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Although scholars in strategic management have identified innovating and exit as firms’ two sequential strategic responses to long-run crisis, the potential interdependency has yet remained implicit. Specifically, in the context of Chinese Privately Owned Enterprises (POEs), this study investigates the interrelationship of these two strategic responses during long-run crisis. Building on resource redeployment perspective, the authors propose that firms tend to simultaneously leverage innovating and exit responses.

The authors use the data from the 2010 Chinese POEs survey to verify how firms in the long-term crisis made strategic responses after the 2008 financial crisis. Besides, the authors utilize Probit regressions as the basic analysis and further employ bivariate Probit regressions to conduct robustness tests.

This study provides empirical evidence confirming that firms in the long-run period of the crisis tend to adopt both exit and innovating strategies at the same time, that is, the strategy of resource redeployment. Moreover, this study further finds that government subsidies, the degree of marketization and firm’s organizational capability could all accentuate the decision-making of firms’ resource redeployment.

The authors thus contribute to the study of strategic responses to crisis in strategic management by dynamically find out the interdependency of two responses and enrich the research on resource redeployment perspective by identifying three influential positive antecedents, adding to the ongoing investigation on positive drivers of resource redeployment.

The acquisition of knowledge through mergers and acquisition (M&A) may not create value—usually because the knowledge may not be transferred, or transferred but not integrated. The purpose of this paper to develop and test a theoretical model of knowledge and performance in the M&A process.

Theory, model and case analysis.

The literature review led us to distinguish between three main categories of knowledge along the different stages of the M&A process: acquired knowledge in the pre-merger stage; and transferred knowledge and integrated knowledge in the post-merger stage. The application of the model is illustrated in a case study of technology M&A, which includes data collected from annual reports before and after the merger.

The model recommends acknowledging the differences between the acquired knowledge, transferred knowledge and integrated knowledge when examining the relationship between knowledge and performance in M&As. In addition, the model suggests considering several factors that influence future knowledge integration in the pre-merger stage. Ignoring the three categories and the factors may be the reason for the reports of previous studied stating that the acquisition of knowledge-based resources is associated with negative announcement returns to the acquiring firm.

The paper presents new procedures to measure knowledge, collecting data on R&D employees by using annual reports. In addition, the paper suggests adding “in-process R&D” as an “Acquired Knowledge” measure.

This paper aims to demonstrate how franchising firms can manage system expansion by weathering the economic effects of a location (i.e. country-level economic cycles) by shifting their resources.

The authors use a comprehensive database of 151 US hybrid franchising organizations, including observations for the years between 2001 and 2008. Data analysis is conducted with count model panel data with a Poisson distribution.

The model reveals a curvilinear U-shaped relationship between location (i.e. economic cycles) and franchising expansion.

This study contributes to competitiveness literature by showing how franchising firms respond to changing local conditions.

The purpose of this paper is to examine operational-level implementation issues regarding mergers and acquisitions (M&As) in general, and resource combination and integration at the functional marketing level in particular.

The paper introduces four factors (i.e. collaboration, interaction, marketing synergy, and the realignment of marketing resources) that support successful M&A marketing integration and enhance overall M&A performance.

The results indicate that marketing synergy and the realignment of marketing resources contribute significantly to the extent of integration. At the same time, the authors find a significant but negative relationship between the interaction dimension and the speed of integration.

The cultural integration of firms that feature different management styles and organizational cultures has been recognized as a particularly challenging aspect of cross-border M&As. This study explains factors that contribute to effective marketing integration in M&As.

The paper explores the impact of mergers and acquisitions (M&As) on technological performance. We posit that the post‐acquisition technological performance is positively related to the technological combination potential of the merging firms and to their ability to realize this potential. In turn, the combination potential depends on M&As motives aimed at complementing firms’ technological resources, whereas firms’ ability to realize their potential is significantly influenced by their prior experience in M&As and technology integration.

The study aims to develop theoretical understanding about how family-run businesses navigate unexpected and highly disruptive events by examining how family-based resilience capacity is variously transformed into an organizational capability.

The study relies on a qualitative comparative case study design to explore how Croatian family-run businesses navigated market and operational disruptions brought on by the global coronavirus (COVID-19) pandemic. Drawing on semi-structured interviews and organizational data, this study compares how family-run businesses operating in different industries experienced and coped with disruptions. Using inductive qualitative coding methods, patterns across codes were identified and aggregated into dimensions that describe two broad approaches for leveraging family social capital in the enactment of organizational resilience.

The analysis shows that family-run businesses may employ family social capital in retrospective and prospective ways. A retrospective approach involves targeted and conservative uses of family social capital, wherein the aim is to maintain organizational functioning and return to “business as usual”. In contrast, a prospective approach employs these resources in a more strategic and flexible way to adapt to a “new” future. While both approaches can enable firms to successfully navigate crises, these approaches differ in terms of their temporal orientation and implications for marketing flexibility.

The study contributes to a better understanding of how family social capital can be differentially leveraged in times of crises, and how these differences may stem from having temporal orientations that focus on either preserving the past or adapting to new conditions. The study advances theorizing at the intersection of organizational resilience and family business by deepening understanding of the heterogeneity of ways in which family businesses manage change for long-term business continuity. For owners and managers of family-run business, the study provides insights into how unexpected disruptions can be managed and how businesses might respond to fast-changing market conditions.

