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How do large well-established firms renew themselves in an increasing turbulent environment? Is there a generic pattern of change or is each change journey rather idiosyncratic? We posed five questions about the nature of renewal patterns. First, how do firms combine external versus internal initiatives in a trajectory of strategic renewal? Second, how does the balance of competence building and competence leveraging evolve in a trajectory of strategic renewal? Third, what are the sequences of action in a strategic renewal process? Fourth, do firms differ regarding speed of their renewal processes? Finally, do different strategic renewal trajectories give rise to different or similar outcomes? Using a simple framework and new metrics we described and analyzed the strategic renewal journeys of the five largest financial service firms in the Netherlands during the period 1990–1997. We found equifinality in viable trajectories of strategic renewal. In four out of five firms, they result in similar outcomes due to mimetic behavior. Nonetheless, one firm showed deviant strategic behavior.

Although previous research has investigated how performance feedback may affect firms’ strategic actions, their findings has been inconsistent. The relationship between performance feedback and firms’ strategic activities thus appears complex. Moreover, the authors contend that it may vary with the measurement strategies employed (i.e. social or historical feedback, operationalizations of strategic actions or accounting- and market-based performance indicators) and the national contexts.

Therefore, the current article presents a comprehensive meta-analysis of prior research, including 1,637,817 sample observations from 101 studies that span more than 18 countries.

The results indicate that (1) performance that are below or above aspirational levels generally has a positive relationship with firms’ strategic actions; (2) these relationships are contingent on the implementation forms taken by the key variables, such as performance feedback, strategic actions and performance indicators; and (3) the relationships are much stronger in countries where managerial discretion is greater.

The findings contribute to the clarification of long-standing theoretical and empirical debates regarding the relationship between performance feedback and strategic actions, as well as some pertinent directions for future research.

This paper aims to contribute to understanding of strategy development by reporting a detailed case study of one pharmaceutical company over an 11‐year period using a framework for classifying strategic actions developed from a broader study of strategic behaviour in the industry.

The paper utilises a longitudinal text analysis using published documentary sources to explore the strategic actions and grand strategies realised by Bioglan during 1992‐2002.

The findings develop concepts from the economics, ecology and strategy literature in order to highlight that, rather than strategy research focusing on “with whom and how do firms compete?” the emphasis should be on “with whom and how do firms co‐evolve?”

The paper only explored the realised strategies of one firm during an 11‐year period using only published documentary sources.

Previous research does not appear to have explored the evolution and co‐evolution of a firm's strategic actions prior to its death, a gap that this paper aims to help to fill.

This paper aims to present an innovative methodological framework developed out of primary research that will lead to new understanding about patterns in the strategic actions realised by firms within an industry. The framework is to be applied to increase understanding of how realised strategies evolved in the pharmaceutical industry and overcomes some of the limitations of other methods.

A qualitative approach was developed adapting techniques from text, thematic and content analysis to identify and categorise strategic actions realised by pharmaceutical firms (referred to as grand strategies). Strategic actions were not pre‐selected but allowed to emerge during the data collection process from public announcements by firms in the industry's main journal, Scrip. Building upon the work of Pearce and Robinson grand strategies can be understood as the packages of strategic actions that firms had planned and/or realised in order to achieve long‐term objectives.

A framework of realised strategic actions and grand strategies in the pharmaceutical industry was developed with 23 mutually exclusive categories. The paper shows how the framework can be used as an analytical tool to explore patterns in strategic action and grand strategy evolution, temporal patterns in strategy development and strategic action coevolution.

A limitation of the categorisation is that it is based on material collected from two years of empirical data from Scrip in order to develop the methodological framework. The framework was applied to data collected over an 11 year period in order to explore how the strategic actions of individual firms had evolved and co‐evolved. Data sources were limited to published sources.

The qualitative approach presented here offers a level of depth that has not been achieved by methodological approaches previously used to explore and compare patterns in realised strategic actions by firms operating in the pharmaceutical industry. The innovative approach contributes to management research in two key ways: providing a methodological framework that overcomes the limitations of previous studies into strategy evolution; and providing a systematic approach to data collection and analysis that can contribute to theory building with regard to strategy evolution.

