Strategic managers must not only compose valuable corporate theories; they must also finance them.1 The challenge in finding funds is that investors may have their own beliefs and theories about the optimal path to value creation with the assets and activities an organization controls. They may even question the firm’s judgment and motives. Conflicting ideas about the path to value creation and investors’ suspicion of managerial motives create a tension that pervades corporate boardrooms and executive suites, not to mention the halls of academe, and presents a real challenge to a company’s efforts to compose and pursue a valuable corporate theory.
A fundamental question underlies this tension: ...
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