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Do Managers and Strategies Matter? A Study In Crisis

Author

Listed:
  • Daniel W. Greening
  • Richard A. Johnson
Abstract
Highly interactive, tightly coupled, high‐risk technological systems have introduced the potential for catastrophic events. Although many people consider crises and disasters to be inevitable, our results suggest that firms that are better able to avoid crisis events have top‐management teams with a higher level of functional team heterogeneity, higher education levels, shorter organizational tenures, and more tenure heterogeneity. These characteristics serve as proxies for deeper underlying cognitive processes such as more complex thinking, quality decision making, dialectical inquiry, and multiple perspectives in solving potential catastrophic problems. These cognitive and social processes appear to be successful in addressing interactive complexity in high‐risk technologies, and may be associated with fewer faulty assumptions about firms' vulnerability to crises. In addition, firms whose top managers' time and energy is devoted to managing acquisition and divestment activities are more likely to experience crisis events. Highly diversified firms emphasizing financial and bureaucratic controls appear to develop threat‐rigidities, a lack of firm specific knowledge, and decreased information processing capabilities making them increasingly vulnerable to systemic crisis events.

Suggested Citation

  • Daniel W. Greening & Richard A. Johnson, 1996. "Do Managers and Strategies Matter? A Study In Crisis," Journal of Management Studies, Wiley Blackwell, vol. 33(1), pages 25-51, January.
    • Handle: RePEc:bla:jomstd:v:33:y:1996:i:1:p:25-51
    DOI: 10.1111/j.1467-6486.1996.tb00797.x
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    Cited by:

    1. David C. Wilson & Layla Branicki & Bridgette Sullivan‐Taylor & Alexander D. Wilson, 2010. "Extreme events, organizations and the politics of strategic decision making," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 23(5), pages 699-721, June.
    2. Agnieszka Bieńkowska & Katarzyna Tworek & Anna Zabłocka-Kluczka, 2020. "Organizational Reliability Model Verification in the Crisis Escalation Phase Caused by the COVID-19 Pandemic," Sustainability, MDPI, vol. 12(10), pages 1-22, May.
    3. Zachary Sheaffer & Rita Mano‐Negrin, 2003. "Executives’ Orientations as Indicators of Crisis Management Policies and Practices," Journal of Management Studies, Wiley Blackwell, vol. 40(2), pages 573-606, March.
    4. Lars Schweizer & Andreas Nienhaus, 2017. "Corporate distress and turnaround: integrating the literature and directing future research," Business Research, Springer;German Academic Association for Business Research, vol. 10(1), pages 3-47, June.
    5. Bozeman, Barry, 2011. "The 2010 BP Gulf of Mexico oil spill: Implications for theory of organizational disaster," Technology in Society, Elsevier, vol. 33(3), pages 244-252.
    6. Ooghe, H. & De Prijcker, S., 2006. "Failure processes and causes of company bankruptcy: a typology," Vlerick Leuven Gent Management School Working Paper Series 2006-21, Vlerick Leuven Gent Management School.
    7. Hoffman, James J. & Williams, Robert J. & Lamont, Bruce T. & Geiger, Scott W., 2000. "Managerial Tenure and Recovery Following M-Form Reorganization in Diversified Firms," Journal of Business Research, Elsevier, vol. 50(3), pages 287-296, December.
    8. Abraham Carmeli & Zachary Sheaffer, 2009. "How Leadership Characteristics Affect Organizational Decline and Downsizing," Journal of Business Ethics, Springer, vol. 86(3), pages 363-378, May.
    9. Xin Huang & Koichi Nakagawa & Jie Li, 2017. "Effects of Top Management Team Characteristics on Corporate Charitable Activities: Evidence from the Board for Small and Medium-sized Enterprises in China," Discussion Papers in Economics and Business 17-30, Osaka University, Graduate School of Economics.
    10. García Del Junco, Julio & Álvarez Martínez, Pedro & Reyna Zaballa, Rafael, 2007. "Características del emprendedor de éxito en la creación de PYMES españolas," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 25, pages 951-974, Diciembre.
    11. Ho‐Uk Lee & Jong‐Hun Park, 2008. "The Influence of Top Management Team International Exposure on International Alliance Formation," Journal of Management Studies, Wiley Blackwell, vol. 45(5), pages 961-981, July.
    12. Tudor Andrei RADULESCU & Carmen NISTOR, 2014. "What Causes Insolvency? A Study Regarding Big And Medium Romanian Enterprises Going Bankrupt In 2013," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 6(4), pages 114-121, December.
    13. Farman Ullah Khan & Vanina Adoriana Trifan & Mioara Florina Pantea & Junrui Zhang & Muhammad Nouman, 2022. "Internal Governance and Corporate Social Responsibility: Evidence from Chinese Companies," Sustainability, MDPI, vol. 14(4), pages 1-20, February.
    14. Bendell, Bari L. & Nesij Huvaj, M., 2020. "Does stakeholder engagement through corporate social and environmental behaviors affect innovation?," Journal of Business Research, Elsevier, vol. 119(C), pages 685-696.
    15. Julio del Junco & José Brás-dos-Santos, 2009. "How different are the entrepreneurs in the European Union internal market?—An exploratory cross-cultural analysis of German, Italian and Spanish entrepreneurs," Journal of International Entrepreneurship, Springer, vol. 7(2), pages 135-162, June.
    16. In Heo & So Sohn & Eun Ji, 2014. "Effects of the matching fund program on IPO and bankruptcy of SMEs in Korea," Small Business Economics, Springer, vol. 42(1), pages 117-129, January.
    17. Juan Pablo Madiedo & Aravind Chandrasekaran & Fabrizio Salvador, 2020. "Capturing the Benefits of Worker Specialization: Effects of Managerial and Organizational Task Experience," Production and Operations Management, Production and Operations Management Society, vol. 29(4), pages 973-994, April.
    18. Li, Ganglei & Shao, Yunfei, 2023. "How do top management team characteristics affect digital orientation? Exploring the internal driving forces of firm digitalization," Technology in Society, Elsevier, vol. 74(C).

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