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The Contingent Relationship Between Purpose and Profits 目的与利润的偶然关系
IF 3.9 Q2 MANAGEMENT Pub Date : 2023-05-08 DOI: 10.1287/stsc.2023.0194
Claudine Gartenberg
When do for-profit corporations pursue both purpose and profits and when do they prioritize one over the other? This study explores this question, measuring the strength of purpose based on the perceptions of nearly 1 million employees across 635 U.S. public companies within 14 industry categories. Two main findings emerge. First, the relationship between purpose and profits varies widely across companies and industries. Second, companies with higher levels of innovation intensity, intangible capital, or long-term investors tend to pursue both purpose and profits, whereas companies with lower levels of these factors tend to prioritize one over the other. This evidence suggests that purpose and profits are compatible in settings that rely on innovation and long temporal horizons for value creation and opposed in settings that do not. History: This paper has been accepted for the Strategy Science Special Issue on Corporate Purpose. Funding: C. Gartenberg acknowledges financial support from the Govil Family and the Wharton School.
营利性公司什么时候既追求目标又追求利润,什么时候把两者放在首位?这项研究探讨了这个问题,根据14个行业类别的635家美国上市公司近100万员工的看法来衡量目标的强度。出现了两个主要发现。首先,目标和利润之间的关系因公司和行业而异。其次,创新强度、无形资本或长期投资者水平较高的公司往往追求目标和利润,而这些因素水平较低的公司往往优先考虑其中一个。这一证据表明,在依赖创新和长期价值创造的环境中,目标和利润是相容的,而在不依赖创新和长远价值创造的情况下则相反。历史:这篇论文已被《企业目标战略科学》特刊接受。资助:C.Gartenberg承认来自Govil家族和沃顿商学院的财政支持。
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引用次数: 3
Move Fast and Break Things? The Contingent Nature of Product Acceleration in Nascent Markets 快速行动,打破陈规?新生市场中产品加速的偶然性
IF 3.9 Q2 MANAGEMENT Pub Date : 2023-05-05 DOI: 10.1287/stsc.2023.0192
X. Lu, Hyeonsuh Lee, R. Coles
Acceleration allows firms to lock in early success upon entering a nascent market, but whether it enables firms to sustain competitive advantage after the entry is unclear. Using a granular data set on the U.S. LED lightbulb market 2010–2017, we apply an abductive approach to examine the relationship between postentry product acceleration and market acceptance. We find that, although acceleration is slightly more beneficial for firms that have accumulated greater pioneering experience, incumbents with more recognizable brands are able to achieve even greater market acceptance by slowing down their product iterations. Meanwhile, deceleration seems to be a better strategy among firms striving to build legitimacy via regulatory engagement, whereas acceleration could be more beneficial for firms competing in subproduct markets with greater technological uncertainties. We contribute to the nascent market literature by showing that the extent to which firms gain market acceptance through postentry product acceleration hinges on their abilities to assess, learn from, and shape both market and nonmarket stakeholders. Funding: This research is supported by grants from the Innovation, Entrepreneurship, and Technology Research Grant provided by Cornell University’s Johnson College of Business and Daigle Labs at the University of Connecticut, School of Business. Supplemental Material: The online appendices are available at https://doi.org/10.1287/stsc.2023.0192 .
加速可以让企业在进入新兴市场时锁定早期的成功,但它是否能让企业在进入市场后保持竞争优势尚不清楚。使用2010-2017年美国LED灯泡市场的颗粒数据集,我们采用了一种溯因法来检验进入后产品加速与市场接受度之间的关系。我们发现,虽然加速对积累了更多开拓经验的公司更有利,但拥有更知名品牌的老牌公司能够通过放慢产品迭代速度来获得更大的市场接受度。与此同时,对于那些努力通过监管参与来建立合法性的公司来说,减速似乎是一个更好的策略,而对于那些在技术不确定性更大的子产品市场上竞争的公司来说,加速可能更有利。我们通过展示企业通过上市后产品加速获得市场认可的程度取决于他们评估、学习和塑造市场和非市场利益相关者的能力,从而为新兴的市场文献做出贡献。资助:本研究由康奈尔大学约翰逊商学院和康涅狄格大学商学院戴格尔实验室提供的创新、创业和技术研究基金资助。补充材料:在线附录可在https://doi.org/10.1287/stsc.2023.0192上获得。
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引用次数: 0
Can Purpose Foster Stakeholder Trust in Corporations? 企业目标能培养利益相关者的信任吗?
IF 3.9 Q2 MANAGEMENT Pub Date : 2023-05-02 DOI: 10.1287/stsc.2023.0196
R. Gulati, Franz Wohlgezogen
As part of institutional changes toward more responsible capitalism, firms increasingly articulate a purpose beyond simply profit as a central tenet of their governance. Management scholarship has noted the potential advantages of such purpose-focus for stakeholder trust. However, some consumers, employees, and shareholders have expressed skepticism about the veracity of firms’ purpose claims and raised concerns about purpose-washing. We propose two distinct influence pathways—one cognitive, one affect-based—by which corporate purpose can influence stakeholder trust. First, purpose constitutes a signal of firm intent and quality that expresses a firm’s public, enduring commitments. It fosters cognitive trust by providing clarity and assurance regarding the firm’s future conduct, allowing stakeholders to better calculate relational and reputational risk and the instrumental value of exchange—even when they do not share the firm’s prosocial mission, principles for stakeholder relations, or its conception of virtues. Second, purpose presents a moral appeal to stakeholders. This appeal can stimulate positive affective responses, activate stakeholders’ hedonic and eudaemonic motives tied to their moral identity, and thus provide intuitive cues to trust the firm. By sharply delineating the pathways by which purpose can shape interorganizational trust, we not only illuminate how purpose can yield trust benefits but also when it is ineffectual and causes stakeholder backlash. This clarifies the role of purpose in shaping relational governance and multistakeholder cooperation and contributes to research on strategic and moral commitments as foundations of interorganizational trust. History: This paper has been accepted for the Strategy Science Special Issue on Corporate Purpose.
作为向更负责任的资本主义制度变革的一部分,企业越来越明确地将盈利之外的目标作为其治理的核心原则。管理学者已经注意到这种目的聚焦对于利益相关者信任的潜在优势。然而,一些消费者、员工和股东对公司目的声明的真实性表示怀疑,并提出了对目的洗涤的担忧。我们提出了两种不同的影响途径——一种是认知的,一种是基于影响的——通过这种途径,企业目标可以影响利益相关者的信任。首先,目的构成了企业意图和质量的信号,表达了企业公开的、持久的承诺。它为公司未来的行为提供了清晰和保证,从而促进了认知信任,使利益相关者能够更好地计算关系和声誉风险以及交换的工具价值——即使他们不认同公司的亲社会使命、利益相关者关系原则或其美德概念。第二,目的向利益相关者提出道德诉求。这种呼吁可以激发积极的情感反应,激活利益相关者与其道德身份相关的享乐和幸福动机,从而提供信任公司的直观线索。通过清晰地描述目标塑造组织间信任的途径,我们不仅阐明了目标如何产生信任利益,而且还阐明了目标无效并引起利益相关者反弹的情况。这阐明了目标在塑造关系治理和多利益相关者合作中的作用,并有助于研究作为组织间信任基础的战略和道德承诺。历史:本文已被《战略科学》公司宗旨特刊接受。
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引用次数: 6
Systemic Symbolic Management, Corporate Social Responsibility, and Corporate Purpose: A Cautionary Tale 系统象征管理、企业社会责任与企业宗旨:一个警示故事
IF 3.9 Q2 MANAGEMENT Pub Date : 2023-04-13 DOI: 10.1287/stsc.2023.0188
James D. Westphal
In this paper I describe the multilevel and systemic nature of symbolic management and decoupling as it applies to corporate social responsibility (CSR), and consider the implications for the corporate purpose movement. I explain how and why the symbolic management system, including the various forms of decoupling that have compromised CSR, could be readily extended to corporate purpose. I further suggest why (i) the symbolic management of purpose would extend a historical pattern of decoupling that has penetrated into ever more fundamental arenas of corporate governance, and (ii) at least some characteristics of corporate purpose may render it even more vulnerable to symbolic management and decoupling than CSR. I conclude that although the corporate purpose movement carries a substantial, downside risk of symbolic management and decoupling, it nonetheless has upside potential to improve corporate social performance, and that academic researchers have a key role to play in realizing that potential. I suggest several research strategies for detecting the presence and extent of symbolic decoupling of corporate purpose. History: This paper has been accepted for the Strategy Science Special Issue on Corporate Purpose.
