Michael A Hitt

Michael A Hitt
Texas A&M University | TAMU · Department of Management

Ph.D. University of Colorado

About

303
Publications
629,410
Reads
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65,885
Citations
Additional affiliations
September 2015 - present
Texas A&M University
Position
  • University Distinguished Professor emeritus
August 2000 - July 2003
Arizona State University
January 1985 - June 2014
Texas A&M University
Position
  • Professor (Full)
Education
August 1971 - May 1974
University of Colorado Boulder
Field of study
  • Business Administration

Publications

Publications (303)
Article
To survive and thrive, multinational enterprises (MNEs) have had to adapt to dramatic changes and increasing complexity in the global competitive landscape over the past 50 years. MNEs’ international strategies and the academic research on the various attributes and outcomes of these strategies have evolved accordingly. This work reviews the evolut...
Article
Full-text available
We explore the potential effects of managers’ greed and altruism on their behaviors and firm outcomes. Greed represents extreme self-interest whereas altruism reflects concern for others. We argue that managerial greed leads to a focus on short term decisions and short-term firm performance. Alternatively, managerial altruism normally produces a fo...
Article
Research findings have established a relationship between organizational size and a substantial set of organizational outcomes, resulting in size’s distinction as "perhaps the most powerful explanatory organizational covariate in strategic analysis." We draw on the theory of the firm to provide a theory-driven definition of firm size and as a frame...
Article
This special issue was developed to extend the boundaries of strategic leadership research, to help bridge the micro-macro divide regarding theories of strategic leadership, and to bring together theories that have emerged independently. In this introductory editorial, we provide an overview of the research on strategic leadership and emphasize the...
Article
The alignment among multiple stakeholder benefits is a valuable performance indicator for the benefits generated by a firm for various stakeholders. Our research seeks to augment stakeholder-agency theory with an institutional perspective to analyze how national institutions affect stakeholder benefit alignment. We suggest that the current developm...
Article
Research Summary This special issue advances the global strategy and entrepreneurship fields by providing a better understanding of the linkage between institutions and entrepreneurship. We provide an overview of existing literature in three key research areas: (a) the impact of institutions (types and complexity) on entrepreneurship, (b) the effec...
Article
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Leveraging resources to develop innovation is central to exploiting market opportunities yet doing so is complex and fraught with challenges. This study explores some of this complexity by theoretically detailing and empirically examining the critical role that synchronization plays in the process of leveraging resources to create innovation. Speci...
Book
This book traces the intellectual evolution of the strategic management field with particular emphases on the current state of the field and the future foci and research streams predicted to develop. The chapters are written by prominent scholars focused on their specific area of expertise. It is a significant reference book destined to become a cl...
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We review extant experimental work in strategic management and argue that experiments constitute an underused methodology that has significant potential. We examine and categorize 179 experiments from 119 published articles over a 20-year period, delineating the contributions of these experiments to the strategic management literature. In doing so,...
Article
Management theories developed in the United States and Europe have dominated management and organizational studies. As a result, scholars often overlook subtle cultural and ideological differences in other settings as they treat the theories from the United States and Europe as universal. All too often, as they attempt to apply these theories, scho...
Article
Bricolage and effectuation have emerged as new theoretical perspectives describing entrepreneurial behavior (EB). Bricolage emphasizes the creative use of available resources, while effectuation uses available means as a starting point and encourages firms to engage in affordable loss, pre‐commitment, flexibility, and experimentation as independent...
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With primary and secondary data on 658 firms from 17 countries across three continents, we examine the combined influence of country-level institutions on industry attributes and in turn their effects on the choice of a defensive advantage-based strategy and an entrepreneurial strategy. We find that strong and efficient institutions constrain both...
Article
we identify six major categories of international strategies and implementation approaches: market entry and internationalization, political strategies, multinational technology and innovation , multinational corporate social responsibility, multinational headquarters and subsidiary relationships, and international human resources management. A par...
Article
The COVID-19 pandemic produced a significant environmental jolt that has altered the trajectories of economies and institutions and the strategies of MNEs. We examine the pandemic effects on countries’ political and regulatory institutions, the interplay between their formal and informal institutions and the resulting environmental uncertainty. The...
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Supply chain partnership is viewed as an important contributor to superior competitiveness, yet the knowledge of ex-ante factors contributing to the deployment of supply chain partnership is nascent. This paper examines the influence of the current supplier selection routines, supplier evaluation routines, and managerial attitude towards relational...
Article
The top executive personality literature has grown significantly in recent years. We review this literature, consider its contributions to leadership research and practice, and discuss how future research on top executive personality should draw more heavily on the broader leadership literature. The paper first describes the top executive context a...
