Pub Date : 2023-05-11DOI: 10.1108/jsma-11-2022-0211
Alexander F.J. Hasenau, Andreas Dutzi
PurposeSourcing decisions are one of the most crucial strategic decisions in companies and often confronted with inherent unexpected uncertainties and risks. This study aims to investigate the impact of ownership involvement on purchasing (PUR) supplier selection activities, including risk consideration in family firms (FFs).Design/methodology/approachThe investigation is based on a structured literature review (SLR) of 83 studies to identify FF-specific supplier sourcing characteristics. To verify these propositions, the authors conducted a second SLR of non-FF behaviour research (179 papers) to generate a non-FF reference base for the respective behavioural characteristics. Following this analysis, the authors conducted 16 qualitative and explorative-oriented expert interviews (EIs).FindingsBased on reviews, the authors deduce that PUR activities of family and non-FFs are different regarding the PUR decision processes and PUR risk behaviour, and that suppliers' selection criteria like sustainability, partnership and long-term orientation are prioritised in FFs. Additionally, several trends of family and non-FF behaviour approximation were identified. Besides these findings, it might be expected that the differentiating characteristics of family and non-FFs vary based on their region or industry sector. The EIs indicated that “the depth of added values” should be considered as a further potential differentiating influence factor.Originality/valueThe analysis encourages to execute further quantitative studies on FF sourcing activities and requests managers to strengthen the position of the PUR departments in FFs.
{"title":"Impact of risk culture on supplier selection decisions in family firms","authors":"Alexander F.J. Hasenau, Andreas Dutzi","doi":"10.1108/jsma-11-2022-0211","DOIUrl":"https://doi.org/10.1108/jsma-11-2022-0211","url":null,"abstract":"PurposeSourcing decisions are one of the most crucial strategic decisions in companies and often confronted with inherent unexpected uncertainties and risks. This study aims to investigate the impact of ownership involvement on purchasing (PUR) supplier selection activities, including risk consideration in family firms (FFs).Design/methodology/approachThe investigation is based on a structured literature review (SLR) of 83 studies to identify FF-specific supplier sourcing characteristics. To verify these propositions, the authors conducted a second SLR of non-FF behaviour research (179 papers) to generate a non-FF reference base for the respective behavioural characteristics. Following this analysis, the authors conducted 16 qualitative and explorative-oriented expert interviews (EIs).FindingsBased on reviews, the authors deduce that PUR activities of family and non-FFs are different regarding the PUR decision processes and PUR risk behaviour, and that suppliers' selection criteria like sustainability, partnership and long-term orientation are prioritised in FFs. Additionally, several trends of family and non-FF behaviour approximation were identified. Besides these findings, it might be expected that the differentiating characteristics of family and non-FFs vary based on their region or industry sector. The EIs indicated that “the depth of added values” should be considered as a further potential differentiating influence factor.Originality/valueThe analysis encourages to execute further quantitative studies on FF sourcing activities and requests managers to strengthen the position of the PUR departments in FFs.","PeriodicalId":46229,"journal":{"name":"Journal of Strategy and Management","volume":"86 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2023-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74016512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
F. Romana, C. G. Gestoso, Silvia Gonzalez Fernandez, José Morais da Silva
Purpose: The aim of this study is to understand, by a theoretical point of view, the potential impact of Social Responsibility practices in company’s management, taking in consideration several aspects and sundry approaches, by analysing the main defined strategies and policies.Design/Methodology/Approach: The concept is related with a philosophical and moral idea of corporate behaviour to the development of legally binding regulations, cultural and climate organizational characteristics.Findings: It is determined that development must be based on a Sustainable Economy while aligning these actions with the Sustainable Development Goals established and at the same time the economic performance of the companies.Conclusion: For a Social Responsibility Strategy, it is also crucial that the Human Resources departments, the commercial and marketing areas share and expose the actions that have an impact on the society where they are installed.Practical Implications: Works on the establishment of this commitment and identification with the company through Social Responsibility policies have highlighted the role of management and leadership style in facilitating or not these processes.Contribution to Literature: As new, the management team, as in other facets, has an important role to play in choosing exactly the specific objectives that have a direct impact on the company's environment and on the society of which the employees are a part, regarding and including the productivity aspects.
