Michael A. Hitt - Böcker

An authoritative overview of the prior development, current state, and future opportunities in strategic managementThe strategic management field, now a vibrant arena that offers valuable knowledge for managerial practice, has experienced significant growth in the more than forty years since its inception. And, until now, there has not been a book that captured the rich breadth and depth of knowledge of the discipline, while also looking to the future. Strategic Management provides a critical overview of the prior development, current state, and future opportunities in the strategic management field. Editors Irene M. Duhaime, Michael A. Hitt, and Marjorie A. Lyles bring together an exceptional group of scholars to explore specialized topics such as corporate strategy, strategic entrepreneurship, cooperative strategies, global strategy, strategic leadership, governance, innovation, strategy process and strategy practice, and strategic human capital. The book focuses heavily on the future developments and research opportunities available in the field, while also providing a solid base of knowledge for understanding strategic management as a whole.With articles from major leaders in the field, this authoritative volume will be useful to every strategic management scholar.

An authoritative overview of the prior development, current state, and future opportunities in strategic managementThe strategic management field, now a vibrant arena that offers valuable knowledge for managerial practice, has experienced significant growth in the more than forty years since its inception. And, until now, there has not been a book that captured the rich breadth and depth of knowledge of the discipline, while also looking to the future. Strategic Management provides a critical overview of the prior development, current state, and future opportunities in the strategic management field. Editors Irene M. Duhaime, Michael A. Hitt, and Marjorie A. Lyles bring together an exceptional group of scholars to explore specialized topics such as corporate strategy, strategic entrepreneurship, cooperative strategies, global strategy, strategic leadership, governance, innovation, strategy process and strategy practice, and strategic human capital. The book focuses heavily on the future developments and research opportunities available in the field, while also providing a solid base of knowledge for understanding strategic management as a whole.With articles from major leaders in the field, this authoritative volume will be useful to every strategic management scholar.

Research-based investigations of creativity, innovation, and entrepreneurship have the potential to inform each other and enrich our knowledge of each of these areas, particularly with regard to cognitive processes and effective behaviors. Yet, while these research streams have increasingly received a great deal of attention, they have developed largely independently of one another. The Oxford Handbook of Creativity, Innovation, and Entrepreneurship addresses the critical need to integrate these three interrelated literatures.The Handbook features contributions from the leading scholars in these research areas. As a group, the chapters examine the intersections of these topics to synthesize contemporary research and provide direction and stimulation for further interdisciplinary investigations of organizational creativity, innovation, and entrepreneurship.

Good strategies can fail because they are poorly implemented. Behind this straightforward statement is a complex reality. This innovative volume explores various aspects of strategy implementation, a process that is as challenging as it is important.For strategies to be implemented effectively, firms must have the right resources and capabilities available. Available resources must be integrated in ways that create the capabilities needed and then those capabilities must be leveraged to effectively implement the strategy in order to create and sustain a competitive advantage. This handbook focuses on how strategy implementation is influenced by resources and governance, human capital and management of it, and accounting-based control systems. It examines how the dynamic, competitive, and international environment increases the importance of knowledge and its acquisition, effective governance as a signal of proper incentives, the interaction of legality and legitimacy, and the connections between compliance and enforcement. Because people implement the strategies through the completion of their job tasks and achievement of their job-related goals, the second section explores how changes in workforce demographics have influenced and may influence strategy. Major factors include the greater proportion of older workers and the increasing role women play in leadership. Acquiring, developing, and having a motivated work force is critical to implementation, whether and how best practices spread is explored, as is the effectiveness of setting goals.Controlling managerial behavior plays a critical role in the implementation of strategies, and is the focus of the third section on accounting-based control systems. These can be helpful both in identifying inappropriate behaviors and in promoting positive managerial actions to achieve desired financial outcomes. They can also encourage experimentation and creativity. The effectiveness of accounting and accountability systems is influenced by four dimensions, including the intended users, standards of compliance, enforcement criteria, and the assurance process.

