Strategic Management Journal
1097-0266
0143-2095
Anh Quốc
Cơ quản chủ quản: John Wiley and Sons Ltd , WILEY
Lĩnh vực:
Business and International ManagementStrategy and Management
Các bài báo tiêu biểu
Defining market boundaries Abstract This study shows how spatial information about product supply and demand can be used to determine the geographic extent of markets. It demonstrates that markets thus defined allow finer‐grained measurement of competitive conditions than is possible using conventional approaches. Two procedures are developed and contrasted: one, called a natural market approach, is drawn from the Industrial Organization economics literature; the second, called an enactment approach, is associated with the open systems perspective on organizations. Applied to a set of hospitals in the San Francisco Bay area, geographic market boundaries established in these ways are shown to lead to finely defined markets, and to reveal strong variation in competitive conditions across the area—variation not detectable if conventional approaches to market definition are used. It is shown that these approaches have applications beyond geographic market definition, and can also be applied to define markets in term of product or service types.
Tập 16 Số 7 - Trang 535-549 - 1995
Surrendering control to gain advantage: Reconciling openness and the resource‐based view of the firm Research Summary Strategic openness—firms voluntary forfeiting of control over resources—seemingly challenges the premise of the resource‐based view (RBV), which posits that firms should control valuable, rare, and inimitable (VRI) resources. We reconcile this apparent paradox by formalizing whether and when firms—consisting of resource bundles and deriving competitive advantage from exploiting selected VRI resources—may maximize profitability by opening parts of their resource base. As such, our article refines RBV‐related thinking while supporting the theory's core tenets. Notably, we illustrate how a common‐pool resource can become a source of competitive advantage and how firms may use openness to shape inter‐firm competition. Managerial Summary Conventional wisdom holds that firms must control scarce and valuable resources to obtain competitive advantage. That being said, over the past decade, many firms—among them Computer Associates, IBM, and Nokia—embarked on open strategies and made parts of their valuable resources available for free. These decisions pose an obvious conundrum, which we solve in our article. We use a mathematical model, grounded in principles of the resource‐based view, to show why and under what conditions open strategies will succeed. Firms significantly improve their performance when (a) opening resources reduces their cost base while (b) strongly increasing demand for their still‐proprietary resource(s). We also explain how openness can reshape markets by weakening competitors, particularly in highly rivalrous environments.
Tập 39 Số 6 - Trang 1704-1727 - 2018
The impacts of performance relative to analyst forecasts and analyst coverage on firm R&D intensity Abstract Taking an agency theory perspective of managers as risk averse and self‐interest seeking and focusing on externally generated analyst forecasts as the performance target, we propose that managers tend to cut R&D expenses when they are under pressure to meet analyst forecasts, especially when they face an increase in employment risk after missing the forecasts. We further argue that analyst coverage can serve as an external monitoring mechanism to help contain this agency problem. We test these arguments with data from a sample of U.S. manufacturing firms during the period of 1979 to 2005. Copyright © 2012 John Wiley & Sons, Ltd.
Tập 34 Số 1 - Trang 121-130 - 2013
Top management team compensation: the missing link between CEO pay and firm performance? Abstract In this research we discuss the relationship between CEO and top management team (TMT) member compensation, and explore the implications of TMT pay for firm performance. Specifically, we suggest that firm performance may benefit due to agency and group behavioral issues when top management team member pay is aligned—alignment is defined as the degree to which TMT member pay reflects (1) shareholder interests and (2) key political and strategic contingencies within the firm. In support of our theorizing, we found CEO pay to be related to TMT pay; TMT compensation, in turn, predicted performance (i.e., return on assets and Tobin's q) when aligned with shareholder interests and internal contingencies. Moreover, the effect of CEO pay on future firm performance was dependent on top team pay. Copyright © 2002 John Wiley & Sons, Ltd.
Tập 23 Số 4 - Trang 367-375 - 2002
Technological capability, strategic flexibility, and product innovation Abstract This paper examines the role of technological capability in product innovation. Building on the absorptive capacity perspective and organizational inertia theory, the authors propose that technological capability has curvilinear and differential effects on exploitative and explorative innovations. The findings support the proposition that though technological capability fosters exploitation at an accelerating rate, it has an inverted U‐shaped relationship with exploration. That is, a high level of technological capability impedes explorative innovation. Strategic flexibility strengthens the positive effects of technological capability on exploration, such that when strategic flexibility is high, greater technological capability is associated with more explorative innovation. Copyright © 2009 John Wiley & Sons, Ltd.
