|Title||Linking the formal strategic planning process, planning flexibility, and innovativeness to firm performance |
|Publication Type||Journal Articles |
|Year of Publication||2015 |
|Authors||Dibrell, C, Craig, J, Neubaum, D |
|Journal||Journal of Business Research |
|Date Published||2015 |
|Keywords||Management, Strategy & Entrepreneurship |
We explore how formal strategic planning processes, adaptive capabilities, and innovativeness are associated with firm financial performance in a multi-industry sample (N = 448). Our results suggest both formal strategic planning processes and adaptive capabilities are positively associated with innovativeness. In addition, we find innovativeness fully mediates the relationships from formal strategic planning and adaptive capabilities to firm financial performance. This implies that organizations that concurrently act and react will be in a more advantageous competitive position than those unable to master this paradoxical conundrum.