ATANAS NIK NIKOLOV. Georgia State University, Robinson College of Business MBA, Finance 2009

Transcription

1 ATANAS NIK NIKOLOV PhD Candidate, Marketing University of Georgia, Terry College of Business 310 Herty Dr., Brooks Hall 148, EDUCATION University of Georgia, Terry College of Business PhD Candidate, Marketing Athens, GA 2016 (expected) Georgia State University, Robinson College of Business Atlanta, GA MBA, Finance 2009 University of Georgia Athens, GA Bachelor of Business Administration, Finance, Terry College of Business 2005 DISSERTATION Myopic Management and Short-Termism in Marketing: an Examination of External and Internal Influences and Consequences Proposal Defended: June 2015 I focus on a spectrum of firm internal and external factors that influence the practice of myopic management and affect overall downstream firm performance. First, I take a broad overview of the concept of myopic management and investigate important internal (top executive team compensation) and external (institutional investor ownership) drivers of such actions. Next, I examine how the degree of product innovativeness (breakthrough vs. incremental product introductions) is moderated by the short-term pressures imposed on the innovating companies by the presence of different investors in the ownership structure. Finally, I look at the issue of managerial myopia as conceptualized in marketing and attempt to reconcile it with the literature on the broader issue of managerial short-termism in the management and organizational science literatures. Committee: Sundar Bharadwaj (Chair) Anindita Chakravarty Guiyang Xiong RESEARCH Research Interests Marketing strategy, marketing-finance-accounting interface, international marketing, marketing and public policy Manuscripts under Submission Nikolov, Atanas, Sundar Bharadwaj, and Guiyang Xiong, Financial Market Reaction to New Product Innovation and Advertising: Does the Nature of Institutional Investors Matter, revising for resubmission to Journal of Marketing.

2 Nikolov, Atanas and Sundar Bharawaj, Myopic Management by Firms: Is It the Agent or the Principal and Is It Always Bad?, revising for resubmission to Journal of Marketing Research. Working Papers Bharadwaj, Sundar and Atanas Nikolov, Information Asymmetry and Marketing Myopia, preparing for submission, Target: Journal of Marketing Research. Nikolov, Atanas, Sundar Bharadwaj, and Anindita Chakravarty, Predictors of Optimal Advertising Spending: Product Market, Stakeholder, and TMT motivations, data collection and analysis, Target: Journal of Marketing. Nikolov, Atanas and Scott Thompson, Social Identity Implications of Gold Based Financial Products, data collection and analysis, Target: Psychology and Marketing. Academic Conference Presentations Nikolov, Atanas, and Sundar Bharadwaj, Information Asymmetry and Marketing Myopia, Theory + Practice in Marketing Conference, Atlanta, GA, June 2015 Bharadwaj, Anandhi, Atanas Nikolov, and Sundar Bharadwaj, IT Investments and Myopic Behavior in Firms, UKAIS Conference, Oxford, United Kingdom, March 2015 Nikolov, Atanas and Sundar Bharadwaj, Myopic Management by Firms: Is It the Agent or the Principal and Is It Always Bad?, American Marketing Association Winter Educators Conference, San Antonio, TX, February 2015 Nikolov, Atanas and Sundar Bharadwaj, Myopic Management by Firms: Is It the Agent or the Principal and Is It Always Bad?, Marketing Strategy Meets Wall Street IV Conference, Singapore, January 2015 Nikolov, Atanas and Sundar Bharadwaj, Myopic Management and the Impact of Institutional Investors and TMT Compensation Structure on Marketing and Innovation, INFORMS Marketing Science Conference, Atlanta, GA, June 2014 Nikolov, Atanas, Sundar Bharadwaj, and Guiyang Xiong, Financial Market Reaction to New Product Innovation and Advertising: Does the Nature of Institutional Investors Matter, INFORMS Marketing Science Conference, Istanbul, Turkey, June 2013 Nikolov, Atanas and Scott Thompson, Social Identity Implications of Gold Based Financial Products, American Marketing Association Summer Educators Conference, Boston, MA, June 2013 Nikolov, Atanas, Sundar Bharadwaj, and Guiyang Xiong, Financial Market Reaction to New Product Innovation and Advertising: Does the Nature of Institutional Investors Matter, TPM: Theory and Practice in Marketing Conference, London, UK, May 2013

