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題名 Political Uncertainty and Strategic Reconfiguration 作者 王斌育
Wang, Pin-Yu;Yen, Bo-Ling貢獻者 企博學四 日期 2026-08 上傳時間 24-Jun-2026 13:15:18 (UTC+8) 摘要 How firms respond strategically to political uncertainty remains a central question in strategy research. While prior studies emphasize how uncertainty affects investment levels, less is known about how firms reconfigure the structure of their investments to balance commitment and flexibility when political environments become unstable. Drawing on insights from dynamic capabilities and real options perspectives, this study examines how political uncertainty shapes firms’ strategic reconfiguration of investment commitments rather than their aggregate investment intensity. Using a large-scale panel dataset covering more than 18,000 firm-year observations, we investigate how firms adjust the composition of capital allocation under heightened political uncertainty. Our analyses show that rising political uncertainty is associated with systematic reductions in irreversible investment commitments and corresponding increases in flexible resource allocations. These patterns are robust across alternative measures of political uncertainty, investment definitions, and model specifications. Importantly, we find that firms’ strategic responses are contingent on organizational conditions, suggesting that reconfiguration under uncertainty is not mechanical but shaped by firm-specific constraints. This study contributes to strategy research in three ways. First, it shifts attention from investment levels to investment structure, offering a strategic account of how firms manage the trade-off between commitment and flexibility under political uncertainty. Second, by conceptualizing political uncertainty as a strategic contingency rather than a purely exogenous shock, the study advances understanding of how firms exercise strategic agency in volatile institutional environments. Third, the findings clarify how strategic reconfiguration functions as a dynamic capability that enables firms to preserve adaptability without fully abandoning long-term commitments. Together, these insights position political uncertainty as a central driver of strategic reconfiguration and highlight the importance of investment structure in sustaining strategic flexibility. 關聯 AOM 2026 Annual Meeting, Academy of management 資料類型 conference dc.contributor 企博學四 dc.creator (作者) 王斌育 dc.creator (作者) Wang, Pin-Yu;Yen, Bo-Ling dc.date (日期) 2026-08 dc.date.accessioned 24-Jun-2026 13:15:18 (UTC+8) - dc.date.available 24-Jun-2026 13:15:18 (UTC+8) - dc.date.issued (上傳時間) 24-Jun-2026 13:15:18 (UTC+8) - dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=183076 - dc.description.abstract (摘要) How firms respond strategically to political uncertainty remains a central question in strategy research. While prior studies emphasize how uncertainty affects investment levels, less is known about how firms reconfigure the structure of their investments to balance commitment and flexibility when political environments become unstable. Drawing on insights from dynamic capabilities and real options perspectives, this study examines how political uncertainty shapes firms’ strategic reconfiguration of investment commitments rather than their aggregate investment intensity. Using a large-scale panel dataset covering more than 18,000 firm-year observations, we investigate how firms adjust the composition of capital allocation under heightened political uncertainty. Our analyses show that rising political uncertainty is associated with systematic reductions in irreversible investment commitments and corresponding increases in flexible resource allocations. These patterns are robust across alternative measures of political uncertainty, investment definitions, and model specifications. Importantly, we find that firms’ strategic responses are contingent on organizational conditions, suggesting that reconfiguration under uncertainty is not mechanical but shaped by firm-specific constraints. This study contributes to strategy research in three ways. First, it shifts attention from investment levels to investment structure, offering a strategic account of how firms manage the trade-off between commitment and flexibility under political uncertainty. Second, by conceptualizing political uncertainty as a strategic contingency rather than a purely exogenous shock, the study advances understanding of how firms exercise strategic agency in volatile institutional environments. Third, the findings clarify how strategic reconfiguration functions as a dynamic capability that enables firms to preserve adaptability without fully abandoning long-term commitments. Together, these insights position political uncertainty as a central driver of strategic reconfiguration and highlight the importance of investment structure in sustaining strategic flexibility. dc.format.extent 479191 bytes - dc.format.mimetype application/pdf - dc.relation (關聯) AOM 2026 Annual Meeting, Academy of management dc.title (題名) Political Uncertainty and Strategic Reconfiguration dc.type (資料類型) conference