Tập 31 Số 5 - Trang 547-561 - 2010
Knowledge mobilization in the face of imitation: Microfoundations of knowledge aggregation and firm‐level innovation Abstract Research Summary Firms in technology‐based settings continuously mobilize the knowledge of individuals in the firm to execute new opportunities arising over time. Yet we have only a limited understanding of how individual‐level knowledge aggregates to shape firm‐level innovation. We use a computational model to develop a microfoundational theory of firm‐level innovation that captures both intra‐firm knowledge mobilization and inter‐firm competition. A key insight is that despite intuitions that knowledge mobilization should protect against rival imitation, knowledge mobilization can often benefit rivals more than the focal firm itself, due to a process of continuous knowledge spillover‐sharing among rivals. In addition, while knowledge‐based advantages are often thought to be temporary without some isolating mechanism, sustainable advantage may emerge under limited conditions under which knowledge‐mobilizing firms outrace rivals' imitation efforts. Managerial summary Managers in fast‐moving technology‐based industries innovate by mobilizing the knowledge of individuals in their firm to execute new market opportunities arising over time. A central challenge in such settings is that competitors may imitate this knowledge, thereby diminishing the advantages to the focal firm that derive from its innovations. We highlight the conditions under which such efforts at mobilizing individual knowledge within a firm can backfire and thus accelerate imitation as a result of knowledge spillover‐sharing among the firm's industry rivals. To protect themselves, innovative firms in highly complex industries can use a recombination process to outrace their imitating rivals and generate sustainable advantages.
Tập 41 Số 11 - Trang 1983-2014 - 2020
Innovation objectives, knowledge sources, and the benefits of breadth Abstract Given the inherent risk of innovative activity, firms can improve the odds of success by pursuing multiple parallel objectives. Because innovation draws on many sources of ideas, firms also may improve their odds of successful innovation by accessing a large number of knowledge sources. In this study, we conduct one of the first firm‐level statistical analyses of the impact on innovation of breadth in both innovation objectives and knowledge sources. The empirical results suggest that broader horizons with respect to innovation objectives and knowledge sources are associated with successful innovation. We do not find diminishing returns to breadth in innovation objectives, which suggests that firms may tend to search too narrowly. We interpret these results in light of well‐known cognitive biases toward searching in relatively familiar domains. Copyright © 2009 John Wiley & Sons, Ltd.
Tập 31 Số 2 - Trang 224-236 - 2010
Internal differentiation within multinational corporations Abstract This paper argues that the internal structure in complex, multi‐unit organizations such as a multinational corporation (MNC) is not homogeneous throughout the organization, but is systematically differentiated so as to ‘fit’ the different environmental and resource contingencies faced by the different national subsidiaries. Based on a survey of 66 of the largest European and North American MNCs, yielding data on 618 cases of headquarters‐subsidiary relations, it is shown that the different contextual conditions faced by the different subsidiaries of the MNC can be meaningfully classified into four generic situations. Furthermore, for each of these situations the exchange relation between the MNC headquarters and the subsidiary is characterized by a ‘fit’ governance structure consisting of a different combination of structural elements such as centralization of authority, formalization of rules and systems, and normative integration of members. Following the existing literature, these ‘fit’ structures are labeled in this paper as hierarchical, federative, clan and integrative. The multinational is then described as an internally differentiated organization in which each headquarters‐subsidiary link corresponds to one or the other of these administrative forms.
Tập 10 Số 4 - Trang 323-337 - 1989
Internal corporate joint ventures: Development processes and performance outcomes Abstract Joint venture activity and internal corporate venturing represent two administrative innovations receiving increased attention in strategic management research. This study investigates a new hybrid form of administrative innovation: internal corporate joint ventures , which combine the equity involvement typically found in joint ventures with the internal staffing of a semiautonomous unit typical of internal corporate ventures. Drawing on both a process model and a variance model, the structuring, development and performance of 53 such ventures in an industry‐specific setting is examined.
Tập 9 Số 6 - Trang 527-542 - 1988