Long Range Planning最新文献_第2页

Framing circularity in an AI ecosystem: Aligning purpose, strategy, and governance 在人工智能生态系统中构建循环：调整目标、战略和治理

IF 6.3 2区管理学 Q1 BUSINESS

Long Range Planning

Pub Date : 2025-12-08 DOI: 10.1016/j.lrp.2025.102601

Saeed Khanagha , Shaz Ansari , Saeedeh Ahmadi

This paper develops a conceptual framework to explain how alignment around circular economy goals is challenged and negotiated within a business ecosystem in which an AI orchestrator and decentralized yet interdependent actors co-create AI-based value. We argue that circularity in this context is not merely a technical or structural coordination problem but also an interpretive challenge. This challenge is shaped by the heterogeneity of interests among actors as well as the polysemous nature of AI technologies, which results in variation in how AI implications and circularity objectives are understood and prioritized. Building on ecosystem theory and framing research, we identify three interrelated tensions related to purpose, strategy, and governance. These tensions reflect underlying conflicts in meaning, responsibility, and control. We then theorize how contrasting frames interact and reinforce each other, and how reconciliatory framings emerge through new entrants and peripheral actors, as well as orchestrators who adjust or stabilize their own framing. This perspective advances understanding of circularity as a contested process and contributes to research on ecosystem governance and alignment. We show how framing processes shape coordination in the absence of hierarchical control.

本文开发了一个概念框架来解释如何在人工智能协调者和分散但相互依存的参与者共同创造基于人工智能的价值的商业生态系统中挑战和协商围绕循环经济目标的一致性。我们认为，在这种情况下，循环性不仅是一个技术或结构协调问题，也是一个解释上的挑战。这一挑战是由参与者之间利益的异质性以及人工智能技术的多义性决定的，这导致了人工智能影响和循环目标的理解和优先级的变化。在生态系统理论和框架研究的基础上，我们确定了与目的、战略和治理相关的三个相互关联的紧张关系。这些紧张反映了在意义、责任和控制方面的潜在冲突。然后，我们理论化了对比框架如何相互作用和加强，以及和解框架如何通过新进入者和外围参与者以及调整或稳定自己框架的策划者出现。这一观点促进了对循环作为一个有争议的过程的理解，并有助于生态系统治理和校准的研究。我们展示了框架过程如何在缺乏层次控制的情况下形成协调。

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引用次数: 0

Does big three ownership affect the strategic propensity to reinvest or distribute cash flow? Evidence from the UK and Sweden 三巨头的所有权是否会影响再投资或分配现金流的战略倾向？来自英国和瑞典的证据

IF 6.3 2区管理学 Q1 BUSINESS

Long Range Planning

Pub Date : 2025-12-01 DOI: 10.1016/j.lrp.2025.102590

Andreas Jansson , Ulf Larsson-Olaison , Jeroen Veldman

The recent rise of index-based investors has led to substantially more concentrated share ownership around the world. This paper studies the ascent of the “Big Three” – Vanguard, Blackrock, and State Street – as major shareholders in the UK and Sweden between 2005 and 2019. More specifically, we address the issue of how the rise of these investors affects the corporate strategic propensity to reinvest or distribute cash flow to shareholders and whether this influence is contingent on national differences in corporate governance. We document how the rise of the Big Three is associated with an increasing strategic propensity for distribution at the expense of reinvestment. This effect is significantly greater in Sweden, where corporate governance institutions have historically developed to support active ownership by controlling shareholders, than in the UK, where corporate governance institutions have developed to support a more market-based model. Both the link between increasing strategic propensity for distribution associated with the Big Three and the effect of the institutional context in which the Big Three operate contribute to ongoing discussions on the extent and nature of the influence of passive index funds on firms’ strategies and on the role that corporate governance institutions play as boundary conditions for shareholder influence.