{"title":"The Theoretical Impact and Approach of Social Responsibility in Companies Management","authors":"F. Romana, C. G. Gestoso, Silvia Gonzalez Fernandez, José Morais da Silva","doi":"10.5430/jms.v14n1p48","DOIUrl":"https://doi.org/10.5430/jms.v14n1p48","url":null,"abstract":"Purpose: The aim of this study is to understand, by a theoretical point of view, the potential impact of Social Responsibility practices in company’s management, taking in consideration several aspects and sundry approaches, by analysing the main defined strategies and policies.Design/Methodology/Approach: The concept is related with a philosophical and moral idea of corporate behaviour to the development of legally binding regulations, cultural and climate organizational characteristics.Findings: It is determined that development must be based on a Sustainable Economy while aligning these actions with the Sustainable Development Goals established and at the same time the economic performance of the companies.Conclusion: For a Social Responsibility Strategy, it is also crucial that the Human Resources departments, the commercial and marketing areas share and expose the actions that have an impact on the society where they are installed.Practical Implications: Works on the establishment of this commitment and identification with the company through Social Responsibility policies have highlighted the role of management and leadership style in facilitating or not these processes.Contribution to Literature: As new, the management team, as in other facets, has an important role to play in choosing exactly the specific objectives that have a direct impact on the company's environment and on the society of which the employees are a part, regarding and including the productivity aspects.","PeriodicalId":46229,"journal":{"name":"Journal of Strategy and Management","volume":"130 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2023-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81826779","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-09DOI: 10.1108/jsma-08-2022-0144
R. Nowak
PurposeThe study identifies the gap in the understanding of how employee resistance to change (RTC) could impact different stages of the process of innovation. To address this research gap, the paper introduces a new model, which theorizes three moderating effects of RTC on the different elements of absorptive capacity (ACAP).Design/methodology/approach This study empirically tests the proposed model, using survey data collected from healthcare organizations in the United States of America.FindingsFirst, the study reveals that RTC could damage the critical “connectedness” between potential absorptive capacity (PACAP) and realized absorptive capacity (RACAP), thus limiting the organization's ability to exploit new knowledge. Second, the findings also reveal that RTC can reduce the positive effect of acquisition (ACQ) on assimilation – the function responsible for decoding the meaning and for assimilating new valuable information incoming from the market.Research limitations/implicationsResearch limitations of this study are discussed further.Practical implicationsThe paper presents specific practical implications for managers.Social implicationstext.Originality/valueThis paper advances past research and practice by revealing two new mechanisms. When employees resist new changes initiated in the organizations, the resistance of employees will hinder the process of innovation in the following ways. (1) At the beginning of the process, employees can oppose and reject new valuable ideas incoming from the market. (2) At the stage of the implementation, such employees can engage in behavior that will weaken the organization's ability to successfully implement new process improvements that could otherwise increase organizational effectiveness.
{"title":"How resistance to change impairs innovation","authors":"R. Nowak","doi":"10.1108/jsma-08-2022-0144","DOIUrl":"https://doi.org/10.1108/jsma-08-2022-0144","url":null,"abstract":"PurposeThe study identifies the gap in the understanding of how employee resistance to change (RTC) could impact different stages of the process of innovation. To address this research gap, the paper introduces a new model, which theorizes three moderating effects of RTC on the different elements of absorptive capacity (ACAP).Design/methodology/approach This study empirically tests the proposed model, using survey data collected from healthcare organizations in the United States of America.FindingsFirst, the study reveals that RTC could damage the critical “connectedness” between potential absorptive capacity (PACAP) and realized absorptive capacity (RACAP), thus limiting the organization's ability to exploit new knowledge. Second, the findings also reveal that RTC can reduce the positive effect of acquisition (ACQ) on assimilation – the function responsible for decoding the meaning and for assimilating new valuable information incoming from the market.Research limitations/implicationsResearch limitations of this study are discussed further.Practical implicationsThe paper presents specific practical implications for managers.Social implicationstext.Originality/valueThis paper advances past research and practice by revealing two new mechanisms. When employees resist new changes initiated in the organizations, the resistance of employees will hinder the process of innovation in the following ways. (1) At the beginning of the process, employees can oppose and reject new valuable ideas incoming from the market. (2) At the stage of the implementation, such employees can engage in behavior that will weaken the organization's ability to successfully implement new process improvements that could otherwise increase organizational effectiveness.","PeriodicalId":46229,"journal":{"name":"Journal of Strategy and Management","volume":"71 4 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2023-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83988264","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-25DOI: 10.1108/jsma-07-2022-0118
John DeLeon, L. Brown
PurposeThis study applies traditional strategic management concepts to firms operating in digital environments. Specifically, this study examines the role of social media (SM) in the financial performance of entrepreneurial firms and how perceived uniqueness and human capital impact this relationship.Design/methodology/approachThis study analyzes a sample of 797 independent music artists using ordinary least squares regression.FindingsThis study finds that SM presence is positively related to SM success and, in turn, that SM success is positively related to financial success. Further, this study finds that perceived uniqueness negatively moderates the SM presence to SM success relationship and that human capital positively moderates the SM success to financial success relationship.Originality/valueFirms competing in digital environments should limit their perceived uniqueness and increase their human capital in order to maximize the positive benefits of a SM presence.
