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This article aims to trace the historical development of the behavioral strategy (BS) field, which implements psychology in strategic management. Mainly, it provides a contextual understanding of how this stream of research has historically evolved and what relevant future trajectories are. This work is part of the “over half a century of Management Decision” celebrative and informal Journal section.

We consider BS literature produced in management decision (MD), the oldest and longest-running scholarly publication in management, as a proxy for the evolution of management thought. Through a Systematic Literature Review (SLR) process, we collected – via the MD website and Scopus – a sample of 97 BS articles published in MD from its foundation (1967) until today (2024). Regarding the analysis, we adopted a Reflexive Thematic Analysis approach to synthesize the main BS topics, then read from a historical perspective regarding three “eras” over which the literature developed. Selected international literature outside the Journal’s boundaries was considered to complement this historical analysis.

Historically, within the BS field, the interest passed from the rules to rationally govern strategic decision-making processes, to studying what causes cognitive errors, to understanding how to avoid biases and to being prepared for dramatic changes. The article also identifies six future research trajectories, namely “positive heuristics,” “context-embedded mental processes,” “non-conventional thinking,” “cognitive evolutionary triggers,” “debiasing strategies” and “behavioral theories for new strategic challenges” that future research could investigate.

The limitation of the study lies in its exclusive focus on MD for investigating the historical evolution of BS, thereby overlooking critical contributions from other journals. Therefore, MD’s editorial preferences have influenced results. A comprehensive SLR on the BS field is still needed, requiring broader journal coverage to mitigate selection biases and enhance field appraisal.

This contribution is the first to offer a historical evolutionary view of the BS field, complementing the few other reviews on this stream of research. This fills a gap in the study of the evolution of management thought.

Despite the increasing attention given to product-service integration (PSI), little is known about this innovation strategy from a key decision-maker’s perspective. To address this gap, our study draws from personality psychology and decision-making (DM) logics theory to better understand why and how companies’ decision-makers strategize for PSI.

Using an abductive, empirics-first approach, we identify the study’s theoretical building blocks, followed by an exploratory quantitative analysis to generate new theory. We propose a fit-as-mediation conceptual framework suggesting that (1) specific personality traits [i.e. honesty-humility (H), emotionality (E), extraversion (X), agreeableness (A), conscientiousness (C) and openness to experience (O) (HEXACO)] make decision-makers more likely to include PSI in their company’s strategy and (2) depending on their personality, they apply different DM logics (i.e. causation or effectuation) to do so. To empirically examine this, we use data from 289 SMEs’ decision-makers.

We report several meaningful relationships among our key theoretical constructs. For instance, we find that conscientious decision-makers are more likely to develop a PSI strategy via causation, whereas extravert decision-makers are more likely to do so via both causation and effectuation.

This service study is the first to apply the well-established HEXACO Personality Inventory to companies’ key decision-makers. Moreover, it contributes to the microfoundations of PSI strategy and DM logic theories.

This paper aims to examine the relationship between CEO’s attributes and the level of compliance with financial instruments risk disclosure (hereafter FIRD) as required by International Financial Reporting Standard (IFRS) 7.

A data set of financial institutions listed on the Toronto Stock Exchange over the period 2015–2020 has been analyzed. Panel regressions have been estimated to provide empirical support for the testable hypotheses.

The research findings reveal that chief executive officer (CEO) compensation and financial expertise are positively associated with the level of FIRD provided by Canadian financial institutions. However, the analysis does not document any significant statistical linkage between the compliance score and CEO tenure, gender and age.

This study has important implications for stakeholders evaluating the determinants of reporting quality, for boards of directors considering CEO compensation and expertise and for standard setters considering the compliance level with new standards requirements.

This paper provides novel evidence on the linkage between CEO attributes and corporate disclosure. To the best of the authors’ knowledge, this paper is among the first to explore the impact of CEO characteristics on compliance with International Accounting Standards Board disclosure requirements. The analysis is also among the first to investigate compliance with IFRS 7 before and after the amendments required by IFRS 9.

Studying the effect of social media advertising on consumer engagement, this study analyzes the impact of shared-experience versus personal message strategies, informational versus transformational creative appeals and low-involvement products versus high-involvement products. It aims to determine how best to combine ad elements to affect consumer engagement on different levels.

Using an online survey among 448 Facebook users, an experimental factorial design of 2 (message strategy conditions) X 2 (creative appeal conditions) X 2 (product types: TV vs. frozen pizza) was used. Each advertisement was evaluated on three facets of engagement: cognitive, psychological and behavioral.

