Dokument: Organization’s drive train: combining innovation assets, entrepreneurial actions, and communication strategies to maneuver through critical terrain
| Titel: | Organization’s drive train: combining innovation assets, entrepreneurial actions, and communication strategies to maneuver through critical terrain | |||||||
| URL für Lesezeichen: | https://docserv.uni-duesseldorf.de/servlets/DocumentServlet?id=61727 | |||||||
| URN (NBN): | urn:nbn:de:hbz:061-20240321-093649-7 | |||||||
| Kollektion: | Dissertationen | |||||||
| Sprache: | Englisch | |||||||
| Dokumententyp: | Wissenschaftliche Abschlussarbeiten » Dissertation | |||||||
| Medientyp: | Text | |||||||
| Autor: | Huesker, Constantin Friedrich Alois [Autor] | |||||||
| Dateien: |
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| Beitragende: | Univ.-Prof. Dr. Engelen, Andreas [Gutachter] Prof. Dr. Schmidt, Susanne [Gutachter] | |||||||
| Stichwörter: | crisis, crisis management, systemic crisis, macroeconomic crisis, resilience, organizational resilience, innovation, product innovation, process innovation, entrepreneurship, entrepreneurial orientation, great financial crisis, 2008, s&p 1500, regression, event study, cluster analysis | |||||||
| Dewey Dezimal-Klassifikation: | 300 Sozialwissenschaften, Soziologie » 330 Wirtschaft | |||||||
| Beschreibung: | The importance of organizational resilience can be best demonstrated by considering the recent history and current times. In spring 2020, the COVID-19 pandemic hit the world, leading to human losses, economic shutdowns, distorted supply chains, puzzled governments, and improvising management teams. Two years later, when millions of infections and vaccinations allowed a transition back to normal, the Russian invasion of Ukraine made energy and food prices rise, global supply chains collapse, and companies cease business activities in Russia. The fear of new risks impacting the globe remains high (World Economic Forum, 2022) and forces firms of all sizes to manage current crises and, more importantly, make provisions for the challenges to come. The latter is the core of organizational resilience and the theme of this dissertation (Hillmann & Guenther, 2021).
Academic literature seeks to provide guidance and notices an increase in crisis management and resilience-building articles, but it still lacks a comprehensive understanding of antecedents and contingencies (Linnenluecke, 2017). A large body of existing research focuses on the isolated influence of firm performance (e.g., Brown and Petersen (2015); Ferrando, Marchica, and Mura (2017); Medrano and Olarte-Pascual (2016)), strategic orientation (e.g., Frösén and Tikkanen (2016); Holtermann, Hundt, Steeger, and Bersch (2021); Tognazzo, Gubitta, and Favaron (2016)), or the management team (e.g., Battisti, Beynon, Pickernell, and Deakins (2019); Buyl, Boone, and Wade (2019); Sajko, Boone, and Buyl (2020)). Contingencies receive little attention but are typically of a firm-specific or macroeconomic character, e.g., related to firm size (Bartz & Winkler, 2016; Rauch, Wiklund, Lumpkin, & Frese, 2009; Yoshikuni & Albertin, 2018), business environment (Lumpkin & Dess, 2001; Walrave, Romme, van Oorschot, & Langerak, 2017), or the economic cycle (Frösén & Tikkanen, 2016; Shakina & Barajas, 2016). Both conceptualization and operationalization of organizational resilience are relatively flat and often focused on a few repeating statistical approaches. These include sales growth (e.g., Bartz and Winkler (2016); Mudambi and Swift (2011)), return on assets (e.g., Minichilli, Brogi, and Calabrò (2016); Salvato, Sargiacomo, Amore, and Minichilli (2020)), and profitability (e.g., Srinivasan, Lilien, and Sridhar (2011); Walrave et al. (2017)). In aspiration of identifying resilience-building factors that generate a dual benefit, i.e., positive contributions in both stable and unstable times, this academic work focuses on the topics of innovation and entrepreneurship. As such, my dissertation builds on the positive relationship both have on firm performance (e.g., Adcock, Hua, Mazouz, and Yin (2014); Rauch et al. (2009)). Moreover, I add contingency factors representing a sense of urgency, operationalized through pre-crisis profitability, and a counterbalancing factor to mitigate adverse effects of an overly ambitious entrepreneurial orientation (EO) focus, operationalized through financial leverage. Ultimately, the gaps in existing literature as well as proposals for research guide the overall theme of this dissertation: How do innovation assets, entrepreneurial actions, and communication strategies drive crisis