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Why smart executives fail: Four case histories of how people learn the wrong lessons from history

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  • Sydney Finkelstein

Abstract

In a series of inductive case histories of leadership and strategy, we document the problem of how executives often learn the wrong lessons from history. The costs associated with such misdirected learning are significant, and often tally in the hundreds of millions to billions in losses. These mistakes are seldom due to managerial incompetence or random events, but rather are driven by common patterns of managerial behaviour. The case histories of two American and two Japanese companies highlight how and why apparently talented managers often learn the wrong lessons from history.

Suggested Citation

  • Sydney Finkelstein, 2006. "Why smart executives fail: Four case histories of how people learn the wrong lessons from history," Business History, Taylor & Francis Journals, vol. 48(2), pages 153-170.
    • Handle: RePEc:taf:bushst:v:48:y:2006:i:2:p:153-170
    DOI: 10.1080/00076790600576727
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    Citations

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    Cited by:

    1. Larrisa V. Shavinina, 2011. "What Do We Know About Managerial Talent? The Case-Study of Richard Branson as a Great Project Manager," RePAd Working Paper Series UQO-DSA-wp2102011, Département des sciences administratives, UQO.
    2. Guilherme Azevedo, 2023. "Into the realm of organizational folly: A poem, a review, and a typology of organizational stupidity," Post-Print hal-03662177, HAL.
    3. Amankwah-Amoah, Joseph, 2011. "Learning from the failures of others: The effects of post-exit knowledge spillovers on recipient firms," MPRA Paper 89223, University Library of Munich, Germany.
    4. Eero Vaara & Juha-Antti Lamberg, 2016. "Taking historical embeddedness seriously : Three historical approaches to advance strategy process and practice research," Post-Print hal-02276732, HAL.
    5. Mario Minoja, 2012. "Stakeholder Management Theory, Firm Strategy, and Ambidexterity," Journal of Business Ethics, Springer, vol. 109(1), pages 67-82, August.
    6. Amankwah-Amoah, Joseph, 2014. "Explanations for strategic persistence in the wake of others’ failures," MPRA Paper 63409, University Library of Munich, Germany.

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