Results indicate that informational appeal is preferable for all conditions. The effectiveness of message strategy differs by product type, and interactions between message and appeal are significant only for the high-involvement product. Additionally, it indicates that message strategy is most significant in affecting behavioral engagement and not necessarily cognitive or psychological engagement.

To develop effective Facebook ads, practitioners should use a personal/informational combination when working with high-involvement products and a shared-experience/informational combination when working with low-involvement products.

An original grid for integrating message strategy and creative appeal is constructed in this paper. Besides behavioral engagement, it also evaluates cognitive and psychological engagement. By comparing products with a high and low involvement level, it provides marketers with actionable recommendations to increase social media campaign effectiveness.

The purpose of this study was to examine the mediating effect of three coping strategies (i.e. active, expressive, and denial coping) in the relationships between service failures (i.e. high- and low-contact service failures) and negative behavioral intentions (i.e. switching intention).

The critical incident technique (CIT) was used to identify the conceptually categorized service failure types in the fitness industry, and then confirmatory factor analysis (CFA) and structural equation modeling (SEM) were performed to examine the mediating effect of coping strategies among high-contact service failure and switching intention (study 1) and the mediating effect of coping strategies among low-contact service failure and switching intention (study 2).

While the mediating effect of coping strategies was significant in the relationship between high-contact service failures (study 1) and negative behaviors (i.e. switching intention and complaints), it was not significant in the relationship between low-contact service failures (study 2) and switching intention. Out of the three coping strategies, the impact of active coping was significant.

This study extends the understanding of the mediating effect of coping strategies in the relation between high- and low-contact service failures and switching intention.

The study aims to identify and understand the underlying behavioral tendencies and motivations influencing investor sentiments and examines the relationship between these underlying factors and investment decisions during the COVID-19-induced financial risks.

The study uses the primary data and information collected from 300 Indian retail equity investors using a nonprobability sampling technique, specifically purposive and snowball sampling. This research uses the insights from Phuoc Luong and Thi Thu Ha (2011) and Shefrin (2002) to delineate behavioral factors influencing investment decisions. Structural equation modeling estimates the causal relationship between underlying behavioral factors and investment decisions during the COVID-19-induced financial risks.

The study establishes that the “Regret Aversion,” “Gambler’s Fallacy” and “Greed” significantly influence investment decisions, and provide a comprehensive understanding of how psychological motivations shape investor behavior. Notably, “Mental Accounting” and “Conservatism” exhibit insignificance, possibly influenced by the unique socioeconomic context of the pandemic. The research contributes to 35% of variance understanding and prompts the researchers and policymakers to tailor investment strategies aligned to these behavioral tendencies.

The findings hold policy implications for investors and policymakers and provide tailored recommendations including investor education programs and regulatory measures to ensure a resilient and informed investment community in the context of India's evolving financial landscapes.

Theoretically, behavior tendencies and motivations have been strongly linked to investment decisions in the stock market. Yet, empirical evidence on this relationship is limited in developing countries where investors focus on risk management. To the best of the authors’ knowledge, this study is among the first to document the influence of underlying behavioral tendencies and motivation factors on investment decisions regarding retail equity in a developing country.

The entrepreneurial process often cannot be explained by a single entrepreneurial theory. Instead, it is more likely the result of the interaction between various entrepreneurial behavior patterns and different environmental conditions. However, existing research has frequently overlooked the complexity inherent in the entrepreneurial phenomenon. Building on a configurational perspective, this study aims to examine how new ventures can use different behavioral configurations to achieve high performance amid various uncertain environments.

Based on the survey data from 143 new start-ups in China’s software industry, this study uses fuzzy-set qualitative comparative analysis (fsQCA).

This study jointly considers multiple entrepreneurial behaviors − causation, effectuation and entrepreneurial bricolage and different types of environmental uncertainty − state uncertainty, effect uncertainty and response uncertainty. The findings reveal three behavioral configurations for high/nonhigh new venture performance.

This study expands previous insights into the relationship between entrepreneurial behaviors and new venture performance from the perspective of configurational theory. Moreover, it offers new insights into the types of uncertainty, further refining our understanding of the uncertainties inherent in entrepreneurial activities.

This paper aims to explore the perception of successful entrepreneurs and resource providers regarding the minimum operational time necessary to legitimize an enterprise as an established company, as well as the tactics used by the entrepreneurs to minimize the distrust of society during this initial period of the life cycle of the organization.

Data collection from two groups: (i) interviews with 62 entrepreneurs and founders of established companies; and (ii) a questionnaire completed by 77 sales managers of companies that provide businesses with resources (they practice business-to-business). Regarding analyses: (i) to analyze information, this study applied the content analysis technique; and (ii) for data, this study applied the one-sample t-test, mean comparison t-test, Pearson’s correlation test, chi-square test of association, Mann–Whitney U test and correspondence analysis technique.

