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Because current management theories evolved in the context of brick-and-mortar firms, this paper examines three key questions raised by the advent of e-business: (1) Will the strategy types found among e-business firms resemble Porter’s (1980) generic strategies? (2) Will we find performance differences among e-business firms pursuing different types of strategies? (3) Will we find differences in the strategy-performance relationships of pure online firms (pure plays) and firms with both online and offline operations (clicks-and-bricks)? We conclude that integrated strategies that combine elements of cost leadership and differentiation will outperform cost leadership or differentiation strategies. We also argue that, regardless of business strategy type, clicks-and-bricks firms that closely integrate their on-and offline operations will enjoy performance advantages over their pure play counterparts.

This study explores the effects of regulation and deregulation on strategic choice and performance in the U.S. banking industry. Drawing on literature from strategic management, industrial organization economics, and organization theory, we develop a framework which suggests that regulatory scope and regulatory incrementalism influence strategic choice and performance. A path analytic model is used to empirically examine these influences. The results suggest that deregulation has direct effcts on firms' strategic choices and both direct and indirect effects on risk and return.Strategic management, organization theory, and industrial organization economics researchers have hypothesized that government regulation will affect strategic choice and performance (e.g. Andrews, 1971;Scherer, 1980; Ungson, James, and Spicer, 1985;Cook, et al., 1983). Despite the pervasiveness of regulation and the critical role of strategic choice in determining firm performance, the intersection of strategic choice and regulation has been largely ignored.These issues are increasing in importance because of two major trends: globalization and deregulation. As industries globalize, firms that historically competed in a particular regulatory context begin to look beyond their borders and face new competitors. Competitors that developed strategies and strategic capabilities

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