(h.�h%j,ojqj^jo(h.�h.�ojqj^jh�)h$?�ojqj^jo(h~3�h~3�5�ojqj^jhvi�h$?�5�ojqj^jo(h.�h.�5�ojqj^jh$?�5�ojqj^jo(h$?�h$?�5�ojqj^jh�"�h%j,5�ojqj^j####5#6#?#@#�)�)�)�)�)**d*e*m*���ȸ����vi[mi?1mhvi�hr7a5�ojqj^jhwghwg5�ojqj^jhr7ahr7a5�ojqj^jh�"�h)w�5�ojqj^jhr7a5�ojqj^jo(h)w�5�ojqjo(h�8�h)w�ojqj^jo(h�8�h�8�ojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jh~3�h)w�5�ojqj^jo(h~3�h~3�5�ojqj^jh�ps5�ojqj^jo(h�psh�ps5�ojqj^jhvi�h�ps5�ojqj^j6#�)�)e*�*0
0�0�0�7�7d8o8�=�=a>{>
ccwc�cphqh�h�����������������������gd�s�gd�_gd{�gdlz�gd~3�gd�)ggdor�gd|�gdr7agd)w�gd�8�m*n*�*�*�*�*00
00000�0�0�0�0�0�0�0�7���ŷ����vh�zlh��ŷ?hor�hor�ojqj^jhvi�h|�5�ojqj^jhor�hor�5�ojqj^jh|�h|�5�ojqj^jh�"�h)w�5�ojqj^jh|�5�ojqj^jo(h)w�5�ojqjo(hvi�h)w�ojqj^jo(hwghwgojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jhvi�h)w�5�ojqj^jo(h~3�h~3�5�ojqj^jhvi�hvi�5�ojqj^j�7�7�7�7�7�7�7c8d8l8m8n8o8x8y8�=�=�=�=���ⱥ֬���rdwi>1hr5�ojqj^jo(h)w�5�ojqjo(hvi�h)w�ojqj^jo(h[o�h[o�ojqj^jhih)w�ojqj^jo(h$?�h)w�5�ojqj^jh~3�h)w�5�ojqj^jo(h~3�h~3�5�ojqj^jhvi�h�)g5�ojqj^jh[o�h[o�5�ojqj^jh�)gh�)g5�ojqj^jh�"�h)w�5�ojqj^jh�)g5�ojqj^jo(hor�h)w�5�ojqjo(hor�h)w�ojqj^jo(�=�=�=�=@>a>j>z>{>�>�>c
cccccc���ⱥ㬜��sewj�0lh[h�s�5�ojqj^jh�@�h�@�5�ojqj^jh�s�h�s�5�ojqj^jh�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h)w�5�ojqjo(h}onh)w�ojqj^jo(hv�hv�ojqj^jhih)w�ojqj^jo(h$?�h)w�5�ojqj^jhvi�h)w�5�ojqj^jo(h~3�h~3�5�ojqj^jh�_h�_5�ojqj^jhvi�h�_5�ojqj^jhv�hv�5�ojqj^j�h�hiiii-m.m/m1m3m9m:m�m�m�m�m�m���ŷ����vh�zlh>0h�;dh�;d5�ojqj^jh�9�h[5�ojqj^jh[h�s�5�ojqj^jh-w�h-w�5�ojqj^jh�s�h�s�5�ojqj^jh�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h)w�5�ojqjo(h[h)w�ojqj^jo(h�@�h�@�ojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jh~3�h)w�5�ojqj^jo(h~3�h~3�5�ojqj^jh[h[5�ojqj^j�hi.m/m�m�m�t�tupu�[�[!\v\�b�bmc�c�j�jek�k�r�rls�s�������������������������gd�p�gd
�gdmw�gd�;dgd�s�gd)w�gd~3��m�m�m�m�t�t�t�t�t�t�tuuuoupuquyuzu���ǹ�����wi�[k=��h�;dh)w�5�ojqj^jh�;dh)w�5�ojqj^jo(h�;dh�;d5�ojqj^jh[h�s�5�ojqj^jh�f�h�f�5�ojqj^jh�s�h�s�5�ojqj^jh�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h�~�5�ojqjo(h[h)w�ojqj^jo(h��h��ojqj^jhih)w�ojqj^jo(h$?�h)w�5�ojqj^jh[h)w�5�ojqj^jo(zu�[�[�[�[�[�[�[�[ \!\*\u\v\_\`\�b���ʽ����x�jzl>1hel]hel]ojqj^jhih)w�ojqj^jo(h$?�h)w�5�ojqj^jh[h)w�5�ojqj^jo(h�;dh�;d5�ojqj^jh[hmw�5�ojqj^jhel]hel]5�ojqj^jhmw�5�ojqj^jo(hmw�hmw�5�ojqj^jh�"�h)w�5�ojqj^jh)w�5�ojqj^jo(h�s�5�ojqj^jo(h�f�h)w�5�ojqjo(h�f�h)w�ojqj^jo(h�f�h�f�ojqj^j�b�b�b�b�b�b�b�blcmcvc�c�c�c�c�j�j����ķ���qase8*h�p�h)w�ojqj^jo(h�p�h�p�ojqj^jhih)w�ojqj^jo(h$?�h)w�5�ojqj^jh$?�h