Article
The increasing integration of international operations has changed the formulation and implementation of international strategies over the past few decades. Due to the increased interdependency among countries and multinational enterprises (MNEs), the impact of institutions has been intensified. We reviewed a broad range of studies examining the ef...
Article
The post-pandemic non-ergodic New Normal likely will continue to create significant complexity and uncertainty for managers. It may reveal boundary conditions for RBT, agency theory, and perhaps other theories (e.g., those emanating from industrial organization economics; Porter, 1980) that help us understand and explain firm behaviors and performa...
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The prudential use of external financial capital and the desire to maintain internal slack reflect unique characteristics of family firms that focus on preserving socioemotional wealth. This study extends previous findings by demonstrating that external capital availability and internal slack can either provide the financial support for family firm...
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A New Normal environment for business has emerged in the years after the 2008 financial crisis based on changes in economic, technological, demographic and sociopolitical factors. This combination of changes has created a New Normal environment for firms around the world with major implications for managers, strategists, and entrepreneurs alike. It...
Article
Drawing on the behavioral theory of the firm, we shed light on an extant debate about whether family firms are more or less likely to diversify internationally. In an analysis of firm-level data from 93 countries over 2011-2018, we find that family-dominant firms—with their established preference for low breadth-high depth international diversifica...
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Purpose The purpose of this paper is to disentangle individual-level gender differences and norm-based gender roles and stereotypes to provide a finer-grained understanding of why female and male entrepreneurs experience different growth returns from their social networks across different national cultures. Design/methodology/approach This researc...
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Within the boundary of scientific knowledge for management, we discuss the divergence between practical demand for knowledge integration to solve complex problems and scientific fragmentation of academic knowledge for simplicity. We suggest the current incentives underlying elite scientific journals in management cause unintended knowledge fragment...
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Extending our understanding of family firms and international business research with respect to entry mode decisions, this study explains how entry mode choice is the product of a sequential decision-making process, with an important ownership structure contingency. We propose that firms with a dominant family owner (family-dominant firms) prefer l...
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Capital market investors have limited information about the motives, exchange terms, and expected outcomes of corporate divestitures. Thus, when a firm announces a divestiture, capital markets may have difficulty distinguishing divestitures that are likely to be beneficial and investment worthy from those that signify hidden problems. Drawing on sc...
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Building new space for institutional theory, we propose how the severity of formal and informal institutional voids shapes the productivity of entrepreneurial activities within society. Our theory makes the key assumptions that voids can exist in both formal and informal institutions and that they are capable of hindering entrepreneurial behavior t...
Article
Entrepreneurial activity is important in a county's economic development and growth. It is also often critical for firms to compete effectively in the global economy. As such, to understand how institutions affect entrepreneurial activity is important. Herein, we examine different types of institutions and how they influence the development of new...
Article
Hennart, Majocchi and Forlani propose and validate a new explanation of family firms’ internationalization heterogeneity shedding light on the role of a family firm’s global niche business model. This type of family firm can avoid the dominant internationalization problems usually depicted in the literature on family firms’ internationalization. St...
Article
Public entrepreneurship is much like its private sector counterpart; however, public entrepreneurs face additional challenges due to weaker competitive forces in the public than in the private sector with objectives that are often poorly defined and performance that is difficult to measure. Despite the impact on public good, how to successfully ena...
Chapter
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Human capital complementarities in an organization are strongly influenced by the social relations among employees. We argue the nature of these relations, both value enhancing and prohibiting, are essential elements for the emergence of human capital resources. Yet, scholarship to date has supported a prevailing assumption of social relations that...
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A key role of board directors is to govern corporate strategy. Whereas prior research has provided insights into board roles and activities regarding board governance, the underlying capabilities required to govern effectively remain understudied. This article explores and explicates a capability-based view of board actions in which the specific ca...
Article
Multinational enterprises (MNEs) use the regional aggregation and integration of their foreign direct investments as an important part of their internationalization. Internationalization decisions are integrated at the region level; however, little work has focused on explaining the extent of this regional integration. We develop theoretical argume...
Article
Strategic management courses today are criticized for being repositories of multiple frameworks that are not tightly integrated and are aging rapidly while some have voiced concerns about the lack of effectiveness of strategic management education. Mintzberg (2004) argues that MBA faculty have too readily reduced strategic management to a kit bag o...
Article
While established firms can efficiently manage their resource portfolio, new ventures must construct resource boundaries by assembling resources. In doing so, new ventures are often pushed to utilize resources that are owned by other actors. These inter-organizational relationship strategies do not expand organizational boundaries, but rather creat...
