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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 study aims to investigate organizational learning, represented by the absorptive capacity, as a condition for the firm to learn about marketing data and make more informed decisions. The authors also aimed to understand how the behavior of micro, small and medium enterprises (MSME) businesses differ in this scenario through a multilevel perspective.

Placing absorptive capacity as a mediator of the relationship between business analytics and rational marketing decisions, the authors analyzed data from 224 Brazilian retail companies using structural equation modeling estimated with partial least squares. To test the cross-level moderation effect, the authors also performed a multilevel analysis in RStudio.

The authors found a partial mediation of the absorptive capacity in the relation between business analytics and rational marketing decisions. The authors also discovered that, in the MSMEs firms’ group, even if smaller companies find it more difficult to use data, those that do may reap more benefits than larger ones. This is due to the influence of size in how firms handle information.

The sample size, despite having shown to be consistent and valid, is considered small for a multilevel study. This suggests that our multilevel results should be viewed as suggestive, rather than conclusive, and subjected to further validation.

Rather than solely positioning business analytics as a tool for decision support, the authors’ analysis highlights the importance for firms to develop the absorptive capacity to enable ongoing acquisition, exploration and management of knowledge.

MSMEs are of economic and social importance to most countries, especially developing ones. This research aimed to improve understanding of how this group of firms could transform knowledge into better decisions. The authors also highlight micro and small firms’ difficulties with the use of marketing data so that they can have more effective practices.

The research contributes to the understanding of organizational mechanisms to absorb and learn from the vast amount of current marketing information. Recognizing the relevance of MSMEs, a preliminary multilevel analysis was also conducted to comprehend differences within this group.

This study aims to analyse the influence of digitalisation on the management control function of small and medium-sized enterprises (SMEs). In particular, it aims to illuminate how digitalisation influences management control elements, organisation and roles/competencies and to identify obstacles to digitalisation of management control in SMEs and measures taken to overcome them.

The study is based on guideline-supported expert interviews conducted with 14 financial managers from SMEs in Germany, Austria and Switzerland.

This study reveals the influence of digitalisation on management control elements, organisation, and roles/competencies. The automation and standardisation of management control processes result in new elements for management control, such as strategic support for management. In addition, the increased availability and transparency of data enable the use of instruments within a company that allow for quick analyses of the company's development. Digitalisation leads to the integration of management control into the corporate network and, thus, a change in the organisation of management control. It also triggers the expansion of management control competencies, especially IT competencies. A shortage of internal digitalisation resources, unclear corporate roadmaps, and a lack of managerial experience loom as central challenges for digitalising the management control function. Measures derived from the interviews can help SMEs overcome the obstacles to the digitalisation of management control.

This research is the first interview-based study of the impact of digitalisation on management control in SMEs, potential obstacles to that digitalisation, and measures to overcome those obstacles. Thus, it contributes to the emerging debate on factors that may explain why SMEs lag in terms of the digitalisation of their internal processes.

This study aims to assess the facilities management (FM) strategies used in multi-tenanted purpose-built office buildings (Mt-POBs) in Ghana and the drivers that influence the decision to use such strategies.

This study was conducted via a survey and key informant interviews. The survey was conducted using a questionnaire targeted at 65 multi-tenanted office building owners in the Greater Accra region. The data from the survey revealed the views of building owners on FM strategy and the extent to which 20 facility management decision drivers influenced their decisions to use a particular strategy and the responses were descriptively analysed. The key informant interviews were conducted among six leaders of the property owners’ association who use in-house FM to further understand their perspectives and decisions on using such strategy. The interviews were conducted over telephone using an interview guide and analysed using thematic analysis.

The results showed that 88% of Mt-POBs in Ghana are managed in-house. The results also showed that the decision to use the in-house strategy was driven by the innovative, strategic and cost-saving advantages associated with the in-house strategy.

This study shows the factors that drive the decision of multi-tenanted office building owners in Ghana to use the in-house strategy. The findings of this study will be useful for prospective owners of office buildings in Ghana.

This paper elucidates the role of anger in error management (EM) and organizational learning behaviors. The study explores how anger can catalyze learning, emphasizing its strategic implications.

A double-layered moderated-mediated model was developed and tested using data from 744 Chinese CEOs. The psychometric properties of the survey instrument were rigorously examined through structural equation modeling, and hypotheses were tested using Hayes's PROCESS macros.

The findings reveal that anger is a precursor for recognizing the value of significant errors, leading to a positive association with learning behavior among top management team members. Additionally, the study uncovers a triple interaction effect of anger, EM culture and supply chain disruptions on the value of learning from errors. Extensive experience and positive grieving strengthen the relationship between recognizing value from errors and learning behavior.

This study uniquely integrates affect-cognitive theory and organizational learning theory, examining anger in EM and learning. The authors provide empirical evidence that anger can drive error value recognition and learning. The authors incorporate a more fine-grained approach to leadership when including executive anger as a trigger to learning behavior. Factors like experience and positive grieving are explored, deepening the understanding of emotions in learning. The authors consider both negative and positive emotions to contribute to the complexity of organizational learning.

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 provide an elucidative and explanatory overview of decision-making theory that human resource management and development (HR) researchers and practitioners can use to explore the impact of heuristics and biases on organizational decisions, particularly within HR contexts.

This paper draws upon three theoretical resources anchored in decision-making research: the theory of bounded rationality, the heuristics and biases program, and cognitive-experiential self-theory (CEST). A selective narrative review approach was adopted to identify, translate, and contextualize research findings that provide immense applicability, connection, and significance to the field and study of HR.

