IDEAS home Printed from https://ideas.repec.org/a/wly/fufsci/v2y2020i2ne28.html
   My bibliography  Save this article

Corporate foresight as a microfoundation of dynamic capabilities

Author

Listed:
  • Jan Oliver Schwarz
  • René Rohrbeck
  • Bernhard Wach

Abstract

The dynamic capabilities perspective is aimed at explaining how firms achieve and sustain competitive advantages, especially in environments that become volatile, uncertain, complex, and ambiguous (VUCA). In this paper, we combine factors that explain dynamic capabilities on the firm level with factors of dynamic managerial capabilities on the individual level. In addition to the dynamic capabilities theory, we draw on corporate foresight (CF) literature to test the impact of CF training. We find that both the organizational‐level practices and the individual‐level training of leaders are positively associated with firm‐level outcomes. We further observe that this relationship is mediated by dynamic managerial capabilities (i.e., the ability of leaders to challenge current business models, make decisions under uncertainty, and reconfigure organizational resources). Our findings emphasize the importance of training leaders and building organizational CF practices to build the dynamic capabilities needed in VUCA environments.

Suggested Citation

  • Jan Oliver Schwarz & René Rohrbeck & Bernhard Wach, 2020. "Corporate foresight as a microfoundation of dynamic capabilities," Futures & Foresight Science, John Wiley & Sons, vol. 2(2), June.
    • Handle: RePEc:wly:fufsci:v:2:y:2020:i:2:n:e28
    DOI: 10.1002/ffo2.28
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/ffo2.28
    Download Restriction: no
    File URL: https://libkey.io/10.1002/ffo2.28?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Richard L Daft & Juhani Sormunen & Don Parks, 1988. "Chief executive scanning, environmental characteristics, and company performance: An empirical study," Strategic Management Journal, Wiley Blackwell, vol. 9(2), pages 123-139, March.
    2. Giovanni Gavetti & Anoop Menon, 2016. "Evolution Cum Agency: Toward a Model of Strategic Foresight," Strategy Science, INFORMS, vol. 1(3), pages 207-233, September.
    3. Raphael Amit & Paul J. H. Schoemaker, 1993. "Abstract," Strategic Management Journal, Wiley Blackwell, vol. 14(1), pages 33-46, January.
    4. Jissink, Tymen & Schweitzer, Fiona & Rohrbeck, René, 2019. "Forward-looking search during innovation projects: Under which conditions it impacts innovativeness," Technovation, Elsevier, vol. 84, pages 71-85.
    5. Rohrbeck, René & Schwarz, Jan Oliver, 2013. "The value contribution of strategic foresight: Insights from an empirical study of large European companies," Technological Forecasting and Social Change, Elsevier, vol. 80(8), pages 1593-1606.
    6. Kathleen M. Eisenhardt & Jeffrey A. Martin, 2000. "Dynamic capabilities: what are they?," Strategic Management Journal, Wiley Blackwell, vol. 21(10‐11), pages 1105-1121, October.
    7. Daniel A. Levinthal, 1997. "Adaptation on Rugged Landscapes," Management Science, INFORMS, vol. 43(7), pages 934-950, July.
    8. Baruffaldi, Stefano H. & Di Maio, Giorgio & Landoni, Paolo, 2017. "Determinants of PhD holders’ use of social networking sites: An analysis based on LinkedIn," Research Policy, Elsevier, vol. 46(4), pages 740-750.
    9. Lehr, Thomas & Lorenz, Ullrich & Willert, Markus & Rohrbeck, René, 2017. "Scenario-based strategizing: Advancing the applicability in strategists' teams," Technological Forecasting and Social Change, Elsevier, vol. 124(C), pages 214-224.
    10. Shardul Phadnis & Chris Caplice & Yossi Sheffi & Mahender Singh, 2015. "Effect of scenario planning on field experts' judgment of long-range investment decisions," Strategic Management Journal, Wiley Blackwell, vol. 36(9), pages 1401-1411, September.
    11. Constance E. Helfat & Margaret A. Peteraf, 2015. "Managerial cognitive capabilities and the microfoundations of dynamic capabilities," Strategic Management Journal, Wiley Blackwell, vol. 36(6), pages 831-850, June.
    12. Ramírez, Rafael & Österman, Riku & Grönquist, Daniel, 2013. "Scenarios and early warnings as dynamic capabilities to frame managerial attention," Technological Forecasting and Social Change, Elsevier, vol. 80(4), pages 825-838.
    13. David J. Teece, 2007. "Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance," Strategic Management Journal, Wiley Blackwell, vol. 28(13), pages 1319-1350, December.
    14. Meissner, Philip & Wulf, Torsten, 2013. "Cognitive benefits of scenario planning: Its impact on biases and decision quality," Technological Forecasting and Social Change, Elsevier, vol. 80(4), pages 801-814.
    15. Battistella, Cinzia, 2014. "The organisation of Corporate Foresight: A multiple case study in the telecommunication industry," Technological Forecasting and Social Change, Elsevier, vol. 87(C), pages 60-79.
    16. Giovanni Gavetti & Joe Porac, 2018. "On the Origin of Great Strategies," Strategy Science, INFORMS, vol. 3(1), pages 352-365, March.
    17. David J. Teece & Gary Pisano & Amy Shuen, 1997. "Dynamic capabilities and strategic management," Strategic Management Journal, Wiley Blackwell, vol. 18(7), pages 509-533, August.
