Long Range Planning最新文献

The Impact of Formal and Informal Institutions on Stock Market Reactions to Divestment Announcements: A Meta-Analysis 正式和非正式制度对股票市场对撤资公告反应的影响：一项元分析

IF 8.5 2区管理学

Long Range Planning Pub Date : 2026-04-21 DOI: 10.1016/j.lrp.2026.102640

Pratik Arte, Sami Vähämaa

{"title":"The Impact of Formal and Informal Institutions on Stock Market Reactions to Divestment Announcements: A Meta-Analysis","authors":"Pratik Arte, Sami Vähämaa","doi":"10.1016/j.lrp.2026.102640","DOIUrl":"https://doi.org/10.1016/j.lrp.2026.102640","url":null,"abstract":"This study examines how institutional factors and cultural characteristics influence stock market reactions to divestment announcements. Drawing upon agency and institutional theories, we posit that divestment announcements in countries with stronger shareholder protection generate higher positive returns than divestments in countries with weaker shareholder protection. Furthermore, we contend that stock market reactions to divestment announcements tend to be negative in countries with a long-term orientation culture or high levels of corruption. To test these hypotheses, we conduct a meta-analysis of 144 primary studies with 202 effect sizes and 90,449 firm-level observations. The results indicate that, in general, divestments result in a strong positive stock market reaction. Furthermore, our findings suggest a positive moderation effect of a stable regulatory environment on the relationship between stock market reactions to divestments. While stock market reactions to divestments are negative in countries with a long-term cultural orientation, they tend to be positive in environments with higher external corruption.","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":"33 1","pages":"102640"},"PeriodicalIF":8.5,"publicationDate":"2026-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147744075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How international physical presence and infrastructure differences moderate the link between digital internationalization and MNE performance 国际实体存在和基础设施差异如何调节数字国际化与跨国公司绩效之间的联系

IF 6.3 2区管理学

Long Range Planning Pub Date : 2026-04-01 Epub Date: 2026-02-06 DOI: 10.1016/j.lrp.2026.102619

Georgios Batsakis , Vasilis Theoharakis , Chengguang Li , Palitha Konara

{"title":"How international physical presence and infrastructure differences moderate the link between digital internationalization and MNE performance","authors":"Georgios Batsakis , Vasilis Theoharakis , Chengguang Li , Palitha Konara","doi":"10.1016/j.lrp.2026.102619","DOIUrl":"10.1016/j.lrp.2026.102619","url":null,"abstract":"<div><div>While prior work has predominantly studied the performance implications of multinational enterprise (MNE) physical internationalization, research on how MNEs perform when simultaneously coordinating international digital channels and physical presence remains scarce. This challenge is particularly acute in retail, where the strategic convergence of born-digital retailers expanding physically and traditional retailers going digital creates new cross-domain challenges. Nonetheless, the impact of international physical presence and differences in home country physical infrastructure relative to host countries on MNE performance remains unexplored. Drawing on the integration-responsiveness (IR) framework, we suggest that a non-linear, U-shaped pattern governs the relationship between digital internationalization and performance for these retail MNEs, because the costs of integration and responsiveness are dominant at lower levels of internationalization while their advantages become more pronounced with increased internationalization. Further, we argue that the digital internationalization and MNE performance relationship steepens (a) with a higher international physical presence and (b) for firms originating from home countries with superior physical infrastructure relative to their host countries. Utilizing an 11-year panel of some of the largest retail MNEs, our research contributes to international strategy literature by extending the IR framework to a multidomain digital and physical context, stressing the strategic importance of firm- and country-level physical resources and infrastructure in digital internationalization.</div></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":"59 2","pages":"Article 102619"},"PeriodicalIF":6.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146135453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

International production in the age of platform multinationals 跨国公司平台时代的国际生产

IF 6.3 2区管理学

Long Range Planning Pub Date : 2026-02-01 Epub Date: 2026-01-14 DOI: 10.1016/j.lrp.2026.102607

Alexey Bereznoy.

