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Amidst rapid development in emerging economies, greater emphasis on public–private partnerships and a more complex regulatory environment, nonmarket strategy (NMS) is now widely viewed as a key component of a firm’s overall strategy. This paper aims to investigate how nonmarket and market strategies are influenced by strategic uncertainties and capabilities and ultimately drive firm performance.

A survey addressing strategic uncertainties, capabilities, NMS and market strategy and firm performance was administered online to 193 practicing managers in the USA. Measures for competitive strategy (i.e. cost leadership and differentiation), NMS, management and marketing capabilities, competitive and technology uncertainties and firm performance were adopted from or based on previous work. Hypotheses were tested via SmartPLS.

Emphasis on NMS was linked to high marketing capability, high competitive uncertainty and high technology uncertainty. Cost leaders were more likely than differentiators to emphasize on NMS, although all three strategies were positive drivers of performance. NMS appears to be viewed as a part of an integrated strategic approach by managers in many organizations.

The sample included mangers in multiple industries. Self-typing scales were used to assess strategic emphasis and firm performance.

Emphasis on NMS can promote firm performance, but the relationship is complex. Strategic managers should align the NMS with organizational capabilities and a market-oriented strategy appropriate for the firm.

This paper provides empirical support for a model linking select strategic uncertainties, capabilities, market strategy and NMS and firm performance. It supports NMS as a key performance driver, but with links to uncertainties and capabilities that differ from those of market strategies.

The purpose of this paper is to investigate the influence of internal capabilities and environmental turbulence on market (e.g. cost leadership and differentiation) and nonmarket (e.g. political and social) strategies (NMS), and considers how these strategies impact financial and non-financial performance in firms in the United Kingdom.

A survey was administered online to 215 practicing managers in the UK. Measures for competitive strategy (i.e. cost leadership and differentiation), NMS, strategic capabilities, market turbulence and firm performance were adopted from or based on previous work. Hypotheses were tested via SmartPLS.

Findings underscore the impact of market turbulence across all market and nonmarket strategy dimensions. Multiple links between capabilities and strategies were identified. Both cost leadership and differentiation were significantly linked to non-financial performance, but only differentiation was significantly linked to financial performance. An increased emphasis on social NMS was linked to higher financial performance, but not non-financial performance. Political NMS was linked to neither financial nor non-financial performance.

The sample included managers in multiple industries. Self-typing scales were utilized to measure market turbulence, emphasis on capabilities, strategic emphasis and firm performance.

Emphasis on social NMS can promote financial performance, but political NMS does not appear to drive either financial or non-financial performance.

This paper provides empirical support for a UK-based model linking market turbulence, strategic capabilities, market and nonmarket strategies, and both social and firm performance. It supports NMS as a key performance driver, but with caveats.

Scholars have underscored the importance of organizational authenticity, but it is unclear how it influences the links among market strategy, and nonmarket strategy (NMS) and firm performance. This study addresses this gap in the literature.

A survey of 294 managers in firms based in the United States investigates configurations among competitive strategy (e.g. cost leadership or differentiation), political and social nonmarket strategy (NMS), authenticity, and firm performance.

Cost leaders tend to engage in political nonmarket strategy (PNMS), but the interaction does not necessarily improve firm performance. Differentiators are more likely to pursue social nonmarket strategy (SNMS) and perform better, but neither market-nonmarket strategy configuration is inherently optimal.

The results support market-nonmarket strategy configurations but do not prescribe optimal combinations. However, the sample is cross-sector and employs self-reports for firm performance.

Political and social authenticity can enhance firm performance, but nonmarket activity can compromise a firm’s ability to be politically and socially authentic. Authenticity can drive performance, but a firm’s nonmarket activity can compromise its ability to be politically and socially authentic. Firms should view a prospective loss in authenticity as a potential cost of nonmarket activity.

This paper investigates how a firm’s emphasis on market (competitive) strategies, political and social nonmarket strategies, and political and social authenticity impact financial and non-financial performance. It also tests the veracity of two market-nonmarket configurations, cost leadership with political NMS and differentiation with social NMS.

