ISSN:0143-6570    

DOI:10.1002/mde.4090040302

出版商:John Wiley&Sons, Ltd.    

年代:1983

数据来源: WILEY

摘要:

AbstractThis paper examines several approaches to corporate strategic planning in the context of their relationship to the microeconomic theory of the firm, and discusses the implications of that theory for corporate strategy in general. Specifically, three types of analytical tools are discussed: (1) analytical portfolio models; (2) business simulation models; and (3) optimization models. Examples of how the three types of tools are used in corporate decision‐making are given, and certain limitations are cited. The limitations include, for example, the inability of some of the models to deal with interdependencies across business units in production resources or output demand. Finally, the paper examines the approach to strategic planning known as the ‘strategy matrix’, which explicitly allows for interdependices across business units. The use of the strategy matrix by a major petroleum company is discussed in some d

ISSN:0143-6570    

DOI:10.1002/mde.4090040303

出版商:John Wiley&Sons, Ltd.    

年代:1983

数据来源: WILEY

摘要:

AbstractThis paper challenges the orthodox microeconomic theory of the firm which is being gradually replaced as the consensus view by managerialist, behaviourist, institutionalist and post‐Keynesian schools of thought. From this new microeconomics is emerging a synthesis which is providing the foundations for a theory of the ‘megacorp’. Megacorps have behaviour patterns at odds with those of the atomistic firm. Unless this is understood and an appropriate theory developed, attempts to manage the economy by traditional means are doomed to failure. The paper lays the foundations of such a theory at both the micro and macro l

ISSN:0143-6570    

DOI:10.1002/mde.4090040304

出版商:John Wiley&Sons, Ltd.    

年代:1983

数据来源: WILEY

摘要:

AbstractEmpirical research on the relation between strategy and performance is rarely conclusive. This paper reviews a number of such studies, and suggests that while the links between planning or market share and performance have been fairly clearly established for certain circumstances or time periods, the results for diversity or merger are much more equivocal. Further, it suggests that even ‘established’ results are of little help to strategists, and that the unanswered questions relating to empirical studies must continue to limit their usefulness for strategic plann

ISSN:0143-6570    

DOI:10.1002/mde.4090040305

出版商:John Wiley&Sons, Ltd.    

年代:1983

数据来源: WILEY

摘要:

AbstractTo bring the highly developed quantitative approaches of middle management in accounting and control to the aid of corporate strategists is not easy. Specific operational problems are less overt and therefore formal optimization techniques are less easy to apply. The paper considers that the difficulty lies less in the absence of techniques and more in the failure of top management to state its objectives with precision. To do this a strategic audit is suggested. This can aid in goal specification. Industrial economics and game theory can then be applied to the problem so delineated.

ISSN:0143-6570    

DOI:10.1002/mde.4090040306

出版商:John Wiley&Sons, Ltd.    

年代:1983

数据来源: WILEY

摘要:

AbstractThis paper reviews the parallel development of the disciplines of corporate strategy and industrial organisation. Recent developments in industrial economics suggest that the two may be about to merge, or at least be capable of synergy. This potential advance has come about because of the movement of industrial organisation theories towards dynamics and away from static concepts such as the traditional structure: conduct: performance model. Simultaneously, corporate strategists, who have always been dynamically oriented, have long been in search of the more sophisticated theories industrial economists have in their tool kits.

ISSN:0143-6570    

DOI:10.1002/mde.4090040307

出版商:John Wiley&Sons, Ltd.    

年代:1983

数据来源: WILEY

摘要:

AbstractIn this paper, the use of the capital asset pricing model (CAPM) as a strategic planning tool is reviewed. The links between the CAPM and other approaches to strategic planning are noted and discussed. We conclude that the CAPM complements other types of analysis very effectively and offers management an extremely powerful analytical tool for strategic planning.

ISSN:0143-6570    

DOI:10.1002/mde.4090040308

出版商:John Wiley&Sons, Ltd.    

年代:1983

数据来源: WILEY

摘要:

AbstractEmpirical tests using the PIMS data base reveal a significant correlation between a firm's performance and strategic position and the rate at which it grows as measured by additions to capital stock. To the extent that the results are valid, then public policy measures to encourage capital investment will not be firm netural. The cost of capital will be lowered for all, but they will further stimulate investment in firms whose strategic position they improve. This may have an outcome detrimental to other firms better placed to contribute to the overall economy.

ISSN:0143-6570    

DOI:10.1002/mde.4090040309

出版商:John Wiley&Sons, Ltd.    

年代:1983

数据来源: WILEY

摘要:

AbstractEvaluating risk is a key element in successful investment decision‐making. A major risk in forecasting company performance is associated with projecting its cash flow streams by product‐line which in turn is strongly related to the expected industry outlook and likely variability about this outlook. This paper sets out a methodology for evaluating this aspect of the investment decision by developing measures of expected real cash flow growth (reward) and expected annual variability of this growth (risk). These measures are constructed for 77 industry classifications at the two and three digit SIC (Standard Industrial Classification) level of detail by solving a dynamic input–output model under various economic secenarios. Aside from producing results which are relevant for producing company valuation bands, the analysis strongly suggests that perceptions of which industries are ‘winners’ and which are ‘losers’ are significantly altered when both ‘reward’ and ‘risk’ are used as criteria as opposed to either one alone. Finally, the methodology also produces results which measures the sources of cash flow growth in terms of relative price performance, productivity, and demand for output. Since there measures can be used as indicators of the quality of industry real cash flow growth, industry performance can be further arrayed within the broad categories of winning and losing industries. Several examples of how thi

ISSN:0143-6570    

DOI:10.1002/mde.4090040310

出版商:John Wiley&Sons, Ltd.    

年代:1983

数据来源: WILEY

摘要:

AbstractThis paper derives a positive model relating changes in profitability to output levels, price, input quantities, and costs. The model involves decomposition of profit changes to define contributions associated with changes in the product market and production input variables. It can be derived from basic profit concepts without additional assumptions regarding the organization's behavioral decisions or about the shapes of the demand or production functions. It therefore avoids all normative underpinnings and is based strictly on measurable changes in the environment. The model is applied to results obtained from the United States Postal Service income statement. Changes in the Service's productivity and its components (e.g., labor, materials, and capital) are fully reconciled in an accounting sense with reported changes in net income. This reconciliation permits the identification of the sources of net income change.

ISSN:0143-6570    

DOI:10.1002/mde.4090040311

出版商:John Wiley&Sons, Ltd.    

年代:1983

数据来源: WILEY