{"title":"Understanding social media presence and financial success in digital competition","authors":"John DeLeon, L. Brown","doi":"10.1108/jsma-07-2022-0118","DOIUrl":"https://doi.org/10.1108/jsma-07-2022-0118","url":null,"abstract":"PurposeThis study applies traditional strategic management concepts to firms operating in digital environments. Specifically, this study examines the role of social media (SM) in the financial performance of entrepreneurial firms and how perceived uniqueness and human capital impact this relationship.Design/methodology/approachThis study analyzes a sample of 797 independent music artists using ordinary least squares regression.FindingsThis study finds that SM presence is positively related to SM success and, in turn, that SM success is positively related to financial success. Further, this study finds that perceived uniqueness negatively moderates the SM presence to SM success relationship and that human capital positively moderates the SM success to financial success relationship.Originality/valueFirms competing in digital environments should limit their perceived uniqueness and increase their human capital in order to maximize the positive benefits of a SM presence.","PeriodicalId":46229,"journal":{"name":"Journal of Strategy and Management","volume":"20 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84670946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-20DOI: 10.1108/jsma-10-2022-0187
Jarut Kunanoppadol, B. Igel
PurposeThis research investigated the individual and combined effects of dynamic and operational capabilities on new product success using an improved measurement instrument.Design/methodology/approachThe empirical data were collected from 872 manufacturing firms in Thailand via a questionnaire survey. Then data were analyzed by covariance-based structural equation modeling.FindingsThe improved measurement instrument provided good reliability and validity. Dynamic capabilities improved new product success through operational capabilities, which fully mediated this relationship. Dynamic capabilities negatively moderated the effect of operational capabilities on new product success.Research limitations/implicationsThe empirical model derived from private manufacturing company data should be further tested in service industries, public firms and nonprofit organizations.Practical implicationsThe research provided two implications: the complementarity between dynamic capabilities and operational capabilities and the measurement instruments and the industrial benchmarks.Originality/valueThis study contributes three new insights: firstly, the complementary role of dynamic capabilities and operational capabilities supporting new product success; secondly, the mediating role of operational capabilities and thirdly, the moderating role of dynamic capabilities in this relationship.
