In this article, which has an exploratory, conceptual nature, we discuss the challenges for sustainable business model (SBM) practitioners to include a broader range of stakeholders in developing value‐creation logic. This is of relevance as it is not clear how the process of enrolling stakeholders to create value unfolds for SBMs. We argue that researchers should be included as key stakeholders and propose using design thinking as an approach for engagement to co‐create sustainable business solutions. By incorporating design thinking, researchers and practitioners can collaborate on addressing sustainable problems in their business model to improve mutual understanding about the problem‐solution evolution. Including researchers also helps contextualize and align sustainable business model research to design practical testing of solutions. We illustrate this with a model representing the cognitive process of co‐creation between researchers and practitioners in SBM design.
{"title":"Sustainable business models: Researchers as design thinkers for problem‐driven research","authors":"Bob Bastian, Andrea Caputo","doi":"10.1002/jsc.2569","DOIUrl":"https://doi.org/10.1002/jsc.2569","url":null,"abstract":"In this article, which has an exploratory, conceptual nature, we discuss the challenges for sustainable business model (SBM) practitioners to include a broader range of stakeholders in developing value‐creation logic. This is of relevance as it is not clear how the process of enrolling stakeholders to create value unfolds for SBMs. We argue that researchers should be included as key stakeholders and propose using design thinking as an approach for engagement to co‐create sustainable business solutions. By incorporating design thinking, researchers and practitioners can collaborate on addressing sustainable problems in their business model to improve mutual understanding about the problem‐solution evolution. Including researchers also helps contextualize and align sustainable business model research to design practical testing of solutions. We illustrate this with a model representing the cognitive process of co‐creation between researchers and practitioners in SBM design.","PeriodicalId":503460,"journal":{"name":"Strategic Change","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140481922","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}
There are few theories explaining how firms can persist through large‐scale changes. Extending Penrose's maxim that the firm can continue to grow or exist by exiting unprofitable markets and entering higher‐growth areas, we explicate a theory of how firm resources affect the success of this transformational phenomenon, which we call strategic transition. We propose that resource redeployability, relatedness of industries, and slack resources enable firms to transform themselves such that they operate in an entirely new domain. Furthermore, we point to the equifinality of strategic transition and produce a typology of the paths firms may take to achieve it. We extend Penrose's maxim that the firm can continue to grow or exist by exiting unprofitable markets and entering higher‐growth areas. We explicate a theory of how firm resources affect this transformational phenomenon, which we call strategic transition. We propose that resource redeployability, the relatedness between the old and new industry, and slack resources affect the ability of firms to transform themselves such that they operate in an entirely new domain. We also illustrate to the equifinality of strategic transition and produce a typology of the paths firms may take to achieve it.
{"title":"Strategic transition","authors":"Mark R. Mallon, Stephen E. Lanivich","doi":"10.1002/jsc.2567","DOIUrl":"https://doi.org/10.1002/jsc.2567","url":null,"abstract":"There are few theories explaining how firms can persist through large‐scale changes. Extending Penrose's maxim that the firm can continue to grow or exist by exiting unprofitable markets and entering higher‐growth areas, we explicate a theory of how firm resources affect the success of this transformational phenomenon, which we call strategic transition. We propose that resource redeployability, relatedness of industries, and slack resources enable firms to transform themselves such that they operate in an entirely new domain. Furthermore, we point to the equifinality of strategic transition and produce a typology of the paths firms may take to achieve it. We extend Penrose's maxim that the firm can continue to grow or exist by exiting unprofitable markets and entering higher‐growth areas. We explicate a theory of how firm resources affect this transformational phenomenon, which we call strategic transition. We propose that resource redeployability, the relatedness between the old and new industry, and slack resources affect the ability of firms to transform themselves such that they operate in an entirely new domain. We also illustrate to the equifinality of strategic transition and produce a typology of the paths firms may take to achieve it.","PeriodicalId":503460,"journal":{"name":"Strategic Change","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139182807","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}
The paper examines the adoption of a data‐driven decision‐making (DDDM) process in organizations from purposefully selected European Union (EU) countries. It determines what organizational changes are required to adopt this process in organizations. This study uses a mixed‐method approach to identify organizational changes required for DDDM adoption. The responses from quantitative research in 10 EU countries (1091 respondents) and qualitative research with 20 C‐level managers are analyzed. The study offers the following organizational changes needed to implement DDDM in organizations: culture and mindset changes, digitalization, process improvements, new competencies, re‐organization, and legal requirements. This research contributes to a better understanding of the usage and adoption of DDDM globally and suggests specific organizational changes required to adopt this process.
