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While strategy was traditionally perceived as exclusive, and limited to small groups within organizations, recently a shift toward greater openness through inclusion of a larger number and variety of actors is emerging. The purpose of this paper is to adopt a social network perspective to develop a theoretical framework on how this increased openness has a varying impact in the different phases of the strategy process.

The author suggests that the strategy process is shaped through social interactions between individuals. Specifically the author conceptualizes how introducing openness affects individuals’ structural and relational characteristics, which impact generating new strategic ideas (variation), and selecting (selection), and integrating them into the existing set of routines (retention).

The framework shows that benefits and costs of increased openness balance differently. While substantial benefits may be realized in the idea generation phase, costs may outweigh the benefits in the selection and retention phase.

Based on the framework, implications can be drawn on how openness should be introduced in the different phases of the strategy process. Specifically the author discusses appropriate open strategy tools based on social technologies, which organizations can use to benefit from openness in the different stages.

Open strategy is a newly emerging phenomenon, which seems to fundamentally change the strategist’s work. More open, inclusive ways of strategizing offer new benefits but also create costs in the strategy process. This paper deepens the theoretical understanding of the consequences of openness in the strategy process.

Distance has been a core concept and issue in international business and management research. While scholars argue that distance through internationalization is increasing costs, distance is also associated with positive implications such as the integration of more diverse knowledge. Still, many firms struggle to manage distance effectively and efficiently in their multinational contexts. The purpose of this study therefore is to propose Open Strategy – increasing transparency and inclusion in the strategy process – as an attractive concept for managing distance.

This is a conceptual paper where the authors introduce Open Strategy to the IB community.

The authors argue that opening the strategy of multinational enterprises, enables firms to leverage diversity by re-combining the firms diverse and distant knowledge. It also reduces distance by moving beyond formal mechanisms of control and coordination to improve joint understanding, cooperative commitment and strategy implementation. The framework shows how firms can move beyond established dogmas in international business research by rendering their strategy processes more open.

Leveraging the Open Strategy literature, the authors are able to find a way to respond to the challenge of increasing distance, in fact even arguing that distance can be beneficial if framed as diversity.

This study aims to explain the cognitive bias of overconfidence and portray the different ways in which overconfident top managers may affect firm outcomes. This paper outlines their opportunities and risks and how these managers are surrounded by contextual factors.

This study draws on a systematic overview of the current literature on senior executives' overconfidence and empirical studies investigating its impact on strategic outcomes.

This study identifies the opportunities and risks of overconfident top managers in firms and considers the contextual factors that influence firm outcomes. The results provide three important managerial implications for interactions with overly confident top managers.

These findings help us understand top managers' overconfidence. Organizations receive guidance on how to constrain inappropriately confident top managers who are detrimental to their businesses.

This study contributes to a better understanding of overconfidence among top managers, illustrates associated opportunities and risks and provides recommendations for controlling and dealing with top managers characterized by this cognitive bias.

The purpose of this paper is to detect and challenge generally accepted management and consulting practice in Mergers & Acquisitions (M&As). M&As have been an important issue in strategic management and corporate development for decades. The integration process of two separate entities has been found to be of importance, and has, accordingly, received a significant amount of attention by research, management and consulting literature. Based on these insights, managers tend to rely on well-established and generally accepted rules developed by practice and consultants that should support a successful integration process and the generation of value. Nonetheless, M&As’ efforts still often fail to create value. So is the common practice of the established drivers and beneficial consequences of the integration of M&As right, or do the experiences of consultants, companies and managers reveal something different?

To understand these challenges, the authors spent four years studying M&A projects and subsequent integration processes of more than 400 companies that engaged in M&A efforts. The data derived from four survey-based quantitative studies among more than 430 CEOs, CFOs and other senior managers in the field of M&As and personal interviews that were conducted to get in-depth insights.

This extensive research on the efforts and projects of M&As over many years and including many companies reveals that successful integration processes are complex, social and culturally dependent endeavors and that the application of commonly accepted and established principles oversimplifies and disregards the interdependencies.

The present paper unveils four established principles concerning the successful integration after M&As as tenacious myths and provides more differentiated insights into value-destroying and value-creating mechanisms in M&As.

The purpose of this article is to analyze how social media activities, in specifically the Facebook page of a car manufacturer, and user interactions with these brand related activities affect the perception of brands and ultimately influence consumers purchase decision. Based on an online survey with users of the corporation's Facebook fanpage, and in accordance to hierarchy of effects theory the author's findings show the positive effect of fanpage engagement on consumers' brand awareness, word of mouth (WOM) activities, and purchase intention. The findings further indicate that annoyance with the fanpage due to information overload leads to negative effects on fanpage commitment and to decreased WOM activities. From a theoretical standpoint the results of this study contribute to understanding of the value-enhancing potential of social media campaigns.

To answer the authors' research questions and test their hypotheses, a study was set up in cooperation with the car brand MINI. To test their hypotheses, the authors applied structural equation modeling with AMOS 18.

