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The purpose of this paper is to empirically investigate the relationship patterns between competitive advantage and superior performance.

This study empirically investigates the aforementioned relationship patterns using a cross-sectional, self-administered survey methodology.

The results indicate that there are four relationship patterns between competitive advantage and superior performance. In addition, this study provides empirical evidence of the reasons, underpinning the relationship pattern of competitive advantage without superior performance as well as the relationship pattern of superior performance without competitive advantage.

This study contributes to our knowledge that competitive advantage is neither a necessary nor a sufficient condition for superior performance.

In finding support that there can be cases of underperformance despite competitive advantage and superior performance despite the absence of competitive advantage, the study’s findings are useful to practicing managers involved in the strategic management process of their firms.

This study fills an important gap in the empirical research, by responding to the literature call to test the possible relationship patterns between competitive advantage and superior performance. In addition, this study formally introduces the relationship pattern of competitive advantage without superior performance, and the relationship pattern of superior performance without competitive advantage that until now were largely ignored by the existing literature in the field of strategic management.

Purpose – This chapter seeks to examine the relationship between three strategic decision-making processes (SDMPs) and international performance of small- and medium-sized enterprises (SMEs).

Methodology/approach – Drawing on a sample of 528 SMEs based in four countries (United States, United Kingdom, Greece and Cyprus), the chapter explores the relationship between formalisation, (hierarchical) decentralisation, lateral communication and international performance. The chapter also investigates the moderating effects of dynamism on the aforementioned relationship.

Findings – Results indicate that formalisation and decentralisation have a positive effect on international performance; whereas lateral communication has no effect. Some evidence exists to support the moderating role of dynamism on the process–international performance link in that decentralisation produces positive effects in stable settings whereas lateral communication produces positive effects in dynamic ones.

Research limitations/implications – This chapter focuses on three SDMP dimensions and one characteristic of the external environment. Future studies are also needed to replicate the findings reported here in other national settings. Also, future studies should consider additional variables.

Practical implications – International performance of the SME can be influenced by how managers are involved in their SDMPs.

Social implications – Given the high role that SMEs have in modern economies for employment and growth, we identify SDMPs that are conducive to their international performance.

Originality/value – This study lies at the intersection of two streams of two complementary streams of research: strategic decision-making and international entrepreneurship. It is one of the first attempts to involve the SDMP stream of research in internationalisation.

During the 1990s we have seen an unprecedented wave of mergers and acquisitions (M&As). Despite managerial over‐optimism, research consistently showed that 50‐75 percent of M&As fail to live up to expectations. The article, drawing from both academic evidence and accumulated experience of companies that seem to have mastered the game of M&As, aims to offer managers and understandable and practical set of tips on what to seek and what to avoid when making such major strategic moves.

The article draws from relevant research evidence.

Although there is no “one size fits all” solution to the effective management of M&As, past research has offered us an extensive body of knowledge. The article draws attention not only to mistakes that take place after the merger, but also to mistakes that usually take place before the merger. It seems that in many cases the seeds of an unsuccessful merger have been sown well before the deal is signed.

The article presents a series of questions managers should honestly answer themselves in order to avoid these mistakes.

Finally, the article ends with an optimistic view. In future more successful M&As will be seen, due to both the nature of current deals, as well as to the active involvement in the process by boards of directors and other stakeholders.

The purpose of this paper is to enhance the knowledge of the antecedents of political behaviour. Whereas political behaviour in strategic decision-making (SDM) has received sustained interest in the literature, empirical examination of its antecedents has been meagre.

The authors conducted a constructive replication to examine the impact of three layers of context, namely, decision, firm and environment, on political behaviour. In Study 1, Greece, we gathered data on 143 strategic decisions, while in Study 2, Egypt, we collected data on 169 strategic decisions.

The evidence suggests that both decision-specific and firm factors act as antecedents to political behaviour, while environmental factors do not.

The findings support enhanced practitioner education regarding political behaviour and provide practitioners with a place from which to start by identifying the factors which might influence the occurrence of political behaviour in SDM.

The paper fills important gaps in the existing research on the influence of context on political behaviour and delineates interesting areas for further research.

Seeks to investigate the extent to which CEOs shape the process of making strategic decisions (SDs). Despite the significant research interest in this topic, knowledge is still incomplete.

Using evidence from a sample of 107 SDs, studied in Greece, the present paper explores the influence of CEO personality and demographic characteristics on the process of making SDs. A number of environmental and internal organisational variables are used as control variables measuring the broader context.

The results suggest that the broader context is on average more influential than the CEO. However, the CEO's demographic characteristics appear to influence several process characteristics (i.e. rationality, hierarchical decentralisation and politicisation). CEO personality characteristics do not appear to have any significant influence on the process.

This paper focuses on only a few personality and demographic characteristics. The use of a different set of CEO characteristics (e.g. functional specialisation, etc.) as well as the characteristics of the top management team is more than welcome. More empirical studies are needed to replicate and extend this study by examining variables not included here.

Conventional wisdom as well as recent empirical evidence holds that the management style of Greek companies tends to be rather centralised, and dominated by one powerful individual. The results contradict this belief. It seems that in order to survive and achieve long‐term viability, Greek companies were forced to introduce changes in their management style, including a more team‐based style of decision making. In such a context, personality characteristics of the CEO or any other single influential player may not decisively affect the SD process.

Few studies have examined empirically the influence of such a combination of factors on strategic decision processes.

The main aim of this chapter is to review the use of accounting-based measures of merger and acquisition (M&A) performance. To do so, we conducted a keyword search in 28 leading management journals and one edited book (i.e., Advances in Mergers & Acquisitions). To complement our review, we draw on very recent literature reviews of M&As (e.g., Haleblian, J., Devers, C. E., McNamara, G., Carpenter, M. A., & Davison, R. B. (2009). Taking stock of what we know about mergers and acquisitions: A review and research agenda. Journal of Management, 35(3), 469–502; Kolev, Haleblian, & McNamara, 2012; Meglio, 2009). Results indicate that accounting-based measures of performance have been used in 36 studies. Also, in these studies, there exists much heterogeneity with respect to the operationalization of M&A performance, the time lag, and the level of analysis. Next, the chapter proceeds with the discussion of the advantages and disadvantages of accounting measures and the proposition of four substantive priorities for future research in the area.

To investigate what actually influences a merger and acquisitions (M&As) successful implementation. Despite the significant research interest in this topic our knowledge is still incomplete.

Our approach differs from traditional research efforts in the field. First, it explores the influence of a range of factors including external corporate environment, company characteristics, communication program and the characteristics of the M&A itself. Second, it is based on a comparatively large sample of 72 in‐depth studied M&As which took place in Greece.

Results indicate that the existence of a communication program is among the most influential factors in the successful implementation of an M&A. Other determining factors are aspects of the external corporate environment, the formalization of the decision‐making process and the consequentiality of the M&A.

More empirical studies are needed to replicate and extend our study by examining variables not included here. Moreover, it would be particularly interesting to conduct similar studies in other countries, where the M&A practice is still young (i.e. newly accepted EU countries).

Results show that the appropriate communications strategy is the area that can significantly improve the odds of success in post‐merger integration. In addition, our findings might be of importance to newly accepted EU member countries as they are likely to attract a wave of M&As in the coming years.

The paper explores a range of factors and investigates their effect on the successful implementation of M&As. Few studies have empirically examined such a combination of factors on M&A success using a relatively large sample of acquisitions.