{"title":"Strategic organizational changes: Adopting data‐driven decisions","authors":"Daina Bilkštytė‐Skanė, Vita Akstinaite","doi":"10.1002/jsc.2566","DOIUrl":"https://doi.org/10.1002/jsc.2566","url":null,"abstract":"The paper examines the adoption of a data‐driven decision‐making (DDDM) process in organizations from purposefully selected European Union (EU) countries. It determines what organizational changes are required to adopt this process in organizations. This study uses a mixed‐method approach to identify organizational changes required for DDDM adoption. The responses from quantitative research in 10 EU countries (1091 respondents) and qualitative research with 20 C‐level managers are analyzed. The study offers the following organizational changes needed to implement DDDM in organizations: culture and mindset changes, digitalization, process improvements, new competencies, re‐organization, and legal requirements. This research contributes to a better understanding of the usage and adoption of DDDM globally and suggests specific organizational changes required to adopt this process.","PeriodicalId":503460,"journal":{"name":"Strategic Change","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139204356","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}
Despite the great complexity and the challenges inherent to technological advances that require digital transformation (DT), there is still limited academic guidance for developing and leveraging capabilities during such transformations. However, there is recognition that being or becoming an entrepreneurial higher education institution (HEI) may provide some of the answers to these newly emerging challenges. Based on the HEInnovate self‐assessment tool, developed by the Organization for Economic Cooperation and Development/European Community (OECD/EC), HEIs can assess their entrepreneurial capacities, facilitating a reflection on strengths and weaknesses and raising awareness of institutional development needs. This study aims to enhance our comprehension of how the HEInnovate digital transformation and capability (DTC) dimension effectively reflects the vital characteristics of a university that promotes entrepreneurship and fosters optimal Triple Helix (TH) dynamics and impacts. Based on 15 interviews with TH institutional actors—university, industry, government, and other hybrid entities involved in their networks, we developed a qualitative inductive study that integrates the inputs of TH networks within the framework of developing a practical perspective on this theme. Our research identifies three key areas of focus that are all crucial for ensuring successful DT processes—(a) focus on overcoming the barriers; (b) focus on capitalizing on knowledge; (c) focus on coping with change—facets essential to understanding the role of DTC in securing the overall success of DT processes.
{"title":"Strategically redefining university dynamics for the digital age: A qualitative approach","authors":"Lurdes D. Patrício, João J. Ferreira","doi":"10.1002/jsc.2565","DOIUrl":"https://doi.org/10.1002/jsc.2565","url":null,"abstract":"Despite the great complexity and the challenges inherent to technological advances that require digital transformation (DT), there is still limited academic guidance for developing and leveraging capabilities during such transformations. However, there is recognition that being or becoming an entrepreneurial higher education institution (HEI) may provide some of the answers to these newly emerging challenges. Based on the HEInnovate self‐assessment tool, developed by the Organization for Economic Cooperation and Development/European Community (OECD/EC), HEIs can assess their entrepreneurial capacities, facilitating a reflection on strengths and weaknesses and raising awareness of institutional development needs. This study aims to enhance our comprehension of how the HEInnovate digital transformation and capability (DTC) dimension effectively reflects the vital characteristics of a university that promotes entrepreneurship and fosters optimal Triple Helix (TH) dynamics and impacts. Based on 15 interviews with TH institutional actors—university, industry, government, and other hybrid entities involved in their networks, we developed a qualitative inductive study that integrates the inputs of TH networks within the framework of developing a practical perspective on this theme. Our research identifies three key areas of focus that are all crucial for ensuring successful DT processes—(a) focus on overcoming the barriers; (b) focus on capitalizing on knowledge; (c) focus on coping with change—facets essential to understanding the role of DTC in securing the overall success of DT processes.","PeriodicalId":503460,"journal":{"name":"Strategic Change","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139253686","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}
Emanuele Teti, Alberto Tron, Federico Colantoni, Edoardo Celani
This article critically evaluates the effectiveness of the European Union's recent Directive on restructuring and insolvency law, specifically within the context of France, aimed at facilitating the restructuring of financially distressed firms within the Eurozone. Specifically, through the Kaplan–Meyer estimator and the log‐rank test, this research rigorously examines whether preventive restructurings surpass standard bankruptcy procedures in efficiency. The dataset under analysis is distinctly tailored, focusing on companies undergoing both types of restructuring procedures within the French jurisdiction. The study reveals that companies successfully undergoing a preventive restructuring procedure showcase higher survival rates, albeit coupled with weaker financial performances when compared to their counterparts undergoing the traditional bankruptcy process. This outcome challenges the prevalent assumption linking early‐stage restructuring with uniformly elevated survival rates and improved financial performance. A noteworthy concern stems from this observed trend, suggesting that the existence of discrete preventive restructuring procedures might inadvertently prolong the operational lifespan of financially inviable firms. This underscores the necessity for policymakers to meticulously craft preventive restructuring procedures, prioritizing debtor protection while proactively addressing the moral hazard predicament.
