Deviations in the strategic direction are primarily
interpreted as a confl ict of interest. However, an optimal
“Our analysis highlights also the
strategic path is not exogenously given, but emerges in the
course of a sense-making process and the management possible disadvantage of the
discourse provides interpretation schemes for this process.
capital market’s increasing
DEVIANT BEHAVIOR
Th e question arises whether the capital market impedes
suboptimal managerial actions, or rather, deviant behaviour in
infl uence on corporate strategy
general. Indeed, homogenisation processes of corporate
strategies are often attributed to the infl uence of the capital
and structure”
PROFILES – FACT BOX
Alexander T Nicolai
Career highlights:
Alexander T Nicolai is a professor for
Entrepreneurship at the Carl von Ossietzky
University in Oldenburg, Germany. Prior to
assuming this position he was junior
professor for Strategic Management and
Digital Economics at the Bauhaus
University in Weimar, professor for
Business Administration at the University
of Siegen, consultant at the Management
Zentrum Witten and a visiting scholar at
the MIT Sloan School of Management in
Boston. His major teaching and research
interests are in the areas of
entrepreneurship, strategic management,
organisational behavior, and capital
markets. His articles have appeared in market. Th is eff ect promotes faddish behaviour
leading national and international and restricts a manager’s chances of pursuing
scientifi c journals. unique strategies. As corporate strategies
become more homogenous because of
Ann-Christine Schulz
imitation processes, competitive advantages are
in increasing danger of erosion. Whereas
Career highlights:
agency theorists stress the benefi ts of tighter
Ann-Christine Schulz is a research
control over management, our analysis
assistant and Ph.D. student at the
highlights also the possible disadvantage of the
Endowed Chair for Entrepreneurship at
capital market’s increasing infl uence on
the Carl von Ossietzky University in
corporate strategy and structure.
Oldenburg, Germany. She studied
Economics at the University of Kiel and
the University of Glasgow and received
her diploma in 2006. Her major
This extract is part of a longer working paper
research interests are in the area of
entitled: Are Security Analysts Fashion
management fashions, behavioral
Victims? The Core Competence Case. For
fi nance, and econometrics.
further information please contact the authors
at ann.c.schulz@uni-oldenburg.de
alexander.nicolai@uni-oldenburg.de
24 WINTER 2008/09
22-2422-24 fashion victims.indd 24fashion victims.indd 24 27/11/0827/11/08 16:39:5516:39:55
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