THEORETICAL AND PRACTICAL ARGUMENTS FOR MODELING LABOR SUPPLY AS A CHOICE AMONG LATENT JOBS

Models of labor supply derived from stochastic utility representations and discretized sets of feasible hours of work have gained popularity because they are more practical than the standard approaches based on marginal calculus. In this paper we argue that practicality is not the only feature that can be addressed by means of stochastic choice theory. This theory also offers a powerful framework for developing a more realistic model for labor supply choices, founded on individuals having preferences over jobs and facing restrictions on the choice of jobs and hours of work. We discuss and clarify how this modeling framework deviates from both the conventional discrete approach [Van Soest, A. ( 1995 ) Structural models of family labor supply. A discrete choice approach. Journal of Human Resources 30: 63–88), as well as the standard textbook approach based on marginal calculus (Hausman, J.A. ( 1992 ) The econometrics of nonlinear budget sets. Econometrica 53: 1255–1282]. We furthermore discuss how the model based on job choice can be applied to simulate effects of alternative restrictions on hours of work.     

IMPLEMENTING STRATEGIC MISSIONS: EFFECTIVE STRATEGIC, STRUCTURAL AND TACTICAL CHOICES

This article describes a study of the impact of strategic mission on the relationships between firm performance and selected strategic, structural, and tactical variables. Moderated regression analysis and subgroup analysis were used to analyse data collected from 91 advanced technology manufacturing companies. Results indicate that firms with build-oriented strategic missions, relative to those with more hold- and harvest-oriented strategic missions, performed better when they: (1) adopted entrepreneurial strategic postures; (2) had organic organization structures; (3) offered relatively low product prices; (4) employed relatively large sales forces; (5) offered relatively generous customer credit; and (6) offered relatively broad product lines. On the other hand, firms with hold- and harvest-oriented strategic missions, relative to those with more build-oriented strategic missions, performed better when they emphasized R&D activity geared toward the development and refinement of existing products. Strategic mission did not moderate the effectiveness of the firms’advertising expenditures or their new product development activity.     

MANAGERIAL COGNITION: A MISSING LINK IN STRATEGIC MANAGEMENT RESEARCH

This article explores the linkages between cognitive science and strategic management research. It begins by noting that Schendel and Hofer, in their classic work Strategic Management: A New View of Business Policy and Planning, implicitly assumed a cognitive basis for much of the strategy-making process but did little to systematize a cognitive approach. Next, the article examines the foundations of modern cognitive science. Several areas of recent research that are particularly relevant to strategic thinking are reviewed. The article concludes with a call for a more explicit cognitive emphasis in strategic management.     

STRATEGIC FLEXIBILITY FOR HIGH TECHNOLOGY MANOEUVRES: A CONCEPTUAL FRAMEWORK

Strategic flexibility is proposed as an expedient capability for managing capricious settings, such as those confronted in technology-intensive arenas. This article examines the historical evolution of the concept of flexibility and analyses its different senses by relating it to other concepts with a ‘family resemblance’. A conceptual framework is subsequently developed, which integrates the temporal and intentional dimensions of flexibility. Four archetypal manoeuvres, derived from the framework, are proposed as a means of attaining strategic flexibility. The deployment of these manoeuvres is exemplified by means of selected strategic engagements of firms in the computer peripherals arena. The article concludes with a discussion of the theoretical and practical implications of the research.     

THE STRATEGIC MANAGEMENT OF TECHNOLOGICAL INNOVATIONS: A REVIEW AND A MODEL

This paper describes a research model which can guide empirical studies of technological innovation in business organizations. The focus of the model is the strategic management of new product development processes. Variables that affect the success or failure of these processes are identified and several research hypotheses are suggested for empirical examination.     

STRATEGIC TIME PERIODS AND STRATEGIC GROUPS RESEARCH: CONCEPTS AND AN EMPIRICAL EXAMPLE

This article briefly reviews previous research on strategic groups and focuses upon the influence of time on strategic positioning. This stability approach also motivates research into the dynamics of strategic group shifts. An illustrative example drawn from the drug industry emphasizes the practical application of these concepts. The analytically-derived strategic groupings are then compared with evidence drawn from industry and academic research. Finally, following discussion of the results, some suggestions about integrating the strategic group concept into strategic management research are also made.     

THE YOUNG HELD TO RANSOM – A PUBLIC CHOICE ANALYSIS OF THE UK STATE PENSION SYSTEM

As populations age, it will become increasingly difficult to reform state pension systems. Reform will not be impossible, but the process of 'buying off' interest groups will be expensive. State pension provision must use the contributory principle combined with an accruals system – though private pension provision would be better still. There are serious flaws in the so-called 'citizens pension' much promoted by interest groups in the UK.     

INFORMATION PROCESSING IN STRATEGIC ALLIANCE BUILDING: A MULTIPLE-CASE APPROACH*

Strategic alliance building has proliferated in many industries in recent years. This research focuses on the dynamic aspects of the alliance building process that have been neglected in previous research. the study examines how organizations process information during strategic alliance building and how the effective management of uncertainty and equivocality is linked to alliance success. Analysis of qualitative and quantitative data from a multi-case study leads to a proposed model of information processing in strategic alliance building and research propositions. the research propositions suggest that strategic alliance success is facilitated or impeded by a number of factors including the selection of information-processing mechanisms, the management of alliance building momentum, political activity, and information-processing structure. These factors collectively form information-processing environments that are linked to the success or failure of the alliance. Successful alliance building efforts seem to require adaptive information-processing environments that alter information-processing mechanisms to match information-processing needs.     

