Top Managers' Advice Seeking, Decision-making Preferences and Business Model Innovation

Abstract

Abstract:

In the researches on strategic decision making, advice seeking is considered as an important top managers' attribute that influences organizational decision-making. Yet, the research about how top managers utilize advice to modify current strategies and pursue business model innovation is still unclear. To uncover the importance of the top managers' advice seeking, the paper distinguishes between internal advice seeking and external advice seeking, constructs and tests the model of effect of the top managers' internal and external advice seeking on business model innovation, as well as the moderating effect of decision making preferences (risk-taking propensity and proactiveness). The results indicate that the internal and external advice seeking is positively related to business model innovation. Specifically, compared with the internal advice seeking, the top managers' external advice seeking shows greater effect on business model innovation. Interestingly, the moderating effect of risk-taking propensity, not as expected, weakens the positive relationship between advice seeking and business model innovation, and proactiveness only strengthens the relationship between external advice seeking and business model innovation. The findings of this paper extend the relationship theory between leadership traits and business model, enrich the behavioral decision theory, and provide new ideas for business model innovation.

Key words: top managers' advice seeking, risk-taking propensity, proactiveness, business model innovation

Zhang Jinyan, Yang Huixin, Qiu Chen, Yang Zhenyi. Top Managers' Advice Seeking, Decision-making Preferences and Business Model Innovation[J]. , 2019, 31(7): 239-251.

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