摘要:

AbstractMuch theory and research that apparently seeks to explain why firms differ actually addresses the question of why successful firms differ. This article explains why the two questions are different and explores some of the implications of this difference for the field of strategic management. A wide variety of organizational and economic theories are reviewed in this context, including contingency theory, resource dependence theory, process models, dispositional models, transaction cost economics, organizational ecology and institutional theory. Further discussion considers why heterogeneity persists at the firm level when it becomes apparent that only certain types of firms will succeed.

ISSN:0143-2095    

DOI:10.1002/smj.4250140402

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractThis study examines the nature of post‐transaction restructuring activities for 32 large U.S. corporations that underwent management buyouts between 1983–89. This study (i) provides evidence on the extent and type of divestment and acquisition activities under private ownership; (ii) documents the outcomes associated with MBOs and the longevity of the buyout organization; and (iii) investigates the claim that buyouts are primarily mechanisms for breaking up public corporations and selling the pieces to related acquirers. The balance of the evidence indicates that restoring strategic focus is an essential function of the buyout for these large firms. However, the evidence also indicates that the buyout organization does continue to operate significant parts of the prebuyout firm. By far the majority of firms continue to meet their debt obligations satisfactorily during the buyout phase. Finally, the evidence indicates that asset sales to related acquirers derive more from efficiency considerations than market po

ISSN:0143-2095    

DOI:10.1002/smj.4250140403

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractThis paper advances a theoretical rationale to explain Bowman's paradox (1980) that firms with high returns can have low risk. Here we draw on the rich body of international management research and argue that global market diversification, which provides firms with three distinct options and opportunities over domestic firms, can explain the high return‐low risk profile. We also argue that no strong theoretical rationale exists in support of either related or unrelated product diversification generating such a favorable risk‐return profile. By integrating both the product and the global market dimension of diversification into our analyses and by controlling for the industry effect, this paper sheds new light on the relationship between corporate diversification and the risk‐return tradeoff. The results of this research, which are based on the diversification experiences of 125 multinationals, reveal the strikingly important, though so far overlooked, role that global market diversification plays in the joint management of corporate risk and return. Global market diversification here reflects both the multiplicity of international market areas in which a firm operates and the distribution pattern of a firm's industries across these multiple

ISSN:0143-2095    

DOI:10.1002/smj.4250140404

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractThis study investigated the relationship between perception of environmental uncertainty (PEU) and environmental scanning behavior of Chief Executive Officers of 47 manufacturing firms in Nigeria. The results indicated that perceived uncertainty in the environment was significantly higher for the task environment sectors than for the remote environment sectors; and as perceived uncertainty increased in a sector of the environment, scanning frequency and scanning interests also increased. The results were compared with those of prior research in the area of environmental scanning. The results show both the economic and political legal sectors of the environment to be more salient for Nigerian manufacturing executives than for their American counterparts.

ISSN:0143-2095    

DOI:10.1002/smj.4250140405

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractThis study presents a new approach for measuring operational performance, an important facet of performance missing in the current literature concerned with international airline strategy. International performance assessments of airlines from published financial information are difficult, because (1) most airlines lease a substantial fraction of their aircraft, and (2) different accounting and taxation rules in various countries result in different impacts of leased assets on profit and balance‐sheet information. A possible solution are nonfinancial data. For example, the number of available ton kilometers may reflect aircraft capacity more accurately than flight equipment depreciation. However, different units of measurement introduce new difficulties. Drawing on data from 15 airlines, this study utilizes 'Data Envelopment Analysis' as a technique to analyze and compare operational performance of airlines. The study concludes with an analysis of strategic factors of high profitability and performance in the airline industr

ISSN:0143-2095    

DOI:10.1002/smj.4250140406

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

ISSN:0143-2095    

DOI:10.1002/smj.4250140401

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY