Scenario-based strategic planning and strategic management in family firms

This cumulative dissertation covers the concepts of scenario-based strategic planning and strategic management in family firms over five articles. The first article gives an overview of the cumulative dissertation explaining the research gap, approach and contribution of the dissertation. The paper highlights the two research areas covered by the dissertation with two articles focusing on scenario-based strategic planning and two on strategic management in family firms. The second article is the first of two focusing on scenario-based strategic planning. It introduces and describes a set of six tools facilitating the implementation of scenario-based strategic planning in corporate practice. The third paper adapts these tools to the financial management and controlling context in private companies highlighting the tools’ flexibility in managing uncertain and volatile environments. The fourth article is the first of two focusing on strategic management in family firms. It analyzes organizational ambidexterity as a factor explaining family firm performance. The article shows that a high level of organizational ambidexterity in family firms leads to a higher family firm performance. The final paper concludes the dissertation examining the tendency of family firms to focus on capability exploration or resource exploitation over different generations managing the family firm.:I. SCENARIO-BASED STRATEGIC PLANNING AND STRATEGIC MANAGEMENT IN FAMILY FIRMS … 1 1. Research question and goal of the dissertation … 2 2. Summary of papers … 8 2.1. Contribution … 12 2.2. Implications and further research … 16 II. SIX TOOLS FOR SCENARIO-BASED STRATEGIC PLANNING AND THEIR APPLICATION … 25 1. Introducing tools one and two: The framing checklist and 360° stakeholder feedback … 27 1.1. The framing checklist … 27 1.2. Description of the framing checklist … 29 1.3. 360° stakeholder feedback … 36 1.3.1. Existing perceptions, blind spots and weak signals … 37 1.3.2. Description of 360° stakeholder feedback … 38 1.4. Evaluation of the framing checklist and 360° stakeholder feedback … 44 2. Applying frameworks one and two: The framing checklist and 360° stakeholder feedback in the European airline industry … 46 2.1. Introduction … 46 2.2. The framing checklist … 46 2.3. 360° stakeholder feedback … 48 3. Introducing tools three and four: The impact/uncertainty grid and the scenario matrix … 53 3.1. The impact/uncertainty grid … 53 3.2. Description of the impact/uncertainty grid … 55 3.3. The scenario matrix … 57 3.4. Description of the scenario matrix … 62 3.5. Evaluating the impact/uncertainty grid and the scenario matrix … 67 4. Applying frameworks three and four: The impact/uncertainty grid and the scenario matrix in the European airline industry … 69 4.1. Introduction … 69 4.2. The impact/uncertainty grid … 69 4.3. The scenario matrix … 71 5. Introducing tools five and six: The strategy manual and the monitoring cockpit … 87 5.1. Introduction … 87 5.2. The strategy manual … 87 5.3. Description of the strategy manual … 91 5.4. The scenario cockpit … 95 5.5. Description of the scenario cockpit … 96 5.6. Evaluating the strategy manual and the scenario cockpit ..................... 99 6. Applying frameworks five and six: The strategy manual and the scenario cockpit in the European airline industry … 102 6.1. The strategy manual … 102 6.2. The scenario cockpit … 105 III. SZENARIOBASIERTE STRATEGISCHE PLANUNG IN VOLATILEN UMFELDERN … 111 1. Einführung: Unternehmen agieren in einer zunehmend volatilen Umwelt … 112 2. Volatilität als Herausforderung für die strategische Planung … 112 3. Szenariobasierte strategische Planung als Lösungsansatz für Planung unter Volatilität …114 3.1. Grundlagen der szenariobasierten strategischen Planung … 114 3.2. Prozess der szenariobasierten strategischen Planung … 115 4. Zusammenfassung ... 122 IV. ORGANIZATIONAL AMBIDEXTERITY AND FAMILY FIRM PERFORMANCE … 125 1. Introduction … 126 2. Theory and Hypotheses … 127 3. Methodology … 131 3.1. Research Design and Sample Generation … 131 3.2. Measures … 133 4. Analysis and Results … 135 5. Discussion and Conclusion … 139 V. THE IMPACT OF SUCCESOR GENERATION DISCOUNT IN FAMILY FIRMS: EXAMINING NONLINEAR EFFECTS ON EXPLORATION AND EXPLOITATION … 150 1. Introduction … 151 2. The RBV and the importance of exploration and exploitation … 154 3. The importance of exploration and exploitation in family firms … 156 4. The impact of generational involvement on exploration and exploitation in family firms … 159 5. Methodology … 164 5.1. Constructs … 165 5.2. Results … 167 6. Discussion … 172 6.1. Implications for theory and practice … 175 6.2. Study limitations and future research … 176 6.3. Conclusion … 17