The authors evaluate the evolution of the intellectual structure of strategic management (SM) by employing a document co-citation analysis through a network analysis for academic citations in articles published in the Strategic Management Journal (SMJ).

The authors employed the co-citation analysis through the social network analysis.

The authors outlined the evolution of the academic foundations of the structure and emphasized several domains. The economic foundation of SM research with macro and micro perspectives has generated a solid knowledge stock in the literature. Industrial organization (IO) psychology has also been another dominant foundation. Its robust development and extension in the literature have focused on cognitive issues in actors' behaviors as a behavioral foundation of SM. Methodological issues in SM research have become dominant between 2004 and 2011, but their influence has been inconsistent. The authors concluded by recommending future directions to increase maturity in the SM research domain.

This is the first paper to elucidate the intellectual structure of SM by adopting the co-citation analysis through the social network analysis.

This study analyzes strategic flexibility with a two-dimensional approach (structural and decisional flexibility). It also investigates the relationships among competitive strategy, structural flexibility, decisional flexibility, and financial and nonfinancial performance.

The authors collected data from members of 16 chambers of commerce in the United States and used PLS-SEM (partial least squares structural equation modeling) to test the hypotheses.

The findings suggest that strategic flexibility impacts financial and nonfinancial performance in different ways. While financial performance is influenced by both the structural and decisional dimensions of strategic flexibility, nonfinancial performance is impacted only by structural flexibility. In addition, the research indicates a negative relationship between cost leadership and structural flexibility and positions structural flexibility as a mediator between cost-leadership and nonfinancial performance.

The authors contribute to strategic flexibility research in the following ways: (1) analyzed the impact on nonfinancial performance; (2) examined structural and decisional elements and (3) identified cost leadership as a potential barrier.

The purpose of this study is to address a critical gap in enterprise resource planning (ERP) implementation process for small and medium-sized enterprises (SMEs) by acknowledging and countering cognitive biases through a cognitive bias awareness matrix model. Cognitive biases such as temporal discounting and optimism bias often skew decision-making, leading SMEs to prioritize short-term benefits over long-term sustainability or underestimate the challenges involved in ERP implementation. These biases can result in costly missteps, underutilizing ERP systems and project failure. This study enhances decision-making processes in ERP adoption by introducing a matrix that allows SMEs to self-assess their level of awareness and proactivity when addressing cognitive biases in decision-making.

The design and methodology of this research involves a structured approach using the problem-intervention-comparison-outcome-context (PICOC) framework to systematically explore the influence of cognitive biases on ERP decision-making in SMEs. The study integrates a comprehensive literature review, empirical data analysis and case studies to develop the Cognitive Bias Awareness Matrix. This matrix enables SMEs to self-assess their susceptibility to biases like temporal discounting and optimism bias, promoting proactive strategies for more informed ERP decision-making. The approach is designed to enhance SMEs’ awareness and management of cognitive biases, aiming to improve ERP implementation success rates and operational efficiency.

The findings underscore the profound impact of cognitive biases and information asymmetry on ERP system selection and implementation in SMEs. Temporal discounting often leads decision-makers to favor immediate cost-saving solutions, potentially resulting in higher long-term expenses due to the lack of scalability. Optimism bias tends to cause underestimating risks and overestimating benefits, leading to insufficient planning and resource allocation. Furthermore, information asymmetry between ERP vendors and SME decision-makers exacerbates these biases, steering choices toward options that may not fully align with the SME’s long-term interests.

The study’s primary limitation is its concentrated focus on temporal discounting and optimism bias, potentially overlooking other cognitive biases that could impact ERP decision-making in SMEs. The PICOC framework, while structuring the research effectively, may restrict the exploration of broader organizational and technological factors influencing ERP success. Future research should expand the range of cognitive biases and explore additional variables within the ERP implementation process. Incorporating a broader array of behavioral economic principles and conducting longitudinal studies could provide a more comprehensive understanding of the challenges and dynamics in ERP adoption and utilization in SMEs.