最近指数型投资者的崛起，导致全球股票所有权大幅集中。本文研究了2005年至2019年间，“三巨头”——先锋集团（Vanguard）、贝莱德（Blackrock）和道富银行（State Street）——在英国和瑞典成为大股东的过程。更具体地说，我们讨论了这些投资者的崛起如何影响公司再投资或向股东分配现金流的战略倾向，以及这种影响是否取决于公司治理的国家差异。我们记录了三巨头的崛起如何与以再投资为代价的日益增长的分销战略倾向相关联。这种影响在瑞典明显更大，瑞典的公司治理机构历来发展到支持控股股东的积极所有权，而在英国，公司治理机构发展到支持更加市场化的模式。与三巨头相关的日益增长的战略分配倾向之间的联系，以及三巨头运营的制度背景的影响，都有助于正在进行的关于被动式指数基金对公司战略影响的程度和性质以及公司治理机构作为股东影响的边界条件所起作用的讨论。

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引用次数: 0

The adaptive capacity of stakeholder-oriented firms with social purpose vis-à-vis shareholder primacy firms: A comparative assessment 具有社会目的的利益相关者导向企业对-à-vis股东至上企业的适应能力：比较评估

IF 6.3 2区管理学 Q1 BUSINESS

Long Range Planning

Pub Date : 2025-11-29 DOI: 10.1016/j.lrp.2025.102592

Kerstin Neumann , Emanuele L.M. Bettinazzi , Joseph T. Mahoney , Peter Snoeren , Maurizio Zollo

This paper provides a comparative assessment of the adaptive capacity of stakeholder-oriented firms with social purpose vis-à-vis shareholder primacy firms. To this end, we apply evolutionary theory to examine the differential costs and benefits incurred by these two firm types at each stage of firm adaptation—i.e., (issue) recognition, variation (ideation of solutions), selection of alternative solutions, and retention (replication and routinization). We conclude by providing an agenda for future research that can contribute to the extant literature on (social) purpose, evolutionary theory, and stakeholder theory.

本文对具有社会目的的利益相关者导向企业与-à-vis股东至上企业的适应能力进行了比较评估。为此，我们运用进化理论来考察这两种企业类型在企业适应的每个阶段所产生的差异成本和收益。（问题）识别，变化（解决方案的构思），替代解决方案的选择，以及保留（复制和常规化）。最后，我们为未来的研究提供了一个议程，可以为现有的（社会）目的、进化理论和利益相关者理论的文献做出贡献。

引用次数: 0

Bridging corporate purpose and strategic renewal: A review and future research agenda 衔接企业目标与战略更新：回顾与未来研究议程

IF 6.3 2区管理学 Q1 BUSINESS

Long Range Planning

Pub Date : 2025-11-24 DOI: 10.1016/j.lrp.2025.102591

Chiara Pantalena, Luca Manelli, Josip Kotlar, Federico Frattini

There is growing interest in the strategic role of corporate purpose in processes of strategic renewal, but existing research appears fragmented and offers mixed insights. Some evidence suggests that purpose-driven organizations might be more flexible in navigating change and better able to radically reinvent themselves. Other studies emphasize the path-dependent nature of corporate purpose, conceiving it as a conservative force leading to inertia. Despite the substantial endorsement of the connection between corporate purpose and strategic renewal by practitioners, research lags behind in fully understanding and explaining the role of corporate purpose in strategic renewal processes. This disconnect reflects a broader issue of limited knowledge cumulativity, as fragmented research streams have so far impeded the development of an integrated understanding of these phenomena. To address this issue, this study develops a systematic literature review to identify the links between corporate purpose and strategic renewal across diverse research streams. Building on this analysis, using a design-oriented approach, we organize a research agenda of the purpose-strategic renewal nexus, bridging different and sometimes divergent streams of literature and outlining opportunities to contribute to theoretical advancements across diverse theoretical traditions and empirical contexts. The proposed research agenda is organized around three main objectives: testing and elaborating, contextualizing, and theorizing the relationship between corporate purpose and strategic renewal.

人们对企业目标在战略更新过程中的战略作用越来越感兴趣，但现有的研究似乎支离破碎，提供的见解参差不齐。一些证据表明，目标驱动型组织在应对变化方面可能更灵活，更能从根本上重塑自己。其他研究则强调企业目标的路径依赖性质，认为它是一种导致惯性的保守力量。尽管从业者对企业目标与战略更新之间的联系给予了大量认可，但在充分理解和解释企业目标在战略更新过程中的作用方面，研究仍然滞后。这种脱节反映了一个更广泛的知识积累有限的问题，因为碎片化的研究流迄今为止阻碍了对这些现象的综合理解的发展。为了解决这一问题，本研究进行了系统的文献综述，以确定企业目标与战略更新之间的联系。在此分析的基础上，采用设计导向的方法，我们组织了一个目的-战略更新联系的研究议程，弥合不同的，有时是分歧的文献流，并概述了在不同理论传统和经验背景下为理论进步做出贡献的机会。拟议的研究议程围绕三个主要目标组织：测试和详细说明，情境化和理论化公司目标与战略更新之间的关系。