在本文中,我描述了象征性管理和脱钩的多层次和系统性,因为它适用于企业社会责任(CSR),并考虑了对企业目标运动的影响。我解释了象征性的管理体系,包括损害企业社会责任的各种形式的脱钩,是如何以及为什么可以很容易地扩展到企业目的的。我进一步提出了为什么(I)目标的象征性管理会扩展一种脱钩的历史模式,这种模式已经渗透到公司治理的更基本的领域,以及(ii)公司目标的至少一些特征可能会使其比企业社会责任更容易受到象征性管理和脱钩的影响。我的结论是,尽管企业目标运动具有象征性管理和脱钩的巨大下行风险,但它仍有提高企业社会绩效的上行潜力,学术研究人员在实现这一潜力方面发挥着关键作用。我提出了几种研究策略来检测企业目标象征性脱钩的存在和程度。历史:这篇论文已被《企业目标战略科学》特刊接受。
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引用次数: 6
The Multiple Facets of Corporate Purpose: An Analytical Typology 企业目标的多重层面:一种分析类型
IF 3.9 Q2 MANAGEMENT Pub Date : 2023-04-10 DOI: 10.1287/stsc.2023.0186
As firms increasingly adopt a corporate purpose, there is substantial variation in what this turn to purpose actually entails and divergent views about whether and how firms can realize their purpose aspirations. To capture this variation and analyze its implications for enacting purpose, we leverage three existing bodies of research in organization and management theory: Early organization theory illuminates uses of purpose to convey an organization’s overarching reason for being, organizational hybridity sheds light on purpose as an alternative organizational objective to profit maximization, and systems perspectives offer tools for explaining purpose as a catalyst of systemic change beyond the boundaries of the firm. The typology that we develop based on these three bodies of research provides analytical clarity about distinct facets of the corporate purpose phenomenon and surfaces complementary insights into challenges and opportunities associated with purpose enactment. In doing so, it illuminates the value of drawing on existing organization and management theories for advancing corporate purpose scholarship and provides a springboard for future research. History: This paper has been accepted for the Strategy Science Special Issue on Corporate Purpose.
随着企业越来越多地采用企业目标,这种向目标的转变实际上意味着什么,以及企业是否以及如何实现其目标愿望,存在着巨大的差异。为了捕捉这种变化并分析其对制定目的的影响,我们利用了组织和管理理论中的三个现有研究机构:早期的组织理论阐明了利用目的来传达组织存在的首要原因,组织混合阐明了目的作为利润最大化的另一种组织目标,系统视角为解释目的作为超越公司边界的系统性变革的催化剂提供了工具。我们在这三个研究主体的基础上发展的类型学为企业目标现象的不同方面提供了清晰的分析,并对与目标制定相关的挑战和机遇提供了互补的见解。在此过程中,它阐明了借鉴现有的组织和管理理论对推进企业目的研究的价值,并为未来的研究提供了一个跳板。历史:本文已被《战略科学》公司宗旨特刊接受。
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引用次数: 2
Corporate Purpose: A Social Judgement Perspective 企业宗旨:社会判断视角
IF 3.9 Q2 MANAGEMENT Pub Date : 2023-04-06 DOI: 10.1287/stsc.2023.0185
R. Suddaby, Luca Manelli, Ziyun Fan
We apply the lens of social judgement theory to understand the causes and consequences of the growing debate about the purpose of the corporation. Our historical analysis suggests that the debate about corporate purpose is not new and that it tends to arise during periods of growing economic inequality. Our analysis also suggests that the discursive shift from shareholder to stakeholder capitalism will trigger a new standard of social evaluation of corporations in which we no longer judge corporate behavior based on standards of legitimacy but rather on standards of authenticity. We explore what this change in social evaluation will mean for corporate competition.
