The Importance of Slack for New Organizations Facing ‘Tough’ Environments
2010; Wiley; Linguagem: Inglês
10.1111/j.1467-6486.2010.00906.x
ISSN1467-6486
AutoresSteven W. Bradley, Dean A. Shepherd, Johan Wiklund,
Tópico(s)Innovation and Knowledge Management
ResumoJournal of Management StudiesVolume 48, Issue 5 p. 1071-1097 The Importance of Slack for New Organizations Facing 'Tough' Environments Steven W. Bradley, Corresponding Author Steven W. Bradley Baylor University;Steven W. Bradley, Hankamer School of Business, Baylor University, One Bear Place #98006, Waco, TX 76798-8006, USA ([email protected]).Search for more papers by this authorDean A. Shepherd, Dean A. Shepherd Indiana University;Search for more papers by this authorJohan Wiklund, Johan Wiklund Syracuse UniversitySearch for more papers by this author Steven W. Bradley, Corresponding Author Steven W. Bradley Baylor University;Steven W. Bradley, Hankamer School of Business, Baylor University, One Bear Place #98006, Waco, TX 76798-8006, USA ([email protected]).Search for more papers by this authorDean A. Shepherd, Dean A. Shepherd Indiana University;Search for more papers by this authorJohan Wiklund, Johan Wiklund Syracuse UniversitySearch for more papers by this author First published: 13 June 2011 https://doi.org/10.1111/j.1467-6486.2009.00906.xCitations: 220Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinkedInRedditWechat abstract Strategy-based models centre on the management of unique and valuable resources to take advantage of specific market opportunities. Less examined in this approach are the roles of slack resources in the process of generating firm value – particularly for new firms in 'tough' environments where fewer opportunities are available. Using a cohort panel of 951 new manufacturing firms over nine years, our findings provide evidence for the importance of financial slack resources in understanding opportunity generation and also for reconciling theoretical arguments regarding the slack resource–performance link. We find that while financial slack does provide buffering capacity (in hostile and dynamic environments), and flexibility for experimentation (in munificent and dynamic environments) as suggested by prior theory, the most positive relationship between financial slack and performance for new firms was in low discretion environments (hostile and stable environments) – where firms need to develop their own opportunities. The implications of these findings for theory are discussed. 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