resilience under firm-specific conditions? I break down the overarching theme into three concrete research questions, each triggering an independent research study. All three studies are based on a sample of S&P 1500 companies observed before, during, and after the 2008 Great Financial Crisis (2008 GFC). I rely on secondary accounting, patent, and stock price data as well as on annual reports for my empirical analyses and receive statistical results with the help of OLS regressions, survival models, event studies, and cluster analyses. Study I relates pre-crisis innovation to organizational resilience as defined by DesJardine, Bansal, and Yang (2019) and adds a contingency of pre-crisis profitability. I can strongly confirm that pre-crisis innovation is beneficial in times of systemic distress and found even stronger associations for companies that economically underperformed before the crisis’s onset. Study II evaluates a company’s entrepreneurial orientation in relation to short-term market reactions. While the operationalization of crisis resilience through an event study is new to this research domain, I follow Covin and Slevin (1989) and Lumpkin and Dess (1996) to conceptualize and determine entrepreneurial orientation. Results indicate that an entrepreneurial orientation supports organizational resilience, while effects are even stronger if firms are financially leveraged. I argue that financial leverage has the power to offset the harmful effects of an overly ambitious EO strategy. Study III is explorative in nature and touches upon the dimension of innovation communication. By running a cluster analysis, I identify four communication types, i.e., unostentatious, silent, multiloquent, and factual innovators. While none of these communication types is per se superior, silent innovators show the worst crisis recovery performance, while multiloquent and factual innovators appear equally strong. I base my findings on established management theories, i.e., the resource-advantage theory (Hunt & Morgan, 1995), the network theory (Granovetter, 1973), the contingency theory (Galbraith, 1973), and the human capital theory (Becker, 1964). My findings partly enrich and extend the above theories by showing that firm performance and organizational resilience are, while being conceptually distinct, similar in their impact. My dissertation makes valuable academic contributions. First, it extends the theoretical knowledge of antecedents and contingencies of organizational resilience. Second, my work introduces an alternative method to evaluate organizational resilience, i.e., by employing an event study approach. Third, my studies sharpen the resource-advantage and contingency theory by replacing firm performance with organizational resilience. Practitioners can refer to this dissertation to fortify their business. First, my dissertation motivates management teams to specifically take preparative – in addition to reactive – crisis mitigation actions. Second, this work advises the company leadership to constantly strive for renewal and optimization of their business model and strategic orientation to keep up with environmental changes triggered by economic shocks. Third, my studies suggest that chief officers should not only focus on pure innovation activities but also consider the communication-to-stakeholder element. Naturally, this dissertation contains certain limitations that translate into avenues for future research. Three points stand out. First, further research can be inspired by considering more experimental and innovative papers that are not yet covered by renowned academic journals and by pursuing a data-driven approach to literature review. Second, my research can be further developed by integrating additional innovation measures and considering alternative concepts to determine organizational resilience. Third, the methodology can be fortified by verifying my findings in study III through advanced statistical methods. All in all, my work guides the academic research stream of crisis management in general and organizational resilience in specific and can motivate management teams to fortify their organizations such that upcoming systemic crises constitute an economic break rather than an organizational breakdown. | |||||||
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| Lizenz: |  Urheberrechtsschutz | |||||||
| Fachbereich / Einrichtung: | Wirtschaftswissenschaftliche Fakultät | |||||||
| Dokument erstellt am: | 21.03.2024 | |||||||
| Dateien geändert am: | 21.03.2024 | |||||||
| Promotionsantrag am: | 22.06.2022 | |||||||
| Datum der Promotion: | 25.11.2022 |
