Michael Hitt - Academia.edu (original) (raw)

Papers by Michael Hitt

Research paper thumbnail of The Contingent Effect of Synchronization on Leveraging Resources for Innovation

Leveraging resources to exploit opportunities in external markets is at the heart of innovation. ... more Leveraging resources to exploit opportunities in external markets is at the heart of innovation. However, research suggests that leveraging resources is complicated and fraught with challenges. Bui ...

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Research paper thumbnail of Mergers and Acquisitions: A Value Creating or Value Destroying Strategy?

... Ohserving this company's success with an active acquisition strategy, an... more ... Ohserving this company's success with an active acquisition strategy, an analyst suggested that Cisco" has ... that some of the most valuahle of those assets, human talent, will he ... hostile negotiations produce greater turnover in the acquired firm after completion of the acquisition. ...

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Research paper thumbnail of Transforming a traditional research organization through public entrepreneurship

Business Horizons, 2019

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Research paper thumbnail of Building competitive strength in international markets

Long Range Planning, 1987

ABSTRACT

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Research paper thumbnail of Competing For Advantage -2/E

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Research paper thumbnail of Resources, Industry Membership, and Firm Performance: The Role of Capability Configurations In Value Creation for IPO Stage New Ventures

Frontiers of …, 2007

A widely held belief is that resource constraints and industry conditions can threaten the perfor... more A widely held belief is that resource constraints and industry conditions can threaten the performance of entrepreneurial ventures. While previous research links resources to different performance outcomes, no research has explored the performance implications of resource use, ...

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Research paper thumbnail of Understanding Business Strategy: Concepts

UNDERSTANDING BUSINESS STRATEGY encourages a hands-on approach to learning with applications and ... more UNDERSTANDING BUSINESS STRATEGY encourages a hands-on approach to learning with applications and features such as: experiential exercises, BizFlix video clips, and brief end of chapter cases. Further, features such as the Strategy Tool Box and Your Career provide practical tools as students embark on their own careers. After reading Understanding Business Strategy, students will not only have an understanding of modern strategic management; they will also grasp the application of these tools in their own careers.

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Research paper thumbnail of Leveraging resources for innovation: The role of synchronization

Journal of Product Innovation Management, 2021

Leveraging resources to develop innovation is central to exploiting market opportunities, yet doi... more Leveraging resources to develop innovation is central to exploiting market opportunities, yet doing so is complex and fraught with challenges. This study explores some of this complexity by theoretically detailing and empirically examining the critical role that synchronization plays in the process of leveraging resources to create innovation. Specifically, we integrate resource orchestration with the behavioral theory of the firm to investigate the joint effect of synchronization and leveraging strategies on innovation under different performance conditions. Using policy capturing methodology resulting in 3600 observations from 120 managers, we find empirical evidence that synchronization can enhance innovation outcomes of all leveraging strategies. Yet, this positive synergistic effect occurs in high performing firms that use the resource advantage and market opportunity leveraging strategies and in low performing firms that use the entrepreneurial leveraging strategy. Our theory ...

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Research paper thumbnail of The (COVID-19) pandemic and the new world (dis)order

Journal of World Business, 2021

Abstract The COVID-19 pandemic produced a significant environmental jolt that has altered the tra... more Abstract The COVID-19 pandemic produced a significant environmental jolt that has altered the trajectories of economies and institutions and the strategies of MNEs. We examine the pandemic effects on countries’ political and regulatory institutions, the interplay between their formal and informal institutions and the resulting environmental uncertainty. These changes are transforming the global landscape, MNEs’ raison d’etre and their international strategies. MNEs are having to change or develop new country- and firm-specific advantages, refashion their FDI, focus supply chain networks, and emphasize regional strategies and localization. Although these strategies may help them to bound uncertainty, they produce other forms of risk. A new economic order is likely to arise along with transformed MNEs.

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Research paper thumbnail of Managing Technological, Sociopolitical, and Institutional Change in the New Normal

Journal of Management Studies, 2020

A New Normal environment for business has emerged in the years after the 2008 financial crisis ba... more A New Normal environment for business has emerged in the years after the 2008 financial crisis based on numerous changes in the world's economic, technological, demographic, and sociopolitical factors. This combination of changes has created a New Normal environment for firms with major implications for managers, strategists, and entrepreneurs alike. It has resulted in an environment with new challenges and opportunities that are considerably different from what firms had to contend with in the years previous. In this paper, we present the main changes that characterize the current New Normal business environment and highlight some key implications for strategy and management. Then, we present the nine articles in this special issue dealing with different dimensions of this new environment for firms. Subsequently, we outline some future research questions that could help to advance our knowledge of the New Normal environment and its implications for firms and management theories...