�5�ojqj^jo(h�;dh�;d5�ojqj^jhmw�h
�5�ojqj^jh[h
�5�ojqj^jh�p�h�p�5�ojqj^jh
�5�ojqj^jo(h
�h
�5�ojqj^jh
�h
�h�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h)w�5�ojqjo(h[h)w�ojqj^jo(�j�j�j�j�j�jdkeknk�k�k�k�k�r�r�r�r�r�r���ɼ����rdvi;0��dh)w�5�ojqjo(h[h)w�ojqj^jo(h9^�h9^�ojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jh$?�h)w�5�ojqj^jo(h�;dh�;d5�ojqj^jhmw�h
�5�ojqj^jh[h)w�5�ojqj^jo(h9^�h9^�5�ojqj^jh
�5�ojqj^jo(h
�h
�5�ojqj^jh�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h�p�h)w�5�ojqjo(�r�rkslsus�s�s�s�s�s9z:z;z=z?zezfz�z���ǹ���rdyl>��0h�@�h�@�5�ojqj^jh�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h)w�5�ojqjo(h[h)w�ojqj^jo(h9^�h9^�ojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jh�;dh)w�5�ojqj^jh�;dh)w�5�ojqj^jo(h�;dh�;d5�ojqj^jhmw�hjmi5�ojqj^jh[h)w�5�ojqj^jo(h9^�h9^�5�ojqj^jh)w�5�ojqj^jo(�s:z;z�z{����p���<�=�����������������������������������������������������gd�gd�gd�/�gd�z2gd�@�gd)w�gd�;d�z�z�z{{{
{������������o�p�y����ķ���rdvi;-vh�r�h�z25�ojqj^jh�/�h�/�5�ojqj^jh�z25�ojqj^jo(h�z2h�z25�ojqj^jh�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h�@�h)w�5�ojqjo(h�@�h)w�ojqj^jo(h�@�h�@�ojqj^jhih)w�ojqj^jo(h$?�h)w�5�ojqj^jh�;dh�7a5�ojqj^jo(h�;dh�;d5�ojqj^jhmw�h�7a5�ojqj^jh�r�h)w�5�ojqj^jo(y���������;�<�=�?�a�g�h��������������������ÿ�����tft�t�d�6hmkxh)w�ojqj^jo(h�h)w�5�ojqj^jo("h�r�h)w�5�ojqj\�^jajh�uuh�uu5�ojqj^jh)w�5�ojqj^jo(h�"�h)w�5�ojqj^jh�s�5�ojqj^jo(h�/�h)w�5�ojqjo(h�/�h)w�ojqj^jo(h�/�h�/�ojqj^jh}onh)w�ojqj^jo(h$?�h)w�5�ojqj^jh$?�h)w�5�ojqj^jo(h�h�5�ojqj^j��������������������������������������hy?�jhy?�uhj<hny�5�ojqjo(hmkxh)w�ojqj^jo(h�uuh�uuojqj^j01�82p��. ��a!�"�#��$��%��s����s2���� 0@p`p������2(�� 0@p`p������ 0@p`p������ 0@p`p������ 0@p`p������ 0@p`p������ 0@p`p��8x�v~�������� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@�� 0@pj_hmh nhsh thj`��jck�e$1$a$ cjkh_hajmh nhsh th$a ���$؞���k=�w[sobi���bnf�h�&��ŝ�]�6��ҩ��n=���in����a7���qb&>!"�h
[�� �lx�z)��w�v�og�%�ţ|8mă#�/��8��'��=���q�u*��c�`c�w{�d6��/�[��yl���%�� ��n� {�\�o�sm�/�~��i�bcax���/=xe��'5��&\�h�4da���,ye\}�)�l�a�����r�^��*�z���y�v-wowz�n�]��:m�v�=t�c���w��r�b���*i�v�u�r��u����|�nc`�|����*^����pk!
