Robert N. Eberhart is the Associate Director of Research on Entrepreneurship and Society in the Graduate School of Busines. He is also a visiting professor at Kobe University and a research associate at Columbia University. His research interests focus on theories of institutional change and the role of institutions on new venture performance. Professor Eberhart's academic publications include topics such as new theoretical constructs on how institutional change has complex effects on new firms and entrepreneurs. His publications appear in Organization Science, Strategic Management Journal, Strategy Science, and other journals. He appeared on NPR's Marketplace, ABC News, and has been quoted in the New York Times, the Financial Times, Forbes, NPR, the Nikkei Weekly, and the Nihon Keizai Shimbun. Dr. Eberhart is also an academic advisor to the American Chamber of Commerce's Task Force on New Growth Strategies as well as the Japan Innovation Network. He is a member of the Academy of Management, the Institute of New Economic Theory, the International Society for New Institutional Economics, and an advisor to Japan's Board of Director's Training Institute. He lectures in classes on Japanese business and entrepreneurship at Stanford University, New York University, University of Tokyo, and Kobe University.

All Publications

  • “Do Sustained Performance Streaks Justify High CEO Pay?” Eberhart, R., Armanios, D., Kim, S., Bhargava, V., et al Stanford University. 2021


    The acceleration of CEO pay has raised operational and ethical concerns about the potential false attribution of skill in the sustained exceptional performance that frequently justifies CEO pay. This study re-examines the idea that CEO pay is justified by long-run sustained performance to inform the debate on the ethics of CEO compensation. Using a unique empirical strategy of comparing bootstrap simulations to actual performances of public companies, we observe that over 95% of the differences in long-run performance outcomes between “top” versus “average” performers can be generated by differences in luck alone. Our findings suggest that sustained performance is often indistinguishable from sustained luck and that stakeholders may be better served by moderating CEO compensation demands based on past performance.

  • Certification Relics: Entrepreneurship amidst Discontinued Certifications ORGANIZATION SCIENCE Eberhart, R., Armanios, D. 2020: 45
  • The dark side of institutional intermediaries: Junior stock exchanges and entrepreneurship STRATEGIC MANAGEMENT JOURNAL Eberhart, R. N., Eesley, C. E. 2018; 39 (10): 2643–65

    View details for DOI 10.1002/smj.2934

    View details for Web of Science ID 000444803800003

  • Institutions and Entrenreneurial Activity: The Interactive Influence of Misaligned Formal and Informal Institutions STRATEGY SCIENCE Eesley, C. E., Eberhart, R. N., Skousen, B. R., Cheng, J. C. 2018; 3 (2): 393–407
  • Failure Is an Option: Institutional Change, Entrepreneurial Risk, and New Firm Growth ORGANIZATION SCIENCE Eberhart, R., Eesley, C., Eisenhardt, K. 2017; 28 (1)

    View details for DOI 10.1287/orsc.2017.1110

  • Corporate Governance Systems and Firm Value: Empirical Evidence from Japan’s Natural Experiment Journal of Asian Business Studies Eberhart, R. N. 2012; 6 (2): 176-196
  • Japanese Firms' Innovation Strategies in the Twenty-First Century: An Institutional View KNOWLEDGE PERSPECTIVES OF NEW PRODUCT DEVELOPMENT: A COMPARATIVE APPROACH Eberhart, R., Hoetker, G., Assimakopoulos, D. G., Carayannis, E. G., Dossani, R. 2012: 199–221