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CHAPTER ELEVEN. Strategic Decision-Making in High Velocity Environments: A Theory Revisited and a Test

Kevin Clark and Chris Collins


Subject Business and Management » Entrepreneurship

DOI: 10.1111/b.9780631235118.2002.00013.x


Extract

A decade ago, Eisenhardt (1989) proposed a model of strategic decision‐making speed for firms facing high‐velocity environments. This theory, while important at the time, has become even more relevant to the strategy‐making bodies of firms in the entrepreneurial millennium. The model differed in important ways from much of the existing literature on decision‐making speed ( Frederickson and Mitchell, 1984 ; Janis, 1982 ; Mintzberg, et al., 1976 ; Nutt, 1976 ). Eisenhardt's ideas were based on a series of inductive case studies of eight firms competing in the fast‐paced micro‐chip industry. As such, it was an important theory‐building effort in a central area of strategy process, strategic decision‐making. To date, however, there have been no attempts to comprehensively test the model with a larger sample of firms. The changes the economy is experiencing in this new millennium are astounding. In short, the hyper‐competitive forces faced a decade ago by micro‐chip makers have become pervasive throughout many of our top industries ( D'Aveni, 1994 ; Grimm and Smith, 1997 ). Thus, the prescriptions of Eisenhardt's model would appear to be critical for today's firms as they seek entrepreneurial approaches to gaining competitive advantage. Top management teams (TMTs) capable of making rapid decisions can enable their firms to be the entrepreneurial first movers in their respective ... log in or subscribe to read full text

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