Rethinking Corporate Governance The Forming of Operative and Financial Strategies in Global Corporations
The Forming of Operative and Financial Strategies in Global Corporations
Chapter 3: The (re)production of corporate paths
In this third and final theoretical chapter some of the basics regarding corporate missions, visions, ideas, goals, strategies and (development) paths will be described and linked to the theory of corporate governance presented in Chapter 2. Rather than providing an overview of the state of the art in the strategic management field, this chapter offers a brief description of the basic strategic options that corporations generally face and a review of the forces that shape those options. When discussing corporate paths, uncertainty and risk qualify as key phenomena. As described in Chapter 1, an actor’s ability to act in uncertain conditions is a consequence of resources and experiences, and it is in essence a subjectively formed capability. Uncertainty generally emerges from perceived differences between information needed and information at hand. Thus, it is related to the degree of confidence that actors feel when they intend to act. Uncertainty could also emerge from information overload, that is to say, from an actor’s inability to organize and evaluate abundant and unstructured information. That situation will here be referred to as one of ambiguity.
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