{"title":"The efficiency of preventive restructuring procedures: Evidence from France","authors":"Emanuele Teti, Alberto Tron, Federico Colantoni, Edoardo Celani","doi":"10.1002/jsc.2564","DOIUrl":"https://doi.org/10.1002/jsc.2564","url":null,"abstract":"This article critically evaluates the effectiveness of the European Union's recent Directive on restructuring and insolvency law, specifically within the context of France, aimed at facilitating the restructuring of financially distressed firms within the Eurozone. Specifically, through the Kaplan–Meyer estimator and the log‐rank test, this research rigorously examines whether preventive restructurings surpass standard bankruptcy procedures in efficiency. The dataset under analysis is distinctly tailored, focusing on companies undergoing both types of restructuring procedures within the French jurisdiction. The study reveals that companies successfully undergoing a preventive restructuring procedure showcase higher survival rates, albeit coupled with weaker financial performances when compared to their counterparts undergoing the traditional bankruptcy process. This outcome challenges the prevalent assumption linking early‐stage restructuring with uniformly elevated survival rates and improved financial performance. A noteworthy concern stems from this observed trend, suggesting that the existence of discrete preventive restructuring procedures might inadvertently prolong the operational lifespan of financially inviable firms. This underscores the necessity for policymakers to meticulously craft preventive restructuring procedures, prioritizing debtor protection while proactively addressing the moral hazard predicament.","PeriodicalId":503460,"journal":{"name":"Strategic Change","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139256348","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}
Initial coin offerings (ICOs) have emerged as a novel mechanism for financing entrepreneurial ventures. This relatively new application of blockchain technology allows a venture to raise money directly from the crowd by creating and selling its own coin or utility token in exchange for future use of this coin to purchase the services and products the venture is aiming to create. During the ICO ventures often use digital technologies to outsource services and build social capital. Despite the explosive growth of ICOs, little is known about the impact of these outsourcing strategies on the ICOs fundraising outcome. This paper presents explanatory research to better understand the role and potential impact of ICO strategies in outsourcing technical and advisory services by offering coins for free. More particularly, using data from 2081 ventures that sought to raise an ICO over the period 2016–2018, we examined the extent to which ventures can influence the likelihood of ICO success by adopting strategies aimed at outsourcing services and building social capital, namely by providing free coins to outsource expertise and by adapting social media campaigns. Findings suggest that although the use of professional social media platforms is associated with both ICO success and a higher level of fundraising, over‐generous outsourcing strategies had a negative impact on the ICO's likelihood to succeed.
{"title":"Giving coins for free: Does digital outsourcing of technical and advisory support influence the success of initial coin offerings (ICOs)?","authors":"Yannis Pierrakis, Nishanth Bhimireddy","doi":"10.1002/jsc.2563","DOIUrl":"https://doi.org/10.1002/jsc.2563","url":null,"abstract":"Initial coin offerings (ICOs) have emerged as a novel mechanism for financing entrepreneurial ventures. This relatively new application of blockchain technology allows a venture to raise money directly from the crowd by creating and selling its own coin or utility token in exchange for future use of this coin to purchase the services and products the venture is aiming to create. During the ICO ventures often use digital technologies to outsource services and build social capital. Despite the explosive growth of ICOs, little is known about the impact of these outsourcing strategies on the ICOs fundraising outcome. This paper presents explanatory research to better understand the role and potential impact of ICO strategies in outsourcing technical and advisory services by offering coins for free. More particularly, using data from 2081 ventures that sought to raise an ICO over the period 2016–2018, we examined the extent to which ventures can influence the likelihood of ICO success by adopting strategies aimed at outsourcing services and building social capital, namely by providing free coins to outsource expertise and by adapting social media campaigns. Findings suggest that although the use of professional social media platforms is associated with both ICO success and a higher level of fundraising, over‐generous outsourcing strategies had a negative impact on the ICO's likelihood to succeed.","PeriodicalId":503460,"journal":{"name":"Strategic Change","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139254747","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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