This paper explains the internationalization process of small firms using the theory of performance relative to aspiration levels. The study complements prior theory by explaining why and how small firms are triggered to engage in internationalization despite not reaching maturity in their home...

Cyert and March’s 1963 seminal book is one of the two major economics-based theories of the firm that goes inside the ‘black box’ (the firm) – the other being the contribution of Edith Penrose. The two theories have differences, but also similarities, and substantial scope for...

The fact that organizations find it hard to change in response to shocks in the environment is a crucial feature of the economy. Yet we know little about why it is so difficult for organizations to adjust, and where these limitations come from. In an effort to discover some of these reasons we...

The fact that organizations find it hard to change in response to shocks in the environment is a crucial feature of the economy. Yet we know little about why it is so difficult for organizations to adjust, and where these limitations come from. In an effort to discover some of these reasons we...

We reflect on the evolution of the strategy field as seen through the window of Management Science. Reflecting the diverse disciplinary roots of strategy research, we identify a broad-ranging body of work that varies with respect to the assumptions made regarding individual rationality and the...