Pengfei Wang


Institutt for strategi og entreprenørskap


Pengfei Wang obtained his PhD in Strategy from Rotterdam School of Management, Erasmus University Rotterdam. He was a visiting scholar at Ross School of Business at University of Michigan. Pengfei joined BI at 2017. His research covers social status, market categories, technological innovation, and venture capital financing. His studies have been accepted for publication by journals including Academy of Management Journal, Management Science, Research Policy, Journal of Business Venturing, Strategic Organization, Industrial and Corporate Change, Human Resource Management, Long Range Planning, and Journal of International Management.


Wang, Pengfei (2024)

Pricing innovation: The anchoring effect in patent valuation

Technovation Doi: 10.1016/j.technovation.2024.103070

Wang, Pengfei; Hu, Jianhao & Liu, Jingjiang (2024)

Out of the shadow? The effect of high-status employee departure on the performance of staying coworkers in financial brokerage firms

Human Resource Management, 63, s. 293- 312. Doi: 10.1002/hrm.22201

Because high-status employees make disproportional contributions to firms, prior literature suggests that their departure would undermine various organizational outcomes. Building on recent literature, however, we suspect that a high-status employee may have seized disproportional resources and credits from coworkers, thereby restricting them from performing, particularly when the work context is more independent and contested. As a result, the departure of a high-status employee may bring staying coworkers more resources and incentives to perform, causing their performance to improve. To test this possibility, we examine the effect of high-status analysts' departure on the individual performance of analysts who remain, using a sample of sell-side analysts in Chinese financial brokerage firms. Employing a before-and-after treatment research design, we find evidence that after the departure of a high-status analyst, the staying coworkers' individual performance is significantly improved. It is particularly so when they share greater industry overlap with the departing analyst. Our extensional analyses also investigate additional contingencies, which helps provide valuable hints about possible mechanisms.

Wang, Pengfei (2023)

Rebirth from the ashes: Failure events and new venture creation in Norway

International Small Business Journal Doi: 10.1177/02662426231218710

How do failure events affect subsequent new venture creation? The existing literature seems to point in two opposing directions. While the information perspective suggests that failure events undermine collective beliefs about market viability, the competition view implies that failures may foster entrepreneurship via easing competition in both factor and product markets. To address this question, we adopt an inductive approach and analyse registry data in Norway. Based on the firm-level microdata, we construct an industry-region-level marketspace to analyse the number of firm failures and new ventures in different markets. Results show that failures of existing firms generally lead to more venture creation in the same market, albeit being contingent on industry features. And such effect is mainly ‘pulled’ by product market vacuum, rather than ‘pushed’ by factor abundance. However, we also observe that ventures that are created following failure events are less likely to survive.

Ubisch, Sverre Søyland & Wang, Pengfei (2023)

Innovation on technological “islands”: domain contrast, boundary spanning, knowledge depth and breadth

Industrial and Corporate Change, 32(5), s. 1023- 1045. Doi: 10.1093/icc/dtad014

Prior literature has long examined innovation as a recombination process within or across the boundaries of technological domains. However, limited attention is paid to boundaries per se. Building upon recent development of categorical contrast, this study distinguishes domains with crisp boundaries from those with fuzzy boundaries and examines their effects on innovation outputs. Analyzing a large sample of US patents, we find that spanning crisp boundaries is more likely to generate impactful inventions but at the same time leads to significantly higher recombinant uncertainty. We continue to explore what types of inventors are better able to span such types of domain boundaries. Focusing specifically on the role of inventors’ knowledge expertise, we find that while both knowledge depth and breadth enhance the impact of technologies that span crisp boundaries, knowledge breadth is also found to escalate the associated uncertainty. Our emphasis on the contrast of technological domains contributes to the literature on recombinative innovation and boundary spanning.

Ubisch, Sverre Søyland & Wang, Pengfei (2022)

Typical Products for Outside Audiences: The Role of Typicality When Products Traverse Countries

Strategic Organization Doi: 10.1177/14761270221143984 - Fulltekst i vitenarkiv

While organization theorists have established the importance of typicality, most studies examine situations where producers and audiences dwell within the same category system (e.g., a country, industry, or market). However, much less attention is paid to the role of typicality when products are introduced from one system to another. Since defining what is typical is commonly system-specific, typical products in one category system may be perceived as being atypical in others. It is therefore important to understand how typicality shapes market exchanges when products traverse category systems. To shed light on this, we introduce two key concepts—home typicality and host typicality—and examine specifically how they affect the performance of products distributed across countries. By analyzing a large sample of films, we find that films are more successful in international markets, when they are more typical of their home countries and/or more atypical of their host countries.