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引用次数: 0

Fooled by the hype? The influence of technology hype on acquisition premiums in digital M&As 被炒作愚弄了？数字并购中技术炒作对收购溢价的影响

IF 6.3 2区管理学 Q1 BUSINESS

Long Range Planning

Pub Date : 2025-11-12 DOI: 10.1016/j.lrp.2025.102589

Sebastian Firk , Yannik Gehrke , Julian Meier , Michael Wolff

Given the rapidly evolving nature of digital technologies, the valuation of digital target firms in mergers and acquisitions (M&As) is particularly uncertain and complex. Adopting a socio-cognitive perspective, we argue that the cognitive burden of processing complex and uncertain information surrounding a digital technology creates a susceptibility for managers to rely on easily accessible expectations and media claims about these technologies, consistent with an availability heuristic. Consequently, managers incorporate excessively optimistic expectations from technology hype into their valuation assessments, leading them to pay higher acquisition premiums. We further propose that in-depth digital technology knowledge among the top management and prior experience in acquiring digital target firms alleviate the cognitive burden of assessing digital target firms, thereby reducing managers’ reliance on overly optimistic expectations associated with technology hype. Using a sample of digital M&As by S&P 1500 firms, we find support for these propositions. Additional analyses further reveal that digital M&As executed during hype phases generate lower post-acquisition returns than those completed outside hype phases. Overall, this study contributes to a better understanding of when and why heuristics may bias decision-making.

鉴于数字技术的快速发展性质，并购（M&As）中数字目标公司的估值特别不确定和复杂。采用社会认知的观点，我们认为，处理围绕数字技术的复杂和不确定信息的认知负担使管理者容易依赖于容易获得的期望和媒体对这些技术的主张，这与可用性启发式是一致的。因此，管理者将技术炒作带来的过度乐观预期纳入其估值评估，导致他们支付更高的收购溢价。我们进一步提出，高层管理人员对数字技术的深入了解和收购数字化目标公司的先前经验减轻了评估数字化目标公司的认知负担，从而减少了管理者对与技术炒作相关的过度乐观预期的依赖。通过对标普1500强公司的数字化并购样本，我们发现了对这些命题的支持。其他分析进一步表明，在宣传阶段执行的数字管理产生的收购后回报低于在宣传阶段之外完成的数字管理。总的来说，这项研究有助于更好地理解启发式何时以及为什么会影响决策。

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引用次数: 0

Digital platforms, internal digitalization, and internationalization of SMES 数字化平台、内部数字化、中小企业国际化

IF 6.3 2区管理学 Q1 BUSINESS

Long Range Planning

Pub Date : 2025-11-10 DOI: 10.1016/j.lrp.2025.102588

Chen Zhang , Tao Bai , Abby Jingzi Zhou , Steven Shijin Zhou

Digital platforms provide critical external resources for small and medium-sized enterprises (SMEs) seeking to internationalize. Drawing on the SME internationalization and platform literature, this study theorizes the dual role of digital platforms as both enablers and constraints for SMEs in pursuing internationalization. We distinguish between two types of digital platforms—commercial platforms and social platforms—and examine their distinct influences on SMEs’ internationalization. We further explore how internal digitalization, as a key internal resource, moderates these effects. Using a panel dataset of 714 publicly listed SMEs in China from 2009 to 2023, we find that both commercial and social platforms positively influence the internationalization of SMEs. Additionally, the positive effect of social platforms is stronger. Moreover, we find that internal digitalization has a negative moderating effect on the positive relationship between commercial platforms and SME internationalization. Our findings enrich theoretical discussions on SME internationalization and platform research, and offer practical implications for SMEs, platforms, and their stakeholders.

数字平台为寻求国际化的中小企业提供了重要的外部资源。通过对中小企业国际化和平台相关文献的分析，本研究将数字平台作为中小企业国际化的推动因素和制约因素的双重作用理论化。我们区分了两种类型的数字平台——商业平台和社交平台，并考察了它们对中小企业国际化的不同影响。我们进一步探讨了内部数字化作为一种关键的内部资源如何调节这些影响。利用2009 - 2023年中国714家上市中小企业的面板数据，我们发现商业平台和社交平台都对中小企业的国际化产生了积极影响。此外，社交平台的积极作用更强。此外，我们发现内部数字化对商业平台与中小企业国际化的正向关系具有负向调节作用。本文的研究结果丰富了中小企业国际化和平台研究的理论讨论，对中小企业、平台及其利益相关者具有现实意义。

