Can VUCA help us generate new theory within international business?

The acronym and neologism “VUCA” is employed by management and some scholars to denote the unpredictability of the modern world and its impact on business. The VUCA approach suggests that a rational firm’s response should be to: protect against volatility by engineering-in redundancy and slack, gath...

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Main Authors: CLEGG, L. Jeremy, VOSS, Hinrich, CHEN, Liang
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2019
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Online Access:https://ink.library.smu.edu.sg/lkcsb_research/7300
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8299/viewcontent/VUCA_NEW_THEORY_IB_av.pdf
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spelling sg-smu-ink.lkcsb_research-82992023-10-26T06:10:38Z Can VUCA help us generate new theory within international business? CLEGG, L. Jeremy VOSS, Hinrich CHEN, Liang The acronym and neologism “VUCA” is employed by management and some scholars to denote the unpredictability of the modern world and its impact on business. The VUCA approach suggests that a rational firm’s response should be to: protect against volatility by engineering-in redundancy and slack, gather information to reduce uncertainty, develop expertise to make complexity computable, and learn heuristically to reduce ambiguity. We combine a critical perspective on the VUCA approach with the global factory model, popularly used to describe the flexibility sought by advanced economy multinational enterprises (MNEs) within the global value chain. Both VUCA and the global factory would seem to account less well for the expansion of emerging multinational enterprise (EMNEs) abroad, particularly the preference for equity-based control and inflexibility when seeking strategic assets. Also, both approaches fail to incorporate behavioral principles toward risk. Using International Business theory, we propose a research agenda that may help to make VUCA more tractable, the global factory more useful, and the internationalization of EMNEs more comprehensible. 2019-09-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/lkcsb_research/7300 info:doi/10.1108/S1745-886220190000014005 https://ink.library.smu.edu.sg/context/lkcsb_research/article/8299/viewcontent/VUCA_NEW_THEORY_IB_av.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection Lee Kong Chian School Of Business eng Institutional Knowledge at Singapore Management University VUCA international business global factory emerging market MNEs risk uncertainty International Business Strategic Management Policy
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic VUCA
international business
global factory
emerging market MNEs
risk
uncertainty
International Business
Strategic Management Policy
spellingShingle VUCA
international business
global factory
emerging market MNEs
risk
uncertainty
International Business
Strategic Management Policy
CLEGG, L. Jeremy
VOSS, Hinrich
CHEN, Liang
Can VUCA help us generate new theory within international business?
description The acronym and neologism “VUCA” is employed by management and some scholars to denote the unpredictability of the modern world and its impact on business. The VUCA approach suggests that a rational firm’s response should be to: protect against volatility by engineering-in redundancy and slack, gather information to reduce uncertainty, develop expertise to make complexity computable, and learn heuristically to reduce ambiguity. We combine a critical perspective on the VUCA approach with the global factory model, popularly used to describe the flexibility sought by advanced economy multinational enterprises (MNEs) within the global value chain. Both VUCA and the global factory would seem to account less well for the expansion of emerging multinational enterprise (EMNEs) abroad, particularly the preference for equity-based control and inflexibility when seeking strategic assets. Also, both approaches fail to incorporate behavioral principles toward risk. Using International Business theory, we propose a research agenda that may help to make VUCA more tractable, the global factory more useful, and the internationalization of EMNEs more comprehensible.
format text
author CLEGG, L. Jeremy
VOSS, Hinrich
CHEN, Liang
author_facet CLEGG, L. Jeremy
VOSS, Hinrich
CHEN, Liang
author_sort CLEGG, L. Jeremy
title Can VUCA help us generate new theory within international business?
title_short Can VUCA help us generate new theory within international business?
title_full Can VUCA help us generate new theory within international business?
title_fullStr Can VUCA help us generate new theory within international business?
title_full_unstemmed Can VUCA help us generate new theory within international business?
title_sort can vuca help us generate new theory within international business?
publisher Institutional Knowledge at Singapore Management University
publishDate 2019
url https://ink.library.smu.edu.sg/lkcsb_research/7300
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8299/viewcontent/VUCA_NEW_THEORY_IB_av.pdf
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