Innovation, industry specialization, and shareholder wealth
Article Abstract:
A main interest among strategists has focused on the character of an economically efficient corporate strategy. This article examines the concept of an economically efficient corporate strategy and outlines an explanation for the superior performance of related diversifiers. This article is based on a study of the combined effects of R&D activity and industry specialization on economic performance. This study involves 361 New York and American Stock Exchange companies during 1980-1985. The analysis centers on two questions: What are the effects of the level of R&D activity and industry specialization on abnormal returns? What are the effects of the level of R&D and industry specialization on systematic risk? The results suggest that increased R&D and reduced industry specialization are critical factors underlying superior economic performance. (Reprinted by permission of the publisher.)
Publication Name: California Management Review
Subject: Business, general
ISSN: 0008-1256
Year: 1990
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Building a visionary company
Article Abstract:
What distinguishes visionary companies? How can they be created? Contrary to much conventional wisdom, visionary companies do not require a high-profile, charismatic leader. Nor are they dependent on a great idea or fabulous initial product. Rather a visionary company is best understood as a particular kind of organization - one which builds in a unique and distinctive vision that is capable of enduring changes in leadership as well as market conditions. In short, building a visionary company is like building a clock, rather than simply telling time. (Reprinted by permission of the publisher.)
Publication Name: California Management Review
Subject: Business, general
ISSN: 0008-1256
Year: 1995
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Organizational vision and visionary organizations
Article Abstract:
This article presents a framework for understanding organizational vision. "Vision" is a term frequently used by academics and practicing managers, but there has been a scarcity of clear concepts and useful tools - in short, the absence of a coherent conceptual framework. This article develops a framework that removes the fuzziness surrounding the topic of vision yet at the same time preserves the magic - the spark - that is an essential quality of vision. (Reprinted by permission of the publisher.)
Publication Name: California Management Review
Subject: Business, general
ISSN: 0008-1256
Year: 1991
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