TY - JOUR
T1 - Intellectual structure and scientific evolution of strategic decision in the field of business and management (1971 to 2018)
AU - Patria, Harry
AU - Wahyuni, Sari
AU - Kusumastuti, Ratih Dyah
N1 - Funding Information:
* Corresponding author: Harry Patria is a Doctoral candidate at the Graduate School of Management, Faculty of Economic and Business, Universitas Indonesia, Indonesia. E-mail: harpatria@gmail.com Sari Wahyuni is an Associate Professor at the Department of Management, Faculty of Economic and Business, Universitas Indonesia, Indonesia. E-mail: sari.wahyuni@ui.ac.id Ratih Dyah Kusumastuti is an Assistant Professor at the Department of Management, Faculty of Economic and Business, Universitas Indonesia, Indonesia. E-mail: ratih.dyah@ui.ac.id Acknowledgement: The authors would like to express their gratitude to the Indonesia Endowment Fund for Education (Lembaga Pengelola Dana Pendidikan/LPDP), Ministry of Finance of Indonesia for facilitating the doctoral scholarship and this research project.
Funding Information:
The authors would like to express their gratitude to the Indonesia Endowment Fund for Education (Lembaga Pengelola Dana Pendidikan/LPDP), Ministry of Finance of Indonesia for facilitating the doctoral scholarship and this research project.
Publisher Copyright:
© 2019, University of Malaya. All rights reserved.
PY - 2019/12
Y1 - 2019/12
N2 - Manuscript type: Review paper Research aims: This study aims to analyse the published works of strategic decision in business and management which have had the greatest impact and evolutionary scientific trend within the intellectual sphere. Drawing from the integrative perspective, this study attempts to: (i) investigate the intellectual structure of earlier works so as to analyse the evolution of strategic decisions; (ii) examine the evolutionary scientific trends, and (iii) identify some implications for future research in this area. Design/Methodology/Approach: This study generates its analysis based on the following bibliometric tools: (i) multidimensional data analysis using the Sankey Diagram, (ii) visual network and heat map analysis using the VOSviewer, and (3) strategic diagrams and evolution maps using the SciMAT. The methodology is based on the bibliometric technique of citation and co-citation analyses which are scientifically applied to a sample of 1,218 articles published in leading management and business journals over a period of 48 years, from 1971 to 2018. Research findings: The findings of this study plots the intellectual structure of the strategic decision as well as the evolutionary themes of the strategic decisions, for instance, decision-making and intuition (2000-2004), bounded rationality and uncertainty (2005-2009), decision support system and artificial intelligence (2010-2014), and decision-making and intuition (2015-2019). Overall, the results demonstrate the top scientific themes that were prevalent over a period of 48 years. The themes include: decision-making, intuition, rationality, behavioural economics, bounded rationality and investment decision. Theoretical contribution/Originality: These findings provide valuable insights which demarcate the evolution of strategic decision as viewed through the synoptic-incremental continuum of rationality, intuition and political decision process. This study also contributes to the emerging role of behavioural economics on the strategic decision-making process in business and management. The results also highlight the role of the incremental decision process as an intuitive and political decision that can be interactively enhanced by decision-makers while under increased risk and uncertainty. Practitioner/Policy implications: The results of this study suggest that decision-makers need to pay attention towards building and developing the incremental process such as intuitive and political decision along with rationality so as to optimise the decision outcomes.
AB - Manuscript type: Review paper Research aims: This study aims to analyse the published works of strategic decision in business and management which have had the greatest impact and evolutionary scientific trend within the intellectual sphere. Drawing from the integrative perspective, this study attempts to: (i) investigate the intellectual structure of earlier works so as to analyse the evolution of strategic decisions; (ii) examine the evolutionary scientific trends, and (iii) identify some implications for future research in this area. Design/Methodology/Approach: This study generates its analysis based on the following bibliometric tools: (i) multidimensional data analysis using the Sankey Diagram, (ii) visual network and heat map analysis using the VOSviewer, and (3) strategic diagrams and evolution maps using the SciMAT. The methodology is based on the bibliometric technique of citation and co-citation analyses which are scientifically applied to a sample of 1,218 articles published in leading management and business journals over a period of 48 years, from 1971 to 2018. Research findings: The findings of this study plots the intellectual structure of the strategic decision as well as the evolutionary themes of the strategic decisions, for instance, decision-making and intuition (2000-2004), bounded rationality and uncertainty (2005-2009), decision support system and artificial intelligence (2010-2014), and decision-making and intuition (2015-2019). Overall, the results demonstrate the top scientific themes that were prevalent over a period of 48 years. The themes include: decision-making, intuition, rationality, behavioural economics, bounded rationality and investment decision. Theoretical contribution/Originality: These findings provide valuable insights which demarcate the evolution of strategic decision as viewed through the synoptic-incremental continuum of rationality, intuition and political decision process. This study also contributes to the emerging role of behavioural economics on the strategic decision-making process in business and management. The results also highlight the role of the incremental decision process as an intuitive and political decision that can be interactively enhanced by decision-makers while under increased risk and uncertainty. Practitioner/Policy implications: The results of this study suggest that decision-makers need to pay attention towards building and developing the incremental process such as intuitive and political decision along with rationality so as to optimise the decision outcomes.
KW - Bibliometric Review
KW - Business
KW - Decision-Making
KW - Intuition
KW - Management
KW - Rationality
KW - Strategic Decision
UR - http://www.scopus.com/inward/record.url?scp=85077385196&partnerID=8YFLogxK
U2 - 10.22452/ajba.vol12no2.9
DO - 10.22452/ajba.vol12no2.9
M3 - Article
AN - SCOPUS:85077385196
VL - 12
SP - 233
EP - 286
JO - Asian Journal of Business and Accounting
JF - Asian Journal of Business and Accounting
SN - 1985-4064
IS - 2
ER -