Purpose – The purpose of this paper is to attempt to develop a measure of competitive advantage by identifying a stipulative definition, composing an operational definition and constructing a measurement variable. Design/methodology/approach – The paper undertakes critical literature review, cognitive interviews as well as a pilot and full study, which were carried out by applying a cross-sectional, self-administered e-mail survey with questionnaire in a fillable text-processing file, in order to develop a valid and reliable measure of competitive advantage. Findings – The results have led to the identification of a conceptually robust stipulative definition, the composition of a comprehensive operational definition and the construction of a qualified variable, making the development of a valid and reliable measure of competitive advantage possible. Research limitations/implications – The newly developed measure of competitive advantage, exempt from past conceptual problems, could be used for valid measurements in future empirical studies in the field of strategic management. At the same time, authors encourage future tests of the newly developed measure's reliability and validity. Practical implications – The provision of a conceptually clear stipulating definition and a comprehensive operational definition for competitive advantage could increase practicing managers’ awareness relating to the conceptual nature as well as the latent expressions of competitive advantage. Originality/value – The findings contribute to the evolution of the strategic management field by providing a valid and reliable measure of competitive advantage that is applicable under any leading theoretical perspective in strategic management and it could better serve the needs of both empirical research and management practice.

Purpose – The purpose of this paper is to investigate empirically managers’ awareness regarding the concept of competitive advantage, the most taken-for-granted concept in the field of strategic management. Design/methodology/approach – Managers’ awareness regarding the concept of competitive advantage was explored by applying a cross-sectional, self-administered, e-mail survey. Findings – The results of quantitative and qualitative data analyses provide empirical evidence that senior managers, who are heavily involved in the strategic management process of their firms, seem to confuse the concept of competitive advantage with the concept of sources of competitive advantage, especially those pertaining to resource-based theory. Research limitations/implications – The findings establish the hypothesis that senior managers are not aware of the concept of competitive advantage. At the same time, future researchers are encouraged to continue testing the above hypothesis. Practical implications – The findings as well as the provision of a conceptually clear stipulating definition of competitive advantage from literature could increase practicing managers’ awareness relating to the conceptual nature as well as the latent expressions of competitive advantage. Originality/value – Since little research, to date, has been carried out in order to investigate empirically the awareness of managers regarding competitive advantage, this study fills an important gap in the empirical literature of strategic management.

In this paper we examine the motivations for preparers in Greek non-listed to adopt International Financial Reporting Standards (IFRS). Previous literature has focused on listed companies and assessed the effect of IFRS on market efficiency to justify its adoption. Using data from a cross-sectional survey and from interviews with senior managers, our analysis indicates that the motivations to adopt IFRS in Greece are not primarily related to the technical competence of the standards. We draw insights from literature on institutional theory and Gramsci's work on hegemony (Gramsci, 1971), and show that the decision to comply with IFRS can also be motivated by coercive and hegemonic pressures, which are exerted by powerful institutional constituents as they interact with organisational interests at the international and national level. The adoption of IFRS is driven predominantly by the pressures exerted by parent companies on their subsidiaries and by the legal requirements of the state, but also through borrowing and debt-contracting requirements as enforced by civil society actors, such as financial institutions. This mobilisation of power plays a pivotal role in supporting the establishment of IFRS among non-listed companies.

Purpose The purpose of this paper is to empirically investigate the relationship patterns between competitive advantage and superior performance. Design/methodology/approach This study empirically investigates the aforementioned relationship patterns using a cross-sectional, self-administered survey methodology. Findings The results indicate that there are four relationship patterns between competitive advantage and superior performance. In addition, this study provides empirical evidence of the reasons, underpinning the relationship pattern of competitive advantage without superior performance as well as the relationship pattern of superior performance without competitive advantage. Research limitations/implications This study contributes to our knowledge that competitive advantage is neither a necessary nor a sufficient condition for superior performance. Practical implications In finding support that there can be cases of underperformance despite competitive advantage and superior performance despite the absence of competitive advantage, the study’s findings are useful to practicing managers involved in the strategic management process of their firms. Originality/value This study fills an important gap in the empirical research, by responding to the literature call to test the possible relationship patterns between competitive advantage and superior performance. In addition, this study formally introduces the relationship pattern of competitive advantage without superior performance, and the relationship pattern of superior performance without competitive advantage that until now were largely ignored by the existing literature in the field of strategic management.

PurposeAlthough competitive advantage is the cornerstone concept in strategic management it still remains a poorly defined and operationalized construct. The purpose of this paper is to revisit the concept of competitive advantage, to identify the problems that stem from its current conceptualization from the majority of the literature.Design/methodology/approachThe paper undertakes an extensive literature review, audit of logical inference, syllogistic reasoning and Bayesian expressions in order to examine the problems associated with the current conceptualizations of competitive advantage.FindingsSeveral drawbacks and fallacies relating to current conceptualizations of competitive advantage were identified that create an urgent need for a more robust definition which could better serve the needs of both empirical research and management practice.Research limitations/implicationsThe authors by no means claim that the literature review undertaken in this paper on the concept of competitive advantage and on the problems derived from its conceptualization was exhaustive or absolute. Rather, this paper constitutes an attempt to stimulate efforts and provide directions on the further conceptual development of competitive advantage.Practical implicationsThe findings allow practising managers to not necessarily associate competitive advantage with its sources and with the determinants of superior performance.Originality/valueThe findings contribute to the evolution of the strategic management field by identifying, categorizing and mapping potential problems, drawbacks and fallacies, associated with the conceptualization of competitive advantage as currently delineated in the literature, and by suggesting some criteria for the development of a conceptually more robust definition.