Began as Business Policy with a Focus on Case Studies
Evolved into a More Rigorous Field of Strategic
Management
 Enhanced Theoretical and Empirical Work
 Academic Respect
Built on and Extended Theories from Other Fields
I/O Economics
Resource Based View
Porter
Penrose, Wernerfelt , Barney
Transaction Cost
Agency Theory
Organizational Learning
Absorptive Capacity
Knowledge-Based View
Williamson
Jensen, Eisenhardt
March
Cohen & Levinthal
Grant & Spender
Network Theory
Burt, Sorenson, Stuart
Evolutionary Economics
Nelson, Winter
Organizational Ecology
Baum, Oliver
Institutional Theory
Scott, North
Corporate Strategy—Product Diversification
Business Strategy
International Strategy
Competitive Dynamics
Corporate Governance
Strategic Leadership
Mergers and Acquisitions
Strategic Alliances
Technology and Innovation
Strategic Decision Making & Change
Strategic Entrepreneurship
Methodologically Strong
Theoretically Solid
Extensions & Enhancements of Theoretical Perspectives
e.g., RBV
Dynamic Capabilities (Dynamic Managerial
Capabilities, Asset Orchestration)
Resource Management (Resource
Portfolios, Bundling/Capabilities,
Leveraging)
Applying Theoretical Perspectives to Address Important
Research Questions (e.g., Innovation and Entrepreneurship)
Integration of Theoretical Perspectives
(e.g., TC/Organizational Learning)
Creation of New Theoretical Perspectives
(e.g., Behavioral Agency, Socioemotional
Wealth—Gomez-Mejia & Colleagues)
Multilevel Models (Theoretical and Empirical)
Enhanced Theory and Research
Theory Is Especially Critical in Management and its Subdisciplines
because of the Youth of our Field (Smith & Hitt, 2005)
Strategic Management is a Nascent Subdiscipline; thus, the Theory and
Research in it Remains in a Developmental Stage
Some Have Recently Suggested that Perhaps We Have Overemphasized
Theory (Hambrick, 2007)
To Improve Our Research, We Need to Develop and Test More Precise
Hypotheses
Greater Theoretical Precision is Required to Do So
Concomitant to Enriched Theory, We Also Need Better Measurement in
Strategic Management Research (Hitt, Boyd & Li, 2004; Boyd, Gove
& Hitt, 2005)
Dramatic and New Contributions
 New Theory—Integrating Seemingly Unrelated Streams of Thought
 New Research Questions (Unique and Valuable)
Broader and More Complex Models and Perspectives
 Truly Global Perspectives
 Non-North American Thinking
 Systemic Approaches to Managing in Chaotic Contexts
 Understanding Strategy in Highly Dynamic, Complex and Uncertain Contexts
 Creating and Implementing Strategy in Global Contexts with a Broad Diffusion
of Control
 Understanding How to Simultaneously Act Strategically and Entrepreneurially