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引用次数: 0

Bounded-born globals: Rethinking internationalization in the platform economy 边界出生的全球人：重新思考平台经济中的国际化

IF 6.3 2区管理学 Q1 BUSINESS

Long Range Planning

Pub Date : 2025-10-22 DOI: 10.1016/j.lrp.2025.102587

Ana Botella-Andreu, Jose Pla-Barber, Andrea Pallás-Rocafull

This paper develops a process-based explanation of how platform-based multinational companies (PMNCs) expand internationally. Drawing on a longitudinal case study of Netflix, we identify a two-stage sequencing pattern: an initial phase of rapid geographic rollout enabled by digital scalability, followed by a slower and more uneven process of market penetration shaped by institutional frictions, localized user preferences, and the boundedness of network effects.

To conceptualize this dynamic, we propose the Network-Bounded Sequencing Model, which shows that PMNCs do not sequence their international growth based on traditional criteria such as geographic proximity, psychic distance, or entry-mode risk. Instead, their expansion is driven by platform-specific logics that combine global scalability with local constraints. We further introduce the concept of the Bounded-Born Global firm—digital platforms that attain rapid global availability but face delayed and selective engagement due to the need for both local adaptation and infrastructure.

This framework diverges from the gradualist learning logic of the Uppsala model and the rapid, uniform expansion assumed in Born Global theories, offering a more accurate account of how platform firms internationalize in digitally mediated but institutionally complex environments.

本文对基于平台的跨国公司（pmnc）如何进行国际扩张进行了基于过程的解释。通过对Netflix的纵向案例研究，我们确定了一个两阶段的顺序模式：由数字可扩展性实现的快速地理推广的初始阶段，随后是由制度摩擦、本地化用户偏好和网络效应的有限性形成的更缓慢且更不均衡的市场渗透过程。为了将这种动态概念化，我们提出了网络边界排序模型，该模型表明，pmnc并不基于地理邻近性、心理距离或进入模式风险等传统标准对其国际增长进行排序。相反，它们的扩展是由平台特定的逻辑驱动的，这些逻辑结合了全局可伸缩性和本地约束。我们进一步介绍了“边界出生的全球公司”的概念——数字平台可以实现快速的全球可用性，但由于当地适应和基础设施的需要，面临延迟和选择性参与。这一框架不同于乌普萨拉模型的渐进式学习逻辑和“生来全球化”理论中假设的快速、统一的扩张，它更准确地描述了平台公司如何在数字媒介但制度复杂的环境中实现国际化。

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引用次数: 0

Who sits at the table? LinkedIn exposure shapes managers’ situated attention and strategic preferences 谁坐在桌子旁？在LinkedIn上的曝光会影响管理者的定位注意力和战略偏好

IF 6.3 2区管理学 Q1 BUSINESS

Long Range Planning

Pub Date : 2025-10-16 DOI: 10.1016/j.lrp.2025.102586

Christoph Brielmaier , Moritz Reis , Martin Friesl , Roland Pfister

The Attention-Based View emphasizes that the social and material features of managerial situations have a crucial impact on the prioritization of issues and on how decision-makers select strategic answers to resolve these issues. This involves communication channels that guide the availability and salience of information in particular situations. One key situational feature of today's organizations is social media. Social media such as LinkedIn has a profound strategic impact on firms and increasingly shapes the context of strategy work. Yet, we still know little about how it affects individual managers and their situated attention. We conducted a preregistered experiment (N = 138) that simulated managerial LinkedIn use, as well as qualitative interviews (N = 18) with managers. We observed that the exposure to LinkedIn significantly influenced participants' strategic preferences. This effect remained stable when controlling for individual factors such as experience with strategy work and LinkedIn use, yet it strongly increased for senior-level managers, rendering these influences particularly meaningful for firm-level outcomes. Qualitative evidence suggests that this effect is due to the material reconfiguration of situated managerial attention driven by (1) the ubiquity of communication channels, (2) the consequential expansion of attentional boundaries, and (3) salience through emerging attention regulators. Together, our quantitative and qualitative findings advance the ABV by theorizing how LinkedIn materially reconfigures situated attention in today's strategy work.