ѐ��'theme/theme/_rels/thememanager.xml.rels��m
�0���wooӻ�&݈э���5
6?$q��
�,.�a��i����c2�1h�:�q��m��@rn��;d�`��o7�g�k(m&$r(.1�r'j��њt���8��v�"��aȼ�h�u}��|�$�b{��p����8�g/]�qasم(����#��l�[������pk-!����[content_types].xmlpk-!�֧��60_rels/.relspk-!ky���theme/theme/thememanager.xmlpk-!���f���theme/theme/theme1.xmlpk-!
ѐ��'� theme/theme/_rels/thememanager.xml.relspk]�
������� ��n#m*�7�=c�h�mzu�b�j�r�zy�����iklmnpqrstvwxyz\]^6#�h�s��jou[�@� @���������h ��0�( �
����0�( �
��b
�s���� ?����
�
�
�
�
�
����"%n"t"v"~"z(�(�(�(�(�(�,�,5-?-�.�.'/1/�/0m0u0w0\011?1h1z6a6�;�;�;�;�;�;�@�@�e�e�e�e�e�e�e�emm)m1mhmnmtt*t-t/t2ty*yv[[[][d[f[o[|[�[�[�[�]�]�a�abbnctcvc\c^cdcscwcukyk[k`kgkmk�r�r�r�ryyy0y1y8yayfy�z�zp�y�7�@�{���������������������������3�@a�����������������������;�;�@a�e�emom*tutv[�[nc�cuk�k�rsyz�z������������q04e��n[g],-�o���:r���`<|��o";0ri1�%�rrsui��w�i�={u�,�(t�cl uz*�m� �r=��-9h�s��eme��<�.~��
{r�v�4�1l2q �"�iaha��og>�u��`�1_%v��nh{��q��u�3�d]-�z:kkkkn;�q0�<�?*�7��:a��^b� �l{��2hz(�j��(�#!�q��m4-cqrrs�4>�p]�sao-�?��yn�b~i�(��)ib��>!]�.��gf�`
rv:g&>!��}n!�l��2�"�0r��8zp! �\�|�md-%;�blrbr]�a
6ji� ��vj�`�[jo 5j90�ry �:[�
k 3q-r�jx 8i� tp� k�|�2~�
��y��k�
?i��� *�?=��#??*�@�4le�dw"
���z�g�kd�2�^e�-h�x�w��t�bs &�x�-z.e�h1�i�y��w�i�>�:-��u
kkkkdw"
q�x�-h�
k^r�
�^�vxb�
�=#�/y�pur ����
��'ff�x-z�d�y�(��)fk{z��fv��-�����p�'�e��4�!~q�2h`�?i��be��@��fk-<"��l�q�u��y/�x{��]^�~76=&����`
[(t���� ��rh&<�^��oc!��d{�/�"���[��h�2��d���t��w�8i� (f�tl(����}�t97&�*�a9�~�8��7l��j�4�";�g)n��p7v}g�xd|��&�h�w�a�g�b�u�d\*�)#jb�l�d�
)r�}��w�gl$l�����.�r�qh� v���/xcz.�^m~;�|p%�fzps7l�ps�#���<>)��s��vj��h5h 5� a�l[�x� xcz�be�yfdxl�y��raj>�n�cr%v��h�a9�� !`��}<�q�}q =�7y]��r�-��.��zf�7��
�e�o[kh,~�hmpm~�mg�=�j��>m�?[%��'w�jo8�l�y2\gqwez ��p]74�`a��m�!� }��14q|z��z:�*��b!�g;cq�qq�h�nk^r a�x�t
an�gap�y8��x���s��d���z�%b�j�vzq��t\
~��av'po�_m4�i��w��tkpb�`
