Scholars have highlighted executive attention as a vital organizational resource. However, as prior studies have examined different facets of attention, a theoretical tension has emerged as to whether attention to a broader or narrower set of strategic issues better facilitates firm performance. On the one hand, a narrower breadth of strategic attention limits the risk of managerial cognitive overload. On the other hand, a greater breadth of strategic attention helps managers avoid blind spots and identify more or better opportunities. We argue that this balance shifts based on the quantity and quality of opportunities available in the market and on firms’ recently demonstrated ability to execute against these opportunities effectively and efficiently. Using a novel text-analysis tool that we develop, validate, and make available, we find support for our arguments within a random sample of S&P 500 companies. We find that broader strategic attention is associated with enhanced performance in weaker opportunity environments, with firms using their resources efficiently, or with firms’ failure to utilize their capabilities effectively. In supplementary analyses, we also provide new insights into the importance of following attention with subsequent organizational action.

中文翻译：

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关注球还是关注球场？探索执行战略注意力的绩效影响

学者们强调高管注意力是一种重要的组织资源。然而，由于先前的研究已经考察了关注的不同方面，因此出现了一种理论张力，即关注更广泛或更狭窄的战略问题集是否更好地促进了公司绩效。一方面，更窄的战略关注范围限制了管理认知过载的风险。另一方面，更广泛的战略关注有助于管理人员避免盲点并发现更多或更好的机会。我们认为，这种平衡会根据市场上可用机会的数量和质量以及公司最近展示的有效和高效地执行这些机会的能力而发生变化。使用我们开发、验证和提供的新型文本分析工具，我们在标准普尔 500 指数公司的随机样本中找到了支持我们的论点。我们发现，更广泛的战略关注与弱机会环境中的绩效提高、公司有效利用其资源或公司未能有效利用其能力有关。在补充分析中，我们还提供了对关注后续组织行动的重要性的新见解。