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Managers must make numerous strategic decisions in order to initiate and implement a business model innovation (BMI). This paper examines how managers perceive the management team interacts when making BMI decisions. The paper also investigates how group biases and board members’ risk willingness affect this process.

Empirical data were collected through 26 in-depth interviews with German managing directors from 13 companies in four industries (mobility, manufacturing, healthcare and energy) to explore three research questions: (1) What group effects are prevalent in BMI group decision-making? (2) What are the key characteristics of BMI group decisions? And (3) what are the potential relationships between BMI group decision-making and managers' risk willingness? A thematic analysis based on Gioia's guidelines was conducted to identify themes in the comprehensive dataset.

First, the results show four typical group biases in BMI group decisions: Groupthink, social influence, hidden profile and group polarization. Findings show that the hidden profile paradigm and groupthink theory are essential in the context of BMI decisions. Second, we developed a BMI decision matrix, including the following key characteristics of BMI group decision-making managerial cohesion, conflict readiness and information- and emotion-based decision behavior. Third, in contrast to previous literature, we found that individual risk aversion can improve the quality of BMI decisions.

This paper provides managers with an opportunity to become aware of group biases that may impede their strategic BMI decisions. Specifically, it points out that managers should consider the key cognitive constraints due to their interactions when making BMI decisions. This work also highlights the importance of risk-averse decision-makers on boards.

This qualitative study contributes to the literature on decision-making by revealing key cognitive group biases in strategic decision-making. This study also enriches the behavioral science research stream of the BMI literature by attributing a critical influence on the quality of BMI decisions to managers' group interactions. In addition, this article provides new perspectives on managers' risk aversion in strategic decision-making.

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.

This paper aims to explore the relationship between board composition and a firm’s commitment to combatting climate change. Specifically, this study investigates how various characteristics of the board, namely its size and presence of independent directors, and of the directors themselves, including gender diversity, age, educational background and national homogeneity, affect the corporate-level climate change orientation. From a theoretical standpoint, the authors take a cross-fertilizing perspective, bridging upper echelons theory with agency, resource dependence and critical mass theories.

The study uses ordered probit regression models on a hand-collected multi-country and multi-industry sample of 35 listed firms included in the Global Climate Change Liquid Equity Index (GALPLACC) provided by ECPI. This index is particularly relevant as it focuses on firms that have demonstrated a commitment to climate change, providing a robust dataset for the analysis.

The findings underscore the importance of disentangling various characteristics of corporate boards and directors. Specifically, the orientation toward climate change is negatively influenced by both board size and having a higher number of independent directors, while it is positively affected by reaching a critical mass of women on the board. Conversely, factors such as average age, educational background and the level of national homogeneity do not show significant effects.

This paper has an exploratory nature and contributes to the ongoing debate on the crucial, yet controversial role played by board-level and directors’ sociodemographic characteristics in shaping a firm’s environmental stance. Moreover, this study offers potential recommendations for policymakers regarding board composition to enhance firms’ climate change orientation.

Female smallholder farmers in low-income countries face barriers to accessing capital and commodity markets. While agricultural cooperatives provide services that contribute to the income and productivity of small-scale producers, evidence of cooperatives' social and economic empowerment of female smallholders remains limited. We apply Sen's capability approach to female entrepreneurs' socioeconomic empowerment to examine whether women's participation in a coffee and microfinance cooperative from rural western Uganda benefits their social and economic position within their household. First, we study the relationship between women's cooperative participation and their household coffee sales and savings. Second, we investigate the link between women's cooperative participation and their intra-household decision-making and whether the inclusion of the husband in his wife's cooperative strengthens or lowers women's decision-making power.

We carry out a case study of a hybrid coffee and microfinance cooperative that promotes social innovation through the integration and empowerment of female smallholders in rural Uganda. Using a cross-sectional survey of 411 married female cooperative members from 26 randomly selected self-help groups of Bukonzo Joint Cooperative and 196 female non-members from the identical area, employing propensity score matching, this paper investigates the benefits of women's participation in a coffee and microfinance cooperative in the Rwenzori Mountains of western Uganda. We present and discuss the results of our case study within an extensive literature on the role of institutions in collective action for women's empowerment.

Our findings provide new empirical evidence on female smallholders' participation in mixed cooperatives. Our results indicate that women's participation in microfinance-producer cooperatives appears to be a conditional blessing: even though membership is linked to increased women's intra-household decision-making and raised household savings and income from coffee sales, a wife with a husband in the same cooperative self-help group is associated with diminished women's household decision-making power.

The focus of this study is on female coffee smallholders in an agricultural cooperative in rural western Uganda. In particular, we focus on a case study of one major coffee cooperative. Our cross-sectional survey does not allow us to infer causal interpretations. Also, the survey does not include variables that allow us to measure other dimensions of women's empowerment beyond decision-making over household expenditures and women's financial performance related to savings and income from coffee cultivation.

Our empirical results indicate that female smallholders' cooperative membership is associated with higher incomes and coffee sales. However, husband co-participation in their wives' cooperative group diminishes wives' decision-making, which suggests that including husbands and other family members in the same cooperative group may not be perceived as an attractive route to empowerment for female smallholders. For these reasons, an intervention that encourages the cooperation of both spouses and that is sensitive to context-specific gender inequalities, may be more successful at stimulating social change toward household gender equality than interventions that focus on women's autonomous spheres only.

While the literature thus far has focused on microfinance's potential for women's empowerment, evidence on agricultural cooperatives' affecting women's social and economic position is limited. First, our findings provide novel empirical evidence on the empowering effects of women's participation in a self-help group-based coffee cooperative in rural Uganda. Second, our data allows us to explore the role of husbands' participation in their wives' cooperative and SGH. We embed our hypotheses and empirical results in a rich discussion of female entrepreneurship, microfinance and cooperative literature.