In this study, a period of 42 months was identified for the legitimization of enterprises by society, in other words, the time necessary for enterprises to be recognized as an established company and a company of low risk by customers and resource providers. A set of managerial and behavioral actions practiced by successful entrepreneurs to face the difficulties they experience during the legitimization period was also identified.

In addition to establishing a period of 42 months for the legitimization of an enterprise in the eyes of society, a set of 15 strategies used by successful entrepreneurs was identified to combat the prejudice associated with the youthfulness of their companies. Of these, 12 are linked to managerial actions and 3 to the entrepreneur’s behavior. It should be highlighted that eight of these strategies are innovative and have yet to be addressed in the literature on mitigating risks associated with the liability of newness principle.

The authors discuss the legitimization of enterprises based on the perception of actors who play a fundamental role regarding entrepreneurial action: resource providers for companies, customers and successful entrepreneurs. This is a triangulation of sources, as well as a triangulation of collected data and qualitative and quantitative techniques, which sought to ensure the accuracy and reliability of the information that resulted from this analytical process.

Previous studies considered effectuation and causation as alternative decision-making strategies used by entrepreneurs to navigate uncertainty, having various individual- and firm-level antecedents. This study aims to broaden our understanding of individual-level antecedents by examining the role of Chief Executive Officer (CEO) temporal focus in decision-making processes in small and medium-sized enterprises (SMEs).

Based on a multiple case study research design, the authors empirically analyse 16 Russian SMEs to uncover how the CEO temporal focus relates to the choice of effectuation/causation strategies under uncertainty.

CEOs with past orientation tend to adopt causation, future-oriented CEOs adhere to effectuation, while present-focused CEOs rely on both decision-making strategies (i.e. ambidexterity). Prior crisis-related experience is the underlying mechanism behind the relationship between CEO temporal orientation and effectuation/causation strategies. The authors formulate several propositions that may be tested in future studies in the field.

The contribution of this study consists in uncovering a new individual-level antecedent of effectuation/causation under uncertainty (i.e. CEO temporal focus) and suggesting that prior crisis experience acts as a mechanism underlying this relationship. The authors advance the strategic leadership theory by underscoring the CEO’s role in decision-making processes in SMEs.

This paper aims to explore global research on individuals’ awareness and behaviours related to the Circular Economy, aiming to deepen the understanding of how people engage with and contribute to CE practices.

Using a systematic literature review (SLR), this study methodically collects, codifies, analyses, synthesizes and interprets existing literature and research on Circular Economy. This approach aims for a comprehensive understanding of current global perspectives and practices.

The analysis reveals an increasing trend in empirical research focusing on Circular Economy strategies. This paper has identified 22 key strategies linked to public awareness and behaviours towards Circular Economy, noting that purchasing recycled products is the most commonly observed behaviour. The findings highlight the growing importance and complexity of individual roles in the Circular Economy.

The study underscores the importance of consumer behaviour in advancing Circular Economy practices. This paper observes that despite the growth in Circular Economy research, there is still a notable gap in awareness and behaviour, even in developed countries. This is attributed to a lack of conceptual understanding, educational disparities, resource limitations, a limited grasp of cost–benefit considerations and inadequate government support. The paper also explores regional and sector-specific variations in Circular Economy adoption, with insights from countries such as the USA, China, the UK, Germany, France and Norway.

This study underscores the importance of consumer behaviour in advancing Circular Economy practices. Despite the growth in Circular Economy research, there is still a notable gap in awareness and behaviour, even in developed countries. This is attributed to a lack of conceptual understanding, educational disparities, resource limitations, a limited grasp of cost–benefit considerations and inadequate government support. The paper also explores regional and sector-specific variations in Circular Economy adoption, with insights from countries such as the USA, China, the UK, Germany, France and Norway.

This research underscores the impact of demographic and sociocultural factors, including age, education, social norms and attitudes, on Circular Economy engagement. It identifies potential research areas, including examining cultural influences on social and personal norms related to circular behaviours. Ultimately, the study emphasizes the need for a coordinated, cross-sectoral effort to facilitate a sustainable transition to a Circular Economy, addressing barriers and fostering awareness and behaviours conducive to circular practices.

This study acknowledges challenges affecting the maturity of Circular Economy practices, including a lack of comprehension, educational disparities, resource constraints and limited government support. It also underscores the impact of social and cultural factors on Circular Economy engagement. It suggests promising avenues for future research, providing valuable insights into the state of Circular Economy practices and offering a roadmap for advancing global sustainability initiatives.