{"title":"Dynamic capabilities in new product development – the role of operational capabilities","authors":"Jarut Kunanoppadol, B. Igel","doi":"10.1108/jsma-10-2022-0187","DOIUrl":"https://doi.org/10.1108/jsma-10-2022-0187","url":null,"abstract":"PurposeThis research investigated the individual and combined effects of dynamic and operational capabilities on new product success using an improved measurement instrument.Design/methodology/approachThe empirical data were collected from 872 manufacturing firms in Thailand via a questionnaire survey. Then data were analyzed by covariance-based structural equation modeling.FindingsThe improved measurement instrument provided good reliability and validity. Dynamic capabilities improved new product success through operational capabilities, which fully mediated this relationship. Dynamic capabilities negatively moderated the effect of operational capabilities on new product success.Research limitations/implicationsThe empirical model derived from private manufacturing company data should be further tested in service industries, public firms and nonprofit organizations.Practical implicationsThe research provided two implications: the complementarity between dynamic capabilities and operational capabilities and the measurement instruments and the industrial benchmarks.Originality/valueThis study contributes three new insights: firstly, the complementary role of dynamic capabilities and operational capabilities supporting new product success; secondly, the mediating role of operational capabilities and thirdly, the moderating role of dynamic capabilities in this relationship.","PeriodicalId":46229,"journal":{"name":"Journal of Strategy and Management","volume":"17 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2023-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75228862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-19DOI: 10.1108/jsma-03-2022-0047
Hyejin Cho, Yoon-Suk Baik
Purpose The purpose of this paper is to provide an understanding of how backward intelligence and forward-looking intelligence interact and impact decision making in the context of acquisitions. Past experiences provide essential information used for decision making, however, the ex ante nature of premiums, which require forward-looking intelligence, can change how experience is utilized. Design/methodology/approach The authors utilize a fixed effects model to examine acquisitions conducted by US public firms during the period of 1993–2015. Findings The authors find that as past acquisition returns increase, acquirers are likely to adopt a backward-looking perspective of past performance that leads to higher premiums, as opposed to a forward-looking perspective of consequences. The relationship between past performance and premium is moderated by differences in the target's industry and the target's slack levels relative to the acquirer. The study findings suggest that forward-looking intelligence can alter attention and ultimately behavior based on backward-looking intelligence. By focusing on how these two contrasting perspectives interact, our findings extend research on the tension between backward-looking and forward-looking logics of decision making. Originality/value Unlike extant literature of acquisition premiums that have mainly focused on the valence and magnitude of experience, the authors focus on how backward-looking decision behavior changes when the firm's expectations of the future are incorporated. The authors empirically demonstrate how a lower acquisition premium is achieved when the decision of how much to pay is an interaction of the past and the future.
{"title":"Searching for greener pastures: effect of past performance and target differences on M&A premium","authors":"Hyejin Cho, Yoon-Suk Baik","doi":"10.1108/jsma-03-2022-0047","DOIUrl":"https://doi.org/10.1108/jsma-03-2022-0047","url":null,"abstract":"Purpose The purpose of this paper is to provide an understanding of how backward intelligence and forward-looking intelligence interact and impact decision making in the context of acquisitions. Past experiences provide essential information used for decision making, however, the ex ante nature of premiums, which require forward-looking intelligence, can change how experience is utilized. Design/methodology/approach The authors utilize a fixed effects model to examine acquisitions conducted by US public firms during the period of 1993–2015. Findings The authors find that as past acquisition returns increase, acquirers are likely to adopt a backward-looking perspective of past performance that leads to higher premiums, as opposed to a forward-looking perspective of consequences. The relationship between past performance and premium is moderated by differences in the target's industry and the target's slack levels relative to the acquirer. The study findings suggest that forward-looking intelligence can alter attention and ultimately behavior based on backward-looking intelligence. By focusing on how these two contrasting perspectives interact, our findings extend research on the tension between backward-looking and forward-looking logics of decision making. Originality/value Unlike extant literature of acquisition premiums that have mainly focused on the valence and magnitude of experience, the authors focus on how backward-looking decision behavior changes when the firm's expectations of the future are incorporated. The authors empirically demonstrate how a lower acquisition premium is achieved when the decision of how much to pay is an interaction of the past and the future.","PeriodicalId":46229,"journal":{"name":"Journal of Strategy and Management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135708568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-18DOI: 10.1108/jsma-07-2022-0126
David R. King, E. Shijaku, Ainhoa Urtasun
PurposeThe authors propose and test a theoretical framework that develops and analyzes precursors to firm acquisitions to determine if acquirers differ from other firms.Design/methodology/approachThe authors use longitudinal, archival data from a sample of the largest firms in the global pharmaceutical industry from 1991 to 2012 with 1,327 firm-year observations.FindingsThe authors integrate prior research to show that the firm characteristics involving (1) R&D investment, (2) prior experience and (3) network centrality influence the likelihood that a firm will complete an acquisition.Originality/valueIn contrast to research focusing on the performance of acquiring firms, the authors show that firm characteristics predict acquisition activity by highlighting that acquiring firms differ from other firms. The authors also develop how network synergies can be realized by acquirers that have information advantages from more central network positions.