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Research paper thumbnail of The role of MNEs’ internationalization patterns in their regional integration of FDI locations

Journal of World Business, 2018

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Research paper thumbnail of Why is Family Firms’ Internationalization Unique? A Meta–Analysis

Entrepreneurship Theory and Practice, 2016

Despite its importance, there is no clear understanding of the uniqueness of family firms’ intern... more Despite its importance, there is no clear understanding of the uniqueness of family firms’ internationalization. This article sheds new light on this issue with a meta–analysis of 76 studies covering 41 countries. We show that the considerable study and cross–country differences in the relationship between family firm and internationalization are explained by the roles of family control, internationalization types, and home countries’ institutional contexts (i.e., minority shareholders protection and generalized trust of people from other countries). Therefore, we examine the existing divergent results using theories that reconcile some of these mixed findings and shed light on family firms’ specific internationalization challenges.

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Research paper thumbnail of Resource Orchestration for Innovation: Structuring and Bundling Resources in Growth- and Maturity-Stage Firms

Long Range Planning, 2017

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Research paper thumbnail of The Effects of Acquisitions and Restructuring (Strategic Refocusing) Strategies on Innovation

The Management of Corporate Acquisitions, 1994

The decline in global competitiveness among US firms has been well documented (Franko 1989; Hill,... more The decline in global competitiveness among US firms has been well documented (Franko 1989; Hill, Hitt and Hoskisson 1988; Young 1985). Accompanying this decline has been an increase in merger and acquisition activity that occurred in two surges — one in the late 1960s and one in the 1980s (Ravenscraft and Scherer 1987). Research has shown that acquisition strategies may involve trade-offs. For example, while acquired firms’ shareholders often gain significant abnormal returns, acquiring firms’ shareholders, on average, receive zero or slightly positive returns (Jensen 1988). The purpose of this paper is to examine the potential link between the decline in competitiveness and acquisition and divestiture (refocusing) activity.

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Research paper thumbnail of Rivals’ reactions to mergers and acquisitions

Strategic Organization, 2016

Mergers and acquisitions research has principally focused on attributes of the acquiring firm and... more Mergers and acquisitions research has principally focused on attributes of the acquiring firm and post-acquisition outcomes. To extend our knowledge, we focus on external factors, in particular rival responses, and explore when and how rivals respond to their competitor’s acquisitions. Leveraging the awareness–motivation–capability framework, we predict and find evidence that a rival’s dependence on markets in common with the acquirer, resource similarity between rival and acquirer, and a rival’s organizational slack increase the volume and, in some cases, also the complexity of a rival’s competitive actions following an acquisition. Furthermore, the type of acquisition positively moderates some of these relationships. The results extend our understanding of the influence of mergers and acquisitions on competitive dynamics in the marketplace.

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Research paper thumbnail of Strategic Leadership: Strategy, Resources, Ethics and Succession

Handbook on Responsible Leadership and Governance in Global Business

... long-term viability such as in human capital, innovation and creating/maintaining an effectiv... more ... long-term viability such as in human capital, innovation and creating/maintaining an effective culture (Hoskisson and Hitt, 1994). ... Those with a synergistic integration of visionary leadership and managerial leadership demonstrate what Steven J. Ross described as a strategic ...

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Research paper thumbnail of Antecedents and precedents to Porter's Competitive Strategy

Competition, Competitive Advantage, and Clusters, 2011

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Research paper thumbnail of Sentiment-Driven Merger Waves

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Research paper thumbnail of Resources, Industry Membership, and Firm Performance: The Role of Capability Configuration in Value Creation for IPO-Stage New Ventures

A widely held belief is that resource constraints and industry conditions can threaten the perfor... more A widely held belief is that resource constraints and industry conditions can threaten the performance of entrepreneurial ventures. While previous research links resources to different performance outcomes, no research has explored the performance implications of resource use, especially for new ventures. Building from resource-based theory and contingency theory, we examine indirect (through capability formation/use) effects that occur within the ‘black box’ between resources and performance for a sample of entrepreneurial firms undertaking an IPO. Further, we extend theory in an entrepreneurial context to explain how underlying routines allow resources to be managed for greater value across different industries—conditions that make resources valuable in some contexts and not in others.

