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A large body of research has analyzed individual psychological characteristics as antecedents of strategic decision-making. However, this research has mainly focused on trait-based characteristics that explain impaired strategic decision outcomes. Recently, PsyCap has been proposed as an alternative driver of strategic decision outcomes that, in contrast to other drivers, can be influenced by management.
In jeder Krise liegt eine Chance! So jedenfalls wird immer behauptet. Ob das auch für die Corona-Krise gilt, ist für uns allerdings noch offen. Denn aus unserer Sicht ist die Hoffnung der einen, dass die Erfahrungen mit dieser Krise zu einem anderen gesellschaftlichen Miteinander, zu mehr Werten oder mehr Nachhaltigkeit führen, genauso wenig sicher wie die Hoffnung der anderen, dass doch noch ein schnelles Aufschließen zur VorCorona-Zeit gelingt. Sicher ist im Augenblick doch nur, dass uns die Corona-Krise nicht nur
gesellschaftlich herausfordert, sondern vor allem auch wirtschaftlich: der größte Konjunktureinbruch, die höchste Staatsverschuldung, Millionen Kurzarbeiter hier und Arbeitslose dort und vor allem in den Schwellenländern, die gestern noch eine Chance auf mehr Wohlstand hatten und heut vor dem Nichts stehen.
Schwer zu sagen, wo darin eine Chance liegen soll. Dass wir mit der Digitalisierung schneller weiterkommen? Dass es mehr Homeoffice-Möglichkeiten geben wird? Dass Werte eine größere Rolle spielen? Vielleicht. Aber sonst? Wie immer eine Nach-Corona-Zeit aussehen wird – wir können relativ sicher davon ausgehen, dass sich Unternehmensführung durch die Corona-Krise und die Erfahrungen mit dem Lockdown verändern wird. Aber wie – und vor allem was können wir unternehmerisch aus der Krise lernen?
Teams of business leaders make most strategic decisions in organizations. However, although a large body of research has analyzed cognitive biases of individual leaders, little is known about how those biases affect teams on the group level. Therefore, on the basis of research into group decision making and group diversity, we analyze demographic diversity and group tenure as two important determinants of overconfidence in groups. We report findings from a quasi-experimental field study iolving 46 management teams, which suggest that diversity and tenure have separate, direct effects on group overconfidence. More specifically, we show that demographic diversity reduces group overconfidence, while group tenure increases it. These findings add a dynamic dimension to the conceptualization of group overconfidence in teams. Keywords: Group overconfidence, demographic diversity, tenure
Familienunternehmen unterscheiden sich von Nicht-Familienunternehmen aufgrund des möglichen Einflusses der Familie auf das Unternehmen. Dieser Familieneinfluss kann sich sowohl positiv als auch negativ auf den Unternehmenserfolg auswirken. Wie ein Unternehmen erfolgreich die Balance zwischen gegenläufigen Einflüssen hält, zeigt das Fallbeispiel TRUMPF.
Familienunternehmen unterscheiden sich von Nicht-Familienunternehmen aufgrund des möglichen Einflusses der Familie auf das Unternehmen. Dieser Familieneinfluss kann sich sowohl positiv als auch negativ auf den Unternehmenserfolg auswirken. Wie ein Unternehmen erfolgreich die Balance zwischen gegenläufigen Einflüssen hält, zeigt das Fallbeispiel TRUMPF.
In this paper we introduce behavioral integration, a construct established in top management team (TMT) research, into the family firm field. TMT research argues that behavioral integration has a positive performance effect as it fosters commitment to the task at hand, joint goals, and mutual trust among TMT members. Because of these specific characteristics, we argue that behavioral integration might act as a relational governance mechanism that positively influences family firm performance. Based on research on family iolvement in management, we posit that this positive performance effect of behavioral integration as a relational governance mechanism is particularly pronounced in family firms with a high degree of family iolvement in management.
By integrating cognitive diversity into debiasing literature, this paper contributes towards opening the black box of executive judgment. Based on information processing theory we iestigate the role of cognitive diversity in strategic decision making. We apply a vignette-based experimental research design to examine the effect of cognitive diversity in teams on decision maker's illusion of control. The results of these experiments provide evidence for a positive influence of high cognitive diversity for debiasing judgment while similarly indicating no such effect for groups with low cognitive diversity. These findings suggest that group composition aspects can play an important role for improving judgment in decision making teams and open promising new avenues for studying debiasing in behavioral strategy research.
