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Alternative enterprises – organizations that operate as a business while still also being driven by a social purpose – are sometimes owned by workers or other stakeholders, rather than shareholders. What role does ownership play in enabling alternative enterprises to prioritize substantively rational organizational values, like environmental sustainability and social equity, over instrumentally rational ones, like profit maximization? We situate this question at the intersection of research on: (1) stakeholder governance and mission drift in both hybrid and collectivist-democratic organizations; and (2) varieties of ownership of enterprise. Though these literatures suggest that ownership affects the ability of alternative enterprises to maintain their social missions, the precise nature of this relationship remains under-theorized. Using the case of a global, social, and environmental values-based banking network, we suggest that alternative ownership is likely a necessary, but not sufficient, condition to combat mission drift in enterprises that have a legal owner. A supermajority of this network’s banks deploy alternative ownership structures; those operating with these structures are disproportionately associated with social movements, which imprint their values onto the banks. We show how alternative ownership acts through specific mechanisms to sustain enterprises’ missions, and we also trace how many of these mechanisms are endogenous to alternative ownership models. Finally, we find that ownership models vary in how well they enable the expression and maintenance of these social values. A ladder of mission-sustaining ownership models exists, whereby the dominance of substantive, non-instrumental values over operations and investment becomes increasingly robust as one moves up the rungs from mission-driven investor ownership to special shareholder and member-ownership models.

What is a mission in practice? Can it be created and managed? What is the link between strategy and philosophy? What is the role of corporate identity? Should senior managers be putting “mission” high up on their list of priorities? A year‐long research project into mission and corporate philosophy is drawn on to answer these and other questions on the “sense of mission” – that added ingredient which makes companies like Marks & Spencer so successful.

Mission statements are perceived as effective strategic tools and foundations of an organization's objectives, driving the development of strategic plans to meet the established goals. A vast number of studies have investigated mission statements in industry; however, little is known on how mission statements affect institutes in the higher education sector. Every university is intrinsically different, with its own mission and goals. This study aims to explore how mission statements make the difference among universities, by understanding the values delivered by the mission statements.

This study attempts to understand the core values of universities through a content analysis of the mission statements of the top 250 universities worldwide.

The results show four core dimensions in university mission statements, namely, “Education Philosophies”, “Strategic Orientation”, “Social Responsibility” and “Values to Stakeholders”, while the most common core values are “Research”, “Educate” and “Student”.

Mission statements offer insightful venues for the analysis of the strategic directions of universities. The results show that top universities present their core values through their mission statements. Some mission statements are more service-oriented (towards students) and some are more social-oriented (towards society and stakeholders). These mission statements are communicated to various stakeholders. “Education philosophies” are communicated to educators and students, “Social responsibility” is to the society, “Values to the stakeholders” are towards the different parties involved in the education system and the last one “Strategic orientation” is for the strategy setting.

This paper proposes a new methodology of mission statement studies, covering not only studies on mission statements but also the internationalization strategies of universities, which attract attention from academics and education researchers.

This study highlights the instrumental role of the mission statement as a tool used by managers to shape value congruence to achieve enhanced employee performance levels.

A variance-based structural equation modelling was used to analyse the data obtained from a sample of 123 managers working in private organisations in Malaysia.

The management sensemaking approach is useful in mission statement research. Managers' involvement in clarifying the mission statement to various firm stakeholders, especially employees, is the strongest predictor of value congruency between employees and the firm, leading to improved levels of employee behavioural performance. Managers can influence value congruency through two processes: (1) guiding and shaping employees' values and (2) adapting the mission statement's contents.

Future studies can consider the impact of managerial role modelling on employees' value alignment with the firm in longitudinal studies. Other aspects of alignment offer further research opportunities, for example, HR policy alignment and alignment of marketing and operation strategies with the mission statement.

Managers should move beyond treating the mission statement as a management tool. Instead, it is a firm philosophy that reflects managers' words and deeds and exemplifies their philosophical ideals.

Despite three decades of research into the relationship between the mission statement and performance, the results have been mixed. Therefore, this study adopts a sensemaking approach to research the mission-performance relationship underpinned by the resource-based view (RBV) theory.

This study examines comprehensiveness and responsiveness of mission statements for the top 100 retailers on the 2020 National Retailers Federation list in order to (1) evaluate how effectively they communicate organizational identity, values and purpose, (2) underscore a distinctive commitment to stakeholders and (3) what extent these efforts are reflected in revised mission statements or addenda to meet global pandemic challenges.

The study employs a 4-question metric to measure comprehensiveness and a two-pronged qualitative method of analysis consisting of keyword searches followed by content analysis.

Retailer statements are considerably comprehensive in describing purpose and audience yet very few articulate stakeholder value, differentiate themselves as distinctive or substantively reaffirm their core mission and values. Retailers seem more invested in strategic communication around diversity, equity and inclusion, based on web content in their consumer, job seeker and investor touchpoints.

Coding and interpreting language through content analysis methods may introduce some level of subjectivity, particularly when dealing with unstructured data. Implications for how organizations acclimated in order to survive and thrive, while maintaining focus on stakeholders and strategy. Examining organizational mission statements and their contexts yields perspective into how organizations define themselves and what they do during times of crisis.

This study provides insights into the content, structure and functions of the statements against a specific comprehensiveness metric and reveals patterns about the texts and their contexts during a pandemic and strong cultural and societal movements.

This paper aims to offer a solution to the dilemma of board members using their personal values to drive decision-making and strategy. Board members are asked to discuss the collective values at the onset of strategy planning.

Six questions, developed over a 15-year period of working in the area of strategy and governance, unite research on values in organizations, and provide a guide for arriving at a set of agreed-upon values for decision-making.

Two examples from practice showcase how agreeing on values before beginning the strategy process has assisted boards with better decision-making.

The questions and process are meant to be a reflective tool for board members to consider when discussing values and decision-making rather than predicting behaviour or explaining outcomes. The process is most effective for boards whose culture supports a desire for improvement and therefore a willingness to experiment with new processes. The process can be enhanced by using an external facilitator having the ability to extrapolate meaning as the discussion unfolds.

This work empowers board members to be more effective in assessing strategic options and in communicating the inner logic and meaning of the strategy throughout the organization and to the external stakeholders.

Advocating that boards engage in focused discussion around values at the beginning of the strategic process improves decision-making and provides a litmus test for evaluating the strategic options. Agreeing on a set of values also makes board members more aware of the implications of each option in the long term.

Mission statements by themselves are of very little value. Some companies have good mission statements, but their management teams often lack a sense of purpose. In other companies, management teams have a clarity of vision and enthusiasm that is awe‐inspiring, without having a mission statement. Mission statements in and of themselves are not important — creating a management team with a sense of mission is crucial.