Adapting to Unfamiliar Environmental Events: A Look at the Evolution of Interpretation and Its Role in Strategic Change
研究了六家制药企业高管在十年间对监管变化的解读如何影响战略调整，发现解读模式与事件熟悉度相关，且解读内容与时机影响战略变革。
This paper argues that a key component in a firm's strategic response to unfamiliar environmental events is the interpretations managers develop about the event itself and about key dimensions of their strategy. Using historical data from the pharmaceutical industry, the revealed interpretations of top management from six firms over a ten-year period are analyzed and are compared to the timing and content of the changes in strategy each firm undertook following a significant change in regulation. The results reveal two distinct patterns of interpretation development that appear to be linked to whether or not the target of interpretation is familiar. Further, interpretations appear to be linked both temporally and in terms of content to the strategic change undertaken by each firm. Both sets of results suggest that the interpretations of managers are linked to organizational actions.