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Exploring strategic judgment: Methods for testing the assumptions of prescriptive contingency theories

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  • Richard L. Priem
  • David A. Harrison

Abstract

Several generally untested assumptions about strategic judgment and choice exist in strategic management theories. Direct examination of these assumptions is necessary for sound theory building, and for sound prescription based on current theory. This paper presents techniques for eliciting and analyzing the strategic judgments of strategy makers, and discusses the potential of these techniques for increasing the internal validity and practical relevance of strategy research. We argue that incorporating managerial judgment more directly into the mainstream of strategy research will lead to both new theory and the extension of existing theory.

Suggested Citation

  • Richard L. Priem & David A. Harrison, 1994. "Exploring strategic judgment: Methods for testing the assumptions of prescriptive contingency theories," Strategic Management Journal, Wiley Blackwell, vol. 15(4), pages 311-324, May.
    • Handle: RePEc:bla:stratm:v:15:y:1994:i:4:p:311-324
    DOI: 10.1002/smj.4250150405
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    Cited by:

    1. Shepherd, Dean A. & Zacharakis, Andrew, 2002. "Venture capitalists' expertise: A call for research into decision aids and cognitive feedback," Journal of Business Venturing, Elsevier, vol. 17(1), pages 1-20, January.
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    3. Erik Monsen & Holger Patzelt & Todd Saxton, 2010. "Beyond Simple Utility: Incentive Design and Trade–Offs for Corporate Employee–Entrepreneurs," Entrepreneurship Theory and Practice, , vol. 34(1), pages 105-130, January.
    4. Anne Domurath & Holger Patzelt, 2016. "Entrepreneurs’ Assessments of Early International Entry: The Role of Foreign Social Ties, Venture Absorptive Capacity, and Generalized Trust in Others," Entrepreneurship Theory and Practice, , vol. 40(5), pages 1149-1177, September.
    5. Richard L. Priem & Joseph Rosenstein, 2000. "Is Organization Theory Obvious to Practitioners? A Test of One Established Theory," Organization Science, INFORMS, vol. 11(5), pages 509-524, October.
    6. Asim Mishra, 2005. "INDIAN VENTURE CAPITALISTS (VCs) INVESTMENT EVALUATION CRITERIA," Finance 0507002, University Library of Munich, Germany.
    7. Brundin, Ethel & Patzelt, Holger & Shepherd, Dean A., 2008. "Managers' emotional displays and employees' willingness to act entrepreneurially," Journal of Business Venturing, Elsevier, vol. 23(2), pages 221-243, March.
    8. Nutt, Paul C., 2005. "Search during decision making," European Journal of Operational Research, Elsevier, vol. 160(3), pages 851-876, February.
    9. Dean A. Shepherd & Jeaneth Johansson & Malin Malmström & Joakim Wincent, 2021. "Rallying the Troops and Defending against Sanctions: A Government Body Breaking Decision‐Making Rules to Fund Entrepreneurial Ventures," Journal of Management Studies, Wiley Blackwell, vol. 58(2), pages 321-358, March.
    10. Terry Alkire & Pierre-Xavier Meschi, 2018. "The Decision to Stay or Resign Following an Acquisition by a Chinese or Indian Company," Management International Review, Springer, vol. 58(1), pages 9-42, February.
    11. J. Michael Haynie & Dean A. Shepherd & Jeffery S. McMullen, 2009. "An Opportunity for Me? The Role of Resources in Opportunity Evaluation Decisions," Journal of Management Studies, Wiley Blackwell, vol. 46(3), pages 337-361, May.
    12. Lars Schweizer & Erik Monsen & Holger Patzelt, 2008. "Anreize und Motivation für unternehmerisches Handeln in etablierten Firmen," Schmalenbach Journal of Business Research, Springer, vol. 60(7), pages 671-692, November.
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    14. J. Michael Haynie & Dean A. Shepherd & Holger Patzelt, 2012. "Cognitive Adaptability and an Entrepreneurial Task: The Role of Metacognitive Ability and Feedback," Entrepreneurship Theory and Practice, , vol. 36(2), pages 237-265, March.
    15. Lüthi, Sonja & Wüstenhagen, Rolf, 2012. "The price of policy risk — Empirical insights from choice experiments with European photovoltaic project developers," Energy Economics, Elsevier, vol. 34(4), pages 1001-1011.
    16. Holger Patzelt & Dean A. Shepherd, 2008. "The Decision to Persist with Underperforming Alliances: The Role of Trust and Control," Journal of Management Studies, Wiley Blackwell, vol. 45(7), pages 1217-1243, November.
    17. Hanisch, David N. & Rau, Sabine B., 2014. "Application of metric conjoint analysis in family business research," Journal of Family Business Strategy, Elsevier, vol. 5(1), pages 72-84.
    18. Judith Behrens & Holger Patzelt, 2016. "Corporate Entrepreneurship Managers’ Project Terminations: Integrating Portfolio–Level, Individual–Level, and Firm–Level Effects," Entrepreneurship Theory and Practice, , vol. 40(4), pages 815-842, July.
    19. Murnieks, Charles Y. & Cardon, Melissa S. & Sudek, Richard & White, T. Daniel & Brooks, Wade T., 2016. "Drawn to the fire: The role of passion, tenacity and inspirational leadership in angel investing," Journal of Business Venturing, Elsevier, vol. 31(4), pages 468-484.

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