rq1��yn�pur �p}��� urep�&>!�z[fxx)!�b!x{�ec!�t�k��oc!�v�>b(p!� ]!�3�l��!nr�q�m�!�j#�g-�!�f�d�[z"�u&z�6'�"�zy�q �"ji�_��m�"� ]!�&�"�)��/�"|z�s\�"=v�g��~#�)9~��k#�� �i3#�#?�=#�i\;�j#p%�sh�#���2k�#�|�#ry �ps�#pb��9�#�sa�d $��yj!4$�`�%�qg$�ep$�"e<@v�$:*�$�[��p�$�]'��?[>�?z]%�`�%vd�i1�%�lyk-,�%�,�=��l�%�z�@�x�%�!0��e&poq�bs &�b*&t�(6=&�'w�rh&2\�qp&nyvc��t�&��&�]'�ep$�tw�'~d:(n{�'�r�'�kl��>�'��5�l�'�taz��w(r�@�~d:(�_(it~tl(�x�,�dm�(�t�(�pi�(��]�a#�(�j�`�<>)^e��w)!,�f���)�l�%��)mq{�"*�^�i��le*^l�x�ne*n9�&�*�^�*�:8t�zp! �[? �v ��o�(s� qh� �`� q�f�� {p���c,@�i��#,�dq�b,[mk, @p�qb,�d&d��,�>m��x�,�{u�,�@�q>,-�m4-rt�h�fk-�r�-�j�n�2@�-�ggc���-x*�y���->o.-dt��t�.��z]�.�x����.<}7/d|���y/ds}���/: o=tj�/0�u0{z�o�!0�ran 0gy|�5j90�$�}�;1�0��efw2
�z��>2"o�m�29!"e�w�2�f\�h�2n�~�w�3ui�� �3dj�u�3��x@�4�;�4�d5��p�4@l�5h 5�^b^�
-a5�pv5�d5tw�'��5��5md-�b�5i�d��v�5
-a5�a
6�`d�#6ghch�81�6�&7��6�a�r!�6q1��@*�6�;�g�@�6xx�6)1:t�&7�x�\�~74\�7bd9t=r�7��gr
f8c�]��jo8�~�8���8��b�n9?oi�q�9�a:�kx_�s�:kkkk$w�:�3�:�!�q�o";�4mjjo;�i\;�%�|c;�q��viu;�ru�;�~7�[u�u�`fr>�>�'i�>r]��v�>lrb�mt?<#iq!{�?p[5=�tf�?�t�&�?�*��o-�?�mt?�s�?
u|3e�?�-x{�8�?�@}��*.}@��)��-�@�t�`�r�@g��z�@z]%hag;��:a�s6ay8���doahu�(�a�le*�&e�ana��.�an���a�?&�c�b�r$,&d]uld�l�d|1�q�i�dbl#g�>e�\���ez�v�n�e�v ��'�e�#�c�hfs�]�=bdf�^^n��z[f�y���f�"�o w~g� l`�#�g�{9=��g=v�g�o�t�{s
h�-h�pv5p@h�og�ghch'\l��&�h�t�e�hoaq�!~q��y#%�q@gku�nr�q�q��qqg$�r)b;r�,�q��0hr�l��zwr�
{r;1�0��y{r�i�r�� ��b�r(u�r�$atxcs�#sw/�=fzps8ts)b;r��ts�#�g3%�s�{�s�;�4��g/t�4>�:8t�gn�bd9t]z[t� �m��td $�`�t�s��y�t�<��,!u�rdi�@gku�u0
g�u��� �u$w�:�uxcs>�uc;�rxyyv�d�^�v4�o�v�j$w�w�w�6�x�m�2:3�x�q�y���x�3�:��o�x�#s^l�x\<�jg�xq>,- q�x�}<��x_/,j�zy��t�uuy:r��`-y<myv��q�yv^mc���y<z�&xfk{z�kd
�zhp��[�enx�:[�=�^�`
[�0�[(>y��f\�?\i�(��\�m��x�\~�f<1/�\�s���7y]�>aqs�]���c�]hv�i���]viu;�]^ph$^�^b^�`.�^�=�^�1_�kx_�a9�ji�_l{�8r�_�u�k� !`�qb,�� l`�y`� ��t�`�=�}�j�`�qq��u�`�>�`_m�t
a��&na[mk,�9a��q���a��5��>�asq�y�3j�a�zwr�a�t�3b@�z��)ib�u~b1�h��u�b�~#�%;�b@v�$03cd.�b�ggcg-�!�scva�c�^����c(�a�u�c�0hr��#�c�j$wvd0q|�`d�d&d�@�moofdsc�f�d,-�zn�d�|�#�9!"e2k�#�g e�/e� *^ee����l\e�>e��eme�hgqwe�u
�t�edu�efd���e���&fji�,\f<}7/��zfs{tq�f3%�s!,�fqx{~�fxx�6�a�f6�f<z�bl#g�^blkqg�j9r��g8|k=�;�g�z�g�-9h�k?oi�u�<mebi�rdi�b*&��b~i�y{r4�i�`-y�^�ix�u�nf�i�~7djtj�/v,�j�8�?w�j�`�t�=�j�4�q\<�j�dk�g�tk�u�kzl!{�?�klv:g��cl�3�l<|�<ie�lj l�^(m��k��.�mz*�ma�� �m�hn�y`�gn��!�bn%b�g)nfr>��^^nv��,mn�kj>�nh#�n�gv'po�
