Extant research posits that mergers and acquisition (M&As) do not create value. Still many firms adopt expansion strategies such as alliances, joint ventures (JVs), and M&As to…
Abstract
Extant research posits that mergers and acquisition (M&As) do not create value. Still many firms adopt expansion strategies such as alliances, joint ventures (JVs), and M&As to grow and enhance their performance. Through performing a meta-analysis on 204 papers that assess the relationship between the three most prevalent expansion strategies formed by firms, alliances, JVs, and M&As and their different substantive and symbolic performance effects, this study contributes in two ways. First, it becomes clear that alliances and M&As enhance a firm’s substantive performance, while no positive performance effect is observed for JVs. In turn, all three expansion strategies boost a firm’s symbolic performance in terms of its legitimacy and status. Second, a distinction between their effects on a firm’s substantive performance in terms of their market-based and accounting-based performance shows that alliances and M&As both positively contribute to a firm’s accounting-based performance, while only the former spurs a firm’s market-based returns. This indicates that M&As have more long-term accounting-based performance effects compared to alliances and JVs, which suggests that in the long-term firms do best by expanding through M&As.
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E. Oñate, S. Oller, J. Oliver and J. Lubliner
A constitutive model based on classical plasticity theory for non‐linear analysis of concrete structures using finite elements is presented. The model uses the typical parameters…
Abstract
A constitutive model based on classical plasticity theory for non‐linear analysis of concrete structures using finite elements is presented. The model uses the typical parameters of non‐associated plasticity theory for frictional materials and a modified Mohr‐Coulomb yield surface is suggested. Onset and amount of cracking at a point are controlled by the values of the effective plastic strain and thus it can be studied by a posteriori postprocessing of numerical results. The accuracy and objectivity of the model is checked out with some examples of application.
Àngels Fitó-Bertran and María-Jesús Martínez-Argüelles
‘Education for employability’ has been the mantra of the European Higher Education Area (EHEA) since its inception. To attain that, the 28 participating countries agreed to…
Abstract
‘Education for employability’ has been the mantra of the European Higher Education Area (EHEA) since its inception. To attain that, the 28 participating countries agreed to implement reforms aimed at bridging higher education (HE) curricula and learning strategies and the labour market demands. Indeed, the global financial crisis and the euro area crisis and the surge in youth unemployment they led to have reconfirmed the validity of this policy imperative. Clearly, several challenges beset the transition from content- to competence-based HE. By elaborating on the case of the Open University of Catalonia (UOC) this chapter, identifies and discusses them critically. Recommendations relevant for HE leadership conclude the discussion.
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Stephen J. Mezias and Florian Schloderer
During industry emergence, what we call the proto-industry phase, the lack of agreement about legitimate organizational forms between audiences and firms is a key problem. We…
Abstract
During industry emergence, what we call the proto-industry phase, the lack of agreement about legitimate organizational forms between audiences and firms is a key problem. We develop an ecological model of emerging institutional pressures among audiences and firms during the emergence of new industries to understand these challenges. We develop a theoretical framework that includes mimetic, normative, and coercive pressures, deriving propositions linking them with survival and growth. We use simulation methodology to test these propositions, finding strong support for these predictions. We close by exploring some conclusions and implications of our model for both theory and practice.
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John J. Oliver and Emma Parrett
This paper aims to provide an overview of the role that scenario planning can play in managing the uncertainty caused by changing and unpredictable competitive dynamics.
Abstract
Purpose
This paper aims to provide an overview of the role that scenario planning can play in managing the uncertainty caused by changing and unpredictable competitive dynamics.
Design/methodology/approach
This viewpoint reflects both the practical experience of strategic planners, combined with an academic insight into the advantages of using scenario planning as a management tool.
Findings
Firms can develop corporate level strategy and gain long-term certainty in their strategic approach by using scenario planning to strategize in a way that allows them to prepare for multiple futures, with multiple strategies.
Practical implications
Firms can manage environmental uncertainty and turbulence by being “mentally prepared” to address the future by evaluating the critical uncertainties driving turbulence and the strategic options relevant to a number of possible future outcomes.
Originality/value
A unique combination of practical experience fused with academic knowledge on harnessing the power of scenario planning to manage uncertainty and develop organizational strategy.
