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Using the five factor model (FFM) of personality, we delineate two distinct roles of CEO personality in managing strategic change: initiating strategic change and determining the performance effects of strategic change implementation. Based on data from 120 smalland medium-sized enterprises (SMEs) in Ecuador, we found that some FFM traits of CEOs influenced initiation only (extraversion and openness), others similarly influenced initiation and performance effects of implementation (emotional stability and agreeableness), and still others had opposing effects on initiation and effective implementation (conscientiousness). These results point to a dual role of CEO FFM of personality in managing strategic change, and they indicate the differences in CEO FFM traits needed to initiate strategic change and those needed to improve the performance effects of strategic change implementation.

Drawing on agency theory, corporate governance, and international business literatures, we develop arguments relating equity ownership structures and CEO compensation mix to a firm's choice of foreign market entry modes. Based on a sample of 432 foreign market entries by 118 non-diversified firms in the US manufacturing sector between 1991 and 1998, our findings indicate that greater equity ownership by institutional shareholders and inside directors is positively associated with a preference for full-control entry modes. In addition, our results suggest that CEOs with a greater proportion of pay tied to firm long-term performance are more inclined to choose full-control entry modes over shared-control modes.

In this paper, we conduct a systematic review on the topic of entrepreneurial passion. We summarize the empirical findings of studies based on the four major conceptualizations of passion: passion for work, the dualistic model of passion, entrepreneurial passion, and perceived passion. Moreover, we analyze 63 published papers in the literature and identify potential research opportunities in this area. First, research on the relationship between entrepreneurial passion and firm performance needs further examination; we need comprehensive and more nuanced studies on this relationship, focusing on diverse types of passion. Second, distinctive mechanisms based on different types of passion would enhance our understanding of how passion influences firm performance and other outcomes. Third, it is essential that future studies carefully match theoretical arguments and measurements, based on the frameworks of passion. Fourth, scholars should conduct empirical research on entrepreneurial passion in various cultural contexts. Fifth, theoretical justifications and contextual appropriateness for each framework of passion are critical to advance the literature. Lastly, scholars need to utilize unified terminologies of passion.

On the one hand, we have seen the application of established frameworks such as resource-based view, social networks, human capital or institutional theory to entrepreneurship settings (Lee et al., 2023). Social network theories could illuminate how entrepreneurs combine resources, leverage interpersonal relationships and form strategic partnerships for opportunity identification and exploitation. Research on the demand side relative to the producer side in strategic management would benefit the technology innovation and entrepreneurship literature by integrating the demand-side approach and the resource-based view, emphasizing the independent value determinations of heterogeneous consumers (Priem et al., 2012). (2023), strategic entrepreneurship integrates strategy and entrepreneurship and recommends future research about ambidexterity, including the appropriate actions to develop the capability and capacity to balance opportunity- and advantage-seeking behaviors as well as the role of strategic entrepreneurship in new venture creation, its integration with other theoretical perspectives, such as those concerned with the external environment and examining it as a dynamic capability.

Humility is increasingly recognized as an essential attribute for individuals at top management levels to build successful organizations. However, research on CEO humility has focused on how humble chief executive officers (CEOs) shape collective perceptions through their interactions and behaviors with other organizational members while overlooking CEOs’ critical role in making strategic decisions. We address this unexplored aspect of CEO humility by proposing that humble CEOs influence decision-making decentralization at the top management team (TMT) and subsequently promote an organizational ethical culture. Using a sample of CEOs and TMT members from 120 small- and medium-sized enterprises, we find strong support for our hypotheses. We discuss important implications for research on CEO humility and strategic leadership.

