The Returns to Nonmarket Strategies During Institutional Transitions: Investor Reactions to Actor and Tie Characteristics

The authors thank Senior Editor Timothy Werner and three anonymous reviewers for their invaluable suggestions and guidance. The authors’ thanks also go to Ana Paula Passos, Eleandra Meneghini, Rodrigo Assunção, Fernanda Ferrer, Flávia Souza, Gabriel Cunha, and Pablo Leão for their research assistance and to interview respondents for sharing their insights with us. The authors are grateful for helpful comments on previous versions of this manuscript from Leandro Andrade, Paulo Roberto Arvate, Edimilson Costa, Mauro Guillén, Tony He, Witold (Vit) Henisz, Jeferson Lana, Mary-Hunter (Mae) McDonnell, Pedro Piccoli, Rafael Felipe Schiozer, Catherine Schrand, Omer Unsal, Tyler Wry, the Women in Strategy Research Group, and seminar participants at the Academy of Management Strategy Symposium on Firm State Ties: Addressing the Grand Challenges, Strategic Management Society annual meeting, University of North Carolina, Université Paris Dauphine, Pontifícia Universidade Católica–Paraná, and Instituto de Ensino e Pesquisa. The authors are solely responsible for any errors.