{"title":"Are acquirers different? Identifying firm precursors to acquisitions","authors":"David R. King, E. Shijaku, Ainhoa Urtasun","doi":"10.1108/jsma-07-2022-0126","DOIUrl":"https://doi.org/10.1108/jsma-07-2022-0126","url":null,"abstract":"PurposeThe authors propose and test a theoretical framework that develops and analyzes precursors to firm acquisitions to determine if acquirers differ from other firms.Design/methodology/approachThe authors use longitudinal, archival data from a sample of the largest firms in the global pharmaceutical industry from 1991 to 2012 with 1,327 firm-year observations.FindingsThe authors integrate prior research to show that the firm characteristics involving (1) R&D investment, (2) prior experience and (3) network centrality influence the likelihood that a firm will complete an acquisition.Originality/valueIn contrast to research focusing on the performance of acquiring firms, the authors show that firm characteristics predict acquisition activity by highlighting that acquiring firms differ from other firms. The authors also develop how network synergies can be realized by acquirers that have information advantages from more central network positions.","PeriodicalId":46229,"journal":{"name":"Journal of Strategy and Management","volume":"9 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2023-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82482302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-21DOI: 10.1108/jsma-09-2022-0157
Marc Eulerich, Anna Eulerich, Benjamin Fligge
Purpose This study examines the strategy–performance relationship within publicly traded German firms. Strategic management literature provides several strategic frameworks that offer guidance on promising strategies. However, given major changes, such as globalization, managers wonder whether strategic frameworks are still applicable. Design/methodology/approach The authors employ principal component analysis (PCA) to measure competitive strategy and analyze a sample of 6,037 firm-years among 651 firms between 2000 and 2019. Findings While the authors find evidence for the existence of efficiency-based strategies, differentiation-based strategies and mixed strategies, only differentiation-based strategies are positively related to performance. Originality/value The study’s results contribute to the discourse on the strategy–performance relationship, as they provide insights into promising strategies that are of interest to researchers and practitioners. Further, the authors introduce a new measure of competitive strategy based on PCA.
{"title":"Analyzing the strategy–performance relationship in Germany – can we still use the common strategic frameworks?","authors":"Marc Eulerich, Anna Eulerich, Benjamin Fligge","doi":"10.1108/jsma-09-2022-0157","DOIUrl":"https://doi.org/10.1108/jsma-09-2022-0157","url":null,"abstract":"Purpose This study examines the strategy–performance relationship within publicly traded German firms. Strategic management literature provides several strategic frameworks that offer guidance on promising strategies. However, given major changes, such as globalization, managers wonder whether strategic frameworks are still applicable. Design/methodology/approach The authors employ principal component analysis (PCA) to measure competitive strategy and analyze a sample of 6,037 firm-years among 651 firms between 2000 and 2019. Findings While the authors find evidence for the existence of efficiency-based strategies, differentiation-based strategies and mixed strategies, only differentiation-based strategies are positively related to performance. Originality/value The study’s results contribute to the discourse on the strategy–performance relationship, as they provide insights into promising strategies that are of interest to researchers and practitioners. Further, the authors introduce a new measure of competitive strategy based on PCA.","PeriodicalId":46229,"journal":{"name":"Journal of Strategy and Management","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136339637","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-20DOI: 10.1108/jsma-08-2022-0134
Jitrinee Chanphati, Nongnapat Thosuwanchot
PurposeStrategic flexibility (SF) has become an important factor for firm viability and success amidst uncertain and fast-changing environments. Firms should supplement their primary strategy with alternative ones to change courses of action whenever required. Despite these benefits, some firms are constrained by the high costs of investments. Hence, this paper aims to synthesize and systematically review extant empirical studies on SF and to provide suggestions for future research.Design/methodology/approachThe authors conducted a systematic review following the Theory, Context, Characteristics, and Methods (TCCM) framework based on 88 journal articles from 34 high-ranking publications.FindingsThe study shows that extant SF literature focuses on antecedents and outcomes and draws on three main theoretical perspectives. It also presents a growing trend of SF literature in various contexts.Originality/valueThis study provides a systematic review of SF literature from both theoretical and empirical perspectives using the TCCM framework. It highlights the significance of SF in management research and global context.
