The Entrepreneurial M-Form: Strategic Integration in Global Media Firms
研究认为全球媒体企业CEO常采用自上而下的战略制定方式，尤其在整合多个部门时，这种创业型M型结构在动荡环境和重大资本投入时具有优势。
Many researchers believe that bounded rationality prevents CEOs in large, complex, multidivisional (“M-form”) corporations from personally formulating division-level strategies. Instead, CEOs are seen as guiding a “bottom-up” process whereby division managers propose strategies for review and approval by the corporate office. Contrary to this view, we argue that CEOs in global media firms frequently drive strategy in a “top-down” manner, especially when their firms seek to expand by integrating the activities of two or more existing divisions. We refer to such firms as “Entrepreneurial M-forms,” and maintain that their reliance on an activist CEO offers benefits: (1) in turbulent environments, when the use of slow, bottom-up planning processes risks forfeiting first-mover advantages; and (2) when expansion entails major capital commitments, and division managers may be reluctant to accept the career risks associated with sponsorship of “bet-the-company” projects.