���"�o�"�o6gp�e�oh��.�o�r��v�omg���o]z[thptf�?(ap(s� @p�[? bep=r�7�c�p�qp&��14q�dq�vzq� �<#iq�!�q� ���qq =��,�q�w�#!�q{s
h�4�q�a�f�l�q|1�q6s�~r�q3q-rie�l��j9r �3�c;�rn[g� �r�-�@�y0�sb(p!��s{fm-dt�y�)1:to
�v�$at�6�x� 0w?0w?0w?0w?�.�t�/e��t(ap�}�t�o�t�u2�&xph$^�enx[�x,mnf�x&xn
�x�0�<�=.y6�f�� oyrgox*�y�x�u��yd]-sq�y7���yxl�y�t�.��y];yw��y�w��u&z�*n{��tazr=��whkzjx �.tzjiarmzuld��z@�z�.�o���z�`�o��%�z�q�wv{�nh{$,&d�*n{�s�?mq{
hr{��6�jbs{�-x{qx{�@�6m�{�d��0q|�~�vgy|��s�
u|�[|�w)�\�| w~g;�|�g ek�|�.�t�y>�|b�5�ds}xyyv�p}�r>�$�}dm�(�m�}j<�v��=�}jbs{�q�}\
~�=�h,~03c��)9~whkzit~�;�~j{�~0�n�n�~l�s{t�<(>y\*�4e�z �j�{p�4\�7��(k�i����x��m�j�����&[w�i3`��z12 r� �p
j^�n�_� ati�wb��.h j<twvsh�to>s�r#�l$�}&�m'�m(�)�g)%j,�p.�i/& 1�2�z2�4'4t4.6�6*8;i8cj8�9�i;�e=k&>�@?e!@jj@r7a�ec�;d�nd�udvfwg0i4tj�kul%man>jrv s�%s�uumkxgy�py�]el]�^ro_�%a5a�7ahc
2e�lf�qf�)gjmi�0k�ckalthllmnnm'n}on[r�ps0@ui1vywpcwicy�x}�/�9^�wt�.�mw��=��=��`�j�$#�nj��s�v��9�l�.~�v���zc��p�{�=h��j��~�du��/�� �=i�fj�to�4��m�[o��@��2�)w���lz���c��1��@�7�u<�[�or��t��r�������cb��^�v��\�a�vi�|w�r��8�����$?��n��
��!�s/��c��o�-w����8�*��-��_�td�$-��f�><���sv��r��m��e��c�7"����s��$�?5���~3��"�gl�bj�ny�h��-���
��"�l%��f��t�w�p�2�y?������y����e�`-�|������@������������@��unknown������������g��.�[x� �times new roman5��symbol3.��.�[x� �arial7.���[ @�verdana;���(�[sosimsuna����$b�cambria math 1��h;"�f�s�g�`)te�`)te�q-!),.:;?]}���� & 6"0000 00
00000��� ������=�@�\�]�^���([{� 0
000000��;�[����������d�d� 2�q��hp��?�����������������������"�2!xx��gb9���userlib-x��
�����oh�� '��0t������� ��
(4<dl�usernormallib-x287microsoft office word@�26@�y��\�@�r)��`)t��
��՜.�� ,��0�
x`t|�������microsoft�ed�
!"#$%&'()* ,-./0123456789:;<=>?@abcdefghijklmnopqrstuvwxyz[\]^_����abcdefg����ijklmnopqrstuvwxyz{|}~���������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������root entry�������� �f`@b����data
������������`1table����h�vworddocument����2�summaryinformation(�������������documentsummaryinformation8���������compobj������������n������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������
���� �fmicrosoft word 97-2003 �ĵ�
msworddocword.document.8�9�q