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The Varying Returns to Diversification Along the Value Chain 价值链多元化的不同回报
IF 3.9
Strategy Science Pub Date : 2022-07-20 DOI: 10.1287/stsc.2022.0171
Ekaterina V. Karniouchina, Stephen J. Carson, W. L. Moore, Kumar R. Sarangee, Can Uslay
{"title":"The Varying Returns to Diversification Along the Value Chain","authors":"Ekaterina V. Karniouchina, Stephen J. Carson, W. L. Moore, Kumar R. Sarangee, Can Uslay","doi":"10.1287/stsc.2022.0171","DOIUrl":"https://doi.org/10.1287/stsc.2022.0171","url":null,"abstract":"This study examines whether the benefits of diversification vary across different value chain activities. The returns to diversification in product development and distribution activities are analyzed using a framework grounded in the intraindustry diversification literature and the resource-based view (RBV) of the firm. The study uses data from cocreation arrangements in the motion picture industry in which value chain activities are nearly decomposable—that is, split across producers and distributors—as a natural field study. Results based on 779 movies linked to 57 different production studios and distributed via 30 unaffiliated distributors or vertically integrated distribution branches show that greater focus in film production has a positive effect on profitability, whereas the level of focus/diversification in distribution is unrelated to profitability. This result holds regardless of whether the two functions are carried out within an integrated organization or across independent firms. Moreover, there is significant heterogeneity in the extent to which production studios benefit from increased focus which is tied to the composition of their product portfolios.","PeriodicalId":45295,"journal":{"name":"Strategy Science","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48792841","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Pankaj Ghemawat’s Commitment and the New Stakeholder Theory Pankaj Ghemawat的承诺与新利益相关者理论
IF 3.9
Strategy Science Pub Date : 2022-06-01 DOI: 10.1287/stsc.2022.0161
A. McGahan
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引用次数: 1
Boards of Directors and Corporate Strategy: Some Reflections on Pankaj Ghemawat’s Contributions 董事会与企业战略：对潘卡伊·盖玛瓦特贡献的几点思考
IF 3.9
Strategy Science Pub Date : 2022-06-01 DOI: 10.1287/stsc.2022.0165
Jordi Canals
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引用次数: 1
Commitment and Competitive Advantage in a Digital World 数字世界中的承诺与竞争优势
IF 3.9
Strategy Science Pub Date : 2022-06-01 DOI: 10.1287/stsc.2022.0164
B. Cassiman, J. Ricart, G. Valentini
{"title":"Commitment and Competitive Advantage in a Digital World","authors":"B. Cassiman, J. Ricart, G. Valentini","doi":"10.1287/stsc.2022.0164","DOIUrl":"https://doi.org/10.1287/stsc.2022.0164","url":null,"abstract":"","PeriodicalId":45295,"journal":{"name":"Strategy Science","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43713296","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Pankaj Ghemawat’s Commitment and the Job of the Strategist Pankaj Ghemawat的承诺和战略家的工作
IF 3.9
Strategy Science Pub Date : 2022-06-01 DOI: 10.1287/stsc.2022.0168
Giovanni Gavetti, J. Porac
{"title":"Pankaj Ghemawat’s Commitment and the Job of the Strategist","authors":"Giovanni Gavetti, J. Porac","doi":"10.1287/stsc.2022.0168","DOIUrl":"https://doi.org/10.1287/stsc.2022.0168","url":null,"abstract":"","PeriodicalId":45295,"journal":{"name":"Strategy Science","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49273934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Strategy Through a Ghemawat Lens: Honoring and Building on the Contributions of Pankaj Ghemawat Ghemawat视角下的战略：尊重和巩固Pankaj Ghemawat的贡献
IF 3.9
Strategy Science Pub Date : 2022-06-01 DOI: 10.1287/stsc.2022.0166
B. Cassiman, Tarun Khanna, Daniel A. Levinthal
{"title":"Strategy Through a Ghemawat Lens: Honoring and Building on the Contributions of Pankaj Ghemawat","authors":"B. Cassiman, Tarun Khanna, Daniel A. Levinthal","doi":"10.1287/stsc.2022.0166","DOIUrl":"https://doi.org/10.1287/stsc.2022.0166","url":null,"abstract":"","PeriodicalId":45295,"journal":{"name":"Strategy Science","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49525989","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Investors Meet Dynamic Strategy 投资者满足动态策略
IF 3.9
Strategy Science Pub Date : 2022-06-01 DOI: 10.1287/stsc.2022.0163
R. Morck, B. Yeung, Luoxing Zhang
{"title":"Investors Meet Dynamic Strategy","authors":"R. Morck, B. Yeung, Luoxing Zhang","doi":"10.1287/stsc.2022.0163","DOIUrl":"https://doi.org/10.1287/stsc.2022.0163","url":null,"abstract":"Professor Ghemawat argues that commitment is key to gaining a competitive advantage, but can leave a firm vulnerable to rapid and disruptive changes. He and other leading strategy scholars explore the intricacies of developing and sustaining a dynamic competitive advantage. Yet, economists argues that most firms eventually fail to maintain competitiveness. Functionally efficient financial markets, by capitalizing innovative entrants and culling uncompetitive firms, sustain economy-level prosperity. Ghemawat (1991) highlights this tension: firm-level competitiveness can give investors high returns for years, while returns regress towards the mean. Applying this insight to well-documented historical episodes of rapid innovation in various industries, we show that leading U.S. firms in 1920s acquired durable competitive advantages, as did many in the 1960s, but that later entrants often felled early leaders in the 1990s IT boom, consistent with intensified creative destruction. Still, even these shorter-term winners paid well above average cumulative returns. Strategy research that could predict the durability of leading firms’ competitive advantages through an era of rapid innovation would have tremendous value to practitioners in finance.","PeriodicalId":45295,"journal":{"name":"Strategy Science","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43777119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Local Value Chains in European MNEs 欧洲跨国公司的本地价值链