我们运用社会判断理论的视角来理解关于公司宗旨的争论愈演愈烈的原因和后果。我们的历史分析表明,关于企业目标的争论并不是什么新鲜事,它往往出现在经济不平等加剧的时期。我们的分析还表明,从股东资本主义到利益相关者资本主义的话语转变将引发一种新的企业社会评价标准,在这种标准中,我们不再根据合法性标准,而是根据真实性标准来判断企业行为。我们探讨了社会评价的这种变化对企业竞争意味着什么。
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引用次数: 3
Corporate Personhood and Fiduciary Duties as Critical Constructs in Developing Stakeholder Management Theory and Corporate Purpose 公司人格和信义义务:发展利益相关者管理理论和公司宗旨的关键结构
IF 3.9 Q2 MANAGEMENT Pub Date : 2023-04-06 DOI: 10.1287/stsc.2023.0191
Joseph T. Mahoney
This article considers the complex process of economic value creation in joint production in which a corporation is viewed as more than a nexus of contracts for four reasons related to the interdependent functions of the corporate personhood concept of the corporation as a separate legal entity. Corporate personhood facilitates stewardship and stakeholder management, which can encourage firm-specific investments, reduce shirking, and attenuate rent seeking to provide economic value. The corporate personhood approach illuminates multidimensional constructs for the governance of a corporation at the board level to embody fiduciary duties and corporate purpose, which is much richer than the nexus of contract view. History: This paper has been accepted for the Strategy Science Special Issue on Corporate Purpose.
本文考虑了联合生产中经济价值创造的复杂过程,在这个过程中,公司被视为不仅仅是合同的纽带,原因有四个,与公司作为一个独立的法律实体的法人概念的相互依存的功能有关。企业人格有助于管理和利益相关者管理,这可以鼓励公司特定的投资,减少逃避,并减少寻求租金以提供经济价值的行为。公司人格方法阐明了董事会层面公司治理的多维结构,以体现信托义务和公司宗旨,这比合同观的关系要丰富得多。历史:这篇论文已被《企业目标战略科学》特刊接受。
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引用次数: 1
Accounts and Accountability: On Organizational Purpose, Organizational Identity, and Meaningful Work 会计与责任:论组织目的、组织认同和有意义的工作
IF 3.9 Q2 MANAGEMENT Pub Date : 2023-03-30 DOI: 10.1287/stsc.2023.0189
M. Pratt, Luke N. Hedden
The recent rediscovery of corporate purpose has illuminated how much more we still need to understand about purpose and its role in organizations. After tracing the historical roots of purpose and conceptualizing its unique value in bridging the mundane and the moral in organizational life, we propose links among purpose and organizational identity, image and reputation, as well as with meaningful work. These linkages suggest two core functions of purpose: a vehicle for accountability (internal and external) and a source of accounts and justifications. These functions serve as mechanisms connecting purpose to different levels of analysis both within and outside of the organization. We also highlight potential impediments to maximizing the benefits of purpose: stakeholder cynicism and employee disillusionment. We conclude by suggesting new areas of research to overcome these impediments and to better establish purpose as a root construct in organizational scholarship.