Article
Purpose Based on the findings of Aguinis et al. (2017) that only a few executives are properly compensated, we examine potential causes and consequences of CEO overpayment and underpayment. Ineffective compensation of the CEO represents a governance failure by the board of directors. Better understanding the reasons for such failures may help board...
Article
In this retrospective article, we outline the rationale for starting the Strategic Entrepreneurship Journal. We provide evidence on the percentage of published papers in SEJ in each of ten key themes in strategic entrepreneurship identified when the journal was founded. Evidence on progress towards goal achievement in terms of trends in submissions...
Article
Although formulation has received the lion’s share of attention in strategic management research, implementation is widely considered to provide the greatest challenges for top executives. Observers have cited the need for more research on implementation and thought leaders have called for the use of interdisciplinary approaches. Thus, we explor...
Chapter
Little systematic research has been done on strategy implementation, yet there is a body of work providing guidance for implementation efforts. The authors examine three basic collections of work on resources and governance, managing human capital, and accounting-based control systems, explaining how these issues have implications for strategy impl...
Chapter
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Most of the research and writing in strategic management focuses on the formulation of the most appropriate strategies. Selecting the best strategy for firms to follow is very important to achieve and maintain a competitive advantage. However, many strategies fail not because they are improperly formulated, but because they are poorly implemented....
Article
Despite its importance, there is no clear understanding of the uniqueness of family firms' internationalization. This article sheds new light on this issue with a meta-analysis of 76 studies covering 41 countries. We show that the considerable study and cross-country differences in the relationship between family firm and internationalization are e...
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Integrating the theoretical perspectives of resource orchestration and relational capital, this research examines how the managerial capability involved in resource bundling approaches (i.e., stabilizing, enriching, and pioneering) affect the speed of strategic change, and how managerial ties (i.e., government ties, customer ties and supplier ties)...
Article
International business research is only beginning to develop theory and evidence highlighting the importance of supranational regional institutions to explain firm internationalization. In this context, we offer new theory and evidence regarding the effect of a region’s “institutional complexity” on foreign direct investment decisions by multinatio...
Article
Purpose – Country institutions have become of heightened importance for firms’ international strategies in recent years. The purpose of this paper is to review the reasons for the growing importance of institutional environments and examine how they influence the international strategies of multinational enterprises (MNEs). There have been signific...
Article
Mergers and acquisitions (M&A) research has principally focused on attributes of the acquiring firm and post-acquisition outcomes. To extend our knowledge, we focus on external factors, in particular rival responses, and explore when and how rivals respond to their competitor’s acquisitions. Leveraging the awareness-motivation-capability (AMC) fram...
Article
We propose that the mixed findings of research on the internationalization-performance (I-P) relationship reflect its failure to adequately consider the moderating role of firms’ home country formal and informal institutions. This general hypothesis is supported in a meta-analysis of the firm-, industry-, home country–, and host country–level facto...
Article
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In their commentary, Bromiley and Rau criticized resource-based theory (RBT) generally, and challenged the appropriateness of its application in operations management (OM). But, Michael Hitt, Christina Matz Carnes and Kai Xu present their view on the subject. The authors believe that the definition of OM presented in Bromiley and Rau tends to be na...
Article
Full-text available
Integrating the theoretical perspectives of resource orchestration and relational capital, this research examines how the managerial capability involved in resource bundling approaches (i.e., stabilizing, enriching, and pioneering) affect the speed of strategic change, and how managerial ties (i.e., government ties, customer ties and supplier ties)...
Book
This handbook contributes to our understanding of strategy implementation and identifies considerable opportunities for future research on this important process, with a focus on resources, governance, human capital, and accounting-based control systems.
Chapter
Strategic management research has developed significantly in the last 30 years but especially so since the turn of the century. Some relatively new journals have expanded the outlets for strategic management research as the field continues to mature. First, we summarize the strategic management research in the past 2–3 years in management journals....
Chapter
After receiving his Ph.D. from Stanford University, Dan Schendel joined the faculty at Purdue University, where he helped found one of the earliest Ph.D. programs in strategic management. As a leader in the field, he founded the Strategic Management Society and the Strategic Management Journal, which became the pre-eminent scholarly journal in the...
Article
Full-text available
To survive and thrive, multinational enterprises (MNEs) have had to adapt to dramatic changes and increasing complexity in the global competitive landscape over the past 50 years. MNEs’ international strategies and the academic research on the various attributes and outcomes of these strategies have evolved accordingly. This work reviews the evolut...
Article
This study examines factors affecting MNCs’ establishment of R&D centers in China (i.e., China R&D centers). We argue that China offers not only location advantages (e.g., economic growth) that encourage MNCs to establish R&D centers there, but also location disadvantages (e.g., weak intellectual property protection) that discourage MNCs from doing...