Despite the growing importance of young, entrepreneurial ventures in modern economic systems, many such ventures fail quite early in their lifecycles. While both evolutionary theory and organizational learning theory yield important insights for the literature on young venture survival, questions remain as to why ventures facing similar environments experience differential rates of survival. In response, I propose a theory of entrepreneurial agency – defined as the emergence and/or transformation of firms, markets, industries governed by the evolving interaction of temporally situated, intentional strategic action with a malleable external environment – to complement prevailing viewpoints on the causes of young venture survival. My central thesis in this chapter is that to develop more comprehensive explanations of differential survival rates, a theory of entrepreneurial agency – illuminating the transformative potential of entrepreneurial action – is necessary to complement evolutionary perspectives in the literature on firm survival. With this objective in mind, I construct a theoretical model linking diverse perspectives on the duality of human agency and theories of environmental selection, and offer several theoretical and empirical suggestions to guide future research.

Although two decades have passed since the publication of Walsh and Ungson’s (1991) seminal article on organizational memory, there has been only limited theoretical elaboration and application of this critical aspect of cognition in the strategic management literature. We remedy this gap by advancing the construct of competitive memory, which we define as a firm’s dynamic capability consisting of stored information from its past competitive interaction with a given rival that can be brought to bear on present or future competitive actions. We theorize that competitive memory is composed of both procedural and declarative elements and can be accessed automatically and deliberatively. Additionally, we suggest that competitive memory is relational: As rivals within a competitive set interact in the market, competitive memory drives not only their strategic actions, but also their expectations about their competitors. Last, competitive memory is also dynamic, which can be constructed and reconstructed over time by an organization’s enactment of its internal and external environments and by purposive memory trials with its competitive set.

The study here responds to the view that the crucial problem in strategic management (research) is firm heterogeneity – why firms adopt different strategies and structures, why heterogeneity persists, and why competitors perform differently. The present study applies complexity theory tenets and a “neo-configurational perspective” of Misangyi et al. (2016) in proposing complex antecedent conditions affecting complex outcome conditions. Rather than examining variable directional relationships using null hypotheses statistical tests, the study examines case-based conditions using somewhat precise outcome tests (SPOT). The complex outcome conditions include firms with high financial performances in declining markets and firms with low financial performances in growing markets – the study focuses on seemingly paradoxical outcomes. The study here examines firm strategies and outcomes for separate samples of cross-sectional data of manufacturing firms with headquarters in one of two nations: Finland (n = 820) and Hungary (n = 300). The study includes examining the predictive validities of the models. The study contributes conceptual advances of complex firm orientation configurations and complex firm performance capabilities configurations as mediating conditions between firmographics, firm resources, and the two final complex outcome conditions (high performance in declining markets and low performance in growing markets). The study contributes by showing how fuzzy-logic computing with words (Zadeh, 1966) advances strategic management research toward achieving requisite variety to overcome the theory-analytic mismatch pervasive currently in the discipline (Fiss, 2007, 2011) – thus, this study is a useful step toward solving the crucial problem of how to explain firm heterogeneity.

Embedded within firms are unique stores of intangible human assets that likely influence the way firms compete. We argue that human and social capital of a firm, particularly at the upper echelon level, contributes to the firm’s awareness of the competitive environment and its motivation and ability to undertake numerous, complex, and strategic competitive actions, and therefore improve its competitive intensity. By examining how human capital and intra firm social capital influence firm competitive intensity, we advance a humanistic perspective of firm competitive behavior and outline several implications for future research.

Research on diversification has produced insights into possible linkages between organizational scale and scope and firm performance. However, the paucity of research on strategy implementation has hindered our understanding of the broader performance implications of diversification. We extend the resource-based view and diversification research by examining how firms can exploit diversifying investments designed to achieve scale and scope economies. Successful firms more effectively structure their resource portfolio, bundle resources into capabilities, and leverage these capabilities when implementing a diversification strategy. We develop a model linking strategies by which firms expand product and geographic market scope to the actions they take to manage resources. We examine three actions – internal development, acquisitions, and strategic alliances – and discuss the implications of these actions using the resource management framework.

The purpose of this study was to analyze the impact of top management teams on firms' value chain action intensity and value chain activity heterogeneity.

The study was conducted from an emerging market perspective. The sample was based on the secondary data collected from three fast-growing industries in India: automobile, pharmaceutical and fast-moving consumer goods over the three-year period from 2009 to 2012. The Panel Poisson and Tobit regression have been used to conduct this study.

Drawing upon the upper echelon theory, the author found that a top management team's educational level, functional heterogeneity and total organizational tenure influence value chain action intensity and value chain activity heterogeneity.

The author introduces the concept of value chain action intensity and value chain action heterogeneity and investigates the role of the upper echelon in influencing intensity and heterogeneity.