Risk attribution theory: an exploratory conceptualization of individual choice under uncertainty
(2017)
Empirical research has shown that decision-makers often display distinct risk preferences that are not explained by prospect theory as it currently exists. In particular, decision-makers have been found to act in ways that might reflect individual risk preferences outside of the fourfold pattern predicted by prospect theory. We suggest that this behavior can be explained by integrating personal factors—in addition to the contextual factors proposed by prospect theory—into a unified theory of individual choice under uncertainty. Drawing on recent findings in decision theory and social psychology, we introduce "risk attribution theory" to illustrate how cognitive and affective factors influence the evaluation of risky prospects and eventually lead to distinct individual risk behavior.
The integration of expert judgment is a fundamental pillar of most scenario planning processes. In particular, the systematic scanning of external expert opinions has been shown to be effective for the early detection of emerging threats and opportunities in an organization’s eironment. However, organizations tend to focus on internal advice more than on advice from external experts. This can be critical for organizations if it leads to an inertia in internal judgment, resulting in blind spots or a failure to see weak signals in the firm’s periphery. In this article, we introduce a structured framework for the collection and structuring of internal and external expert judgment. This so-called 360∘<math altimg="si1.gif" overflow="scroll"> </math>Stakeholder Feedback tool provides a structured and quantitative approach for the detection and discussion of blind spots and weak signals in scenario planning processes. Thus, it can contribute to a better and more holistic judgment in the strategic process. We demonstrate the methodology based on a case from the German construction industry, in which we aggregate and analyze expert judgments from different stakeholder groups regarding the future of the industry.
Transgenerational control intention (TCI) is a pivotal characteristic of many family firms. Yet, it remains unclear whether TCI benefits family-firm performance by instilling a long-term view, or hurts performance by fueling harmful socioemotional wealth (SEW) goals. We posit that it depends who pursues it. When faced with TCI, family managers are known to suffer from cognitive biases that, we submit, do not similarly apply to nonfamily managers. Thus, only family managers harm performance when pursuing TCI. An empirical iestigation of 107 private German family firms supports our theory; the effect of TCI on firm performance depends on who pursues it.
This paper builds on behavioral strategy and strategic decision making literatures to propose a stronger integration of information acquisition behaviors in debiasing research. We argue that the advice-seeking behavior of executives—as their dominant way of information acquisition—may have a fundamental effect on cognitive biases in individual judgment. Empirical results of a vignette-based survey of 186 top executives in German SMEs support this claim. We posit that internal and external advice affect individual judgment differently and that external advice, in particular, is likely to be effective for debiasing. These results suggest new avenues for debiasing research that go beyond the active intervention techniques that have been the focus of debiasing research thus far.
This article examines the relationship between long-term orientation, family iolvement in the top management team (TMT), and family firm performance. On the basis of agency and stewardship theory, we propose that the inclusion of family members in the TMT only enhances firm performance if it induces a long-term orientation among management. An empirical analysis iolving 201 privately owned family firms from Germany supports our theory that a long-term orientation helps align family and organizational goals. As such, it represents an important mediator that links family iolvement in the TMT to performance.
Das Lehrbuch vermittelt auf anschauliche Weise einen einführenden Überblick zum Thema Unternehmensführung. Konkret werden die Themen Strategie, Organisation, Personal und Führung sowie Controlling behandelt. Um die Darstellung der Themen möglichst anschaulich und praxisnah zu gestalten, wurde speziell für dieses Buch die Fallstudie eines fiktiven Autovermieters – Quality Rent AG – entwickelt. Diese Fallstudie begleitet das gesamte Buch und dient zur anwendungsnahen Illustration theoretischer Inhalte. Diskussions- und Verständnisfragen am Ende jedes Kapitels ergänzen das Buch. Die Lösungen dazu werden im Internet unter www.grundlagen-der-unternehmensführung.de bereitgestellt. Die 5. Auflage behält die bewährte Grundkonzeption bei, wurde aber vollständig durchgesehen und aktualisiert.