最近对企业目标的重新发现表明,我们仍然需要更多地了解目标及其在组织中的作用。在追溯目标的历史根源并概念化其在组织生活中连接世俗和道德的独特价值之后,我们提出了目标与组织身份、形象和声誉以及有意义的工作之间的联系。这些联系表明了宗旨的两项核心职能:一种问责(内部和外部)的工具,一种说明和理由的来源。这些功能作为将目的与组织内外不同层次的分析联系起来的机制。我们还强调了实现目标利益最大化的潜在障碍:利益相关者的冷嘲热讽和员工的幻想破灭。最后,我们提出了新的研究领域,以克服这些障碍,并更好地将目标建立为组织学术的根本结构。
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引用次数: 4
Moral Imagination, the Collective Desirable, and Strategic Purpose 道德想象、集体愿望与战略目的
IF 3.9 Q2 MANAGEMENT Pub Date : 2023-03-29 DOI: 10.1287/stsc.2023.0190
V. Rindova, L. Martins
In contrast to the prevalent outside-in perspectives on corporate purpose as a response to competing normative demands of stakeholders, we introduce an inside-out perspective on purpose as based in firm-specific, agentic commitments to specific values, ideals, and societal goals. Drawing on moral philosophy, we propose how strategists can develop a strategic purpose through moral imagination that involves developing shaping intentions based in values and ideals, empathetic relating, and imaginativeness in stakeholder contexts. These processes support the generation of an emergent theory of value, which we term “the collective desirable.” This theory of value—a creative synthesis of the shaping intentions of the firm, and the interests and perspectives of stakeholders—provides the foundation of purpose, which is strategic, dynamic, and generative for the firm and its stakeholders. Such a strategic purpose becomes an organizational logic of action enacted through designated processes for articulation, maintenance, and evolvability, and through blueprints for credible commitments and resource allocations. By theorizing the microfoundations of an agentic, inside-out view of purpose, our theoretical framework articulates a set of mechanisms through which strategists can develop a strategic purpose that is tightly linked to the firm’s future-oriented strategy and the exercise of moral leadership. Our conception of moral imagination as a form of prosocial prospective cognition contributes a novel perspective to the socio-cognitive and subjectivist perspectives on strategy and extends the microfoundations of strategy.
与流行的将企业目标视为对利益相关者竞争性规范要求的回应的由外而内的观点相反,我们引入了一种基于企业特定的、对特定价值观、理想和社会目标的代理承诺的由内而外的观点。借鉴道德哲学,我们提出战略家如何通过道德想象来发展战略目标,其中包括基于价值观和理想、同理心关系和利益相关者背景下的想象力来发展塑造意图。这些过程支持了一种新兴价值理论的产生,我们称之为“集体欲望”。这种价值理论是对企业的塑造意图、利益相关者的利益和观点的创造性综合,为企业及其利益相关者的战略、动态和生成性目的提供了基础。这样的战略目标成为一种组织的行动逻辑,通过指定的表达、维护和可演化的过程,并通过可靠承诺和资源分配的蓝图来制定。通过理论化由内而外的主观目的观的微观基础,我们的理论框架阐明了一套机制,通过这些机制,战略家可以制定与公司面向未来的战略和道德领导的实践紧密相关的战略目标。我们将道德想象作为一种亲社会前瞻性认知形式的概念,为社会认知和主观主义的战略视角提供了一个新的视角,并扩展了战略的微观基础。
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引用次数: 5
Introduction to the Virtual Special Issue: Strategy Science’s Contributions to Doctoral Reading Lists 虚拟特刊导论:战略科学对博士阅读书目的贡献
IF 3.9 Q2 MANAGEMENT Pub Date : 2023-03-10 DOI: 10.1287/stsc.2023.0181
Daniel A. Levinthal, Gwendolyn K. Lee
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引用次数: 0
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