Small firm adaptation: responses of physicians' organizations to regulatory and competitive uncertainty

Article Abstract:

This study addressed the pattern of small organizations' adaptation responses to uncertainty in the regulatory and competitive sectors of their environment using data from physicians in solo practice. An existing general model of adaptation was modified to reflect small-firm work processes. The result is a four-cell model that distinguishes adaptive strategies in terms of their functional orientations and how firms pursue them - whether alone or in collaboration with other firms. Data analyses supported the propositions that adaptation in small firms is a multicomponent construct and that regulatory and competitive uncertainty differentially influence the adaptation process. Although individual relationships found among the sets of adaptation activities supported the contention that adaptation choices follow a hierarchical cost pattern, the overall fit of the model suggests modification of the theory in subsequent research efforts. (Reprinted by permission of the publisher.)

Physicians, Medical professions, Professional workers, Professional employees

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Impact of strategic alliances on firm valuation

Article Abstract:

This study analyzed 119 strategic alliances formed during the period 1987-91. Using the event study methodology, we found that announcements of technological alliances enjoyed greater abnormal returns in the stock market than marketing alliance announcements. Consistent with out expectations, abnormal returns were negatively correlated with firm profitability and size, indicating that investors perceived more profitable, larger firms as capturing less of the gain generated in alliances. Indeed, the smaller partners in technological alliances appeared to benefit the most. Finally, investor uncertainty increased following alliance announcements for marketing alliances but not technological alliances. (Reprinted by permission of the publisher.)

Business enterprises, Valuation

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An emergent theory of structure and outcomes in small-firm strategic manufacturing networks

Article Abstract:

This article presents the results of a comparative study of two networks of small- to medium-sized manufacturing enterprises in the U.S. wood products industry. Qualitative and survey data were collected from a sample of active participants in each network as well as from a sample of firms that were not network members (market firms) in the same industry. Using both qualitative and network analysis methodologies, we developed a model and testable propositions concerning key aspects of network structures and outcomes. (Reprinted by permission of the publisher.)

LUMBER AND WOOD PRODUCTS, Wood & Wood Products, Wood Product Manufacturing, Forest products industry, Interorganizational relations

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