注意基础观点强调，管理情况的社会和物质特征对问题的优先次序以及决策者如何选择解决这些问题的战略答案具有至关重要的影响。这包括在特定情况下指导信息的可用性和突出性的通信渠道。当今组织的一个关键情境特征是社交媒体。LinkedIn等社交媒体对企业具有深远的战略影响，并日益塑造战略工作的背景。然而，我们仍然对它如何影响单个管理者和他们所处的注意力知之甚少。我们进行了一项预注册实验（N = 138），模拟了管理人员对LinkedIn的使用，并对管理人员进行了定性访谈（N = 18）。我们观察到，接触LinkedIn显著影响了参与者的策略偏好。在控制个人因素（如战略工作经验和LinkedIn的使用）时，这种影响保持稳定，但在高级管理人员中，这种影响显著增加，使得这些影响对公司层面的结果特别有意义。定性证据表明，这种效应是由以下因素驱动的：1)沟通渠道的无处不在；2)注意力边界的相应扩展；3)新兴注意力调节器的显著性。总之，我们的定量和定性研究结果通过理论化LinkedIn如何在今天的战略工作中实质性地重新配置定位注意力来推进ABV。

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引用次数: 0

Target CEO’s optimism, acquisition pricing and completion 目标CEO的乐观态度，收购定价和完成

IF 6.3 2区管理学 Q1 BUSINESS

Long Range Planning

Pub Date : 2025-10-05 DOI: 10.1016/j.lrp.2025.102585

Sergio Grove , Mengge Li , Miguel A. Ramos , Manjot Bhussar , Jinxin Yang

引用次数: 0

A conservative contradiction? The effect of CEO political ideology on strategic risk-taking during national partisan conflict 保守的矛盾？国家党派冲突中CEO政治意识形态对战略冒险的影响

IF 6.3 2区管理学 Q1 BUSINESS

Long Range Planning

Pub Date : 2025-10-03 DOI: 10.1016/j.lrp.2025.102584

Kerry Hudson

Increasing polarization in U.S. politics has led the economics and finance literatures to examine its macroeconomic implications, revealing a counterintuitive effect: national partisan conflict reduces macroeconomic volatility, creating legislative gridlock that lowers investors' perceptions of risk. However, implications for management remain unclear, as no research has sought to explain heterogeneity in firms' responses to this phenomenon. We theorize that this occurs because partisan conflict induces shifts in strategic risk-taking, contingent upon differences in CEOs' risk aversion and cognitive disposition. Drawing on upper echelons theory, we hypothesize that conservative CEOs, who are typically risk averse, will be more willing to take strategic risks under the macroeconomic conditions associated with partisan conflict. A study of 375 firms from 2000 to 2022 supports this, showing a shift towards higher-risk strategies among conservative CEOs when partisan conflict is high. This effect is robust to industry effects and independent from other political and economic uncertainties. Additional analyses indicate that this is driven by CEOs' disposition rather than party bias, supporting an ideologically asymmetric, environmentally contingent mechanism whereby shifts in partisan conflict increase the significance of the attentional and cognitive tendencies associated with conservatism in determining firm-level risk-taking. These findings extend the managerial relevance of macro-level research on partisan conflict, offering theoretical explanations that evince its ostensibly unpredictable effects on firms’ strategic investment decisions.

美国政治日益加剧的两极分化导致经济学和金融学文献对其宏观经济影响进行了研究，揭示了一种违反直觉的效应：国家党派冲突降低了宏观经济的波动性，造成了立法僵局，降低了投资者对风险的感知。然而，对管理的影响仍然不清楚，因为没有研究试图解释公司对这一现象的反应的异质性。我们的理论认为，这是因为党派冲突导致了战略冒险的转变，这取决于首席执行官的风险厌恶和认知倾向的差异。根据上层理论，我们假设保守的首席执行官（典型的风险厌恶者）在与党派冲突相关的宏观经济条件下更愿意承担战略风险。一项从2000年到2022年对375家公司进行的研究支持了这一观点，该研究表明，当党派冲突加剧时，保守派首席执行官会转向风险更高的策略。这种效应不受行业效应的影响，不受其他政治和经济不确定性的影响。其他分析表明，这是由ceo的性格而非党派偏见驱动的，这支持了一种意识形态不对称、环境偶然机制，即党派冲突的转变增加了与保守主义相关的注意和认知倾向在决定公司层面冒险方面的重要性。这些发现扩展了党派冲突宏观层面研究的管理相关性，提供了理论解释，证明其对公司战略投资决策的表面上不可预测的影响。

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引用次数: 0