{"title":"International production in the age of platform multinationals","authors":"Alexey Bereznoy.","doi":"10.1016/j.lrp.2026.102607","DOIUrl":"10.1016/j.lrp.2026.102607","url":null,"abstract":"<div><div>The advancement of platform multinational enterprises (PMNEs) to the forefront of the world's largest business players has become one of the latest global economic trends. Adopting platform-based business models has not only radically transformed the operation of this new breed of MNEs but also challenged the foundations of the established theories of multinational enterprise. It is against this background that increasingly visible changes are taking place in the area of international production, which was traditionally seen as an inherent attribute of MNEs' activities. This paper aims to explore these changes arising from the platformization of multinational business. The work identified a number of the new characteristics that the rapid expansion of PMNEs conveys to the international production, including different mode of formation of the global production networks, specific governance mechanism based on orchestration of ecosystem participants and changing role of data in international production activities. The paper also highlights serious challenges that the complex intertwining of the new and traditional formats of international production generates for multinational incumbents in the context of their platformization. Given the current importance and fast-growing nature of PMNEs, it is suggested to extend the borders of the international production notion by including not only the traditional part controlled by classic MNEs through equity-based and non-equity instruments but also the new platform-based segment that covers production activities governed by global digital platforms.</div></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":"59 1","pages":"Article 102607"},"PeriodicalIF":6.3,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145977501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Lifelines and sinking ships: Investor reactions to asset retirements during industry transitions 生命线和沉船：投资者对行业转型期间资产退役的反应

IF 6.3 2区管理学

Long Range Planning Pub Date : 2026-02-01 Epub Date: 2026-01-09 DOI: 10.1016/j.lrp.2026.102605

Julianne Sellin , Todd Schifeling , Ram Mudambi

{"title":"Lifelines and sinking ships: Investor reactions to asset retirements during industry transitions","authors":"Julianne Sellin , Todd Schifeling , Ram Mudambi","doi":"10.1016/j.lrp.2026.102605","DOIUrl":"10.1016/j.lrp.2026.102605","url":null,"abstract":"<div><div>The decarbonization of carbon-intensive industries presents a critical challenge for firms and policymakers. While incumbent firms possess the resources and capabilities to lead these transitions, they frequently face economic and institutional barriers that delay adaptation. When incumbent firms attempt to reconfigure their core assets to respond to industry disruption, they often face pressure from financial markets to maintain their existing strategy. Prior research suggests that such pressures may mitigate over time as the need for adaptation becomes more accepted. However, less is known about how incumbents are variably exposed to these pressures and the underlying drivers of a shift in investor reactions. Building on research on incumbent adaptation and stakeholder management, we argue that technological commitment contributes to firm-specific exposure to inertial pressures, while convergence in economic interests and normative values helps to align adaptive organizations with investors. Greater levels of technological displacement and shareholder activism lead investors to react more favorably to retirements related to an incumbents’ core technology. On the other hand, investors favor more proactive retirements by incumbents with peripheral exposure to the technology. We find support for our arguments from an event study of decisions to retire coal generators by U.S. investor-owned electric utilities from 2008 to 2018. Our results contribute to understanding challenges with incumbent adaptation to industry disruption, as well as the urgent issue of climate change mitigation by highlighting how financial markets can shape the decarbonization trajectories of carbon-intensive incumbents.</div></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":"59 1","pages":"Article 102605"},"PeriodicalIF":6.3,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145956927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Bridging corporate purpose and strategic renewal: A review and future research agenda 衔接企业目标与战略更新：回顾与未来研究议程

IF 6.3 2区管理学

Long Range Planning Pub Date : 2026-02-01 Epub Date: 2025-11-24 DOI: 10.1016/j.lrp.2025.102591

Chiara Pantalena, Luca Manelli, Josip Kotlar, Federico Frattini

{"title":"Bridging corporate purpose and strategic renewal: A review and future research agenda","authors":"Chiara Pantalena, Luca Manelli, Josip Kotlar, Federico Frattini","doi":"10.1016/j.lrp.2025.102591","DOIUrl":"10.1016/j.lrp.2025.102591","url":null,"abstract":"<div><div>There is growing interest in the strategic role of corporate purpose in processes of strategic renewal, but existing research appears fragmented and offers mixed insights. Some evidence suggests that purpose-driven organizations might be more flexible in navigating change and better able to radically reinvent themselves. Other studies emphasize the path-dependent nature of corporate purpose, conceiving it as a conservative force leading to inertia. Despite the substantial endorsement of the connection between corporate purpose and strategic renewal by practitioners, research lags behind in fully understanding and explaining the role of corporate purpose in strategic renewal processes. This disconnect reflects a broader issue of limited knowledge cumulativity, as fragmented research streams have so far impeded the development of an integrated understanding of these phenomena. To address this issue, this study develops a systematic literature review to identify the links between corporate purpose and strategic renewal across diverse research streams. Building on this analysis, using a design-oriented approach, we organize a research agenda of the purpose-strategic renewal nexus, bridging different and sometimes divergent streams of literature and outlining opportunities to contribute to theoretical advancements across diverse theoretical traditions and empirical contexts. The proposed research agenda is organized around three main objectives: <em>testing and elaborating, contextualizing,</em> and <em>theorizing</em> the relationship between corporate purpose and strategic renewal.</div></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":"59 1","pages":"Article 102591"},"PeriodicalIF":6.3,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145592798","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Framing circularity in an AI ecosystem: Aligning purpose, strategy, and governance 在人工智能生态系统中构建循环：调整目标、战略和治理