    18. Rohrbeck, René & Kum, Menes Etingue, 2018. "Corporate foresight and its impact on firm performance: A longitudinal analysis," Technological Forecasting and Social Change, Elsevier, vol. 129(C), pages 105-116.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Rixa Georgi‐Kröhl, 2022. "Start‐ups and the art of ignoring the future: Commentary on Rowland and Spaniol 2021," Futures & Foresight Science, John Wiley & Sons, vol. 4(1), March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gordon, Adam Vigdor & Ramic, Mirza & Rohrbeck, René & Spaniol, Matthew J., 2020. "50 Years of corporate and organizational foresight: Looking back and going forward," Technological Forecasting and Social Change, Elsevier, vol. 154(C).
    2. Haarhaus, Tim & Liening, Andreas, 2020. "Building dynamic capabilities to cope with environmental uncertainty: The role of strategic foresight," Technological Forecasting and Social Change, Elsevier, vol. 155(C).
    3. Klos, Christoph & Spieth, Patrick, 2021. "READY, STEADY, DIGITAL?! How foresight activities do (NOT) affect individual technological frames for managerial SENSEMAKING," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    4. Marinković, Milan & Al-Tabbaa, Omar & Khan, Zaheer & Wu, Jie, 2022. "Corporate foresight: A systematic literature review and future research trajectories," Journal of Business Research, Elsevier, vol. 144(C), pages 289-311.
    5. Islam Elgammal & Mashhour Hani Baeshen & Ghada Talat Alhothali, 2022. "Entrepreneurs’ Responses to COVID-19 Crisis: A Holistic Dynamic Capabilities Perspective in the Saudi Food and Beverage Sector," Sustainability, MDPI, vol. 14(20), pages 1-22, October.
    6. Lisa-Marie Semke & Victor Tiberius, 2020. "Corporate Foresight and Dynamic Capabilities: An Exploratory Study," Forecasting, MDPI, vol. 2(2), pages 1-14, June.
    7. Atzmon, Morane Batya & Vanderstraeten, Johanna & Albers, Sascha, 2022. "Small-firm growth-enabling capabilities: A framework for young technology-based firms," Technovation, Elsevier, vol. 117(C).
    8. Taferner, Stefan Gerhard, 2023. "Strategic Foresight Capability and its Impact on Firm Performance: A systematic, AI-based Literature Review," Junior Management Science (JUMS), Junior Management Science e. V., vol. 8(3), pages 658-681.
    9. Jim Andersén, 2023. "Green resource orchestration: A critical appraisal of the use of resource orchestration in environmental management research, and a research agenda for future study," Business Strategy and the Environment, Wiley Blackwell, vol. 32(8), pages 5506-5520, December.
    10. Xiao Zhang & Luqun Xie & Jiatao Li & Li Cheng, 2022. "“Outside in”: Global demand heterogeneity and dynamic capabilities of multinational enterprises," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(4), pages 709-722, June.
    11. Anja Schulze & Stefano Brusoni, 2022. "How dynamic capabilities change ordinary capabilities: Reconnecting attention control and problem‐solving," Strategic Management Journal, Wiley Blackwell, vol. 43(12), pages 2447-2477, December.
    12. Huy-Cuong Vo-Thai & Shihmin Lo & My-Linh Tran, 2021. "How Capability Reconfiguration in Coping With External Dynamism Can Shape the Performance of the Vietnamese Enterprises," SAGE Open, , vol. 11(3), pages 21582440211, July.
    13. Giovanni Gavetti, 2012. "PERSPECTIVE—Toward a Behavioral Theory of Strategy," Organization Science, INFORMS, vol. 23(1), pages 267-285, February.
    14. Abel Duarte Alonso & Seng K. Kok & Seamus O'Brien, 2019. "Understanding Approaches To Innovation Through The Dynamic Capabilities Lens: A Multi-Country Study Of The Wine Industry," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 23(06), pages 1-30, August.
    15. Sabina Tasheva & Bo Bernhard Nielsen, 0. "The role of global dynamic managerial capability in the pursuit of international strategy and superior performance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 0, pages 1-20.
    16. Betty Feng, Jing & Liu, Steven Y.H. & Anne Liu, Leigh, 2023. "Cognitive antecedents of EMNEs’ dynamic capabilities: A case study of global identity at Lenovo," Journal of Business Research, Elsevier, vol. 154(C).
    17. Shen, Rui & Guo, Hai & Ma, Hongjia, 2023. "How do entrepreneurs' cross-cultural experiences contribute to entrepreneurial ecosystem performance?," Journal of World Business, Elsevier, vol. 58(2).
    18. Hang Wu & Yiying Qu & Yong Ye, 2022. "The Effect of International Diversification on Sustainable Development: The Mediating Role of Dynamic Capabilities," Sustainability, MDPI, vol. 14(15), pages 1-16, July.
    19. Daniel Krause & Madeleine Pullman, 2021. "Fighting to survive: how supply chain managers navigate the emerging legal cannabis industry," Journal of Supply Chain Management, Institute for Supply Management, vol. 57(3), pages 50-71, July.
    20. Schriber, Svante & Löwstedt, Jan, 2018. "Managing asset orchestration: A processual approach to adapting to dynamic environments," Journal of Business Research, Elsevier, vol. 90(C), pages 307-317.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:fufsci:v:2:y:2020:i:2:n:e28. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://doi.org/10.1002/(ISSN)2573-5152 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.