Strategic Decisions

Over the past ten years, there has been growing interest in the process of strategic decision-making among both managers and researchers. Strategic decisions are important for five main reasons: They are large-scale, risky and hard to reverse; they are a

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STRATEGIe DECISIONS

edited by

Vassilis Papadakis London Business School Patrick Barwise London Business School

" ~.

Springer Science+Business Media, LLC

Library of Congress Cataloging-in-Publication Data Strategie deeisions / edited by Vassilis Papadakis, Patriek Barwise. p. em. Inc1udes bibliographical referenees and indexes. ISBN 978-1-4613-7840-2 ISBN 978-1-4615-6195-8 (eBook) DOI 10.1007/978-1-4615-6195-8 I. Papadakis, I. Strategie planning. 2. Deeision-making. Vassilis. 11. Barwise, T. P. HD30.28.S72923 1997 97-26546 658.4'012--de21 CIP Copyright © 1998 by Springer Science+Business Media New York Originally published by Kluwer Aeademie Publishers in 1998 Softcover reprint of the hardcover 1st edition 1998 All rights reserved. No part of this publieation may be reprodueed, stored in a retrieval system or transmitted in any form or by any means, meehanieal, photoeopying, reeording, or otherwise, without the prior written permission of the publisher, Springer Seienee+Business Media, LLC Printed on acid-free paper.

To Olympia, Michael and Epaminondas, Mandie, Alex and Katy.

CONTENTS

Part One: Introduction and Background 1. Strategic Decisions: An Introduction Vassilis Papadakis and Patrick Barwise 2. Process Research on Strategic Decisions: A Personal Perspective Joseph L Bower

17

Part Two: The Process of Strategic Decisions 3. Strategic Decision Making: A Contingency Framework and Beyond Richard Butler

35

4. Good and Bad Conflict in Strategic Decision Making Allen C Amason

51

5. Taming Interpersonal Conflict in Strategic Choice: How Top Management Teams Argue But Still Get Along Kathleen Eisenhardt, Jean L Kahwajy, and LJ Bourgeois III

65

6. Diversity, Eccentricity and Devil's Advocacy Charles Schwenk

85

Part Three: How the Context Affects the Process 7. Timing and Intuition in Strategic Decision Making Stefan Wally and J Robert Baum

95

8. Strategic Investment Decisions and Short-Termism: Germany Versus Britain Chris Carr

107

9. Strategic Investment Decisions in China YuanLu

127

10. Strategic Decisions and Corporate Governance in Japan Masahiro Yamamoto

145

viii

Contents

Part Four: How the Context and/or the Process Affect the Outcomes 11. Spinning a Complex Web: Links Between Strategic Decision Making Context, Content, Process and Outcome Geoffrey G Bell, Philip Bromiley and John Bryson

163

12. The Effects of Context on Strategic Decision Making Processes and Outcomes Mark P Sharfman and James W Dean, Jr.

179

13. Successful and Unsuccessful Tactics in Decision Making Paul CNutt

205

14. A Multi-Theoretic Model Of Strategic Decision Making Processes Nandini Rajagopalan, Abdul Rasheed, Deepak K Datta, and Gretchen M Spreitzer

229

Part Five: Discussion and Implications 15. Strategic Decision Making as Improvisation Kathleen M Eisenhardt

251

16. Strategy and Decision Processes: What is the Linkage? Catherine A Maritan and Dan E Schendel

259

17. What Can We Tell Managers about Strategic Decisions? Vassilis Papadakis and Patrick Barwise

267

18. Research on Strategic Decisi