• Back to the future: Analyzing the consequences of future orientation on strategic flexibility

      Fehre, Kerstin; Widmann, Bettina (2016)
      Referring to the attention-based view of the firm, our study addresses the relationship between executives' future orientation and strategic flexibility. We examine the impact of the future orientation of top-level managers on two distinct facets of strategic flexibility, specifically strategic flexibility as an ex ante potential and an ex post observable status. Based on panel data for large German companies from 2003 to 2011, we find empirical evidence that a higher level of future orientation leads to higher levels of both types of strategic flexibility. Especially, the influence on the ex post observable type in terms of realized strategic flexibility is highly significant. Thus, we provide additional empirical evidence for three under-researched domains: the consequences of future orientation, the antecedents of strategic flexibility, and the precise distinction of strategic flexibility.
    • Time for future is now - CEO temporal focus and firms' strategic responses to water challenges

      Fehre, Kerstin; Widmann, Bettina (2018)
      This study examines how CEO temporal focus – the extent to which CEOs devotes their attention to the past, present, and future – shapes strategic responses to global grand challenges such as natural resource scarcity. Analyzing water scarcity as one of the global risks of highest concern, we propose that CEO attention to the present and future are critical in addressing the inherent time conflict of managing natural resource scarcity. Using an 11- year panel data set of large- and medium-sized German firms, we find support for our three hypotheses: CEOs who are high in present focus tend to integrate water scarcity in their firm’s strategy only as a pure threat. However, to tackle the grand challenge of water scarcity – in terms of recognizing and implementing valuable water-related business opportunities – they need to be future-oriented. Additionally, we find evidence that future-oriented CEOs shy away from identifying water scarcity as a pure threat without initiating specific mitigating and value-creating strategic actions. These findings contribute to the literature on strategic implications of CEOs’ subjective view of time.
    • Time for future is now: CEO temporal focus and firms' interpretation of grand challenges

      Fehre, Kerstin; Oehmichen, Jana; Widmann, Bettina (2018)
      This study examines how CEO temporal focus – the extent to which CEOs devote their attention to the past, present, and future – shapes firms’ interpretation of the grand challenge water scarcity. We propose that CEO temporal focus influences interpretations of water scarcity either as threat or as opportunity. Using a panel data set of German firms, we find support for our three hypotheses: CEOs who are high in present focus tend to interpret water scarcity as threat. However, to tackle water scarcity ,in terms of interpreting water scarcity as opportunity, they need to be future-oriented. Further, future-oriented CEOs shy away from interpreting water scarcity as a pure threat. These findings contribute to the literature on strategic implications of CEOs’ subjective view of time.