The practical implications of this study are significant for SMEs implementing ERP systems. By adopting the Cognitive Bias Awareness Matrix, SMEs can identify and mitigate cognitive biases like temporal discounting and optimism bias, leading to more rational and effective decision-making. This tool enables SMEs to shift focus from short-term gains to long-term strategic benefits, improving ERP system selection, implementation and utilization. Regular use of the matrix can help prevent costly implementation errors and enhance operational efficiency. Additionally, training programs designed around the matrix can equip SME personnel with the skills to recognize and address biases, fostering a culture of informed decision-making.

The study underscores significant social implications by enhancing decision-making within SMEs through cognitive bias awareness. By mitigating biases like temporal discounting and optimism bias, SMEs can make more socially responsible decisions, aligning their business practices with long-term sustainability and ethical standards. This shift improves operational outcomes and promotes a culture of accountability and transparency. The widespread adoption of the Cognitive Bias Awareness Matrix can lead to a more ethical business environment, where decisions are made with a deeper understanding of their long-term impacts on employees, customers and the broader community, fostering trust and sustainability in the business ecosystem.

This research introduces the original concept of the Cognitive Bias Awareness Matrix, a novel tool designed specifically for SMEs to evaluate and mitigate cognitive biases in ERP decision-making. This matrix fills a critical gap in the existing literature by providing a structured, actionable framework that effectively empowers SMEs to recognize and address biases such as temporal discounting and optimism bias. Its practical application promises to enhance decision-making processes and increase the success rates of ERP implementations. This contribution is valuable to behavioral economics and information systems, offering a unique approach to integrating cognitive insights into business technology strategies.

The decade from 2000 until 2010 was a turbulent time for Toyota Motor Company. The carmaker came under significant criticism from the United States government, consumers throughout the world, and media critics amid allegations of poor quality control and vehicle safety concerns. Problems with accelerators and brake systems were found on several of its most popular models, a situation initially exacerbated by the slow and somewhat tentative response from top management. Toyota was accused of not addressing early warning signs that appeared several years before the crisis received intense negative publicity. Toyota struggled to retain the confidence of consumers and governmental regulators, eventually recalling approximately eight million automobiles.

Firms are advocating for social change to a growing extent, but the performance implications of corporate activism are not clearly understood. This study aims to introduce social nonmarket strategy (SNMS) as a goal-directed form of corporate activism, explore whether such strategy harms corporate financial performance (CFP), and assess the buffering potential of effective market-based strategy and good standing with stakeholders.

A reflective measurement model and all hypothesized relationships were tested using consistent partial least squares structural equation modeling on a data set of 202 US-based small, medium, and large manufacturing and service firms.

SNMS is positively related to good standing with stakeholders but negatively related to CFP. By contrast, a higher market strategy (MS) is positively associated with both stakeholder performance and CFP. MS and stakeholder performance buffer but do not fully neutralize the adverse financial effect of SNMS.

Firms undertaking SNMS face serious risks. However, effective MS and higher levels of stakeholder performance can buffer but not fully neutralize the adverse financial effect of SNMS.

This research introduces SNMS as a goal-directed form of corporate activism, establishes the conflicting performance effects of such strategy and estimates the buffering potential of MS and stakeholder performance.

This paper aims to illustrate how business ethics research is progressing in the tourism and hospitality (T/H) industries and suggest a research agenda.

This study applies bibliometric analysis to articles related to business ethics topics in the T/H fields published between 1995 and 2014 in six, nine and five leading hospitality-, tourism- and business ethics-oriented journals, respectively.

This study provides a broad view on business ethics research in the T/H fields based on leading authors, institutions, themes and methods used over the past two decades.

This study assesses the progress of business ethics research in the hospitality and tourism fields. Only articles published in select, prominent Social Sciences Citation Index journals were analyzed.

This analysis focuses on published articles related to business ethics in the T/H fields. As such, it facilitates researchers, academic scholars and professionals in contributing to the field more effectively and advancing scientific progress in the literature. It aids practitioners by evaluating the extent to which scholars have investigated key issues in the field.

This study is the first to utilize bibliometric analysis to assess business ethics research focusing on T/H activities published in leading tourism, hospitality and business ethics journals.