Large, diversified firms face unique challenges as they compete worldwide, and corporate restructuring is one way multinationals strive for competitive advantage. Weighing the pros and cons of a variety of approaches to restructuring, Downscoping offers executives a clear, strategic path through the maze.The authors show that when a multinational conglomerate fails to compete effectively, too much diversification may be the culprit. Whether the result of weak corporate governance or poor corporate strategy, over-diversification can make managers, unfamiliar with some of the markets in which they compete, opt for safety over innovation. This risk-aversion and lack of long-range commitment to innovation lead inevitably to stagnation over the longer term.The answer is not downsizing--closing offices and laying off personnel--but downscoping: a strategic approach to restructuring. The options include incentive and compensation adjustments for executives, leveraged buy-outs and capital structure changes, focusing on core skills, diversifying internationally while focusing on businesses in which a firm has strong competencies, and buying and selling mature businesses where product development is not a great concern. Regardless of the approach, executives must exercise strategic leadership during and after restructuring, including providing strategic direction, exploiting core competencies, deeloping human capital and sustaining the corporate culture.Based on systematic research rather than casual observation, Downscoping provides a strong description of restructuring alternatives and their resulting tradeoffs. Its specific guidelines for maintaining competitiveness will be essential reading for managers involved in corporate restructuring.

In 1999, MCI WorldComm and Sprint agreed to merge. Valued at $129 billion, this expected transaction was the largest in history. However, it fell victim to regulators in Europe concerned with the potential monopoly power of the merged firm. This M&A action was merely the latest in a growing trend of "blockbuster" mergers over the past several years. Once a phenomenon seen primarily in the United States, mergers and acquisitions are increasingly being pursued across national boundaries. In short, acquisition strategies are among the most important corporate-level strategies in the new millennium. The need for clear, complete, and up-to-date guide to successful mergers and acquisitions had never been greater.This book more than fills that need. Looking at successful--and unsuccessful--mergers and acquisitions in a number of different industries, Mergers and Acquisitions: A Guide to Creating Value explains how to conduct an acquisition and how to avoid pitfalls that have doomed many such ventures. The authors take the reader step-by-step through the process, starting with the elements of a successful merger, due diligence to ensure that the target firm is sound and fits well with the acquiring firm, and how mergers and acquisitions are financed. They move on to explore how firms find partners/targets for acquisitions that have complementary resources and how to find partners with which integration and synergy can be achieved. Finally, they discuss the potential hazards found in M&A's and how to avoid them, how to conduct successful cross-border acquisitions, and how to ensure that ethical principles aren't breached during the process.Based on 15 years of research, this essential guide goes beyond specific case studies to cover all aspects of these ventures, making it required reading for all managers seeking to build a successful strategy.

In Great Minds In Management Ken G. Smith and Michael A. Hitt have brought together some of the most influential and original thinkers in management. Their contributions to this volume not only outline their landmark contributions to management theory, but also reflect on the process of theory development, presenting their own personal accounts of the gestation of these theories.The result is not only an ambitious and original panorama of the key ideas in management theory presented by their originators, but also a unique collection of reflections on the process of theory development, an area which to date little has been written about by those who have actually had experience of building theory.In their concluding chapter, Ken G. Smith and Michael A. Hitt draw together some common themes about the development of management theory over the last half a century, and suggest some of the conclusions to be drawn about how theory comes into being.

In Great Minds In Management Ken G. Smith and Michael A. Hitt have brought together some of the most influential and original thinkers in management. Their contributions to this volume not only outline their landmark contributions to management theory, but also reflect on the process of theory development, presenting their own personal accounts of the gestation of these theories.The result is not only an ambitious and original panorama of the key ideas in management theory presented by their originators, but also a unique collection of reflections on the process of theory development, an area which to date little has been written about by those who have actually had experience of building theory.In their concluding chapter, Ken G. Smith and Michael A. Hitt draw together some common themes about the development of management theory over the last half a century, and suggest some of the conclusions to be drawn about how theory comes into being.Contributors: Chris Argyris, Albert Bandura, Jay B. Barney, Lee R. Beach, Kim Cameron, Michael R. Darby, Robert Folger, R. Edward Freeman, Michael Frese, J. Richard Hackman, Donald C. Hambrick, Michael A. Hitt, Anne S. Huff, Gary P. Latham, Edwin A. Locke, Henry Mintzberg, Terrence R. Mitchell, Richard T. Mowday, Ikujiro Nonaka, Greg R. Oldham, Jeffrey Pfeffer, Lyman W. Porter, Denise M. Rousseau, W. Richard Scott, Ken G. Smith, Barry M. Staw, Richard M. Steers, Victor H. Vroom, Karl E. Weick, Oliver E. Williamson, Sidney G. Winter, and Lynn Zucker,

Research-based investigations of creativity, innovation, and entrepreneurship have the potential to inform each other and enrich our knowledge of each of these areas, particularly with regard to cognitive processes and effective behaviors. Yet, while these research streams have increasingly received a great deal of attention, they have developed largely independently of one another. The Oxford Handbook of Creativity, Innovation, and Entrepreneurship addresses the critical need to integrate these three interrelated literatures.The handbook features contributions from the leading scholars in these research areas. As a group, the chapters examine the intersections of these topics to synthesize contemporary research and provide direction and stimulation for further interdisciplinary investigations of organizational creativity, innovation, and entrepreneurship.