Wang, Pengfei (2022)

Looking into the past: Audience heterogeneity and the inconsistency of market signals

Strategic Organization Doi: 10.1177/14761270221139760 - Fulltekst i vitenarkiv

Wang, Pengfei (2021)

Gain initial endorsement from the core: market entry, initial partners, and embeddedness in the venture capital market

Industrial and Corporate Change Doi: 10.1093/icc/dtab027 - Fulltekst i vitenarkiv

This study draws attention to the embedding process of market entrants, by examining the initial and subsequent partnerships of de alio entrants versus de novo entrants. Although de alio entrants have access to superior resources from their parents, they may encounter more resistance from the market as they project impure identity, introduce different logics, and pose greater competitive threats. Analyzing a sample of new entrants in the venture capital market, we find that while de alio entrants are less likely to establish initial partnerships with mainstream incumbents (i.e. receiving an overall initial resistance from the market), they are more likely than de novo entrants to establish ties with high-status incumbents (i.e. gaining more initial endorsement from the core). Results also show that initial network positions allow de alio entrants to sustain gaining prestigious endorsement in the later period, and at the same time to offset the overall resistance from mainstream incumbents. Our findings contribute to the literature on market entry and corporate demography.

Wang, Pengfei (2019)

Price space and product demography: Evidence from the workstation industry, 1980–1996

Research Policy, 48(9) Doi: 10.1016/j.respol.2019.05.007 - Fulltekst i vitenarkiv

This study adds to the product innovation literature by emphasizing the important yet understudied role of price distribution in shaping product demography (i.e. new product introductions and exits). While prior research has focused on market niches in the technological and geographic spaces in order to explain product demography, price space has received very limited attention despite the important role of price in the market. We posit that product dynamics are largely shaped by the existing price distribution. More specifically, we argue that local density in price space determines both the likelihood of existing products exiting the market and the rate of new products entering it. Analyzing product exit and entry in the U.S. workstation industry from 1980 to 1996, we find that while price density increases an existing product’s exit rate, new products are also more likely to enter the niches where the price density is high. We also draw attention to internal price density within multiproduct firms, analyzing a product’s price distance from the other products launched by the same firm. We find that this type of internal price density decreases both existing products’ exit rate and new products’ entry likelihood. Our emphasis on price space contributes to the literature on product innovation and demography.

Wang, Pengfei (2018)

Broadening versus reinforcing investor portfolios: Social structure and the search for venture capital investors

Journal of Business Venturing Doi: 10.1016/j.jbusvent.2018.12.001

Wang, Pengfei & Jensen, Michael (2018)

A Bridge Too Far: Divestiture as a Strategic Reaction to Status Inconsistency

Management science, 65(2), s. 859- 878. Doi: 10.1287/mnsc.2017.2964

Wang, Pengfei (2018)

Outsiders favor the most: Status and the heterogeneity of audience coverage in M&A deals

Long Range Planning, 51(2), s. 234- 251. Doi: 10.1016/j.lrp.2017.03.006 - Fulltekst i vitenarkiv

Uncertainty experienced by market audiences is the fundamental premise for status to take effect. Whereas prior research usually assumes that uncertainty is evenly distributed among audiences, this study emphasizes the heterogeneity of audiences. Audiences usually differ in the scope of firms they cover. They acquire more information and confront less uncertainty when evaluating firms under their coverage than those not. Status may thus exert different effects across audiences. My theoretical development is situated in the context of M&A. In particular, I hypothesize that although an acquirer's status is generally beneficial, it is more appealing to investors who do not cover the acquirer, as compared to covering investors. Results of the empirical analysis on the U.S. deals between 1990 and 2014 provide considerable support for my framework.

Wang, Pengfei; Van de Vrande, Vareska & Jansen, Justin (2017)

Balancing exploration and exploitation in inventions: Quality of inventions and team composition

Research Policy, 46(10), s. 1836- 1850. Doi: 10.1016/j.respol.2017.09.002

Jensen, Michael & Wang, Pengfei (2017)

Not in the same boat: How status inconsistency affects research performance in business schools

Academy of Management Journal, 61(3), s. 1021- 1049. Doi: 10.5465/amj.2015.0969

Akademisk grad
År Akademisk institusjon Grad
2016 Rotterdam School of Management, Erasmus University Rotterdam PhD
2011 Zhejiang Univeresity Master
2008 Zhejiang Univeresity Bachelor
År Arbeidsgiver Tittel
2019 - Present BI Norwegian Business School Associate Professor
2017 - 2019 BI Norwegian Business School Assistant Professor