IF 6.3 2区管理学

Long Range Planning Pub Date : 2026-02-01 Epub Date: 2025-12-08 DOI: 10.1016/j.lrp.2025.102601

Saeed Khanagha , Shaz Ansari , Saeedeh Ahmadi

{"title":"Framing circularity in an AI ecosystem: Aligning purpose, strategy, and governance","authors":"Saeed Khanagha , Shaz Ansari , Saeedeh Ahmadi","doi":"10.1016/j.lrp.2025.102601","DOIUrl":"10.1016/j.lrp.2025.102601","url":null,"abstract":"<div><div>This paper develops a conceptual framework to explain how alignment around circular economy goals is challenged and negotiated within a business ecosystem in which an AI orchestrator and decentralized yet interdependent actors co-create AI-based value. We argue that circularity in this context is not merely a technical or structural coordination problem but also an interpretive challenge. This challenge is shaped by the heterogeneity of interests among actors as well as the polysemous nature of AI technologies, which results in variation in how AI implications and circularity objectives are understood and prioritized. Building on ecosystem theory and framing research, we identify three interrelated tensions related to purpose, strategy, and governance. These tensions reflect underlying conflicts in meaning, responsibility, and control. We then theorize how contrasting frames interact and reinforce each other, and how reconciliatory framings emerge through new entrants and peripheral actors, as well as orchestrators who adjust or stabilize their own framing. This perspective advances understanding of circularity as a contested process and contributes to research on ecosystem governance and alignment. We show how framing processes shape coordination in the absence of hierarchical control.</div></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":"59 1","pages":"Article 102601"},"PeriodicalIF":6.3,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145705006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Institutional work of SMEs in coopetition: Developing competence diversity in a resource- scarce environment 合作中中小企业的制度工作：资源稀缺环境下能力多样性的发展

IF 6.3 2区管理学

Long Range Planning Pub Date : 2026-02-01 Epub Date: 2025-12-30 DOI: 10.1016/j.lrp.2025.102603

Kristin Sabel , Andreas Kallmuenzer , Johanna Gast , Wojciech Czakon

{"title":"Institutional work of SMEs in coopetition: Developing competence diversity in a resource- scarce environment","authors":"Kristin Sabel , Andreas Kallmuenzer , Johanna Gast , Wojciech Czakon","doi":"10.1016/j.lrp.2025.102603","DOIUrl":"10.1016/j.lrp.2025.102603","url":null,"abstract":"<div><div>While strategy research has extensively examined interfirm collaboration, the micro-foundations of coopetition – particularly how firms develop collaborative practices with competitors – remain underexplored. This study investigates how SMEs institutionalize coopetition, as a strategic response to resource constraints. We examine how SMEs have addressed the challenges of acquiring skilled workers in resource-scarce business environments. Drawing on Institutional Theory, our time-lagged study (2019–2024) of manufacturing and tourism SMEs reveals how strategic adaptation through coopetition enhances firms’ competence diversity. We used a qualitative methodology and conducted 40 semi-structured interviews with Swedish SME owners/CEOs, in two equal waves in 2019 and 2024, with a majority of the firms being the same. By approaching tourism and manufacturing industry networks in Southern and Northern Sweden, and applying Snowball Sampling Methods, we have accessed a maximum heterogeneity sample. We applied a qualitative comparative perspective and analyzed the data using a Gioia-inspired approach through NVivo. Initial data collected in 2019 identified emergent, informal competence-sharing arrangements driven by resource constraints typical of SMEs. By 2024, we observed a substantial, institutionalized shift toward deliberate coopetition strategies, driving SMEs to improve competence diversity. The COVID–19 pandemic served as an exogenous shock that catalyzed the institutional work, compelling firms to develop novel approaches to skilled workers acquisition and retention through coopetition. This research contributes to strategy research by illuminating how resource-constrained ventures develop and institutionalize innovative strategies through coopetition, demonstrating that strategic adaptation to environmental jolts can transform ad hoc practices into strategic capabilities.</div></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":"59 1","pages":"Article 102603"},"PeriodicalIF":6.3,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145880867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Approaching environmentalism for high ESG ratings: Evidence from dynamic multi-signal interpretation 接近环境保护主义的高ESG评级：来自动态多信号解释的证据

IF 6.3 2区管理学

Long Range Planning Pub Date : 2026-02-01 Epub Date: 2026-01-14 DOI: 10.1016/j.lrp.2026.102608