The end of the nineteenth century saw the construction of the vertically integrated value chains that came to define modern business. The end of the twentieth century witnessed their deconstruction. In industries across the economy, markets are intruding on the web of proprietary arrangements that have held these chains together. As they do, the boundaries defining business, companies and industries are coming under attack - radically transforming the nature of competition. Powerful forces, such as globalization and deregulation, are undermining the logic and practice of traditional vertical integration, but the most powerful - partly because it acts as catalyst and an accelerator - is a revolution in the economics of information. This shift in information economics is giving birth to a myriad of new strategic options The consequences of deconstruction for the strategic management of the firm - as well as for the firm itself - are dramatic. Deconstruction forces a fundamental rethinking of some of the basic principles of strategy which will impact on the concepts of the portfolio, forms of organizational structure, styles of leadership, mechanisms for acquiring and managing knowledge and approaches to uncertainty and risk. This, the latest volume in the Strategic Management Series, explores the implications of the value chain deconstruction for strategy, the changes in strategic thinking and the action necessary to cope with the challenges and opportunities. Bringing together contributions from key figures in the field of strategy in both practice and academia, this book, as with other books in the series, addresses the ideas and issues at the forefront of strategic management theory and practice.

Since the early 1980s it has been recognized that a firm's resources, capabilities and competencies help it gain a competitive advantage, that in turn produces higher performance. This resource-based view of the firm has been an important development in the field of strategic management. It explains why some organizations perform better than others and shows that leveraging, both tangible and intangible, resources is necessary to gain a sustainable competitive advantage. Bringing together contributions from multiple perspectives this book examines the management of strategic resources. First, the book discusses resource strategy and firm performance - how resources lead to competitive advantage and how firm resources interplay with the firm strategy to produce specific outcomes. Second, it addresses the development, commitment and governance of firm resources - how firms develop critical resources, including the especially difficult development of intangible resources such as tacit knowledge, internal networks and the creation of new intellectual capital. Finally, attention is focused on the problems involved in the transfer of resources and skills in cooperative strategies such as strategic alliances, and the allocation of resources to produce innovation. The resource-based view of the firm is a valuable way of analyzing and understanding firm strategies and performance. The contributions in this book provide an important in-depth view of how strategic resources can be developed and leveraged to create value in organizations.

Managing Strategically in an Interconnected World Business is now at a new frontier as managers face an increasingly interdependent and interconnected world. Sparked by the technological revolution and globalization of business, an exceedingly complex and challenging competitive landscape has been created which has been referred to as the 'third industrial revolution'. Firms face significant uncertainty, ambiguity and an increasing number of strategic discontinuities in this hyper-competitive world. The key to survival for the modern business manager is strategic flexibility. This strategic flexibility will require innovation, speed and the use of information and knowledge. Only then can managers consistently find new methods of achieving competitive advantage. The editors have selected contributions that address two major themes of this new business environment and the means of managing strategically within it. Part I: Interconnected World: The Global Environment, Uncertainty and Knowledge Development looks at the rapid and largely unpredictable changes that occur, exemplified by the recent economic shocks in Asia and Russia and the political changes in Eastern Europe. Chapters in this section range from a focus on the central European banking system (of vital importance in the forthcoming changes in the EU to a single currency), to the executive strategic orientations in Chinese state-owned enterprises and managerial strategies of western companies in Asia. Further chapters explain the development and sharing of knowledge to build strategic flexibility. They explore how firms learn and thereby develop dynamic capabilities and core competencies. Part II: Interconnected Firms: The Role of Cooperation, Trust, Governance and Technology begins by examining how cooperative strategies have become a significant strategic tool in recent years, but why there is still a high failure rate of strategic alliances (the most common form of cooperation). The development of collaborative know-how is explored as well as the entrepreneurial opportunities that can be created by alliances to increase resources and develop new capabilities. Developing these new capabilities requires that firms have the necessary absorptive capacity and build trust with their partners. Even with trust, higher risk collaborative ventures, particularly between international partners, require governance. Trust in and governance of interorganizational partnerships within several different international contexts including Europe, Asia and North America is also explored. Thus, Managing Strategically in an Interconnected World addresses a number of critical issues to successfully navigate in the new frontier and build sustainable competitive advantages.