3 Nikolov, Atanas, Anindita Chakravarty, and Sundar Bharadwaj, Predictors of Optimal Advertising Spending: Product Market, Stakeholder, and TMT motivations, INFORMS Marketing Science Conference, Boston, MA, June 2012 INDUSTRY EXPERIENCE Schonfeld Investment Equity Analyst, Institutional Equities Trader Coldwell Banker Real Estate Licensed Real Estate agent (GA & FL) Tehva Baking Company Marketing, Operations, e-commerce Manager SELECT COURSEWORK Marketing Research in Marketing Strategy Sundar Bharadwaj Innovation Management and Strategy (ISBM) Gerard Tellis Marketing Strategy Son Lam Social Psychology, Social Media, and Methods Scott Thompson Empirical Research in Corporate Finance (audit) Harold Mulherin Buyer Behavior, Theory and Methods Marcus Da Cunha Methodology Statistics and Econometrics Econometrics I Marketing Models Multivariate Statistics Bayesian Modeling Time Series Analysis Advanced Quantitative Methods Capital Markets Research in Accounting Empirical Methods in Finance Financial Research Methodology (audit) Advanced Econometrics Techniques (audit) SCHOLARSHIPS AND HONORS Scott Atkinson William Voigt G. Xiong & A. Chakravarty John Hulland Ryan Bakker T. Srirarm Ryan Bakker Linda Bamber Alexander Barinov Bradley Paye Christopher Cornwell AMA Doctoral Student Travel Grant 2015 AMA, Sheth Foundation Doctoral Consortium, Representative 2014 PDMA-UIC Innovation Doctoral Consortium, Representative 2014 W.A. Knox Jr. PhD Scholar, Terry College of Business Presidential Scholar, Terry College of Business 2004

4 Dean s List, Terry College of Business TEACHING Teaching Interests Marketing Strategy Global/International Marketing Marketing Research/Analytics Principles of Marketing Digital Marketing Sports Marketing Undergraduate and MBA Levels Teaching Experience Instructor, University of Georgia International Marketing Strategy (undergraduate), Department of Marketing Spring 2014 (29 students) Overall effectiveness of instructor: 4.7/5.0 Fall 2014 (43 students) Overall effectiveness of instructor: 4.7/5.0 Fall 2015 (scheduled) Teaching Assistant, University of Georgia International Marketing Strategy (undergraduate), Department of Marketing Marketing Management (MBA), Department of Marketing Marketing Planning and Strategy (MMR), Department of Marketing SERVICE AND AFFILIATIONS Service Ad-hoc reviewer, AMS, AMS Annual Conference, Global Marketing 2015 Ad-hoc reviewer, AMA, Marketing Educators Conference, Strategy Ad-hoc reviewer, AMA, Marketing Educators Conference, Innovation 2014 Ad-hoc reviewer, AMA Marketing Educators Conference, Global Marketing 2014 Professional Affiliations American Marketing Association ISMS, Institute for Operations Research and the Management Sciences Academy of Marketing Science REFERENCES

5 Sundar G. Bharadwaj The Coca-Cola Company Chair Professor of Marketing Terry College of Business 105 Brooks Hall, University of Georgia Phone: Guiyang Xiong Assistant Professor Terry College of Business 123 Brooks Hall, University of Georgia Phone: Charlotte Mason Department Head Terry Chair of Business Administration 138 Brooks Hall, University of Georgia Phone: Anindita Chakravarty Assistant Professor Terry College of Business 125 Brooks Hall, University of Georgia Phone: DISSERTATION ESSAY ABSTRACTS Essay 1: Myopic Management By Firms: Is It The Agent Or The Principal And Is It Always Bad? In this essay I investigate the effects of myopic management which manifest through the manipulation of marketing and innovation budgets, on firm performance and attempt to shed more light on the limited understanding of the antecedents of this practice. Drawing on agency theory of the firm and information asymmetry, I propose that top management s compensation horizon and the investor time horizons of the various institutional owners of public firm equity influence the practice of myopic management. Econometric analysis of a panel of public firms shows that greater ownership by short-term institutional investors and greater emphasis on short term CEO and CMO compensation increase the odds that a firm will engage in myopic management of marketing and innovation investments, while a shortterm ownership of company stock is positively correlated with firm performance. Essay 2: Financial Market Reaction to New Product Innovation and Advertising: Does the Nature of Institutional Investors Matter In this essay I examine the impact of the investor horizons of institutional funds on the relative degree of firm innovativeness and subsequent financial performance of innovating firms. Prior studies on the financial market reaction to product innovation provide mixed results. Notably, these studies treat investors as a homogenous entity, failing to recognize their heterogeneous investment horizons. Institutional investors, who are leading drivers of stock prices, are heterogeneous in their investment horizon and thus value marketing investments differentially. I draw on research in marketing, accounting, and finance to test hypotheses regarding how institutional investors investment horizon moderates the effects of product innovation on firm financial performance. Econometric analyses of panel data

6 sets from the consumer packaged goods and pharmaceutical industries indicate that, for firms with a large proportion of ownership by short-horizon institutional investors, breakthrough (incremental) innovations reduce (increase) firm value. Essay 3: Short-Termism vs. Managerial Myopia: Implications for Advertising, Promotions, and Innovation Practices I attempt to enrich the understanding of myopic management and its potential drivers and consequences in the marketing domain, by incorporating literatures on intertemporal choice decision making from management, finance, and accounting. I emphasize the four drivers of detrimental intertemporal tradeoffs, namely the stock market, performance measurement systems inside the firm, the individual dimension, and the organizational dimension, which collectively contribute to firms temporal orientation tendencies. Unlike prior research on managerial myopia, I collect data on short-termism tendencies at the firm level by using textual analysis of management conference calls with analysts. I then relate those factors to the literature on marketing capabilities and demonstrate how managerial short-termism impacts marketing and innovation practices, as well as firm performance.