This paper seeks to analyze the applicability of the time‐tested margin of safety principle from value investing to corporate strategy.

The main source of this paper is the book Margin of Safety, supplementation materials, including a discussion with the book's author, Seth Klarman, were also referenced.

The paper finds that the margin of safety principle is broadly applicable to corporate strategy in areas such as M&A, hedging, balance sheet management, share buybacks, special dividends, divestments, and cash management. Each of these areas is discussed in the paper and illustrated by way of timely examples as part of the analysis.

Further research could be conducted into valuation methods in general, including the method practiced by noted value investors. Research could also be conducted into the margin of safety principle and its applications in corporate strategy, corporate finance, strategic risk management, shareholder communications, and operations management.

This is the first paper that the author is aware of that analyzes the applicability of the investment‐based margin of safety principle to corporate strategy and strategy‐related initiatives.

Adopting aspects of the resource-based perspective and interorganizational relational dynamics, this paper examines the notion of resource transformation in the reconstitution of broken interorganizational relationships.

Following a qualitative approach, the research involved four in-depth case studies of buyer–supplier relationships among 12 Scandinavian manufacturing firms.

The results suggest that reconstituting broken interorganizational relationships, whether overlooked or underutilized, can pose important consequences for resource transformations. To adapt in dynamic environments, firms use resources in new combinations, and various relationship-specific resources may be difficult, if not impossible, to transform independent of the reconstitution process. Such resource transformations can occur when competencies in reconstituting interorganizational relationships are combined to synthesize novel resources or recombined with other resources. Four identified types of resource transformations in reconstitution processes – in production facilities, products, human know-how and coordination of interorganizational collaboration – can occur in each firm and/or in the interorganizational relationship.

Although the explorative multiple-case study approach afforded novel insights, the findings have no representative or generalizable implications in any positivist sense and thus warrant careful interpretation. Nevertheless, they make important contributions to the literature and illuminate promising avenues for future research, which should involve additional data collection and quantitative studies.

As firms reconstitute broken interorganizational relationships, the transformation of their resources can provide new, expected resources capable of generating substantial benefits.

This paper fills an identified gap in research regarding how reconstituting broken interorganizational relationships influence the transformation of resources. The paper provides new conceptual and empirical insights as well as makes several contributions to the literature on the topic.

The paper aims at providing a contemporary analysis of Russia's developing retail sector. Of special interest is the internationalization of this market through cross‐border mergers and acquisitions (M&A). This is done by identifying major trends in this sector and providing projections concerning forthcoming acquisition activity.

The paper builds primarily on second‐hand data. In addition to the analysis of macro‐economic indicators, the paper also provides three case‐based analyses of leading firms in the Russian market.

Previous research has shown that the retail industry is gradually saturating and further growth is sought through acquisitions and expanding into emerging markets. As the findings shows, Russia's two largest cities represent basically the driver of the economy, and constitute the platform for the growth of modern retail concepts. The Russian retail sector is currently experiencing gradual internal restructuring, and leading retailers have started to carry out domestic acquisitions and become listed in the stock exchanges. Furthermore, cross‐border M&A statistics show that Central and Eastern European (CEE) countries have been attractive targets for cross‐border M&A, while Russia is still following behind.

The paper presents recent data and related insights for global retailers planning expansion to the Russian market. Findings suggest that it will take approximately 3‐5 years until the market is developed enough for the global retail business.

The paper is a seminal study of Russia's retail sector and related M&A prospects, and can be considered a valuable platform for further empirical research in this field.

To cope with the existing pandemic situation and to be organizationally responsive, firms need to be strategically flexible, where they need to develop dynamic capabilities (DCs) by continuously reconfiguring their resource base. To address such challenges, firms heavily rely on information and communication technologies (ICT) because of advancement in disruptive technologies. This study aims to explore techniques used by higher education institutional (HEI) leaders to successfully address challenges posed by global disruption, i.e. COVID-19 with the help of advanced ICT software such as Zoom, Google Meet and Microsoft Teams.

A qualitative approach was adopted to explore strategic factors such as strategic flexibility (SF) and DC that disclose shortcomings in the current extant literature. A total of 15 interviews were conducted with heads of departments of HEIs in the United Arab Emirates. Data were analyzed using NVivo software.

The findings suggested three dimensions of SF (resources, operational and collaborative) and four dimensions of DC (strategic planning, innovative, adaptability and technological) for firms to adopt to be strategically flexible, where DC serves as building blocks of SF.

This research provides a framework as an avenue for future researchers and practitioners on how to strategically manage their resources and be strategically flexible in turbulent environment such as pandemics. Theory-based investigations on strategic capabilities and DC from resource-based perspective are still under-researched, emphasizing the need for theoretically based research on strategic responsiveness, especially during the times of environmental complexities such as COVID-19 pandemics. This research enriches strategic management research by exploring the important antecedents of organizational responsiveness, including SF and DC together with the support of human factor, i.e. leadership qualities of HEIs managers. This study, to the best of the authors’ knowledge, is among the first to systematically explore main dimensions of DC and SF based on the resource-based theory of strategic management in the Middle Eastern context.