{"title":"Strategic flexibility: a systematic review and future research directions","authors":"Jitrinee Chanphati, Nongnapat Thosuwanchot","doi":"10.1108/jsma-08-2022-0134","DOIUrl":"https://doi.org/10.1108/jsma-08-2022-0134","url":null,"abstract":"PurposeStrategic flexibility (SF) has become an important factor for firm viability and success amidst uncertain and fast-changing environments. Firms should supplement their primary strategy with alternative ones to change courses of action whenever required. Despite these benefits, some firms are constrained by the high costs of investments. Hence, this paper aims to synthesize and systematically review extant empirical studies on SF and to provide suggestions for future research.Design/methodology/approachThe authors conducted a systematic review following the Theory, Context, Characteristics, and Methods (TCCM) framework based on 88 journal articles from 34 high-ranking publications.FindingsThe study shows that extant SF literature focuses on antecedents and outcomes and draws on three main theoretical perspectives. It also presents a growing trend of SF literature in various contexts.Originality/valueThis study provides a systematic review of SF literature from both theoretical and empirical perspectives using the TCCM framework. It highlights the significance of SF in management research and global context.","PeriodicalId":46229,"journal":{"name":"Journal of Strategy and Management","volume":"37 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78895731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-16DOI: 10.1108/jsma-10-2022-0178
Jarno Lähteenmäki, Juuso Töyli
PurposeThe purpose of this paper is to enlighten the intriguing process of industry asset consolidation. It is critical for firms to manage their business acquisitions strategically for survival in this industry life cycle process, which develops through multiple company mergers. The companies extensively acquiring industry assets have utilized acquisition programs consisting of both pre-acquisition strategizing and post-acquisition integration; however, the existing literature on acquisition programs focuses on post-acquisition integration activities. This study aims to bridge this gap.Design/methodology/approachThis study focuses on pre-acquisition strategizing of acquisition programs and proposes a model in which an acquiring company could manage its acquisitions for industry asset consolidation over the industry evolution.FindingsEmpirically, in the multi-case study of telecommunications infrastructure companies, the authors collect an extensive set of archival records accumulated over the whole industry life-cycle, spanning more than 30 years, and they apply a qualitative data analysis to reveal strategic actions within the companies.Research limitations/implicationsThe discoveries elaborate on activities comprising the acquisition process model: social legitimacy, strategic alignment, resource fulfillment, consolidation pursuit and merging.Practical implicationsThe counterintuitive findings are that the companies strived to ensure legitimacy early in the telecommunication infrastructure markets before they reached strategic alignment with their owners.Originality/valueThe results extend the understanding of industry asset consolidation as an organization-level phenomenon and show how contextual factors connected to industry life-cycle phases, such as regulatory regimes and financial cycles and industry evolution, influence the attributions of an acquisition program.
{"title":"Industry consolidation as a strategy: an acquisition program perspective","authors":"Jarno Lähteenmäki, Juuso Töyli","doi":"10.1108/jsma-10-2022-0178","DOIUrl":"https://doi.org/10.1108/jsma-10-2022-0178","url":null,"abstract":"PurposeThe purpose of this paper is to enlighten the intriguing process of industry asset consolidation. It is critical for firms to manage their business acquisitions strategically for survival in this industry life cycle process, which develops through multiple company mergers. The companies extensively acquiring industry assets have utilized acquisition programs consisting of both pre-acquisition strategizing and post-acquisition integration; however, the existing literature on acquisition programs focuses on post-acquisition integration activities. This study aims to bridge this gap.Design/methodology/approachThis study focuses on pre-acquisition strategizing of acquisition programs and proposes a model in which an acquiring company could manage its acquisitions for industry asset consolidation over the industry evolution.FindingsEmpirically, in the multi-case study of telecommunications infrastructure companies, the authors collect an extensive set of archival records accumulated over the whole industry life-cycle, spanning more than 30 years, and they apply a qualitative data analysis to reveal strategic actions within the companies.Research limitations/implicationsThe discoveries elaborate on activities comprising the acquisition process model: social legitimacy, strategic alignment, resource fulfillment, consolidation pursuit and merging.Practical implicationsThe counterintuitive findings are that the companies strived to ensure legitimacy early in the telecommunication infrastructure markets before they reached strategic alignment with their owners.Originality/valueThe results extend the understanding of industry asset consolidation as an organization-level phenomenon and show how contextual factors connected to industry life-cycle phases, such as regulatory regimes and financial cycles and industry evolution, influence the attributions of an acquisition program.","PeriodicalId":46229,"journal":{"name":"Journal of Strategy and Management","volume":"163 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2023-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77214341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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