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        Here’s Why Experts Say Russia and China’s Attempts to ‘De-Dollarize’ Global Markets are Going Nowhere

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          Has Strategic Management Overlooked the Role of Purpose? What Experts Say

          Timothy SimcoebyTimothy Simcoe
          March 9, 2022
          in Corporate Strategy, Publications, Sloan Management Review
          17
          A A
          Has Strategic Management Overlooked the Role of Purpose? What Experts Say

          Photo Credit: iStockPhoto

          February 28, 2022

          MIT’s SMR Strategy Forum recently featured Timothy Simcoe, Professor of Strategy and Innovation, as a strategy expert to address the thesis that the field of strategy management has overlooked the importance of corporate purpose.

          A 1970 essay by Milton Friedman titled, “The Social Responsibility of Business Is to Increase Its Profits,” popularized the position that companies’ only social responsibility is to maximize shareholder returns. Friedman’s ideas are still relevant in today’s corporate world, but cracks have begun to appear. A majority of the panelists agreed that the role of corporate purpose has been overlooked, pointing to the difficulty of measuring non-financial outcomes for businesses as a determining factor. Others, including Timothy, highlight the broad impact of Friedmann’s doctrine.

          “Perhaps because that view became so entrenched, management scholars have not produced much credible knowledge about how firms define purpose-beyond-profit, or whether it matters for performance.”

          Timothy Simcoe
          Professor of Strategy & Innovation

          The article outlines the panelists’ opinions with many concluding that there are still more questions to be answered.

          Read the Full Article
          Tags: Corporate PurposePerformanceTimothy Simcoe
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          Timothy Simcoe

          Timothy Simcoe

          Timothy S. Simcoe is Professor of Strategy and Innovation at the Boston University Questrom School of Business, a Research Associate at the National Bureau of Economic Research, and a faculty director of BU’s Technology Policy Research Initiative. From 2014 to 2015, he served as a Senior Economist on President Obama’s Council of Economic Advisers. Professor Simcoe’s research focuses on innovation, industry standards, intellectual property, and technology policy. He has published in the American Economic Review, Management Science, the RAND Journal of Economics, Organization Science, and the Journal of Applied Econometrics. He is an associate editor at Management Science, American Economic Journal: Policy, and the Journal of Industrial Economics. Professor Simcoe has consulted and testified as an expert witness in disputes involving standard essential patent licensing and pharmaceutical patent infringement

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