Why Should Strategy Be Guided by Personal Values?

Scott Lichtenstein and Malcolm Higgs ()
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Malcolm Higgs: University of Southampton

Chapter Chapter 1 in Strategy through Personal Values, 2022, pp 1-17 from Springer

Abstract: Abstract This chapter provides a context for a behavioural approach to strategy and the pivotal role of personal values in strategy formulation and implementation. The aim is to provide a brief overview of the topic, highlight its unique contribution to strategy and introduce the strategy-as values-congruence approach. In answering the question of why the strategy should be personal values-guided, the chapter offers an alternative to the rational and deterministic schools of strategy which have been debunked by managers and strategists’ cognitive limitations. Moreover, by introducing and discussing personal values-guided strategy, the understanding and practice of strategy can be enhanced. We provide an example to illustrate its relevance and why a personal values-based guidance system matters even more in a volatile, uncertain, complex and ambiguous trading environment.

Keywords: Behavioural approach to strategy; Bounded rationality; Cognitive bias; Intellectual and emotional buy-in; Personal values-guided strategy (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-88269-3_1

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DOI: 10.1007/978-3-030-88269-3_1

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