New Managerial Mindsets Organizational Transformation and Strategy Implementation In order to make sense of the new frontier of business, which entails rapid and unpredictable changes, strategic discontinuities, economic uncertainties and hypercompetition, new forms of managerial thinking will be required. The new thinking, or 'managerial mindsets' need to be global in orientation and allow strategic and structural flexibility in an integrated way. A major part of staying ahead in the new business climate will depend on organizations having the capability to create and implement strategic and structural changes that entail continuous technological improvements, particularly in the area of IT. While the importance of IT to business is widely recognized and reported, organizations still have difficulty in harnessing its true potential, namely, the ability to transform industries and markets. Flexible organizational networks that build and share the knowledge of its employees, suppliers, customers and competitors and keep pace with technological advances are the way in which companies with completely new mindsets will stay one step ahead. The editors have selected contributions that address two major themes of this new business environment and the means of managing strategically within it. Part I: Interconnected Thinking: Managerial Mindsets, Information Technology and Organizational Change looks at the shared, interconnected mental framework required throughout a firm's managerial ranks. It is based on sensemaking that represents an intangible structure in the firm. IT supports sensemaking and, thus, managerial mindsets through linkages in a managerial network and the information that flows through this network. IT is particularly important for development and the implementation of strategy and provides a form of structure to organizations. As such, IT and strategy must be aligned. Through the structure and the information that IT provides, comes the need for a firm's strategic flexibility. Managerial mindsets oriented toward change and flexible IT architecture facilitate organizational transformations. Part II: Interconnected Perspectives: Strategies, Competencies and Performance raises the importance of integration between strategy formulation and implementation processes. For example, mission statements can provide useful guides for, not only the formulation, but also the implementation of strategy. Implementation processes are particularly important for successful strategic change. A key element in implementation of strategy and strategic change is the managerial reward system. Managerial compensation affects managerial actions (e.g. to promote resource sharing across business units) and the firm's ability to effect change. Similarly, managerial ownership in a firm is often used to align managers' interests with those of the shareholders. For example, increased managerial ownership stakes in Asian firms may lead to greater product diversification because of the less diversified portfolios of Asian investors. Many other intangibles affect implementation. Founding conditions can also affect resources, routines and competencies in later time periods. Therefore, New Managerial Mindsets: Organizational Transformation and Strategy Implementation addresses critically important topics relevant to firms' success in the changing global competitive landscape.

In this major reference work, top scholars in the field of strategic management present major ideas and theories in the field drawing on their own research and special expertise. Offers complete coverage of the field of strategic management. Incorporates new ideas on strategy topics from leading scholars in the field. Edited by three of the World's leading management academics.

In this major reference work, top scholars in the field of strategic management present major ideas and theories in the field drawing on their own research and special expertise. Offers complete coverage of the field of strategic management. Incorporates new ideas on strategy topics from leading scholars in the field. Edited by three of the World's leading management academics.

This volume introduces a new concept - strategic entrepreneurship - which integrates the insights of entrepreneurship and strategic management. This volume describes a new concept – strategic entrepreneurship – which fuses the insights of entrepreneurship and strategic management. The editors have invited the world's finest entrepreneurship and strategic management scholars to contribute chapters on key issues that are influencing research in both fields, and to integrate findings across the two. Investigates the overlap between entrepreneurship and strategic management in the context of six distinct domains: resources and organizational learning, innovation, alliances and networks, internationalization, strategic leadership, and growth. The contributors use both traditional and new theoretical approaches in order to further the reader's understanding of wealth creation in the current business environment.

In this volume, Bartlett and Ghoshal examine the transnational firm, its development and future. Ending their chapter is a debate about the future of international management research involving several individual scholars including Julian Birkinshaw (London Business School), Yves Doz (INSEAD), and Eleanore Westney (MIT). Three leading scholars in the international management field, Michael Kotabe (Temple University), Alan Rugman (Indiana University) and Srilata Zaheer (University of Minnesota) provide comments on Bartlett and Ghoshal's work and on future international management research. The present volume also presents five other articles that make a contribution to the main theme of the book. Together, they cover a set of topics in international management studies including: process issues and the evolution of collaboration in the management of international strategic alliances (alliances), the antecedents and outcomes from international entry modes (market entry), examination of the localization of HRM practices in American and European multinationals (resources), and the cultural, economic and political effects on national entrepreneurial potential (resources). The work in this volume provides a diversity of theoretical and methodological approaches and represents the thinking in the field on managing transnational firms focused on resources, market entry and alliances.