TOWARDS A COMPREHENSIVE SYSTEM OF STRATEGIC CONTROL*

New strategic initiatives often take several years to execute fully and relatively few succeed. Unfortunately, classical control processes have contributed to this situation because they have been designed as feedback systems that detect problems and deviations from planned results only after they have already occurred, and because the standards to which measurements are compared are assumed to be correct or good. Recent conceptual contributors to the strategic control literature have argued for anticipatory feedforward controls, that recognize a rapidly changing and uncertain external environment. These new systems are designed to operate on a continuous basis, checking and critically evaluating assumptions, strategies, and results. This article adds to these conceptual developments by providing and explicit strategic control component to deal with low probability, high impact threatening events, namely, special alert control. In an effort to make all the latest strategic control components operationally useful, mechanisms, methods, and approaches to their efficient implementation are presented and then summarized in tabular form. An overall strategic control process diagram is provided to act as a guide for future strategic control systems. The result is a more comprehensive and workable system of strategic control.     

激情与执著：顺驰战略透视

顺驰的异军突起,为中国地产界注入了一股青春的活力和血性的气息。对于顺驰现象,从战略层面讲应该给予积极评价。     

DELEGATED PORTFOLIO MANAGEMENT: A SURVEY OF THE THEORETICAL LITERATURE

Abstract.  This paper provides a selective review of the theoretical literature on delegated portfolio management as a principal–agent relationship. The main focus of the paper is to review the analytical issues raised by the peculiar nature of the delegated portfolio management relationship within the broader class of principal–agent models. In particular, the paper discusses the performance of linear versus nonlinear compensation contracts in a single-period setting, the possible effects of limited liability of portfolio managers, the role of reputational concerns in a multiperiod framework, and the incentives to noise trading. In addition, the paper deals with some general equilibrium dimensions and asset pricing implications of delegated portfolio management. The paper also suggests some directions for future research.     

STRATEGIC ORIENTATION, STRATEGIC PLANNING SYSTEM CHARACTERISTICS AND PERFORMANCE*

This article examines the differences in strategic planning system characteristics such as planning implementation, market research competence, key personnel involvement, degree of assistance provided by the planning staff and innovativeness of strategies between the Prospector and Defender strategic archetypes. the study also tests whether deviations from a defined ideal profile of strategic planning system characteristics has implications for performance within each strategic archetype. the findings reveal significant differences in strategic planning system characteristics between Prospectors and Defenders, as well as suggest negative performance implications for deviating from a defined ideal profile of strategic planning system characteristics among Prospector organizations.     

DETERMINANTS OF STRATEGIC PLANNING SYSTEMS IN LARGE ORGANIZATIONS: A CONTINGENCY APPROACH*

This study investigates the relationship among four design parameters of planning systems and five different firm and environmental characteristics. The impact of this multivariate relationship on organizational effectiveness is then examined using a sample of 115 large manufacturing firms. The findings show general support for the proposition that, in order to be effective, a strategic planning system should be designed in such a way that the specific situational setting of the firm is reflected in the design. The analysis also indicates that firms adopt a more flexible planning system - captured here by two key variables, planning horizon, and frequency of plan reviews - as the level of environmental complexity increases. Implications for future research are discussed.     

VOUCHERS AND SCHOOL CHOICE: THE EVIDENCE

In the USA, states are increasingly adopting school choice policies, and a large body of empirical research using especially high-quality methods has studied their effects. It consistently finds that school choice improves academic outcomes for those who use it, improves outcomes at nearby government schools, and has other positive effects.     

CHOICE UNDER UNCERTAINTY

Books reviewed in this article:
Jacques Drèze (1987) Essays on Economic Decisions under Uncertainty.
W. Kip Viscusi and Wesley Magat et al (1987) Learning about Risk.
J. L. Ford (1987) Economic Choice under Uncertainty: a Perspective Theory Approach.
Isaac Levi (1986) Hard Choices: Decision Making under Unresolved Conflict.     

A RESEARCH AGENDA FOR STRATEGIC MANAGEMENT IN THE 1990s

The importance of thinking strategically is often glossed over when academics try to apply this concept to themselves. This frequently results in research or articles that are not very insightful or useful either to other academics or to practising managers. To overcome this problem and to explore the future needs of the field of strategic management, this article proposes topics for a research agenda for strategic management in the 1990s that is based on the forecast of ‘experts’ in the field.     

THE STRATEGIC CONTINGENCIES THEORY OF POWER: MULTIPLE PERSPECTIVES

The strategic contingencies theory of power proposed by Hickson et al. (1971) has been tested and compared to an alternative perspective. In the alternative perspective, the theory has been modified to include control of strategic contingencies as a moderating variable in the relationships between power and its determinants. A field study, using questionnaire and interview responses of 54 administrators at five universities, partially supports the modified theory.