Drawing from the marketing capabilities and innovation literatures, we identify aprocess by which a firm’s entrepreneurial orientation impacts profits and show that it is dependent on marketing capabilities. Using a half-longitudinal design we integrate survey data with performance metrics over two time periods, from a sample of 190 firms. While the effect of entrepreneurial orientation (EO) on innovation is enhanced by architectural marketing capabilities, the effect of innovation outcomes on profits is enhanced by specialized marketing capabilities. Ultimately, the pathway from EO to performance, mediated by innovation, is positively significant at higher levels of both marketing capabilities. The results uncovered using Bayesian conditional process modeling, are robust to alternate model specifications, endogeneity tests, and provide insights into the capabilities-based understanding of entrepreneurism-marketing interface. We discuss resource allocation implications for managers as they attempt to maximize profits through innovation.

PurposeEntrepreneurial passion lies at the foundation of the business development process, yet the available evidence is ambiguous regarding its effects on firm performance. In this study, we examine the entrepreneurial passion puzzle by looking into decision-making mechanisms underlying its potential to increase business performance outcomes. Based on the literature on passion and effectuation theory, we link harmonious passion to firm performance through effectual behavioral logic.Design/methodology/approachTo empirically test the theoretical model, we performed bootstrapping-based mediation, ordinary least squares moderated regression and moderated mediation analysis based on survey data collected from 105 executives of US firms.FindingsWe found that harmonious passion indirectly increases firm performance through effectuation. The direct link between harmonious passion and firm performance is insignificant. Moreover, the proposed mediation model is strengthened when the executives attain high levels of entrepreneurial experience.Research limitations/implicationsThis study is not without limitations. First, a cross-sectional data set was adopted as the empirical setting of our research. Hence, further studies could benefit from applying longitudinal research designs. Second, a self-reported survey was utilized to measure firm performance. Although such operationalization is widely accepted in management and entrepreneurship studies, objective measures can produce additional insights into focal relationships.Practical implicationsThis study provides practical implications for educators, consultants and managers. First, educators should encourage harmonious passion and teach effectual decision-making through various educational programs. Consultants and business practitioners should take similar orientations when organizing training for employees and executives. Finally, managers need to comprehend the motivational types of their employees and promote harmonious passion through appraisal systems and organizational culture.Originality/valueThis research uncovers a mechanism and a boundary condition on the relationship between harmonious passion and performance. The results show the critical moderating role of human capital and the mediating role of effectual decision-making on the passion and performance relationship. The current study contributes to the passion literature by providing a more nuanced understanding of the dynamics between entrepreneurial passion and firm performance.

PurposeBuilding on the premise that the CEO position is complex and challenging, and drawing on research on upper echelons, executive job demands and emotions, this study explores how chief executive officers' (CEOs’) perceptions of job-associated difficulty can influence negative emotional displays and subsequently hamper firm innovation. Additionally, the authors explore how CEOs with higher levels of emotional intelligence might mitigate the influence of job demands on negative emotional displays.Design/methodology/approachThe authors conducted a two-stage survey with a sample of CEOs and top management team members from 120 small- and medium-sized firms operating in multiple industries in Colombia.FindingsThe authors found that CEOs' perceptions of job demands are positively associated with CEOs' displays of negative emotions, which in turn are negatively associated with firm innovation. The authors also find that two dimensions of emotional intelligence (self-appraisal and regulation) weaken the influence of CEO perceptions of job demands on CEO negative emotional displays.Originality/valueThe authors advance a novel perspective on the challenges of leading organizations by explaining the emotional implications of the CEO position, underscoring their repercussions for important organizational outcomes such as innovation and suggesting potential ways CEOs can handle the emotional consequences of their position.

We develop and test a sensemaking model of early internationalization that ties domestic mindsets to international industry conditions and early international performance. Our central contention is that the fit between international industry conditions and domestic mindsets will lead to superior early international performance. We test this contention with a sample of 178 large and established domestic firms from 20 industries. Our results highlight the role of domestic mindsets in the early phases of internationalization and prescribe the types of domestic mindsets needed to maximize early international performance in global, multi-domestic, and transnational industry conditions. Our results also provide valuable insights to top managers of large and established firms on how to reduce the risk of failure and how to successfully prepare for and cope with international environments by matching their domestic mindsets with international industry environments.