顶刊推送《Strategic Management Journal 》2022-43-1

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The Strategic Management Journal seeks to publish the highest quality research with questions, evidence and conclusions that are relevant to strategic management and engaging to strategic management scholars. We receive manuscripts with a diverse mix of topics, framings, and methods, and our acceptances reflect this diversity.

More specifically, the Strategic Management Journal seeks to publish papers that ask and help to answer important and interesting questions in strategic management, develop and/or test theory, replicate prior studies, explore interesting phenomena, review and synthesize existing research, and evaluate the many methodologies used in our field. SMJ also publishes studies that demonstrate a lack of statistical support in a particular sample for specific hypotheses or research propositions. We welcome a diverse range of researcher methods and are open to papers that rely on statistical inference, qualitative data, verbal theory, computational models and mathematical models.

Along with the 2-year Impact Factor, SMJ adopt a comprehensive metric based on 6 items reported at the bottom of this page

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The world’s leading mass impact journal for research in strategic management.

• Highly cited: In 2018, scholars in academic journals cited SMJ articles 34,978 times - #4/127 in the "Management" list, #3/147 in the "Business" list.
• High broad-based ranking: In 2018, across 6 key JCR scales (total citations, 2-year impact factor, 5-year impact factor, immediacy index, Eigenfactor score, article influence score).
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• World-wide reach: During 2018, 2,799 different scholars based in 75 countries submitted a new article to SMJ.

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Strategic Management Journal

Volume 43, Issue 1（January 2022）
01 目录

[1]. Pushed into a crowd: Repositioning costs, resources, and competition in the RTE cereal industry

Young Hou, Dennis Yao

[2]. How ecosystem structure affects firm performance in response to a negative shock to interdependencies

Natalie Burford, Andrew V. Shipilov, Nathan R. Furr

[3]. The myth of the flat start-up: Reconsidering the organizational structure of start-ups

Saerom (Ronnie) Lee

[4]. Income or education? Community-level antecedents of firms' category-spanning activities

Heewon Chae

[5]. Start with “Why,” but only if you have to: The strategic framing of novel ideas across different audiences

Denise Falchetti, Gino Cattani, Simone Ferriani

[6]. Hidden in a group? Market reactions to multi-violator corporate social irresponsibility disclosures

Chang Liu, Stephanie Lu Wang, Dan Li

[7]. Corporate-level influences on internal capital allocation: The role of financial analyst performance projections

John R. Busenbark, Matthew Semadeni, Mathias Arrfelt, Michael C. Withers

02 题目、作者及摘要

[1] Pushed into a crowd: Repositioning costs, resources, and competition in the RTE cereal industry

Young Hou

University of Virginia Darden School of Business, Charlottesville, Virginia, USA

Dennis Yao

Harvard Business School, Boston, Massachusetts, USA

Abstract：This article exploits a natural experiment involving self-regulation in the ready-to-eat (RTE) breakfast cereal industry to evaluate the performance impact of product repositioning. It then examines how a product's brand equity value declines with repositioning distance and explores various nonprice responses of firms to increased own and rival competition. Self-regulation led to a crowding of the product space by forcing differentiated products to become more similar. We find that products constrained by regulation performed relatively worse than unconstrained products. Furthermore, brand equity specific to a product was tightly linked to existing product positions. Increased competition also led to increased brand equity investments and some products with strong brand equity repositioned more aggressively than those with weak brand equity.

This article illustrates how firms respond to newly-imposed regulatory constraints and how product brand equity is tightly linked to underlying product positions. The analysis is an empirical examination of a self-regulatory initiative that placed advertising restrictions on high sugar RTE breakfast cereal products targeted toward children. We explore the impact of the regulation on performance and then use the setting to examine the connection between brand equity and changes in product positions. Finally, we examine firm responses to rival entry that include exiting, repositioning, and increasing investments in differentiation.

