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- W2556652903 endingPage "44" @default.
- W2556652903 startingPage "25" @default.
- W2556652903 abstract "Firms may allocate scarce resources to two fundamental strategic processes: value creation and value appropriation. The relative investment in these processes (i.e., a firm's relative strategic emphasis) may be associated with firm-idiosyncratic risk. Empirically, a firm's relative strategic emphasis is represented by the difference between its advertising expenditure and its research-and-development expenditure. Using data from 2,403 firms over the period of 2000–2014, the authors find that firms’ relative strategic emphasis on value appropriation versus value creation reduces firm risk, though in a contingent manner. This association is weaker when firms have larger positive or negative relative performance. Furthermore, these contingent associations are stronger when demand instability in an industry is higher. Overall, the results demonstrate that a firm's strategic emphasis should be examined in light of its relative performance, as well as in the context of current market conditions, when making judicious resource allocation decisions." @default.
- W2556652903 created "2016-11-30" @default.
- W2556652903 creator A5044240021 @default.
- W2556652903 creator A5066509642 @default.
- W2556652903 creator A5086664284 @default.
- W2556652903 date "2017-07-01" @default.
- W2556652903 modified "2023-10-16" @default.
- W2556652903 title "Relative Strategic Emphasis and Firm-Idiosyncratic Risk: The Moderating Role of Relative Performance and Demand Instability" @default.
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