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Research paper thumbnail of Institutional Polycentricity, Resource Orchestration and Firm Performance

Academy of Management Proceedings, 2012

Theory and research suggests that firms’ environmental context affect the way they manage their r... more Theory and research suggests that firms’ environmental context affect the way they manage their resources and the strategies they employ. This research examines effects of institutional polycentric...

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Research paper thumbnail of The Contingent Effect of Synchronization on Leveraging Resources for Innovation

Leveraging resources to exploit opportunities in external markets is at the heart of innovation. ... more Leveraging resources to exploit opportunities in external markets is at the heart of innovation. However, research suggests that leveraging resources is complicated and fraught with challenges. Bui ...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Mergers and Acquisitions: A Value Creating or Value Destroying Strategy?

... Ohserving this company's success with an active acquisition strategy, an... more ... Ohserving this company's success with an active acquisition strategy, an analyst suggested that Cisco" has ... that some of the most valuahle of those assets, human talent, will he ... hostile negotiations produce greater turnover in the acquired firm after completion of the acquisition. ...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Transforming a traditional research organization through public entrepreneurship

Business Horizons, 2019

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Building competitive strength in international markets

Long Range Planning, 1987

ABSTRACT

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Competing For Advantage -2/E

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Resources, Industry Membership, and Firm Performance: The Role of Capability Configurations In Value Creation for IPO Stage New Ventures

Frontiers of …, 2007

A widely held belief is that resource constraints and industry conditions can threaten the perfor... more A widely held belief is that resource constraints and industry conditions can threaten the performance of entrepreneurial ventures. While previous research links resources to different performance outcomes, no research has explored the performance implications of resource use, ...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Understanding Business Strategy: Concepts

UNDERSTANDING BUSINESS STRATEGY encourages a hands-on approach to learning with applications and ... more UNDERSTANDING BUSINESS STRATEGY encourages a hands-on approach to learning with applications and features such as: experiential exercises, BizFlix video clips, and brief end of chapter cases. Further, features such as the Strategy Tool Box and Your Career provide practical tools as students embark on their own careers. After reading Understanding Business Strategy, students will not only have an understanding of modern strategic management; they will also grasp the application of these tools in their own careers.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Leveraging resources for innovation: The role of synchronization

Journal of Product Innovation Management, 2021

Leveraging resources to develop innovation is central to exploiting market opportunities, yet doi... more Leveraging resources to develop innovation is central to exploiting market opportunities, yet doing so is complex and fraught with challenges. This study explores some of this complexity by theoretically detailing and empirically examining the critical role that synchronization plays in the process of leveraging resources to create innovation. Specifically, we integrate resource orchestration with the behavioral theory of the firm to investigate the joint effect of synchronization and leveraging strategies on innovation under different performance conditions. Using policy capturing methodology resulting in 3600 observations from 120 managers, we find empirical evidence that synchronization can enhance innovation outcomes of all leveraging strategies. Yet, this positive synergistic effect occurs in high performing firms that use the resource advantage and market opportunity leveraging strategies and in low performing firms that use the entrepreneurial leveraging strategy. Our theory ...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The (COVID-19) pandemic and the new world (dis)order

Journal of World Business, 2021

Abstract The COVID-19 pandemic produced a significant environmental jolt that has altered the tra... more Abstract The COVID-19 pandemic produced a significant environmental jolt that has altered the trajectories of economies and institutions and the strategies of MNEs. We examine the pandemic effects on countries’ political and regulatory institutions, the interplay between their formal and informal institutions and the resulting environmental uncertainty. These changes are transforming the global landscape, MNEs’ raison d’etre and their international strategies. MNEs are having to change or develop new country- and firm-specific advantages, refashion their FDI, focus supply chain networks, and emphasize regional strategies and localization. Although these strategies may help them to bound uncertainty, they produce other forms of risk. A new economic order is likely to arise along with transformed MNEs.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Managing Technological, Sociopolitical, and Institutional Change in the New Normal

Journal of Management Studies, 2020

A New Normal environment for business has emerged in the years after the 2008 financial crisis ba... more A New Normal environment for business has emerged in the years after the 2008 financial crisis based on numerous changes in the world's economic, technological, demographic, and sociopolitical factors. This combination of changes has created a New Normal environment for firms with major implications for managers, strategists, and entrepreneurs alike. It has resulted in an environment with new challenges and opportunities that are considerably different from what firms had to contend with in the years previous. In this paper, we present the main changes that characterize the current New Normal business environment and highlight some key implications for strategy and management. Then, we present the nine articles in this special issue dealing with different dimensions of this new environment for firms. Subsequently, we outline some future research questions that could help to advance our knowledge of the New Normal environment and its implications for firms and management theories...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The role of MNEs’ internationalization patterns in their regional integration of FDI locations