The article analyzes the influence of brands’ social media activities and participants' social media involvement on the purchase decision process of consumers. Their findings demonstrate that engagement with a Facebook fanpage has positive effects on consumers' brand awareness, WOM activities and purchase intention. Results further indicate that annoyance with the fanpage leads to negative effects in respect to the overall commitment to and involvement with the fanpage and WOM. The authors' research shows that social media activities indeed affect the purchase decision-making process.

New marketing communication reality presents new challenges and opportunities for companies as purchase decisions are increasingly influenced by social media interactions. People rely more than ever on their social networks when making those decisions. Nevertheless, outcomes of social media activities are still disputed in practice. The effects of social media campaigns on consumers' perception of products and brands as well as the effects on purchase decisions have yet to be better understood. This study therefore investigates how social media activities, in specific the Facebook appearance of a car manufacturer, affect the perception of brands, and ultimately influence the purchase decision process of consumers while considering the risk of creating annoyance. From a theoretical standpoint the results of this study contribute to understanding of the value-enhancing potential of social media campaigns and demonstrate how the perception of brands is influenced through this new communication channel. For brand managers this study is of value, as it shows that social media activities do have a positive influence on brands as they support their management of the purchase process.

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Opening up the strategy process to a more diverse range of participants can help increase a firm’s competitiveness. However, it is important to enable appropriate social networks to ensure an optimum degree of openness during each of the three process phases. This should help maximize benefits and guard against the possibility of damaging consequences.

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

This study unravels the intellectual structure of virtual reality (VR) in digital marketing (DM) research, identifies core research gaps and presents future research avenues. The study also conducts a performance analysis of publications in the field and identifies the most important stakeholders of the stated topic.

The Web of Science database was used to retrieve the publications that were relevant to the topic between 2012 and 2022. Biblioshiny, a shiny app for the Bibliometrix R package, is used to conduct a bibliometric analysis by decoding the results into several visual representations.

This report includes the most prolific contributors, keyword analysis results, productive nations, authors and connections, as well as the most often cited publications on VR in DM. In DM research, numerous perspectives on VR were looked at, explored and revealed.

The findings provide a new perspective and understanding of the issue for researchers in order to improve their research insights in the field. This study will also benefit marketing practitioners in ensuring the sustainability and innovativeness of technology used to run their DM campaigns.

This research provides the first bibliometric analysis of the citation works and productivity in the field of VR in DM using Biblioshiny, identifies core research gaps and provides future research agenda which can be useful to advance the research understanding in this context.

The authors explain how companies can use open innovation to embrace game-changing innovation through intensive collaboration with society’s stakeholders on fraught cultural and human resource issues.

The InnovationJam is a technology platform that enables a form of crowdsourcing connecting audiences of several hundred to hundreds of thousands of concurrent ‘jammers’ over a 30-72 hour period to explore business and societal issues in an open, collaborative format.

Crowdsourcing insight from committed participants can help to engage communities in active problem solving and implementing solutions.

The approach gives voice to individuals who are often unheard within organizations given traditional confines of a job role, function and hierarchy.

In a time when social media often has a negative impact, the Jam proved that technology can serve as a catalyst for important, sensitive discussion and to bring people together who otherwise could never meet.

Many industries are increasingly affected by or even invite the participation of external stakeholders in the innovation process. The concepts of open innovation use the ideas of external stakeholders to foster innovation and make the firms more competitive. However, little research has considered whether evaluations from external stakeholders also serve as a source for open innovation and, and if so, in which way they are integrated into the innovation process. Thus, the purpose of this paper is to explore how external evaluations influence the innovation process in the creative industries.

The authors conducted an explorative qualitative study using a mixture of an inductive and deductive research design. The authors interviewed 14 artists in order to understand how external evaluations are integrated in the innovation process.

The paper formulates propositions on factors that influence whether and how external evaluations are a resource for the innovation process in micro-firms. The factors are the situation of the individual that is evaluated, the external evaluator’s credibility, the content of the evaluation, and the potential impact of the evaluation on the individual evaluated.

This paper provides exploratory insights into a so far neglected source of open innovation and its external evaluations in micro-firms in the creative industries.

Family firms (FF) reveal a considerable heterogeneity in their innovation behavior. Due to the successful long-term preservation of their innovation capacity via special resources and routines, multi-generational FF are of special interest in terms of learning from good practices. Against this background, the purpose of this paper is to ascertain principles for successful innovation behavior in long-term successful FF and to contribute to bridging the theory-practice gap.

Results are generated by analyzing innovation and innovation processes in five cases of long-term successful FF. On the basis of these good practice cases, the “rules of the game” of innovating are re-constructed using fine and system analyses based on narrative interviews with the FF CEOs.

Intense reflection on the innovation characteristics of the five good practice cases along with a critical examination of the literature on innovation in FF were used to derive practical suggestions for FF in the form of 11 principles for FF taking a proactive interest in innovation.

The 11 generated principles of successfully innovative FF were validated by FF CEOs who confirmed the practical relevance of these principles as valuable guidelines for successful innovation. Owners and managers may reflect on these principles against the background of the innovation behavior of their firms and adapt them to their contextual conditions.

These principles serve as tangible suggestions for developing adequate innovation management strategies for individual FF. Furthermore, two FF CEOs were invited to comment on the viability of principles based on their comprehensive practical experience.