The Dynamic Capability of Corporate Diplomacy

Global Strategy Journal - Tập 6 Số 3 - Trang 183-196 - 2016
Witold J. Henisz1
1The Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania, U.S.A.

Tóm tắt

Plain language summaryCorporate diplomacy is the ability to win the hearts and minds of external stakeholders in support of an organizational mission. As compared to the narrow support function of external affairs, corporate diplomats play a central role not just in sensing risks and opportunities in the external environment, but also in shaping short‐ and long‐term strategic responses across all functions of their organizations. Managers interested in creating long‐term sustainable value for shareholders and society—especially in emerging markets—need to enhance their skills as corporate diplomats.Technical summarySuccess in corporate diplomacy (i.e., the ability to win the hearts and minds of external stakeholders) requires a complex set of seemingly incompatible routines and processes that together constitute a dynamic capability. The article draws explicit parallels between the technological environment in which the theory of dynamic capabilities was first developed and the stakeholder environment. Firms must sense opportunities and threats that emanate from the external stakeholder environment across multiple countries, sectors, and issue domains. In order to actually seize these opportunities or avoid these threats, however, the organization must actually engage with stakeholders in a manner perceived as genuine and caring and implement initiatives that address their issues of concern. Such responses require short‐ and long‐term strategic change within the core of the organization. Copyright © 2016 Strategic Management Society.

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Global Strategy Journal

Tập 6 Số 3

183-196

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