Keywords: brand equity, competitive dynamics, nonmarket strategy, positioning, resources

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[2] How ecosystem structure affects firm performance in response to a negative shock to interdependencies

Natalie Burford

Entrepreneurship Area, INSEAD, Fontainebleau, France

Andrew V. Shipilov

Strategy Area, INSEAD, Fontainebleau, France

Nathan R. Furr

Strategy Area, INSEAD, Fontainebleau, France

Abstract：We evaluate the effects of component choices on firms' performance following a negative shock to the ecosystem's alignment structure. We advance a theoretical framework that relates three levels of ecosystem structure—local component interdependence, component clusters, and central components—to the firms' performance. In the setting of the e-commerce industry impacted by the General Data Protection Regulation, our results support the predictions that a reduction in local component interdependence and an increase in component dispersion across clusters have a positive effect on firm performance, but the impact of an increased use of central components disappears when controlling for local interdependence. These findings contribute to the literature on performance consequences of structures of interdependencies within innovation ecosystems.

We use data on the component choices of e-commerce firms to study how the structure of the business ecosystem around these components affects firms' performance following a negative shock. We find that while firms which increased interdependence among their components may fare well in a stable environment, their performance will suffer following a negative shock relative to those that are not affected by the shock. Second, firms that draw their components from multiple component clusters perform better during a negative shock relative to those unaffected by the shock. Executives should actively manage the interdependencies among their technological components at different levels. This will help their firms to remain flexible, minimize disruption, allow for innovative recombination and prepare for future technological developments.

Keywords: business ecosystem, complexity, graph theory, interdependence, technological change

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[3] The myth of the flat start-up: Reconsidering the organizational structure of start-ups

Saerom (Ronnie) Lee

The Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania, USA

Abstract：There has been an ongoing debate over whether start-ups should be “flat” with minimal hierarchical layers. To reconcile this debate, this article distinguishes between creative and commercial success (i.e., novelty vs. profitability), and examines how these outcomes are variously influenced by a start-up's hierarchy. This study suggests that while a flatter hierarchy can improve ideation and creative success, it can result in haphazard execution and commercial failure by overwhelming managers with the burden of direction and causing subordinates to drift into power struggles and aimless idea explorations. I find empirical support for this trade-off using a large sample of game development start-ups. These findings offer one resolution to the debate by sorting out the conditions under which hierarchy can be conducive or detrimental to start-ups.

Academics, management gurus, and popular media outlets have argued that “authoritarian,” tall hierarchies are outmoded and will be supplanted by “egalitarian,” flat structures. In recent years, this argument has been largely substantiated by a few “successful” flat start-ups, such as Valve, Zappos, Github, Medium, and Buffer. As these nascent firms constantly garner much attention for their egalitarian ideal—which itself is a signal of their rarity—the myth that start-ups should be flat (often referred to as “flat organization,” “holacracy,” or “boss-less firm”) has become widespread among entrepreneurs. My study cautions against this myth, suggesting that adding a few hierarchical levels of managers can substantially help start-ups achieve commercial success and survive in their hostile environments, albeit at a potentially marginal cost of creativity.

Keywords: entrepreneurship, hierarchy, organizational design, organizational structure, start-up

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[4] Income or education? Community-level antecedents of firms' category-spanning activities

Heewon Chae

W. P. Carey School of Business, Arizona State University, Tempe, Arizona, USA

Abstract：This study investigates the relationships between consumer income, consumer education, and firms' propensities to span multiple market categories. Despite their positive correlation, I theorize contrasting effects of income and education on firms' variety-enhancing spanning. Specifically, I propose that the strong purchasing power of high-income communities should reduce the need for firms to operate in multiple categories, but culturally omnivorous preferences among educated elites should encourage firms' spanning. Analyses of 6,072 restaurants in a metropolitan area and a large-scale survey offer support for these predictions. Education, though not income, has a further positive effect on firms' atypicality-enhancing spanning. This study contributes to category and management research by focusing on audience heterogeneity as important antecedents of firms' action and explicating the multifaceted nature of spanning.

This study examines how restaurants decide their culinary categories and menus depending on residents' income and education levels of a city they are located in. I find restaurants in higher-income communities tend to be more specialized in a single or fewer categories while those in lower-income communities are more likely to diversify into multiple categories to reach a broader customer base. By comparison, restaurants in more educated communities tend to diversify into multiple categories and provide fusion food because educated cultural omnivores like to explore novelty. These findings imply that retail firms should consider the separate effects of income and education levels of target consumers in determining their business scope and product portfolio.