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The purpose of this paper is to illustrate how two media firms, Sky Plc and Pearson Plc, adapted, reconfigured, and transformed their businesses to meet the demands of an…
Abstract
Purpose
The purpose of this paper is to illustrate how two media firms, Sky Plc and Pearson Plc, adapted, reconfigured, and transformed their businesses to meet the demands of an operating environment characterized by inexorable changes in digital technologies.
Design/methodology/approach
The over-arching vision, corporate strategies, and financial performance for both firms are examined over two business cycles.
Findings
These findings illustrate why firms need to create a portfolio business that takes advantage of the market opportunities created by innovative digital technologies, while off-setting the risks associated with digital disruption.
Practical implications
Business leaders should not dispense with the basic principles of good strategic business unit portfolio management in their attempts to take advantage of the market opportunities provided by a disruptive digital environment.
Originality/value
This paper provides a highly original insight into how two firms placed ambitious levels of growth at the heart of their corporate strategies to seize the market opportunities provided by an increasingly digital operating environment.
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Paul Clemens Murschetz, Afshin Omidi, John J. Oliver, Mahyar Kamali Saraji and Sameera Javed
Dynamic capabilities (DCs) help media firms adapt to rapidly changing environments. The purpose of this study is to provide a comprehensive literature review of studies of DCs in…
Abstract
Purpose
Dynamic capabilities (DCs) help media firms adapt to rapidly changing environments. The purpose of this study is to provide a comprehensive literature review of studies of DCs in strategic management research with a view to understanding its implications for the management of media organizations. Essentially, it fertilizes on the idea that the concept of DC is useful and vital for answering various critical questions regarding the challenges that media organizations are currently facing.
Design/methodology/approach
This study builds on a systematic literature reviewing design as the research methodology. It aims to identify, critically evaluate, and integrate factors, dimensions, and findings on studies of DCs in strategic management research and builds knowledge transfers to the field of strategic management research in the media industry.
Findings
The study shows that the DC framework helps media firms effectively respond to changing environments. The conceptual DC framework has implications for media strategy practice. Results indicate a considerable growth in the number of papers published related to the DCs in media organizations from 2003 to 2018.
Originality/value
The study qualifies the relevance and validity of the DC framework in strategic management research for the field of strategic media management. It explores a research agenda in this domain by precisely explaining the significant trends in the theory of DC to shape managerial strategies in the media industry.
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This paper examines the role that corporate culture plays in shaping firm performance. It specifically examines how a corporate crisis event resulted in adaptive cultural…
Abstract
Purpose
This paper examines the role that corporate culture plays in shaping firm performance. It specifically examines how a corporate crisis event resulted in adaptive cultural responses that may be inhibiting the level of firm innovation.
Design/methodology/approach
The research presents a longitudinal analysis of risk and innovation words contained in Barclays Plc corporate annual reports.
Findings
In the wake of corporate fraud and punitive charges, Barclays Plc introduced a number of new governance structures and a new code of conduct for employees. These initiatives moved the firm away from excessive risk taking, but may have also placed an emphasis on risk aversion at the expense of innovation.
Practical implications
The insight provided by this viewpoint and analysis may help CEOs and their management teams to better understand how changes in strategy, and or new corporate initiatives, create adaptive changes in culture. These changes, whilst making improvements in one area, may detract from performance in other parts of the firm.
Originality/value
This paper provides a highly original look at corporate culture and has employed an innovative methodology to underpin the analysis and subsequent viewpoint.
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John J. Oliver and Newton Velji
This paper aims to discuss the emerging theme of risk aversion in entrepreneurs following high levels of industry consolidation.
Abstract
Purpose
This paper aims to discuss the emerging theme of risk aversion in entrepreneurs following high levels of industry consolidation.
Design/methodology/approach
This paper is a viewpoint on the authors’ opinion and interpretation of industry consolidation.
Findings
The UK Independent TV Production Industry has experienced a remarkable degree of consolidation with corporate acquisitions and mergers changing the size, shape and revenue distribution among firms in the industry. In addition, entrepreneurs appear to be more risk averse in terms of entering the industry.
Practical implications
If the trend in entrepreneurs in the UK TV Production Industry being more risk averse continues, then the number of new startup firms will fall and that could put the future of the industry at jeopardy.
Originality/value
This paper presents an interesting observation on the impact of consolidation of the UK Independent TV Production Industry, in so far as, entrepreneurs appear to be becoming more risk averse.