This volume includes contributing chapters from authors based in Asia, Europe, and North America to examine an emerging topic in the international management field - managing multinationals in a knowledge economy. They were selected to reflect the influences of three key factors - economics, culture, and human resources - on managerial decisions that affect multinationals and their effective operations. Leading the volume is an invited article by John H. Dunning, "An Evolving Paradigm of the Economic Determinants of International Business Activity." It presents a comprehensive review of his thirty-plus years of research on the eclectic paradigm, and a preview of his most recent work on the role of relational and institutional assets in foreign direct investment.This article, along with commentaries on Dunning's work written by Jose de la Torre, Timothy Devinney, Will Mitchell, and Stephen Tallman, can be found in the Research Forum section. The present volume also includes five other articles selected through a double-blind review process. They complement the Research Forum papers, which focus on the economic determinants of international business activity, by examining critical cultural and human resource issues faced by multinationals.These include: the role of culture in entry mode decisions, the impact of national context on top management teams, cultural attributes of Russian management, the utilization of managerial expatriates, and the bridging of theory and practice in international human resource management research. A review of the volume's ten chapters suggests that, despite all the technological advances in cross-border communication and coordination, social capital and human resources are the most critical factors possessed by multinationals.

The early research on multinational enterprises usually relied on traditional economic theory or relatively simple but powerful theories developed in the field of international business. They were developed to help us understand why firms entered international markets. However, as the field of international management has developed further, with more scholars from adjacent disciplines conducting research on issues of importance to international markets and multinational firms, newer, more diverse and complex theoretical perspectives have been developed. The present volume involves a series of invited papers focused partly on Professor Dozs recent work and on other newer and important theoretical perspectives on the multinational enterprise. These works are authored by a number of top scholars in the field from North America and Europe. The intent of this volume is to highlight and emphasize the new and diverse theoretical foci in this field (e.g., management of large groups in emerging markets, international entrepreneurship and the liabilities of foreignness) and serve as a catalyst to the increasingly important research, designed to help us understand and build a theory of the multinational firm. The book is divided into three parts, with the first focused on the new and visible theory of the metanational firm by Yves Doz and comments on this work and Yves Dozs broader contributions to the field by three top scholars in the international management field. The second part contains two works that examine the evolving nature of theory on the multinational firm in international management research. The third part contains five papers that present diverse yet highly important theoretical perspectives on the multinational enterprise. This work provides a base upon which future excellent research in the field of international management will be advanced.

In his best selling book "The World is Flat", Friedman (2005) argues that many more countries and companies now compete in global markets than ever before. The effects of globalization are pervasive and are leading to the emergence of new social, political and business models. This flattening of the world represents a fundamental change and requires that managers of organizations throughout the world develop and use a global mindset. A global mindset is 'a set of individual attributes that enable an individual to influence individuals, groups, and organizations from diverse socio/cultural/institutional systems'. The importance of this global mindset suggests that we need to better understand both its theoretical base and its practical relevance. The purpose of this book is to explore the content of a global mindset, how it is developed, when and how it should be applied, and what its consequences are. Therefore, a new source of competitive advantage is emerging: the ability to integrate players from many parts of the world faster and more effectively than others. The challenge to global corporations is increasingly to create seamless globally integrated systems to satisfy diverse customer needs in diverse global markets. Corporations ability to create globally integrated systems depends to a large extent on their success in getting their employees, managers, and executives to understand and adapt to a flat world. Thus, the new competitive advantage of global corporations lies in their ability to shape the minds and actions of their employees to ensure successful performance. The contributions in this volume suggest that the concept of global mindset represents an important competitive tool for today's managers. Corporate leaders are advised to develop, exhibit and act with a global mindset in order for their firms to achieve and maintain a competitive advantage in international markets. Without such a mindset, such firms are likely to encounter better prepared and more knowledgeable global competitors, thereby threatening their very survival. This work gives a detailed account of the global mindset as an important competitive tool. It is international in scope and is edited by field leaders. This book series is available electronically at website.

People, processes, and technology. These are the three major drivers of business achievement. The best leaders inherently understand that great companies start with great people. This is as true now as it was during the beginning of the industrial revolution, and understanding and staying current on the latest organizational behavior research and best practices paves the way for managerial success.In this updated edition of Organizational Behavior, theory, new research and real-world case studies are combined in an engaging manner to blend together the critical concepts and skills needed to successfully manage others and build a strong organization across all levels of a company. Featuring an in-depth view of the process and practice of managing individuals, teams, and entire organizations, the text provides a solid foundation for students and future managers.