Purpose

This study aims to examine the mediating effect of four antecedents of competitive advantage on the linkage of risky strategy to firm performance, measured by revenue dynamics. It considers the roots of competitive advantage to highlight different patterns and foundations of achieving superior performance. It investigates whether pursuing a risky strategy fosters revenue dynamics growth and whether different mediators are included in that relationship.

Design/methodology/approach

Path analysis (structural equation modeling) method is used to analyze data from 122 companies of various sizes and industries. All respondents were responsible for executing strategic management processes. The paper used the subjective perspective, which is based on the individual opinion of senior company managers and owners.

Findings

The authors find a positive relationship between risky strategy and firm performance, but no evidence of a mediating role of competitive advantage and dynamic growth in this relationship. Competitive advantage should be perceived as a set of integrated factors that can be analyzed from an aggregated perspective. Integrating all antecedents requires a holistic and systematic approach and the development of a particular mindset. Aggregated competitive advantage is related to setting dynamic growth as a priority. However, no relationship between risky strategy and achieving competitive advantage, or between implementing a risky strategy and setting dynamic growth as a priority, is observed, which was assumed to explain the revenue dynamics growth.

Research limitations/implications

Secondary data should be analyzed to explore how risky strategies are manifested, and which managerial decisions are reflected in high-level risk. A multidimensional scale could be developed to check how risk shapes the constructs’ interdependence. Therefore, the dynamic capabilities approach could be further expanded.

Practical implications

This research offers insights into the short-term relationship between risky strategy and revenue dynamics, although competitive advantage does not mediate that relationship. Special attention should be paid to the selected antecedents of competitive advantage, as they influence dynamic growth.

Originality/value

This work provides insights into different antecedents of competitive advantage, which is not necessarily based on making risky decisions, and into factors that facilitate firm performance measured by revenue dynamics.

中文翻译：

---

向战略注入勇气：竞争优势的视角

目的

这项研究旨在研究竞争优势的四个先行因素对风险策略与公司绩效之间的联系的中介作用（通过收入动态衡量）。它考虑了竞争优势的根源，以突出实现卓越绩效的不同模式和基础。它调查了采用风险战略是否会促进收入动态增长，以及这种关系中是否包括不同的调解人。

设计/方法/方法

路径分析（结构方程建模）方法用于分析来自122个不同规模和行业的公司的数据。所有受访者都有责任执行战略管理流程。本文使用主观观点，该观点基于高级公司经理和所有者的个人意见。

发现

作者发现风险策略与公司绩效之间存在正相关关系，但没有证据表明竞争优势和动态增长在这种关系中起中介作用。竞争优势应被视为可以从综合角度进行分析的一组综合因素。整合所有先例需要整体和系统的方法以及特定思维方式的发展。综合竞争优势与将动态增长列为优先事项有关。但是，没有观察到风险策略与获得竞争优势之间的关系，或实施风险策略与将动态增长设置为优先事项之间的关系，这被认为是解释收入动态增长的原因。

研究局限/意义

应该分析辅助数据，以探索如何体现风险策略以及在高风险中反映哪些管理决策。可以开发一个多维量表，以检查风险如何影响构建体的相互依赖性。因此，动态能力方法可以进一步扩展。

实际影响

这项研究提供了关于风险策略与收入动态之间的短期关系的见解，尽管竞争优势并未调节这种关系。应特别注意竞争优势的选定先例，因为它们会影响动态增长。

创意/价值

这项工作提供了对竞争优势的不同前提的见解，这些竞争优势不一定基于做出风险性决定，而对促进通过收入动态衡量公司业绩的因素也具有洞见。