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Strategic Management: Taking Stock and Looking Forward

Strategic Management: Taking Stock and Looking Forward. Michael A. Hitt Texas A&M University. Israel Strategy Conference. December 2009. The Early Years. Began as Business Policy with a Focus on Case Studies. Evolved into a More Rigorous Field of Strategic Management.

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Strategic Management: Taking Stock and Looking Forward

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  1. Strategic Management: Taking Stock and Looking Forward Michael A. HittTexas A&M University Israel Strategy Conference December 2009

  2. The Early Years Began as Business Policy with a Focus on Case Studies Evolved into a More Rigorous Field of Strategic Management • Enhanced Theoretical and Empirical Work • Academic Respect

  3. Theoretical Bases Built on and Extended Theories from Other Fields I/O Economics Porter Resource Based View Penrose, Wernerfelt , Barney Transaction Cost Williamson Agency Theory Jensen, Eisenhardt Organizational Learning March Absorptive Capacity Cohen & Levinthal Knowledge-Based View Grant & Spender Network Theory Burt, Sorenson, Stuart Evolutionary Economics Nelson, Winter Organizational Ecology Baum, Oliver Institutional Theory Scott, North

  4. Major Research Streams Corporate Strategy—Product Diversification Business Strategy International Strategy Competitive Dynamics Corporate Governance Strategic Leadership Mergers and Acquisitions Strategic Alliances Technology and Innovation Strategic Decision Making & Change Strategic Entrepreneurship

  5. Current State of Field Methodologically Strong Theoretically Solid Extensions & Enhancements of Theoretical Perspectives e.g., RBV Dynamic Capabilities (Dynamic Managerial Capabilities, Asset Orchestration) Resource Management (Resource Portfolios, Bundling/Capabilities, Leveraging) Applying Theoretical Perspectives to Address Important Research Questions (e.g., Innovation and Entrepreneurship)

  6. The Future Integration of Theoretical Perspectives (e.g., TC/Organizational Learning) Creation of New Theoretical Perspectives (e.g., Behavioral Agency, Socioemotional Wealth—Gomez-Mejia & Colleagues) Multilevel Models (Theoretical and Empirical)

  7. What Is Needed to Advance the Strategic Management Field? Enhanced Theory and Research Theory Is Especially Critical in Management and its Subdisciplines because of the Youth of our Field (Smith & Hitt, 2005) Strategic Management is a Nascent Subdiscipline; thus, the Theory and Research in it Remains in a Developmental Stage Some Have Recently Suggested that Perhaps We Have Overemphasized Theory (Hambrick, 2007) To Improve Our Research, We Need to Develop and Test More Precise Hypotheses Greater Theoretical Precision is Required to Do So Concomitant to Enriched Theory, We Also Need Better Measurement in Strategic Management Research (Hitt, Boyd & Li, 2004; Boyd, Gove & Hitt, 2005)

  8. What Is Needed to Advance the Strategic Management Field(cont’d) Dramatic and New Contributions • New Theory—Integrating Seemingly Unrelated Streams of Thought • New Research Questions (Unique and Valuable) Broader and More Complex Models and Perspectives • Truly Global Perspectives • Non-North American Thinking • Systemic Approaches to Managing in Chaotic Contexts • Understanding Strategy in Highly Dynamic, Complex and Uncertain Contexts • Creating and Implementing Strategy in Global Contexts with a Broad Diffusion of Control • Understanding How to Simultaneously Act Strategically and Entrepreneurially

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