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Understanding Cognitive Biases in Strategic Decisions for Value Creation and Capture

In: Contemporary Challenges in Cooperation and Coopetition in the Age of Industry 4.0

Author

Listed:
  • Mariusz Bratnicki

    (Akademia WSB)

  • Wojciech Dyduch

    (University of Economics in Katowice)

Abstract

Firm-level strategies of value creation are typically identified with rational, analysis-based processes as well as conscious strategic choices made by decision-makers upon the broad access to information. Meanwhile, decisions concerning the sources of value creation (e.g., innovation, shaping strategic potential) and the value creation and capture itself (e.g., imitation, mergers, and acquisitions) are often dependent on inward-oriented managerial choices that underestimate facts and information. In this paper, we attempt to describe how cognitive biases, perceived as an irrational perception of reality, may influence strategic decisions, which translate into value creation and capture in organizations. In a similar vein, we offer some ideas of debiasing managerial decisions, looking specifically at organizational learning and diligent strategy based on interactions, constructive dialogue, and facts rather than perceptions.

Suggested Citation

  • Mariusz Bratnicki & Wojciech Dyduch, 2020. "Understanding Cognitive Biases in Strategic Decisions for Value Creation and Capture," Springer Proceedings in Business and Economics, in: Agnieszka Zakrzewska-Bielawska & Iwona Staniec (ed.), Contemporary Challenges in Cooperation and Coopetition in the Age of Industry 4.0, chapter 0, pages 359-373, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-30549-9_19
    DOI: 10.1007/978-3-030-30549-9_19
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    Citations

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    Cited by:

    1. Iwona Posadzińska & Małgorzata Grzeszczak, 2022. "Management Accounting System in the Management of an Intelligent Energy Sector Enterprise," Energies, MDPI, vol. 15(20), pages 1-17, October.
    2. Piotr F. Borowski, 2021. "Digitization, Digital Twins, Blockchain, and Industry 4.0 as Elements of Management Process in Enterprises in the Energy Sector," Energies, MDPI, vol. 14(7), pages 1-20, March.
    3. Anne-Sophie Thelisson & Olivier Meier, 2022. "Managerial biases during a merger process in a government-controlled organization," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(4), pages 1315-1338, December.

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