Microfoundations of strategic management: Toward micro–macro research in the resource-based theory

Over the last few years, a new stream of research has emerged in the field of strategic management which focuses on the analysis of its microfoundations. This line of research analyzes strategic topics examining their foundations rooted in individual actions and interactions. The main purpose of this paper is to examine this emerging literature of microfoundations, indicating its usefulness and main characteristics. Through a systematic literature review, this paper contributes to the field by identifying the main areas studied, the benefits and potential of this approach, and some limitations and criticisms. Moreover, the paper studies how the integration of micro and macro aspects in strategy research may be carried out, examining several works that use a multilevel approach. Some methodological approaches that may help to effect this integration are indicated. These aspects will be analyzed in relation to the resource-based theory.

Tourism dependence and host community perceptions: notes on the social exchange theory

This article examines the opinions of the local population on the south coast of the Spanish province of Alicante regarding the development of tourism in recent years, analysing their perception of the benefits of tourism using the social exchange theory. This study is presented in two stages. The qualitative stage, which is based on in-depth interviews and focus groups, acts as a guide for the second stage, which consists of a survey conducted with the resident Spanish population. It was found that people linked to the tourist sector through their work view tourism as the driving force behind the economic and social development of their towns, although they are more critical than others of the model that has been established. They defend the development process that has taken place, but feel that overcrowding brings their towns to a standstill and needs to be resolved.

Testing reference dependence, loss aversion and diminishing sensitivity in Spanish tourism

Based on Tversky and Kahneman’s Prospect Theory, we test the existence of reference dependence, loss aversion and diminishing sensitivity in Spanish tourism. To do this, we incorporate the reference-dependent model into a Multinomial Logit Model with Random Parameters -which controls for heterogeneity- and apply it to a sample of vacation choices made by Spaniards. We find that the difference between reference price and actual price is considered to make decisions, confirming that reference dependence exists; that people react more strongly to price increases than to price decreases relative to their reference price, which represents evidence in favor of the loss aversion phenomenon; and that there is diminishing sensitivity for losses only, showing convexity for these negative values.

Stretching dependence of the vibration modes of a single-molecule Pt-H2-Pt bridge

A conducting bridge of a single hydrogen molecule between Pt electrodes is formed in a break junction experiment. It has a conductance near the quantum unit, G0=2e2∕h, carried by a single channel. Using point-contact spectroscopy three vibration modes are observed and their variation upon isotope substitution is obtained. The stretching dependence for each of the modes allows uniquely classifying them as longitudinal or transversal modes. The interpretation of the experiment in terms of a Pt-H2-Pt bridge is verified by density-functional theory calculations for the stability, vibrational modes, and conductance of the structure.

Theory of ferromagnetism in planar heterostructures of (Mn,III)-V semiconductors

A density-functional theory of ferromagnetism in heterostructures of compound semiconductors doped with magnetic impurities is presented. The variable functions in the density-functional theory are the charge and spin densities of the itinerant carriers and the charge and localized spins of the impurities. The theory is applied to study the Curie temperature of planar heterostructures of III-V semiconductors doped with manganese atoms. The mean-field, virtual-crystal and effective-mass approximations are adopted to calculate the electronic structure, including the spin-orbit interaction, and the magnetic susceptibilities, leading to the Curie temperature. By means of these results, we attempt to understand the observed dependence of the Curie temperature of planar δ-doped ferromagnetic structures on variation of their properties. We predict a large increase of the Curie temperature by additional confinement of the holes in a δ-doped layer of Mn by a quantum well.

Testing prospect theory in students’ performance

This paper tests the existence of ‘reference dependence’ and ‘loss aversion’ in students’ academic performance. Accordingly, achieving a worse than expected academic performance would have a much stronger effect on students’ (dis)satisfaction than obtaining a better than expected grade. Although loss aversion is a well-established finding, some authors have demonstrated that it can be moderated – diminished, to be precise–. Within this line of research, we also examine whether the students’ emotional response (satisfaction/dissatisfaction) to their performance can be moderated by different musical stimuli. We design an experiment through which we test loss aversion in students’ performance with three conditions: ‘classical music’, ‘heavy music’ and ‘no music’. The empirical application supports the reference-dependence and loss aversion hypotheses (significant at p < 0.05), and the musical stimuli do have an influence on the students’ state of satisfaction with the grades (at p < 0.05). Analyzing students’ perceptions is vital to find the way they process information. Particularly, knowing the elements that can favour not only the academic performance of students but also their attitude towards certain results is fundamental. This study demonstrates that musical stimuli can modify the perceptions of a certain academic result: the effects of ‘positive’ and ‘negative’ surprises are higher or lower, not only in function of the size of these surprises, but also according to the musical stimulus received.

Feedbacks between vegetation pattern and resource loss dramatically decrease ecosystem resilience and restoration potential in a simple dryland model

Conceptual frameworks of dryland degradation commonly include ecohydrological feedbacks between landscape spatial organization and resource loss, so that decreasing cover and size of vegetation patches result in higher water and soil losses, which lead to further vegetation loss. However, the impacts of these feedbacks on dryland dynamics in response to external stress have barely been tested. Using a spatially-explicit model, we represented feedbacks between vegetation pattern and landscape resource loss by establishing a negative dependence of plant establishment on the connectivity of runoff-source areas (e.g., bare soils). We assessed the impact of various feedback strengths on the response of dryland ecosystems to changing external conditions. In general, for a given external pressure, these connectivity-mediated feedbacks decrease vegetation cover at equilibrium, which indicates a decrease in ecosystem resistance. Along a gradient of gradual increase of environmental pressure (e.g., aridity), the connectivity-mediated feedbacks decrease the amount of pressure required to cause a critical shift to a degraded state (ecosystem resilience). If environmental conditions improve, these feedbacks increase the pressure release needed to achieve the ecosystem recovery (restoration potential). The impact of these feedbacks on dryland response to external stress is markedly non-linear, which relies on the non-linear negative relationship between bare-soil connectivity and vegetation cover. Modelling studies on dryland vegetation dynamics not accounting for the connectivity-mediated feedbacks studied here may overestimate the resistance, resilience and restoration potential of drylands in response to environmental and human pressures. Our results also suggest that changes in vegetation pattern and associated hydrological connectivity may be more informative early-warning indicators of dryland degradation than changes in vegetation cover.