This article introduces a new metaphor for strategic management, namely, that of the strategy river. In comparison with the frequently used concept of path-dependency, the strategy river emphasizes time and timing, co-evolutionary interplay between strategies and institutional environments,...

This paper focuses on the relationship between incentive asymmetries and some potentially undesirable outcomes along the mergers and acquisitions (M&A) process which could potentially destroy the shareholder value of the merged corporate entity. Incentive asymmetries are seen as belonging to the...

In this study, we analyze the Finnish retail industry in 1945--1995. Triangulating the major developments in society, technology, and firm-level strategic choices, we identified extensive variation in the sources of competitive advantage over time. We found that the structural and...

We study the path dependence of technological systems and power relations inside companies. While the existing literature suggests power relations and technology to be path dependent and influenced by each other, interactions across these evolutionary processes remain poorly understood. We...

Scholars have documented the importance of national-level factors for the competitive success of firms on a global scale. These studies typically identify multiple factors that are behind the emergence of large and successful firms in particular national clusters. However, there has been...

The purpose of this paper is to study the role of individual agency in the process of institutional change. We conducted a historical study to explore the motivations and activities of two prominent individuals in business and politics before, during, and after the Finnish Civil War. Our most...

Several studies report that even after accounting earnings are announced, estimated cumulative unexpected returns continue to drift up for firms that report unexpectedly good earnings and down for firms that report unexpectedly bad earnings. This paper shows that because Finnish companies tend...

This paper provides new evidence on the information content of losses in the relation between stock returns and annual accounting earnings. Consistent with earlier US evidence, accounting losses are not significantly related to stock returns in Finland. Moreover, it is shown that the different...

The results of this note indicate that the return-leverage relation turned from negative to positive in Finland in the late 1980s. This finding is explained by the liberalization of Finnish financial markets and the decrease in the degree of financial leverage of Finnish listed firms. The...