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Dynamic capabilities and sustained innovation: strategic control and financial commitment at Rolls-Royce plc

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  • William Lazonick
  • Andrea Prencipe
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    Abstract

    Rolls-Royce plc is currently a powerful competitor in the turbofan engine industry, notwithstanding its own troubled history and the relative lack of international success of British companies in high-technology manufacturing over the past half-century. This paper seeks to contribute to the development of a theory of innovative enterprise by analyzing the roles of strategy and finance in sustaining the innovation process at Rolls-Royce over four decades from the mid-1960s. Through an analysis of 'strategic control' and 'financial commitment' as conditions of innovative enterprise at different stages in Rolls-Royce's evolution, we adduce evidence that innovation depends in part on who strategic managers are and how they gain control over financial resources. Copyright 2005, Oxford University Press.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Industrial and Corporate Change.

    Volume (Year): 14 (2005)
    Issue (Month): 3 (June)
    Pages: 501-542

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    Handle: RePEc:oup:indcch:v:14:y:2005:i:3:p:501-542

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    Cited by:
    1. Blanco, Mariana & Dalton, Patricio S. & Vargas, Juan F., 2013. "Does the Unemployment Benefit Institution affect the Productivity of Workers? Evidence from a Field Experiment," CAGE Online Working Paper Series 178, Competitive Advantage in the Global Economy (CAGE).
    2. Kaivanto, Kim & Stoneman, Paul, 2007. "Public provision of sales contingent claims backed finance to SMEs: A policy alternative," Research Policy, Elsevier, vol. 36(5), pages 637-651, June.
    3. Belloc, Filippo, 2010. "Corporate governance and innovation: an organizational perspective," MPRA Paper 21495, University Library of Munich, Germany.
    4. Claude DUPUY (GREThA UMR CNRS 5113) & Matthieu MONTALBAN (GREThA UMR CNRS 5113) & Sylvain MOURA (GREThA UMR CNRS 5113), 2009. "Finance and Industrial Dynamics (In French)," Cahiers du GREThA 2009-24, Groupe de Recherche en Economie Théorique et Appliquée.
    5. Lazonick, William, 2006. "Corporate Governance, Innovative Enterprise, and Economic Development," Working Paper Series RP2006/71, World Institute for Development Economic Research (UNU-WIDER).
    6. Andrea Prencipe & Stefano Brusoni, 2005. "Making Design Rules: A Multi-Domain Perspective," SPRU Working Paper Series 136, SPRU - Science and Technology Policy Research, University of Sussex.

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