IF 3.9
Strategy Science Pub Date : 2022-06-01 DOI: 10.1287/stsc.2022.0167
Catherine Thomas
{"title":"Local Value Chains in European MNEs","authors":"Catherine Thomas","doi":"10.1287/stsc.2022.0167","DOIUrl":"https://doi.org/10.1287/stsc.2022.0167","url":null,"abstract":"Ghemawat’s work in international business strategy demonstrates that Multinational Enterprises (MNEs) create value both by overcoming and by exploiting the price differences that exist at country borders. This paper evaluates the investment strategies of MNEs with subsidiaries in the 10 Central and Eastern Europe countries (CEEs) that had joined the European Union by 2007 through the lens of this insight. The data show that subsidiaries’ activities vary with the parent MNE’s home location. The CEE subsidiaries of Western European MNEs are more likely to be producing output that can be traded across country borders, particularly when their output differs from the main product of their parent company. The findings suggest Western European MNEs tend to invest in CEE countries to fragment value chains across the region, exploiting factor cost arbitrage opportunity in a semiglobalized world.","PeriodicalId":45295,"journal":{"name":"Strategy Science","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47488469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
When Does a CEO’s Risk Propensity Drive Exploration in Product Development? CEO的风险倾向何时驱动产品开发中的探索?
IF 3.9
Strategy Science Pub Date : 2022-04-21 DOI: 10.1287/stsc.2022.0160
Dovev Lavie, P. Klarner
{"title":"When Does a CEO’s Risk Propensity Drive Exploration in Product Development?","authors":"Dovev Lavie, P. Klarner","doi":"10.1287/stsc.2022.0160","DOIUrl":"https://doi.org/10.1287/stsc.2022.0160","url":null,"abstract":"We advance research on the managerial antecedents of exploration by studying personal, organizational, and environmental conditions under which a CEO’s risk propensity shapes a firm’s tendency to explore in product development. Our panel data analysis of 219 firms in the prepackaged software industry reveals that, when a CEO is risk-prone, the CEO’s ability to drive exploration increases with the CEO’s power in the firm, which manifests in tenure, duality, and insider origin. Counter to expectations, however, the firm’s accumulated exploration experience does not reinforce, but rather attenuates the effect of the CEO’s risk propensity on exploration. We attribute this to firms’ quest for balance between exploration and exploitation and the need to counter the CEO’s risk propensity when exploration becomes excessive. Finally, we find that competitive pressure in the firm’s product market reinforces the ability of a CEO who is more risk-prone to garner support for further exploration. Our study advances a dynamic perspective that relates the heterogeneity in firms’ exploration tendencies to the behavioral inclinations of their CEOs.","PeriodicalId":45295,"journal":{"name":"Strategy Science","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48129040","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Disaggregating Multinationality: An Empirical Examination of Aggregation, Adaptation, and Arbitrage Activities by U.S. Multinational Corporations 分解多国性:美国跨国公司聚集、适应和套利活动的实证研究
IF 3.9
Strategy Science Pub Date : 2022-04-14 DOI: 10.1287/stsc.2022.0158
Heather Berry, A. Kaul
{"title":"Disaggregating Multinationality: An Empirical Examination of Aggregation, Adaptation, and Arbitrage Activities by U.S. Multinational Corporations","authors":"Heather Berry, A. Kaul","doi":"10.1287/stsc.2022.0158","DOIUrl":"https://doi.org/10.1287/stsc.2022.0158","url":null,"abstract":"Using Ghemawat’s AAA framework, we distinguish between different types of activities—aggregation, adaptation, and arbitrage—that firms can pursue when operating abroad and empirically examine the distribution and combinations of these activities by U.S. multinationals. Taking a question-based approach, we develop empirical measures of these activities and then examine their prevalence, their correlates, their association with firm performance, and differences across industries in the population of U.S. multinational corporations (MNCs) from 1989 to 2014. Though only a small proportion of U.S. MNCs actively pursue aggregation, adaptation, and arbitrage together, our results show that this combination is most strongly associated with firm performance, especially in industries with high technological intensity. Overall, our study highlights the need to take the heterogeneity of activities MNCs pursue into account when examining multinationality while also providing one of the first large-scale quantitative examinations of the different combinations of Ghemawat’s three approaches to global value creation.","PeriodicalId":45295,"journal":{"name":"Strategy Science","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44122280","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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