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State-owned multinational enterprises (SMNEs) have significant levels of state ownership and value-adding activities outside their home countries. SMNEs are undergoing a renaissance, highlighted by their numbers in the global economy and their heightened importance; as a result, they are gaining new attention in the academic literature and in the p...
Article
China has undergone a dramatic economic transformation since the early 1980s, as the centrally planned economy has been changed to a market-based economy through marketization, liberalization and privatization. In order to maintain the economic development, institutional evolution has also become a major focus of the Chinese government in the past...
Chapter
The purpose of this Handbook is to serve as a catalyst for the integration of the research on creativity, innovation, and entrepreneurship. A significant amount of research has been devoted to each of these areas, and they exist fairly independently of each other. However, by their nature, these three•research areas are interrelated. In order to su...
Article
Much of the research on entrepreneurial behavior and leadership has emphasized their importance and potentially valuable outcomes, along with the challenges involved in each. Although entrepreneurial activities are essential in all types of organizations, this research focuses on the potential dark side of strategic leaders. Specifically, we examin...
Article
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Resource based theory (RBT) has become increasingly popular in operations management research. The development and current application of RBT to the study and understanding of operations management problems and phenomena are reviewed and articles in the recent six plus years across nine journals are evaluated. Based on this review and evaluation, w...
Article
We examine how firms’ resources and the power of their governmental owners influence the likelihood of privatization of state-owned enterprises. Using data on 206 Chinese pharmaceutical firms over the period of 2000-2007, we found that firm financial performance (a proxy for firm resources) increased the likelihood of privatization. In addition to...
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Full-text available
The concept of greed is one of the oldest social constructs; however, greed as a managerial attribute that affects firm outcomes has yet to attract scholarly attention in management. In this study, we examine the relationship of CEO greed to shareholder wealth. After anchoring greed to familiar constructs in organizational literature, we test our h...
Data
Full-text available
The recent wave of acquisition activity may be damaging the innovative capabilities of American firms, thus making them less competitive in the global marketplace. In fact, acquisitions often serve as a substitute for innovation, which may cause further neglect of internal research and development (R&D) programs. Additionally, acquisitions often le...
Article
We examine the effects of international and product diversification through mergers and acquisitions (M&As) on the firm's risk–return profile. We identify the rewards from different types of M&As and investigate whether becoming a global firm is a value-enhancing strategy. Drawing on the theoretical work of Vachani (Journal of International Busines...
Article
Leveraging resources to exploit opportunities in external markets is at the heart of innovation. However, theory suggests that leveraging resources is a complicated affair, fraught with potential challenges. Building on work in resource orchestration, we argue that firms achieve superior innovation when their strategy used to leverage resources is...
Article
Traditional research suggests a relationship between country-level institutions and the location choices of MNEs. However, more recent theory suggests MNEs also focus on regions (semiglobalization). Therefore, this study examines institutional effects in the context of semiglobalization by considering the influences of three formal institutions (i....
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What is the interrelationship among formal institutions, social networks, and new venture growth? Drawing on the theory of institutional polycentrism and social network theory, we examine this question using data on 637 entrepreneurs from four different countries. We find the confluence of weak and inefficient formal institutions to be associated w...
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Family ties are an important conduit of resources for entrepreneurs, but both positive and negative outcomes can arise. Building upon a family embeddedness perspective, we develop hypotheses about curvilinear relationships between the proportion of family ties in entrepreneurs' networks and venture growth. We test them on entrepreneurs from China,...
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Full-text available
The development of human capital is critical for firms to gain competitive advantage. However, short-term, risk-averse managerial behaviour often produces lower investments in the development of human capital. Short-term risk-averse managerial behaviour is often the result of managerial energy absorption in mergers and acquisitions, higher debt lev...
Article
Full-text available
The recent wave of acquisition activity may be damaging the innovative capabilities of American firms, thus making them less competitive in the global marketplace. In fact, acquisitions often serve as a substitute for innovation, which may cause further neglect of internal research and development (R&D) programs. Additionally, acquisitions often le...
Article
Full-text available
U.S. firms face a major global competitiveness challenge. Although the problems relate, in part, to differences in the economic structure, history and cultural differences between the U.S. and foreign rivals, these factors may not explain as much of the variance in competitiveness as they did in the past. Competitiveness problems are also linked to...
Book
Introduce your students to strategic management with the market-leading text that has set the standard for the most intellectually rich, yet thoroughly practical, analysis of strategic management concepts today. Written by highly respected experts and prestigious instructors Hitt, Ireland and Hoskisson, STRATEGIC MANAGEMENT: COMPETITIVENESS AND GLO...