Due to the complexity and diversity of megaprojects, the architectural programming process often involves multiple stakeholders, making decision-making difficult and susceptible to subjective factors. This study aims to propose an architectural programming methodology system (APMS) for megaprojects based on group decision-making model to enhance the accuracy and transparency of decision-making, and to facilitate participation and integration among stakeholders. This method allows multiple interest groups to participate in decision-making, gathers various perspectives and opinions, thereby improving the quality and efficiency of architectural programming and promoting the smooth implementation of projects.

This study first clarifies the decision-making subjects, decision objects, and decision methods of APMS based on group decision-making theory and value-based architectural programming methods. Furthermore, the entropy weight method and fuzzy TOPSIS method are employed as calculation methods to comprehensively evaluate decision alternatives and derive optimal decision conclusions. The workflow of APMS consists of four stages: preparation, information, decision, and evaluation, ensuring the scientific and systematic of the decision-making process.

This study conducted field research and empirical analysis on a practical megaproject of a comprehensive transport hub to verify the effectiveness of APMS. The results show that, in terms of both short-distance and long-distance transportation modes, the decision-making results of APMS are largely consistent with the preliminary programming outcomes of the project. However, regarding transfer modes, the APMS decision-making results revealed certain discrepancies between the project's current status and the preliminary programming.

APMS addresses the shortcomings in decision accuracy and stakeholder participation and integration in the current field of architectural programming. It not only enhances stakeholder participation and interaction but also considers various opinions and interests comprehensively. Additionally, APMS has significant potential in optimizing project performance, accelerating project processes, and reducing resource waste.

The purpose of this study is to examine how informational faultlines on a board affect the management of knowledge owned by directors and the consequences on organizational performance. In this study, informational faultlines are defined as hypothetical lines that divide a group into relatively homogeneous subgroups based on the alignment of several informational attributes among board members.

The study uses unique hand-collected panel data covering 7,247 board members at 106 publicly traded firms to provide strong support for the hypothesized U-shaped relationship. The authors use a fixed effects approach and a system generalized method of moments approach to test the hypothesis.

The study finds that the relationship between informational faultlines on a board and organizational performance is U shaped, with the least optimal organizational performance experienced when boards have moderate informational faultlines. More specifically, informational faultlines within boards are negatively related to organizational performance across the weak-to-moderate range of informational faultlines and positively related to organizational performance across the moderate-to-strong range.

By explaining the mechanisms through which informational faultlines are related to organizational performance, the authors contribute to the literature in a number of ways. By conceptualizing how the management of knowledge plays an important role in the particular setting of corporate boards, the authors add not only to literature on knowledge management but also to the faultline and corporate governance literature.

This study offers a rationale for prior mixed findings by providing an alternative theoretical basis to explain the effect of informational faultlines within boards on organizational performance. To advance the field, the authors build on the concept of knowledge demonstrability to illuminate how informational faultlines affect the management of knowledge within boards, which will translate to organizational performance.

Experts may adjust their assessments through communication and mutual influence, and this dynamic evolution relies on the spread of internal trust relationships. Due to differences in educational backgrounds and knowledge experiences, trust relationships among experts are often incomplete. To address such issues and reduce decision biases, this paper proposes a probabilistic linguistic multi-attribute group decision consensus model based on an incomplete social trust network (InSTN).

In this paper, we first define the new trust propagation operators based on the operations of Probability Language Term Set (PLTS) with algebraic t-conorm and t-norm, which are combined with trust aggregation operators to estimate InSTN. The adjustment coefficients are then determined through trust relations to quantify their impact on expert evaluation. Finally, the particle swarm algorithm (PSO) is used to optimize the expert evaluation to meet the consensus threshold.

This study demonstrates the feasibility of the method through the selection of treatment plans for complex cases. The proposed consensus model exhibits greater robustness and effectiveness compared to traditional methods, mainly due to the effective regulation of trust relations in the decision-making process, which reduces decision bias and inconsistencies.

This paper introduces a novel probabilistic linguistic multi-attribute swarm decision consensus model based on an InSTN. It proposes a redefined trust propagation and aggregation approach to estimate the InSTN. Moreover, the computational efficiency and decision consensus accuracy of the proposed model are enhanced by using PSO optimization.

The purpose of this paper is to understand how those involved in executive pay determination in large publicly quoted UK businesses see the role of diversity within remuneration committees (Remcos) as enabling the input of different perspectives, which can enhance their decision-making and potentially improve pay outcomes.

Qualitative, semi-structured interviews were undertaken with 18 high-profile major-enterprise decision-makers and their advisers, i.e. non-executive directors (NEDs) serving Remcos, institutional investors, executive pay consultants and internal human resources (HR) reward specialists, together with data from three focus groups with 10 further reward management practitioners.

Remco members recognise the benefits of social category/demographic diversity but say the likelihood of increasing this is low, given talent pipeline issues. The widening of value diversity is considered problematic for Remcos’ functioning. Informational diversity is used as a proxy for social category/demographic diversity to improve Remcos’ decision-making on executive pay. While the inclusion of members from wider social networks is recognised as potentially bringing a different informational perspective, the social character of Remcos, reflecting their elite nature and experience of wealth, appears ingrained.

Our original contribution is to extend the application of upper echelons theory in the context of Remco decision-making to explain why members do not welcome widening informational diversity by appointing people from different social networks who lack value similarity. Instead, by drawing views from employees, HR acts as a proxy for social network informational diversity. The elite, upper-echelons nature of Remco appointments remains unchanged and team functioning is not disrupted.