Centers of Gravity: The Effect of Stable Shared Leadership in Top Management Teams on Firm Growth and Industry Evolution

Rajshree Agarwal, Serguey Braguinsky and Atsushi Ohyama

No 24742, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We study the processes of firm growth in the evolution of the Japanese cotton spinning industry during 1883-1914 by integrating strategy and historical approaches and utilizing rich quantitative firm-level data and detailed business histories. The resultant conceptual model highlights growth outcomes of path dependencies as firms evolve across periods of single vs. shared leadership, establish stability in shared leadership, or experience repeated discord-induced TMT leader departures. While most firms do not experience smooth transitions to stable shared TMT leadership, a focus on value creation, in conjunction with talent recruitment and promotion, enabled some firms to achieve stable shared leadership in spite of discord-induced departures, engage in long term expansion, and emerge as “centers of gravity” for output and talent in the industry.

JEL-codes: L2 L25 L26 M12 M13 N85 (search for similar items in EconPapers)
Date: 2018-06
New Economics Papers: this item is included in nep-bec, nep-ent, nep-his, nep-ind and nep-sbm
Note: PR
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Published as Rajshree Agarwal & Serguey Braguinsky & Atsushi Ohyama, 2020. "Centers of gravity: The effect of stable shared leadership in top management teams on firm growth and industry evolution," Strategic Management Journal, Wiley Blackwell, vol. 41(3), pages 467-498, March.
Published as Rajshree Agarwal & Serguey Braguinsky & Atsushi Ohyama, 2020. "Centers of gravity: The effect of stable shared leadership in top management teams on firm growth and industry evolution," Strategic Management Journal, vol 41(3), pages 467-498.

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Journal Article: Centers of gravity: The effect of stable shared leadership in top management teams on firm growth and industry evolution (2020)
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