Evripidou, Loukia

Purpose: The purpose of this paper is to examine the phenomenon of strategic agility thought various theoretical lenses, with the ultimate objective being to identify those critical factors and mechanisms that contribute towards the development of strategic agility. While the concept of strategic agility has been gaining momentum among various key scholars, there is an outstanding gap in the literature regarding the way that critical factors among different theoretical views and disciplines can be codified and connected to provide a holistic model that enables organizations to cultivate strategic agility capabilities. Specifically, several studies that emphasize on strategic agility, identify critical factors in a single theoretical perspective, and yet the literature and empirical studies lack a holistic approach that integrates all the factors in order to provide a comprehensive overview to the field. Design/Methodology/Approach: This paper follows a narrative literature review and focuses on two main streams. Firstly, it defines the nature, and the main capabilities of strategic agility, and secondly discusses the main critical factors that facilitate strategic agility as those emerge from various theoretical perspectives. Findings/Results: The literature review indicates that strategic agility is characterized by three meta-capabilities, namely, strategic sensitivity, leadership unity, and resource fluidity and those capabilities enable organizations to participate in high-velocity competitive environments, while facing fast-paced changes in different directions. Paradox theory, ambidexterity and strategic change are found to be crucial for achieving strategic agility, where factors related to knowledge management, information technology, leadership, and human resources management specifically are identified as equally important. Originality/Value: The overall aim of the research is to bridge the gap in the literature by providing a holistic investigation towards strategic agility, as the title clearly suggests. This paper serves as a conceptual foundation based on which empirical studies can examine the integration of those factors and their intra/inter relations that enable the cultivation of the meta-capabilities of strategic agility.

Purpose: The purpose of this research study was to examine the correlation, if any, between knowledge and performance management and associated strategies employed by today's organizations to increase stakeholder and shareholder value. Design, methodology: Each strategy was individually examined using the quantitative causal method research design in order to examine the relationship/correlation of the level of knowledge and performance activities within participant organizations, and then collaboratively examine their inter-relations. The independent variables and the dependent variables vary in each correlational research questions. Findings: The findings endorsed that effective use of organizational explicit knowledge and efficient performance are practices worth doing. Correlations between knowledge and performance and innovation and value added were found to be relatively strong. A moderately strong predictive correlation between effective implementation of knowledge strategy and performance was also found and presented, and similar findings showing a moderately strong predictive correlation between effective implementation of performance strategy and innovation are also established and shown. Practical implications: Organizations can increase and create vital added value to both stakeholders and shareholder members by implementing effectively a holistic approach as an integrated part of routine practices that enhances knowledge creation and exceptional performance, which will contribute to superior results - tangible and intangible ones. The practical implications of this research will contribute to the academic discipline of knowledge and performance management. Paper relevance: This paper will contribute to the debate regarding the linking of knowledge and performance management. Further, this paper will contribute to the in-depth analysis/discussion of the importance of knowledge in innovation and velocity management.

This paper made use of event study methodology to scan whether horizontal mergers alter the value of the acquiring firm. To evaluate the validity of the results two different models have been estimated, but the similarity of the results suggested that the findings are unbiased to model choice. Additionally, the study used different windows so as to examine the bias of the results on the span of the event period. No evidence was found of cumulative and abnormal return in any event window, apart from only one merger and only when the event window was quite small. At a longer window the abnormal returns seem to disappear. The latter provided evidence of market inefficiency in the short run for the given market, which in turn suggests that investors can gain abnormal returns with the use of publicly available information. In general, the findings indicated that most markets are efficient.

Purpose: The purpose of the current study was first to identify the motives for mergers, and second to examine the effect of mergers on the systematic risk of bidder firms in the airline industry. Design/methodology/approach: To evaluate the effect of mergers in the systematic risk, two different market models are estimated for each company in the sample, one with pre-merger data and one with post-merger data. Then the results obtained from the two data sets are compared so as to identify possible differences. Findings: The study has identified three diving motives behind the merges, namely cost efficiency, economies of scale, and market power. All of these motives are expected to affect the new firm's earnings stream and in turn affect its systematic risk. With the use of the market model the individual merger results are mixed and in line with the relevant literature. Nonetheless, the average results showed a decrease in the post-merger systematic risk. Research limitations/implications: A reduced post-merger systematic risk indicates a success in achieving management objectives. Mergers can generate synergetic gains from increasing cost efficiencies and/or scale economies and can also increase shareholders value through the reduction in the new firm's cost of capital. However, to have a more valid perspective a larger number of mergers should be included in the sample together with alternative calculation of systematic risk to test the robustness of the results. Originality/value: Taking into account the current economic hardship this paper addresses the issue of shareholders wealth maximization through mergers.