Keywords: category spanning, community analysis, demand-side strategy, quantitative analysis, restaurant industry

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[5] Start with “Why,” but only if you have to: The strategic framing of novel ideas across different audiences

Denise Falchetti

Department of Management (DiSA), University of Bologna, Bologna, Italy

Gino Cattani

Department of Management & Organizations, Stern School of Business, New York University, New York, USA

Simone Ferriani

Department of Management (DiSA), University of Bologna, Bologna, Italy

Abstract：Building on social psychology research and entrepreneurship work on linguistic framing, we argue that the appreciation of novel ideas varies with the mental construal that members of different audiences use to evaluate them. Specifically, we theorize that the congruency between idea framing and audiences' mental construals depends on audiences' level of expertise in evaluating novel ideas. In four experiments, we found that innovators benefit from deploying framing strategies congruent with audiences' mental construals: novices (e.g., lay people, crowdfunders) appreciate more novel ideas framed in abstract why terms, while experts (e.g., professional investors, innovation managers) novel ideas framed in concrete how terms. Integrating the strategic framing of novel ideas with construal level theory and audience heterogeneity contributes to research on entrepreneurship, innovation, and impression management.

One of the critical challenges that innovators (e.g., entrepreneurs) face is to persuade relevant audiences (e.g., users, crowdfunders, professional investors, and innovation managers) to support their novel ideas. This article integrates various literatures concerned with the evaluation of novelty to examine the impact of different framing strategies on the reception of novel ideas by different audiences. By demonstrating that the framing of a novel business idea affects audience members' evaluation, and that the effectiveness of different frames (why vs. how) varies with the target audiences (novices vs. experts), we offer actionable insights into how innovators can strategically use linguistic framing to increase the likelihood of eliciting favorable evaluations and resource commitment for their ideas.

Keywords: audiences, framing, narratives/storytelling, novel idea, novices/experts

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[6] Hidden in a group? Market reactions to multi-violator corporate social irresponsibility disclosures

Chang Liu

Department of Management, The Chinese University of Hong Kong, Shatin, Hong Kong

Stephanie Lu Wang

Kelley School of Business, Indiana University, Bloomington, Indiana, USA

Dan Li

Kelley School of Business, Indiana University, Bloomington, Indiana, USA

Abstract：Prior literature on the relationship between the departure of strategic human capital (SHC) and firm performance is equivocal. One source of this ambiguity is the potential endogeneity: Is it the SHC departure that leads to poor firm performance, or is it poor firm performance leading to the SHC departure? We respond to repeated calls to address this issue by using the Fukushima nuclear accident in Japan as an exogenous event which triggered a “butterfly effect” that influenced the departure decisions of individuals working for firms near a nuclear plant in the United States but not the firms' performance. Our results provide strong evidence that the departure of SHC undermines firm performance, and that the effect is amplified by the strength of employee–firm relationships.

This study shows that Japan's Fukushima nuclear accident prompted an increase in the departure of strategic human capital (SHC) working in firms in close proximity to nuclear plants in the United States. It provides strong empirical evidence that the departure of SHC hurts firm performance and that firms which have a strong relationship with their employees suffer more. These findings suggest a potential downside to cultivating such relationships and highlight the ripple effects of unexpected external events on firm performance.

Keywords: attribution theory, corporate social irresponsibility, mediaframing, multi-violator CSI disclosures, stock market reactions

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[7] Corporate-level influences on internal capital allocation: The role of financial analyst performance projections

John R. Busenbark

Mendoza College of Business, University of Notre Dame, Notre Dame, Indiana, USA

Matthew Semadeni

W.P. Carey School of Business, Arizona State University, Tempe, Arizona, USA

Mathias Arrfelt

W.P. Carey School of Business, Arizona State University, Tempe, Arizona, USA

Michael C. Withers

Mays Business School, Texas A&M University, College Station, Texas, USA

Abstract：Research contends that internal capital should be allocated in proportion to divisional performance, but scholars are often puzzled to find that managers do not adhere to this winner-picking approach. We argue this is because scholarship has not incorporated corporate-level factors that influence how corporate managers structure holistic capital allocation strategies. In this study, we build on the behavioral theory of the firm to focus on analyst performance projections for multidivisional corporations and how they inform corporate managers' allocation strategies. Specifically, we theorize corporate managers deviate from the winner-picking allocation approach owing to search-related behaviors stemming from projected performance below or above expectations. We further theorize about conditions that offer corporate managers opportunities to deviate from winner-picking, focusing particularly on multidivisional relatedness and asset durability.

Keywords: asset durability, behavioral theory of the firm, capital allocation, divisional synergies, financial analysts

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