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Mental models, decision rules, and performance heterogeneity
Open accessAbstract
This paper focuses on the role of managerial cognition as a source of heterogeneity in firm strategies and performance. We link differences in mental models to differences in decision rules and performance in a management simulation. Our results show more accurate mental models lead to better decision rules and higher performance. We also find that decision makers do not need accurate knowledge of the entire business environment; accurate mental models of the key principles are sufficient to achieve superior performance. A fundamental assumption in much of strategic management is that managers who have a richer understanding about organizational capabilities and the dynamics of industry structure can improve the performance of their firms. Our findings provide empirical evidence supporting this assumption and show that differences in mental models help explain ex ante why managers and firms adopt different strategies and achieve different levels of competitive success. Copyright © 2010 John Wiley & Sons, Ltd.
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Cites
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Helfat, C. E., & Peteraf, M. A. (2015) · Strategic Management Journal · doi:10.1002/smj.2247 · Cited by 2,056
Tallon, P. P., Queiroz, M., Coltman, T., & Sharma, R. (2019) · The Journal of Strategic Information Systems · doi:10.1016/j.jsis.2018.12.002 · Cited by 453
Schneider, S., & Leyer, M. (2019) · Managerial and Decision Economics · doi:10.1002/mde.2982 · Cited by 116
The effects of virtualness on teamwork behavioral components: The role of shared mental models
Schmidtke, J. M., & Cummings, A. (2017) · Human Resource Management Review · doi:10.1016/j.hrmr.2016.12.011 · Cited by 61
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Metadata
- Authors
- Gary, M. S., & Wood, R. E.
- Venue
- Strategic Management Journal
- Publisher
- Wiley
- Published
- 2010-11-24
- Volume
- 32
- Issue
- 6
- Pages
- 569-594
- ISSN
- 0143-2095 (ISSN-L)
- 1097-0266
- OpenAlex
- W2001995424
- Cited by
- 317
- References
- 9
- FWCI
- 33.71
- Type
- journal article
- Language
- en
- Open access
- green
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