Purpose Research focussed on the scenario method has increasingly criticized the widely used intuitive logics (IL) approach to scenario development and introduced enhanced approaches, such as the backwards logic method (BLM) or the antifragile (AF) method, to overcome the restrictions associated with the IL approach. The BLM and the AF method have contributed to the further development of the scenario method by integrating backward reasoning and by increasing the method’s effectiveness for decision making. The purpose of this paper is to build on these ideas and introduce strategy scenarios as a further enhancement of the scenario method that directly applies the benefits of scenario-based planning to strategy development in corporations. Design/methodology/approach The authors argue that the existing methodologies do not fully integrate the benefits of scenario-based planning for strategic decision making and strategy development, as they mostly aim to develop macroenvironmental scenarios and test organizations’ existing strategies. Findings The paper suggests that changing the scope of scenario planning from environmental developments to the organization’s strategies themselves can further strengthen the method’s effectiveness for decision making. Originality/value The strategy scenario approach provides an enhanced approach to more comprehensively utilize the benefits of scenario-based reasoning for strategic decision making.
On the basis of a sample of 184 top executives, we iestigated the roles of decision quality and perceived uncertainty in the relationship between decision comprehensiveness and performance. Our results show that decision quality mediates a large proportion of the comprehensiveness–performance relationship and may thus provide a more proximate outcome measure of the effect of comprehensiveness. In addition, we found that perceived uncertainty directly affects the level of comprehensiveness in organizations rather than moderating its effect on performance as conceptualized by previous research. Based on the integration of behavioral and information processing theories we suggest that more process-oriented measures such as decision quality and perceived uncertainty may overcome conflicting empirical results in the field.
Building on organisational learning theory and CEO-strategy fit research, we introduce the concept of position-specific knowledge of a new CEO and explore its impact on the learning process that new CEOs go through after taking office and on firm performance during their early tenure. We empirically test this concept using a sample of 59 CEO succession events that occurred between 1987 and 2002 in 48 of the largest publicly listed companies in Germany. Results show that position-specific knowledge of new CEOs indeed has an influence on firm performance during the early tenure of a CEO. Thus, we conclude that organisational learning theory and position-specific knowledge of new CEOs offer a promising lens for executive succession research and that they deserve further attention.
Die Unternehmensnachfolge durch den Verkauf an Private Equity-Unternehmen gewinnt in der Praxis der Familienunternehmen eine immer stärkere Bedeutung. Private Equity-Unternehmen zielen darauf ab, den Wert ihrer Portfoliounternehmen in der Halteperiode zu steigern. Managementeingriffe in das Portfoliounternehmen bilden dafür prinzipiell einen wichtigen und erfolgversprechenden Hebel. Wir zeigen jedoch auf Basis des ressourcenorientierten Ansatzes und der Familiensystemtheorie, dass diese Managementeingriffe bei ehemals familiengeführten Portfoliounternehmen keinen bzw. sogar einen negativen Effekt besitzen können. In einer empirischen Untersuchung bei 118 europäischen Private Equity-Buyouts von Familienunternehmen finden wir Bestätigung für unsere Hypothesen. Wir tragen mit unseren Ergebnissen zur Nachfolgeforschung in Familienunternehmen bei, indem wir darauf hinweisen, dass ein Erwerber, der die spezifischen Ressourcen und Fähigkeiten von Familienunternehmen nicht nutzen und weiterentwickeln kann, keine positiven Effekte auf den Unternehmenserfolg erzielt. Zur Private Equity-Forschung tragen wir bei, indem wir aufzeigen, dass bei der zunehmend bedeutender werdenden Zielgruppe der Familienunternehmen als Iestitionsobjekte eine differenzierte Herangehensweise insbesondere bei Managementeingriffen notwendig ist. Family firm succession via a sale to a private equity company has recently gained in importance throughout Europe. During the iestment period, private equity companies typically try to increase the value of their portfolio company through active iolvement in its management. Based on the resource based view and family systems theory we show that such a behavior will be unsuccessful if the portfolio company is a former family firm. We empirically test our hypotheses on a sample of 118 European family firm buyouts and find support for our argumentation. With our study we add to family firm succession research by highlighting that acquirers that are not able to utilize the specific resources and competencies of family firms will not be able to have a positive impact on its performance. We also add to the private equity literature as we show that private equity companies should take a differentiated approach for their value adding activities when they iest in a family firm.