The authors extract key insights from the theoretical resources surveyed and illustrate the linkages between HR and decision-making research, presenting a theoretical framework to guide future research endeavors.

Decades of decision-making research have been distilled into a digestible and accessible framework that offers both theoretical and practical implications.

Heuristics are mental shortcuts that facilitate quick decisions by simplifying complexity and reducing effort needed to solve problems. Heuristic strategies can yield favorable outcomes, especially amid time and information constraints. However, heuristics can also introduce systematic judgment errors known as biases. Biases are pervasive within organizational settings and can lead to disastrous decisions. This paper provides HR scholars and professionals with a balanced, nuanced, and integrative framework to better understand heuristics and biases and explore their organizational impact. To that end, a forward-looking and direction-setting research agenda is presented.

The automotive industry appears to overcome much of its obstacles, despite the constant struggle facing COVID-19. The pandemic has resulted in significant improvements in the habits and conduct of consumers. There is an increased preference for personal mobility. In this dynamic environment with unexpected changes and high market rivalry, automotive supply chains focus more on executing responsive strategies with minimum costs. This paper aims to identify and model the drivers to the responsiveness of automotive supply chain.

Seventeen drivers for supply chain responsiveness have been identified from the extensive literature, expert interview. An integrated methodology of fuzzy decision-making trial and evaluation laboratory–interpretive structural modelling (DEMATEL–ISM) is developed to establish the interrelationship between the drivers. The cause–effect relationship between the drivers was obtained through fuzzy DEMATEL technique, and a hierarchical structure of the drivers was developed using the ISM technique.

The result of the integrated methodology revealed that strategic decision-making of management, accurate forecasting of demand, advanced manufacturing system in the organisation and data integration tools are the critical drivers.

This study has conceptual and analytical limitations. In this study, a limited number of drivers are examined for supply chain responsiveness. Further research may examine the role of other key performance indicators in the broad field of responsiveness in the automotive supply chain or other industry sectors. Future study can uncover the interrelationships and relative relevance of indicators using advanced multi-criteria decision-making methodologies.

The authors proposed an integrated methodology that will be benefitted to the supply chain practitioners and automotive manufacturers to develop management strategies to improve responsiveness. This study further helps to compare the responsiveness of the supply chain between various automotive manufacturers.

This study aims to systematically review various behavioral biases that impact an investor’s decision-making process. The prime objective of this paper is to thematically explore the behavioral bias literature and propose a comprehensive framework that can elucidate a more reasonable explanation of changes in financial markets and investors’ behavior.

Systematic literature review (SLR) methodology is applied to a portfolio of 71 peer-reviewed articles collected from different electronic databases between 2007 and 2021. Content analysis of the extant literature is performed to identify the research themes and existing gaps in the literature.

This research identifies publication trends of the behavioral biases literature and uncovers 24 different biases that impact individual investors’ decision-making. Through thematic analysis, an attribute–consequence–impact framework is proposed that explains different biases leading to individual investors’ irrationality. The study further proposes directions for future research by applying the theory–characteristics–context–methodology framework.

The results of this research will help scholars and practitioners in understanding the existence of various behavioral biases and assist them in identifying potential strategies which can evade the negative effects of these biases. The findings will further help the financial service providers to understand these biases and improve the landscape of financial services.

The essence of the current paper is the application of the SLR method on 24 biases in the area of behavioral finance. To the best of the authors’ knowledge, this study is the first attempt of its kind which provides a methodical and comprehensive compilation of both cognitive and emotional behavioral biases that affect the individual investor’s decision-making.

This study examines the effects of financial literacy and financial risk tolerance on investor behavior by introducing social stigma as a mediator and emotional intelligence as a moderating factor.

Data is collected from 761 financially independent individual investors, with a minimum age of 25 years, a minimum of five years of stock market experience and residing in five selected major Indian cities. The collected data is subsequently analyzed using SmartPLS. Homogeneous purposive sampling followed by snowball sampling was employed.

The findings of the study demonstrate a strong and noteworthy impact of financial literacy on investor behavior. The research reveals that social stigma acts as a partial mediator and emotional intelligence plays a significant moderator with direct effects and indirect effects between financial literacy, financial risk tolerance, social stigma and investor behavior.

Exploring emotional intelligence in financial decisions enriches academic programs by integrating it into financial education. Collaboration between academia and financial institutions yields practical tools, infusing emotional intelligence into services. This prompts systemic shifts, reshaping education and societal discourse, fostering inclusive, emotionally intelligent financial landscapes, aiming to redefine both academic teachings and real-world financial practices.

Integrating emotional intelligence into government-led financial literacy programs can transform societal perspectives on financial decision-making. Customized services, destigmatizing workshops and collaborative efforts with academia foster an emotionally intelligent financial landscape, reshaping traditional paradigms.

Promoting open societal discussions about finances combats stigma, fostering a supportive space for risk-taking. Emphasizing emotional intelligence in awareness campaigns cultivates inclusivity and confidence. Normalizing financial talks empowers individuals, enhancing their well-being. Elevating both financial literacy and emotional intelligence enhances overall financial health, nurturing a community adept at navigating financial journeys.

This study marks a notable contribution to behavioral finance and social stigma theory by examining their intersection with emotional intelligence. It uniquely introduces social stigma as a mediator and emotional intelligence as a moderator, unexplored in this context. This novelty underscores the research’s significance, offering practical insights into financial well-being.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-08-2023-0626