Journal of World Business, 2018

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Why is Family Firms’ Internationalization Unique? A Meta–Analysis

Entrepreneurship Theory and Practice, 2016

Despite its importance, there is no clear understanding of the uniqueness of family firms’ intern... more Despite its importance, there is no clear understanding of the uniqueness of family firms’ internationalization. This article sheds new light on this issue with a meta–analysis of 76 studies covering 41 countries. We show that the considerable study and cross–country differences in the relationship between family firm and internationalization are explained by the roles of family control, internationalization types, and home countries’ institutional contexts (i.e., minority shareholders protection and generalized trust of people from other countries). Therefore, we examine the existing divergent results using theories that reconcile some of these mixed findings and shed light on family firms’ specific internationalization challenges.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Resource Orchestration for Innovation: Structuring and Bundling Resources in Growth- and Maturity-Stage Firms

Long Range Planning, 2017

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The Effects of Acquisitions and Restructuring (Strategic Refocusing) Strategies on Innovation

The Management of Corporate Acquisitions, 1994

The decline in global competitiveness among US firms has been well documented (Franko 1989; Hill,... more The decline in global competitiveness among US firms has been well documented (Franko 1989; Hill, Hitt and Hoskisson 1988; Young 1985). Accompanying this decline has been an increase in merger and acquisition activity that occurred in two surges — one in the late 1960s and one in the 1980s (Ravenscraft and Scherer 1987). Research has shown that acquisition strategies may involve trade-offs. For example, while acquired firms’ shareholders often gain significant abnormal returns, acquiring firms’ shareholders, on average, receive zero or slightly positive returns (Jensen 1988). The purpose of this paper is to examine the potential link between the decline in competitiveness and acquisition and divestiture (refocusing) activity.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Rivals’ reactions to mergers and acquisitions

Strategic Organization, 2016

Mergers and acquisitions research has principally focused on attributes of the acquiring firm and... more Mergers and acquisitions research has principally focused on attributes of the acquiring firm and post-acquisition outcomes. To extend our knowledge, we focus on external factors, in particular rival responses, and explore when and how rivals respond to their competitor’s acquisitions. Leveraging the awareness–motivation–capability framework, we predict and find evidence that a rival’s dependence on markets in common with the acquirer, resource similarity between rival and acquirer, and a rival’s organizational slack increase the volume and, in some cases, also the complexity of a rival’s competitive actions following an acquisition. Furthermore, the type of acquisition positively moderates some of these relationships. The results extend our understanding of the influence of mergers and acquisitions on competitive dynamics in the marketplace.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Strategic Leadership: Strategy, Resources, Ethics and Succession

Handbook on Responsible Leadership and Governance in Global Business

... long-term viability such as in human capital, innovation and creating/maintaining an effectiv... more ... long-term viability such as in human capital, innovation and creating/maintaining an effective culture (Hoskisson and Hitt, 1994). ... Those with a synergistic integration of visionary leadership and managerial leadership demonstrate what Steven J. Ross described as a strategic ...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Antecedents and precedents to Porter's Competitive Strategy

Competition, Competitive Advantage, and Clusters, 2011

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Sentiment-Driven Merger Waves

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Resources, Industry Membership, and Firm Performance: The Role of Capability Configuration in Value Creation for IPO-Stage New Ventures

A widely held belief is that resource constraints and industry conditions can threaten the perfor... more A widely held belief is that resource constraints and industry conditions can threaten the performance of entrepreneurial ventures. While previous research links resources to different performance outcomes, no research has explored the performance implications of resource use, especially for new ventures. Building from resource-based theory and contingency theory, we examine indirect (through capability formation/use) effects that occur within the ‘black box’ between resources and performance for a sample of entrepreneurial firms undertaking an IPO. Further, we extend theory in an entrepreneurial context to explain how underlying routines allow resources to be managed for greater value across different industries—conditions that make resources valuable in some contexts and not in others.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Institutional Polycentricity, Resource Orchestration and Firm Performance

Academy of Management Proceedings, 2012

Theory and research suggests that firms’ environmental context affect the way they manage their r... more Theory and research suggests that firms’ environmental context affect the way they manage their resources and the strategies they employ. This research examines effects of institutional polycentric...

Bookmarks Related papers MentionsView impact