Jieyu Wang , Taiwen Feng

{"title":"Approaching environmentalism for high ESG ratings: Evidence from dynamic multi-signal interpretation","authors":"Jieyu Wang , Taiwen Feng","doi":"10.1016/j.lrp.2026.102608","DOIUrl":"10.1016/j.lrp.2026.102608","url":null,"abstract":"<div><div>Research on environmentalism signalling overlooks the complexity within a single strategy dimension and is particularly silent on delineating the dynamics of multi-signal interpretation. This article bridges these gaps by conceptualizing ESG ratings as the result of comprehensive interpretation of firms’ multifold environmental signals and providing a dynamic picture of how multi-signalling unfolds. We adopt a time-series configurational approach to reveal different equifinal signal configurations associated with high ESG ratings across 9 observed consecutive years. Our findings indicate that configurations driving high ESG ratings across periods are not identical, which may involve the co-evolution of institutional logics embedded in signalling environment and strategic choices for environmental signals. We then develop a multi-case analysis to disentangle the underlying logics of multi-signal interpretation. This study adds to the research on the multifaceted nature and dynamics of signal perception by discussing the role of adaptative and exaptative signals and highlighting that the perception is subject to signalling environment.</div></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":"59 1","pages":"Article 102608"},"PeriodicalIF":6.3,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145995240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The strategic interplay of market orientation and digital transformation: Empirical insights from textual analysis 市场导向与数字化转型的战略互动：来自文本分析的实证见解

IF 6.3 2区管理学

Long Range Planning Pub Date : 2026-02-01 Epub Date: 2026-01-02 DOI: 10.1016/j.lrp.2026.102604

Ming Pang , Chunhui Huo , Xiaorui Wang , Tariq H. Malik

{"title":"The strategic interplay of market orientation and digital transformation: Empirical insights from textual analysis","authors":"Ming Pang , Chunhui Huo , Xiaorui Wang , Tariq H. Malik","doi":"10.1016/j.lrp.2026.102604","DOIUrl":"10.1016/j.lrp.2026.102604","url":null,"abstract":"<div><div>Digital technology is revolutionizing the business landscape, compelling firms to embrace digital transformation (DT). As customer preferences evolve and competition intensifies in this digital age, the significance of market orientation (MO) becomes increasingly apparent. Within the framework of dynamic capabilities, our study operationalizes MO as the embodiment of a firm’s sensing and seizing capabilities, while DT corresponds to transformation capabilities. We explore the relationship between MO and DT through textual analysis approach. Utilizing panel data from Chinese listed companies for the years 2011–2022 and employing a fixed-effects model, our analysis demonstrates that MO positively influences DT. This positive association remains accepted across a series of robust tests. Furthermore, our findings suggest that research and development (R&D) investment positively strengthens this relationship. Non-state-owned enterprises and high-tech companies, in particular, exhibit a stronger effect. This study contributes to the broader understanding of how the interplay between MO and DT is instrumental in navigating the current dynamic business environment.</div></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":"59 1","pages":"Article 102604"},"PeriodicalIF":6.3,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145893938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Follow the Tide? Firms’ exploration and spatial competition in the product space 随大流？：企业在产品空间的探索与空间竞争

IF 6.3 2区管理学

Long Range Planning Pub Date : 2026-02-01 Epub Date: 2025-12-14 DOI: 10.1016/j.lrp.2025.102602

Prakash Raj Paudel , Pengfei Wang

{"title":"Follow the Tide? Firms’ exploration and spatial competition in the product space","authors":"Prakash Raj Paudel , Pengfei Wang","doi":"10.1016/j.lrp.2025.102602","DOIUrl":"10.1016/j.lrp.2025.102602","url":null,"abstract":"<div><div>How do firms respond to their competitors' exploration? Prior literature has mostly drawn on vicarious learning to argue that firms will simply follow their competitors to explore. While plausible, however, it overlooks the directions toward which competitors pursue relative to focal firms. Because exploration is defined from the viewpoint of a given firm, competitors' exploration is not necessarily considered exploratory by the focal firm. Emphasizing the spatial competition perspective, we maintain that competitors may explore away from <em>or</em> closer towards a firm's position, which can largely shape the effect of competitors' exploration on its own exploration. By analyzing the product market repositioning of U.S. firms from 1997 to 2017, we find evidence supporting spatial competition. Competitors' exploration is more likely to drive a firm to explore when these competitors converge towards its market position (i.e., <em>competitive convergence</em>). We also find that firms engage in more exploration when competitors' exploration is accompanied by greater <em>competitor churn</em>. These findings extend understanding of how firms strategize their exploration and handle spatial competition in the product space.</div></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":"59 1","pages":"Article 102602"},"PeriodicalIF":6.3,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145760360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0